Tetra Technologies Earnings 2019-09-30

TTI 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

Comparables ($MM TTM)
Ticker	M Cap	Assets	Liab	Rev	G Profit	Net Inc	EBITDA	EV	G Margin	EV/EBITDA	ROA
RGCO	228	244	69	58	0	9	23	317	0%	14.0	4%
SD	227	1,047	215	331	0	47	165	270	0%	1.6	5%
TTI	227	1,439	1,144	1,072	171	-20	61	1,058	16%	17.5	-1%
PHX	224	207	70	63	0	16	39	264	0%	6.8	8%
EPM	221	96	16	43	0	18	28	190	0%	6.7	19%
REI	218	961	445	153	117	22	42	207	76%	4.9	2%
CHAP	205	1,291	553	246	107	-82	47	566	44%	12.0	-6%
AXAS	184	419	265	147	0	44	96	370	0%	3.9	10%
GDP	182	234	153	119	0	22	77	275	0%	3.6	9%

Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 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 SEPTEMBER 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 1-13455

TETRA Technologies, Inc.

(Exact name of registrant as specified in its charter)



Delaware	74-2148293
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

24955 Interstate 45 North
The Woodlands,
Texas	77380
(Address of Principal Executive Offices)	(Zip Code)

(281) 367-1983

(Registrant’s Telephone Number, Including Area Code)

_______________________________________________________________________

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

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	TTI	New York Stock Exchange

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	☐	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 November 6, 2019, there were 125,540,626 shares outstanding of the Company’s Common Stock, $0.01 par value per share.



TETRA Technologies, Inc. and Subsidiaries
Table of Contents
	Page
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statements of Operations	1
Consolidated Statements of Comprehensive Income (Loss)	2
Consolidated Balance Sheets	3
Consolidated Statements of Equity	5
Consolidated Statements of Cash Flows	7
Notes to Consolidated Financial Statements	8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3. Quantitative and Qualitative Disclosures about Market Risk	39
Item 4. Controls and Procedures	40

PART II—OTHER INFORMATION
Item 1. Legal Proceedings	40
Item 1A. Risk Factors	40
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3. Defaults Upon Senior Securities	43
Item 4. Mine Safety Disclosures	43
Item 5. Other Information	43
Item 6. Exhibits	44
SIGNATURES	45

Table of Contents

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements.

TETRA Technologies, Inc. and Subsidiaries

Consolidated Statements of Operations

(In Thousands, Except Per Share Amounts)

(Unaudited)



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Revenues:
Product sales	$	93,377		$	102,070		$	320,508		$	285,136
Services	152,570			154,781			457,963			431,168
Total revenues	245,947			256,851			778,471			716,304
Cost of revenues:
Cost of product sales	71,957			81,817			254,798			228,146
Cost of services	98,356			101,304			298,911			283,224
Depreciation, amortization, and accretion	30,867			29,460			93,312			84,880
Impairments and other charges	849			2,940			3,306			2,940
Insurance recoveries	(1,042		)	—			(1,392		)	—
Total cost of revenues	200,987			215,521			648,935			599,190
Gross profit	44,960			41,330			129,536			117,114
General and administrative expense	34,926			34,446			105,498			98,866
Interest expense, net	18,146			18,894			55,054			52,246
Warrants fair value adjustment (income) expense	78			(179		)	(1,035		)	22
CCLP Series A Preferred Units fair value adjustment (income) expense	—			498			1,309			1,344
Other (income) expense, net	(690		)	619			(1,014		)	7,203
Loss before taxes and discontinued operations	(7,500		)	(12,948		)	(30,276		)	(42,567		)
Provision (benefit) for income taxes	1,579			(96		)	5,678			3,474
Loss before discontinued operations	(9,079		)	(12,852		)	(35,954		)	(46,041		)
Discontinued operations:
Income (loss) from discontinued operations (including 2018 loss on disposal of $33.8 million), net of taxes	(9,130		)	796			(9,901		)	(40,931		)
Net loss	(18,209		)	(12,056		)	(45,855		)	(86,972		)
Less: loss attributable to noncontrolling interest	2,378			5,120			12,273			20,423
Net loss attributable to TETRA stockholders	$	(15,831	)	$	(6,936	)	$	(33,582	)	$	(66,549	)
Basic net loss per common share:
Loss before discontinued operations attributable to TETRA stockholders	$	(0.06	)	$	(0.06	)	$	(0.19	)	$	(0.21	)
Loss from discontinued operations attributable to TETRA stockholders	$	(0.07	)	$	0.00		$	(0.08	)	$	(0.33	)
Net loss attributable to TETRA stockholders	$	(0.13	)	$	(0.06	)	$	(0.27	)	$	(0.54	)
Average shares outstanding	125,568			125,689			125,620			123,557
Diluted net loss per common share:
Loss before discontinued operations attributable to TETRA stockholders	$	(0.06	)	$	(0.06	)	$	(0.19	)	$	(0.21	)
Loss from discontinued operations attributable to TETRA stockholders	$	(0.07	)	$	0.00		$	(0.08	)	$	(0.33	)
Net loss attributable to TETRA stockholders	$	(0.13	)	$	(0.06	)	$	(0.27	)	$	(0.54	)
Average diluted shares outstanding	125,568			125,689			125,620			123,557

See Notes to Consolidated Financial Statements

Table of Contents

TETRA Technologies, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

(In Thousands)

(Unaudited)



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Net loss	$	(18,209	)	$	(12,056	)	$	(45,855	)	$	(86,972	)
Foreign currency translation adjustment, net of taxes of $0 in 2019 and 2018	(3,742		)	(581		)	(3,300		)	(8,547		)
Comprehensive loss	(21,951		)	(12,637		)	(49,155		)	(95,519		)
Less: Comprehensive loss attributable to noncontrolling interest	2,358			5,025			11,994			22,467
Comprehensive loss attributable to TETRA stockholders	$	(19,593	)	$	(7,612	)	$	(37,161	)	$	(73,052	)

See Notes to Consolidated Financial Statements

Table of Contents

TETRA Technologies, Inc. and Subsidiaries

Consolidated Balance Sheets

(In Thousands)



	September 30, 2019			December 31, 2018
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	35,918		$	40,038
Restricted cash	61			64
Trade accounts receivable, net of allowances of $4,466 in 2019 and $2,583 in 2018	170,168			187,592
Inventories	142,406			143,571
Assets of discontinued operations	16			1,354
Notes receivable	—			7,544
Prepaid expenses and other current assets	22,563			20,528
Total current assets	371,132			400,691
Property, plant, and equipment:
Land and building	75,206			78,746
Machinery and equipment	1,316,661			1,265,732
Automobiles and trucks	33,163			35,568
Chemical plants	189,416			188,641
Construction in progress	50,055			44,419
Total property, plant, and equipment	1,664,501			1,613,106
Less accumulated depreciation	(803,109		)	(759,175		)
Net property, plant, and equipment	861,392			853,931
Other assets:
Goodwill	25,784			25,859
Patents, trademarks and other intangible assets, net of accumulated amortization of $85,911 in 2019 and $80,401 in 2018	76,225			82,184
Deferred tax assets, net	19			13
Operating lease right-of-use assets	57,848			—
Other assets	23,300			22,849
Total other assets	183,176			130,905
Total assets	$	1,415,700		$	1,385,527

See Notes to Consolidated Financial Statements

Table of Contents

TETRA Technologies, Inc. and Subsidiaries

Consolidated Balance Sheets

(In Thousands, Except Share Amounts)



	September 30, 2019			December 31, 2018
	(Unaudited)
LIABILITIES AND EQUITY
Current liabilities:
Trade accounts payable	$	97,142		$	80,279
Unearned income	26,896			26,695
Accrued liabilities and other	87,127			89,232
Liabilities of discontinued operations	1,907			4,145
Total current liabilities	213,072			200,351
Long-term debt, net	858,272			815,560
Deferred income taxes	3,729			3,242
Asset retirement obligations	12,603			12,202
CCLP Series A Preferred Units	—			27,019
Warrants liability	1,038			2,073
Operating lease liabilities	45,993			—
Other liabilities	7,465			12,331
Total long-term liabilities	929,100			872,427
Commitments and contingencies
Equity:
TETRA stockholders' equity:
Common stock, par value $0.01 per share; 250,000,000 shares authorized at September 30, 2019 and December 31, 2018; 128,363,817 shares issued at September 30, 2019 and 128,455,134 shares issued at December 31, 2018	1,284			1,285
Additional paid-in capital	465,615			460,680
Treasury stock, at cost; 2,823,191 shares held at September 30, 2019, and 2,717,569 shares held at December 31, 2018	(19,164		)	(18,950		)
Accumulated other comprehensive income (loss)	(55,242		)	(51,663		)
Retained deficit	(248,691		)	(217,952		)
Total TETRA stockholders' equity	143,802			173,400
Noncontrolling interests	129,726			139,349
Total equity	273,528			312,749
Total liabilities and equity	$	1,415,700		$	1,385,527

See Notes to Consolidated Financial Statements

Table of Contents

TETRA Technologies, Inc. and Subsidiaries

Consolidated Statements of Equity

(In Thousands)



	Common Stock Par Value			Additional Paid-In Capital			Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Noncontrolling Interest			Total Equity
	Common Stock Par Value			Additional Paid-In Capital			Treasury Stock			Currency Translation			Retained Earnings			Noncontrolling Interest			Total Equity

Balance at December 31, 2018	$	1,285		$	460,680		$	(18,950	)	$	(51,663	)	$	(217,952	)	$	139,349		$	312,749
Net loss for first quarter 2019	—			—			—			—			(10,838		)	(8,262		)	(19,100		)
Translation adjustment, net of taxes of $0	—			—			—			(582		)	—			176			(406		)
Comprehensive loss	—			—			—			—			—			—			(19,506		)
Distributions to public unitholders	—			—			—			—			—			(307		)	(307		)
Equity award activity	(1		)	—			—			—			—			—			(1		)
Treasury stock activity, net	—			—			(155		)	—			—			—			(155		)
Equity compensation expense	—			1,628			—			—			—			311			1,939
Conversions of CCLP Series A Preferred	—			—			—			—			—			2,539			2,539
Cumulative effect adjustment	—			—			—			—			2,843			—			2,843
Other	—			(67		)	—			—			—			76			9
Balance at March 31, 2019	$	1,284		$	462,241		$	(19,105	)	$	(52,245	)	$	(225,947	)	$	133,882		$	300,110
Net loss for second quarter 2019	—			—			—			—			(6,913		)	(1,633		)	(8,546		)
Translation adjustment, net of taxes of $0	—			—			—			765			—			83			848
Comprehensive loss	—			—			—			—			—			—			(7,698		)
Distributions to public unitholders	—			—			—			—			—			(308		)	(308		)
Treasury stock activity, net	—			—			(11		)	—			—			—			(11		)
Equity compensation expense	—			2,100			—			—			—			567			2,667
Other	—			(36		)	—			—			—			(33		)	(69		)
Balance at June 30, 2019	$	1,284		$	464,305		$	(19,116	)	$	(51,480	)	$	(232,860	)	$	132,558		$	294,691
Net loss for third quarter 2019	—			—			—			—			(15,831		)	(2,378		)	(18,209		)
Translation adjustment, net of taxes of $0	—			—			—			(3,762		)	—			20			(3,742		)
Comprehensive loss	—			—			—			—			—			—			(21,951		)
Distributions to public unitholders	—			—			—			—			—			(309		)	(309		)
Treasury stock activity, net	—			—			(48		)	—			—			—			(48		)
Equity compensation expense	—			1,316			—			—			—			(211		)	1,105
Other	—			(6		)	—			—			—			46			40
Balance at September 30, 2019	$	1,284		$	465,615		$	(19,164	)	$	(55,242	)	$	(248,691	)	$	129,726		$	273,528

See Notes to Consolidated Financial Statements

Table of Contents



	Common Stock Par Value		Additional Paid-In Capital			Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Noncontrolling Interest			Total Equity
	Common Stock Par Value		Additional Paid-In Capital			Treasury Stock			Currency Translation			Retained Earnings			Noncontrolling Interest			Total Equity

Balance at December 31, 2017	$	1,185	$	425,648		$	(18,651	)	$	(43,767	)	$	(156,335	)	$	144,481		$	352,561
Net loss for first quarter 2018	—		—			—			—			(53,648		)	(9,115		)	(62,763		)
Translation adjustment, net of taxes of $0	—		—			—			1,668			—			(385		)	1,283
Comprehensive loss	—		—			—			—			—			—			(61,480		)
Distributions to public unitholders	—		—			—			—			—			(4,358		)	(4,358		)
Equity award activity	20		—			—			—			—			—			20
Treasury stock activity, net	—		—			(170		)	—			—			—			(170		)
Issuance of common stock for business combination	77		28,135			—			—			—			—			28,212
Equity compensation expense	—		1,434			—			—			—			(655		)	779
Conversions of CCLP Series A Preferred	—		—			—			—			—			10,103			10,103
Other	—		(171		)	—			—			—			(35		)	(206		)
Balance at March 31, 2018	$	1,282	$	455,046		$	(18,821	)	$	(42,099	)	$	(209,983	)	$	140,036		$	325,461
Net loss for second quarter 2018	—		—			—			—			(5,965		)	(6,188		)	(12,153		)
Translation adjustment, net of taxes of $0	—		—			—			(7,495		)	—			(1,754		)	(9,249		)
Comprehensive loss	—		—			—			—			—			—			(21,402		)
Distributions to public unitholders	—		—			—			—			—			(4,624		)	(4,624		)
Equity award activity	1		—			—			—			—			—			1
Treasury stock activity, net	—		—			(44		)	—			—			—			(44		)
Equity compensation expense	—		1,905			—			—			—			358			2,263
Conversions of CCLP Series A Preferred	—		—			—			—			—			9,272			9,272
Other	—		131			—			—			—			4			135
Balance at June 30, 2018	$	1,283	$	457,082		$	(18,865	)	$	(49,594	)	$	(215,948	)	$	137,104		$	311,062
Net loss for third quarter 2018	—		—			—			—			(6,936		)	(5,120		)	(12,056		)
Translation adjustment, net of taxes of $0	—		—			—			(676		)	—			95			(581		)
Comprehensive loss	—		—			—			—			—			—			(12,637		)
Distributions to public unitholders	—		—			—			—			—			(4,946		)	(4,946		)
Equity award activity	1		251						—			—			—			252
Treasury stock activity, net	—		—			(71		)	—			—			—			(71		)
Equity compensation expense	—		1,798			—			—			—			367			2,165
Conversions of CCLP Series A Preferred	—		—			—			—			—			10,294			10,294
Other	—		(8		)	—			—			—			78			70
Balance at September 30, 2018	$	1,284	$	459,123		$	(18,936	)	$	(50,270	)	$	(222,884	)	$	137,872		$	306,189

See Notes to Consolidated Financial Statements

Table of Contents

TETRA Technologies, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)



	Nine Months Ended September 30,
	2019			2018
Operating activities:
Net loss	$	(45,855	)	$	(86,972	)
Reconciliation of net loss to cash provided by operating activities:
Depreciation, amortization, and accretion	93,364			86,965
Impairment and other charges	3,306			2,940
Benefit for deferred income taxes	545			(837		)
Equity-based compensation expense	6,260			5,692
Provision for doubtful accounts	3,351			1,566
Non-cash loss on disposition of business	7,500			32,369
Amortization of deferred financing costs	2,890			3,188
Debt financing cost expense	—			398
CCLP Series A Preferred redemption premium	1,283			—
CCLP Series A Preferred accrued paid in kind distributions	982			3,933
CCLP Series A Preferred fair value adjustment	1,309			1,344
Warrants fair value adjustment	(1,035		)	22
Contingent consideration liability fair value adjustment	(800		)	3,700
Expense for unamortized finance costs and other non-cash charges and credits	1,649			3,919
Acquisition and transaction financing fees	75			—
Gain on sale of assets	(1,583		)	(454		)
Changes in operating assets and liabilities:
Accounts receivable	13,309			(7,708		)
Inventories	(6,847		)	(35,920		)
Prepaid expenses and other current assets	(1,831		)	(2,995		)
Trade accounts payable and accrued expenses	10,344			(6,776		)
Other	(3,234		)	(2,741		)
Net cash provided by operating activities	84,982			1,633
Investing activities:
Purchases of property, plant, and equipment, net	(89,192		)	(107,080		)
Acquisition of businesses, net of cash acquired	(12,024		)	(42,002		)
Proceeds from disposal of business	—			3,121
Proceeds on sale of property, plant, and equipment	2,152			774
Other investing activities	(890		)	(293		)
Net cash used in investing activities	(99,954		)	(145,480		)
Financing activities:
Proceeds from long-term debt	246,090			747,887
Principal payments on long-term debt	(204,718		)	(544,962		)
CCLP distributions	(924		)	(13,928		)
Proceeds from exercise of stock options	—			251
Redemptions of CCLP Series A Preferred	(28,049		)	—
Tax remittances on equity based compensation	(571		)	(708		)
Debt issuance costs and other financing activities	(373		)	(17,932		)
Net cash provided by financing activities	11,455			170,608
Effect of exchange rate changes on cash	(606		)	818
Increase (decrease) in cash and cash equivalents	(4,123		)	27,579
Cash and cash equivalents and restricted cash at beginning of period	40,102			26,389
Cash and cash equivalents and restricted cash at end of period	$	35,979		$	53,968


Supplemental cash flow information:
Interest paid	$	49,073		$	24,651
Income taxes paid	6,226			3,954

See Notes to Consolidated Financial Statements

Table of Contents

TETRA Technologies, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(Unaudited)

NOTE A – ORGANIZATION,

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$0.00	126	$227

10-Q	2019-11-08	Quarter: 2019-09-30
10-Q	2019-08-09	Quarter: 2019-06-30
10-Q	2019-05-10	Quarter: 2019-03-31
10-K	2019-03-04	Annual: 2018-12-31
10-Q	2018-11-08	Quarter: 2018-09-30
10-Q	2018-08-09	Quarter: 2018-06-30
10-Q	2018-05-10	Quarter: 2018-03-31
10-K	2018-03-05	Annual: 2017-12-31
10-Q	2017-11-09	Quarter: 2017-09-30
10-Q	2017-08-09	Quarter: 2017-06-30
10-Q	2017-05-10	Quarter: 2017-03-31
10-K	2017-03-01	Annual: 2016-12-31
10-Q	2016-11-09	Quarter: 2016-09-30
10-Q	2016-08-09	Quarter: 2016-06-30
10-Q	2016-05-10	Quarter: 2016-03-31
10-K	2016-03-04	Annual: 2015-12-31
10-Q	2015-11-09	Quarter: 2015-09-30
10-Q	2015-08-10	Quarter: 2015-06-30
10-Q	2015-05-11	Quarter: 2015-03-31
10-K	2015-03-02	Annual: 2014-12-31
10-Q	2014-11-10	Quarter: 2014-09-30
10-Q	2014-08-11	Quarter: 2014-06-30
10-Q	2014-05-09	Quarter: 2014-03-31
10-K	2014-03-03	Annual: 2013-12-31
10-Q	2013-11-08	Quarter: 2013-09-30
10-Q	2013-08-09	Quarter: 2013-06-30
10-Q	2013-05-09	Quarter: 2013-03-31
10-K	2013-03-04	Annual: 2012-12-31
10-Q	2012-11-09	Quarter: 2012-09-30
10-Q	2012-08-09	Quarter: 2012-06-30
10-Q	2012-05-10	Quarter: 2012-03-31
10-K	2012-02-29	Annual: 2011-12-31
10-Q	2011-11-09	Quarter: 2011-09-30
10-Q	2011-08-09	Quarter: 2011-06-30
10-Q	2011-05-10	Quarter: 2011-03-31
10-K	2011-03-01	Annual: 2010-12-31
10-Q	2010-11-09	Quarter: 2010-09-30
10-Q	2010-08-09	Quarter: 2010-06-30
10-Q	2010-05-10	Quarter: 2010-03-31
10-K	2010-03-01	Annual: 2009-12-31

8-K	2019-12-10	Impairments, Regulation FD, Exhibits
8-K	2019-11-07	Earnings, Exhibits
8-K	2019-10-24	Officers, Exhibits
8-K	2019-08-07	Earnings, Exhibits
8-K	2019-07-22	Officers
8-K	2019-05-20	Officers
8-K	2019-05-09	Earnings, Exhibits
8-K	2019-05-02	Officers, Shareholder Vote, Regulation FD, Other Events, Exhibits
8-K	2019-03-27	Officers
8-K	2019-02-28	Earnings, Exhibits
8-K	2019-02-25	Officers, Exhibits
8-K	2018-12-26	Officers, Exhibits
8-K	2018-11-08	Earnings, Exhibits
8-K	2018-09-30	Officers
8-K	2018-09-10	Enter Agreement, Leave Agreement, Off-BS Arrangement, Shareholder Rights, Exhibits
8-K	2018-08-09	Earnings, Exhibits
8-K	2018-07-16	Officers
8-K	2018-07-13	Officers, Exhibits
8-K	2018-05-31	Regulation FD, Exhibits
8-K	2018-05-21	Regulation FD
8-K	2018-05-08	Earnings, Exhibits
8-K	2018-05-04	Officers, Shareholder Vote, Regulation FD, Exhibits
8-K	2018-04-27	Regulation FD, Exhibits
8-K	2018-02-28	Sale of Shares, Regulation FD, Other Events, Exhibits
8-K	2018-02-28	Regulation FD, Other Events, Exhibits
8-K	2018-02-28	Earnings, Exhibits
8-K	2018-02-28	Enter Agreement, Regulation FD, Exhibits
8-K	2018-02-22	Officers
8-K	2018-02-13	Enter Agreement, Sale of Shares, Regulation FD, Exhibits
8-K	2018-02-08	Officers, Exhibits

EX-31.1	a20190930ex311.htm
EX-31.2	a20190930ex312.htm
EX-32.1	a20190930ex321.htm
EX-32.2	a20190930ex322.htm