Enservco Corporation Provides 2025 Q1 Update
Enservco (ENSV) announced several significant operational changes and challenges in Q1 2025. The company completed the sale of its subsidiary Buckshot Trucking on April 1, 2025, resulting in the cancellation of $2.7M in promissory notes. Through its subsidiary Heat Waves, Enservco refinanced its Utica debt, reducing monthly payments from $168,075 to $78,165 through September 2029.
The company also settled its Libertas Funding debt, decreasing monthly payments by $92,000. However, Enservco faces significant challenges as it failed to file its Form 10-K for fiscal year 2024 and has not engaged auditors for financial statements. The company received notice that its stock will likely be delisted from OTCQB if compliance is not achieved by May 15, 2025.
Enservco (ENSV) ha annunciato diversi cambiamenti operativi significativi e sfide nel primo trimestre del 2025. La società ha completato la vendita della sua controllata Buckshot Trucking il 1° aprile 2025, con la conseguente cancellazione di $2,7 milioni in cambiali. Attraverso la sua controllata Heat Waves, Enservco ha rifinanziato il debito di Utica, riducendo i pagamenti mensili da $168.075 a $78.165 fino a settembre 2029.
La società ha inoltre estinto il debito con Libertas Funding, diminuendo i pagamenti mensili di $92.000. Tuttavia, Enservco affronta sfide importanti in quanto non ha presentato il modulo 10-K per l’anno fiscale 2024 e non ha incaricato revisori per i bilanci. La società ha ricevuto comunicazione che il suo titolo sarà probabilmente escluso dalla quotazione OTCQB se non raggiungerà la conformità entro il 15 maggio 2025.
Enservco (ENSV) anunció varios cambios operativos importantes y desafíos en el primer trimestre de 2025. La compañía completó la venta de su subsidiaria Buckshot Trucking el 1 de abril de 2025, lo que resultó en la cancelación de $2.7 millones en pagarés. A través de su subsidiaria Heat Waves, Enservco refinanció su deuda de Utica, reduciendo los pagos mensuales de $168,075 a $78,165 hasta septiembre de 2029.
La compañía también saldó su deuda con Libertas Funding, disminuyendo los pagos mensuales en $92,000. Sin embargo, Enservco enfrenta desafíos significativos al no haber presentado su Formulario 10-K para el año fiscal 2024 ni haber contratado auditores para los estados financieros. La empresa recibió notificación de que sus acciones probablemente serán excluidas del OTCQB si no logra cumplir con los requisitos antes del 15 de mayo de 2025.
Enservco (ENSV)는 2025년 1분기에 여러 중대한 운영 변경 및 도전에 대해 발표했습니다. 회사는 2025년 4월 1일 자회사 Buckshot Trucking의 매각을 완료하여 270만 달러의 약속어음이 취소되었습니다. 자회사 Heat Waves를 통해 Enservco는 Utica 부채를 재융자하여 월 상환액을 168,075달러에서 78,165달러로 2029년 9월까지 감축했습니다.
또한 Libertas Funding 부채를 청산하여 월 상환액을 92,000달러 줄였습니다. 그러나 Enservco는 2024 회계연도에 대한 Form 10-K를 제출하지 않았고 재무제표 감사를 위해 감사인을 선임하지 않아 상당한 어려움에 직면해 있습니다. 회사는 2025년 5월 15일까지 규정을 준수하지 않을 경우 OTCQB에서 주식이 상장 폐지될 가능성이 있다는 통보를 받았습니다.
Enservco (ENSV) a annoncé plusieurs changements opérationnels importants et défis au premier trimestre 2025. La société a finalisé la vente de sa filiale Buckshot Trucking le 1er avril 2025, entraînant l'annulation de 2,7 millions de dollars de billets à ordre. Par l'intermédiaire de sa filiale Heat Waves, Enservco a refinancé sa dette Utica, réduisant les paiements mensuels de 168 075 $ à 78 165 $ jusqu'en septembre 2029.
La société a également réglé sa dette auprès de Libertas Funding, diminuant les paiements mensuels de 92 000 $. Cependant, Enservco fait face à d'importants défis puisqu'elle n'a pas déposé son formulaire 10-K pour l'exercice 2024 et n'a pas engagé d'auditeurs pour les états financiers. La société a reçu un avis indiquant que son action sera probablement radiée de l'OTCQB si la conformité n'est pas atteinte d'ici le 15 mai 2025.
Enservco (ENSV) gab im ersten Quartal 2025 mehrere bedeutende operative Änderungen und Herausforderungen bekannt. Das Unternehmen schloss am 1. April 2025 den Verkauf seiner Tochtergesellschaft Buckshot Trucking ab, was zur Stornierung von $2,7 Millionen an Schuldscheinen führte. Über seine Tochtergesellschaft Heat Waves refinanzierte Enservco seine Utica-Schulden und senkte die monatlichen Zahlungen von $168.075 auf $78.165 bis September 2029.
Das Unternehmen beglich zudem seine Verbindlichkeiten bei Libertas Funding und verringerte die monatlichen Zahlungen um $92.000. Enservco steht jedoch vor erheblichen Herausforderungen, da es versäumt hat, den Formular 10-K für das Geschäftsjahr 2024 einzureichen, und keine Wirtschaftsprüfer für die Finanzberichte beauftragt hat. Das Unternehmen erhielt die Mitteilung, dass seine Aktien wahrscheinlich vom OTCQB delistet werden, falls die Compliance nicht bis zum 15. Mai 2025 erreicht wird.
- Monthly debt payments reduced by $181,910 through Utica refinancing and Libertas debt settlement
- Elimination of $2.7M in promissory notes through Buckshot Trucking sale
- Release from Pathward and Libertas guarantor obligations
- Failure to file Form 10-K for fiscal year 2024
- Probable delisting from OTCQB by May 15, 2025
- Suspension of SEC reporting to preserve cash flow
- No current engagement of independent auditors
Sells Buckshot Trucking Line
Refinances Outstanding Utica Equipment Debt
Retires Libertas Factoring Loan
Announces Reporting Delays and Expected OTC Delisting
LONGMONT, COLORADO / ACCESS Newswire / April 22, 2025 / Enservco Corporation, a diversified national provider of specialized well-site services to the domestic onshore conventional and unconventional oil and gas industries ("Enservco" or the "Company") provided an update today with respect the following transactions to restructuring the Company's operations and debt service and with respect to its SEC filings and probable OTC delisting. Enservco believes that these two transactions are critical to the Company restructuring and optimization of its operations.
Sale of Buckshot Trucking LLC
On April 1, 2025, Enservco completed the sale of its wholly-owned subsidiary, Buckshot Trucking LLC, by assigning
Under the Membership Interest Purchase Agreement, promissory notes issued to the sellers in the amounts of
Refinancing of Utica Debt; Repayment of Libertas Debt
Heat Waves Hot Oil Service, LLC, a wholly-owned Enservco subsidiary, entered into an Amended and Restated Master Lease Agreement with Utica Leaseco, LLC, for a
As part of this refinancing, Enservco settled and terminated its Agreement of Sale of Future Receipts with Libertas Funding, LLC, dated August 13, 2024, along with the associated guaranty. This further reduced interest and principal payments by
Rich Murphy, Chair and CEO of Enservco, stated, "Restructuring our Utica debt and eliminating the Libertas debt significantly reduces our monthly financial burden, marking a critical step in strengthening our balance sheet.
Rich Murphy added "As we streamline our oilfield services operations and optimize our debt structure, we determined that the Buckshot Trucking acquisition did not align with our long-term strategic goals. We successfully unwound the transaction, except for the Enservco equity retained by the buyers, and we extend our best wishes to Tony Sims and Jim Fate for their future endeavors. With these actions, Enservco becomes more focused on its hot oiling business that is far less seasonal with a capital structure more appropriate for the business."
SEC Reporting Obligations
The Company did not file its Form 10-K for the fiscal year ended December 31, 2024 in an effort to save costs and preserve cash flow. While the Company presently intends to eventually come into compliance with its SEC reporting obligations, it has not yet re-engaged its independent public accounting firm to complete the audited financial statements for 2024. Until any such filing is made, the Company will not be filing reports with the SEC (be they Form 10-S, Form 8-Ks or otherwise).The Company intends to provide financial and news updates to the market in the future.
OTCQB Listing
Because the Company had not filed its Form 10-K that was due March 31, 2025, the Company was notified by the OTCQB on April 1, 2025 that the Company's common stock will no longer be quoted on such marketplace if the Company does not file such Form 10-K by May 15, 2025. Given that the Company has not yet engaged its auditor for such audit, it is not expected to regain compliance by such time and be quoted on the OTCQB.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains information that is "forward-looking" in that it describes events and conditions Enservco reasonably expects to occur in the future. Expectations for the future performance of Enservco are dependent upon a number of factors, and there can be no assurance that Enservco will achieve the results as contemplated herein. Certain statements denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond Enservco's ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. Among these risks are those set forth in Enservco's annual report on Form 10-K for the year ended December 31, 2023, and subsequently filed documents with the Securities and Exchange Commission ("SEC"). Forward looking statements in this news release that are subject to risks related to, among other things, the ability of the Company to file its Form 10-K for year ended December 31, 2024 and subsequent SEC reports; the ability of the Company to restructure and organize its business such that Company becomes profitable; the Company's ability to provide financial and news updates to the market in the future, and the ability of the Company to survive as an operating entity. Enservco disclaims any obligation to update any forward-looking statement made herein.
Contact Information
Richard Murphy
914.393.9848
rmurphy@enservco.com
SOURCE: Enservco Corporation
View the original press release on ACCESS Newswire
FAQ
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