Attached files
| file | filename |
|---|---|
| EX-32.2 - EX-32.2 - SAExploration Holdings, Inc. | saex-ex322_7.htm |
| EX-32.1 - EX-32.1 - SAExploration Holdings, Inc. | saex-ex321_9.htm |
| EX-31.2 - EX-31.2 - SAExploration Holdings, Inc. | saex-ex312_6.htm |
| EX-31.1 - EX-31.1 - SAExploration Holdings, Inc. | saex-ex311_8.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10–Q
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
June 30, 2019
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______________ to _______________
Commission File Number 001-35471
SAExploration Holdings, Inc.
(Exact name of registrant as specified in its charter)
|
Delaware |
27-4867100 |
|
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
1160 Dairy Ashford Road, Suite 160, Houston, Texas, 77079
(Address of principal executive offices)
(Zip Code)
(281) 258-4400
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
|
Common stock, par value $0.0001 |
|
SAEX |
|
NASDAQ Capital Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non–accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer |
☐ |
|
Accelerated filer |
☐ |
|
Non-accelerated filer |
☒ |
|
Smaller reporting company |
☒ |
|
|
|
|
Emerging growth company |
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of January 27, 2020, the registrant has 4,299,670 shares of common stock outstanding.
SAExploration Holdings, Inc. (together with its subsidiaries, “we,” “our” or “us”) has filed an amendment to our Annual Report on Form 10–K for the year ended December 31, 2018 (the “Form 10–K/A”), to amend and restate our consolidated financial statements and related footnote disclosures as of December 31, 2018 and 2017 and for the years ended December 31, 2018 and 2017 (including the unaudited quarterly periods within 2018 and 2017). The Form 10–K/A also includes under “Item 6. Selected Financial Data” restated selected consolidated statement of operations data for the years ended December 31, 2016, 2015 and 2014 and restated selected consolidated balance sheet data as of December 31, 2016, 2015 and 2014. Accordingly, this Form 10–Q for the quarterly period ended June 30, 2019 (this “Form 10–Q”) contains our restated unaudited condensed consolidated financial statements and related disclosures as of December 31, 2018 and for the three–month and six–month periods ended June 30, 2018. These unaudited condensed consolidated financial statements include our accounts and those of our subsidiaries that are wholly–owned, controlled by us or a variable interest entity (“VIE”).
Please see the “Explanatory Note” to the Form 10–K/A and “Note 3. Restatement of Previously Reported Consolidated Financial Statements” and “Note 24. Quarterly Data” to our consolidated financial statements in “Item 8. Financial Statements and Supplementary Data” of the Form 10–K/A for additional information about the restatement. We delayed the filing of this Form 10–Q pending the restatement described therein.
For a description of the effect of the restatement as of December 31, 2018 and for the three–month and six–month periods ended June 30, 2018, see “Note 2. Restatement of Previously Reported Unaudited Condensed Consolidated Financial Statements” to our consolidated financial statements in “Item 1. Financial Statements” contained herein. In connection with the restatement of our consolidated financial statements in the Form 10–K/A, management determined that material weaknesses exist in our internal control over financial reporting and that our disclosure controls and procedures were ineffective during the Non–Reliance Periods. For a description of the material weaknesses identified by management and management’s implemented and planned remediations for those material weaknesses, please see “Item 4. Controls and Procedures” contained herein.
(i)
SAExploration Holdings, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except number of shares)
(Unaudited)
|
|
|
June 30, 2019 |
|
|
December 31, 2018 |
|
||
|
ASSETS |
|
|
|
|
|
(Restated) |
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
25,938 |
|
|
$ |
7,579 |
|
|
Restricted cash |
|
|
256 |
|
|
|
271 |
|
|
Accounts receivable, net |
|
|
66,509 |
|
|
|
26,463 |
|
|
Deferred costs on contracts |
|
|
1,850 |
|
|
|
3,746 |
|
|
Prepaid expenses and other current assets |
|
|
4,535 |
|
|
|
2,843 |
|
|
Total current assets |
|
|
99,088 |
|
|
|
40,902 |
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net of accumulated depreciation and amortization of $87,548 and $81,904, respectively |
|
|
30,177 |
|
|
|
35,334 |
|
|
Multiclient seismic data library, net |
|
|
3,903 |
|
|
|
4,733 |
|
|
Operating lease right-of-use assets |
|
|
7,902 |
|
|
|
— |
|
|
Goodwill |
|
|
1,741 |
|
|
|
1,687 |
|
|
Intangible assets, net of accumulated amortization of $1,100 and $932, respectively |
|
|
3,935 |
|
|
|
4,066 |
|
|
Tax credits receivable, net |
|
|
12,104 |
|
|
|
13,198 |
|
|
Deferred income taxes |
|
|
154 |
|
|
|
2,160 |
|
|
Other assets |
|
|
270 |
|
|
|
267 |
|
|
Total assets |
|
$ |
159,274 |
|
|
$ |
102,347 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' DEFICIT |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
40,423 |
|
|
$ |
10,103 |
|
|
Accrued liabilities |
|
|
14,627 |
|
|
|
10,498 |
|
|
Income and other taxes payable |
|
|
7,527 |
|
|
|
3,331 |
|
|
Operating lease liabilities |
|
|
3,193 |
|
|
|
— |
|
|
Current portion of long-term debt and finance leases |
|
|
7,759 |
|
|
|
7,837 |
|
|
Deferred revenue |
|
|
4,440 |
|
|
|
4,357 |
|
|
Total current liabilities |
|
|
77,969 |
|
|
|
36,126 |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt and finance leases |
|
|
94,387 |
|
|
|
83,205 |
|
|
Other long-term liabilities |
|
|
5,107 |
|
|
|
380 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' deficit: |
|
|
|
|
|
|
|
|
|
Common stock, 4,290,697 and 3,100,496 shares outstanding, respectively |
|
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
|
235,638 |
|
|
|
232,661 |
|
|
Accumulated deficit |
|
|
(253,468 |
) |
|
|
(249,349 |
) |
|
Accumulated other comprehensive loss |
|
|
(3,425 |
) |
|
|
(3,035 |
) |
|
Treasury stock, at cost, 208,003 and 111,245 shares, respectively |
|
|
(2,232 |
) |
|
|
(1,866 |
) |
|
SAExploration stockholders’ deficit |
|
|
(23,487 |
) |
|
|
(21,589 |
) |
|
Noncontrolling interest |
|
|
5,298 |
|
|
|
4,225 |
|
|
Total stockholders’ deficit |
|
|
(18,189 |
) |
|
|
(17,364 |
) |
|
Total liabilities and stockholders’ deficit |
|
$ |
159,274 |
|
|
$ |
102,347 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
1
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
|
|
|
|
|
|
|
(Restated) |
|
|
|
|
|
|
(Restated) |
|
||
|
Revenue from services |
|
$ |
89,537 |
|
|
$ |
16,883 |
|
|
$ |
182,592 |
|
|
$ |
54,006 |
|
|
Cost of services |
|
|
74,922 |
|
|
|
19,710 |
|
|
|
145,047 |
|
|
|
45,715 |
|
|
Depreciation and amortization |
|
|
3,613 |
|
|
|
2,295 |
|
|
|
6,475 |
|
|
|
4,716 |
|
|
Gross profit (loss) |
|
|
11,002 |
|
|
|
(5,122 |
) |
|
|
31,070 |
|
|
|
3,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
10,821 |
|
|
|
8,366 |
|
|
|
20,108 |
|
|
|
14,052 |
|
|
Misappropriation of funds |
|
|
121 |
|
|
|
128 |
|
|
|
273 |
|
|
|
361 |
|
|
Total operating expenses |
|
|
10,942 |
|
|
|
8,494 |
|
|
|
20,381 |
|
|
|
14,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
60 |
|
|
|
(13,616 |
) |
|
|
10,689 |
|
|
|
(10,838 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income, net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(3,632 |
) |
|
|
(2,346 |
) |
|
|
(7,129 |
) |
|
|
(5,487 |
) |
|
Foreign exchange gain (loss), net |
|
|
373 |
|
|
|
(2,005 |
) |
|
|
500 |
|
|
|
(2,179 |
) |
|
Other income, net |
|
|
784 |
|
|
|
92 |
|
|
|
913 |
|
|
|
237 |
|
|
Total other expense, net |
|
|
(2,475 |
) |
|
|
(4,259 |
) |
|
|
(5,716 |
) |
|
|
(7,429 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before income taxes |
|
|
(2,415 |
) |
|
|
(17,875 |
) |
|
|
4,973 |
|
|
|
(18,267 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
2,853 |
|
|
|
(34 |
) |
|
|
6,519 |
|
|
|
(35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(5,268 |
) |
|
|
(17,841 |
) |
|
|
(1,546 |
) |
|
|
(18,232 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: net income attributable to noncontrolling interest |
|
|
1,164 |
|
|
|
59 |
|
|
|
2,573 |
|
|
|
894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to SAExploration |
|
$ |
(6,432 |
) |
|
$ |
(17,900 |
) |
|
$ |
(4,119 |
) |
|
$ |
(19,126 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common share (basic and diluted) |
|
$ |
(0.81 |
) |
|
$ |
(9.72 |
) |
|
$ |
(0.53 |
) |
|
$ |
(46.26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding (basic and diluted) |
|
|
7,919 |
|
|
|
1,865 |
|
|
|
7,761 |
|
|
|
1,433 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2
Condensed Consolidated Statements of Comprehensive Loss
(In thousands)
(Unaudited)
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
|
|
|
|
|
|
|
(Restated) |
|
|
|
|
|
|
(Restated) |
|
||
|
Net loss |
|
$ |
(5,268 |
) |
|
$ |
(17,841 |
) |
|
$ |
(1,546 |
) |
|
$ |
(18,232 |
) |
|
Other comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(347 |
) |
|
|
1,225 |
|
|
|
(390 |
) |
|
|
1,813 |
|
|
Comprehensive loss |
|
|
(5,615 |
) |
|
|
(16,616 |
) |
|
|
(1,936 |
) |
|
|
(16,419 |
) |
|
Less: comprehensive income attributable to noncontrolling interest |
|
|
1,164 |
|
|
|
59 |
|
|
|
2,573 |
|
|
|
894 |
|
|
Comprehensive loss attributable to SAExploration |
|
$ |
(6,779 |
) |
|
$ |
(16,675 |
) |
|
$ |
(4,509 |
) |
|
$ |
(17,313 |
) |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3
Condensed Consolidated Statements of Changes in Stockholders’ Deficit
(In thousands)
(Unaudited)
Three Months Ended June 30, 2019
|
|
|
Common Stock |
|
|
Additional Paid-In Capital |
|
|
Accumulated Deficit (Restated) |
|
|
Accumulated Other Comprehensive Loss |
|
|
Treasury Stock |
|
|
Total SAExploration Stockholders’ Deficit (Restated) |
|
|
Noncontrolling Interest |
|
|
Total Stockholders’ Deficit (Restated) |
|
||||||||
|
Balances at March 31, 2019 |
|
$ |
— |
|
|
$ |
234,039 |
|
|
$ |
(247,036 |
) |
|
$ |
(3,078 |
) |
|
$ |
(1,866 |
) |
|
$ |
(17,941 |
) |
|
$ |
4,884 |
|
|
$ |
(13,057 |
) |
|
Net (loss) income |
|
|
— |
|
|
|
— |
|
|
|
(6,432 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,432 |
) |
|
|
1,164 |
|
|
|
(5,268 |
) |
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(347 |
) |
|
|
— |
|
|
|
(347 |
) |
|
|
— |
|
|
|
(347 |
) |
|
Purchase of treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(366 |
) |
|
|
(366 |
) |
|
|
— |
|
|
|
(366 |
) |
|
Equity-based compensation cost |
|
|
— |
|
|
|
1,599 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,599 |
|
|
|
— |
|
|
|
1,599 |
|
|
Distributions to noncontrolling interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(750 |
) |
|
|
(750 |
) |
|
Balances at June 30, 2019 |
|
$ |
— |
|
|
$ |
235,638 |
|
|
$ |
(253,468 |
) |
|
$ |
(3,425 |
) |
|
$ |
(2,232 |
) |
|
$ |
(23,487 |
) |
|
$ |
5,298 |
|
|
$ |
(18,189 |
) |
Three Months Ended June 30, 2018
|
|
|
Common Stock |
|
|
Additional Paid-In Capital |
|
|
Accumulated Deficit (Restated) |
|
|
Accumulated Other Comprehensive Loss |
|
|
Treasury Stock |
|
|
Total SAExploration Stockholders’ Deficit (Restated) |
|
|
Noncontrolling Interest |
|
|
Total Stockholders’ Deficit (Restated) |
|
||||||||
|
Balances at March 31, 2018 |
|
$ |
— |
|
|
$ |
175,662 |
|
|
$ |
(190,110 |
) |
|
$ |
(4,494 |
) |
|
$ |
(288 |
) |
|
$ |
(19,230 |
) |
|
$ |
5,405 |
|
|
$ |
(13,825 |
) |
|
Net (loss) income |
|
|
— |
|
|
|
— |
|
|
|
(17,900 |
) |
|
|
— |
|
|
|
— |
|
|
|
(17,900 |
) |
|
|
59 |
|
|
|
(17,841 |
) |
|
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,225 |
|
|
|
— |
|
|
|
1,225 |
|
|
|
— |
|
|
|
1,225 |
|
|
Equity-based compensation cost |
|
|
— |
|
|
|
1,588 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,588 |
|
|
|
— |
|
|
|
1,588 |
|
|
Accretion of discount on Series A preferred stock |
|
|
— |
|
|
|
(22,231 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22,231 |
) |
|
|
— |
|
|
|
(22,231 |
) |
|
Accretion of Series A preferred stock to redemption value |
|
|
— |
|
|
|
22,667 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,667 |
|
|
|
— |
|
|
|
22,667 |
|
|
Dividend on Series A preferred stock |
|
|
— |
|
|
|
(663 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(663 |
) |
|
|
— |
|
|
|
(663 |
) |
|
Balances at June 30, 2018 |
|
$ |
— |
|
|
$ |
177,023 |
|
|
$ |
(208,010 |
) |
|
$ |
(3,269 |
) |
|
$ |
(288 |
) |
|
$ |
(34,544 |
) |
|
$ |
5,464 |
|
|
$ |
(29,080 |
) |
4
Condensed Consolidated Statements of Changes in Stockholders’ Deficit (continued)
(In thousands)
(Unaudited)
Six Months Ended June 30, 2019
|
|
|
Common Stock |
|
|
Additional Paid-In Capital |
|
|
Accumulated Deficit (Restated) |
|
|
Accumulated Other Comprehensive Loss |
|
|
Treasury Stock |
|
|
Total SAExploration Stockholders’ Deficit (Restated) |
|
|
Noncontrolling Interest |
|
|
Total Stockholders’ Deficit (Restated) |
|
||||||||
|
Balances at December 31, 2018 |
|
$ |
— |
|
|
$ |
232,661 |
|
|
$ |
(249,349 |
) |
|
$ |
(3,035 |
) |
|
$ |
(1,866 |
) |
|
$ |
(21,589 |
) |
|
$ |
4,225 |
|
|
$ |
(17,364 |
) |
|
Net (loss) income |
|
|
— |
|
|
|
— |
|
|
|
(4,119 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,119 |
) |
|
|
2,573 |
|
|
|
(1,546 |
) |
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(390 |
) |
|
|
— |
|
|
|
(390 |
) |
|
|
— |
|
|
|
(390 |
) |
|
Issuance of common stock |
|
|
— |
|
|
|
578 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
578 |
|
|
|
— |
|
|
|
578 |
|
|
Purchase of treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(366 |
) |
|
|
(366 |
) |
|
|
— |
|
|
|
(366 |
) |
|
Equity-based compensation cost |
|
|
— |
|
|
|
2,399 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,399 |
|
|
|
— |
|
|
|
2,399 |
|
|
Distributions to noncontrolling interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,500 |
) |
|
|
(1,500 |
) |
|
Balances at June 30, 2019 |
|
$ |
— |
|
|
$ |
235,638 |
|
|
$ |
(253,468 |
) |
|
$ |
(3,425 |
) |
|
$ |
(2,232 |
) |
|
$ |
(23,487 |
) |
|
$ |
5,298 |
|
|
$ |
(18,189 |
) |
Six Months Ended June 30, 2018
|
|
|
Common Stock |
|
|
Additional Paid-In Capital |
|
|
Accumulated Deficit (Restated) |
|
|
Accumulated Other Comprehensive Loss |
|
|
Treasury Stock |
|
|
Total SAExploration Stockholders’ Deficit (Restated) |
|
|
Noncontrolling Interest |
|
|
Total Stockholders’ Deficit (Restated) |
|
||||||||
|
Balances at December 31, 2017 |
|
$ |
— |
|
|
$ |
133,742 |
|
|
$ |
(189,178 |
) |
|
$ |
(5,082 |
) |
|
$ |
(113 |
) |
|
$ |
(60,631 |
) |
|
$ |
4,570 |
|
|
$ |
(56,061 |
) |
|
Adoption of ASU 2016-16 |
|
|
— |
|
|
|
— |
|
|
|
294 |
|
|
|
— |
|
|
|
— |
|
|
|
294 |
|
|
|
— |
|
|
|
294 |
|
|
Net (loss) income |
|
|
— |
|
|
|
— |
|
|
|
(19,126 |
) |
|
|
— |
|
|
|
— |
|
|
|
(19,126 |
) |
|
|
894 |
|
|
|
(18,232 |
) |
|
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,813 |
|
|
|
— |
|
|
|
1,813 |
|
|
|
— |
|
|
|
1,813 |
|
|
Equity-based compensation cost |
|
|
— |
|
|
|
2,641 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,641 |
|
|
|
— |
|
|
|
2,641 |
|
|
Purchase of treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(175 |
) |
|
|
(175 |
) |
|
|
— |
|
|
|
(175 |
) |
|
Common stock issued in debt exchange |
|
|
— |
|
|
|
472 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
472 |
|
|
|
— |
|
|
|
472 |
|
|
Discount on Series A preferred stock issued in debt exchange |
|
|
— |
|
|
|
61,971 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
61,971 |
|
|
|
— |
|
|
|
61,971 |
|
|
Accretion of discount on Series A preferred stock |
|
|
— |
|
|
|
(56,635 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(56,635 |
) |
|
|
— |
|
|
|
(56,635 |
) |
|
Accretion of Series A preferred stock to redemption value |
|
|
— |
|
|
|
21,376 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21,376 |
|
|
|
— |
|
|
|
21,376 |
|
|
Dividend on Series A preferred stock |
|
|
— |
|
|
|
(1,119 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,119 |
) |
|
|
— |
|
|
|
(1,119 |
) |
|
Series B preferred stock issued in debt exchange |
|
|
— |
|
|
|
10,791 |
|
|
|
— |
|
||||||||||||||||||||