SAExploration Holdings, Inc.

CIK:0001514732|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue from services	$ 2,171	$ 23,274	$ 163,370	$ 205,866
Type of Revenue [Extensible List]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Cost of services	$ 7,873	$ 17,075	$ 121,298	$ 162,122
Type of Cost, Good or Service [Extensible List]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Depreciation and amortization	$ 3,096	$ 2,930	$ 12,038	$ 9,405
Gross (loss) profit	(8,798)	3,269	30,034	34,339
Operating expenses:
Selling, general and administrative expenses	5,917	13,698	27,329	33,806
Misappropriation of funds		55		328
Total operating expenses	5,917	13,753	27,329	34,134
Operating (loss) income	(14,715)	(10,484)	2,705	205
Other (expense) income, net:
Interest expense, net	(2,635)	(3,714)	(9,950)	(10,843)
Foreign exchange gain (loss), net	109	(1,351)	(4,665)	(851)
Other income, net	242	1,875	1,344	2,788
Reorganization expenses	(12,940)		(12,940)
Total other expense, net	(15,224)	(3,190)	(26,211)	(8,906)
Loss before income taxes	(29,939)	(13,674)	(23,506)	(8,701)
Income taxes	76	(689)	847	5,830
Net loss	(30,015)	(12,985)	(24,353)	(14,531)
Less: net income attributable to noncontrolling interest			2,607	2,573
Net loss attributable to SAExploration	$ (30,015)	$ (12,985)	$ (26,960)	$ (17,104)
Loss per common share (basic and diluted)	$ (3.01)	$ (1.64)	$ (2.55)	$ (2.19)
Weighted average common shares outstanding (basic and diluted)	9,969	7,930	10,582	7,818

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (24,353)	$ (14,531)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Tax credits returned to State of Alaska	9,396	0
Reserve for potential tax credits monetization	2,708	0
Tax credits used to offset production taxes	0	1,094
Depreciation and amortization	12,503	9,886
Equity-based compensation cost	(391)	2,344
Provision for doubtful accounts	1,645	1,619
Gain on sale of disposal and equipment	(284)	(648)
Amortization of loan issuance costs and debt discounts	2,785	2,835
Unrealized loss on foreign currency transactions	4,709	610
Noncash reorganization expenses	11,885	0
Deferred taxes	0	2,023
Changes in operating assets and liabilities	13,325	(6,607)
Net cash provided by (used in) operating activities	33,928	(1,375)
Cash flows from investing activities:
Purchases of property and equipment	(1,150)	(1,158)
Proceeds from disposal of property and equipment	514	696
Net cash used in investing activities	(636)	(462)
Cash flows from financing activities:
Long-term debt and finance lease repayments	(16,890)	(7,604)
Long-term debt borrowings	6,801	17,666
Proceeds from issuance of common stock	0	100
Purchase of treasury stock	0	(366)
Distribution to noncontrolling interest	(5,985)	(2,250)
Net cash (used in) provided by financing activities	(16,074)	7,546
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(671)	76
Net change in cash, cash equivalents and restricted cash	16,547	5,785
Cash, cash equivalents and restricted cash at the beginning of year	5,515	7,850
Cash, cash equivalents and restricted cash at the end of period	$ 22,062	$ 13,635

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 21,987	$ 5,441
Restricted cash	75	74
Accounts receivable, net	6,891	51,582
Deferred costs on contracts	343	14,966
Prepaid expenses and other current assets	6,903	5,324
Total current assets	36,199	77,387
Property and equipment, net of accumulated depreciation and amortization of $98,011 and $92,204, respectively	28,730	37,289
Multiclient seismic data library, net	0	2,719
Operating lease right-of-use assets	5,505	6,421
Goodwill	1,720	1,766
Intangible assets, net of accumulated amortization of $1,522 and $1,270, respectively	3,487	3,751
Tax credits receivable, net	0	12,104
Other assets	777	778
Total assets	76,418	142,215
Current liabilities:
Accounts payable	1,485	30,966
Accrued liabilities	3,506	6,526
Income and other taxes payable	928	5,410
Operating lease liabilities	1,517	2,576
Current portion of long-term debt and finance leases	28,326	112,401
Deferred revenue	633	8,724
Total current liabilities	36,395	166,603
Long-term debt and finance leases	0	7,145
Other long-term liabilities	4,107	4,280
Liabilities subject to compromise	99,755	0
Commitments and contingencies
Stockholders' deficit:
Common stock	0	0
Additional paid-in capital	239,677	240,068
Accumulated deficit	(301,495)	(274,535)
Accumulated other comprehensive loss	(209)	(2,912)
Treasury stock	(2,232)	(2,232)
SAExploration stockholders’ deficit	(64,259)	(39,611)
Noncontrolling interest	420	3,798
Total stockholders’ deficit	(63,839)	(35,813)
Total liabilities and stockholders’ deficit	$ 76,418	$ 142,215