$SLNG
Stabilis Solutions, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019032141 Filed on August 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q2
Revenue $11.10M $12.98M $2.075M
YoY Change 434.7% 591.63% -83.99%
Cost Of Revenue $15.28M $925.0K $1.570M
YoY Change 873.25% -40.21% 61.52%
Gross Profit $7.390M $470.0K $510.0K
YoY Change 1349.02% 42.86% -37.5%
Gross Profit Margin 66.61% 3.62% 24.58%
Selling, General & Admin $2.211M $1.992M $567.0K
YoY Change 289.95% 256.35% -10.0%
% of Gross Profit 29.92% 423.83% 111.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $40.00K $10.00K $190.0K
YoY Change -78.95% -94.74% -13.64%
% of Gross Profit 0.54% 2.13% 37.25%
Operating Expenses $2.211M $1.992M $567.0K
YoY Change 289.95% 256.35% -9.42%
Operating Profit $5.179M -$1.522M -$57.00K
YoY Change -9185.96% 561.74% -130.0%
Interest Expense -$800.0K $21.00K $310.0K
YoY Change -358.06% 200.0% 416.67%
% of Operating Profit -15.45%
Other Income/Expense, Net -$315.0K -$356.0K -$6.000K
YoY Change 5150.0% -574.67% -25.0%
Pretax Income -$1.038M -$559.0K $170.0K
YoY Change -710.59% 1142.22% -182.93%
Income Tax $0.00 $0.00 $129.0K
% Of Pretax Income 75.88%
Net Earnings -$1.066M -$738.0K -$3.444M
YoY Change -69.05% -75.1% 225.21%
Net Earnings / Revenue -9.61% -5.69% -165.98%
Basic Earnings Per Share
Diluted Earnings Per Share -$46.97K -$431.0K -$1.702M
COMMON SHARES
Basic Shares Outstanding 9.305M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.080M $1.010M $480.0K
YoY Change 125.0% 60.32% -85.19%
Cash & Equivalents $1.080M $1.339M $3.335M
Short-Term Investments
Other Short-Term Assets $440.0K $500.0K $13.57M
YoY Change -96.76% -91.42% 81.17%
Inventory $63.00K $70.00K $200.0K
Prepaid Expenses
Receivables $1.217M $1.350M $520.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.957M $2.930M $14.76M
YoY Change -73.19% -80.19% -20.77%
LONG-TERM ASSETS
Property, Plant & Equipment $532.0K $740.0K $580.0K
YoY Change -8.28% -89.09% -91.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.890M $10.50M $2.033M
YoY Change 386.47% 416.48% -0.68%
Other Assets $51.00K $200.0K $6.790M
YoY Change -99.25% 81.82% 7444.44%
Total Long-Term Assets $10.62M $11.45M $17.24M
YoY Change -38.42% -36.0% -7.21%
TOTAL ASSETS
Total Short-Term Assets $3.957M $2.930M $14.76M
Total Long-Term Assets $10.62M $11.45M $17.24M
Total Assets $14.57M $14.38M $32.00M
YoY Change -54.46% -56.0% -14.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.810M $2.080M $2.020M
YoY Change 39.11% -80.76% -79.92%
Accrued Expenses $60.00K $80.00K $610.0K
YoY Change -90.16% -92.86% -41.35%
Deferred Revenue
YoY Change
Short-Term Debt $338.0K $536.0K $5.630M
YoY Change -94.0% 452.58% 1776.67%
Long-Term Debt Due $360.0K
YoY Change
Total Short-Term Liabilities $3.210M $2.697M $22.34M
YoY Change -85.63% -81.6% 41.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $220.0K $250.0K $190.0K
YoY Change 15.79% 25.0% -20.83%
Total Long-Term Liabilities $220.0K $250.0K $190.0K
YoY Change 15.79% -95.73% -97.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.210M $2.697M $22.34M
Total Long-Term Liabilities $220.0K $250.0K $190.0K
Total Liabilities $3.430M $2.950M $22.52M
YoY Change -84.77% -85.68% -9.38%
SHAREHOLDERS EQUITY
Retained Earnings -$6.009M
YoY Change
Common Stock $14.10M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $965.0K
YoY Change
Treasury Stock Shares $225.6K $194.0K
Shareholders Equity $11.15M $6.911M $5.012M
YoY Change
Total Liabilities & Shareholders Equity $14.57M $14.38M $32.00M
YoY Change -54.47% -56.01% -14.0%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q2
OPERATING ACTIVITIES
Net Income -$1.066M -$738.0K -$3.444M
YoY Change -69.05% -75.1% 225.21%
Depreciation, Depletion And Amortization $40.00K $10.00K $190.0K
YoY Change -78.95% -94.74% -13.64%
Cash From Operating Activities $330.0K $1.201M $1.860M
YoY Change -82.26% -179.33% 33.81%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K $293.0K -$90.00K
YoY Change 11.11% -466.25% 50.0%
Acquisitions
YoY Change
Other Investing Activities $1.130M
YoY Change 44.87%
Cash From Investing Activities -$100.0K -$293.0K $1.040M
YoY Change -109.62% 270.89% 44.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -200.0K -$816.0K -150.0K
YoY Change 33.33% 1033.33% -63.41%
NET CHANGE
Cash From Operating Activities 330.0K $1.201M 1.860M
Cash From Investing Activities -100.0K -$293.0K 1.040M
Cash From Financing Activities -200.0K -$816.0K -150.0K
Net Change In Cash 30.00K $92.00K 2.750M
YoY Change -98.91% -105.53% 61.76%
FREE CASH FLOW
Cash From Operating Activities $330.0K $1.201M $1.860M
Capital Expenditures -$100.0K $293.0K -$90.00K
Free Cash Flow $430.0K $908.0K $1.950M
YoY Change -77.95% -163.32% 34.48%

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us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying footnotes. The most significant estimates used in our condensed consolidated financial statements affect revenue recognition and estimated cost recognition on our customer contracts and income taxes. The amounts recorded for warranties, legal, income taxes, impairment of long-lived assets (when applicable) and other contingent liabilities require judgments regarding the amount of expenses that will ultimately be incurred. We base our estimates on historical experience and on various other assumptions, as well as the specific circumstances surrounding these contingent liabilities, in evaluating the amount of liability that should be recorded. Additionally, the recognition of deferred tax assets requires estimates related to future income and other assumptions regarding timing and future profitability because the ultimate realization of net deferred tax assets is dependent on the generation of future taxable income during the periods in which temporary differences become deductible. Estimates routinely change as new events occur, additional information becomes available or operating environments change. Actual results may differ from our prior estimates.</p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:6.67%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. Such reclassifications had no effect on the Company&#8217;s financial position, results of operations or cashflows.</p>
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
200000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
200000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0675
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
36000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
67000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
49000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
156000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
147000
slng Potential Liability Related To Asset Purchase Agreement
PotentialLiabilityRelatedToAssetPurchaseAgreement
4300000
CY2018Q2 us-gaap Discontinued Operation Name Of Segment Extensible List
DiscontinuedOperationNameOfSegmentExtensibleList
slng:MAndIElectricUSOperationsMember
us-gaap Discontinued Operation Name Of Segment Extensible List
DiscontinuedOperationNameOfSegmentExtensibleList
slng:MAndIElectricUSOperationsMember
CY2018Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
7750000
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
14163000

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