Sign In  |  Register  |  About Sunnyvale  |  Contact Us

Sunnyvale, CA
September 01, 2020 10:10am
7-Day Forecast | Traffic
  • Search Hotels in Sunnyvale

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Empire Petroleum Announces Results for First Quarter 2023

~ Making Continued Progress on Targeted Full Year 2023 Capital Spending Program ~

Empire Petroleum (NYSE American: EP) (“Empire” or the “Company”), today announced operational and financial results for the first quarter of 2023.

KEY FIRST QUARTER HIGHLIGHTS

  • Increased year-over-year per day sales volumes by 4% to 2,206 barrels of oil equivalent per day (“Boe/d”) (61% oil, 19% natural gas liquids (“NGLs”) and 20% natural gas) from 2,112 Boe/d (60% oil, 19% NGLs, and 21% natural gas) for the first quarter of 2022;
  • Reported revenue of $10.1 million, a net loss of $2.5 million, or $0.11 per diluted share, and an Adjusted Net Loss1 of $1.9 million, or $0.08 per diluted share;
  • Generated Adjusted EBITDA1 of $0.2 million;
  • Ended first quarter of 2023 with $7.1 million of liquidity (including $6.8 million of cash) and working capital of $2.3 million; and
  • Leveraging lessons learned in 2022 from the Empire-operated Starbuck Field Pilot Project Program (the “Starbuck Program”) in North Dakota, during the first quarter of 2023 the Company made further progress on its development program. Empire owns a 96% working interest and 82.6% net revenue interest in the Starbuck Program.

 1.

Adjusted Net Income (Loss), EBITDA and Adjusted EBITDA are non-GAAP financial measures.  See “Non-GAAP Information” section later in this release for more information, including reconciliations to the most comparable GAAP measure.

MANAGEMENT COMMENTARY

Mike Morrisett, President and Chief Executive Officer of Empire, commented, “While we clearly would have liked to see higher sequential pricing for crude oil and natural gas, the first quarter marked a solid start to 2023 on multiple fronts. We were pleased to record higher sales volumes both year-over-year and sequentially, as well as keep LOE and G&A per Boe substantially level excluding non-recurring items. As in the past, I want to thank our employees and business partners for their hard work and strong dedication as we continue to execute on our targeted business plan to drive organic production growth in 2023 that increases long-term cash flow generation and shareholder value.”

Mr. Morrisett concluded, “Through our pilot program in North Dakota that was executed in 2022 and into 2023, we have come away with a clear direction on how to best tailor our 2023 capital spending program. This includes a combination of activities, including drilling and completions, workovers, recompletions and related infrastructure. To ensure enhancement of our development efforts, we have focused on adding depth to our technical, operations and administrative teams. All of these experienced professionals were targeted to join Empire based on their respective proven histories of success, and we feel fortunate to have them as part of our expanded team. The future of Empire is bright, and we look forward to further steady execution of our 2023 business plan that is squarely focused on driving increased value for our shareholders.”

FINANCIAL AND OPERATIONAL RESULTS FOR FIRST QUARTER 2023

 

 

 

Q1 2023

 

 

Q4 2022

 

 

% Change Q1 2023 vs. Q4 2022

 

 

Q1 2022

 

 

% Change Q1 2023 vs. Q1 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales (Boe/d)

 

 

 

 

2,206

 

 

 

 

2,149

 

 

 

 

3

%

 

 

2,112

 

 

 

4

%

 

Net sales (Boe)

 

 

 

 

198,549

 

 

 

 

197,712

 

 

 

 

0

%

 

 

190,064

 

 

 

4

%

 

Realized price ($/Boe)

 

 

 

$

50.87

 

 

 

$

55.59

 

 

 

 

(8

%)

 

$

65.85

 

 

 

(23

%)

 

Revenue ($M)

 

 

 

$

10,052

 

 

 

$

10,728

 

 

 

 

(6

%)

 

$

12,428

 

 

 

(19

%)

 

Net income (loss) ($M)

 

 

 

$

(2,460

)

 

 

$

(2,290

)

 

 

 

(7

%)

$

3,623

 

 

 

NM

 

Adjusted Net Income (Loss) ($M)

 

 

 

$

(1,858

)

 

 

$

(894

)

 

 

 

(108

%)

 

$

4,302

 

 

 

NM

 

Adjusted EBITDA ($M)

 

 

 

$

228

 

 

 

$

1,308

 

 

 

 

(83

%)

 

$

5,594

 

 

 

(96

%)

 

NM - Not meaningful due to a change in signs

Net sales for the fourth quarter of 2022 were 2,206 Boe/d, including 1,336 barrels of oil per day; 442 barrels of NGLs per day, and 2,569 thousand cubic feet per day (“Mcf/d”), or 428 Boe/d, of natural gas. Contributing to the sequential increase from the fourth quarter of 2022 was an 8% increase in production for Empire’s assets in North Dakota.

Empire reported $10.1 million of revenue for the first quarter of 2023 versus $10.7 million for the fourth quarter of 2022. Contributing to the decline was lower realized pricing as compared to the fourth quarter and a lower sequential loss on derivates, which was partially offset by higher sales volumes.

Lease operating expenses for the first quarter of 2023 were $6.5 million, which was a slight decrease from $6.6 million for the fourth quarter of 2022 despite increased sales volumes.

Production and ad valorem taxes for the first quarter of 2023 were $0.8 million and essentially flat with the fourth quarter 2022, and were 7.5% and 7.2% of total product revenue, respectively, for the first quarter of 2023 and fourth quarter of 2022.

General and administrative expenses, excluding share-based compensation expense, were $3.0 million, or $15.23 per Boe, in the first quarter of 2023 versus $2.7 million, or $13.65 per Boe, for the fourth quarter of 2022. Included in the first quarter of 2023 was $0.4 million, or $1.89 per Boe, of cash severance costs associated with departure of the Company’s previous Chief Executive Officer. Excluding these costs, Empire’s cash general and administrative expenses per Boe declined slightly.

Empire recorded a net loss for the first quarter 2023 of $2.5 million, or $0.11 per diluted share, versus a net loss of $2.3 million, or $0.10 per diluted share, in the fourth quarter of 2022. The Company posted an Adjusted Net Loss for the first quarter of 2023 of $1.9 million, or $0.08 per diluted share, versus an Adjusted Net Loss of $0.9 million, or $0.04 per diluted share, in the fourth quarter of 2022. The sequential quarterly decrease was primarily due to lower realized pricing partially offset by higher sales volumes during first quarter 2023.

Adjusted EBITDA was $0.2 million for the first quarter of 2023 compared to $1.3 million in the fourth quarter of 2022.

CAPITAL SPENDING, BALANCE SHEET & LIQUIDITY

For the three months ended March 31, 2023, the Company invested approximately $2.2 million in capital expenditures primarily related to the well enhancement project in North Dakota.

Total liquidity at the end of the first quarter of 2023 was $7.1 million, including $6.8 million of cash and approximately $0.3 million available on the Company’s Credit Facility. As of March 31, 2023, the Company had total debt of $7.1 million and working capital of $2.3 million. Empire remains squarely focused on continuing to execute on its proven strategy to remain financially conservative as it executes on its 2023 development program for its current business and will continue to evaluate opportunities to expand through targeted acquisitions that provide long-term value for the Company’s shareholders.

UPDATED PRESENTATION

An updated Company presentation will be posted by Friday, May 19 to the Company’s website under the Investors Relations section.

ABOUT EMPIRE PETROLEUM

Empire Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in Texas, Louisiana, North Dakota, Montana, and New Mexico. Management is focused on organic growth and targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells. More information about Empire can be found at www.empirepetroleumcorp.com.

SAFE HARBOR STATEMENT

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company’s estimates, strategy and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2022, and its other filings with the SEC. Readers and investors are cautioned that the Company’s actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and other risks and uncertainties related to the conduct of business by the Company. Other than as required by applicable securities laws, the Company does not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations, or otherwise.

 EMPIRE PETROLEUM CORPORATION

Condensed Consolidated Statements of Operations
(Unaudited)
             
  Three Months Ended   
  March 31.   December 31,   March 31.  
 

 

2023

 

 

 

2022

 

 

 

2022

 

 
Revenue:            
Oil Sales

 $

                     8,938,715

 $

                   9,731,245

 

 $

                   10,416,422

Gas Sales (1)

 

                    656,035

 

 

 

                         802,425

 

 

 

                            883,902

 

 
Natural Gas Liquids ("NGLs") Sales (1)

 

 504,954

 

 

 

                            457,504

 

 

 

                        1,215,494

 

 
Total Product Revenues

 

                      10,099,704

 

 

 

10,991,174

 

 

 

                      12,515,818

 

 
Other

 

                              19,364

 

 

 

                              30,552

 

 

 

                              24,043

 

 
Gain (Loss) on Derivatives

 

                            (66,823

)

 

 

                          (294,190

)

 

 

                          (112,321

)

 
Total Revenue

 

                      10,052,245

 

 

 

                      10,727,536

 

 

 

                      12,427,540

 

 
             
Costs and Expenses:            
Lease Operating Expense

 

                        6,520,163

 

 

 

                        6,602,984

 

 

 

                        4,572,401

 

 
Production and Ad Valorem Taxes

 

                            758,114

 

 

 

                            792,141

 

 

 

                            901,238

 

 
Depletion, Depreciation & Amortization

 

                            622,489

 

 

 

                            519,403

 

 

 

                            434,446

 

 
Accretion of Asset Retirement Obligation

 

                            401,275

 

 

 

                            348,799

 

 

 

                            330,000

 

 
Impairment

 

                                       -

 

 

 

                            936,620

 

 

 

                                       -

 

 
General and Administrative

 

                        3,972,918

 

 

 

                        3,743,598

 

 

 

                        2,455,380

 

 
             
Total Cost and Expenses

 

                    12,274,959

 

 

                      12,943,545

 

 

 

                        8,693,465

 

 
             
Operating Income (Loss)

 

                       (2,222,714

)

 

 

                       (2,216,009

)

 

 

                        3,734,075

 

 
             
Other Income and (Expense):            
Interest Expense

 

                          (237,299

)

 

 

                          (161,777

)

 

 

                          (110,648

)

 
Other Income (Expense)

 

                                    422

 

 

 

                            297,165

 

 

 

                                       -

 

 
             
Income (Loss) before Taxes

 

                       (2,459,591

)

 

 

                       (2,080,621

)

 

 

                        3,623,427

 

 
             
Income Tax (Provision) Benefit

 

                                       -

 

 

 

                          (208,898

)

 

 

                                       -

 

 
             
Net Income (Loss)

 $

                   (2,459,591

)

 

 $

                   (2,289,519

)

 

 $

                     3,623,427

 

 
             
Net Income  (Loss) per Common Share:            
Basic

 $

                              (0.11

)

 

 $

                              (0.10

)

 

 $

                               0.18

 

 
Diluted

 $

                              (0.11

)

 

 $

                              (0.10

)

 

 $

                               0.15

 

 
Weighted Average Number of Common Shares Outstanding:            
Basic

 

                      22,096,796

 

 

 

                      22,037,872

 

 

 

                      19,866,687

 

 
Diluted

 

                      22,096,796

 

 

 

                      22,037,872

 

 

 

                      24,018,453

 

 

 

(1)  Presentation for the three months ended March 31, 2022 reflects reclassification of gathering and processing costs from lease operating expense, which is consistent with the presentation of results for the three months ended March 31, 2023 and December 31, 2022.
EMPIRE PETROLEUM CORPORATION
Condensed Operating Data
(Unaudited)
             
    Three Months Ended  
    March 31,   December 31,   March 31,  
   

 

2023

 

 

2022

 

 

2022

 
                
Net Production Volumes:              
Oil (Bbl)  

 

120,257

 

 

121,592

 

 

114,255

 
Natural gas (Mcf)  

 

231,218

 

 

221,818

 

 

213,945

 
Natural gas liquids (Bbl)  

 

39,756

 

 

39,151

 

 

                            40,152

 
Total (Boe)  

 

198,549

 

 

197,712

 

 

190,064

 
             
Average daily equivalent sales (Boe/d)  

 

                              2,206

 

 

                              2,149

 

 

                              2,112

 
             
Average Price per Unit:              
Oil ($/Bbl)  

 $

                           74.33

 

 $

                           80.03

 

 $

                           91.17

 
Natural gas ($/Mcf)  

 $

                             2.84

 

 $

                             3.62

 

 $

                             4.13

 
Natural gas liquids ($/Bbl)  

 $

                           12.70

 

 $

                           11.69

 

 $

                           30.27

 
Total ($/Boe)  

 $

                           50.87

 

 $

                           55.59

 

 $

                           65.85

 
             
Operating Costs and Expenses per Boe:              
Lease operating expense  

 $

                           32.84

 

 $

                           33.40

 

 $

                           24.06

 
Production and ad valorem taxes  

 $

                             3.82

 

 $

                             4.01

 

 $

                             4.74

 
Depreciation, depletion, amortization and accretion  

 $

                             5.16

 

 $

                             4.39

 

 $

                             4.02

 
General & administrative (including share-based compensation)  

 $

                           20.01

 

 $

                           18.93

 

 $

                           12.92

 
General & administrative (excluding share-based compensation)  

 $

                           15.23

 

 $

                           13.65

 

 $

                           10.94

 
EMPIRE PETROLEUM CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
       
  March 31,   December 31,
 

 

2023

 

 

 

2022

 

       
ASSETS      
Current Assets:      
Cash

 $

                         6,763,873

 

 

 $

                    11,944,442

 

Accounts Receivable

 

                            6,504,017

 

 

 

                          7,780,239

 

Derivative Instruments

 

                                  93,168

 

 

 

                             121,584

 

Inventory

 

                            2,261,133

 

 

 

                          1,840,274

 

Prepaids

 

                            1,413,336

 

 

 

                          1,048,434

 

   Total Current Assets

 

                          17,035,527

 

 

 

                       22,734,973

 

       
Property and Equipment:      
Oil and Natural Gas Properties, Successful Efforts

 

                          66,127,534

 

 

 

                       63,986,339

 

Less: Accumulated Depreciation, Depletion and Impairment

 

                        (20,679,739

)

 

 

                      (20,116,696

)

Total Oil and Gas Properties, Net

 

                          45,447,795

 

 

 

                       43,869,643

 

Other Property and Equipment, Net

 

                            1,452,137

 

 

 

                          1,441,529

 

Total Property and Equipment, Net

 

                          46,899,932

 

 

 

                       45,311,172

 

       
Sinking Fund

 

                                             -

 

 

 

                          2,779,000

 

Utility and Other Deposits

 

                                746,884

 

 

 

                             719,930

 

       
TOTAL ASSETS

 $

                       64,682,343

 

 

 $

                    71,545,075

 

       
LIABILITIES AND STOCKHOLDERS' EQUITY      
Current Liabilities:      
Accounts Payable

 $

                         5,733,313

 

 

 $

                      5,843,366

 

Accrued Expenses

 

                            6,280,462

 

 

 

                          9,461,010

 

Current Portion of Lease Liability

 

                                256,975

 

 

 

                             256,975

 

Current Portion of Long-Term Debt

 

                            2,481,236

 

 

 

                          2,059,309

 

   Total Current Liabilities

 

                          14,751,986

 

 

 

                       17,620,660

 

       
Long-Term Debt

 

                            3,594,500

 

 

 

                          4,063,115

 

Long-Term Note Payable - Related Party

 

                            1,073,376

 

 

 

                          1,076,987

 

Long Term Lease Liability

 

                                519,852

 

 

 

                             547,692

 

Asset Retirement Obligations

 

                          25,142,831

 

 

 

                       25,000,740

 

Total Liabilities

 

                          45,082,545

 

 

 

                       48,309,194

 

       
Stockholders' Equity:      
Series A Preferred Stock - $.001 Par Value, 10,000,000 Shares Authorized, 6 and 6 Shares Issued and Outstanding, Respectively

 

                                           -

 

 

 

                                         -

 

Common Stock - $.001 Par Value, 190,000,000 Shares Authorized, 22,104,592 and 22,093,503 Shares Issued and Outstanding, Respectively

 

                                  81,626

 

 

 

                               81,615

 

Additional Paid-in Capital

 

                          74,126,976

 

 

 

                       75,303,479

 

Accumulated Deficit

 

                        (54,608,804

)

 

 

                      (52,149,213

)

Total Stockholders' Equity 

 

                          19,599,798

 

 

 

                       23,235,881

 

       
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 $

                       64,682,343

 

 

 $

                    71,545,075

 

       
EMPIRE PETROLEUM CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
     
  Three Months Ended  
  March 31,    December 31,    March 31,   
 

 

2023

 

 

 

2022

 

 

 

2022

 

 
             
Cash Flows From Operating Activities:            
Net Income (Loss)

 $

                 (2,459,591

)

 

 $

                 (2,289,519

)

 

 $

                   3,623,427

 

 
             
Adjustments to Reconcile Net Income (Loss) to Net Cash             
Provided By Operating Activities:            
Stock Compensation and Issuances

 

                         949,639

 

 

 

                      1,043,929

 

 

 

                               376,284

 

 
Amortization of Right of Use Assets

 

                            76,225

 

 

 

                         128,613

 

 

 

                                  39,706

 

 
Depreciation, Depletion and Amortization

 

                         622,489

 

 

 

                         519,403

 

 

 

                               434,446

 

 
Accretion of Asset Retirement Obligation

 

                         401,275

 

 

 

                         348,799

 

 

 

                               330,000

 

 
Impairment

 

                                     -

 

 

 

                         936,620

 

 

 

                                           -

 

 
(Gain) Loss on Derivatives

 

                            66,823

 

 

 

                         294,190

 

 

 

                               112,321

 

 
Settlement on or Purchases of Derivative Instruments 

 

                          (41,187

)

 

 

                          (15,449

)

 

 

                                (83,260

)

 
Change in Operating Assets and Liabilities:            
Accounts Receivable

 

                        (849,909

)

 

 

                    (2,116,239

)

 

 

                              (757,466

)

 
Inventory

 

                        (420,859

)

 

 

                        (234,917

)

 

 

                                  62,202

 

 
Prepaids, Current

 

                            89,812

 

 

 

                        (323,950

)

 

 

                               137,010

 

 
Other Long Term Assets and Liabilities

 

                        (213,611

)

 

 

                        (612,463

)

 

 

                                           -

 

 
Accounts Payable

 

                        (110,053

)

 

 

                      2,991,255

 

 

 

                          (1,654,437

)

 
Accrued Expenses

 

                    (3,177,767

)

 

 

                      2,478,344

 

 

 

                               440,471

 

 
Net Cash Provided By (Used In) Operating Activities

 

                          (5,066,714

)

 

 

                            3,148,616

 

 

 

                            3,060,704

 

 
             
Cash Flows from Investing Activities:            
Acquisition of Oil and Natural Gas Properties

 

                                     -

 

 

 

                        (497,613

)

 

 

                                           -

 

 
Additions to Oil and Natural Gas Properties

 

                    (2,210,004

)

 

 

                    (8,658,811

)

 

 

                              (424,651

)

 
Purchase of Other Fixed Assets 

 

                          (27,170

)

 

 

                            (3,442

)

 

 

                                  (9,030

)

 
Cash Paid for Right of Use Assets

 

                          (86,545

)

 

 

                        (133,690

)

 

 

                                (42,833

)

 
Sinking Fund Deposit

 

                      2,779,000

 

 

 

                      2,671,000

 

 

 

                              (480,000

)

 
Net Cash Provided By (Used In) Investing Activities

 

                               455,281

 

 

 

                          (6,622,556

)

 

 

                              (956,514

)

 
             
Cash Flows from Financing Activities:            
Principal Payments of Debt

 

                        (569,136

)

 

 

                        (315,673

)

 

 

                              (459,952

)

 
Proceeds from Stock and Warrant Issuance

 

                                     -

 

 

 

                                 212

 

 

 

                                  97,500

 

 
Net Cash Used In Financing Activities

 

                              (569,136

)

 

 

                              (315,461

)

 

 

                              (362,452

)

 
             
Net Change in Cash

 

                          (5,180,569

)

 

 

                          (3,789,401

)

 

 

                            1,741,738

 

 
             
Cash - Beginning of Period

 

                          11,944,442

 

 

 

                          15,733,843

 

 

 

                            3,611,871

 

 
             
Cash - End of Period

 $

                         6,763,873

 

 

 $

                      11,944,442

 

 

 $

                         5,353,609

 

 
             

 

Empire Petroleum Corporation

Non-GAAP Information

Certain financial information included in Empire’s financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures include “Adjusted Net Income (Loss)”, “EBITDA” and “Adjusted EBITDA”. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies.

Adjusted Net Income (Loss) is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current periods to prior periods.

Three Months Ended 
March 31,   December 31,   March 31,

 

2023

 

 

 

2022

 

 

 

2022

 

         
Net Income (Loss)

 $

                   (2,459,591

)

 

 $

                   (2,289,519

)

 

 $

                     3,623,427

 

         
Adjusted for:          
(Gain) loss on derivatives

 

                              66,823

 

 

                           294,190

 

 

                            112,321

 

Settlement on or purchases of derivative instruments

 

                            (41,187

)

 

                            (15,449

)

 

                            (83,260

)

Impairment cost

 

                                       -

 

 

 

                           936,620

 

 

 

                                       -

 

Stock-based compensation expense related to CEO separation

 

                            201,453

 

 

 

                                       -

 

 

 

                                       -

 

CEO severance

 

                            374,820

 

 

 

                                       -

 

 

 

                                       -

 

Settlement and fees related to Texas sales tax audit

 

                                       -

 

 

 

                           180,040

 

 

 

                            650,000

 

         
Adjusted Net Income (Loss)

 $

                   (1,857,682

)

 

 $

                      (894,118

)

 

 $

                     4,302,488

 

         
Diluted Weighted Average Shares Outstanding

 

                      22,096,796

 

 

 

                     22,037,872

 

 

 

                      24,018,453

 

         
Adjusted Net Income (Loss) Per Share

 $

                              (0.08

)

 

 $

                             (0.04

)

 

 $

                               0.18

 

 

The Company defines Adjusted EBITDA as net income (loss) plus net interest expense, depreciation, depletion and amortization (“DD&A”), accretion, amortization of loan issuance costs, right of use assets and discount on convertible notes, income tax (benefit) expense, and other non-cash items.

Company management believes this presentation is relevant and useful because it helps investors understand Empire’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. In addition, Adjusted EBITDA does not represent funds available for discretionary use.

Three Months Ended 
March 31,   December 31,   March 31,

 

2023

 

 

 

2022

 

 

 

2022

 

         
Net Income (Loss)

 $

                   (2,459,591

)

 

 $

                   (2,289,519

)

 

 $

                     3,623,427

 

         
Add Back:          
Interest Expense

 

                            237,299

 

 

 

                            161,777

 

 

 

                            110,648

 

DD&A

 

                            622,489

 

 

 

                            519,403

 

 

 

                            434,446

 

Accretion

 

                            401,275

 

 

 

                            348,799

 

 

 

                            330,000

 

Impairment cost

 

                                       -

 

 

 

                            936,620

 

 

 

                                       -

 

Amortization of right of use assets

 

                              76,225

 

 

 

                            128,613

 

 

 

                              39,706

 

EBITDA

 $

                   (1,122,303

)

 

 $

                       (194,307

)

 

 $

                     4,538,227

 

         
Adjustments:          
Stock compensation and issuances

 

                            949,639

 

 

 

                        1,043,929

 

 

 

                            376,284

 

(Gain) loss on derivatives

 

                              66,823

 

 

 

                            294,190

 

 

 

                            112,321

 

Settlement on or purchases of derivative instruments

 

                            (41,187

)

 

 

                            (15,449

)

 

 

                            (83,260

)

CEO severance

 

                            374,820

 

 

 

                                       -

 

 

 

                                       -

 

Settlement and fees related to Texas sales tax audit

 

                                       -

 

 

                            180,040

 

 

                            650,000

 

         
Adjusted EBITDA

 $

                        227,792

 

 

 $

                     1,308,403

 

 

 $

                     5,593,572

 

         

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Sunnyvale.com & California Media Partners, LLC. All rights reserved.