Company Quick10K Filing
Quick10K
Talos Energy
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$28.51 54 $1,540
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-07-03 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-06-16 Regulation FD
8-K 2019-06-14 Officers, Exhibits
8-K 2019-06-03 Other Events, Exhibits
8-K 2019-05-22 M&A, Regulation FD
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-05-06 Shareholder Vote
8-K 2019-04-24 Officers, Regulation FD, Exhibits
8-K 2019-04-15 Regulation FD, Exhibits
8-K 2019-03-13 Earnings, Exhibits
8-K 2019-02-15 Other Events
8-K 2019-01-23 Regulation FD, Exhibits
8-K 2019-01-23 Regulation FD, Exhibits
8-K 2019-01-16 Regulation FD, Exhibits
8-K 2018-12-03 Regulation FD, Exhibits
8-K 2018-11-21 Officers, Exhibits
8-K 2018-11-20 Other Events, Exhibits
8-K 2018-11-05 Earnings, Exhibits
8-K 2018-10-17 Regulation FD, Exhibits
8-K 2018-09-27 Regulation FD, Exhibits
8-K 2018-09-20 Regulation FD, Exhibits
8-K 2018-09-14 Earnings, Other Events, Exhibits
8-K 2018-09-10 Officers, Exhibits
8-K 2018-08-29 Officers, Exhibits
8-K 2018-08-06 Earnings, Exhibits
8-K 2018-06-01 Regulation FD
8-K 2018-05-18 Earnings, Other Events, Exhibits
8-K 2018-05-10 Earnings, Accountant, Amend Bylaw, Regulation FD, Other Events, Exhibits
FIS Fidelity National Information Services 37,500
EEFT Euronet Worldwide 7,830
RPM RPM International 7,760
JCOM J2 Global 4,420
SMP Standard Motor Products 1,070
HT Hersha Hospitality Trust 732
CLAR Clarus 412
CPRX Catalyst Pharmaceuticals 278
MDIT Medite Cancer Diagnostics 0
CNAB United Cannabis 0
TALO 2019-06-30
Note 1 - Formation and Basis of Presentation
Note 2 - Acquisitions
Note 3 - Property, Plant and Equipment
Note 4 - Leases
Note 5 - Financial Instruments
Note 6 - Debt
Note 7 - Employee Benefits Plans and Share-Based Compensation
Note 8 - Income Taxes
Note 9 - Income (Loss) per Share
Note 10 - Related Party Transactions
Note 11 - Commitments and Contingencies
Note 12 - Condensed Consolidating Financial Information
Note 13 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 talo-ex311_8.htm
EX-31.2 talo-ex312_7.htm
EX-32.1 talo-ex321_6.htm

Talos Energy Earnings 2019-06-30

TALO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

talo-10q_20190630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

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: 001-38497

 

Talos Energy Inc.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

82-3532642

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

333 Clay Street, Suite 3300

Houston, TX

77002

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (713) 328-3000

 

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

 

TALO

 

NYSE

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, 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

 

 

Small 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 August 2, 2019, the registrant had 54,191,931 shares of common stock, $0.01 par value per share, outstanding.

 

 


TABLE OF CONTENTS

 

 

 

Page

 

 

 

GLOSSARY

 

1

 

 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

2

 

 

 

PART I – FINANCIAL INFORMATION

 

 

 

Item 1.

Condensed Consolidated Financial Statements

 

4

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

31

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

42

 

 

 

 

Item 4.

Controls and Procedures

 

42

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

 

43

 

 

 

 

Item 1A.

Risk Factors

 

43

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

43

 

 

 

 

Item 3.

Defaults upon Senior Securities

 

43

 

 

 

 

Item 4.

Mine Safety Disclosures

 

43

 

 

 

 

Item 5.

Other Information

 

43

 

 

 

 

Item 6.

Exhibits

 

44

 

 

 

 

 

Signatures

 

45

 

 

 

 


GLOSSARY

Barrel or Bbl. One stock tank barrel, or 42 United States gallons liquid volume.

Boe. One barrel of oil equivalent determined using the ratio of six Mcf of natural gas to one barrel of crude oil or condensate.

Btu. British thermal unit, which is the heat required to raise the temperature of a one-pound mass of water one degree Fahrenheit.

Completion. The installation of permanent equipment for the production of oil or natural gas.

Deepwater. Water depths of more than 600 feet.

Field. An area consisting of a single reservoir or multiple reservoirs all grouped on or related to the same individual geological structural feature or stratigraphic condition.

MBbls. One thousand barrels of crude oil or other liquid hydrocarbons.

MBblpd. One thousand barrels of crude oil or other liquid hydrocarbons per day.

MBoe. One thousand barrels of oil equivalent.

MBoepd. One thousand barrels of oil equivalent per day.

Mcf. One thousand cubic feet of natural gas.

Mcfpd. One thousand cubic feet of natural gas per day.

MMBtu. One million Btus.

MMcf. One million cubic feet of natural gas.

MMcfpd. One million cubic feet of natural gas per day.

NGL. Natural gas liquid. Hydrocarbons which can be extracted from wet natural gas and become liquid under various combinations of increasing pressure and lower temperature. NGLs consist primarily of ethane, propane, butane and natural gasoline.

NYMEX. The New York Mercantile Exchange.

Proved reserves. Proved reserves are those quantities of oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions, operating methods and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.

Proved undeveloped reserves. In general, proved reserves that are expected to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for recompletion. The Securities and Exchange Commission provides a complete definition of undeveloped oil and gas reserves in Rule 4-10(a)(31) of Regulation S-X.

SEC. The Securities and Exchange Commission.

SEC pricing. The unweighted average first-day-of-the-month commodity price for crude oil or natural gas for the prior twelve months, adjusted by lease for market differentials (quality, transportation, fees, energy content, and regional price differentials). The Securities and Exchange Commission provides a complete definition of prices in “Modernization of Oil and Gas Reporting” (Final Rule, Release Nos. 33-8995; 34-59192).

Working interest. The operating interest that gives the owner the right to drill, produce and conduct operating activities on the property and a share of production.

1


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The information in this report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact included in this report, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “forecast,” “may,” “objective,” “plan” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. Forward-looking statements may include statements about:

 

business strategy;

 

reserves;

 

exploration and development drilling prospects, inventories, projects and programs;

 

our ability to replace the reserves that we produce through drilling and property acquisitions;

 

financial strategy, liquidity and capital required for our development program and other capital expenditures;

 

realized oil and natural gas prices;

 

timing and amount of future production of oil, natural gas and NGLs;

 

our hedging strategy and results;

 

future drilling plans;

 

availability of pipeline connections on economic terms;

 

competition, government regulations and political developments;

 

our ability to obtain permits and governmental approvals;

 

pending legal, governmental or environmental matters;

 

our marketing of oil, natural gas and NGLs;

 

leasehold or business acquisitions on desired terms;

 

costs of developing properties;

 

general economic conditions;

 

credit markets;

 

impact of new accounting pronouncements on earnings in future periods;

 

estimates of future income taxes;

 

our estimates and forecasts of the timing, number, profitability and other results of wells we expect to drill and other exploration activities;

 

uncertainty regarding our future operating results and our future revenues and expenses; and

 

plans, objectives, expectations and intentions contained in this report that are not historical.

2


We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, failure to find, acquire or gain access to other discoveries and prospects or to successfully develop and produce from our current discoveries and prospects, geologic risk, drilling and other operating risks, well control risk, regulatory changes, the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures and the other risks discussed in “Part I, Item 1A. Risk Factors” of Talos Energy Inc.’s Annual Report for the year ended December 31, 2018.

Reserve engineering is a process of estimating underground accumulations of oil, natural gas and NGLs that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify upward or downward revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil, natural gas and NGLs that are ultimately recovered.

Should one or more of the risks or uncertainties described herein occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included in this report are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. All forward-looking statements speak only as of the date of this report. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this report.

 

3


TALOS ENERGY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

 

 

 

June 30, 2019

 

 

December 31, 2018

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

89,105

 

 

$

139,914

 

Restricted cash

 

 

 

 

 

1,248

 

Accounts receivable

 

 

 

 

 

 

 

 

Trade, net

 

 

110,504

 

 

 

103,025

 

Joint interest, net

 

 

35,741

 

 

 

20,244

 

Other

 

 

28,828

 

 

 

19,686

 

Assets from price risk management activities

 

 

23,633

 

 

 

75,473

 

Prepaid assets

 

 

38,370

 

 

 

38,911

 

Income tax receivable

 

 

 

 

 

10,701

 

Other current assets

 

 

2,085

 

 

 

7,644

 

Total current assets

 

 

328,266

 

 

 

416,846

 

Property and equipment:

 

 

 

 

 

 

 

 

Proved properties

 

 

3,925,116

 

 

 

3,629,430

 

Unproved properties, not subject to amortization

 

 

165,041

 

 

 

108,209

 

Other property and equipment

 

 

28,244

 

 

 

33,191

 

Total property and equipment

 

 

4,118,401

 

 

 

3,770,830

 

Accumulated depreciation, depletion and amortization

 

 

(1,879,486

)

 

 

(1,719,609

)

Total property and equipment, net

 

 

2,238,915

 

 

 

2,051,221

 

Other long-term assets:

 

 

 

 

 

 

 

 

Assets from price risk management activities

 

 

5,508

 

 

 

 

Other well equipment inventory

 

 

9,914

 

 

 

9,224

 

Operating lease assets

 

 

6,732

 

 

 

 

Other assets

 

 

2,700

 

 

 

2,695

 

Total assets

 

$

2,592,035

 

 

$

2,479,986

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

115,086

 

 

$

51,019

 

Accrued liabilities

 

 

186,354

 

 

 

188,650

 

Accrued royalties

 

 

42,651

 

 

 

38,520

 

Current portion of long-term debt

 

 

 

 

 

443

 

Current portion of asset retirement obligations

 

 

65,757

 

 

 

68,965

 

Liabilities from price risk management activities

 

 

18,781

 

 

 

550

 

Accrued interest payable

 

 

10,068

 

 

 

10,200

 

Current portion of operating lease liabilities

 

 

1,315

 

 

 

 

Other current liabilities

 

 

18,140

 

 

 

22,071

 

Total current liabilities

 

 

458,152

 

 

 

380,418

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Long-term debt, net of discount and deferred financing costs

 

 

697,130

 

 

 

654,861

 

Asset retirement obligations

 

 

327,583

 

 

 

313,852

 

Liabilities from price risk management activities

 

 

2,464

 

 

 

 

Operating lease liabilities

 

 

15,637

 

 

 

 

Other long-term liabilities

 

 

93,028

 

 

 

123,359

 

Total liabilities

 

 

1,593,994

 

 

 

1,472,490

 

Commitments and contingencies (Note 11)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value; 30,000,000 shares authorized; no shares issued or

     outstanding as of June 30, 2019 and December 31, 2018

 

 

 

 

 

 

Common stock $0.01 par value; 270,000,000 shares authorized; 54,191,693 and 54,155,768 shares

     issued and outstanding as of June 30, 2019 and December 31, 2018, respectively

 

 

542

 

 

 

542

 

Additional paid-in capital

 

 

1,339,507

 

 

 

1,334,090

 

Accumulated deficit

 

 

(342,008

)

 

 

(327,136

)

Total stockholders' equity

 

 

998,041

 

 

 

1,007,496

 

Total liabilities and stockholders' equity

 

$

2,592,035

 

 

$

2,479,986

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


TALOS ENERGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per common share amounts)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues and other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil revenue

 

$

256,908

 

 

$

180,161

 

 

$

412,587

 

 

$

307,854

 

Natural gas revenue

 

 

14,746

 

 

 

16,448

 

 

 

29,193

 

 

 

29,171

 

NGL revenue

 

 

6,645

 

 

 

7,297

 

 

 

11,711

 

 

 

12,731

 

Other

 

 

8,511

 

 

 

 

 

 

12,032

 

 

 

 

Total revenue

 

 

286,810

 

 

 

203,906

 

 

 

465,523

 

 

 

349,756

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct lease operating expense

 

 

37,975

 

 

 

34,060

 

 

 

78,804

 

 

 

58,975

 

Insurance

 

 

4,184

 

 

 

4,259

 

 

 

8,295

 

 

 

6,934

 

Production taxes

 

 

506

 

 

 

564

 

 

 

1,088

 

 

 

955

 

Total lease operating expense

 

 

42,665

 

 

 

38,883

 

 

 

88,187

 

 

 

66,864

 

Workover and maintenance expense

 

 

12,296

 

 

 

17,714

 

 

 

35,315

 

 

 

24,619

 

Depreciation, depletion and amortization

 

 

95,806

 

 

 

67,726

 

 

 

160,393

 

 

 

116,766

 

Write-down of oil and natural gas properties

 

 

12,361

 

 

 

 

 

 

12,361

 

 

 

 

Accretion expense

 

 

9,945

 

 

 

9,492

 

 

 

19,552

 

 

 

14,252

 

General and administrative expense

 

 

18,865

 

 

 

30,880

 

 

 

36,474

 

 

 

39,460

 

Total operating expenses

 

 

191,938

 

 

 

164,695

 

 

 

352,282

 

 

 

261,961

 

Operating income

 

 

94,872

 

 

 

39,211

 

 

 

113,241

 

 

 

87,795

 

Interest expense

 

 

(24,932

)

 

 

(21,678

)

 

 

(50,150

)

 

 

(41,420

)

Price risk management activities income (expense)

 

 

29,990

 

 

 

(91,176

)

 

 

(79,589

)

 

 

(143,152

)

Other income (expense)

 

 

831

 

 

 

(1,269

)

 

 

1,264

 

 

 

(1,078

)

Income (loss) before income taxes

 

 

100,761

 

 

 

(74,912

)

 

 

(15,234

)

 

 

(97,855

)

Income tax (expense) benefit

 

 

(5,997

)

 

 

 

 

 

362

 

 

 

 

Net income (loss)

 

$

94,764

 

 

$

(74,912

)

 

$

(14,872

)

 

$

(97,855

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.75

 

 

$

(1.69

)

 

$

(0.27

)

 

$

(2.59

)

Diluted

 

$

1.74

 

 

$

(1.69

)

 

$

(0.27

)

 

$

(2.59

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

54,178

 

 

 

44,336

 

 

 

54,167

 

 

 

37,826

 

Diluted

 

 

54,451

 

 

 

44,336

 

 

 

54,167

 

 

 

37,826

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


TALOS ENERGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN

STOCKHOLDERS’ EQUITY (DEFICIT)

(In thousands, except share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Total Stockholders'

 

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Equity

 

 

 

Shares

 

 

Amounts

 

 

Capital

 

 

Deficit

 

 

(Deficit)

 

Balance at March 31, 2018

 

 

31,244,085

 

 

$

312

 

 

$

494,180

 

 

$

(571,619

)

 

$

(77,127

)

Cumulative effect adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sponsor Debt Exchange

 

 

2,874,049

 

 

 

29

 

 

 

101,971

 

 

 

 

 

 

102,000

 

Stone Combination

 

 

20,037,634

 

 

 

201

 

 

 

731,763

 

 

 

 

 

 

731,964

 

Equity based compensation

 

 

 

 

 

 

 

3,920

 

 

 

 

 

 

3,920

 

Net loss

 

 

 

 

 

 

 

 

 

 

(74,912

)

 

 

(74,912

)

Balance at June 30, 2018

 

 

54,155,768

 

 

$

542

 

 

$

1,331,834

 

 

$

(646,531

)

 

$

685,845

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2019

 

 

54,155,805

 

 

$

542

 

 

$

1,336,216

 

 

$

(436,772

)

 

$

899,986

 

Equity based compensation

 

 

45,994

 

 

 

 

 

 

3,574

 

 

 

 

 

 

3,574

 

Shares withheld for taxes on equity transactions

 

 

(10,106

)

 

 

 

 

 

(283

)

 

 

 

 

 

(283

)

Net income

 

 

 

 

 

 

 

 

 

 

94,764

 

 

 

94,764

 

Balance at June 30, 2019

 

 

54,191,693

 

 

$

542

 

 

$

1,339,507

 

 

$

(342,008

)

 

$

998,041

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Total Stockholders'

 

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Equity

 

 

 

Shares

 

 

Amounts

 

 

Capital

 

 

Deficit

 

 

(Deficit)

 

Balance at December 31, 2017

 

 

31,244,085

 

 

$

312

 

 

$

493,952

 

 

$

(548,351

)

 

$

(54,087

)

Cumulative effect adjustment

 

 

 

 

 

 

 

 

 

 

(325

)

 

 

(325

)

Sponsor Debt Exchange

 

 

2,874,049

 

 

 

29

 

 

 

101,971

 

 

 

 

 

 

102,000

 

Stone Combination

 

 

20,037,634

 

 

 

201

 

 

 

731,763

 

 

 

 

 

 

731,964

 

Equity based compensation

 

 

 

 

 

 

 

 

4,148

 

 

 

 

 

 

4,148

 

Net loss

 

 

 

 

 

 

 

 

 

 

(97,855

)

 

 

(97,855

)

Balance at June 30, 2018

 

 

54,155,768

 

 

$

542

 

 

$

1,331,834

 

 

$

(646,531

)

 

$

685,845

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

 

54,155,768

 

 

$

542

 

 

$

1,334,090

 

 

$

(327,136

)

 

$

1,007,496

 

Equity based compensation

 

 

46,047

 

 

 

 

 

 

5,700

 

 

 

 

 

 

5,700

 

Shares withheld for taxes on equity transactions

 

 

(10,122

)

 

 

 

 

 

(283

)

 

 

 

 

 

(283

)

Net loss

 

 

 

 

 

 

 

 

 

 

(14,872

)

 

 

(14,872

)

Balance at June 30, 2019

 

 

54,191,693

 

 

$