Forbes Energy Services Ltd.

CIK:0001434842|SEC Filings

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues	$ 30,463	$ 58,388
Expenses
General and administrative	5,911	6,825
Impairment of property and equipment	40,030	0
Impairment of intangible assets	3,887	0
Depreciation and amortization	6,119	9,439
Total expenses	84,633	62,403
Operating loss	(54,170)	(4,015)
Other income (expense)
Interest income	5	3
Interest expense	(5,753)	(7,686)
Pre-tax loss	(59,918)	(11,698)
Income tax expense	(102)	(64)
Net loss	$ (59,816)	$ (11,634)
Loss per share of common stock
Basic and diluted (in USD per share)	$ (10.83)	$ (2.14)
Weighted average number of shares of common stock outstanding:
Basic and diluted (in shares)	5,523	5,442
Well servicing
Revenues	$ 15,089	$ 24,750
Expenses
Direct operating costs	13,354	17,549
Depreciation and amortization	1,914	2,642
Coiled tubing
Revenues	8,222	20,010
Expenses
Direct operating costs	8,303	17,938
Depreciation and amortization	2,528	3,538
Fluid logistics
Revenues	7,152	13,628
Expenses
Direct operating costs	7,029	10,652
Depreciation and amortization	$ 1,677	$ 3,259

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (59,816)	$ (11,634)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	6,119	9,439
Share-based compensation	230	253
Deferred tax benefit	(143)	(48)
Gain on disposal of assets	(297)	(1,117)
Bad debt expense	70	120
Amortization of debt discount/deferred financing costs/premium conversion	2,489	2,154
Impairment of property and equipment	40,030	0
Impairment of intangible assets	3,887	0
Interest paid-in-kind	2,987	3,172
Changes in operating assets and liabilities:
Accounts receivable	7,081	(2,999)
Prepaid expenses and other assets	1,473	(597)
Accounts payable - trade	1,132	(1,252)
Accrued expenses	22	(1,588)
Accrued interest payable	(651)	(244)
Net cash provided by (used in) operating activities	4,613	(4,341)
Cash flows from investing activities:
Purchases of property and equipment	(801)	(3,645)
Proceeds from sale of property and equipment	330	3,272
Net cash used in investing activities	(471)	(373)
Cash flows from financing activities:
Payments for finance leases	(1,246)	(1,168)
Proceeds from PIK Notes	0	4,422
Payments for Bridge Loan	0	(4,422)
Net cash used in financing activities	(1,246)	(1,168)
Net increase (decrease) in cash, cash equivalents and cash - restricted	2,896	(5,882)
Cash, cash equivalents and cash - restricted:
Beginning of period	5,297	8,156
End of period	$ 8,193	$ 2,274

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 8,120	$ 5,224
Cash - restricted	73	73
Accounts receivable - trade, net	19,450	24,789
Accounts receivable - other	490	2,302
Prepaid expenses and other current assets	9,936	12,903
Total current assets	38,069	45,291
Property and equipment, net	81,101	125,409
Operating lease right-of-use assets	5,496	6,235
Intangible assets, net	8,044	12,339
Other assets	760	991
Total assets	133,470	190,265
Current liabilities
Accounts payable - trade	10,498	9,366
Accrued interest payable	2,383	3,034
Accrued expenses	12,766	12,734
Current portion of operating lease liabilities	790	1,476
Current portion of long-term debt	73,745	72,059
Total current liabilities	100,182	98,669
Long-term operating lease liabilities, net of current portion	4,706	4,759
Long-term debt, net of current portion and debt discount	64,110	62,636
Deferred tax liability	102	245
Total liabilities	169,100	166,309
Commitments and contingencies (Note 8)
Stockholders’ (deficit) equity
Common stock, $0.01 par value, 40,000 shares authorized, 5,523 shares issued and outstanding at March 31, 2020 and December 31, 2019	55	55
Additional paid-in capital	151,122	150,892
Accumulated deficit	(186,807)	(126,991)
Total stockholders’ (deficit) equity	(35,630)	23,956
Total liabilities and stockholders’ (deficit) equity	$ 133,470	$ 190,265