saex-10q_20180930.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10–Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

September 30, 2018

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to _______________

 

Commission File Number 001-35471

 

SAExploration Holdings, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

27-4867100

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

1160 Dairy Ashford Road, Suite 160, Houston, Texas, 77079

(Address of principal executive offices)

(Zip Code)

 

(281) 258-4400

(Registrant's telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes      No 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging Growth Company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No 

 

As of November 9, 2018, the registrant has 2,917,160 shares of common stock, $0.0001 par value, outstanding.

 

 

 


TABLE OF CONTENTS

 

 

 

 

 

 

 

 

Page

Part I. FINANCIAL INFORMATION

 

1

Item 1. Financial Statements

 

1

Condensed Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017

 

1

Condensed Consolidated Statements of Operations for the Three Months and Nine Months Ended September 30, 2018 and 2017

 

2

Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three Months and Nine Months Ended September 30, 2018 and 2017

 

3

Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) for the Nine Months Ended September 30, 2018

 

4

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2018 and 2017

 

5

Notes to Unaudited Condensed Consolidated Financial Statements

 

6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

21

Item 4. Controls and Procedures

 

26

Part II. OTHER INFORMATION

 

26

Item 1A. Risk Factors

 

26

Item 6. Exhibits

 

27

Signatures

 

29

 

 

 

 


PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS 

 

SAExploration Holdings, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except number of shares)

(Unaudited)

 

 

 

September 30,

2018

 

 

December 31,

2017

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

20,341

 

 

$

3,613

 

Restricted cash

 

 

 

 

 

41

 

Accounts receivable, net

 

 

19,165

 

 

 

6,105

 

Deferred costs on contracts

 

 

448

 

 

 

2,107

 

Prepaid expenses and other current assets

 

 

3,164

 

 

 

6,395

 

Total current assets

 

 

43,118

 

 

 

18,261

 

 

 

 

 

 

 

 

 

 

Property and equipment, net of accumulated depreciation and amortization of $79,336 and

   $72,649, respectively

 

 

38,080

 

 

 

32,946

 

Goodwill

 

 

1,782

 

 

 

1,832

 

Intangible assets, net of accumulated amortization of $807 and $732, respectively

 

 

4,182

 

 

 

671

 

Long-term accounts receivable, net

 

 

59,117

 

 

 

78,102

 

Deferred income taxes

 

 

4,914

 

 

 

4,592

 

Other assets

 

 

3,242

 

 

 

5,534

 

Total assets

 

$

154,435

 

 

$

141,938

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

7,594

 

 

$

4,551

 

Accrued liabilities

 

 

6,891

 

 

 

6,311

 

Income and other taxes payable

 

 

5,581

 

 

 

7,887

 

Current portion of long-term debt

 

 

6,954

 

 

 

995

 

Deferred revenue

 

 

2,043

 

 

 

1,477

 

Total current liabilities

 

 

29,063

 

 

 

21,221

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

87,349

 

 

 

120,298

 

Other long-term liabilities

 

 

381

 

 

 

608

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity (deficit):

 

 

 

 

 

 

 

 

Common stock, 1,747,990 and 471,177 shares outstanding, respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

231,644

 

 

 

133,742

 

Accumulated deficit

 

 

(194,033

)

 

 

(133,306

)

Accumulated other comprehensive loss

 

 

(3,077

)

 

 

(5,082

)

Treasury stock, at cost, 111,003 and 1,901 shares, respectively

 

 

(1,866

)

 

 

(113

)

SAExploration stockholders’ equity (deficit)

 

 

32,668

 

 

 

(4,759

)

Noncontrolling interest

 

 

4,974

 

 

 

4,570

 

Total stockholders’ equity (deficit)

 

 

37,642

 

 

 

(189

)

Total liabilities and stockholders’ equity (deficit)

 

$

154,435

 

 

$

141,938

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

1


SAExploration Holdings, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months

Ended September 30,

 

 

Nine Months

Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Revenue from services

 

$

15,003

 

 

$

22,452

 

 

$

69,009

 

 

$

122,180

 

Cost of services

 

 

16,085

 

 

 

18,172

 

 

 

61,800

 

 

 

87,575

 

Depreciation and amortization

 

 

2,951

 

 

 

2,809

 

 

 

7,667

 

 

 

9,007

 

Gross (loss) profit

 

 

(4,033

)

 

 

1,471

 

 

 

(458

)

 

 

25,598

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

14,858

 

 

 

6,005

 

 

 

46,998

 

 

 

18,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (loss) income

 

 

(18,891

)

 

 

(4,534

)

 

 

(47,456

)

 

 

6,718

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (expense) income, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(4,738

)

 

 

(7,496

)

 

 

(10,225

)

 

 

(24,415

)

Costs incurred on debt restructuring

 

 

 

 

 

(208

)

 

 

 

 

 

(208

)

Foreign exchange (loss) gain, net

 

 

(331

)

 

 

341

 

 

 

(2,510

)

 

 

(695

)

Other income (expense), net

 

 

27

 

 

 

2

 

 

 

181

 

 

 

(83

)

Total other expense, net

 

 

(5,042

)

 

 

(7,361

)

 

 

(12,554

)

 

 

(25,401

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(23,933

)

 

 

(11,895

)

 

 

(60,010

)

 

 

(18,683

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

1,364

 

 

 

1,950

 

 

 

107

 

 

 

4,175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(25,297

)

 

 

(13,845

)

 

 

(60,117

)

 

 

(22,858

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income (loss) attributable to noncontrolling

   interest

 

 

10

 

 

 

(75

)

 

 

904

 

 

 

1,972

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to SAExploration

 

$

(25,307

)

 

$

(13,770

)

 

$

(61,021

)

 

$

(24,830

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted loss per common share

 

$

(27.80

)

 

$

(29.30

)

 

$

(141.82

)

 

$

(52.94

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding (basic

   and diluted):

 

 

1,120

 

 

 

470

 

 

 

804

 

 

 

469

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2


SAExploration Holdings, Inc.

Condensed Consolidated Statements of Comprehensive (Loss) Income

(In thousands)

(Unaudited)

 

 

 

Three Months

Ended September 30,

 

 

Nine Months

Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Net loss

 

$

(25,297

)

 

$

(13,845

)

 

$

(60,117

)

 

$

(22,858

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

192

 

 

 

(362

)

 

 

2,005

 

 

 

(434

)

Comprehensive loss

 

 

(25,105

)

 

 

(14,207

)

 

 

(58,112

)

 

 

(23,292

)

Less comprehensive income (loss) attributable to

   noncontrolling interest

 

 

10

 

 

 

(75

)

 

 

904

 

 

 

1,972

 

Comprehensive loss attributable to SAExploration

 

$

(25,115

)

 

$

(14,132

)

 

$

(59,016

)

 

$

(25,264

)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3


SAExploration Holdings, Inc.

Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit)

(In thousands)

(Unaudited)

 

 

 

Common Stock

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Treasury

Stock

 

 

Total

SAExploration

Stockholders’

Equity (Deficit)

 

 

Non-controlling Interest

 

 

Total

Stockholders’

Equity (Deficit)

 

Balance at December 31, 2017

 

$

 

 

$

133,742

 

 

$

(133,306

)

 

$

(5,082

)

 

$

(113

)

 

$

(4,759

)

 

$

4,570

 

 

$

(189

)

Adoption of ASU 2016-16

 

 

 

 

 

 

 

 

294

 

 

 

 

 

 

 

 

 

294

 

 

 

 

 

 

294

 

Net (loss) income

 

 

 

 

 

 

 

 

(61,021

)

 

 

 

 

 

 

 

 

(61,021

)

 

 

904

 

 

 

(60,117

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

2,005

 

 

 

 

 

 

2,005

 

 

 

 

 

 

2,005

 

Equity-based compensation cost

 

 

 

 

 

9,114

 

 

 

 

 

 

 

 

 

 

 

 

9,114

 

 

 

 

 

 

9,114

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,753

)

 

 

(1,753

)

 

 

 

 

 

(1,753

)

Common stock issued in

   debt exchange

 

 

 

 

 

472

 

 

 

 

 

 

 

 

 

 

 

 

472

 

 

 

 

 

 

472

 

Discount on Series A

   preferred stock issued in

   debt exchange

 

 

 

 

 

61,971

 

 

 

 

 

 

 

 

 

 

 

 

61,971

 

 

 

 

 

 

61,971

 

Accretion of discount on

   Series A preferred stock

 

 

 

 

 

(61,971

)

 

 

 

 

 

 

 

 

 

 

 

(61,971

)

 

 

 

 

 

(61,971

)

Accretion of Series A preferred

   stock to redemption value

 

 

 

 

 

21,376

 

 

 

 

 

 

 

 

 

 

 

 

21,376

 

 

 

 

 

 

21,376

 

Dividend on Series A

   preferred stock

 

 

 

 

 

(1,614

)

 

 

 

 

 

 

 

 

 

 

 

(1,614

)

 

 

 

 

 

(1,614

)

Conversion of Series A

   preferred stock

 

 

 

 

 

(15,427

)

 

 

 

 

 

 

 

 

 

 

 

(15,427

)

 

 

 

 

 

(15,427

)

Common stock and Series

   E warrants issued in

   conversion of Series A

   preferred stock

 

 

 

 

 

54,045

 

 

 

 

 

 

 

 

 

 

 

 

54,045

 

 

 

 

 

 

54,045

 

Series B preferred stock

   issued in debt exchange

 

 

 

 

 

10,791

 

 

 

 

 

 

 

 

 

 

 

 

10,791

 

 

 

 

 

 

10,791

 

Discount on Series B

   preferred stock issued in

   debt exchange

 

 

 

 

 

(10,791

)

 

 

 

 

 

 

 

 

 

 

 

(10,791

)

 

 

 

 

 

(10,791

)

Accretion of discount on

   Series B preferred stock

 

 

 

 

 

10,791

 

 

 

 

 

 

 

 

 

 

 

 

10,791

 

 

 

 

 

 

10,791

 

Conversion of Series B

   preferred stock

 

 

 

 

 

(22,981

)

 

 

 

 

 

 

 

 

 

 

 

(22,981

)

 

 

 

 

 

(22,981

)

Common stock and Series

   D warrants issued in

   conversion of Series B

   preferred stock

 

 

 

 

 

22,981

 

 

 

 

 

 

 

 

 

 

 

 

22,981

 

 

 

 

 

 

22,981

 

Series C warrants issued in

   debt exchange

 

 

 

 

 

4,810

 

 

 

 

 

 

 

 

 

 

 

 

4,810

 

 

 

 

 

 

4,810

 

Stock issuance costs

 

 

 

 

 

(1,026

)

 

 

 

 

 

 

 

 

 

 

 

(1,026

)

 

 

 

 

 

(1,026

)

Conversion option related to

   6% convertible notes due

   2023, net of allocated costs

 

 

 

 

 

15,361

 

 

 

 

 

 

 

 

 

 

 

 

15,361

 

 

 

 

 

 

15,361

 

Distribution to noncontrolling

   interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(500

)

 

 

(500

)

Balance at September 30, 2018

 

$

 

 

$

231,644

 

 

$

(194,033

)

 

$

(3,077

)

 

$

(1,866

)

 

$

32,668

 

 

$

4,974

 

 

$

37,642

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4


SAExploration Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(60,117

)

 

$

(22,858

)

Adjustments to reconcile net loss to net cash (used in) provided by operating

   activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

7,960

 

 

 

9,300

 

Equity-based compensation cost

 

 

9,114

 

 

 

1,649

 

Gain on disposal of property and equipment

 

 

(315

)

 

 

(71

)

Provision for doubtful accounts

 

 

19,120

 

 

 

 

Amortization of loan issuance costs and debt discounts

 

 

4,115

 

 

 

14,886

 

Payment in kind interest

 

 

 

 

 

4,848

 

Unrealized loss (gain) on foreign currency transactions

 

 

2,420

 

 

 

(1,094

)

Gain on debt extinguishment

 

 

(53

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(4,663

)

 

 

16,269

 

Prepaid expenses and other current assets

 

 

1,800

 

 

 

(2,096

)

Deferred costs on contracts

 

 

1,659

 

 

 

8,444

 

Accounts payable

 

 

1,020

 

 

 

(6,593

)

Accrued liabilities

 

 

519

 

 

 

(4,409

)

Income and other taxes payable

 

 

(2,298

)

 

 

(5,218

)

Deferred revenue

 

 

(2,296

)

 

 

(7,975

)

Other, net

 

 

(49

)

 

 

62

 

Net cash (used in) provided by operating activities

 

 

(22,064

)

 

 

5,144

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Asset purchase

 

 

(21,749

)

 

 

 

Purchase of property and equipment

 

 

(1,044

)

 

 

(2,348

)

Proceeds from sale of property and equipment

 

 

657

 

 

 

1,965

 

Net cash used in investing activities

 

 

(22,136

)

 

 

(383

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Long-term debt repayments

 

 

(56,271

)

 

 

(35,166

)

Long-term debt borrowings

 

 

123,411

 

 

 

33,401

 

Capital lease repayments

 

 

 

 

 

(56

)

Debt issuance costs

 

 

(1,602

)

 

 

 

Stock issuance costs

 

 

(2,179

)

 

 

 

Purchase of treasury stock

 

 

(1,753

)

 

 

(113

)

Distribution to noncontrolling interest

 

 

(500

)

 

 

(1,095

)

Net cash provided by (used in) financing activities

 

 

61,106

 

 

 

(3,029

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

(219

)

 

 

344

 

Net change in cash, cash equivalents and restricted cash

 

 

16,687

 

 

 

2,076

 

Cash, cash equivalents and restricted cash at the beginning of period

 

 

3,654

 

 

 

11,996

 

Cash, cash equivalents and restricted cash at the end of period

 

$

20,341

 

 

$

14,072

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

5


SAExploration Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

 

NOTE 1.  BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Description of the Business

 

SAExploration Holdings, Inc. (“we,” “our” or “us) is an internationally–focused oilfield services company offering seismic data acquisition and logistical support services in North America, South America, West Africa and Southeast Asia to the oil and natural gas industry.

 

Basis of Presentation

 

Our unaudited condensed consolidated financial statements included herein include our accounts and those of our subsidiaries, which are wholly–owned or controlled by us, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  We believe that the presentations and disclosures herein are adequate to make the information not misleading. The unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) for a fair presentation of the interim periods.  The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for the full year.  These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in Item 8 of our Annual Report on Form 10–K for the year ended December 31, 2017.

 

On September 14, 2018, we effected a one–for–twenty reverse stock split of our common stock.  As of the effective time of the reverse stock split, every 20 shares of issued and outstanding common stock were converted into one share of common stock, without any change in par value.  The amendment to our third amended and restated certificate of incorporation also reduced the number of our authorized shares of common stock to 20.0 million shares.  Any fractional shares were cashed out based on the closing price per share on the effective date of the reverse stock split.  All references to shares of common stock, all per share data and all equity compensation activity for all periods presented in the unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidated financial statements have been adjusted to reflect the reverse stock split on a retrospective basis.

 

All intercompany accounts and transaction have been eliminated in consolidation.  In the Notes to Unaudited Condensed Consolidated Financial Statements, all dollar and share amounts in tabulations are in thousands of dollars and shares, respectively, unless otherwise indicated.  

 

Recently Adopted Accounting Pronouncements

 

On January 1, 2018, we adopted Accounting Standards Update (“ASU”) No. 2014–09, Revenue from Contracts with Customers, and the related amendments.  This ASU amended the existing accounting standards for revenue recognition and requires companies to recognize revenue when control of the promised goods or services is transferred to a customer at an amount that reflects the consideration a company expects to receive in exchange for those goods or services.

 

We elected to adopt ASU 2014–09 using the modified retrospective approach applied to those contracts that were not completed as of January 1, 2018.  Prior period amounts have not been adjusted and continue to be reflected in accordance with our historical accounting.  

 

 

 

 

 

 

 

 


6


SAExploration Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements (continued)

 

The impact of the adoption on our unaudited condensed consolidated statements of operations was as follows:

 

 

 

Balances

Without Adoption of

ASU 2014-09

 

 

Impact of Adoption of ASU 2014-09

 

 

As Reported

 

Three months ended September 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

Statement of operations:

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from services

 

$

15,838

 

 

$

(835

)

 

$

15,003

 

Cost of services

 

 

16,825

 

 

 

(740

)

 

 

16,085

 

Income taxes

 

 

1,399

 

 

 

(35

)

 

 

1,364

 

Net loss

 

 

(25,237

)

 

 

(60

)

 

 

(25,297

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

Statement of operations:

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from services

 

$

68,473

 

 

$

536

 

 

$

69,009

 

Cost of services

 

 

61,290

 

 

 

510

 

 

 

61,800

 

Income taxes

 

 

97

 

 

 

10

 

 

 

107

 

Net loss

 

 

(60,133

)

 

 

16

 

 

 

(60,117

)

 

The impact of the adoption on our unaudited condensed consolidated balance sheet was as follows:

 

 

 

September 30, 2018

 

 

 

Balances

Without Adoption of

ASU 2014-09

 

 

Impact of Adoption of ASU 2014-09

 

 

As Reported

 

Balance Sheet:

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

$

18,629

 

 

$

536

 

 

$

19,165

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accrued liabilities

 

 

6,381

 

 

 

510

 

 

 

6,891

 

Income and other taxes payable

 

 

5,571

 

 

 

10