Aly Energy Services, Inc.

CIK:0000946822|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 3,997	$ 4,518	$ 12,219	$ 13,242
Expenses:
Operating expenses	2,487	2,473	7,338	7,612
Operating lease expense - related party	11		11
Depreciation and amortization	849	841	2,538	2,578
Selling, general and administrative expenses	805	836	2,381	2,726
Total expenses	4,152	4,150	12,268	12,916
Income (loss) from operations	(155)	368	(49)	326
Other expense:
Interest expense, net	5	3	14	12
Interest expense - related party, net	86	92	265	270
Total other expense	91	95	279	282
Income (loss) before income taxes	(246)	273	(328)	44
Income tax expense (benefit)	10	(30)	31	12
Net income (loss)	$ (256)	$ 303	$ (359)	$ 32
Basic earnings (loss) per share information:
Net income (loss) available to common stockholders	$ (0.07)	$ 0.38	$ (0.10)	$ 0.04
Weighted-average shares - basic	3,822,329	802,331	3,526,800	728,460
Diluted earnings (loss) per share information:
Net income (loss) available to common stockholders	$ (0.07)	$ 0.07	$ (0.10)	$ 0.01
Weighted-average shares - diluted	3,822,329	4,414,234	3,526,800	4,415,012

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Net income (loss)	$ (359)	$ 32
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,538	2,578
Operating lease amortization	104
Operating lease amortization - related party	8
Bad debt expense	72	66
Non-cash interest expense	2
Changes in operating assets and liabilities:
Receivables	(181)	443
Prepaid expenses and other assets	376	(15)
Accounts payable, accrued expenses, operating lease and other liabilities	(839)	(220)
Accounts payable and other liabilities - related party	8	4
Net cash provided by operating activities	1,729	2,888
Cash flows from investing activities:
Purchases of property and equipment	(2,788)	(1,686)
Net cash used in investing activities	(2,788)	(1,686)
Cash flows from financing activities:
Proceeds from exercise of options		500
Borrowings on long-term debt - related party	675	250
Repayment of long-term debt - related party	(750)	(167)
Repayment of finance leases - related party	(7)
Net cash provided by (used in) financing activities	(82)	583
Net increase (decrease) in cash and restricted cash	(1,141)	1,785
Cash and restricted cash, beginning of period	1,645	233
Cash and restricted cash, end of period	504	2,018
Supplemental disclosure of cash flow information:
Cash paid for interest - related party	269	265
Cash paid for interest	9	7
Cash paid (received) for income taxes, net	44	21
Non-cash financing activities:
Cancellation of preferred stock and issuance of common stock in connection with the Merger	$ 6,755

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash	$ 474	$ 1,615
Restricted cash	30	30
Receivables, net	3,019	2,910
Prepaid expenses and other current assets	245	621
Total current assets	3,768	5,176
Property and equipment, net	27,086	25,808
Intangible assets, net	2,787	3,349
Other assets	502	13
Total assets	34,143	34,346
Current liabilities
Accounts payable and accrued expenses	1,987	2,602
Accounts payable and other liabilities - related party	98	31
Current portion of long-term debt - related party	1,093	1,000
Total current liabilities	3,178	3,633
Operating lease liabilities - related party, net of current portion	215
Long-term debt - related party, net of current portion	5,478	5,185
Other long-term liabilities	110	13
Total liabilities	8,981	8,831
Commitments and contingencies
Stockholders' equity
Preferred stock value
Common stock of $0.001 par value Authorized-15,000,000; issued and outstanding-3,822,329 as of September 30, 2019 Authorized-15,000,000; issued and outstanding-940,918 as of December 31, 2018	4	1
Additional paid-in-capital	61,017	54,265
Accumulated deficit	(35,859)	(35,506)
Total stockholders' equity	25,162	25,515
Total liabilities and stockholders' equity	34,143	34,346
Series A convertible preferred stock [Member]
Stockholders' equity
Preferred stock value		$ 6,755