SYNTHESIS ENERGY SYSTEMS INC

CIK:0001375063|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Revenue:
Total revenue
Costs and Expenses:
Costs of sales and operating
General and administrative expenses	1,332	1,793	1,932	3,257
Stock-based expense	577	102	577	316
Depreciation and amortization	14	8	27	19
Total costs and expenses	1,923	1,903	2,536	3,592
Operating loss	(1,923)	(1,903)	(2,536)	(3,592)
Non-operating (income)/expense:
Equity losses of Joint Ventures	322	100	322	24
Foreign currency (gain)/ losses, net	1	(31)	11	91
Interest expense	257	329	601	653
Interest income	(10)	(7)	(12)	(24)
Loss on extinguishment of debenture	17,941		17,941
Loss on fair value adjustments of derivative liabilities	913	(702)	879	(1,510)
Net Loss	(21,347)	(1,592)	(22,278)	(2,826)
Less: net loss attributable to noncontrolling interests
Net income/(loss) attributable to SES stockholders	$ (21,347)	$ (1,592)	$ (22,278)	$ (2,826)
Net income/(loss) per share (Basic and Diluted):
Net income/(loss) attributable to SES stockholders	$ (13.78)	$ (1.16)	$ (15.13)	$ (2.05)
Weighted average common shares outstanding (Basic):	1,550	1,378	1,472	1,378
Technology Licensing - Related Party [Member]
Revenue:
Total revenue
Technology Licensing and Related Services [Member]
Revenue:
Total revenue

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (21,347)	$ (1,592)	$ (22,278)	$ (2,826)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based expense	577	102	577	316
Amortization of debenture issuance cost			138	213
Depreciation and amortization	14	8	27	19
Loss on extinguishment of debenture	17,941		17,941
Loss on fair value adjustment of derivative liabilities	913	(702)	879	(1,510)
Equity in losses of joint ventures	322	100	322	24
Bad debt expense			30
Changes in operating assets and liabilities:
Accounts receivable				272
Interest receivable - related party			(9)
Prepaid expenses and other current assets			94	(93)
Other long-term assets			(2)	(21)
Accrued expenses and payables			875	(26)
Net cash used in operating activities			(1,406)	(3,632)
Cash flows from investing activities:
Short term loan to affiliate			(350)
Equity investment in joint ventures				(11)
Net cash provided by/(used in) investing activities			(350)	(11)
Cash flows from financing activities:
Proceeds from issuance of debenture			1,000
Proceeds from exercise of stock warrants			263
Net cash provided by financing activities			1,263
Net increase (decrease) in cash			(493)	(3,643)
Cash and cash equivalents, beginning of period			871	7,071
Effect of exchange rates on cash
Cash and cash equivalents, end of period	$ 378	$ 3,428	378	3,428
Supplemental Disclosures:
Cash paid for interest expense during the six months:				$ 440

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Current assets:
Cash and cash equivalents	$ 378	$ 871
Prepaid expenses	668	768
Loan receivable - related party	359
Other currents assets	205	199
Total current assets	1,610	1,838
Non-current assets:
Property, plant and equipment, net
Intangible asset, net	772	794
Investment in affiliates	17	19
Other long-term assets	3	5
Total assets	2,402	2,656
Current liabilities:
Accrued expenses and accounts payable	996	834
Accrued interest payable	683	220
Accrued royalty expenses	1,000	750
Liability in excess of basis of equity method investment	350
Total current liabilities	3,029	1,804
Non-current liabilities:
Senior secured debenture principal at amortized cost		8,000
Less unamortized discount and debt issuance costs		(2,165)
Total senior secured debenture at amortized cost		5,835
Senior secured debenture principal at fair value	18,707
Derivative liabilities	6,284	87
Total long-term liabilities	24,991	5,922
Total liabilities	28,020	7,726
Commitment and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.01 par value: 20,000 shares authorized - no shares issued and outstanding
Common stock, $0.01 par value: 200,000 shares authorized: 1,577 and 1,395 shares issued and outstanding, respectively	16	14
Additional paid-in capital	267,261	265,533
Accumulated deficit	(293,062)	(270,784)
Accumulated other comprehensive income	244	244
Total stockholders' equity to SES stockholders	(25,541)	(4,993)
Noncontrolling interests in subsidiaries	(77)	(77)
Total stockholders' equity	(25,618)	(5,070)
Total liabilities and equity	$ 2,402	$ 2,656