falsedesktopENT2020-06-30000151207720000016{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Delaware\t\t\t27-4757800\n(State or other jurisdiction of incorporation or organization)\t\t\t(I.R.S. Employer Identification Number)\n6080 Center Drive\tSuite 1200\t\nLos Angeles\tCalifornia\t90045\n(Address of principal executive offices)\t\t\t(Zip Code)\n", "q10k_tbl_1": "\t\tPage\n\tEXPLANATORY NOTES\t2\nPART I - FINANCIAL INFORMATION\t\t\t\t\t\t\t\t\nITEM 1.\tFinancial Statements (Unaudited)\t\n\tCondensed Consolidated Balance Sheets\t3\n\tCondensed Consolidated Statements of Operations\t4\n\tCondensed Consolidated Statements of Comprehensive Loss\t5\n\tCondensed Consolidated Statements of Stockholders' Deficit\t6\n\tCondensed Consolidated Statements of Cash Flows\t8\n\tNotes to Condensed Consolidated Financial Statements\t10\nITEM 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t47\nITEM 3.\tQuantitative and Qualitative Disclosure About Market Risk\t77\nITEM 4.\tControls and Procedures\t77\nPART II - OTHER INFORMATION\t\t\t\t\t\t\t\t\nITEM 1.\tLegal Proceedings\t80\nITEM 6.\tExhibits\t82\n\tSignature Page\t84\n", "q10k_tbl_2": "\tJune 30 2020\tDecember 31 2019\nASSETS\t\t\t\t\t\t\t\t\t\t\t\nCURRENT ASSETS:\t\t\nCash and cash equivalents\t31255\t23964\nRestricted cash\t4863\t498\nShort-term investment\t3315\t0\nAccounts receivable net\t66385\t88219\nInventories net\t24972\t26695\nPrepaid expenses\t5574\t6753\nOther current assets\t10513\t12839\nTOTAL CURRENT ASSETS\t146877\t158968\nContent library\t2825\t3645\nProperty and equipment net\t116996\t145295\nRight-of-use assets net\t32797\t39187\nGoodwill\t137400\t159607\nIntangible assets net\t43097\t55483\nEquity method investments\t62284\t78886\nOther non-current assets\t25705\t27509\nTOTAL ASSETS\t567981\t668580\nLIABILITIES AND STOCKHOLDERS' DEFICIT\t\t\t\t\t\t\t\t\t\t\t\nCURRENT LIABILITIES:\t\t\nAccounts payable and accrued liabilities\t181679\t178930\nDeferred revenue\t8359\t12317\nCurrent portion of long-term debt and finance leases\t810887\t15678\nCurrent portion of operating lease liabilities\t7265\t8319\nOther current liabilities\t9927\t7081\nTOTAL CURRENT LIABILITIES\t1018117\t222325\nDeferred revenue non-current\t86\t86\nLong-term debt and finance leases\t16138\t757384\nLong-term operating lease liabilities\t20856\t23636\nDeferred tax liabilities\t2496\t5894\nOther non-current liabilities\t23146\t34409\nTOTAL LIABILITIES\t1080839\t1043734\nCOMMITMENTS AND CONTINGENCIES\t\t\nSTOCKHOLDERS' DEFICIT:\t\t\nPreferred stock $0.0001 par value; 1000000 shares authorized no shares issued and outstanding at June 30 2020 and December 31 2019 respectively\t0\t0\nCommon stock $0.0001 par value; 375000000 shares authorized 3876801 and 3837920 shares issued 3754656 and 3715775 shares outstanding at June 30 2020 and December 31 2019 respectively\t10\t10\nTreasury stock 122145 shares at June 30 2020 and December 31 2019\t(30659)\t(30659)\nAdditional paid-in capital\t821224\t818961\nSubscriptions receivable\t(597)\t(597)\nAccumulated deficit\t(1303146)\t(1162901)\nAccumulated other comprehensive income\t310\t32\nTOTAL STOCKHOLDERS' DEFICIT\t(512858)\t(375154)\nTOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT\t567981\t668580\n", "q10k_tbl_3": "\tThree Months Ended June 30\t\t\tSix Months Ended June 30\n\t2020\t2019\t2020\t2019\nRevenue:\t\t\t\t\nLicensing and services\t77457\t145129\t213102\t295607\nEquipment\t5584\t12338\t14104\t28479\nTotal revenue\t83041\t157467\t227206\t324086\nCost of sales:\t\t\t\t\nLicensing and services\t67772\t116308\t181056\t239577\nEquipment\t4107\t7909\t11630\t18834\nTotal cost of sales\t71879\t124217\t192686\t258411\nGross margin\t11162\t33250\t34520\t65675\nOperating expenses:\t\t\t\t\nSales and marketing\t4303\t7365\t9643\t15614\nProduct development\t3749\t6125\t9712\t13104\nGeneral and administrative\t24962\t27161\t55538\t55141\nProvision for legal settlements\t0\t25\t0\t533\nAmortization of intangible assets\t6241\t7800\t12383\t15599\nGoodwill and long-lived asset impairment\t3374\t0\t25504\t0\nTotal operating expenses\t42629\t48476\t112780\t99991\nLoss from operations\t(31467)\t(15226)\t(78260)\t(34316)\nOther (expense) income:\t\t\t\t\nInterest expense net\t(22884)\t(22329)\t(45471)\t(43606)\n(Loss) income from equity method investments including impairment losses\t(2015)\t2517\t(12873)\t4646\nChange in fair value of derivatives\t(18)\t0\t189\t938\nOther expense net\t(1495)\t(105)\t(1263)\t(284)\nLoss before income taxes\t(57879)\t(35143)\t(137678)\t(72622)\nIncome tax expense\t154\t3317\t1280\t3447\nNet loss\t(58033)\t(38460)\t(138958)\t(76069)\nNet loss per share - basic and diluted\t(15.47)\t(10.42)\t(37.24)\t(20.65)\nWeighted average shares outstanding - basic and diluted\t3751\t3690\t3731\t3682\n", "q10k_tbl_4": "\tThree Months Ended June 30\t\t\tSix Months Ended June 30\n\t2020\t2019\t2020\t2019\nNet loss\t(58033)\t(38460)\t(138958)\t(76069)\nOther comprehensive income:\t\t\t\t\nUnrealized foreign currency translation adjustments\t41\t10\t278\t243\nComprehensive loss\t(57992)\t(38450)\t(138680)\t(75826)\n", "q10k_tbl_5": "\tCommon Stock\t\t\tTreasury Stock\t\t\tAdditional\tSubscriptions\tAccumulated\tAccumulated Other\tTotal\n\tShares\tAmount\tShares\tAmount\tPaid-in Capital\tReceivable\tDeficit\tComprehensive Income\tStockholders' Deficit\nBalance at December 31 2019\t3838\t10\t(122)\t(30659)\t818961\t(597)\t(1162901)\t32\t(375154)\nRestricted stock units vested and distributed net of tax\t29\t0\t0\t0\t(61)\t0\t0\t0\t(61)\nStock-based compensation\t0\t0\t0\t0\t1339\t0\t0\t0\t1339\nImpact of adoption of ASU 2016-02\t0\t0\t0\t0\t0\t0\t(1287)\t0\t(1287)\nNet loss\t0\t0\t0\t0\t0\t0\t(80925)\t0\t(80925)\nUnrealized foreign currency translation adjustments\t0\t0\t0\t0\t0\t0\t0\t237\t237\nBalance at March 31 2020\t3867\t10\t(122)\t(30659)\t820239\t(597)\t(1245113)\t269\t(455851)\nRestricted stock units vested and distributed net of tax\t10\t0\t0\t0\t(67)\t0\t0\t0\t(67)\nStock-based compensation\t0\t0\t0\t0\t1052\t0\t0\t0\t1052\nImpact of adoption of ASU 2016-02\t\t\t\t\t\t\t0\t\t0\nNet loss\t0\t0\t0\t0\t0\t0\t(58033)\t0\t(58033)\nUnrealized foreign currency translation adjustments\t0\t0\t0\t0\t0\t0\t0\t41\t41\nBalance at June 30 2020\t3877\t10\t(122)\t(30659)\t821224\t(597)\t(1303146)\t310\t(512858)\n", "q10k_tbl_6": "\tCommon Stock\t\t\tTreasury Stock\t\t\tAdditional\tSubscriptions\tAccumulated\tAccumulated Other\tTotal\n\tShares\tAmount\tShares\tAmount\tPaid-in Capital\tReceivable\tDeficit\tComprehensive Income (Loss)\tStockholders' Deficit\nBalance at December 31 2018\t3793\t10\t(122)\t(30659)\t814488\t(597)\t(1009458)\t(119)\t(226335)\nRestricted stock units vested and distributed net of tax\t13\t0\t0\t0\t(117)\t0\t0\t0\t(117)\nStock-based compensation\t0\t0\t0\t0\t2389\t0\t0\t0\t2389\nTax effect relating to the beneficial conversion feature of Second Lien Notes\t0\t0\t0\t0\t(2688)\t0\t0\t0\t(2688)\nNet loss\t0\t0\t0\t0\t0\t0\t(37609)\t0\t(37609)\nUnrealized foreign currency translation adjustments\t0\t0\t0\t0\t0\t0\t0\t233\t233\nBalance at March 31 2019\t3806\t10\t(122)\t(30659)\t814072\t(597)\t(1047067)\t114\t(264127)\nRestricted stock units vested and distributed net of tax\t21\t0\t0\t0\t(147)\t0\t0\t0\t(147)\nStock-based compensation\t0\t0\t0\t0\t2194\t0\t0\t0\t2194\nNet loss\t0\t0\t0\t0\t0\t0\t(38460)\t0\t(38460)\nUnrealized foreign currency translation adjustments\t0\t0\t0\t0\t0\t0\t0\t10\t10\nBalance at Balance as of June 30 2019\t3827\t10\t(122)\t(30659)\t816119\t(597)\t(1085527)\t124\t(300530)\n", "q10k_tbl_7": "\tSix Months Ended June 30\t\n\t2020\t2019\nOPERATING ACTIVITIES:\t\t\nNet loss\t(138958)\t(76069)\nAdjustments to reconcile net loss to net cash used in operations:\t\t\nDepreciation and amortization\t38266\t43477\nAmortization of right-of-use asset\t4039\t2557\nAmortization of content library\t3773\t3570\nNon-cash interest expense net\t16402\t14220\nChange in fair value of derivatives\t(189)\t(938)\nChange in fair value of equity security investments\t1357\t0\nStock-based compensation\t2180\t3616\nImpairment of goodwill and long-lived assets\t26611\t0\nTax effect of Second Lien Notes' beneficial conversion feature\t0\t(2688)\nLoss on disposal of fixed assets\t0\t357\nProceeds from equity method investments\t3675\t0\n(Gain) loss on equity method investments including impairment losses\t12873\t(4646)\nProvision for expected credit losses\t2447\t830\nDeferred income taxes\t(1911)\t(624)\nOther non-cash adjustments\t0\t388\nChanges in operating assets and liabilities:\t\t\nAccounts receivable\t14212\t4992\nInventories\t1722\t(1420)\nPrepaid expenses and other current assets\t1179\t4087\nContent library\t(3792)\t(1647)\nOther non-current assets\t1631\t(12463)\nAccounts payable and accrued liabilities\t3397\t11474\nDeferred revenue\t(3958)\t2378\nOther liabilities\t(9660)\t10521\nNet cash (used in) provided by operating activities\t(24704)\t1972\nINVESTING ACTIVITIES:\t\t\nPurchases of property and equipment\t(2142)\t(13442)\nNet cash used in investing activities\t(2142)\t(13442)\nFINANCING ACTIVITIES:\t\t\nProceeds from borrowings on revolving credit facility\t44300\t34650\nRepayment of revolving credit facility\t(7000)\t(46250)\nRepayments of indebtedness\t(4094)\t(10109)\nBorrowings from related party\t5000\t7350\nPayment of satellite purchase financing\t0\t(2300)\nNet cash provided by (used in) financing activities\t38206\t(16659)\nEffects of exchange rate changes on cash cash equivalents and restricted cash\t296\t199\nNet increase (decrease) in cash cash equivalents and restricted cash\t11656\t(27930)\n", "q10k_tbl_8": "Cash cash equivalents and restricted cash at beginning of period\t24462\t39955\nCash cash equivalents and restricted cash at end of period\t36118\t12025\nSUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:\t\t\nCash paid for:\t\t\nTaxes\t706\t1256\nInterest\t28767\t28417\nSIGNIFICANT NON-CASH ACTIVITIES:\t\t\nPurchase consideration for equipment included in accounts payable\t195\t1530\nConversion of PIK interest on our Second Lien Notes to additional principal\t10682\t9507\nFinancing of purchased satellite transponders included in property and equipment\t0\t8500\nDistribution from equity method investments offset against demand promissory note\t0\t4410\n", "q10k_tbl_9": "\tBalances at December 31 2019\tImpact of ASC 326\tBalances Following Adoption of ASC 326\nAssets\t\t\t\nAccounts Receivable\t88219\t(503)\t87716\nOther current assets\t12839\t(111)\t12728\nOther non-current assets\t27509\t(672)\t26837\nEquity\t\t\t\nAccumulated deficit\t(1162901)\t(1286)\t(1164187)\n", "q10k_tbl_10": "\tThree Months Ended June 30\t\t\tSix Months Ended June 30\nRevenue:\t2020\t2019\t2020\t2019\nMedia & Content\t\t\t\t\nLicensing and Services\t20757\t74013\t89142\t154023\nTotal Media & Content\t20757\t74013\t89142\t154023\nConnectivity\t\t\t\t\nAviation Services\t27742\t30621\t58448\t61862\nAviation Equipment\t3679\t8719\t10082\t22779\nMaritime & Land Services\t28958\t40495\t65512\t79722\nMaritime & Land Equipment\t1905\t3619\t4022\t5700\nTotal Connectivity\t62284\t83454\t138064\t170063\nTotal revenue\t83041\t157467\t227206\t324086\n", "q10k_tbl_11": "\tContract Assets\nBalance as of December 31 2019\t14431\nCosts deferred for revenue recognized in excess of billings\t4628\nCosts included in the beginning balance recognized during the period\t(5638)\nBalance as of June 30 2020\t13421\nCurrent contract assets\t2757\nNon-current contract assets\t10664\nBalance as of June 30 2020\t13421\n", "q10k_tbl_12": "\tContract Liabilities\nBalance as of December 31 2019\t12403\nRevenue recognized including amount in contract liability balance at the beginning of the period\t(7446)\nIncrease due to cash received excluding amounts recognized as revenue during the period\t3488\nBalance as of June 30 2020\t8445\nDeferred revenue current\t8359\nDeferred revenue non-current\t86\nBalance as of June 30 2020\t8445\n", "q10k_tbl_13": "\tJune 30\tDecember 31\n\t2020\t2019\nAccounts receivable gross\t74193\t94995\nLess: Allowance for doubtful accounts\t(7808)\t(6776)\nAccounts receivable net\t66385\t88219\n", "q10k_tbl_14": "\tContract Assets\t\t\n\tCosts to Obtain\tCosts to Fulfill\tTotal\nBalance as of December 31 2019\t387\t5256\t5643\nCapitalization (reversal) during the period\t127\t(132)\t(5)\nAmortization during the period\t(57)\t(221)\t(278)\nBalance as of June 30 2020\t457\t4903\t5360\n", "q10k_tbl_15": "\tThree Months Ended June 30\t\t\tSix Months Ended June 30\n\t2020\t2019\t2020\t2019\nAmortization of right-of-use asset net of lease incentive and contract liability credits\t420\t675\t840\t675\nInterest accretion on finance lease liabilities\t371\t470\t754\t470\nTotal finance lease cost\t791\t1145\t1594\t1145\n", "q10k_tbl_16": "\tThree Months Ended June 30\t\t\tSix Months Ended June 30\n\t2020\t2019\t2020\t2019\nBandwidth service and equipment revenues(1)\t20281\t36154\t46304\t70261\nEarned revenues on sales-type leases at commencement(2)\t812\t977\t915\t1310\nTotal Licensing and Service Revenues -- Maritime and Land Connectivity\t21093\t37131\t47219\t71571\n", "q10k_tbl_17": "\tSix Months Ended June 30 2020\nSupplemental cash flow information\t\nCash paid for amounts included in the measurement of operating lease liabilities\t3800\nCash paid for amounts included in the measurement of finance lease liabilities\t1800\nRight-of-use-assets obtained in exchange for operating lease obligations\t194000\nRight-of-use-assets obtained in exchange for finance lease obligations\t0\nWeighted average remaining lease term -- real estate operating leases\t6.77 years\nWeighted average remaining lease term -- teleport co-location operating leases\t4.43 years\nWeighted average remaining lease term -- satellite capacity operating leases\t0.50 years\nWeighted average remaining lease term -- finance lease\t6.00 years\nWeighted average IBR -- real estate operating leases\t9.91%\nWeighted average IBR -- teleport co-location operating leases\t8.92%\nWeighted average IBR -- teleport satellite capacity operating leases\t7.24%\nWeighted average IBR -- finance lease\t8.30%\n", "q10k_tbl_18": "\tAs a Lessee\t\t\t\t\t\tAs a Lessor\n\tReal Estate\tSatellite Capacity\tSatellite Capacity\tTeleport Co-Location\tTotal\tEquipment Held by Customers\nLease Classification\tOperating\tFinance\tOperating\tOperating\t\tSales-Type\n2020 (remaining six months)\t2975\t1879\t689\t937\t6480\t472\n2021\t5270\t3758\t0\t1777\t10805\t940\n2022\t4574\t3758\t0\t1452\t9784\t585\n2023\t3620\t3758\t0\t561\t7939\t261\n2024\t3625\t3758\t0\t550\t7933\t180\nThereafter\t10896\t5638\t0\t1013\t17547\t43\nTotal Future Lease Payments\t30960\t22549\t689\t6290\t60488\t2481\nLess: Imputed interest\t(8699)\t(4712)\t(10)\t(1110)\t(14531)\t(298)\nPresent Value of Lease Liabilities\t22261\t17837\t679\t5180\t45957\t\nNet Investment in Sales-Type Leases\t\t\t\t\t\t2183\n", "q10k_tbl_19": "\tJune 30 2020\tDecember 31 2019\nEquipment\t\t\nGross balance\t53884\t57369\nAccumulated depreciation\t(33623)\t(30692)\nNet Book Value\t20261\t26677\n", "q10k_tbl_20": "\tJune 30 2020\tDecember 31 2019\nLeasehold improvements\t8767\t11319\nFurniture and fixtures\t2408\t2683\nEquipment\t156524\t157259\nComputer equipment\t15425\t16993\nComputer software\t53246\t51939\nAutomobiles\t298\t301\nBuildings\t7087\t7088\nAlbatross (Company-owned aircraft)\t456\t456\nSatellite transponders\t70100\t70100\nConstruction in-progress\t1194\t1499\nTotal property and equipment\t315505\t319637\nAccumulated depreciation\t(198509)\t(174342)\nProperty and equipment net\t116996\t145295\n", "q10k_tbl_21": "\tThree Months Ended June 30\t\t\tSix Months Ended June 30\n\t2020\t2019\t2020\t2019\nCost of sales\t8616\t8662\t18244\t17596\nSales and marketing\t419\t912\t941\t1914\nProduct development\t377\t772\t948\t1607\nGeneral and administrative\t2966\t3378\t5750\t6760\nTotal depreciation expense\t12378\t13724\t25883\t27877\n", "q10k_tbl_22": "\tAviation Connectivity\tMaritime & Land Connectivity\tMedia & Content\tTotal\nGross carrying amount\t98022\t209130\t83455\t390607\nAccumulated impairment loss\t(44000)\t(187000)\t0\t(231000)\nBalance as of December 31 2019\t54022\t22130\t83455\t159607\nImpairment loss\t0\t(22130)\t0\t(22130)\nForeign currency translation adjustments\t0\t0\t(77)\t(77)\nBalance June 30 2020\t54022\t0\t83378\t137400\n", "q10k_tbl_23": "\t\tJune 30 2020\t\t\n\tWeighted Average Useful Lives\tGross Carrying Amount\tAccumulated Amortization\tNet Carrying Amount\nIntangible assets:\t\t\t\t\nExisting technology - software\t5.2 years\t36799\t34010\t2789\nDeveloped Technology\t8.0 years\t7317\t6174\t1143\nCustomer relationships\t8.7 years\t138358\t99402\t38956\nBacklog\t3.0 years\t18300\t18300\t0\nOther\t5.1 years\t1249\t1040\t209\nTotal\t\t202023\t158926\t43097\n", "q10k_tbl_24": "\t\tDecember 31 2019\t\t\n\tWeighted Average Useful Lives\tGross Carrying Amount\tAccumulated Amortization\tNet Carrying Amount\nIntangible assets:\t\t\t\t\nExisting technology - software\t5.2 years\t36799\t30487\t6312\nDeveloped Technology\t8.0 years\t7317\t5716\t1601\nCustomer relationships\t8.7 years\t138358\t91124\t47234\nBacklog\t3.0 years\t18300\t18300\t0\nOther\t5.1 years\t1249\t913\t336\nTotal\t\t202023\t146540\t55483\n", "q10k_tbl_25": "Year ending December 31\tAmount\n2020 (remaining six months ended)\t9878\n2021\t13824\n2022\t7907\n2023\t6890\n2024\t4230\nThereafter\t368\nTotal\t43097\n", "q10k_tbl_26": "\tAccounts Receivable\tPrepaid and Other Current Assets\tOther Non-Current Assets\tTotal\nBalance at January 1 2020\t6776\t0\t0\t6776\nCumulative-effect adjustment of ASC 326 adoption\t503\t111\t672\t1286\nCurrent-period provision for expected credit losses (1)\t2410\t4\t33\t2447\nWrite-offs and dispositions\t(878)\t0\t0\t(878)\nForeign currency rate changes\t(1003)\t0\t0\t(1003)\nBalance at June 30 2020\t7808\t115\t705\t8628\n", "q10k_tbl_27": "\tJune 30 2020\tDecember 31 2019\nCurrent assets\t30676\t50588\nNon-current assets\t26131\t25370\nCurrent liabilities\t6779\t26593\nNon-current liabilities\t9670\t2207\n", "q10k_tbl_28": "\tThree Months Ended June 30\t\t\tSix Months Ended June 30\n\t2020\t2019\t2020\t2019\nRevenue\t4271\t37548\t35148\t69589\nNet income (loss)\t(1326)\t8077\t5762\t14842\n", "q10k_tbl_29": "\tJune 30 2020\tDecember 31 2019\nCarrying value in our equity method investments\t62284\t78886\n", "q10k_tbl_30": "\tJune 30 2020\tDecember 31 2019\nSenior secured term loan facility due January 2023(+)\t503323\t506037\nSenior secured revolving credit facility due January 2022(+)(1)\t80615\t43315\nConvertible senior notes due 2035(2)\t82500\t82500\nSecond Lien Notes due June 2023(3)\t188716\t178034\nOther debts(4)\t27345\t23685\nUnamortized bond discounts fair value adjustments and issue costs net\t(55474)\t(60509)\nTotal carrying value of debt\t827025\t773062\nLess: current portion net\t(810887)\t(15678)\nTotal non-current\t16138\t757384\n", "q10k_tbl_31": "Years Ending December 31\tAmount\n2020 (remaining nine months)\t11615\n2021\t34892\n2022\t110566\n2023\t633976\n2024\t3238\nThereafter\t88212\nTotal\t882499\n", "q10k_tbl_32": "Years Ending December 31\tAmount\n2020 (remaining six months)\t21396\n2021\t6941\n2022\t216\nTotal\t28553\n", "q10k_tbl_33": "Years Ending December 31\tAmount\n2020 (remaining six months)\t41665\n2021\t50249\n2022\t34527\n2023\t33033\n2024\t33032\nThereafter\t58353\nTotal\t250859\n", "q10k_tbl_34": "\tThree Months Ended June 30\t\t\tSix Months Ended June 30\n\t2020\t2019\t2020\t2019\nCost of services\t55\t89\t121\t116\nSales and marketing\t46\t34\t103\t87\nProduct development\t70\t112\t147\t180\nGeneral and administrative\t881\t2092\t1809\t3233\nTotal\t1052\t2327\t2180\t3616\n", "q10k_tbl_35": "\tThree Months Ended June 30\t\t\tSix Months Ended June 30\n\t2020\t2019\t2020\t2019\nRevenue:\t\t\t\t\nMedia & Content -- Licensing and Services\t20757\t74013\t89142\t154023\nConnectivity -- Services\t56700\t71116\t123960\t141584\nConnectivity -- Equipment\t5584\t12338\t14104\t28479\nTotal revenue\t83041\t157467\t227206\t324086\nCost of sales:\t\t\t\t\nMedia & Content -- Licensing and Services\t21929\t57604\t77485\t115273\nConnectivity -- Services\t45843\t58704\t103571\t124304\nConnectivity -- Equipment\t4107\t7909\t11630\t18834\nTotal cost of sales\t71879\t124217\t192686\t258411\nGross Margin:\t\t\t\t\nMedia & Content\t(1172)\t16409\t11657\t38750\nConnectivity\t12334\t16841\t22863\t26925\nTotal Gross Margin\t11162\t33250\t34520\t65675\nOther operating expenses\t42629\t48476\t112780\t99991\nLoss from operations\t(31467)\t(15226)\t(78260)\t(34316)\n", "q10k_tbl_36": "\tJune 30 2020\tDecember 31 2019\nMedia & Content\t259598\t316340\nConnectivity\t286844\t331368\nTotal segment assets\t546442\t647708\nCorporate assets\t21539\t20872\nTotal assets\t567981\t668580\n", "q10k_tbl_37": "\tBalance Sheet Location\tJune 30 2020\tQuotes Prices in Active Markets (Level 1)\tSignificant Other Observable Inputs (Level 2)\tSignificant Other Unobservable Inputs (Level 3)\nAssets:\t\t\t\t\t\nShares of common stock\tShort-term investment\t3315\t3315\t0\t0\n\t\t3315\t3315\t0\t0\nLiabilities:\t\t\t\t\t\nContingently issuable shares (1)\tAccounts payable and accrued liabilities\t116\t0\t0\t116\nPhantom stock options (2)\tOther non-current liabilities\t387\t0\t0\t387\nTotal\t\t503\t0\t0\t503\n", "q10k_tbl_38": "\tBalance Sheet Location\tDecember 31 2019\tQuotes Prices in Active Markets (Level 1)\tSignificant Other Observable Inputs (Level 2)\tSignificant Other Unobservable Inputs (Level 3)\nLiabilities:\t\t\t\t\t\nContingently issuable shares (1)\tAccounts payable and accrued liabilities\t305\t0\t0\t305\nPhantom stock options (2)\tOther non-current liabilities\t464\t0\t0\t464\nTotal\t\t769\t0\t0\t769\n", "q10k_tbl_39": "\tJune 30 2020\t\t\tDecember 31 2019\n\tCarrying Amount(7)\tFair Value\tCarrying Amount (7)\tFair Value\nSenior secured term loan facility due January 2023 (+)(1)\t485682\t337227\t485166\t454168\nSenior secured revolving credit facility due January 2022 (+)(2)\t80615\t80615\t43315\t43315\nConvertible senior notes due 2035 (1)(3)\t71479\t8250\t71126\t37125\nSecond Lien Notes due June 2023(4)(5)\t161905\t31177\t149772\t99922\nOther debt (6)\t27318\t22937\t23683\t23685\n\t826999\t480206\t773062\t658215\n", "q10k_tbl_40": "\tThree Months Ended June 30\t\t\tSix Months Ended June 30\n\t2020\t2019\t2020\t2019\nNet loss (numerator):\t\t\t\t\nNet loss - basic and diluted\t(58033)\t(38460)\t(138958)\t(76069)\nShares (denominator):\t\t\t\t\nWeighted-average shares - basic and diluted\t3751\t3690\t3731\t3682\nLoss per share - basic and diluted\t(15.47)\t(10.42)\t(37.24)\t(20.65)\n", "q10k_tbl_41": "\tThree Months Ended June 30\t\t\tSix Months Ended June 30\n\t2020\t2019\t2020\t2019\nEmployee stock options\t154\t181\t162\t192\nRestricted and performance stock units\t162\t240\t181\t179\n2.75% convertible senior notes due 2035\t178\t178\t178\t178\nContingently issuable shares (1)\t36\t36\t36\t36\nSearchlight Penny Warrants (2)\t723\t723\t723\t723\nSearchlight Market Warrants (2)\t520\t520\t520\t520\n", "q10k_tbl_42": "\tThree Months Ended June 30\t\t\tSix Months Ended June 30\n\t2020\t2019\t2020\t2019\nRevenue\t83041\t157467\t227206\t324086\nOperating expenses:\t\t\t\t\nCost of sales\t71879\t124217\t192686\t258411\nSales and marketing\t4303\t7365\t9643\t15614\nProduct development\t3749\t6125\t9712\t13104\nGeneral and administrative\t24962\t27161\t55538\t55141\nProvision for legal settlements\t0\t25\t0\t533\nAmortization of intangible assets\t6241\t7800\t12383\t15599\nGoodwill and long-lived asset impairment\t3374\t0\t25504\t0\nTotal operating expenses (including cost of sales)\t42629\t48476\t112780\t99991\nLoss from operations\t(31467)\t(15226)\t(78260)\t(34316)\nOther expense net\t(26412)\t(19917)\t(59418)\t(38306)\nLoss before income taxes\t(57879)\t(35143)\t(137678)\t(72622)\nIncome tax expense\t154\t3317\t1280\t3447\nNet loss\t(58033)\t(38460)\t(138958)\t(76069)\n", "q10k_tbl_43": "\tThree Months Ended June 30\t\t\tSix Months Ended June 30\n\t2020\t2019\t2020\t2019\nCost of sales\t8616\t8662\t18244\t17596\nSales and marketing\t419\t912\t941\t1914\nProduct development\t377\t772\t948\t1607\nGeneral and administrative\t2966\t3378\t5750\t6760\nTotal\t12378\t13724\t25883\t27877\n", "q10k_tbl_44": "\tThree Months Ended June 30\t\t\tSix Months Ended June 30\n\t2020\t2019\t2020\t2019\nCost of sales\t55\t89\t121\t116\nSales and marketing\t46\t34\t103\t87\nProduct development\t70\t112\t147\t180\nGeneral and administrative\t881\t2092\t1809\t3233\nTotal\t1052\t2327\t2180\t3616\n", "q10k_tbl_45": "\tThree Months Ended June 30\t\t\tSix Months Ended June 30\n\t2020\t2019\t2020\t2019\nRevenue\t100%\t100%\t100%\t100%\nOperating expenses:\t\t\t\t\nCost of sales\t87%\t79%\t85%\t80%\nSales and marketing\t5%\t5%\t4%\t5%\nProduct development\t5%\t4%\t4%\t4%\nGeneral and administrative\t30%\t17%\t24%\t17%\nAmortization of intangible assets\t8%\t5%\t5%\t5%\nGoodwill and long-lived asset impairment\t4%\t-%\t11%\t-%\nTotal operating expenses\t51%\t31%\t50%\t31%\nLoss from operations\t(38)%\t(10)%\t(34)%\t(11)%\nOther expense net\t(32)%\t(13)%\t(26)%\t(12)%\nLoss before income taxes\t(70)%\t(22)%\t(61)%\t(22)%\nIncome tax expense\t-%\t2%\t1%\t1%\nNet loss\t(70)%\t(24)%\t(61)%\t(23)%\n", "q10k_tbl_46": "\tThree Months Ended June 30\t\n\t2020\t2019\nRevenue:\t\t\nMedia & Content\t\t\nLicensing and services\t20757\t74013\nConnectivity\t\t\nServices\t56700\t71116\nEquipment\t5584\t12338\nTotal\t62284\t83454\nTotal revenue\t83041\t157467\nCost of Sales:\t\t\nMedia & Content\t\t\nLicensing and services\t21929\t57604\nConnectivity\t\t\nServices\t45843\t58704\nEquipment\t4107\t7909\nTotal\t49950\t66613\nTotal cost of sales\t71879\t124217\nGross margin:\t\t\nMedia & Content\t(1172)\t16409\nConnectivity\t12334\t16841\nTotal gross margin\t11162\t33250\nOther operating expenses\t42629\t48476\nLoss from operations\t(31467)\t(15226)\n", "q10k_tbl_47": "\tThree Months Ended June 30\t\t\n\t2020\t2019\tChange\nLicensing and Services\t20757\t74013\t(72)%\n", "q10k_tbl_48": "\tThree Months Ended June 30\t\t\n\t2020\t2019\tChange\nServices\t56700\t71116\t(20)%\nEquipment\t5584\t12338\t(55)%\nTotal\t62284\t83454\t(25)%\n", "q10k_tbl_49": "\tThree Months Ended June 30\t\t\n\t2020\t2019\tChange\nLicensing and services\t21929\t57604\t(62)%\n", "q10k_tbl_50": "\tThree Months Ended June 30\t\t\n\t2020\t2019\tChange\nServices\t45843\t58704\t(22)%\nEquipment\t4107\t7909\t(48)%\nTotal\t49950\t66613\t(25)%\n", "q10k_tbl_51": "\tThree Months Ended June 30\t\t\n\t2020\t2019\tChange\nSales and marketing\t4303\t7365\t(42)%\nProduct development\t3749\t6125\t(39)%\nGeneral and administrative\t24962\t27161\t(8)%\nProvision for legal settlements\t0\t25\t(100)%\nAmortization of intangible assets\t6241\t7800\t(20)%\nGoodwill and long-lived asset impairment\t3374\t0\t100%\nTotal\t42629\t48476\t(12)%\n", "q10k_tbl_52": "\tThree Months Ended June 30\t\t\n\t2020\t2019\tChange\nInterest expense net\t(22884)\t(22329)\t2%\nIncome (loss) from equity method investments including impairment losses\t(2015)\t2517\t(180)%\nChange in fair value of derivatives\t(18)\t0\t100%\nOther income (expense) net\t(1495)\t(105)\t1324%\nTotal\t(26412)\t(19917)\t33%\n", "q10k_tbl_53": "\tSix Months Ended June 30\t\n\t2020\t2019\nRevenue:\t\t\nMedia & Content\t\t\nLicensing and services\t89142\t154023\nConnectivity\t\t\nServices\t123960\t141584\nEquipment\t14104\t28479\nTotal\t138064\t170063\nTotal revenue\t227206\t324086\nCost of Sales:\t\t\nMedia & Content\t\t\nLicensing and services\t77485\t115273\nConnectivity\t\t\nServices\t103571\t124304\nEquipment\t11630\t18834\nTotal\t115201\t143138\nTotal cost of sales\t192686\t258411\nGross margin:\t\t\nMedia & Content\t11657\t38750\nConnectivity\t22863\t26925\nTotal gross margin\t34520\t65675\nOther operating expenses\t112780\t99991\nLoss from operations\t(78260)\t(34316)\n", "q10k_tbl_54": "\tSix Months Ended June 30\t\t\n\t2020\t2019\tChange\nLicensing and Services\t89142\t154023\t(42)%\n", "q10k_tbl_55": "\tSix Months Ended June 30\t\t\n\t2020\t2019\tChange\nServices\t123960\t141584\t(12)%\nEquipment\t14104\t28479\t(50)%\nTotal\t138064\t170063\t(19)%\n", "q10k_tbl_56": "\tSix Months Ended June 30\t\t\n\t2020\t2019\tChange\nLicensing and services\t77485\t115273\t(33)%\n", "q10k_tbl_57": "\tSix Months Ended June 30\t\t\n\t2020\t2019\tChange\nServices\t103571\t124304\t(17)%\nEquipment\t11630\t18834\t(38)%\nTotal\t115201\t143138\t(20)%\n", "q10k_tbl_58": "\tSix Months Ended June 30\t\t\n\t2020\t2019\tChange\nSales and marketing\t9643\t15614\t(38)%\nProduct development\t9712\t13104\t(26)%\nGeneral and administrative\t55538\t55141\t1%\nProvision for legal settlements\t0\t533\t(100)%\nAmortization of intangible assets\t12383\t15599\t(21)%\nGoodwill and long-lived asset impairment\t25504\t0\t100%\nTotal\t112780\t99991\t13%\n", "q10k_tbl_59": "\tSix Months Ended June 30\t\t\n\t2020\t2019\tChange\nInterest expense net\t(45471)\t(43606)\t4%\n(Loss) income from equity method investments including impairment losses\t(12873)\t4646\t(377)%\nChange in fair value of derivatives\t189\t938\t(80)%\nOther income (expense) net\t(1263)\t(284)\t345%\nTotal\t(59418)\t(38306)\t55%\n", "q10k_tbl_60": "\tThree Months Ended June 30\t\t\tSix Months Ended June 30\n\t2020\t2019\t2020\t2019\nNet loss\t(58033)\t(38460)\t(138958)\t(76069)\nInterest expense net\t22884\t22329\t45471\t43606\nIncome tax expense\t154\t3317\t1280\t3447\nDepreciation and amortization\t18619\t21524\t38266\t43476\nEBITDA\t(16376)\t8710\t(53941)\t14460\nDepreciation and amortization from equity method investments\t2149\t2161\t4289\t4294\nChange in fair value of financial instruments\t18\t0\t(189)\t(938)\nOther expense net\t1495\t105\t2142\t284\nStock-based compensation expense\t1052\t2327\t2180\t3616\nGoodwill impairment\t0\t0\t22130\t0\nEquity method investment impairments\t0\t0\t13131\t0\nStrategic-transaction integration and realignment expenses\t7666\t5202\t12630\t9902\nInternal-control and delayed audit expenses\t168\t2355\t3492\t5808\nImpairment and loss on disposal of fixed assets\t3915\t193\t4368\t357\nNon-ordinary-course legal expenses\t187\t586\t493\t1182\nLosses on significant customer bankruptcies\t64\t775\t2684\t1939\nExpenses incurred in connection with grounded aircraft\t606\t332\t1537\t332\nAdjusted EBITDA\t944\t22746\t14946\t41236\n", "q10k_tbl_61": "\tSix Months Ended June 30\t\n\t2020\t2019\nCash (used in) provided by operations\t(24704)\t1972\nPurchases of property and equipment\t2142\t13442\nFree Cash Flow\t(22562)\t15414\n", "q10k_tbl_62": "\tJune 30 2020\tDecember 31 2019\nCash and cash equivalents\t31255\t23964\nTotal assets\t567981\t668580\nCurrent portion of long-term debt\t810887\t15678\nLong-term debt\t16138\t757384\nTotal stockholders' deficit\t(512858)\t(375154)\n", "q10k_tbl_63": "\tSix Months Ended June 30\t\n\t2020\t2019\nNet cash used in operating activities\t(24704)\t1972\nNet cash used in investing activities\t(2142)\t(13442)\nNet cash provided by financing activities\t38206\t(16659)\nEffects of exchange rate changes on cash cash equivalents and restricted cash\t296\t199\nNet increase (decrease) in cash cash equivalents and restricted cash\t11656\t(27930)\nCash Cash Equivalents and Restricted Cash at beginning of period\t24462\t39955\nCash Cash Equivalents and Restricted Cash at end of period\t36118\t12025\n", "q10k_tbl_64": "\tJune 30 2020\tDecember 31 2019\nSenior secured term loan facility due January 2023\t503323\t506037\nSenior secured revolving credit facility due January 2022\t80615\t43315\nSecond lien notes due June 2023\t188716\t178034\nConvertible senior notes due 2035\t82500\t82500\nOther debt\t27345\t23685\nUnamortized bond discounts fair value adjustments and issue costs net\t(55474)\t(60509)\nTotal carrying value of debt\t827025\t773062\nLess: current portion net\t(810887)\t(15678)\nTotal non-current\t16138\t757384\n", "q10k_tbl_65": "Years Ending December 31\tAmount\n2020 (remaining nine months)\t11615\n2021\t34892\n2022\t110566\n2023\t633976\n2024\t3238\nThereafter\t88212\nTotal\t882499\n", "q10k_tbl_66": "\t\tIncorporated by Reference\t\t\t\t\nExhibit No.\tExhibit Index\tForm\tSEC File No.\tExhibit\tFiling Date\tFiled Herewith\n3.1\tSecond Amended and Restated Certificate of Incorporation.\t8-K\t001-35176\t3.1\t2/6/2013\t\n3.2\tCertificate of Amendment to Second Amended and Restated Certificate of Incorporation\t8-K\t001-35176\t3.2\t4/16/2020\t\n10.1\tEighth Amendment to Credit Agreement dated as of April 7 2020 by and among Global Eagle Entertainment Inc. the guarantors party thereto the lenders party thereto and Citibank N.A. as administrative agent.\t8-K\t001-35176\t10.2\t4/13/2020\t\n10.2\tNinth Amendment to Credit Agreement dated as of April 9 2020 by and among Global Eagle Entertainment Inc. the guarantors party thereto the lenders party thereto and Citibank N.A. as administrative agent.\t8-K\t001-35176\t10.3\t4/13/2020\t\n10.3\tTenth Amendment to Credit Agreement dated as of April 15 2020 by and among Global Eagle Entertainment Inc. the guarantors party thereto the lenders party thereto and Citibank N.A. as administrative agent.\t8-K\t001-35176\t10.4\t4/16/2020\t\n10.4\tThird Amendment to Securities Purchase Agreement dated as of April 15 2020 by and among Global Eagle Entertainment Inc. the guarantors party thereto and each purchaser party thereto.\t8-K\t001-35176\t10.5\t4/16/2020\t\n10.5\tEleventh Amendment to Credit Agreement dated as of July 9 2020 by and among Global Eagle Entertainment Inc. the guarantors party thereto the lenders party thereto and Citibank N.A. as administrative agent\t8-K\t001-35176\t10.5\t7/10/2020\t\n10.6\tTwelfth Amendment to Credit Agreement dated as of July 20 2020 by and among Global Eagle Entertainment Inc. the guarantors party thereto the lenders party thereto and Citibank N.A. as administrative agent\t8-K\t001-35176\t10.6\t7/22/2020\t\n10.7\tRestructuring Supporting Agreement\t8-K\t001-35176\t10.7\t7/24/2020\t\n10.8\tSenior Secured Super-Priority Term Loan Debtor-In-Possession Credit Agreement dated July 24 2020\t8-K\t001-35176\t10.8\t7/24/2020\t\n10.9\tForm of Asset Purchase Agreement\t8-K\t001-35176\t10.9\t7/22/2020\t\n10.10\tForm of Letter Agreement\t8-K\t001-35176\t10.10\t7/16/2020\t\n31.1\tCertification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a).\t\t\t\t\tX\n", "q10k_tbl_67": "31.2\tCertification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a).\tX\n32.1\tCertification of the Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350.\tX\n32.2\tCertification of the Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350.\tX\n101.INS\tXBRL Instance Document\tX\n101.PRE\tXBRL Taxonomy Extension Presentation Linkbase Document\tX\n101.SCH\tXBRL Taxonomy Extension Schema Document\tX\n101.CAL\tXBRL Taxonomy Extension Calculation Linkbase Document\tX\n101.DEF\tXBRL Taxonomy Extension Definition Linkbase Document\tX\n101.LAB\tXBRL Taxonomy Extension Label Linkbase Document\tX\n"}{"bs": "q10k_tbl_2", "is": "q10k_tbl_3", "cf": "q10k_tbl_7"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
☐
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 001-35176
GLOBAL EAGLE ENTERTAINMENT INC.
(Exact name of registrant as specified in its charter)
Delaware
27-4757800
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)
6080 Center Drive,
Suite 1200
Los Angeles,
California
90045
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (310) 437-6000
Securities Registered pursuant to Section 12(b) of the Act:
Title of each class
Ticker
Name of exchange on which registered
Common Stock, $0.0001 par value
ENT
*
*On August 4, 2020, the Company’s common stock was suspended from trading on The Nasdaq Stock Market (the “Nasdaq”) because of the Debtors’ (defined below) filing of the Chapter 11 Cases (defined below). Effective August 4, 2020, trades in the Company’s common stock began being quoted on the OTC Pink Marketplace under the symbol “GEENQ.” On August 11, 2020, the Nasdaq filed a Form 25-NSE to delist the Company’s common stock and to remove it from registration under Section 12(b) of the Exchange Act.
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 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 Act). Yes ☐ No ☑
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
On July 22, 2020, the Company and 16 of its wholly owned U.S. subsidiaries (together with the Company, the “Debtors”) commenced voluntary Chapter 11 proceedings under Chapter 11 of the United States, (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The Chapter 11 proceedings are jointly administered under the caption In re Global Eagle Entertainment Inc., et al. (the “Chapter 11 Cases”), Case No. 20-11835. The Debtors continue to operate their business as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. On July 23, 2020, the Debtors sought and the Bankruptcy Court granted on an interim basis, approval of various “first day” motions containing customary relief intended to assure the Debtors’ ability to continue their ordinary course operations.
On August 10, 2020, Nasdaq announced that it will delist the common stock of the Company and that the Company’s common stock was suspended on August 4, 2020 and has not traded on Nasdaq since that time. The trading of the Company’s common stock has transitioned to the OTC Bulletin Board or “pink sheets” market. The transition to over-the-counter markets is not expected to affect the Company’s operations or business. On August 11, 2020, Nasdaq filed a Form 25-NSE with the Securities and Exchange Commission (the “SEC”) to complete the delisting of the Company’s common stock from Nasdaq, which delisting will be effective ten calendar days later, at which time the Company will cease to file current and periodic reports with the SEC.
(in thousands, except share and per share amounts)
June 30, 2020
December 31, 2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
31,255
$
23,964
Restricted cash
4,863
498
Short-term investment
3,315
—
Accounts receivable, net
66,385
88,219
Inventories, net
24,972
26,695
Prepaid expenses
5,574
6,753
Other current assets
10,513
12,839
TOTAL CURRENT ASSETS
146,877
158,968
Content library
2,825
3,645
Property and equipment, net
116,996
145,295
Right-of-use assets, net
32,797
39,187
Goodwill
137,400
159,607
Intangible assets, net
43,097
55,483
Equity method investments
62,284
78,886
Other non-current assets
25,705
27,509
TOTAL ASSETS
$
567,981
$
668,580
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued liabilities
$
181,679
$
178,930
Deferred revenue
8,359
12,317
Current portion of long-term debt and finance leases
810,887
15,678
Current portion of operating lease liabilities
7,265
8,319
Other current liabilities
9,927
7,081
TOTAL CURRENT LIABILITIES
1,018,117
222,325
Deferred revenue, non-current
86
86
Long-term debt and finance leases
16,138
757,384
Long-term operating lease liabilities
20,856
23,636
Deferred tax liabilities
2,496
5,894
Other non-current liabilities
23,146
34,409
TOTAL LIABILITIES
1,080,839
1,043,734
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ DEFICIT:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized, no shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
—
—
Common stock, $0.0001 par value; 375,000,000 shares authorized, 3,876,801 and 3,837,920 shares issued, 3,754,656 and 3,715,775 shares outstanding, at June 30, 2020 and December 31, 2019, respectively
10
10
Treasury stock, 122,145 shares at June 30, 2020 and December 31, 2019
(30,659)
(30,659)
Additional paid-in capital
821,224
818,961
Subscriptions receivable
(597)
(597)
Accumulated deficit
(1,303,146)
(1,162,901)
Accumulated other comprehensive income
310
32
TOTAL STOCKHOLDERS’ DEFICIT
(512,858)
(375,154)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT
$
567,981
$
668,580
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.