U.S. Well Services, LLC

CIK:0001543450|SEC Filings

Consolidated Statements Of Operations (USD $)	10 Months Ended	12 Months Ended	2 Months Ended
Consolidated Statements Of Operations (USD $)	Dec. 31, 2012	Dec. 31, 2013	Feb. 20, 2012 Predecessor
Revenue	$ 52,134,830	$ 174,312,102
Cost and expenses:
Cost of services	43,008,477	127,723,228
Depreciation and amortization	6,310,943	13,379,692
Selling, general and administrative expenses	3,783,989	9,389,378	432,773
Other operating expenses			40,587
Income (loss) from operations	(968,579)	23,819,804	(473,360)
Interest expense, net	(16,960,349)	(17,934,335)
Other income	0	145,746	0
Income (loss) before income taxes	(17,928,928)	6,031,215	(473,360)
Income tax expense
Net Income (Loss)	$ (17,928,928)	$ 6,031,215	$ (473,360)

Consolidated Statements Of Cash Flows (USD $)	10 Months Ended	12 Months Ended		2 Months Ended
Consolidated Statements Of Cash Flows (USD $)	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2013 Series E [Member]	Feb. 29, 2012 Predecessor
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (17,928,928)	$ 6,031,215		$ (473,360)
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization	6,310,943	13,379,692		0
Loss on disposal of asset		22,743
Loss on extinguishment of debt	2,638,570			0
Bond discount amortization	246,740	422,658		0
Deferred financing costs amortization	1,156,103	1,421,875		0
Unit-based compensation expense	280,901	4,026,826		0
Changes in assets and liabilities:
Accounts receivable	(8,010,321)	(18,038,033)		0
Inventory	(3,355,213)	(503,950)		0
Prepaids and other current assets	(1,154,672)	(353,600)		0
Accounts payable	2,605,788	3,322,919		0
Accrued liabilities	1,774,651	8,089,633		473,360
Accrued interest	11,599,951	7,699,742		0
Net cash provided by (used in) operating activities	(3,835,487)	25,521,720		0
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(66,055,460)	(59,349,130)		0
Insurance proceeds from damaged property and equipment		31,922
Net cash used in investing activities	(66,055,460)	(59,317,208)		0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of note payable	2,023,019	1,748,721		0
Repayments of note payable	(2,023,019)	(1,748,721)		0
Proceeds from issuance of long-term debt	80,287,200	57,309,600		0
Repayments of long-term debt	(23,744,149)	(416,916)		0
Proceeds from issuance of Units			14,000,000
Deferred financing costs	(3,824,677)	(3,094,298)		0
Consent fee paid to bondholders	(850,000)	(530,500)		0
Restricted cash	(166,205)	166,205		0
Net cash provided by financing activities	81,702,662	67,434,091		0
Net increase (decrease) in cash and cash equivalents	11,811,715	33,638,603		0
Cash and cash equivalents, beginning of period		11,811,715		0
Cash and cash equivalents, end of period	11,811,715	45,450,318		0
Supplemental cash flow disclosure:
Interest paid	1,613,736	10,918,267
Non-cash investing and financing activities:
Accrued and unpaid capital expenditures	84,500	9,224,064
Increase in bond principal as payment of interest	4,480,706
Bonds units exchanged for debt placement services	3,964,800
Value of convertible bond warrants issued	1,165,500
Discount on notes payable	1,913,500
Long-term debt for purchases of equipment	1,951,610
Short-term liabilities assumed from USWS, Inc	$ 684,570

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 45,450,318	$ 11,811,715
Restricted cash		166,205
Accounts receivable	26,048,354	8,010,321
Inventory	3,859,163	3,355,213
Prepaids and other current assets	1,508,272	1,154,672
Total current assets	76,866,107	24,498,126
Property and equipment, net	116,919,464	61,780,627
Deferred financing costs	6,395,472	4,723,049
TOTAL ASSETS	200,181,043	91,001,802
Current liabilities:
Accounts payable	15,837,341	3,290,358
Accrued liabilities	9,948,785	1,859,152
Accrued interest	6,880,069	3,657,984
Current portion of long-term debt	482,806	415,070
Total current liabilites	33,149,001	9,222,564
Long-Term Debt	122,201,688	65,484,582
Reedemable Series A Units, 600,000 units authorized, issued and outstanding	29,994,000	29,994,000
Accrued interest, non-current	7,938,917	3,461,260
TOTAL LIABILITIES	193,283,606	108,162,406
Commitments and Contingencies
MEZZANINE EQUITY
Redeemable Series E Units, 663,195 units subscribed; redemption value $14 million plus accrued and unpaid dividends at December 31, 2013	14,374,111
MEMBERS' EQUITY
Members interest	4,795,150	768,324
Accumulated deficit	(12,271,824)	(17,928,928)
Total Members' Equity	(7,476,674)	(17,160,604)
TOTAL LIABILITIES, MEZZANINE EQUITY AND MEMBERS' EQUITY	$ 200,181,043	$ 91,001,802