CASPIAN SERVICES INC

CIK:0001093430|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Vessel revenues	$ 4,750	$ 2,244	$ 10,367	$ 8,134
Geophysical service revenues (which includes $0 from related parties for the three and nine months ended June 30, 2016 and $746 and $1,632 from related parties for the three and nine months ended June 30, 2015)	12	746	12	2,842
Marine base service revenues (which includes $28 and $119 from related parties for the three and nine months ended June 30, 2016, and $211 and $269 from related parties for the three and nine months ended June 30, 2015, respectively)	249	278	744	1,054
Total Revenues	5,011	3,268	11,123	12,030
Operating Expenses
Vessel operating costs	1,633	1,498	4,768	5,322
Cost of geophysical service revenues (which includes $0 to related parties for the three and nine months ended June 30, 2016, and $37 to related parties for the three and nine months ended June 30, 2015)	184	783	600	2,616
Cost of marine base service	174	123	454	484
Depreciation and amortization	763	1,184	2,251	3,640
General and administrative expense	1,166	1,386	4,203	5,732
Total Costs and Operating Expenses	3,920	4,974	12,276	17,794
Income (Loss) from Operations	1,091	(1,706)	(1,153)	(5,764)
Other Income (Expense)
Interest expense	(2,471)	(2,340)	(7,573)	(6,813)
Foreign currency transaction income (loss)	768	(147)	(11,187)	(1,128)
Other non-operating income (loss), net	487	79	179	127
Net Other Expense	(1,216)	(2,408)	(18,581)	(7,814)
Loss from Continuing Operations Before Income Tax	(125)	(4,114)	(19,734)	(13,578)
Benefit from (provision for) income tax	(138)	638	323	1,125
Net Loss from Continuing Operations	(263)	(3,476)	(19,411)	(12,453)
Loss from discontinued operations	0	(7)	0	(22)
Net loss	(263)	(3,483)	(19,411)	(12,475)
Net loss (income) attributable to noncontrolling interests	(160)	(3)	3,261	646
Net loss attributable to Caspian Services, Inc	(423)	(3,486)	(16,150)	(11,829)
Other Comprehensive Income (Loss)
Foreign currency translation adjustment	(845)	10	4,255	94
Comprehensive loss	(1,268)	(3,476)	(11,895)	(11,735)
Comprehensive income (loss) attributable to non-controlling interest	(84)	3	(206)	(646)
Comprehensive loss attributable to Caspian Services, Inc	$ (1,352)	$ (3,473)	$ (12,101)	$ (12,381)
Basic and Diluted Loss per Share from continuing operations	$ (0.01)	$ (0.07)	$ (0.31)	$ (0.22)
Basic and Diluted Loss per Share from discontinued operations	0	0	0	0
Basic and Diluted Loss per Share	$ (0.01)	$ (0.07)	$ (0.31)	$ (0.22)
Weighted Average Shares Outstanding	52,657,574	52,657,574	52,657,574	52,657,574

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net loss	$ (19,411)	$ (12,475)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,251	3,640
Accrued interest on accelerated put option	1,491	1,491
Foreign currency transaction loss	11,187	1,128
Changes in current assets and liabilities:
Trade accounts receivable	(904)	3,647
Trade accounts receivable from related parties	36	(1,123)
Other receivables	219	175
Inventories	2	(35)
Prepaid taxes	(119)	1,098
Advances paid	49	257
Deferred tax assets	122	(1,629)
Prepaid expenses and other current assets	13	80
Long-term prepaid taxes	641	116
Long-term other receivables, net of current portion	71	(153)
Accounts payable	(39)	(53)
Accrued expenses	6,670	6,322
Taxes payable	204	(177)
Deferred revenue	(275)	57
Long-term deferred income tax liability	(36)	(79)
Net cash provided by operating activities	2,172	2,287
Cash flows from investing activities:
Short-term notes from related parties	(455)	(2,882)
Payments to purchase vessels, equipment and property	(1,695)	(119)
Net cash used in investing activities	(2,150)	(3,001)
Cash flows from financing activities:
Payments on long-term debt	(300)	(450)
Net cash used in financing activities	(300)	(450)
Effect of exchange rate changes on cash	135	(597)
Net change in cash	(143)	(1,761)
Cash at beginning of period	1,372	1,957
Cash at end of period	1,229	196
Supplemental disclosure of cash flow information:
Cash paid for interest	300	450
Non-cash capital expenditures	$ 0	$ 1,728

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Sep. 30, 2015
Current Assets
Cash	$ 1,229	$ 1,372
Trade accounts receivable, net of allowance of $1,394 and $3,510, respectively	5,220	5,480
Trade accounts receivable from related parties, net of allowance of $221 and $296, respectively	330	211
Short-term notes from related parties	2,195	2,195
Other receivables, net of allowance of $131 and $490, respectively	126	339
Inventories	721	906
Property held for sale, net of allowance of $576 and $722, respectively	24	30
Prepaid taxes	119	6
Advances paid, net of allowance of $16 and $19, respectively	126	193
Deferred tax assets	339	552
Prepaid expenses and other current assets	141	170
Total Current Assets	10,570	11,454
Vessels, equipment and property, net	19,805	26,716
Drydocking costs, net	1,095	124
Long-term deferred tax assets	2,321	2,478
Goodwill	101	127
Intangible assets, net	26	38
Long-term prepaid taxes	748	1,630
Long-term other receivables, net of current portion	235	525
Total Assets	34,901	43,092
Current Liabilities
Accounts payable	1,983	2,240
Accounts payable to related parties	93	59
Accrued expenses	1,691	1,309
Taxes payable	441	303
Deferred revenue	0	336
Accelerated put option liability	25,135	23,644
Long-term debt - current portion	87,691	81,972
Total Current Liabilities	117,034	109,863
Deficit
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 52,657,574 shares issued and outstanding	53	53
Additional paid-in capital	64,832	64,832
Accumulated deficit	(110,651)	(94,501)
Accumulated other comprehensive loss	(16,560)	(20,815)
Deficit attributable to Caspian Services, Inc. Shareholders	(62,326)	(50,431)
Deficit attributable to noncontrolling interests	(19,807)	(16,340)
Total Deficit	(82,133)	(66,771)
Total Liabilities and Deficit	$ 34,901	$ 43,092