Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 19, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K/A | ||
Amendment Flag | true | ||
Amendment Description | SAExploration Holdings, Inc. (together with its subsidiaries, “we”, “our” or “us”) is filing this Amendment No. 1 (this “Form 10 K/A”) to amend our Annual Report on Form 10 K for the year ended December 31, 2018, originally filed with the Securities and Exchange Commission (the “SEC”) on March 25, 2019 (the “Original Filing”), to restate our consolidated financial statements and related footnote disclosures as of December 31, 2018 and 2017 and for the years ended December 31, 2018 and 2017 included in “Item 8. Financial Statements and Supplementary Data”. This Form 10 K/A also amends certain other items in the Original Filing, as listed below. | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SAEX | ||
Entity Registrant Name | SAExploration Holdings, Inc. | ||
Entity Central Index Key | 0001514732 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 4,052,157 | ||
Entity Public Float | $ 13.2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | |||||||||
Cash and cash equivalents | $ 7,579 | $ 3,693 | |||||||
Restricted cash | 271 | 41 | |||||||
Accounts receivable, net | 26,463 | 6,105 | |||||||
Deferred costs on contracts | 3,746 | 1,780 | |||||||
Prepaid expenses and other current assets | 2,843 | 3,853 | |||||||
Total current assets | 40,902 | $ 44,546 | $ 22,309 | $ 39,320 | 15,472 | $ 30,316 | $ 38,929 | $ 74,829 | |
Property and equipment, net | 35,334 | 32,946 | |||||||
Multiclient seismic data library, net | 4,733 | 5,829 | $ 5,829 | ||||||
Goodwill | 1,687 | 1,832 | 1,711 | ||||||
Intangible assets, net | 4,066 | 671 | |||||||
Tax credits receivable, net | 13,198 | 19,089 | 22,705 | ||||||
Deferred income taxes | 2,160 | 2,338 | |||||||
Other assets | 267 | 3,086 | |||||||
Total assets | 102,347 | 114,418 | 83,031 | 100,255 | 81,263 | 96,889 | 107,609 | 146,818 | |
Current liabilities: | |||||||||
Accounts payable | 10,103 | 4,553 | |||||||
Accrued liabilities | 10,498 | 6,311 | |||||||
Income and other taxes payable | 3,331 | 8,434 | |||||||
Current portion of long-term debt | 7,837 | 995 | |||||||
Deferred revenue | 4,357 | 1,477 | |||||||
Total current liabilities | 36,126 | 28,725 | 24,950 | 28,282 | 21,770 | 50,065 | 46,603 | 70,361 | |
Long-term debt | 83,205 | 84,288 | 53,750 | 53,078 | 114,946 | 86,902 | 86,528 | 84,267 | |
Other long-term liabilities | 380 | 381 | 623 | 615 | 608 | ||||
Commitments and contingencies | |||||||||
Stockholders' deficit: | |||||||||
Common stock, 3,100,496 and 471,177 shares outstanding, respectively | 0 | 0 | |||||||
Additional paid-in capital | 232,661 | 133,742 | |||||||
Accumulated deficit | (249,349) | (189,178) | |||||||
Accumulated other comprehensive loss | (3,035) | (5,082) | |||||||
Treasury stock, 111,245 and 1,901 shares, respectively | (1,866) | (113) | |||||||
SAExploration stockholders’ deficit | (21,589) | (60,631) | |||||||
Noncontrolling interest | 4,225 | 4,570 | |||||||
Total stockholders’ deficit | (17,364) | $ 1,024 | $ (29,080) | $ (13,825) | (56,061) | $ (40,078) | $ (25,522) | $ (7,810) | $ (16,939) |
Total liabilities and stockholders’ deficit | 102,347 | 81,263 | |||||||
Senior Loan Facility | |||||||||
Current liabilities: | |||||||||
Current portion of long-term debt | $ 7,837 | $ 995 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Common stock, outstanding shares (in shares) | 3,100,496 | 471,177 |
Treasury stock, shares (in shares) | 111,245 | 1,901 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||||||||||
Revenue from services | $ 29,661 | $ 15,003 | $ 16,883 | $ 37,123 | $ 4,842 | $ 22,452 | $ 13,559 | $ 86,169 | $ 98,670 | $ 127,022 |
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
Cost of services | $ 25,693 | $ 16,193 | $ 19,710 | $ 26,005 | $ 5,654 | $ 18,172 | $ 11,629 | $ 57,774 | $ 87,601 | $ 93,229 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | ||||
Depreciation and amortization | 4,540 | $ 2,951 | 2,295 | $ 2,421 | 2,718 | $ 2,809 | 2,947 | $ 3,251 | $ 12,207 | $ 11,725 |
Gross (loss) profit | (572) | (4,141) | (5,122) | 8,697 | (3,530) | 1,471 | (1,017) | 25,144 | (1,138) | 22,068 |
Operating expenses: | ||||||||||
Selling, general and administrative expenses | 12,885 | 14,576 | 8,366 | 5,686 | 6,625 | 5,956 | 6,346 | 6,630 | 41,513 | 25,557 |
Misappropriation of funds | 454 | 265 | 128 | 233 | 177 | 123 | 115 | 67 | 1,080 | 482 |
Total operating expenses | 13,339 | 14,841 | 8,494 | 5,919 | 6,802 | 6,079 | 6,461 | 6,697 | 42,593 | 26,039 |
Operating loss | (13,911) | (18,982) | (13,616) | 2,778 | (10,332) | (4,608) | (7,478) | 18,447 | (43,731) | (3,971) |
Other (expense) income, net: | ||||||||||
Interest expense, net | (3,633) | (4,738) | (2,346) | (3,141) | (4,948) | (7,496) | (8,561) | (8,358) | (13,858) | (29,363) |
Foreign exchange loss, net | (907) | (331) | (2,005) | (174) | (613) | 341 | (1,347) | 311 | (3,417) | (1,308) |
Other income (expense), net | (283) | 1,372 | 92 | 145 | 19 | (206) | (72) | (13) | 1,326 | (272) |
Total other expense, net | (4,823) | (3,697) | (4,259) | (3,170) | (5,542) | (7,361) | (9,980) | (8,060) | (15,949) | (30,943) |
Loss before income taxes | (18,734) | (22,679) | (17,875) | (392) | (15,874) | (11,969) | (17,458) | 10,387 | (59,680) | (34,914) |
Income taxes | (37) | (48) | (34) | (1) | 559 | 1,769 | 592 | 1,822 | (120) | 4,742 |
Net loss | (18,697) | (22,631) | (17,841) | (391) | (16,433) | (13,738) | (18,050) | 8,565 | (59,560) | (39,656) |
Less: net income attributable to noncontrolling interest | 1 | 10 | 59 | 835 | (75) | 65 | 1,982 | 905 | 1,972 | |
Net loss attributable to SAExploration | $ (18,698) | $ (22,641) | $ (17,900) | $ (1,226) | $ (16,433) | $ (13,663) | $ (18,115) | $ 6,583 | $ (60,465) | $ (41,628) |
Basic and diluted loss per common share | $ (2.50) | $ (8.41) | $ (9.72) | $ (48.36) | $ (34.89) | $ (29.07) | $ (32.91) | $ (88.76) | ||
Weighted average common shares outstanding (basic and diluted) | 7,475 | 3,384 | 1,865 | 996 | 471 | 470 | 3,448 | 469 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (59,560) | $ (39,656) |
Foreign currency translation adjustment | 2,047 | (260) |
Comprehensive loss | (57,513) | (39,916) |
Less: comprehensive income attributable to noncontrolling interest | 905 | 1,972 |
Comprehensive loss attributable to SAExploration | $ (58,418) | $ (41,888) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Deficit - USD ($) $ in Thousands | Total | 6% Convertible Notes Due 2023 | Series A Preferred Stock | Series B Preferred Stock | Series C Warrants | Additional Paid-In Capital | Additional Paid-In Capital6% Convertible Notes Due 2023 | Additional Paid-In CapitalSeries A Preferred Stock | Additional Paid-In CapitalSeries B Preferred Stock | Additional Paid-In CapitalSeries C Warrants | Accumulated Deficit | Accumulated Other Comprehensive Loss | Treasury Stock | SAExploration Stockholders’ Equity (Deficit) | SAExploration Stockholders’ Equity (Deficit)6% Convertible Notes Due 2023 | SAExploration Stockholders’ Equity (Deficit)Series A Preferred Stock | SAExploration Stockholders’ Equity (Deficit)Series B Preferred Stock | SAExploration Stockholders’ Equity (Deficit)Series C Warrants | Non-controlling Interest |
Beginning balances at Dec. 31, 2016 | $ (16,939) | $ 131,817 | $ (147,550) | $ (4,822) | $ (20,555) | $ 3,616 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net loss | 8,565 | ||||||||||||||||||
Ending balances at Mar. 31, 2017 | (7,810) | ||||||||||||||||||
Beginning balances at Dec. 31, 2016 | (16,939) | 131,817 | (147,550) | (4,822) | (20,555) | 3,616 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net loss | (39,656) | (41,628) | (41,628) | 1,972 | |||||||||||||||
Other comprehensive income (loss) | (260) | (260) | (260) | ||||||||||||||||
Equity-based compensation cost | 1,925 | 1,925 | 1,925 | ||||||||||||||||
Purchase of treasury stock | (113) | $ (113) | (113) | ||||||||||||||||
Distribution to noncontrolling interest | (1,095) | (1,095) | |||||||||||||||||
Loss of control of variable interest entity | 77 | 77 | |||||||||||||||||
Ending balances at Dec. 31, 2017 | (56,061) | 133,742 | (189,178) | (5,082) | (113) | (60,631) | 4,570 | ||||||||||||
Beginning balances at Mar. 31, 2017 | (7,810) | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net loss | (18,050) | ||||||||||||||||||
Ending balances at Jun. 30, 2017 | (25,522) | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net loss | (13,738) | ||||||||||||||||||
Ending balances at Sep. 30, 2017 | (40,078) | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net loss | (16,433) | ||||||||||||||||||
Ending balances at Dec. 31, 2017 | (56,061) | 133,742 | (189,178) | (5,082) | (113) | (60,631) | 4,570 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Adoption of ASU 2016-16 | ASU 2016-16 | 294 | 294 | 294 | ||||||||||||||||
Net loss | (391) | ||||||||||||||||||
Ending balances at Mar. 31, 2018 | (13,825) | ||||||||||||||||||
Beginning balances at Dec. 31, 2017 | (56,061) | 133,742 | (189,178) | (5,082) | (113) | (60,631) | 4,570 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net loss | (59,560) | (60,465) | (60,465) | 905 | |||||||||||||||
Other comprehensive income (loss) | 2,047 | 2,047 | 2,047 | ||||||||||||||||
Equity-based compensation cost | 10,131 | 10,131 | 10,131 | ||||||||||||||||
Purchase of treasury stock | (1,753) | (1,753) | (1,753) | ||||||||||||||||
Common stock issued in debt exchange | 472 | 472 | 472 | ||||||||||||||||
Discount on preferred stock issued in debt exchange | $ 61,971 | $ (10,791) | $ 61,971 | $ (10,791) | $ 61,971 | $ (10,791) | |||||||||||||
Accretion of discount on preferred stock | (61,971) | 10,791 | (61,971) | 10,791 | (61,971) | 10,791 | |||||||||||||
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 preferred stock | (15,427) | (22,981) | (15,427) | (22,981) | (15,427) | (22,981) | |||||||||||||
Common stock and warrants issued in conversion of preferred stock | $ 54,045 | 22,981 | $ 54,045 | 22,981 | $ 54,045 | 22,981 | |||||||||||||
Series B preferred stock issued in debt exchange | $ 10,791 | $ 10,791 | $ 10,791 | ||||||||||||||||
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 | (1,250) | (1,250) | |||||||||||||||||
Ending balances at Dec. 31, 2018 | (17,364) | 232,661 | (249,349) | (3,035) | (1,866) | (21,589) | 4,225 | ||||||||||||
Beginning balances at Mar. 31, 2018 | (13,825) | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net loss | (17,841) | ||||||||||||||||||
Ending balances at Jun. 30, 2018 | (29,080) | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net loss | (22,631) | ||||||||||||||||||
Ending balances at Sep. 30, 2018 | 1,024 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net loss | (18,697) | ||||||||||||||||||
Ending balances at Dec. 31, 2018 | $ (17,364) | $ 232,661 | $ (249,349) | $ (3,035) | $ (1,866) | $ (21,589) | $ 4,225 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Deficit (Parenthetical) - 6% Convertible Notes Due 2023 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Debt stated interest rate percentage | 6.00% | 6.00% | 6.00% |
Debt, maturity year | 2023 | 2023 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (59,560) | $ (39,656) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 12,660 | 12,099 |
Tax credits used to offset production taxes | 1,443 | |
Reserve for potential tax credits monetization | 1,700 | |
Reserve for doubtful accounts | 536 | |
Equity-based compensation cost | 10,131 | 1,925 |
Loss (gain) on disposal of property and equipment | 288 | (101) |
Amortization of loan issuance costs and debt discounts | 5,565 | 16,602 |
Payment in kind interest | 4,848 | |
Unrealized loss (gain) on foreign currency transactions | 3,333 | (543) |
Gain on debt extinguishment | (53) | |
Deferred income taxes | 215 | 959 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (12,761) | 18,259 |
Deferred costs on contracts | (2,070) | 6,546 |
Prepaid expenses and other current assets | 868 | (1,511) |
Tax credits receivable | 2,748 | 3,616 |
Accounts payable | 5,817 | (4,866) |
Accrued liabilities | 4,270 | (5,933) |
Income and other taxes payable | (5,018) | (7,488) |
Deferred revenue | 83 | (6,496) |
Other, net | (338) | (14) |
Net cash used in operating activities | (30,143) | (1,754) |
Cash flows from investing activities: | ||
Asset purchase | (21,749) | |
Purchase of property and equipment | (1,262) | (2,670) |
Proceeds from sale of property and equipment | 830 | 1,910 |
Net cash used in investing activities | (22,181) | (760) |
Cash flows from financing activities: | ||
Long-term debt repayments | (59,207) | (34,301) |
Long-term debt borrowings | 123,411 | 33,401 |
Debt issuance costs | (2,715) | (1,166) |
Stock issuance costs | (1,712) | (2,904) |
Purchase of treasury stock | (1,753) | (113) |
Distribution to noncontrolling interest | (1,250) | (1,095) |
Net cash provided by (used in) financing activities | 56,774 | (6,178) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (334) | 245 |
Net change in cash, cash equivalents and restricted cash | 4,116 | (8,447) |
Cash, cash equivalents and restricted cash at the beginning of year | 3,734 | 12,181 |
Cash, cash equivalents and restricted cash at the end of year | $ 7,850 | $ 3,734 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | SAExploration Holdings, Inc. NOTE 1. ORGANIZATION AND NATURE OF BUSINESS SAExploration Holdings, Inc. (“we,” “our” or “us) is a full–service provider of seismic data acquisition, logistical support and processing services in North America, South America, Asia Pacific and West Africa to customers in the oil and natural gas industry. Our chief operating decision maker regularly reviews financial data by country to assess performance and allocate resources, resulting in the conclusion that each country in which we operate represents a reporting unit. As these reporting units are similar in terms of economic characteristics, nature of products, processes and type of customers, we have concluded that our seismic data contract services operations comprise one single reportable segment. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES (RESTATED) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (RESTATED) Basis of Presentation Our consolidated financial statements include our accounts and those of our subsidiaries which are wholly–owned, controlled by us or a variable interest entity where we are the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. The noncontrolling interest attributed to these entities, if any, are presented as “Noncontrolling interest” on our consolidated balance sheets and “Net income attributable to noncontrolling interest” on our consolidated statements of operations. In the Notes to Consolidated Financial Statements, except for Note 15 and Note 21, all dollar and share amounts in tabulations are in thousands of dollars and shares, respectively, unless otherwise indicated. 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. 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 consolidated financial statements and notes to the consolidated financial statements have been adjusted to reflect the reverse stock split on a retrospective basis. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. While we believe that the estimates and assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could materially differ from those estimates. Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. All our cash and cash equivalents are maintained with several major financial institutions. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, we have not experienced any losses in such accounts and we believe we are not exposed to any significant default risk. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. We monitor our customers’ payment history and current credit worthiness to determine that collectability is reasonably assured. We also consider the overall business climate in which our customers operate. We utilize the specific identification method for establishing and maintaining the allowance for doubtful accounts. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Property and Equipment Property and equipment is capitalized at historical cost or the relative fair value of assets acquired (see Note 4) and is depreciated using the straight–line method based on estimated economic lives. We expense costs for maintenance and repairs in the period incurred. Significant improvements and betterments are capitalized if they extend the useful life of the asset. Multiclient Seismic Data Library The multiclient seismic data library maintained by Alaskan Seismic Ventures, LLC (“ASV”) consists of completed seismic surveys that are primarily licensed on a nonexclusive basis. We capitalize costs directly incurred in acquiring and processing the multiclient seismic data. We expense these costs to “Cost of services” based on the percentage of the total costs to the estimated total revenue that we expect to receive from the sales of such data. However, under no circumstances will an individual survey carry a net book value greater than a five year, straight–line amortized value. Impairment of Long–Lived Assets We assess our long–lived assets, such and property and equipment, multiclient seismic data library and intangible assets, for possible impairment whenever events or circumstances indicate that the recorded carrying value of the long–lived asset may not be recoverable. If the carrying amount of the long–lived asset exceeds the sum of the estimated undiscounted future net cash flows, we recognize an impairment loss equal to the difference between the carrying value and the fair value of the long–lived asset, which is estimated through various valuation techniques including discounted cash flow models, quoted market prices and third–party appraisals. We assess our goodwill, all of which resides in our Canadian operations reporting unit (the “Reporting Unit”), at least annually for impairment, or more frequently if facts and circumstances indicate that it is more likely than not impairment has occurred. We have the option of first performing a qualitative assessment to determine if impairment may have occurred. If the qualitative assessment indicates that it is more likely than not that the fair value of the Reporting Unit is less than its carrying amount, then we would be required to perform the two–step impairment test. Under the first step in the impairment test, we compare the fair value of the Reporting Unit with its carrying amount, including goodwill. If the carrying amount of the Reporting Unit exceeds its fair value, the second step of the goodwill impairment test is performed. Under the second step in the impairment test, the implied fair value of goodwill is compared with its carrying amount. The implied fair value of goodwill is calculated by subtracting the estimated fair values of the Reporting Unit’s assets net of liabilities from the fair value of the Reporting Unit. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss shall be recognized in an amount equal to that excess. We determine the fair value of the Reporting Unit using a combination of the market approach and the income approach. Under the market approach, the fair value of the Reporting Unit is based on the Guideline Public Company (“GPC”) methodology using GPCs that are considered to be similar to us and whose stock are actively traded. Under the income approach, the fair value of the Reporting Unit is based on the expected present value of the future net cash flows. Tax Credits Receivable and Production Taxes Tax credits (“Tax Credits”) are earned through certain exploration incentives offered by the State of Alaska that are based on costs incurred by the explorer and approved by the Alaska Department of Revenue. The costs incurred in participating in this incentive program are related to a multiclient seismic data library maintained by ASV. The credits are recorded after costs are incurred and Tax Credit applications are submitted to and approved by the State of Alaska as an offset to the capitalized costs of the multiclient seismic data library since the incentive’s usage is consistent with usage of the multiclient seismic data library. Future sales related to the multiclient seismic data library are subject to a 35% production tax by the State of Alaska. These production taxes are expensed in the period incurred based on license sales and are satisfied through the usage of the Tax Credits receivable. If there are no available Tax Credits at that time, there would be a production tax liability that would need to be otherwise paid. Under this incentive program, the State of Alaska allows for any unused credits to be purchased for cash from the State if and when funds are allocated to the program, or transferred or sold to other parties for use against their production taxes. In 2018 and 2017, we sold $2.7 million and $3.6 million, respectively, of Tax Credits to a third party for use against their production taxes. Treasury Stock We record the repurchase of shares of our common stock at cost based on the settlement date of the transaction. These repurchased shares are classified as treasury stock in our consolidated balance sheets. Shares of treasury stock are included in our authorized and issued shares but excluded from outstanding shares. Variable Interest Entities A variable interest entity (“VIE”) is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. We consolidate a VIE when we are the primary beneficiary of such VIE. As primary beneficiary, we have both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. We reconsider our evaluation of whether to consolidate a VIE each reporting period based upon changes in the facts and circumstances pertaining to the VIE. Revenue Recognition Our services are provided under cancelable service contracts that typically have an original expected duration of one year or less. These contracts are either fixed price agreements that provide for a fixed fee per unit of measure (“Turnkey”) or variable price agreements that provide for a fixed hourly, daily or monthly fee during the term of the project (“Term”). Under both types of agreements, we recognize revenue as the services are performed. We recognize revenue based upon quantifiable measures of progress, such as square or linear kilometers surveyed, each unit of data recorded or other methods using the total estimated revenue for the service contract. We receive reimbursements for certain out–of–pocket expenses under the terms of the service contracts. The amounts billed to clients are included at their gross amount in the total estimated revenue for the service contract. Clients are billed as permitted by the service contract. Contract assets and contract liabilities are the result of timing differences between revenue recognition, billing and cash collections. If billing occurs prior to the revenue recognition or if billing exceeds the revenue recognized, the amount is considered deferred revenue and a contract liability. Conversely, if the revenue recognition exceeds the billing, the exceeded amount is considered unbilled receivable and a contract asset. As services are performed, those deferred revenue amounts are recognized as revenue. In some instances, third party permitting, surveying, drilling, helicopter, equipment rental and mobilization costs that directly relate to the contract are utilized to fulfill the contract obligations. These fulfillment costs are capitalized and a mortized consistent with how the related revenue is recognized unless we determine the costs are no longer recoverable, at which time they are expensed. Estimates for our total revenue and total fulfillment cost on any service contract are based on significant qualitative and quantitative judgments. Our management considers a variety of factors such as whether various components of the performance obligation will be performed internally or externally, cost of third party services, and facts and circumstances unique to the performance obligation in making these estimates. As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update the estimates during each reporting period. We recognize these adjustments in revenues under the cumulative catch–up method which recognizes the impact of the adjustment on revenue to date in the period the adjustment is identified. Revenue in future periods of performance is recognized using the adjusted estimate. At times, we may also recognize revenue from licensing of data that has already been created and is available for delivery. This seismic data license represents a single performance obligation that is typically recognized at a point in time. We recognize this revenue upon the transfer of control to the customer at an amount that reflects the consideration we expect to receive in exchange for these licenses. We recognized $4.1 million of revenues from the sale of licenses in 2018. We did not recognize any revenues from the sales of licenses in 2017. Foreign Exchange Gains and Losses Assets and liabilities of non–U.S. operations with a functional currency other than the U.S. dollar have been translated at exchange rates in effect at the balance sheet dates, and revenues, expenses and cash flows have been translated at average exchange rates for the respective periods. Any resulting translation gains and losses are included in accumulated other comprehensive income (loss). Gains and losses from foreign currency transactions, such as those resulting from transactions denominated in a currency other than the functional currency of the entity involved and those resulting from remeasurements of monetary items, are included in our consolidated statements of operations. In addition, as we have not designated our intercompany transactions as being of a long–term nature, gains and losses on these transactions are included in our consolidated statements of operations. Income Taxes We use the liability method to determine our income tax provisions, under which current and deferred tax liabilities and assets are recorded in accordance with enacted tax laws and rates. Under this method, the amounts of deferred tax liabilities and assets at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered. Valuation allowances are established to reduce deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Concentration of Credit Risk Our revenues are derived from a concentrated customer base; however, we are not substantially dependent on any one customer. Based on the nature of our contracts and customer projects, our significant customers can and typically do change from year to year and the largest customers in any one year may not be indicative of the largest customers in the future. In both 2018 and 2017, we had three customers that individually exceeded 10% of our consolidated revenue from services and represented approximately 43% and 75%, respectively, of our consolidated revenue from services. Recently Adopted Accounting Pronouncements On January 1, 2018, we adopted Accounting Standards Update (“ASU”) No. 2014–09, Revenue from Contracts with Customers . 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. The adoption did not have a material impact on either our consolidated balance sheet or consolidated statement of operations as of and for the year ended December 31, 2018. On January 1, 2018, we adopted ASU 2016–16. Intra–Entity Transfers of Assets Other Than Inventory On January 1, 2018, we adopted ASU 2017–01, Clarifying the Definition of a Business ASU 2017–01 clarified the definition of a business by adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU provides a screen to determine when a set is not a business. If the screen is not met, ASU 2017–01 (i) requires that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (ii) removes the evaluation of whether a market participant could replace missing elements. New Accounting Standards to be Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016–02, Leasing Codification Improvements to Topic 842, Targeted Improvements, The new standards provide for certain practical expedients when adopting the new guidance. We have elected the practical expedient package outlined in ASU No. 2016–02 under which we can carryforward our previous classification of a lease as either an operating or capital lease, and we do not have to reassess previously recorded initial direct costs. Additionally, we made policy elections allowing us to exclude leases with original terms of 12 months or less from lease assets and liabilities and to not separate nonlease components from the associated lease component and instead account for both as a single lease component for all asset classes. We did not elect the practical expedient allowing us to use hindsight to determine the lease term and to assess any impairment of lease assets during the lookback period. We currently expect the adoption of the new standards to result in the recognition of right–of–use assets between a range of approximately $9.5 million to $10.5 million and the corresponding lease liabilities between a range of approximately $9.5 million to $10.5 million. We do not expect the adoption of the new standards to have a material impact on our results of operations or cash flows. In January 2017, the FASB issued ASU 2017–04, Simplifying the Test for Goodwill Impairment No other new accounting pronouncements issued or effective during the year ended December 31, 2018 have had or are expected to have a material impact on our consolidated financial statements. |
RESTATEMENT OF PREVIOUSLY REPOR
RESTATEMENT OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
RESTATEMENT OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS | NOTE 3. RESTATEMENT OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS Background of the Restatement As previously disclosed, the Securities and Exchange Commission (the “SEC”) has been conducting an investigation of certain matters, including with respect to revenue recognition, accounts receivable and tax credits. The Department of Justice (the “DOJ”) is conducting a parallel investigation with the SEC. We have been cooperating and will continue to cooperate with the SEC and the DOJ in their investigations. On August 5, 2019, our Board of Directors (the “Board”) established a special committee of independent directors (the “Special Committee”) to oversee an internal investigation with respect to the SEC investigation and any related matters. In turn, the Special Committee engaged its own legal and forensic accounting advisors, in addition to certain consulting services providers. Also in August 2019, the Audit Committee undertook an assessment of the accuracy of our historical financial statements and related disclosures that were contained in previously filed periodic reports. On August 14, 2019, the Audit Committee and the Board concluded that our previously issued consolidated financial statements and financial information relating to each of the fiscal years ended December 31, 2015, 2016, 2017 and 2018 and our condensed consolidated financial statements for the quarters and year–to–date periods ended June 30, 2015 through March 31, 2019 (collectively, the “Non–Reliance Periods”) contained errors, should no longer be relied upon and should be restated, and that other financial information, any earnings releases, investor presentations or other communications related thereto covering the Non–Reliance Periods should also no longer be relied upon. The Audit Committee’s and the Board’s decision to restate our consolidated financial statements for the Non–Reliance Periods arose from our re–evaluation of our relationship with ASV, which had not been consolidated into our financial statements. In August 2019, we determined that ASV is a VIE, that we had a controlling financial interest in ASV, and that we are the primary beneficiary of ASV, which, among other factors, required us to consolidate ASV during the Non-Reliance Periods in accordance with GAAP. The Special Committee’s investigation identified that Global Equipment Solutions LLC (“Global Equipment”), one of our vendors in 2015 and 2016, was formed by Brent Whiteley, our former Chief Financial Officer and General Counsel, and controlled by Mr. Whiteley and/or Jeff Hastings, our former Chief Executive Officer. In 2015 and 2016, we paid an aggregate of approximately $12.0 million to Global Equipment pursuant to the following agreements. In August 2011, we entered into an agreement (the “Transfer Agreement”) with NES, LLC (“NES”), pursuant to which NES retained a transfer fee (the “Transfer Fee”) in connection with the transfer of a customer contract from NES to us. NES is a legal entity that was previously owned and/or controlled by Mr. Hastings that we subsequently acquired in October 2011. The Transfer Fee was assigned to a separate legal entity controlled by Mr. Hastings prior to our acquisition of NES in October 2011 and was subsequently assigned to Global Equipment. The authenticity of the Transfer Agreement and the subsequent assignments of the Transfer Fee have not been confirmed. Furthermore, the foregoing agreements and the obligation to pay the Transfer Fee to NES, Global Equipment and/or Mr. Hastings was not disclosed. The payments made to Global Equipment in satisfaction of the purported Transfer Fee were previously recorded as rental expense in 2015 and 2016. These amounts have now been reclassified in our consolidated statements of operations as misappropriation of funds in 2015 and 2016. Of the approximately $12.0 million paid to Global Equipment, approximately $5.9 million was transferred through entities formed and/or controlled by Mr. Hastings and Mr. Whiteley to ASV as capital contributions in December 2015. This investment in ASV was not disclosed. ASV was formed as a seismic data library company in 2015, and we previously reported revenue from ASV of approximately $57.3 million in 2016 and approximately $83.8 million in 2015. The remaining approximately $6.1 million paid to Global Equipment was transferred to Mr. Hastings and Mr. Whiteley and/or to entities formed and/or controlled by them. These payments were not disclosed. The Special Committee’s investigation also identified the misappropriation of approximately $4.1 million by Mr. Whiteley from 2012 to 2019, which amount has been reclassified in our consolidated statement of operations as a loss from a misappropriation of funds for such periods. A portion of these funds were paid to RVI Consulting, Inc. (“RVI”), a legal entity owned and/or controlled by Mr. Whiteley. The payments made to RVI were not disclosed. The majority of the payments to RVI were previously recorded as legal and professional expenses in the prior periods. The Special Committee’s investigation also identified the misappropriation of approximately $0.5 million by Mr. Hastings during 2013 related to a reimbursement of Mr. Hastings’ individual tax liability, which has been corrected in our consolidated statement of operations during the year ended December 31, 2014 as a reduction to income tax expense. Effects of the Restatement As a result of the determination that ASV is a VIE, in which we have a controlling financial interest and are the primary beneficiary, we are consolidating ASV for all periods beginning in 2015. The consolidation of ASV for the periods prior to January 1, 2017 resulted in a reduction of stockholders’ equity of approximately $52.8 million due to the consolidation and elimination of inter-company transactions. The assets of ASV consist of a seismic data library in Alaska for which we provided the seismic data acquisition services, tax credits received from the State of Alaska under the rebatable oil and gas production tax credit regime and cash on hand. The tax credits were recorded as a reduction in the value of the seismic data library as a reimbursement of the costs incurred to acquire the data library. ASV has no significant liabilities other than its payable to us for the seismic data acquisition services and has approximately $5.9 million in capital contributions as described above. For the years ended December 31, 2018 and 2017, considering the approximately $52.8 million reduction in stockholders equity discussed above, the consolidation of ASV resulted in an increase and a (decrease) in stockholders’ equity of approximately $18.7 million and approximately $(0.1) million, respectively. In 2018, we previously recorded an allowance for doubtful accounts of approximately $19.0 million against our accounts receivable related to ASV. The receivable was eliminated upon consolidation of ASV and the allowance for doubtful accounts was reversed. We have reclassified certain items in our consolidated statement of operations as loss from a misappropriation of funds disclosed above, of which approximately $1.1 million, $0.5 million, $0.4 million, $0.5 million and $0.2 million are related to the misappropriation of funds by Mr. Whiteley in 2018, 2017, 2016, 2015 and 2014, respectively, and approximately $5.2 million and $6.8 million are related to misappropriation of funds as a result of payments made to Global Equipment in 2016 and 2015, respectively. We have also restated our 2014 financials for the misappropriation by Mr. Hastings in 2013 discussed above. In addition, we are restating our consolidated financial statements to correct for unrelated material accounting errors in prior periods, including the following: • We failed to record royalty income related to our acquisition of certain assets of Geokinetics, Inc., discussed in Note 4. We acquired a royalty agreement relating to a multiclient seismic data library, which was sold by Geokinetics, Inc. to a third party prior to our acquisition of the Geokinetics assets. The royalty agreement provided for a royalty of 20% of future sales of the multiclient seismic data library for a three–year period, not to exceed $5.0 million in royalty income. To correct this error in the subsequent accounting for the royalty agreement, we have recorded royalty income related to this agreement of approximately $1.6 million in 2018. The royalty income is included in accounts receivable and other income in the accompanying financial statements, which resulted in an increase to our current assets and a decrease to our net loss. We collected this accounts receivable in the third and fourth quarters of 2019. • We also identified an error related to the recording of deferred taxes in our Colombia and Bolivia subsidiaries. Based upon our internal review of the decision to record a 100% valuation allowance in 2018 related to these subsidiaries, we determined that the factors leading to the full valuation allowance of the deferred tax assets were present in previous periods and were not appropriately considered. As a result of this error, we have decreased and increased income tax expense by approximately $2.5 million and $0.4 million for the years ended December 31, 2018 and 2017, respectively. Along with restating our consolidated financial statements to correct the errors discussed above, we corrected our weighted average shares outstanding (basic and diluted) to include penny warrants in the computation of loss per common share and we recorded adjustments for certain immaterial accounting errors and reclassifications related to the periods covered in this Form 10–K/A. As part of the restatement, we have also restated our disclosures with respect to related party transactions in “Item 13. Certain Relationships and Related Transactions and Director Independence” of this Form 10–K/A and in Note 21. In connection with the restatement of our consolidated financial statements in this Form 10–K/A, management determined that material weaknesses exist in our internal control over financial reporting and that our disclosure controls and procedures were ineffective during the Non–Reliance Periods. For a description of the material weaknesses identified by management and management’s implemented and planned remediations for those material weaknesses, please see “Item 9A. Controls and Procedures” of this Form 10-K/A. The consolidated financial statements included in this Form 10–K/A have been restated to reflect the adjustments described above. The tables below summarize the effects of the restatement on our (i) consolidated balance sheets at December 31, 2018 and 2017; (ii) consolidated statements of operations for the years ended December 31, 2018 and 2017; (iii) consolidated statement of changes in stockholders’ deficit for the year ended December 31, 2017; and (iv) consolidated statements of cash flows for the years ended December 31, 2018 and 2017. A summary of the effect of the restatement on the consolidated statement of changes to stockholders’ equity for the year ended December 31, 2018 and the consolidated statements of comprehensive loss for the years ended December 31, 2018 and 2017 are not presented because the impact to accumulated deficit and comprehensive loss are reflected below in the consolidated balance sheet summaries and consolidated statements of operations summaries. Additionally, see Note 24 for a summary of the effect of the restatement on our unaudited quarterly periods in 2018 and 2017. In addition to the restatement of the consolidated financial statements, certain information within the following notes to the consolidated financial statements has been restated to reflect the correction of errors discussed above as well as to add disclosure language as appropriate: • Note 2. Summary of Significant Accounting Policies; • Note 6. Multiclient Seismic Data Library, Net; • Note 8. Tax Credits Receivable, Net; • Note 9. Long–Term Debt; • Note 10. Commitments and Contingencies; • Note 13. Variable Interest Entities; • Note 14. Revenue from Services; • Note 17. Income Taxes; • Note 18. Loss per Common Share; • Note 20. Other Supplemental Information; • Note 21. Related Party Transactions; • Note 22. Geographic and Related Information; • Note 23. Supplemental Guarantor Information; • Note 24. Quarterly Data (Unaudited); and • Note 25. Subsequent Events (Unaudited). Summary of Restatement – Consolidated Balance Sheets The effects of the restatement on our consolidated balance sheets are as follows: December 31, 2018 Previously Reported Adjustments Restated ASSETS Current assets: Cash and cash equivalents $ 7,192 $ 387 $ 7,579 Restricted cash 271 — 271 Accounts receivable, net 24,859 1,604 26,463 Deferred costs on contracts 3,717 29 3,746 Prepaid expenses and other current assets 2,813 30 2,843 Total current assets 38,852 2,050 40,902 Property and equipment, net 35,334 — 35,334 Multiclient seismic data library, net — 4,733 4,733 Goodwill 1,687 — 1,687 Intangible assets, net 4,066 — 4,066 Long-term accounts receivable, net 52,804 (52,804 ) — Tax credits receivable, net — 13,198 13,198 Deferred income taxes 2,015 145 2,160 Other assets 2,715 (2,448 ) 267 Total assets $ 137,473 $ (35,126 ) $ 102,347 LIABILITIES AND STOCKHOLDERS' EQUTY (DEFICIT) Current liabilities: Accounts payable $ 10,103 $ — $ 10,103 Accrued liabilities 10,498 — 10,498 Income and other taxes payable 3,331 — 3,331 Current portion of long-term debt 7,837 — 7,837 Deferred revenue 4,298 59 4,357 Total current liabilities 36,067 59 36,126 Long-term debt 85,653 (2,448 ) 83,205 Other long-term liabilities 380 — 380 Commitments and contingencies Stockholders' equity (deficit): Common stock — — — Additional paid-in capital 232,661 — 232,661 Accumulated deficit (216,612 ) (32,737 ) (249,349 ) Accumulated other comprehensive loss (3,035 ) — (3,035 ) Treasury stock (1,866 ) — (1,866 ) SAExploration stockholders’ equity (deficit) 11,148 (32,737 ) (21,589 ) Noncontrolling interest 4,225 — 4,225 Total stockholders’ equity (deficit) 15,373 (32,737 ) (17,364 ) Total liabilities and stockholders’ equity (deficit) $ 137,473 $ (35,126 ) $ 102,347 December 31, 2017 Previously Reported Adjustments Restated ASSETS Current assets: Cash and cash equivalents $ 3,613 $ 80 $ 3,693 Restricted cash 41 — 41 Accounts receivable, net 6,105 — 6,105 Deferred costs on contracts 1,780 — 1,780 Prepaid expenses and other current assets 6,722 (2,869 ) 3,853 Total current assets 18,261 (2,789 ) 15,472 Property and equipment, net 32,946 — 32,946 Multiclient seismic data library, net — 5,829 5,829 Goodwill 1,832 — 1,832 Intangible assets, net 671 — 671 Long-term accounts receivable, net 78,102 (78,102 ) — Tax credits receivable, net — 19,089 19,089 Deferred income taxes 4,592 (2,254 ) 2,338 Other assets 5,534 (2,448 ) 3,086 Total assets $ 141,938 $ (60,675 ) $ 81,263 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 4,551 $ 2 $ 4,553 Accrued liabilities 6,311 — 6,311 Income and other taxes payable 7,887 547 8,434 Current portion of long-term debt 995 — 995 Deferred revenue 1,477 — 1,477 Total current liabilities 21,221 549 21,770 Long-term debt 120,298 (5,352 ) 114,946 Other long-term liabilities 608 — 608 Commitments and contingencies Stockholders' deficit: Common stock — — — Additional paid-in capital 133,742 — 133,742 Accumulated deficit (133,306 ) (55,872 ) (189,178 ) Accumulated other comprehensive loss (5,082 ) — (5,082 ) Treasury stock (113 ) — (113 ) SAExploration stockholders’ deficit (4,759 ) (55,872 ) (60,631 ) Noncontrolling interest 4,570 — 4,570 Total stockholders’ deficit (189 ) (55,872 ) (56,061 ) Total liabilities and stockholders’ deficit $ 141,938 $ (60,675 ) $ 81,263 Summary of Restatement – Consolidated Statements of Operations The effects of the restatement on our consolidated statements of operations are as follows: Year Ended December 31, 2018 Previously Reported Adjustments Restated Revenue from services $ 94,604 $ 4,066 $ 98,670 Cost of services 86,065 1,536 87,601 Depreciation and amortization 11,111 1,096 12,207 Gross loss (2,572 ) 1,434 (1,138 ) Operating expenses: Selling, general and administrative expenses 59,933 (18,420 ) 41,513 Misappropriation of funds — 1,080 1,080 Total operating expenses 59,933 (17,340 ) 42,593 Operating loss (62,505 ) 18,774 (43,731 ) Other (expense) income, net: Interest expense, net (13,858 ) — (13,858 ) Foreign exchange loss, net (3,417 ) — (3,417 ) Other income (expense), net (491 ) 1,817 1,326 Total other expense, net (17,766 ) 1,817 (15,949 ) Loss before income taxes (80,271 ) 20,591 (59,680 ) Income taxes 2,424 (2,544 ) (120 ) Net loss (82,695 ) 23,135 (59,560 ) Less: net income attributable to noncontrolling interest 905 905 Net loss attributable to SAExploration $ (83,600 ) $ 23,135 $ (60,465 ) Basic and diluted loss per common share $ (102.25 ) $ 69.34 $ (32.91 ) Weighted average common shares outstanding (basic and diluted) 1,336 2,112 3,448 Year Ended December 31, 2017 Previously Reported Adjustments Restated Revenue from services $ 127,022 $ — $ 127,022 Cost of services 93,229 — 93,229 Depreciation and amortization 11,725 — 11,725 Gross profit 22,068 — 22,068 Operating expenses: Selling, general and administrative expenses 25,596 (39 ) 25,557 Misappropriation of funds — 482 482 Total operating expenses 25,596 443 26,039 Operating loss (3,528 ) (443 ) (3,971 ) Other (expense) income, net: Interest expense, net (29,363 ) — (29,363 ) Foreign exchange loss, net (1,308 ) — (1,308 ) Other income (expense), net (272 ) — (272 ) Total other expense, net (30,943 ) — (30,943 ) Loss before income taxes (34,471 ) (443 ) (34,914 ) Income taxes 4,313 429 4,742 Net loss (38,784 ) (872 ) (39,656 ) Less: net income attributable to noncontrolling interest 1,972 — 1,972 Net loss attributable to SAExploration $ (40,756 ) $ (872 ) $ (41,628 ) Basic and diluted loss per common share $ (86.90 ) $ (1.86 ) $ (88.76 ) Summary of Restatement – Consolidated Statement of Changes in Stockholders’ Deficit The effects of the restatement on our consolidated statement of changes in stockholder’s deficit are as follows: Year Ended December 31, 2017 Previously Reported Adjustments Restated Balance at December 31, 2016 $ 38,061 $ (55,000 ) $ (16,939 ) Net loss (38,784 ) (872 ) (39,656 ) Other comprehensive loss (260 ) — (260 ) Equity-based compensation cost 1,925 — 1,925 Purchase of treasury stock (113 ) — (113 ) Distribution to noncontrolling interest (1,095 ) — (1,095 ) Loss of control of variable interest entity 77 — 77 Balance at December 31, 2017 $ (189 ) $ (55,872 ) $ (56,061 ) Summary of Restatement – Consolidated Statements of Cash Flows The effects of the restatement on our consolidated statements of cash flows are as follows: Year Ended December 31, 2018 Previously Reported Adjustments Restated Cash flows from operating activities: Net loss $ (82,695 ) $ 23,135 $ (59,560 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 11,564 1,096 12,660 Tax credits used to offset production taxes — 1,443 1,443 Reserve for potential tax credits monetization — 1,700 1,700 Reserve for doubtful accounts 19,522 (18,986 ) 536 Equity-based compensation cost 10,131 — 10,131 Loss on disposal of property and equipment 308 (20 ) 288 Amortization of loan issuance costs and debt discounts 5,565 — 5,565 Unrealized loss on foreign currency transactions 3,333 — 3,333 Gain on debt extinguishment (53 ) — (53 ) Deferred income taxes 2,614 (2,399 ) 215 Changes in operating assets and liabilities: Accounts receivable (4,846 ) (7,915 ) (12,761 ) Deferred costs on contracts (2,041 ) (29 ) (2,070 ) Prepaid expenses and other current assets 2,326 (1,458 ) 868 Tax credits receivable — 2,748 2,748 Accounts payable 5,819 (2 ) 5,817 Accrued liabilities 4,270 — 4,270 Income and other taxes payable (4,471 ) (547 ) (5,018 ) Deferred revenue 24 59 83 Other, net (338 ) — (338 ) Net cash used in operating activities (28,968 ) (1,175 ) (30,143 ) Cash flows from investing activities: Asset purchase (21,749 ) — (21,749 ) Purchase of property and equipment (1,262 ) — (1,262 ) Proceeds from sale of property and equipment 810 20 830 Net cash used in investing activities (22,201 ) 20 (22,181 ) Cash flows from financing activities: Long-term debt repayments (59,207 ) — (59,207 ) Long-term debt borrowings 123,411 — 123,411 Debt issuance costs (2,715 ) — (2,715 ) Stock issuance costs (3,174 ) 1,462 (1,712 ) Purchase of treasury stock (1,753 ) — (1,753 ) Distribution to noncontrolling interest (1,250 ) — (1,250 ) Net cash provided by financing activities 55,312 1,462 56,774 Effect of exchange rate changes on cash, cash equivalents and restricted cash (334 ) — (334 ) Net change in cash, cash equivalents and restricted cash 3,809 307 4,116 Cash, cash equivalents and restricted cash at the beginning of year 3,654 80 3,734 Cash, cash equivalents and restricted cash at the end of year $ 7,463 $ 387 $ 7,850 Year Ended December 31, 2017 Previously Reported Adjustments Restated Cash flows from operating activities: Net loss $ (38,784 ) $ (872 ) $ (39,656 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 12,099 — 12,099 Equity-based compensation cost 1,925 — 1,925 Gain on disposal of property and equipment (101 ) — (101 ) Amortization of loan issuance costs and debt discounts 16,602 — 16,602 Payment in kind interest 4,848 — 4,848 Unrealized gain on foreign currency transactions (543 ) — (543 ) Deferred income taxes 530 429 959 Changes in operating assets and liabilities: Accounts receivable 21,766 (3,507 ) 18,259 Deferred costs on contracts 6,546 — 6,546 Prepaid expenses and other current assets (4,420 ) 2,909 (1,511 ) Tax credits receivable — 3,616 3,616 Accounts payable (4,868 ) 2 (4,866 ) Accrued liabilities (5,933 ) — (5,933 ) Income and other taxes payable (7,710 ) 222 (7,488 ) Deferred revenue (6,496 ) — (6,496 ) Other, net (14 ) — (14 ) Net cash used in operating activities (4,553 ) 2,799 (1,754 ) Cash flows from investing activities: Purchase of property and equipment (2,670 ) — (2,670 ) Proceeds from sale of property and equipment 1,910 — 1,910 Net cash used in investing activities (760 ) — (760 ) Cash flows from financing activities: Long-term debt repayments (35,467 ) 1,166 (34,301 ) Long-term debt borrowings 33,401 — 33,401 Debt issuance costs — (1,166 ) (1,166 ) Stock issuance costs — (2,904 ) (2,904 ) Purchase of treasury stock (113 ) — (113 ) Distribution to noncontrolling interest (1,095 ) — (1,095 ) Net cash used in financing activities (3,274 ) (2,904 ) (6,178 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 245 — 245 Net change in cash, cash equivalents and restricted cash (8,342 ) (105 ) (8,447 ) Cash, cash equivalents and restricted cash at the beginning of year 11,996 185 12,181 Cash, cash equivalents and restricted cash at the end of year $ 3,654 $ 80 $ 3,734 |
ASSET PURCHASE
ASSET PURCHASE | 12 Months Ended |
Dec. 31, 2018 | |
Asset Purchase Agreement [Abstract] | |
ASSET PURCHASE | NOTE 4. ASSET PURCHASE In June 2018, we entered into a stalking horse asset purchase agreement (the “Asset Purchase Agreement”) with Geokinetics, Inc. (“GEOK”), pursuant to which we agreed to purchase certain assets of GEOK (the “Purchased Assets”) and, to a lesser extent, acquire certain liabilities related thereto in a transaction to be effected in GEOK’s bankruptcy proceeding under Chapter 11 of Title 11 of the United States Bankruptcy Code. In July 2018, the United States Bankruptcy Court for the Southern District of Texas approved the Asset Purchase Agreement, and we completed the acquisition of the Purchased Assets for $18.4 million. In connection with the closing, we entered into a new acquisition purchase money facility (the “PMF”) of approximately $23.4 million in aggregate principal amount of borrowings, secured by the Purchased Assets, to fund the acquisition and pay related transaction costs. Borrowings made under the PMF bore interest at a rate of 10.25% per annum. The PMF was repaid in full in September 2018. The acquisition was accounted for as an asset acquisition, which requires that the total purchase price, including transaction costs, be allocated to the assets acquired and the liabilities assumed based on their relative fair values. The purchase price and the fair values of the acquired assets and assumed liabilities are as follows: Purchase price $ 18,411 Transaction advisory fees and other acquisition costs 3,338 Total purchase price $ 21,749 Accounts receivable $ 8,589 Property and equipment 12,484 Intangible assets, net 3,642 Accrued liabilities (110 ) Deferred revenue (2,856 ) Net assets acquired $ 21,749 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | NOTE 5. PROPERTY AND EQUIPMENT Property and equipment is comprised of the following at December 31: Estimated Useful Life 2018 2017 Field operating equipment 3 – 10 years $ 89,962 $ 82,295 Transportation equipment 3 – 5 years 18,353 15,914 Leasehold improvements 2 – 5 years 461 328 Software 3 – 5 years 1,976 2,065 Computer equipment 3 – 5 years 5,584 4,055 Office equipment 3 – 10 years 902 938 117,238 105,595 Accumulated depreciation and amortization (81,904 ) (72,649 ) Property and equipment, net $ 35,334 $ 32,946 Depreciation expense relating to property and equipment was $11.4 million and $12.0 million in 2018 and 2017, respectively. Additional depreciation expense not related to cost of services was $0.3 million in both 2018 and 2017 and is included in “Selling, general and administrative expenses” in our consolidated statements of operations. |
MULTICLIENT SEISMIC DATA LIBRAR
MULTICLIENT SEISMIC DATA LIBRARY, NET (RESTATED) | 12 Months Ended |
Dec. 31, 2018 | |
Multiclient Data Library [Abstract] | |
MULTICLIENT SEISMIC DATA LIBRARY, NET (RESTATED) | NOTE 6. MULTICLIENT SEISMIC DATA LIBRARY, NET (RESTATED) Changes in the carrying value of multiclient seismic data library are as follows for the years ended December 31: 2018 2017 Balance at beginning of year $ 5,829 $ 5,829 Amortization (1,096 ) — Balance at end of year $ 4,733 $ 5,829 As of December 31, 2018 and 2017, accumulated amortization related to the multiclient seismic data library was $14.6 million and $13.5 million, respectively. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | NOTE 7. GOODWILL AND INTANGIBLE ASSETS Goodwill Changes in the carrying value of goodwill are as follows for the years ended December 31: 2018 2017 Balance at beginning of year $ 1,832 $ 1,711 Foreign currency translation adjustment (145 ) 121 Balance at end of year $ 1,687 $ 1,832 As of December 31, 2018, we have not recorded any impairments related to our goodwill and we believe that our goodwill is recoverable; however, there can be no assurance that the goodwill will not be impaired in the future. Intangible Assets Intangible assets are comprised of the following at December 31: 2018 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 1,356 $ (831 ) $ 525 $ 1,403 $ (732 ) $ 671 Technology 3,642 (101 ) 3,541 — — — $ 4,998 $ (932 ) $ 4,066 $ 1,403 $ (732 ) $ 671 Intangible assets are amortized on a straight–line basis with estimated useful lives ranging from 13 to 15 years. Amortization expense was $0.2 million and $0.1 million in 2018 and 2017, respectively. Amortization expense is expected to be $0.3 million for each of the five years in the period ended December 31, 2023 and $2.6 million thereafter. |
TAX CREDITS RECEIVABLE, NET (RE
TAX CREDITS RECEIVABLE, NET (RESTATED) | 12 Months Ended |
Dec. 31, 2018 | |
Tax Credit Receivable Net [Abstract] | |
Tax Credits Receivable, Net (RESTATED) | NOTE 8. TAX CREDITS RECEIVABLE, NET (RESTATED) Changes in the carrying value of the tax credits receivable, net are as follows for the years ended December 31: 2018 2017 Balance at beginning of year $ 19,089 $ 22,705 Monetized in period (2,748 ) (3,616 ) Production taxes related to license sales (1,443 ) — Reserve for potential monetization (1,700 ) — Balance at end of year $ 13,198 $ 19,089 We established an allowance for these tax credits receivable due to uncertainty of collectability of these tax credits based on our determination that ASV is a VIE and Alaska tax credit certificates and a determination by management that costs submitted did not reflect the affiliate status of ASV. As of December 31, 2018 and 2017, the tax credits receivable are net of an allowance of $53.0 million and $51.3 million, respectively. |
LONG TERM DEBT (RESTATED)
LONG TERM DEBT (RESTATED) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
LONG TERM DEBT (RESTATED) | NOTE 9. LONG–TERM DEBT (RESTATED) Long–term debt consisted of the following as of December 31: 2018 2017 Credit facility: Principal outstanding $ 12,334 $ 5,000 Unamortized debt issuance costs (125 ) (599 ) Carrying amount 12,209 4,401 Senior loan facility: Principal outstanding 29,000 29,995 Unamortized debt issuance costs (2,448 ) (5,352 ) Carrying amount 26,552 24,643 6% senior secured convertible notes due 2023: Principal outstanding 60,000 — Unamortized debt discount and debt issuance costs (15,906 ) — Carrying amount 44,094 — 10% senior secured notes due 2019: Principal outstanding — 1,872 Unamortized debt issuance costs — (25 ) Carrying amount — 1,847 10% senior notes due 2019: Principal outstanding 6,957 85,239 Unamortized debt issuance costs (4 ) (189 ) Carrying amount 6,953 85,050 Capital lease obligations 1,234 — Total debt 91,042 115,941 Current portion of long-term debt (7,837 ) (995 ) Total long-term debt $ 83,205 $ 114,946 Debt Exchange In January 2018, we consummated an exchange offer and consent solicitation (the “Exchange”) related to our Senior Notes due 2019 (the “Senior Notes”). Pursuant to a restructuring support agreement with holders of approximately 85% of the par value of our Senior Notes, we exchanged $78.0 million of our Senior Notes and $7 thousand of our Senior Secured Notes due 2019 (the “Senior Secured Notes”) for (i) 0.04 million shares of common stock, (ii) 0.03 million shares of Series A preferred stock, (iii) 0.9 million shares of Series B preferred stock, and (iv) 8.3 million Series C warrants. The Exchange was accounted for as an extinguishment as we were legally released of our obligations upon delivery and acceptance of the respective equity securities and we recognized a gain of $0.1 million. Credit Facility As of December 31, 2018, we have a $30.0 million credit facility that expires in August 2021. Borrowings under the credit facility are secured primarily by substantially all our assets located in the United States, subject to certain exclusions. We may use borrowing under the credit facility for working capital purposes and general corporate purposes. The credit facility does not require any repayments of amounts outstanding until it expires in August 2021; however, the credit facility does require a mandatory prepayment with the proceeds from any payment or monetization of the Tax Credits. Borrowings under the credit facility bear interest at a rate of 11.75% through and including August 2020 and 12.75% thereafter. As previously disclosed, as a result of certain circumstances giving rise to, or occurring as a result of, the restatement, certain events of default had occurred under the credit facility. On February 7, 2020, we entered into an amendment and waiver to our credit facility to, among other things, waive existing events of default thereunder and amend certain covenants requiring us to deliver financial statements, reports, projections and other items thereunder. Senior Loan Facility As of December 31, 2018, we have a $30.0 million senior loan facility that expires in January 2020. Borrowings under the senior loan facility are secured primarily by substantially all the collateral securing the obligation under our credit facility. This security interest is junior to the security interest in the collateral securing the obligations under our credit facility. The senior loan facility does not require any repayments of amounts outstanding until in expires in January 2020; however, the senior loan facility does require a mandatory prepayment with the proceeds from any payment or monetization of the Tax Credits once the credit facility has had cumulative prepayments of $30.0 million. Borrowings under the senior loan facility bear interest at a rate of 11.50% through and including August 2019 and 12.50% thereafter. In February 2019, we extended the maturity date of the senior loan facility to January 4, 2021. As previously disclosed, as a result of certain circumstances giving rise to, or occurring as a result of, the restatement, certain events of default had occurred under the senior loan facility. On February 7, 2020, we entered into an amendment and waiver to our senior loan facility to, among other things, waive existing events of default thereunder and amend certain covenants requiring us to deliver financial statements, reports, projections and other items thereunder. 6% Senior Secured Convertible Notes due 2023 In September 2018, we issued $60.0 million of 6% Senior Secured Convertible Notes due 2023 (the “2023 Notes”) under an indenture dated September 26, 2018 (the “2023 Indenture”). The 2023 Notes mature in September 2023, and interest is payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year. We may not redeem the 2023 Notes prior to October 1, 2021. After that date, we may redeem all or part of the 2023 Notes, at our option, if the last reported sale price of our common stock has been at least 150% of the conversion price then in effect (i) on the trading day immediately preceding the date of which we provide notice of redemption and (ii) for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the 2023 Notes to be redeemed, payable in cash, plus accrued and unpaid interest and any make whole premium (as described in the 2023 Indenture). In the event of a fundamental change, as defined in the 2023 Indenture, holders of the 2023 Notes may, subject to certain restrictions, require us to repurchase for cash all or a portion of their notes equal to $1,000 or a multiple of $1,000 at a fundamental change repurchase price equal to 100% of the principal amount of 2023 Notes, plus accrued and unpaid interest, if any, to, but not including, the fundamental change repurchase date. Upon the occurrence of an event of default, as defined in the 2023 Indenture, the trustee or the holders of at least 25% in aggregate principal amount of the 2023 Notes then outstanding may declare 100% of the principal of, and accrued and unpaid interest on, all the 2023 Notes to be due and payable immediately. The 2023 Notes are convertible at the option of the holder into shares of common stock or, for certain holders (as defined in the 2023 Indenture), warrants to purchase an equal number of shares of common stock at an exercise price of $0.0001 per share, subject to customary adjustments. The initial conversion rate is 173.91304 shares of common stock or warrants per $1,000 principal amount, representing an initial conversion price of approximately $5.75 per share. When the 2023 Notes were issued, we accounted for the debt and equity components of the 2023 Notes separately, as we have the option to settle the conversion obligation in cash. At the date of issuance, we calculated the fair value of the 2023 Notes, excluding the conversion feature, based on the fair value of similar non–convertible debt instruments. The difference between the cash proceeds and the estimated fair value represented the value which was assigned to the equity component and recorded as a debt discount. The debt discount is being amortized using the effective interest rate method over the period from issuance to the maturity date of September 26, 2023. The carrying amount of the equity component of the 2023 Notes reported in additional paid in capital was initially valued at $15.4 million, which is net of $0.3 million of debt issuance costs allocated to the equity component. As the closing price of our common stock at December 31, 2018 was less than the initial conversion price for the 2023 Notes, the if–converted value of the 2023 Notes would be less than the principal amount. In 2018, we recorded interest expense of $1.6 million related to the 2023 Notes, of which $1.0 million related to contractual interest expense. As previously disclosed, as a result of certain circumstances giving rise to, or occurring as a result of, the restatement, certain events of default had occurred under the indenture governing the 2023 Notes. On February 7, 2020, we entered into an amendment and waiver to the indenture governing our 2023 Notes to, among other things, waive existing events of default thereunder and amend certain covenants requiring us to deliver financial statements, reports, projections and other items thereunder. 10% Senior Secured Notes due 2019 Our Senior Secured Notes were issued in July 2015 and were to mature in July 2019. Interest was payable semi–annually in arrears on January 15 and July 15 of each year. We repaid in full our Senior Secured Notes in July 2018. 10% Senior Notes due 2019 In July 2016, we issued our Senior Notes under an indenture dated July 27, 2016 (the “Senior Notes Indenture”). I As previously disclosed, as a result of certain circumstances giving rise to, or occurring as a result of, the restatement, certain events of default had occurred under the Senior Notes Indenture We repaid in full our Senior Notes at maturity in September 2019. Debt Compliance The credit agreements and indentures for our credit facility, senior loan facility, 2023 Notes and Senior Notes contain certain representations, warranties, covenants and other terms and conditions which are customary for agreements of these types. As previously disclosed, as a result of certain circumstances giving rise to, or occurring as a result of, the restatement, as of December 31, 2018, certain events of default had occurred under these agreements. We repaid in full the Senior Notes at maturity in September 2019. In September 2019, we entered into forbearance agreements with respect to our credit facility, senior loan facility and 2023 Notes, whereby the holders of the indebtedness thereunder agreed to refrain from exercising their rights and remedies with respect to events of default that have occurred and other potential defaults or events of default that may occur as further specified in the forbearance agreements until 5:00 p.m. (New York City time) on the earlier of (i) November 30, 2019 and (ii) the date the forbearance agreements otherwise terminated in accordance with their terms. The November 30, 2019 deadline was ultimately extended to February 7, 2020. On February 7, 2020, we entered into amendments and waivers to our credit facility, senior loan facility and the indenture governing the 2023 Notes to, among other things, waive existing events of default thereunder and amend certain covenants requiring us to deliver financial statements, reports, projections and other items thereunder. Maturities of Long–Term Debt The maturities of our long–term debt, including capital leases, for each of the five years in the period ending December 31, 2023 are $7.8 million, $29.4 million, $12.3 million, $0.0 million and $60.0 million, respectively. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (RESTATED) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES (RESTATED) | NOTE 10. COMMITMENTS AND CONTINGENCIES (RESTATED) Legal Matters On August 18, 2019, a purported stockholder, John Bodin (the “Class Action Plaintiff”), filed a putative class action lawsuit against us and certain former executive officers named therein (the “Class Action Defendants”) in the U.S. District Court for the Southern District of Texas captioned John Bodin v. SAExploration Holdings, Inc., et al. Case No. 4:19–cv–03089. The Class Action Plaintiff seeks to represent a class of stockholders who purchased or otherwise acquired our publicly traded securities from March 15, 2016 through August 15, 2019 (the “Covered Period”). The complaint generally alleges that the Class Action Defendants violated Sections 10(b) and 20(a) of the On September 6, 2019, a purported stockholder, M. Shane Hamilton (the “Derivate Plaintiff”), filed a stockholder derivative lawsuit against certain of our former and current executive officers and directors named therein (the “Derivative Defendants”) in the U.S. District Court for the District of Delaware captioned M. Shane Hamilton, derivatively on behalf of SAExploration Holdings, Inc., v. Jeff Hastings, et al. The derivative complaint generally alleges (i) breaches by the Derivative Defendants of their fiduciary duties as our directors and/or officers, (ii) unjust enrichment, (iii) waste of corporate assets, and (iv) violations of Section 14(a) of the Exchange Act. The derivative complaint seeks, among other things, relief (i) directing us and the Derivative Defendants to take actions to reform and improve our corporate governance and internal procedures, (ii) awarding us restitution from the Derivative Defendants, and (iii) awarding the Derivative Plaintiff’s costs and attorneys’ and experts’ fees. As previously disclosed, the SEC has been conducting an investigation of certain matters, including with respect to revenue recognition, accounts receivable, and tax credits. The DOJ is conducting a parallel investigation with the SEC. We have been cooperating and will continue to cooperate with the SEC and the DOJ in their investigations. The SEC and DOJ investigations are continuing, and we are currently unable to predict the eventual scope, duration or outcome of any potential SEC or DOJ legal action or other action or whether it could have a material impact on our financial condition, results of operations, or cash flow. The DOR is conducting an investigation with respect to our determination that ASV is a variable interest entity and related Alaska tax credit certificates. We have been cooperating, and will continue to cooperate, with the DOR in its investigation. The DOR investigation is continuing, and we are unable to predict the eventual scope, duration or outcome of any potential DOR legal action or other action or whether it could have a material impact on our financial condition, results of operations, or cash flow. In the ordinary course of business, we may be subject to legal proceedings involving contractual and employment relationships, liability claims and a variety of other matters. Although the results of these other legal proceedings cannot be predicted with certainty, we do not believe that the final outcome of these proceedings should have a material adverse effect on our business, results of operations, cash flows or financial condition. However, we cannot predict the occurrence or outcome of these proceedings with certainty, and if we are unsuccessful in these proceedings and any loss exceeds our available insurance, if any, this could have a material adverse effect on our results of operations. Operating Leases We lease automobiles, office equipment and warehouse and office space under operating lease agreements that expire at various dates through 2024. Certain leases contain renewal options and escalation provisions and generally require us to pay utilities, insurance, taxes and other operating expenses. Rental expense, net of sublease income, for all operating leases was $5.4 million and $4.7 million for 2018 and 2017, respectively. As of December 31, 2018, future minimum annual rental commitments due under noncancelable leases for each of the five years in the period ending December 31, 2023 are $4.6 million, $2.9 million, $1.4 million, $1.1 million and $0.9 million, respectively, and $1.1 million in the aggregate thereafter |
WARRANTS
WARRANTS | 12 Months Ended |
Dec. 31, 2018 | |
Warrants And Rights Note Disclosure [Abstract] | |
WARRANTS | NOTE 11. WARRANTS Series A and Series B As of December 31, 2018, we have 0.2 million Series A warrants and 0.2 million Series B warrants outstanding, both with an expiration date of July 27, 2021. The Series A warrants and Series B warrants entitle the holders to purchase 0.05 shares of our common stock, have exercise prices of $10.30 and $12.88, respectively, and become exercisable 30 days in advance of their expiration date. Series C In January 2018, we issued 8.3 million Series C warrants as an element of the Exchange (see Note 9). Each Series C warrant entitles the holder to purchase 0.05 shares of our common stock, has an exercise price of $0.0001 and has no expiration date. The Series C warrants are immediately exercisable by the holder and are exercisable by us in connection with a full redemption of the Series A preferred stock and Series B preferred stock provided that it does not result in a holder owning 10% or more of our outstanding shares of common stock, or upon a change in control. The Series C warrants were recorded at $4.8 million based on an allocation of the Exchange consideration to the various share classes and securities based on their relative fair values. In 2018, 0.4 million of the Series C warrants were exercised. As of December 31, 2018, there are 7.9 million Series C warrants outstanding. Series D In March 2018, we issued 14.1 million Series D warrants in connection with the conversion of the Series B preferred stock. Each warrant entitles the holder to purchase 0.05 shares of our common stock, has an exercise price of $0.0001 and has no expiration date. The Series D warrants are immediately exercisable by the holders and are exercisable us in connection with a full redemption of the Series A preferred stock and Series B preferred stock, provided that it does not result in a holder owning 10% or more of our outstanding shares of common stock, or upon a change in control. The Series D warrants were recorded at their fair value of $23.0 million, which was based on the price of our common stock as of the date of the conversion as the Series D warrants have a nominal strike price, no expiration date and no other relevant restrictions. In 2018, 2.4 million of the Series D warrants were exercised. As of December 31, 2018, there are 11.7 million Series D warrants outstanding. Series E In September 2018, we issued 94.8 million Series E warrants in connection with the conversion of the Series A preferred stock. Each warrant entitles the holder to purchase 0.05 shares of our common stock, has an exercise price of $0.0001 and has no expiration date. The Series E warrants are immediately exercisable by the holders and are exercisable by us in connection with a full redemption of the Series A preferred stock, provided that it does not result in a holder owning 10% or more of our outstanding shares of common stock, or upon a change in control. The Series E warrants were recorded at their fair value of $54.0 million, which was based on the price of our common stock as of the date of the conversion as the Series E warrants have a nominal strike price, no expiration date and no other relevant restrictions. In 2018, 27.0 million of the Series E warrants were exercised. As of December 31, 2018, there are 67.8 million Series E warrants outstanding. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 12. STOCKHOLDERS’ EQUITY Preferred Stock We are authorized to issue 1.0 million shares of preferred stock with a par value of $0.0001 per share with such designations, rights and preferences as may be determined from time to time by our Board of Directors. Series A In January 2018, we issued 0.03 million shares of Series A preferred stock as an element of the Exchange (see Note 9). The Series A preferred stock had an 8.0% dividend payable quarterly in arrears and accumulated whether or not earned or declared beginning April 1, 2018. In 2018, we issued dividends in kind valued at $1.6 million. Each outstanding share of Series A preferred stock was convertible into 163.573 shares of common stock or, if an election was made by an eligible holder, into warrants representing the right to receive 163.573 shares of common stock. The Series A preferred stock was recorded at $62.0 million, less stock issuance costs of $3.6 million, based on an allocation of the Exchange consideration to the various share classes and securities based on their relative fair values. We evaluated the nondetachable conversion option embedded in the Series A preferred stock and determined that a beneficial conversion feature (“BCF”) existed as of the closing date of the Exchange. As the intrinsic value of the BCF exceeded the value allotted to the Series A preferred stock, we separately recognized a discount of $62.0 million as a reduction to the value of the Series A preferred stock. In September 2018, all the shares of the Series A preferred stock were converted into 0.7 million shares of common stock and 94.8 million Series E warrants with an exercise price of $0.0001. Upon conversion, the Series A preferred stock was derecognized, and we fully recognized the value of the BCF as a deemed dividend. As of December 31, 2018, there were no issued or outstanding shares of Series A preferred stock. Series B In January 2018, we issued 0.9 million shares of Series B preferred stock as an element of the Exchange (see Note 9). The Series B preferred stock had no stated dividend and dividends were at the discretion of our Board of Directors. Each outstanding share of Series B preferred stock was convertible into 1.08689 shares of common stock or, if an election was made by an eligible holder, into warrants representing the right to receive 1.08689 shares of common stock. The Series B preferred stock was senior to our common stock and junior to the Series A preferred stock in the event of our liquidation. The Series B preferred stock was recorded at $10.8 million based on an allocation of the Exchange consideration to the various share classes and securities based on their relative fair values. Similar to the Series A preferred stock, we determined that a BCF existed for the Series B preferred stock. As the intrinsic value of the BCF exceeded the value allotted to the Series B preferred stock, we separately recognized a discount of $10.8 million as a reduction in the value of the Series B preferred stock. In March 2018, all the shares of the Series B preferred stock were converted into 0.2 million shares of common stock and 14.1 million Series D warrants with an exercise price of $0.0001. Upon conversion, the Series B preferred stock was derecognized, and we fully recognized the value of the BCF as a deemed dividend. As of December 31, 2018, there were no issued or outstanding shares of Series B preferred stock. Common Stock As of December 31, 2018, we are authorized to issue 40.0 million shares of common stock with a par value of $0.0001 per share. The following table presents the changes in the number of shares outstanding for the years ended December 31: 2018 2017 Shares issued: Balance at beginning of year 473 470 Issue of shares upon vesting of restricted stock units 268 3 Issue of shares on exercises of stock options 16 — Issue of shares in the Exchange 41 — Issue of shares on the conversion of the Series A preferred stock 704 — Issue of shares on the conversion of the Series B preferred stock 225 — Issue of shares on exercises of Series C warrants 16 — Issue of shares on exercises of Series D warrants 117 — Issue of shares on exercises of Series E warrants 1,351 — Balance as of end of year 3,211 473 Shares held as treasury stock: Balance at beginning of year 2 — Purchase of treasury stock 109 2 Balance as of end of year 111 2 Shares outstanding as of end of year 3,100 471 |
VARIABLE INTEREST ENTITIES (RES
VARIABLE INTEREST ENTITIES (RESTATED) | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
VARIABLE INTEREST ENTITIES (RESTATED) | NOTE 13. VARIABLE INTEREST ENTITIES (RESTATED) We have two entities that meet the definition of a VIE and, based on our determination that we are the primary beneficiary of these entities, we have consolidated the operating results, assets and liabilities of these entities. We have a 49% interest in a business venture with Kuukpik Corporation (“Kuukpik”) that performs contracts for the acquisition and development of geophysical and seismic data and for geophysical and seismic services and any and all related work anywhere on the North Slope of Alaska (onshore or offshore). The entity receives 10% of our gross revenues from all North Slope of Alaska contracts and will expire in December 2020. ASV is a multiclient seismic data library company (see Note 2 and Note 3) and we performed seismic services for ASV in 2015 and 2016. As of December 31, 2018 and 2017, the carrying value of assets of our VIEs that are included in the accompanying consolidated balance sheets (as restated) include cash of $0.4 million and $0.1 million, prepaid expenses and other current assets of $31 thousand and $35 thousand, multiclient seismic data library, net, of $4.7 million and $5.8 million and tax credits receivable of $13.2 million and $16.3 million, respectively. The assets presented above are net of intercompany eliminations. All liabilities associated with our VIEs as of December 31, 2018 and 2017, are eliminated in consolidation. Losses incurred by ASV were initially applied to the 100% noncontrolling equity investors until their investment balances were reduced to zero, which occurred in 2015. All subsequent losses incurred by ASV are fully absorbed by us and not allocated to the noncontrolling shareholders as we are the entity that carries the risk of loss related to ASV. In August 2017, we completed our project with SAExploration Nigeria Limited (“SAE Nigeria”), which had previously met the definition of a VIE, and all amounts due to us from SAE Nigeria were repaid. As a result, we no longer hold a variable interest in or have a controlling interest in SAE Nigeria and no longer include the results of SAE Nigeria in our consolidated financial statements. |
REVENUE FROM SERVICES (RESTATED
REVENUE FROM SERVICES (RESTATED) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
REVENUE | NOTE 14. REVENUE FROM SERVICES (RESTATED) Deferred Costs on Contracts In some instances, we incur third party costs that directly relate to the contract to fulfill the contract obligations. These fulfillment costs are capitalized and a mortized consistent with how the related revenue is recognized. Changes in our deferred costs on contracts are as follows for the year ended December 31, 2018: Balance at beginning of year $ 1,780 Fulfillment costs incurred 9,076 Amortization of fulfillment costs (7,110 ) Balance at end of year $ 3,746 Deferred Revenue Typically, our mobilization services are paid by the customer at the beginning of the contract while the revenue is recognized as control transfers to the customer, which can result in deferred revenue. Normally all other revenue is billed as work progresses, which generally will not result in significant deferred revenue except in those cases where a large mobilization is required for the contract. Changes in our deferred revenue are as follows for the year ended December 31, 2018: Balance at beginning of year $ 1,477 Acquired from GEOK 2,856 Cash received, excluding amounts recognized as revenue from services 6,580 Amounts recognized as revenue from services (6,556 ) Balance at end of year $ 4,357 Disaggregated Revenue The following table disaggregates our revenue from services by geographic area for the years ended December 31: 2018 2017 North America: United States $ 49,723 $ 40,504 Canada 20,810 14,459 Mexico 793 — Total 71,326 54,963 South America: Colombia 22,443 30,268 Other 88 2,404 Total 22,531 32,672 Asia Pacific New Zealand — 4,266 Other 4,813 — Total 4,813 4,266 West Africa (1) — 35,121 Total $ 98,670 $ 127,022 (1) This revenue was from our marine operations. Remaining Performance Obligations As of December 31, 2018, we had $184.9 million of remaining performance obligations. We expect to recognize revenue of approximately 99% of these performance obligations in 2019 and the remaining approximately 1% in 2020. |
EQUITY-BASED COMPENSATION
EQUITY-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
EQUITY-BASED COMPENSATION | NOTE 15. EQUITY–BASED COMPENSATION We have a long–term incentive plan for our directors, officers, employees, consultants and advisors. This plan allows for the issuance of stock options (both incentive and non–qualified), stock appreciation rights (“SARs”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”), other stock–based awards and cash–based awards. As of December 31, 2018, we have 2.8 million shares authorized for issuance under this plan, and 2.1 million shares remain available for grant. Awards that expire or are cancelled without delivery of shares generally become available for issuance under this plan. Shares that are used or withheld to satisfy tax obligations are not available for issuance under this plan. We can either issue new shares, use shares held in treasury or purchase shares of our common stock to satisfy vesting of awards under this plan. Stock Options In 2016, we granted non–qualified stock options (“NQSOs”) to our senior management. The NQSOs were granted at an exercise price equal to the market value of our common stock on the grant date, and the fair value of the NQSOs was determined using a Black–Scholes option pricing model. The NQSOs have contractual terms of 10 years and were to vest in three equal annual installments. We did not grant any stock options in 2018 or 2017. In January 2018, our Board accelerated the vesting of the NQSOs that were outstanding as of December 31, 2017, causing us to accelerate the recognition of $0.3 million in equity–based compensation costs. Activity related to NQSOs is as follows: Number of Underlying Shares Weighted Average Exercise Price Outstanding at January 1, 2018 15,575 $ 203.80 Exercised (15,575 ) 203.80 Outstanding at December 31, 2018 — $ — The fair value of NQSOs vested in 2018 and 2017 was $0.8 million and $0.4 million, respectively. Restricted Stock Units An RSU is an award where each unit represents the right to receive the value of one share of our common stock at the date of vesting. RSUs may be settled by, at our discretion, either the issuance of our common stock, cash or a combination thereof based on the fair market value of the common stock on the date of exercise. In January 2018, our Board accelerated the vesting of the RSUs that were outstanding as of December 31, 2017, causing us to accelerate the recognition of $0.6 million in equity–based compensation costs. In August 2018, our Board accelerated the vesting of a portion of the RSUs that were granted to our senior management in 2018, causing us to accelerate the recognition of $5.1 million in equity–based compensation costs. Activity related to RSUs is as follows: Number of RSUs Weighted Average Grant Date Fair Value Nonvested at January 1, 2018 10,383 $ 157.00 Granted 622,274 22.78 Vested (373,740 ) 23.86 Nonvested at December 31, 2018 258,917 $ 26.60 The fair value of RSUs granted in 2018 was $14.2 million. No RSUs were granted in 2017. The fair value of RSUs vested in 2018 and 2017 was $5.3 million and $0.3 million. As of December 31, 2018, we had $5.1 million of unrecognized compensation cost related to unvested RSUs which is expected to be recognized over a weighted average period of 2.1 years. Additionally, as of December 31, 2018, we have 0.1 million RSUs that are vested but have not yet settled. These RSUs were granted to our outside directors in 2018. Equity–Based Compensation Cost Equity–based compensation cost is measured at the date of grant based on the calculated fair value of the award and is generally recognized on a straight–line basis over the requisite service period, including those with graded vesting. Forfeitures are accounted for as they occur. We recognized equity–based compensation costs of $10.1 million and $1.9 million in 2018 and 2017, respectively. These costs are included in “Selling, general and administrative expenses” on our consolidated statements of operations. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | NOTE 16. EMPLOYEE BENEFIT PLANS We have a defined contribution 401(k) plan for all eligible employees of our U.S. operations and a Retirement Registered Saving Plan for all eligible employees of our Canadian operations. These plans are discretionary and allow for the match of each employee’s contributions up to the maximum allowed under these plans. For 2018 and 2017, we made no matching contributions and had no expenses related to these plans. |
INCOME TAXES (RESTATED)
INCOME TAXES (RESTATED) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES (RESTATED) | NOTE 17. INCOME TAXES (RESTATED) In December 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted into law. The Act, among other things, reduced the U.S. federal corporate tax rate from 35% to 21%, required companies to pay a transition tax of earnings of certain foreign subsidiaries that were previously not subject to U.S. tax and created new income taxes on certain foreign sourced earnings. Given the significant complexity of the Act and the lack of clear tax and accounting guidance for the Act, the SEC issued Staff Accounting Bulletin (“SAB”) No. 118 which provides guidance of accounting for the tax effects of the Act and allows for adjustments to provisional amounts during a measurement period of up to one year. In 2018, we revised these provisional amounts and recognized no additional income tax benefit. In determining the measurement period adjustments, we assessed regulatory guidance that was issued to determine the impact on the provisional estimates recognized in 2017. In addition, we gathered information and performed additional analysis on these estimates, including, but not limited to, the amount of earnings and profits subject to the transition tax, the calculation of foreign tax credits, the local tax treatment of future distributions of unremitted earnings and in regard to the remeasurement of U.S. deferred taxes, the filing of our 2017 federal and state income tax returns. As of December 31, 2018, we have completed our accounting for the tax effects of the Act. The provision for income taxes is comprised of the following for the years ended December 31: 2018 2017 Current: U.S. $ (145 ) $ — Foreign (190 ) 3,783 Total current $ (335 ) $ 3,783 Deferred: U.S. $ 145 $ (290 ) Foreign 70 1,249 Total deferred 215 959 Income taxes $ (120 ) $ 4,742 The geographic sources of our loss before income taxes are as follows for the years ended December 31: 2018 2017 U.S. $ (44,265 ) $ (33,770 ) Foreign (15,415 ) (1,144 ) Total $ (59,680 ) $ (34,914 ) The provision for income taxes differs from the amount computed by applying the U.S. statutory income tax rate to the loss before income taxes for the reasons set forth below for the years ended December 31: 2018 2017 Taxes at the U.S. federal statutory income tax rate $ (12,533 ) $ (12,220 ) Change in federal statutory income tax rate — 15,778 Nondeductible expenses 3,880 1,398 Change in valuation allowance 14,595 (1,661 ) Effect of foreign operations 890 1,865 State tax, net of federal benefit (3,174 ) 38 Other (3,778 ) (456 ) Provision for income taxes $ (120 ) $ 4,742 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of our temporary differences and net operating losses (“NOL”) are as follows for the years ended December 31: 2018 2017 Deferred tax assets: Operating loss carryforwards $ 36,150 $ 22,271 Other accrued expenses 2,833 2,531 Outside basis difference in ASV 13,367 11,051 Tax credit carryforwards 1,859 1,851 Other 3,504 1,537 Total deferred tax asset 57,713 39,241 Valuation allowance (51,850 ) (35,892 ) Total deferred tax asset, net 5,863 3,349 Deferred tax liabilities: Property and equipment (2,193 ) (671 ) Intangible assets (1,116 ) (340 ) Deferred revenue (394 ) — Total deferred tax liabilities (3,703 ) (1,011 ) Net deferred tax asset $ 2,160 $ 2,338 At December 31, 2018, we had approximately $1.4 million of foreign tax credits that will start to expire in 2022 under applicable foreign law and $0.5 million of other credits, the majority of which will expire after 2038 under U.S. tax law. As of December 31, 2018, we also had U.S. federal tax NOL carryforwards of $97.3 million, which begin to expire in 2034. These NOL carryforwards, subject to certain requirements and restrictions, including limitations on their use in the event of future ownership changes, may be used to offset future taxable income and thereby reduce our U.S. federal income taxes otherwise payable. We record a valuation allowance when it is more likely than not that some portion of all the deferred tax assets will not be utilized. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions. At December 31, 2018, $51.9 million of valuation allowances are recorded against various deferred tax assets, including foreign NOLs, U.S. federal and foreign tax credit carryforwards and U.S. and state NOL carryforwards. As of December 31, 2018, we have $1.3 million of deferred tax assets related to foreign NOLs without a valuation allowance as we expect that the deferred tax assets will be realized within the carryforward period. We have provided no deferred taxes for earnings of certain of our foreign subsidiaries as these earnings have been and, under current plans, will continue to be permanently reinvested in these foreign subsidiaries. At December 31, 2018, we had $0.2 million of tax liabilities for total gross unrecognized tax benefits related to uncertain tax positions. The following table presents the changes in our gross unrecognized tax benefits for the years ended December 31: 2018 2017 Balance at beginning of year $ 192 $ — Additions for tax positions taken in prior years (23 ) 192 Balance at end of year $ 169 $ 192 We do not expect to recognize any significant increases or decreases in unrecognized tax benefits during the next twelve–month period. Interest and penalties, if any, related to unrecognized tax benefits are recorded in our provision for income taxes. We conduct business in more than 15 countries and are subject to income taxes in most taxing jurisdictions in which we operate. We believe there are no jurisdictions in which the outcome of unresolved issues or claims is likely to be material to our results of operations, financial position or cash flows. We further believe that we have made adequate provision for all income tax uncertainties. |
LOSS PER COMMON SHARE (RESTATED
LOSS PER COMMON SHARE (RESTATED) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
LOSS PER COMMON SHARE (RESTATED) | NOTE 18. LOSS PER COMMON SHARE (RESTATED) Basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted loss per share is computed by dividing net loss available to common stockholders by the sum of the weighted average number of shares outstanding during each period and the dilutive potential common shares outstanding during the period determined under the treasury stock method. Our Series C, Series D and Series E warrants are issuable for nominal consideration of $0.0001 per share, are immediately exercisable and do not expire. As such, the shares of common stock issuable upon full exercise of these warrants are considered outstanding in the context of loss per share and are included in the weighted average number of common shares outstanding from their issuance date. The computation of basic and diluted net loss per share is as follows for the years ended December 31: 2018 2017 Net loss attributable to SAExploration $ (60,465 ) $ (41,628 ) Amortization of discount on Series A and Series B preferred stock (72,762 ) — Accretion of Series A preferred stock to redemption value 21,376 — Dividends on Series A preferred stock (1,614 ) — Net loss available to common stockholders $ (113,465 ) $ (41,628 ) Weighted average common shares outstanding (basic and diluted) 3,448 469 Loss per share available to common stockholders (basic and diluted) $ (32.91 ) $ (88.76 ) Potentially anti-dilutive shares excluded from diluted loss available to common stockholders (1) 10,709 26 (1) Includes our Series A and Series B warrants, unvested equity–based compensation and the shares underlying our 2023 Notes as their effect, if included, would have been anti–dilutive. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 19. FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets or liabilities. Level 2 refers to fair values determined based on quoted prices for similar assets or liabilities in active markets or inputs that are observable to the asset or liability, either directly or indirectly through market corroboration. Level 3 refers to fair values determined based on unobservable inputs used in the measurement of assets and liabilities at fair value. The estimated fair values of our financial instruments have been determined at discrete points in time based on relevant market information. Our financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and long–term debt. The carrying amounts of our financial instruments, other than our 2023 Notes, Senior Secured Notes and Senior Notes, approximate fair value because of the short–term nature of the items. As of December 31, 2018, the estimated aggregate fair value of our 2023 Notes and Senior Notes was $50.7 million, which differs from the aggregate carrying value of $51.0 million. As our 2023 Notes are not actively traded, the fair value determination of the 2023 Notes is categorized as Level 3 as the valuation was based on valuation techniques when observable market data is not available. The fair value determination of our Senior Notes is categorized as Level 2 as this valuation used dealer quoted prices in active markets obtained from independent third–party sources. As of December 31, 2017, the estimated aggregate fair value of our Senior Secured Notes and Senior Notes was $32.3 million, which differs from the aggregate carrying value of $86.9 million. These fair value determinations are categorized as Level 2 as these valuations used dealer quoted prices in active markets obtained from independent third–party sources. |
OTHER SUPPLEMENTAL INFORMATION
OTHER SUPPLEMENTAL INFORMATION (RESTATED) | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
OTHER SUPPLEMENTAL INFORMATION (RESTATED) | NOTE 20. OTHER SUPPLEMENTAL INFORMATION (RESTATED) Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash are recorded in our consolidated balance sheets as follows at December 31: 2018 2017 Cash and cash equivalents $ 7,579 $ 3,693 Restricted cash 271 41 Total cash, cash equivalents and restricted cash $ 7,850 $ 3,734 Restricted cash primarily consists of cash collateral for labor claims, office rental and cash in another country restricted by exchange control regulations. Accounts Receivable, net Total accounts receivable, net is comprised of the following at December 31: 2018 2017 Trade receivables $ 23,330 $ 4,013 Other receivables 3,681 2,104 Total accounts receivable 27,011 6,117 Less: allowance for doubtful accounts (548 ) (12 ) Total accounts receivable, net $ 26,463 $ 6,105 Allowance for Doubtful Accounts Changes in the allowance for doubtful accounts are as follows for the years ended December 31: 2018 2017 Balance at beginning of year $ 12 $ 12 Provisions for doubtful accounts 536 — Balance at end of year $ 548 $ 12 Accrued Liabilities Accrued liabilities are comprised of the following at December 31: 2018 2017 Accrued payroll liabilities $ 3,622 $ 2,781 Accrued interest 306 1,877 Other accrued liabilities 6,570 1,653 Total accrued liabilities $ 10,498 $ 6,311 Other accrued liabilities primarily consist of accruals for project related expenses. Supplemental Cash Flows Information Supplemental cash flows information is as follows for the years ended December 31: 2018 2017 Cash paid for interest $ 9,412 $ 6,154 Cash paid for income taxes 2,487 7,668 Noncash Transactions Noncash transactions are as follows at December 31: 2018 2017 Costs for additions to property and equipment acquired in a capital lease $ 1,504 $ — Costs for additions to property and equipment in accounts payable — 49 Costs to issue debt included in accounts payable — 550 NOTE 23. SUPPLEMENTAL GUARANTOR INFORMATION (RESTATED) Our 2023 Notes and Senior Notes are fully and unconditionally guaranteed, jointly and severally, by all our wholly–owned U.S. subsidiaries (collectively, the “Guarantors”), and not by any of our foreign subsidiaries. Supplemental condensed consolidating financial information, including such information for the Guarantors, is presented below. The following financial information should be read in conjunction with the consolidated financial statements herein. The financial information may not necessarily be indicative of financial position, results of operations or cash flows had the non–guarantor subsidiaries operated as independent entities. Investments in subsidiaries are presented using the equity method of accounting. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. Separate financial statements of the Guarantors are not provided as the consolidating financial information contained herein provides a more meaningful disclosure to allow investors to determine the nature of the assets held by, and the operations of, the combined groups. Condensed Consolidating Balance Sheets December 31, 2018 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated ASSETS Current assets: Cash and cash equivalents $ 28 $ 5,285 $ 2,266 $ — $ 7,579 Restricted cash — — 271 — 271 Accounts receivable, net 144 20,487 5,832 — 26,463 Deferred costs on contracts — 3,520 226 — 3,746 Prepaid expenses and other current assets 63 2,395 385 — 2,843 Total current assets 235 31,687 8,980 — 40,902 Property and equipment, net — 32,889 2,445 — 35,334 Multiclient seismic data library, net — 4,733 — — 4,733 Investment in subsidiaries (79,848 ) 41,986 7,499 30,363 — Intercompany receivables 183,675 — — (183,675 ) — Goodwill — — 1,687 — 1,687 Intangible assets, net — 3,541 525 — 4,066 Tax credits receivable — 13,198 — — 13,198 Deferred income taxes — 2,023 137 — 2,160 Other assets — 239 28 — 267 Total assets $ 104,062 $ 130,296 $ 21,301 $ (153,312 ) $ 102,347 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 289 $ 7,205 $ 2,609 $ — $ 10,103 Accrued liabilities 906 8,484 1,108 — 10,498 Income and other taxes payable 210 2,739 382 — 3,331 Current portion of long-term debt 6,953 884 — — 7,837 Deferred revenue — 4,357 — — 4,357 Total current liabilities 8,358 23,669 4,099 — 36,126 Intercompany payables — 135,691 47,985 (183,676 ) — Long-term debt 70,646 12,559 — — 83,205 Other long–term liabilities 300 — 80 — 380 Stockholders’ equity (deficit): Common stock — — 168 (168 ) — Additional paid–in capital 232,661 46,974 18,996 (65,970 ) 232,661 Accumulated deficit (206,037 ) (88,681 ) (51,133 ) 96,502 (249,349 ) Accumulated other comprehensive (loss) income — (4,141 ) 1,106 — (3,035 ) Treasury stock, at cost (1,866 ) — — — (1,866 ) SAExploration stockholders’ equity (deficit) 24,758 (45,848 ) (30,863 ) 30,364 (21,589 ) Noncontrolling interest — 4,225 — — 4,225 Total stockholders’ equity (deficit) 24,758 (41,623 ) (30,863 ) 30,364 (17,364 ) Total liabilities and stockholders’ equity (deficit) $ 104,062 $ 130,296 $ 21,301 $ (153,312 ) $ 102,347 December 31, 2017 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated ASSETS Current assets: Cash and cash equivalents $ 8 $ 2,799 $ 886 $ — $ 3,693 Restricted cash — 41 — — 41 Accounts receivable, net — 2,060 4,045 — 6,105 Deferred costs on contracts — 1,450 330 — 1,780 Prepaid expenses and other current assets 257 3,497 99 — 3,853 Total current assets 265 9,847 5,360 — 15,472 Property and equipment, net — 28,538 4,408 — 32,946 Multiclient seismic data library, net — 5,829 — — 5,829 Investment in subsidiaries (33,568 ) 51,889 7,500 (25,821 ) — Intercompany receivables 134,502 — — (134,502 ) — Goodwill — — 1,832 — 1,832 Intangible assets, net — — 671 — 671 Tax credits receivable — 19,089 — — 19,089 Deferred income taxes — 1,733 605 — 2,338 Other assets 2,904 150 32 — 3,086 Total assets $ 104,103 $ 117,075 $ 20,408 $ (160,323 ) $ 81,263 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 1,782 $ 1,260 $ 1,511 $ — $ 4,553 Accrued liabilities 1,885 3,178 1,248 — 6,311 Income and other taxes payable 539 7,543 352 — 8,434 Current portion of long-term debt 995 — — — 995 Deferred revenue — 1,475 2 — 1,477 Total current liabilities 5,201 13,456 3,113 — 21,770 Intercompany payables — 94,189 40,313 (134,502 ) — Long-term debt 110,545 4,401 — — 114,946 Other long-term liabilities 300 250 58 — 608 Stockholders’ equity (deficit): Common stock — — — — — Additional paid–in capital 133,742 46,974 18,944 (65,918 ) 133,742 (Accumulated deficit) retained earnings (145,572 ) (42,686 ) (41,017 ) 40,097 (189,178 ) Accumulated other comprehensive loss — (4,079 ) (1,003 ) — (5,082 ) Treasury stock, at cost (113 ) — — — (113 ) SAExploration stockholders' equity (deficit) (11,943 ) 209 (23,076 ) (25,821 ) (60,631 ) Noncontrolling interest — 4,570 — — 4,570 Total stockholders’ equity (deficit) (11,943 ) 4,779 (23,076 ) (25,821 ) (56,061 ) Total liabilities and stockholders’ equity (deficit) $ 104,103 $ 117,075 $ 20,408 $ (160,323 ) $ 81,263 Condensed Consolidating Statements of Operations Year Ended December 31, 2018 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated Revenue from services $ — $ 74,943 $ 23,727 $ — $ 98,670 Cost of services — 67,342 20,259 — 87,601 Depreciation and amortization — 9,669 2,538 — 12,207 Gross (loss) profit — (2,068 ) 930 — (1,138 ) Total operating expenses 14,214 22,089 6,290 — 42,593 Operating loss (14,214 ) (24,157 ) (5,360 ) — (43,731 ) Other income (expense), net 53 (11,627 ) (4,375 ) — (15,949 ) Loss before income taxes and equity in loss of affiliates (14,161 ) (35,784 ) (9,735 ) — (59,680 ) Income taxes 24 (534 ) 390 — (120 ) Loss before equity in loss of affiliates (14,185 ) (35,250 ) (10,125 ) — (59,560 ) Equity in loss of affiliates (46,280 ) (10,125 ) — 56,405 — Net loss (60,465 ) (45,375 ) (10,125 ) 56,405 (59,560 ) Less: net income attributable to noncontrolling interest — 905 — — 905 Net loss attributable to SAExploration $ (60,465 ) $ (46,280 ) $ (10,125 ) $ 56,405 $ (60,465 ) Comprehensive loss $ (60,465 ) $ (45,437 ) $ (8,016 ) $ 56,405 $ (57,513 ) Less: comprehensive income attributable to noncontrolling interest — 905 — — 905 Comprehensive loss attributable to SAExploration $ (60,465 ) $ (46,342 ) $ (8,016 ) $ 56,405 $ (58,418 ) Year Ended December 31, 2017 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated Revenue from services $ — $ 108,366 $ 18,656 $ — $ 127,022 Cost of services — 77,585 15,644 — 93,229 Depreciation and amortization — 8,462 3,263 — 11,725 Gross profit (loss) — 22,319 (251 ) — 22,068 Total operating expenses 4,148 17,616 4,275 — 26,039 Operating (loss) income (4,148 ) 4,703 (4,526 ) — (3,971 ) Other expense, net (16,569 ) (13,514 ) (860 ) — (30,943 ) Loss before income taxes and equity in loss of affiliates (20,717 ) (8,811 ) (5,386 ) — (34,914 ) Income taxes (5 ) 3,438 1,309 — 4,742 Loss before equity in loss of affiliates (20,712 ) (12,249 ) (6,695 ) — (39,656 ) Equity in loss of affiliates (20,916 ) (6,618 ) — 27,534 — Net loss (41,628 ) (18,867 ) (6,695 ) 27,534 (39,656 ) Less: net income (loss) attributable to noncontrolling interest — 2,049 (77 ) — 1,972 Net loss attributable to SAExploration $ (41,628 ) $ (20,916 ) $ (6,618 ) $ 27,534 $ (41,628 ) Comprehensive loss $ (41,628 ) $ (18,790 ) $ (7,032 ) $ 27,534 $ (39,916 ) Less: comprehensive income (loss) attributable to noncontrolling interest — 2,049 (77 ) — 1,972 Comprehensive loss attributable to SAExploration $ (41,628 ) $ (20,839 ) $ (6,955 ) $ 27,534 $ (41,888 ) Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2018 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated Cash flows from operating activities: Net cash used in operating activities $ (3,315 ) $ (21,874 ) $ (4,954 ) $ — $ (30,143 ) Cash flows from investing activities: Asset purchase — (21,749 ) — — (21,749 ) Purchase of property and equipment — (1,114 ) (148 ) — (1,262 ) Proceeds from sale of property and equipment — 280 550 — 830 Investment in affiliate — (222 ) — 222 — Net cash used in (provided by) investing activities — (22,805 ) 402 222 (22,181 ) Cash flows from financing activities: Long-term debt repayments (2,860 ) (56,347 ) — — (59,207 ) Long-term debt borrowings 60,000 63,411 — — 123,411 Debt issuance costs (1,167 ) (1,548 ) — — (2,715 ) Stock issuance costs (1,712 ) — — — (1,712 ) Purchase of treasury stock (1,753 ) — — — (1,753 ) Intercompany lending (49,173 ) 43,179 5,994 — — Contribution from affiliate — — 222 (222 ) — Distribution to noncontrolling interest — (1,250 ) — — (1,250 ) Net cash provided by financing activities 3,335 47,445 6,216 (222 ) 56,774 Effect of exchange rate changes on cash, cash equivalents and restricted cash — (321 ) (13 ) — (334 ) Net change in cash, cash equivalents and restricted cash 20 2,445 1,651 — 4,116 Cash, cash equivalents and restricted cash at the beginning of year 8 2,840 886 — 3,734 Cash, cash equivalents and restricted cash at the end of year $ 28 $ 5,285 $ 2,537 $ — $ 7,850 Year Ended December 31, 2017 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 5,654 $ (2,430 ) $ (804 ) $ (4,174 ) $ (1,754 ) Cash flows from investing activities: Purchase of property and equipment — (1,956 ) (714 ) — (2,670 ) Proceeds from sale of property and equipment — 1,851 59 — 1,910 Net cash used in investing activities — (105 ) (655 ) — (760 ) Cash flows from financing activities: Long-term debt repayments — (34,284 ) (17 ) — (34,301 ) Long-term debt borrowings — 33,401 — — 33,401 Debt issuance costs (614 ) (552 ) — (1,166 ) Stock issuance costs (2,904 ) — — — (2,904 ) Purchase of treasury stock (113 ) — — — (113 ) Intercompany lending (4,069 ) (1,579 ) 5,648 — — Dividend payments to affiliates — — (4,174 ) 4,174 — Distribution to noncontrolling interest — (1,095 ) — — (1,095 ) Net cash (used in) provided by financing activities (7,700 ) (4,109 ) 1,457 4,174 (6,178 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — (119 ) 364 — 245 Net change in cash, cash equivalents and restricted cash (2,046 ) (6,763 ) 362 — (8,447 ) Cash, cash equivalents and restricted cash at the beginning of year 2,054 9,603 524 — 12,181 Cash, cash equivalents and restricted cash at the end of year $ 8 $ 2,840 $ 886 $ — $ 3,734 |
RELATED PARTY TRANSACTIONS (RES
RELATED PARTY TRANSACTIONS (RESTATED) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS (RESTATED) | NOTE 21. RELATED PARTY TRANSACTIONS (RESTATED) Mr. Hastings, our former Chief Executive Officer, Mr. Whiteley, our former Chief Financial Officer and General Counsel, and our former Vice President of Finance are owners of Speculative Seismic Investments, LLC (“SSI”), which holds 1,350 shares of our common stock. Mr. Hastings also controls CLCH, LLC, which holds 1,201 shares of our common stock. As of December 31, 2018, SSI is a lender under our senior loan facility in the principal amount of $0.6 million. Mr. Hastings is also a lender under our credit facility in the principal amount of $0.8 million and was an initial purchaser of our 2023 Notes in the principal amount of $1.0 million. Mr. Hastings has an ownership interest in Fairweather Science, LLC, a company that provides specialized environmental support services to clients in Alaska’s natural resource industry. In 2018 and 2017, we paid $0.1 million and $1 thousand, respectively, to Fairweather Science, LLC. Mr. Hastings also has an ownership interest in Fairweather, LLC, a company that provides aviation weather observation services to remote regions in Alaska. We did not pay Fairweather, LLC any amounts in 2018. In 2017, we paid $19 thousand to Fairweather, LLC. Mr. Whiteley owns RVI. In 2018 and 2017, RVI billed us $1.1 million and $0.5 million, respectively, for legal and professional services that were determined, as further described in Note 3, to be a misappropriation of funds from us. These amounts are included in misappropriation of funds on our consolidated statements of operations. Mr. Whiteley, or an immediate family member of Mr. Whiteley, is an owner of Woodstone Builders LLC (“Woodstone”) which provided us construction services. In 2018, we capitalized $0.1 million for certain leasehold improvements constructed by Woodstone. Mr. Faust, our current Chief Executive Officer, President and Chairman of the Board, owns Quartz Geophysical LLC (“Quartz”) which provided certain consulting services related to tax credits to us. In 2018, we did not incur any expenses related to these consulting services. In 2017, we incurred $30 thousand in consulting expenses provided by Quartz. A member of our operations management team owns Inupiate Resources LLC which provides us with certain specialty personnel. In 2018 and 2017, we incurred $0.1 million and $0.2 million, respectively, in expenses associated with contract labor. A member of our operations management team owns Summit Air Resources which provided us with certain salvage services. In 2018 and 2017, we incurred $34 thousand and $44 thousand, respectively, related to these services. ASV is a VIE indirectly owned and/or controlled by Mr. Hastings and Mr. Whiteley (see Note 3 and Note 13). As of January 27, 2020, three of the holders of the indebtedness outstanding under our credit facility, senior loan facility and 2023 Notes represent (together with their respective affiliates) approximately 90%, 72% and 90%, respectively, of the total principal amounts outstanding under such debt financing arrangements. These holders also collectively own 18% of the shares of our outstanding common stock, 62% of the shares of our outstanding common stock, including shares of common stock issuable upon the exercise of our outstanding Series C, D, E and F common stock warrants (including the Series F warrants to be issued upon receipt of shareholder approval), and 76% of the shares of our outstanding common stock, including shares of common stock issuable upon the exercise of our outstanding Series C, D, E and F common stock warrants (including the Series F warrants to be issued upon receipt of shareholder approval) and upon conversion of our 2023 Notes, respectively. Moreover, the three lenders are parties to certain registration rights agreements, by and among us and certain of our stockholders. |
GEOGRAPHIC AND RELATED INFORMAT
GEOGRAPHIC AND RELATED INFORMATION (RESTATED) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
GEOGRAPHIC AND RELATED INFORMATION (RESTATED) | NOTE 22. GEOGRAPHIC AND RELATED INFORMATION (RESTATED) The following table presents long–lived assets, which includes property and equipment, multiclient seismic data library, goodwill, intangible assets, tax credits receivable, net and other assets, by its geographic location at December 31: 2018 2017 North America: United States $ 54,551 $ 56,117 Canada 3,888 3,625 Total 58,439 59,742 South America: Colombia 185 1,396 Other 62 1,844 Total 247 3,240 Asia Pacific 599 471 Consolidated $ 59,285 $ 63,453 See Note 15 for our revenue from services by geographic location based on the location of the services provided. |
SUPPLEMENTAL GUARANTOR INFORMAT
SUPPLEMENTAL GUARANTOR INFORMATION (RESTATED) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
OTHER SUPPLEMENTAL INFORMATION (RESTATED) | NOTE 20. OTHER SUPPLEMENTAL INFORMATION (RESTATED) Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash are recorded in our consolidated balance sheets as follows at December 31: 2018 2017 Cash and cash equivalents $ 7,579 $ 3,693 Restricted cash 271 41 Total cash, cash equivalents and restricted cash $ 7,850 $ 3,734 Restricted cash primarily consists of cash collateral for labor claims, office rental and cash in another country restricted by exchange control regulations. Accounts Receivable, net Total accounts receivable, net is comprised of the following at December 31: 2018 2017 Trade receivables $ 23,330 $ 4,013 Other receivables 3,681 2,104 Total accounts receivable 27,011 6,117 Less: allowance for doubtful accounts (548 ) (12 ) Total accounts receivable, net $ 26,463 $ 6,105 Allowance for Doubtful Accounts Changes in the allowance for doubtful accounts are as follows for the years ended December 31: 2018 2017 Balance at beginning of year $ 12 $ 12 Provisions for doubtful accounts 536 — Balance at end of year $ 548 $ 12 Accrued Liabilities Accrued liabilities are comprised of the following at December 31: 2018 2017 Accrued payroll liabilities $ 3,622 $ 2,781 Accrued interest 306 1,877 Other accrued liabilities 6,570 1,653 Total accrued liabilities $ 10,498 $ 6,311 Other accrued liabilities primarily consist of accruals for project related expenses. Supplemental Cash Flows Information Supplemental cash flows information is as follows for the years ended December 31: 2018 2017 Cash paid for interest $ 9,412 $ 6,154 Cash paid for income taxes 2,487 7,668 Noncash Transactions Noncash transactions are as follows at December 31: 2018 2017 Costs for additions to property and equipment acquired in a capital lease $ 1,504 $ — Costs for additions to property and equipment in accounts payable — 49 Costs to issue debt included in accounts payable — 550 NOTE 23. SUPPLEMENTAL GUARANTOR INFORMATION (RESTATED) Our 2023 Notes and Senior Notes are fully and unconditionally guaranteed, jointly and severally, by all our wholly–owned U.S. subsidiaries (collectively, the “Guarantors”), and not by any of our foreign subsidiaries. Supplemental condensed consolidating financial information, including such information for the Guarantors, is presented below. The following financial information should be read in conjunction with the consolidated financial statements herein. The financial information may not necessarily be indicative of financial position, results of operations or cash flows had the non–guarantor subsidiaries operated as independent entities. Investments in subsidiaries are presented using the equity method of accounting. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. Separate financial statements of the Guarantors are not provided as the consolidating financial information contained herein provides a more meaningful disclosure to allow investors to determine the nature of the assets held by, and the operations of, the combined groups. Condensed Consolidating Balance Sheets December 31, 2018 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated ASSETS Current assets: Cash and cash equivalents $ 28 $ 5,285 $ 2,266 $ — $ 7,579 Restricted cash — — 271 — 271 Accounts receivable, net 144 20,487 5,832 — 26,463 Deferred costs on contracts — 3,520 226 — 3,746 Prepaid expenses and other current assets 63 2,395 385 — 2,843 Total current assets 235 31,687 8,980 — 40,902 Property and equipment, net — 32,889 2,445 — 35,334 Multiclient seismic data library, net — 4,733 — — 4,733 Investment in subsidiaries (79,848 ) 41,986 7,499 30,363 — Intercompany receivables 183,675 — — (183,675 ) — Goodwill — — 1,687 — 1,687 Intangible assets, net — 3,541 525 — 4,066 Tax credits receivable — 13,198 — — 13,198 Deferred income taxes — 2,023 137 — 2,160 Other assets — 239 28 — 267 Total assets $ 104,062 $ 130,296 $ 21,301 $ (153,312 ) $ 102,347 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 289 $ 7,205 $ 2,609 $ — $ 10,103 Accrued liabilities 906 8,484 1,108 — 10,498 Income and other taxes payable 210 2,739 382 — 3,331 Current portion of long-term debt 6,953 884 — — 7,837 Deferred revenue — 4,357 — — 4,357 Total current liabilities 8,358 23,669 4,099 — 36,126 Intercompany payables — 135,691 47,985 (183,676 ) — Long-term debt 70,646 12,559 — — 83,205 Other long–term liabilities 300 — 80 — 380 Stockholders’ equity (deficit): Common stock — — 168 (168 ) — Additional paid–in capital 232,661 46,974 18,996 (65,970 ) 232,661 Accumulated deficit (206,037 ) (88,681 ) (51,133 ) 96,502 (249,349 ) Accumulated other comprehensive (loss) income — (4,141 ) 1,106 — (3,035 ) Treasury stock, at cost (1,866 ) — — — (1,866 ) SAExploration stockholders’ equity (deficit) 24,758 (45,848 ) (30,863 ) 30,364 (21,589 ) Noncontrolling interest — 4,225 — — 4,225 Total stockholders’ equity (deficit) 24,758 (41,623 ) (30,863 ) 30,364 (17,364 ) Total liabilities and stockholders’ equity (deficit) $ 104,062 $ 130,296 $ 21,301 $ (153,312 ) $ 102,347 December 31, 2017 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated ASSETS Current assets: Cash and cash equivalents $ 8 $ 2,799 $ 886 $ — $ 3,693 Restricted cash — 41 — — 41 Accounts receivable, net — 2,060 4,045 — 6,105 Deferred costs on contracts — 1,450 330 — 1,780 Prepaid expenses and other current assets 257 3,497 99 — 3,853 Total current assets 265 9,847 5,360 — 15,472 Property and equipment, net — 28,538 4,408 — 32,946 Multiclient seismic data library, net — 5,829 — — 5,829 Investment in subsidiaries (33,568 ) 51,889 7,500 (25,821 ) — Intercompany receivables 134,502 — — (134,502 ) — Goodwill — — 1,832 — 1,832 Intangible assets, net — — 671 — 671 Tax credits receivable — 19,089 — — 19,089 Deferred income taxes — 1,733 605 — 2,338 Other assets 2,904 150 32 — 3,086 Total assets $ 104,103 $ 117,075 $ 20,408 $ (160,323 ) $ 81,263 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 1,782 $ 1,260 $ 1,511 $ — $ 4,553 Accrued liabilities 1,885 3,178 1,248 — 6,311 Income and other taxes payable 539 7,543 352 — 8,434 Current portion of long-term debt 995 — — — 995 Deferred revenue — 1,475 2 — 1,477 Total current liabilities 5,201 13,456 3,113 — 21,770 Intercompany payables — 94,189 40,313 (134,502 ) — Long-term debt 110,545 4,401 — — 114,946 Other long-term liabilities 300 250 58 — 608 Stockholders’ equity (deficit): Common stock — — — — — Additional paid–in capital 133,742 46,974 18,944 (65,918 ) 133,742 (Accumulated deficit) retained earnings (145,572 ) (42,686 ) (41,017 ) 40,097 (189,178 ) Accumulated other comprehensive loss — (4,079 ) (1,003 ) — (5,082 ) Treasury stock, at cost (113 ) — — — (113 ) SAExploration stockholders' equity (deficit) (11,943 ) 209 (23,076 ) (25,821 ) (60,631 ) Noncontrolling interest — 4,570 — — 4,570 Total stockholders’ equity (deficit) (11,943 ) 4,779 (23,076 ) (25,821 ) (56,061 ) Total liabilities and stockholders’ equity (deficit) $ 104,103 $ 117,075 $ 20,408 $ (160,323 ) $ 81,263 Condensed Consolidating Statements of Operations Year Ended December 31, 2018 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated Revenue from services $ — $ 74,943 $ 23,727 $ — $ 98,670 Cost of services — 67,342 20,259 — 87,601 Depreciation and amortization — 9,669 2,538 — 12,207 Gross (loss) profit — (2,068 ) 930 — (1,138 ) Total operating expenses 14,214 22,089 6,290 — 42,593 Operating loss (14,214 ) (24,157 ) (5,360 ) — (43,731 ) Other income (expense), net 53 (11,627 ) (4,375 ) — (15,949 ) Loss before income taxes and equity in loss of affiliates (14,161 ) (35,784 ) (9,735 ) — (59,680 ) Income taxes 24 (534 ) 390 — (120 ) Loss before equity in loss of affiliates (14,185 ) (35,250 ) (10,125 ) — (59,560 ) Equity in loss of affiliates (46,280 ) (10,125 ) — 56,405 — Net loss (60,465 ) (45,375 ) (10,125 ) 56,405 (59,560 ) Less: net income attributable to noncontrolling interest — 905 — — 905 Net loss attributable to SAExploration $ (60,465 ) $ (46,280 ) $ (10,125 ) $ 56,405 $ (60,465 ) Comprehensive loss $ (60,465 ) $ (45,437 ) $ (8,016 ) $ 56,405 $ (57,513 ) Less: comprehensive income attributable to noncontrolling interest — 905 — — 905 Comprehensive loss attributable to SAExploration $ (60,465 ) $ (46,342 ) $ (8,016 ) $ 56,405 $ (58,418 ) Year Ended December 31, 2017 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated Revenue from services $ — $ 108,366 $ 18,656 $ — $ 127,022 Cost of services — 77,585 15,644 — 93,229 Depreciation and amortization — 8,462 3,263 — 11,725 Gross profit (loss) — 22,319 (251 ) — 22,068 Total operating expenses 4,148 17,616 4,275 — 26,039 Operating (loss) income (4,148 ) 4,703 (4,526 ) — (3,971 ) Other expense, net (16,569 ) (13,514 ) (860 ) — (30,943 ) Loss before income taxes and equity in loss of affiliates (20,717 ) (8,811 ) (5,386 ) — (34,914 ) Income taxes (5 ) 3,438 1,309 — 4,742 Loss before equity in loss of affiliates (20,712 ) (12,249 ) (6,695 ) — (39,656 ) Equity in loss of affiliates (20,916 ) (6,618 ) — 27,534 — Net loss (41,628 ) (18,867 ) (6,695 ) 27,534 (39,656 ) Less: net income (loss) attributable to noncontrolling interest — 2,049 (77 ) — 1,972 Net loss attributable to SAExploration $ (41,628 ) $ (20,916 ) $ (6,618 ) $ 27,534 $ (41,628 ) Comprehensive loss $ (41,628 ) $ (18,790 ) $ (7,032 ) $ 27,534 $ (39,916 ) Less: comprehensive income (loss) attributable to noncontrolling interest — 2,049 (77 ) — 1,972 Comprehensive loss attributable to SAExploration $ (41,628 ) $ (20,839 ) $ (6,955 ) $ 27,534 $ (41,888 ) Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2018 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated Cash flows from operating activities: Net cash used in operating activities $ (3,315 ) $ (21,874 ) $ (4,954 ) $ — $ (30,143 ) Cash flows from investing activities: Asset purchase — (21,749 ) — — (21,749 ) Purchase of property and equipment — (1,114 ) (148 ) — (1,262 ) Proceeds from sale of property and equipment — 280 550 — 830 Investment in affiliate — (222 ) — 222 — Net cash used in (provided by) investing activities — (22,805 ) 402 222 (22,181 ) Cash flows from financing activities: Long-term debt repayments (2,860 ) (56,347 ) — — (59,207 ) Long-term debt borrowings 60,000 63,411 — — 123,411 Debt issuance costs (1,167 ) (1,548 ) — — (2,715 ) Stock issuance costs (1,712 ) — — — (1,712 ) Purchase of treasury stock (1,753 ) — — — (1,753 ) Intercompany lending (49,173 ) 43,179 5,994 — — Contribution from affiliate — — 222 (222 ) — Distribution to noncontrolling interest — (1,250 ) — — (1,250 ) Net cash provided by financing activities 3,335 47,445 6,216 (222 ) 56,774 Effect of exchange rate changes on cash, cash equivalents and restricted cash — (321 ) (13 ) — (334 ) Net change in cash, cash equivalents and restricted cash 20 2,445 1,651 — 4,116 Cash, cash equivalents and restricted cash at the beginning of year 8 2,840 886 — 3,734 Cash, cash equivalents and restricted cash at the end of year $ 28 $ 5,285 $ 2,537 $ — $ 7,850 Year Ended December 31, 2017 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 5,654 $ (2,430 ) $ (804 ) $ (4,174 ) $ (1,754 ) Cash flows from investing activities: Purchase of property and equipment — (1,956 ) (714 ) — (2,670 ) Proceeds from sale of property and equipment — 1,851 59 — 1,910 Net cash used in investing activities — (105 ) (655 ) — (760 ) Cash flows from financing activities: Long-term debt repayments — (34,284 ) (17 ) — (34,301 ) Long-term debt borrowings — 33,401 — — 33,401 Debt issuance costs (614 ) (552 ) — (1,166 ) Stock issuance costs (2,904 ) — — — (2,904 ) Purchase of treasury stock (113 ) — — — (113 ) Intercompany lending (4,069 ) (1,579 ) 5,648 — — Dividend payments to affiliates — — (4,174 ) 4,174 — Distribution to noncontrolling interest — (1,095 ) — — (1,095 ) Net cash (used in) provided by financing activities (7,700 ) (4,109 ) 1,457 4,174 (6,178 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — (119 ) 364 — 245 Net change in cash, cash equivalents and restricted cash (2,046 ) (6,763 ) 362 — (8,447 ) Cash, cash equivalents and restricted cash at the beginning of year 2,054 9,603 524 — 12,181 Cash, cash equivalents and restricted cash at the end of year $ 8 $ 2,840 $ 886 $ — $ 3,734 |
QUARTERLY DATA (UNAUDITED) (RES
QUARTERLY DATA (UNAUDITED) (RESTATED) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY DATA (UNAUDITED) (RESTATED) | NOTE 24. QUARTERLY DATA (UNAUDITED) (RESTATED) As further described in Note 3, our restated quarterly financial information as of and for the three months ended March 31, 2018 and 2017, June 30, 2018 and 2017, September 30, 2018 and 2017, and December 31, 2018 and 2017, have been restated and are presented in the following table. The unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Three Months Ended March 31, Three Months Ended June 30, Three Months Ended September 30, Three Months Ended December 31, (Restated) 2018 Revenue from services $ 37,123 $ 16,883 $ 15,003 $ 29,661 Gross profit (loss) 8,697 (5,122 ) (4,141 ) (572 ) Net loss (391 ) (17,841 ) (22,631 ) (18,697 ) Net loss available to common stockholders (48,168 ) (18,127 ) (28,472 ) (18,698 ) Basic and diluted loss per common share $ (48.36 ) $ (9.72 ) $ (8.41 ) $ (2.50 ) 2017 Revenue from services $ 86,169 $ 13,559 $ 22,452 $ 4,842 Gross profit (loss) 25,144 (1,017 ) 1,471 (3,530 ) Net income (loss) 8,565 (18,050 ) (13,738 ) (16,433 ) Net income (loss) available to common stockholders 6,583 (18,115 ) (13,663 ) (16,433 ) Earnings (loss) per common share: Basic $ 14.07 $ (38.71 ) $ (29.07 ) $ (34.89 ) Diluted $ 14.01 $ (38.71 ) $ (29.07 ) $ (34.89 ) The following tables reconcile our previously reported quarterly financial information with the restated quarterly financial information as of and for the three months ended March 31, 2018 and 2017, June 30, 2018 and 2017, September 30, 2018 and 2017, and December 31, 2018 and 2017. Three Months Ended March 31, 2018 Three Months Ended June 30, 2018 Previously Reported Adjustments Restated Previously Reported Adjustments Restated Statement of Operations: Revenue from services $ 37,123 $ — $ 37,123 $ 16,883 $ — $ 16,883 Cost of services 26,005 — 26,005 19,710 — 19,710 Depreciation and amortization 2,421 — 2,421 2,295 — 2,295 Gross profit (loss) 8,697 — 8,697 (5,122 ) — (5,122 ) Operating expenses: Selling, general and administrative expenses 6,377 (691 ) 5,686 25,763 (17,397 ) 8,366 Misappropriation of funds — 233 233 — 128 128 Total operating expenses 6,377 (458 ) 5,919 25,763 (17,269 ) 8,494 Operating income (loss) 2,320 458 2,778 (30,885 ) 17,269 (13,616 ) Other (expense) income, net: Interest expense, net (3,141 ) — (3,141 ) (2,346 ) — (2,346 ) Foreign exchange loss, net (174 ) — (174 ) (2,005 ) — (2,005 ) Other income, net 145 — 145 9 83 92 Total other expense, net (3,170 ) — (3,170 ) (4,342 ) 83 (4,259 ) Loss before income taxes (850 ) 458 (392 ) (35,227 ) 17,352 (17,875 ) Income taxes 624 (625 ) (1 ) (1,881 ) 1,847 (34 ) Net loss (1,474 ) 1,083 (391 ) (33,346 ) 15,505 (17,841 ) Less: net income attributable to noncontrolling interest 835 — 835 59 — 59 Net loss attributable to SAExploration $ (2,309 ) $ 1,083 $ (1,226 ) $ (33,405 ) $ 15,505 $ (17,900 ) Basic and diluted loss per common share $ (92.06 ) $ 43.70 $ (48.36 ) $ (44.90 ) $ 35.18 $ (9.72 ) Weighted average common shares outstanding (basic and diluted) 535 461 996 749 1,116 1,865 Balance Sheet Data (at end of period): Current assets $ 39,214 $ 106 $ 39,320 $ 22,136 $ 173 $ 22,309 Total assets 159,952 (59,697 ) 100,255 121,184 (38,153 ) 83,031 Current liabilities 28,908 (626 ) 28,282 20,144 4,806 24,950 Long-term debt, net 57,360 (4,282 ) 53,078 57,425 (3,675 ) 53,750 Other long-term liabilities 615 — 615 623 — 623 Mezzanine equity 32,105 — 32,105 32,788 — 32,788 Total stockholders' equity (deficit) 40,964 (54,789 ) (13,825 ) 10,204 (39,284 ) (29,080 ) Three Months Ended September 30, 2018 Three Months Ended December 31, 2018 Previously Reported Adjustments Restated Previously Reported Adjustments Restated Statement of Operations Data: Revenue from services $ 15,003 $ — $ 15,003 $ 25,595 $ 4,066 $ 29,661 Cost of services 16,085 108 16,193 24,265 1,428 25,693 Depreciation and amortization 2,951 — 2,951 3,444 1,096 4,540 Gross loss (4,033 ) (108 ) (4,141 ) (2,114 ) 1,542 (572 ) Operating expenses: Selling, general and administrative expenses 14,858 (282 ) 14,576 12,935 (50 ) 12,885 Misappropriation of funds — 265 265 — 454 454 Total operating expenses 14,858 (17 ) 14,841 12,935 404 13,339 Operating loss (18,891 ) (91 ) (18,982 ) (15,049 ) 1,138 (13,911 ) Other (expense) income, net: Interest expense, net (4,738 ) — (4,738 ) (3,633 ) — (3,633 ) Foreign exchange loss, net (331 ) — (331 ) (907 ) — (907 ) Other income (expense), net 27 1,345 1,372 (672 ) 389 (283 ) Total other expense, net (5,042 ) 1,345 (3,697 ) (5,212 ) 389 (4,823 ) Loss before income taxes (23,933 ) 1,254 (22,679 ) (20,261 ) 1,527 (18,734 ) Income taxes 1,364 (1,412 ) (48 ) 2,317 (2,354 ) (37 ) Net loss (25,297 ) 2,666 (22,631 ) (22,578 ) 3,881 (18,697 ) Less: net income attributable to noncontrolling interest 10 — 10 1 — 1 Net loss attributable to SAExploration $ (25,307 ) $ 2,666 $ (22,641 ) $ (22,579 ) $ 3,881 $ (18,698 ) Basic and diluted loss per common share $ (27.80 ) $ 19.39 $ (8.41 ) $ (7.75 ) $ 5.25 $ (2.50 ) Weighted average common shares outstanding (basic and diluted) 1,120 2,264 3,384 2,915 4,560 7,475 Balance Sheet Data (at end of period): Current assets $ 43,118 $ 1,428 $ 44,546 Total assets 154,435 (40,017 ) 114,418 Current liabilities 29,063 (338 ) 28,725 Long-term debt, net 87,349 (3,061 ) 84,288 Other long-term liabilities 381 — 381 Total stockholders' equity (deficit) 37,642 (36,618 ) 1,024 Three Months Ended March 31, 2017 Three Months Ended June 30, 2017 Previously Reported Adjustments Restated Previously Reported Adjustments Restated Statement of Operations: Revenue from services $ 86,169 $ — $ 86,169 $ 13,559 $ — $ 13,559 Cost of services 57,774 — 57,774 11,629 — 11,629 Depreciation and amortization 3,251 — 3,251 2,947 — 2,947 Gross profit (loss) 25,144 — 25,144 (1,017 ) — (1,017 ) Operating expenses: Selling, general and administrative expenses 6,517 113 6,630 6,358 (12 ) 6,346 Misappropriation of funds — 67 67 — 115 115 Total operating expenses 6,517 180 6,697 6,358 103 6,461 Operating income (loss) 18,627 (180 ) 18,447 (7,375 ) (103 ) (7,478 ) Other (expense) income, net: Interest expense, net (8,358 ) — (8,358 ) (8,561 ) — (8,561 ) Foreign exchange gain (loss), net 311 — 311 (1,347 ) — (1,347 ) Other expense, net (13 ) — (13 ) (72 ) — (72 ) Total other expense, net (8,060 ) — (8,060 ) (9,980 ) — (9,980 ) Income (loss) before income taxes 10,567 (180 ) 10,387 (17,355 ) (103 ) (17,458 ) Income taxes 1,740 82 1,822 485 107 592 Net income (loss) 8,827 (262 ) 8,565 (17,840 ) (210 ) (18,050 ) Less: net income attributable to noncontrolling interest 1,982 — 1,982 65 — 65 Net income (loss) attributable to SAExploration $ 6,845 $ (262 ) $ 6,583 $ (17,905 ) $ (210 ) $ (18,115 ) Earnings (loss) per common share: Basic $ 14.63 $ (0.56 ) $ 14.07 $ (38.26 ) $ (0.45 ) $ (38.71 ) Diluted $ 14.56 $ (0.55 ) $ 14.01 $ (38.26 ) $ (0.45 ) $ (38.71 ) Weighted average common shares outstanding: Basic 468 — 468 468 — 468 Diluted 470 — 470 468 — 468 Balance Sheet Data (at end of period): Current assets $ 130,162 $ (55,333 ) $ 74,829 $ 83,138 $ (44,209 ) $ 38,929 Total assets 217,123 (70,305 ) 146,818 172,875 (65,266 ) 107,609 Current liabilities 85,404 (15,043 ) 70,361 56,397 (9,794 ) 46,603 Long-term debt, net 84,267 — 84,267 86,528 — 86,528 Total stockholders' equity (deficit) 47,452 (55,262 ) (7,810 ) 29,950 (55,472 ) (25,522 ) Three Months Ended September 30, 2017 Three Months Ended December 31, 2017 Previously Reported Adjustments Restated Previously Reported Adjustments Restated Statement of Operations: Revenue from services $ 22,452 $ — $ 22,452 $ 4,842 $ — $ 4,842 Cost of services 18,172 — 18,172 5,654 — 5,654 Depreciation and amortization 2,809 — 2,809 2,718 — 2,718 Gross profit (loss) 1,471 — 1,471 (3,530 ) — (3,530 ) Operating expenses: Selling, general and administrative expenses 6,005 (49 ) 5,956 6,716 (91 ) 6,625 Misappropriation of funds — 123 123 — 177 177 Total operating expenses 6,005 74 6,079 6,716 86 6,802 Operating loss (4,534 ) (74 ) (4,608 ) (10,246 ) (86 ) (10,332 ) Other (expense) income, net: Interest expense, net (7,496 ) — (7,496 ) (4,948 ) — (4,948 ) Foreign exchange (gain) loss, net 341 — 341 (613 ) — (613 ) Other (expense) income, net (206 ) — (206 ) 19 — 19 Total other expense, net (7,361 ) — (7,361 ) (5,542 ) — (5,542 ) Loss before income taxes (11,895 ) (74 ) (11,969 ) (15,788 ) (86 ) (15,874 ) Income taxes 1,950 (181 ) 1,769 138 421 559 Net loss (13,845 ) 107 (13,738 ) (15,926 ) (507 ) (16,433 ) Less: net loss attributable to noncontrolling interest (75 ) — (75 ) — — — Net loss attributable to SAExploration $ (13,770 ) $ 107 $ (13,663 ) $ (15,926 ) $ (507 ) $ (16,433 ) Basic and diluted loss per common share $ (29.30 ) $ 0.23 $ (29.07 ) $ (33.81 ) $ (1.08 ) $ (34.89 ) Weighted average common shares outstanding (basic and diluted) 470 — 470 471 — 471 Balance Sheet Data (at end of period): Current assets $ 71,171 $ (40,855 ) $ 30,316 Total assets 158,621 (61,732 ) 96,889 Current liabilities 56,432 (6,367 ) 50,065 Long-term debt, net 86,902 — 86,902 Total stockholders' equity (deficit) 15,287 (55,365 ) (40,078 ) |
SUBSEQUENT EVENTS (UNAUDITED) (
SUBSEQUENT EVENTS (UNAUDITED) (RESTATED) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS (UNAUDITED) (RESTATED) | NOTE 25. SUBSEQUENT EVENTS (UNAUDITED) (RESTATED) In February 2019, we borrowed an additional $9.7 million under our credit facility and extended the maturity date of our senior loan facility to January 4, 2021. As of March 19, 2019, we had issued 0.7 million shares of common stock through the exercise of our Series C warrants, Series D warrants and Series E warrants thus far in 2019. We evaluated subsequent events for appropriate accounting and disclosure through March 25, 2019, the date these consolidated financial statements were originally issued, and determined that, except for the effects of the matters described in Note 3, as to which the date is February 7, 2020, there were no other material items that required recognition or disclosure in our consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (RESTATED) (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our consolidated financial statements include our accounts and those of our subsidiaries which are wholly–owned, controlled by us or a variable interest entity where we are the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. The noncontrolling interest attributed to these entities, if any, are presented as “Noncontrolling interest” on our consolidated balance sheets and “Net income attributable to noncontrolling interest” on our consolidated statements of operations. In the Notes to Consolidated Financial Statements, except for Note 15 and Note 21, all dollar and share amounts in tabulations are in thousands of dollars and shares, respectively, unless otherwise indicated. 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. 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 consolidated financial statements and notes to the consolidated financial statements have been adjusted to reflect the reverse stock split on a retrospective basis. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. While we believe that the estimates and assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could materially differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. All our cash and cash equivalents are maintained with several major financial institutions. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, we have not experienced any losses in such accounts and we believe we are not exposed to any significant default risk. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. We monitor our customers’ payment history and current credit worthiness to determine that collectability is reasonably assured. We also consider the overall business climate in which our customers operate. We utilize the specific identification method for establishing and maintaining the allowance for doubtful accounts. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. |
Property and Equipment | Property and Equipment Property and equipment is capitalized at historical cost or the relative fair value of assets acquired (see Note 4) and is depreciated using the straight–line method based on estimated economic lives. We expense costs for maintenance and repairs in the period incurred. Significant improvements and betterments are capitalized if they extend the useful life of the asset. |
Multiclient Seismic Data Library | Multiclient Seismic Data Library The multiclient seismic data library maintained by Alaskan Seismic Ventures, LLC (“ASV”) consists of completed seismic surveys that are primarily licensed on a nonexclusive basis. We capitalize costs directly incurred in acquiring and processing the multiclient seismic data. We expense these costs to “Cost of services” based on the percentage of the total costs to the estimated total revenue that we expect to receive from the sales of such data. However, under no circumstances will an individual survey carry a net book value greater than a five year, straight–line amortized value. |
Impairment of Long-Lived Assets | Impairment of Long–Lived Assets We assess our long–lived assets, such and property and equipment, multiclient seismic data library and intangible assets, for possible impairment whenever events or circumstances indicate that the recorded carrying value of the long–lived asset may not be recoverable. If the carrying amount of the long–lived asset exceeds the sum of the estimated undiscounted future net cash flows, we recognize an impairment loss equal to the difference between the carrying value and the fair value of the long–lived asset, which is estimated through various valuation techniques including discounted cash flow models, quoted market prices and third–party appraisals. We assess our goodwill, all of which resides in our Canadian operations reporting unit (the “Reporting Unit”), at least annually for impairment, or more frequently if facts and circumstances indicate that it is more likely than not impairment has occurred. We have the option of first performing a qualitative assessment to determine if impairment may have occurred. If the qualitative assessment indicates that it is more likely than not that the fair value of the Reporting Unit is less than its carrying amount, then we would be required to perform the two–step impairment test. Under the first step in the impairment test, we compare the fair value of the Reporting Unit with its carrying amount, including goodwill. If the carrying amount of the Reporting Unit exceeds its fair value, the second step of the goodwill impairment test is performed. Under the second step in the impairment test, the implied fair value of goodwill is compared with its carrying amount. The implied fair value of goodwill is calculated by subtracting the estimated fair values of the Reporting Unit’s assets net of liabilities from the fair value of the Reporting Unit. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss shall be recognized in an amount equal to that excess. We determine the fair value of the Reporting Unit using a combination of the market approach and the income approach. Under the market approach, the fair value of the Reporting Unit is based on the Guideline Public Company (“GPC”) methodology using GPCs that are considered to be similar to us and whose stock are actively traded. Under the income approach, the fair value of the Reporting Unit is based on the expected present value of the future net cash flows. |
Tax Credits Receivable and Production Taxes | Tax Credits Receivable and Production Taxes Tax credits (“Tax Credits”) are earned through certain exploration incentives offered by the State of Alaska that are based on costs incurred by the explorer and approved by the Alaska Department of Revenue. The costs incurred in participating in this incentive program are related to a multiclient seismic data library maintained by ASV. The credits are recorded after costs are incurred and Tax Credit applications are submitted to and approved by the State of Alaska as an offset to the capitalized costs of the multiclient seismic data library since the incentive’s usage is consistent with usage of the multiclient seismic data library. Future sales related to the multiclient seismic data library are subject to a 35% production tax by the State of Alaska. These production taxes are expensed in the period incurred based on license sales and are satisfied through the usage of the Tax Credits receivable. If there are no available Tax Credits at that time, there would be a production tax liability that would need to be otherwise paid. Under this incentive program, the State of Alaska allows for any unused credits to be purchased for cash from the State if and when funds are allocated to the program, or transferred or sold to other parties for use against their production taxes. In 2018 and 2017, we sold $2.7 million and $3.6 million, respectively, of Tax Credits to a third party for use against their production taxes. |
Treasury Stock | Treasury Stock We record the repurchase of shares of our common stock at cost based on the settlement date of the transaction. These repurchased shares are classified as treasury stock in our consolidated balance sheets. Shares of treasury stock are included in our authorized and issued shares but excluded from outstanding shares. |
Variable Interest Entities | Variable Interest Entities A variable interest entity (“VIE”) is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. We consolidate a VIE when we are the primary beneficiary of such VIE. As primary beneficiary, we have both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. We reconsider our evaluation of whether to consolidate a VIE each reporting period based upon changes in the facts and circumstances pertaining to the VIE. |
Revenue Recognition | Revenue Recognition Our services are provided under cancelable service contracts that typically have an original expected duration of one year or less. These contracts are either fixed price agreements that provide for a fixed fee per unit of measure (“Turnkey”) or variable price agreements that provide for a fixed hourly, daily or monthly fee during the term of the project (“Term”). Under both types of agreements, we recognize revenue as the services are performed. We recognize revenue based upon quantifiable measures of progress, such as square or linear kilometers surveyed, each unit of data recorded or other methods using the total estimated revenue for the service contract. We receive reimbursements for certain out–of–pocket expenses under the terms of the service contracts. The amounts billed to clients are included at their gross amount in the total estimated revenue for the service contract. Clients are billed as permitted by the service contract. Contract assets and contract liabilities are the result of timing differences between revenue recognition, billing and cash collections. If billing occurs prior to the revenue recognition or if billing exceeds the revenue recognized, the amount is considered deferred revenue and a contract liability. Conversely, if the revenue recognition exceeds the billing, the exceeded amount is considered unbilled receivable and a contract asset. As services are performed, those deferred revenue amounts are recognized as revenue. In some instances, third party permitting, surveying, drilling, helicopter, equipment rental and mobilization costs that directly relate to the contract are utilized to fulfill the contract obligations. These fulfillment costs are capitalized and a mortized consistent with how the related revenue is recognized unless we determine the costs are no longer recoverable, at which time they are expensed. Estimates for our total revenue and total fulfillment cost on any service contract are based on significant qualitative and quantitative judgments. Our management considers a variety of factors such as whether various components of the performance obligation will be performed internally or externally, cost of third party services, and facts and circumstances unique to the performance obligation in making these estimates. As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update the estimates during each reporting period. We recognize these adjustments in revenues under the cumulative catch–up method which recognizes the impact of the adjustment on revenue to date in the period the adjustment is identified. Revenue in future periods of performance is recognized using the adjusted estimate. At times, we may also recognize revenue from licensing of data that has already been created and is available for delivery. This seismic data license represents a single performance obligation that is typically recognized at a point in time. We recognize this revenue upon the transfer of control to the customer at an amount that reflects the consideration we expect to receive in exchange for these licenses. We recognized $4.1 million of revenues from the sale of licenses in 2018. We did not recognize any revenues from the sales of licenses in 2017. |
Foreign Exchange Gains and Losses | Foreign Exchange Gains and Losses Assets and liabilities of non–U.S. operations with a functional currency other than the U.S. dollar have been translated at exchange rates in effect at the balance sheet dates, and revenues, expenses and cash flows have been translated at average exchange rates for the respective periods. Any resulting translation gains and losses are included in accumulated other comprehensive income (loss). Gains and losses from foreign currency transactions, such as those resulting from transactions denominated in a currency other than the functional currency of the entity involved and those resulting from remeasurements of monetary items, are included in our consolidated statements of operations. In addition, as we have not designated our intercompany transactions as being of a long–term nature, gains and losses on these transactions are included in our consolidated statements of operations. |
Income Taxes | Income Taxes We use the liability method to determine our income tax provisions, under which current and deferred tax liabilities and assets are recorded in accordance with enacted tax laws and rates. Under this method, the amounts of deferred tax liabilities and assets at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered. Valuation allowances are established to reduce deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. |
Concentration of Credit Risk | Concentration of Credit Risk Our revenues are derived from a concentrated customer base; however, we are not substantially dependent on any one customer. Based on the nature of our contracts and customer projects, our significant customers can and typically do change from year to year and the largest customers in any one year may not be indicative of the largest customers in the future. In both 2018 and 2017, we had three customers that individually exceeded 10% of our consolidated revenue from services and represented approximately 43% and 75%, respectively, of our consolidated revenue from services. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements On January 1, 2018, we adopted Accounting Standards Update (“ASU”) No. 2014–09, Revenue from Contracts with Customers . 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. The adoption did not have a material impact on either our consolidated balance sheet or consolidated statement of operations as of and for the year ended December 31, 2018. On January 1, 2018, we adopted ASU 2016–16. Intra–Entity Transfers of Assets Other Than Inventory On January 1, 2018, we adopted ASU 2017–01, Clarifying the Definition of a Business ASU 2017–01 clarified the definition of a business by adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU provides a screen to determine when a set is not a business. If the screen is not met, ASU 2017–01 (i) requires that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (ii) removes the evaluation of whether a market participant could replace missing elements. |
New Accounting Standards to be Adopted | New Accounting Standards to be Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016–02, Leasing Codification Improvements to Topic 842, Targeted Improvements, The new standards provide for certain practical expedients when adopting the new guidance. We have elected the practical expedient package outlined in ASU No. 2016–02 under which we can carryforward our previous classification of a lease as either an operating or capital lease, and we do not have to reassess previously recorded initial direct costs. Additionally, we made policy elections allowing us to exclude leases with original terms of 12 months or less from lease assets and liabilities and to not separate nonlease components from the associated lease component and instead account for both as a single lease component for all asset classes. We did not elect the practical expedient allowing us to use hindsight to determine the lease term and to assess any impairment of lease assets during the lookback period. We currently expect the adoption of the new standards to result in the recognition of right–of–use assets between a range of approximately $9.5 million to $10.5 million and the corresponding lease liabilities between a range of approximately $9.5 million to $10.5 million. We do not expect the adoption of the new standards to have a material impact on our results of operations or cash flows. In January 2017, the FASB issued ASU 2017–04, Simplifying the Test for Goodwill Impairment No other new accounting pronouncements issued or effective during the year ended December 31, 2018 have had or are expected to have a material impact on our consolidated financial statements. |
DESCRIPTION OF THE BUSINESS AND
DESCRIPTION OF THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Fair Value of Financial Instruments | The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets or liabilities. Level 2 refers to fair values determined based on quoted prices for similar assets or liabilities in active markets or inputs that are observable to the asset or liability, either directly or indirectly through market corroboration. Level 3 refers to fair values determined based on unobservable inputs used in the measurement of assets and liabilities at fair value. The estimated fair values of our financial instruments have been determined at discrete points in time based on relevant market information. Our financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and long–term debt. The carrying amounts of our financial instruments, other than our 2023 Notes, Senior Secured Notes and Senior Notes, approximate fair value because of the short–term nature of the items. |
RESTATEMENT OF PREVIOUSLY REP_2
RESTATEMENT OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
Summary of Effects of Restatement on Consolidated Financial Statements | Summary of Restatement – Consolidated Balance Sheets The effects of the restatement on our consolidated balance sheets are as follows: December 31, 2018 Previously Reported Adjustments Restated ASSETS Current assets: Cash and cash equivalents $ 7,192 $ 387 $ 7,579 Restricted cash 271 — 271 Accounts receivable, net 24,859 1,604 26,463 Deferred costs on contracts 3,717 29 3,746 Prepaid expenses and other current assets 2,813 30 2,843 Total current assets 38,852 2,050 40,902 Property and equipment, net 35,334 — 35,334 Multiclient seismic data library, net — 4,733 4,733 Goodwill 1,687 — 1,687 Intangible assets, net 4,066 — 4,066 Long-term accounts receivable, net 52,804 (52,804 ) — Tax credits receivable, net — 13,198 13,198 Deferred income taxes 2,015 145 2,160 Other assets 2,715 (2,448 ) 267 Total assets $ 137,473 $ (35,126 ) $ 102,347 LIABILITIES AND STOCKHOLDERS' EQUTY (DEFICIT) Current liabilities: Accounts payable $ 10,103 $ — $ 10,103 Accrued liabilities 10,498 — 10,498 Income and other taxes payable 3,331 — 3,331 Current portion of long-term debt 7,837 — 7,837 Deferred revenue 4,298 59 4,357 Total current liabilities 36,067 59 36,126 Long-term debt 85,653 (2,448 ) 83,205 Other long-term liabilities 380 — 380 Commitments and contingencies Stockholders' equity (deficit): Common stock — — — Additional paid-in capital 232,661 — 232,661 Accumulated deficit (216,612 ) (32,737 ) (249,349 ) Accumulated other comprehensive loss (3,035 ) — (3,035 ) Treasury stock (1,866 ) — (1,866 ) SAExploration stockholders’ equity (deficit) 11,148 (32,737 ) (21,589 ) Noncontrolling interest 4,225 — 4,225 Total stockholders’ equity (deficit) 15,373 (32,737 ) (17,364 ) Total liabilities and stockholders’ equity (deficit) $ 137,473 $ (35,126 ) $ 102,347 December 31, 2017 Previously Reported Adjustments Restated ASSETS Current assets: Cash and cash equivalents $ 3,613 $ 80 $ 3,693 Restricted cash 41 — 41 Accounts receivable, net 6,105 — 6,105 Deferred costs on contracts 1,780 — 1,780 Prepaid expenses and other current assets 6,722 (2,869 ) 3,853 Total current assets 18,261 (2,789 ) 15,472 Property and equipment, net 32,946 — 32,946 Multiclient seismic data library, net — 5,829 5,829 Goodwill 1,832 — 1,832 Intangible assets, net 671 — 671 Long-term accounts receivable, net 78,102 (78,102 ) — Tax credits receivable, net — 19,089 19,089 Deferred income taxes 4,592 (2,254 ) 2,338 Other assets 5,534 (2,448 ) 3,086 Total assets $ 141,938 $ (60,675 ) $ 81,263 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 4,551 $ 2 $ 4,553 Accrued liabilities 6,311 — 6,311 Income and other taxes payable 7,887 547 8,434 Current portion of long-term debt 995 — 995 Deferred revenue 1,477 — 1,477 Total current liabilities 21,221 549 21,770 Long-term debt 120,298 (5,352 ) 114,946 Other long-term liabilities 608 — 608 Commitments and contingencies Stockholders' deficit: Common stock — — — Additional paid-in capital 133,742 — 133,742 Accumulated deficit (133,306 ) (55,872 ) (189,178 ) Accumulated other comprehensive loss (5,082 ) — (5,082 ) Treasury stock (113 ) — (113 ) SAExploration stockholders’ deficit (4,759 ) (55,872 ) (60,631 ) Noncontrolling interest 4,570 — 4,570 Total stockholders’ deficit (189 ) (55,872 ) (56,061 ) Total liabilities and stockholders’ deficit $ 141,938 $ (60,675 ) $ 81,263 Summary of Restatement – Consolidated Statements of Operations The effects of the restatement on our consolidated statements of operations are as follows: Year Ended December 31, 2018 Previously Reported Adjustments Restated Revenue from services $ 94,604 $ 4,066 $ 98,670 Cost of services 86,065 1,536 87,601 Depreciation and amortization 11,111 1,096 12,207 Gross loss (2,572 ) 1,434 (1,138 ) Operating expenses: Selling, general and administrative expenses 59,933 (18,420 ) 41,513 Misappropriation of funds — 1,080 1,080 Total operating expenses 59,933 (17,340 ) 42,593 Operating loss (62,505 ) 18,774 (43,731 ) Other (expense) income, net: Interest expense, net (13,858 ) — (13,858 ) Foreign exchange loss, net (3,417 ) — (3,417 ) Other income (expense), net (491 ) 1,817 1,326 Total other expense, net (17,766 ) 1,817 (15,949 ) Loss before income taxes (80,271 ) 20,591 (59,680 ) Income taxes 2,424 (2,544 ) (120 ) Net loss (82,695 ) 23,135 (59,560 ) Less: net income attributable to noncontrolling interest 905 905 Net loss attributable to SAExploration $ (83,600 ) $ 23,135 $ (60,465 ) Basic and diluted loss per common share $ (102.25 ) $ 69.34 $ (32.91 ) Weighted average common shares outstanding (basic and diluted) 1,336 2,112 3,448 Year Ended December 31, 2017 Previously Reported Adjustments Restated Revenue from services $ 127,022 $ — $ 127,022 Cost of services 93,229 — 93,229 Depreciation and amortization 11,725 — 11,725 Gross profit 22,068 — 22,068 Operating expenses: Selling, general and administrative expenses 25,596 (39 ) 25,557 Misappropriation of funds — 482 482 Total operating expenses 25,596 443 26,039 Operating loss (3,528 ) (443 ) (3,971 ) Other (expense) income, net: Interest expense, net (29,363 ) — (29,363 ) Foreign exchange loss, net (1,308 ) — (1,308 ) Other income (expense), net (272 ) — (272 ) Total other expense, net (30,943 ) — (30,943 ) Loss before income taxes (34,471 ) (443 ) (34,914 ) Income taxes 4,313 429 4,742 Net loss (38,784 ) (872 ) (39,656 ) Less: net income attributable to noncontrolling interest 1,972 — 1,972 Net loss attributable to SAExploration $ (40,756 ) $ (872 ) $ (41,628 ) Basic and diluted loss per common share $ (86.90 ) $ (1.86 ) $ (88.76 ) Summary of Restatement – Consolidated Statement of Changes in Stockholders’ Deficit The effects of the restatement on our consolidated statement of changes in stockholder’s deficit are as follows: Year Ended December 31, 2017 Previously Reported Adjustments Restated Balance at December 31, 2016 $ 38,061 $ (55,000 ) $ (16,939 ) Net loss (38,784 ) (872 ) (39,656 ) Other comprehensive loss (260 ) — (260 ) Equity-based compensation cost 1,925 — 1,925 Purchase of treasury stock (113 ) — (113 ) Distribution to noncontrolling interest (1,095 ) — (1,095 ) Loss of control of variable interest entity 77 — 77 Balance at December 31, 2017 $ (189 ) $ (55,872 ) $ (56,061 ) Summary of Restatement – Consolidated Statements of Cash Flows The effects of the restatement on our consolidated statements of cash flows are as follows: Year Ended December 31, 2018 Previously Reported Adjustments Restated Cash flows from operating activities: Net loss $ (82,695 ) $ 23,135 $ (59,560 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 11,564 1,096 12,660 Tax credits used to offset production taxes — 1,443 1,443 Reserve for potential tax credits monetization — 1,700 1,700 Reserve for doubtful accounts 19,522 (18,986 ) 536 Equity-based compensation cost 10,131 — 10,131 Loss on disposal of property and equipment 308 (20 ) 288 Amortization of loan issuance costs and debt discounts 5,565 — 5,565 Unrealized loss on foreign currency transactions 3,333 — 3,333 Gain on debt extinguishment (53 ) — (53 ) Deferred income taxes 2,614 (2,399 ) 215 Changes in operating assets and liabilities: Accounts receivable (4,846 ) (7,915 ) (12,761 ) Deferred costs on contracts (2,041 ) (29 ) (2,070 ) Prepaid expenses and other current assets 2,326 (1,458 ) 868 Tax credits receivable — 2,748 2,748 Accounts payable 5,819 (2 ) 5,817 Accrued liabilities 4,270 — 4,270 Income and other taxes payable (4,471 ) (547 ) (5,018 ) Deferred revenue 24 59 83 Other, net (338 ) — (338 ) Net cash used in operating activities (28,968 ) (1,175 ) (30,143 ) Cash flows from investing activities: Asset purchase (21,749 ) — (21,749 ) Purchase of property and equipment (1,262 ) — (1,262 ) Proceeds from sale of property and equipment 810 20 830 Net cash used in investing activities (22,201 ) 20 (22,181 ) Cash flows from financing activities: Long-term debt repayments (59,207 ) — (59,207 ) Long-term debt borrowings 123,411 — 123,411 Debt issuance costs (2,715 ) — (2,715 ) Stock issuance costs (3,174 ) 1,462 (1,712 ) Purchase of treasury stock (1,753 ) — (1,753 ) Distribution to noncontrolling interest (1,250 ) — (1,250 ) Net cash provided by financing activities 55,312 1,462 56,774 Effect of exchange rate changes on cash, cash equivalents and restricted cash (334 ) — (334 ) Net change in cash, cash equivalents and restricted cash 3,809 307 4,116 Cash, cash equivalents and restricted cash at the beginning of year 3,654 80 3,734 Cash, cash equivalents and restricted cash at the end of year $ 7,463 $ 387 $ 7,850 Year Ended December 31, 2017 Previously Reported Adjustments Restated Cash flows from operating activities: Net loss $ (38,784 ) $ (872 ) $ (39,656 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 12,099 — 12,099 Equity-based compensation cost 1,925 — 1,925 Gain on disposal of property and equipment (101 ) — (101 ) Amortization of loan issuance costs and debt discounts 16,602 — 16,602 Payment in kind interest 4,848 — 4,848 Unrealized gain on foreign currency transactions (543 ) — (543 ) Deferred income taxes 530 429 959 Changes in operating assets and liabilities: Accounts receivable 21,766 (3,507 ) 18,259 Deferred costs on contracts 6,546 — 6,546 Prepaid expenses and other current assets (4,420 ) 2,909 (1,511 ) Tax credits receivable — 3,616 3,616 Accounts payable (4,868 ) 2 (4,866 ) Accrued liabilities (5,933 ) — (5,933 ) Income and other taxes payable (7,710 ) 222 (7,488 ) Deferred revenue (6,496 ) — (6,496 ) Other, net (14 ) — (14 ) Net cash used in operating activities (4,553 ) 2,799 (1,754 ) Cash flows from investing activities: Purchase of property and equipment (2,670 ) — (2,670 ) Proceeds from sale of property and equipment 1,910 — 1,910 Net cash used in investing activities (760 ) — (760 ) Cash flows from financing activities: Long-term debt repayments (35,467 ) 1,166 (34,301 ) Long-term debt borrowings 33,401 — 33,401 Debt issuance costs — (1,166 ) (1,166 ) Stock issuance costs — (2,904 ) (2,904 ) Purchase of treasury stock (113 ) — (113 ) Distribution to noncontrolling interest (1,095 ) — (1,095 ) Net cash used in financing activities (3,274 ) (2,904 ) (6,178 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 245 — 245 Net change in cash, cash equivalents and restricted cash (8,342 ) (105 ) (8,447 ) Cash, cash equivalents and restricted cash at the beginning of year 11,996 185 12,181 Cash, cash equivalents and restricted cash at the end of year $ 3,654 $ 80 $ 3,734 |
ASSET PURCHASE (Tables)
ASSET PURCHASE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Purchase Agreement [Abstract] | |
Schedule of Purchase Price and Fair Value of Acquired Assets and Assumed Liabilities | The purchase price and the fair values of the acquired assets and assumed liabilities are as follows: Purchase price $ 18,411 Transaction advisory fees and other acquisition costs 3,338 Total purchase price $ 21,749 Accounts receivable $ 8,589 Property and equipment 12,484 Intangible assets, net 3,642 Accrued liabilities (110 ) Deferred revenue (2,856 ) Net assets acquired $ 21,749 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment is comprised of the following at December 31: Estimated Useful Life 2018 2017 Field operating equipment 3 – 10 years $ 89,962 $ 82,295 Transportation equipment 3 – 5 years 18,353 15,914 Leasehold improvements 2 – 5 years 461 328 Software 3 – 5 years 1,976 2,065 Computer equipment 3 – 5 years 5,584 4,055 Office equipment 3 – 10 years 902 938 117,238 105,595 Accumulated depreciation and amortization (81,904 ) (72,649 ) Property and equipment, net $ 35,334 $ 32,946 |
MULTICLIENT SEISMIC DATA LIBR_2
MULTICLIENT SEISMIC DATA LIBRARY, NET (RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Multiclient Data Library [Abstract] | |
Changes in Carrying Value of Multiclient Seismic Data Library | Changes in the carrying value of multiclient seismic data library are as follows for the years ended December 31: 2018 2017 Balance at beginning of year $ 5,829 $ 5,829 Amortization (1,096 ) — Balance at end of year $ 4,733 $ 5,829 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying value of goodwill are as follows for the years ended December 31: 2018 2017 Balance at beginning of year $ 1,832 $ 1,711 Foreign currency translation adjustment (145 ) 121 Balance at end of year $ 1,687 $ 1,832 |
Schedule of Intangible Assets | Intangible assets are comprised of the following at December 31: 2018 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 1,356 $ (831 ) $ 525 $ 1,403 $ (732 ) $ 671 Technology 3,642 (101 ) 3,541 — — — $ 4,998 $ (932 ) $ 4,066 $ 1,403 $ (732 ) $ 671 |
TAX CREDITS RECEIVABLE, NET (_2
TAX CREDITS RECEIVABLE, NET (RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tax Credit Receivable Net [Abstract] | |
Summary of Changes in Carrying Value of Tax Credits Receivable, Net | Changes in the carrying value of the tax credits receivable, net are as follows for the years ended December 31: 2018 2017 Balance at beginning of year $ 19,089 $ 22,705 Monetized in period (2,748 ) (3,616 ) Production taxes related to license sales (1,443 ) — Reserve for potential monetization (1,700 ) — Balance at end of year $ 13,198 $ 19,089 |
LONG TERM DEBT (RESTATED) (Tabl
LONG TERM DEBT (RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | Long–term debt consisted of the following as of December 31: 2018 2017 Credit facility: Principal outstanding $ 12,334 $ 5,000 Unamortized debt issuance costs (125 ) (599 ) Carrying amount 12,209 4,401 Senior loan facility: Principal outstanding 29,000 29,995 Unamortized debt issuance costs (2,448 ) (5,352 ) Carrying amount 26,552 24,643 6% senior secured convertible notes due 2023: Principal outstanding 60,000 — Unamortized debt discount and debt issuance costs (15,906 ) — Carrying amount 44,094 — 10% senior secured notes due 2019: Principal outstanding — 1,872 Unamortized debt issuance costs — (25 ) Carrying amount — 1,847 10% senior notes due 2019: Principal outstanding 6,957 85,239 Unamortized debt issuance costs (4 ) (189 ) Carrying amount 6,953 85,050 Capital lease obligations 1,234 — Total debt 91,042 115,941 Current portion of long-term debt (7,837 ) (995 ) Total long-term debt $ 83,205 $ 114,946 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Changes in Number of Shares Outstanding | The following table presents the changes in the number of shares outstanding for the years ended December 31: 2018 2017 Shares issued: Balance at beginning of year 473 470 Issue of shares upon vesting of restricted stock units 268 3 Issue of shares on exercises of stock options 16 — Issue of shares in the Exchange 41 — Issue of shares on the conversion of the Series A preferred stock 704 — Issue of shares on the conversion of the Series B preferred stock 225 — Issue of shares on exercises of Series C warrants 16 — Issue of shares on exercises of Series D warrants 117 — Issue of shares on exercises of Series E warrants 1,351 — Balance as of end of year 3,211 473 Shares held as treasury stock: Balance at beginning of year 2 — Purchase of treasury stock 109 2 Balance as of end of year 111 2 Shares outstanding as of end of year 3,100 471 |
REVENUE FROM SERVICES (RESTAT_2
REVENUE FROM SERVICES (RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Changes in Deferred Costs on Contracts | Changes in our deferred costs on contracts are as follows for the year ended December 31, 2018: Balance at beginning of year $ 1,780 Fulfillment costs incurred 9,076 Amortization of fulfillment costs (7,110 ) Balance at end of year $ 3,746 |
Schedule of Change in Deferred Revenue | Changes in our deferred revenue are as follows for the year ended December 31, 2018: Balance at beginning of year $ 1,477 Acquired from GEOK 2,856 Cash received, excluding amounts recognized as revenue from services 6,580 Amounts recognized as revenue from services (6,556 ) Balance at end of year $ 4,357 |
Schedule of Revenue by Geographic Area | The following table disaggregates our revenue from services by geographic area for the years ended December 31: 2018 2017 North America: United States $ 49,723 $ 40,504 Canada 20,810 14,459 Mexico 793 — Total 71,326 54,963 South America: Colombia 22,443 30,268 Other 88 2,404 Total 22,531 32,672 Asia Pacific New Zealand — 4,266 Other 4,813 — Total 4,813 4,266 West Africa (1) — 35,121 Total $ 98,670 $ 127,022 (1) This revenue was from our marine operations. |
EQUITY-BASED COMPENSATION (Tabl
EQUITY-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of NQSOs Activity | Activity related to NQSOs is as follows: Number of Underlying Shares Weighted Average Exercise Price Outstanding at January 1, 2018 15,575 $ 203.80 Exercised (15,575 ) 203.80 Outstanding at December 31, 2018 — $ — |
Schedule of RSUs Activity | Activity related to RSUs is as follows: Number of RSUs Weighted Average Grant Date Fair Value Nonvested at January 1, 2018 10,383 $ 157.00 Granted 622,274 22.78 Vested (373,740 ) 23.86 Nonvested at December 31, 2018 258,917 $ 26.60 |
INCOME TAXES (RESTATED) (Tables
INCOME TAXES (RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | The provision for income taxes is comprised of the following for the years ended December 31: 2018 2017 Current: U.S. $ (145 ) $ — Foreign (190 ) 3,783 Total current $ (335 ) $ 3,783 Deferred: U.S. $ 145 $ (290 ) Foreign 70 1,249 Total deferred 215 959 Income taxes $ (120 ) $ 4,742 |
Schedule of geographical sources of loss before income taxes | The geographic sources of our loss before income taxes are as follows for the years ended December 31: 2018 2017 U.S. $ (44,265 ) $ (33,770 ) Foreign (15,415 ) (1,144 ) Total $ (59,680 ) $ (34,914 ) |
Summary of Provision for Income Taxes Differs from U.S. Statutory Income Tax Rate to Loss Before Income Taxes | The provision for income taxes differs from the amount computed by applying the U.S. statutory income tax rate to the loss before income taxes for the reasons set forth below for the years ended December 31: 2018 2017 Taxes at the U.S. federal statutory income tax rate $ (12,533 ) $ (12,220 ) Change in federal statutory income tax rate — 15,778 Nondeductible expenses 3,880 1,398 Change in valuation allowance 14,595 (1,661 ) Effect of foreign operations 890 1,865 State tax, net of federal benefit (3,174 ) 38 Other (3,778 ) (456 ) Provision for income taxes $ (120 ) $ 4,742 |
Schedule of tax effects of temporary differences and net operating losses ("NOL") | The tax effects of our temporary differences and net operating losses (“NOL”) are as follows for the years ended December 31: 2018 2017 Deferred tax assets: Operating loss carryforwards $ 36,150 $ 22,271 Other accrued expenses 2,833 2,531 Outside basis difference in ASV 13,367 11,051 Tax credit carryforwards 1,859 1,851 Other 3,504 1,537 Total deferred tax asset 57,713 39,241 Valuation allowance (51,850 ) (35,892 ) Total deferred tax asset, net 5,863 3,349 Deferred tax liabilities: Property and equipment (2,193 ) (671 ) Intangible assets (1,116 ) (340 ) Deferred revenue (394 ) — Total deferred tax liabilities (3,703 ) (1,011 ) Net deferred tax asset $ 2,160 $ 2,338 |
Schedule of changes on gross amounts of unrecognized tax benefits | The following table presents the changes in our gross unrecognized tax benefits for the years ended December 31: 2018 2017 Balance at beginning of year $ 192 $ — Additions for tax positions taken in prior years (23 ) 192 Balance at end of year $ 169 $ 192 |
LOSS PER COMMON SHARE (RESTAT_2
LOSS PER COMMON SHARE (RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Loss Per Share | The computation of basic and diluted net loss per share is as follows for the years ended December 31: 2018 2017 Net loss attributable to SAExploration $ (60,465 ) $ (41,628 ) Amortization of discount on Series A and Series B preferred stock (72,762 ) — Accretion of Series A preferred stock to redemption value 21,376 — Dividends on Series A preferred stock (1,614 ) — Net loss available to common stockholders $ (113,465 ) $ (41,628 ) Weighted average common shares outstanding (basic and diluted) 3,448 469 Loss per share available to common stockholders (basic and diluted) $ (32.91 ) $ (88.76 ) Potentially anti-dilutive shares excluded from diluted loss available to common stockholders (1) 10,709 26 (1) Includes our Series A and Series B warrants, unvested equity–based compensation and the shares underlying our 2023 Notes as their effect, if included, would have been anti–dilutive. |
OTHER SUPPLEMENTAL INFORMATIO_2
OTHER SUPPLEMENTAL INFORMATION (RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of cash and cash equivalents | Cash, cash equivalents and restricted cash are recorded in our consolidated balance sheets as follows at December 31: 2018 2017 Cash and cash equivalents $ 7,579 $ 3,693 Restricted cash 271 41 Total cash, cash equivalents and restricted cash $ 7,850 $ 3,734 |
Schedule of total accounts receivable, net | Total accounts receivable, net is comprised of the following at December 31: 2018 2017 Trade receivables $ 23,330 $ 4,013 Other receivables 3,681 2,104 Total accounts receivable 27,011 6,117 Less: allowance for doubtful accounts (548 ) (12 ) Total accounts receivable, net $ 26,463 $ 6,105 |
Schedule of changes in allowance for doubtful accounts | Changes in the allowance for doubtful accounts are as follows for the years ended December 31: 2018 2017 Balance at beginning of year $ 12 $ 12 Provisions for doubtful accounts 536 — Balance at end of year $ 548 $ 12 |
Schedule of accrued liabilities | Accrued liabilities are comprised of the following at December 31: 2018 2017 Accrued payroll liabilities $ 3,622 $ 2,781 Accrued interest 306 1,877 Other accrued liabilities 6,570 1,653 Total accrued liabilities $ 10,498 $ 6,311 |
Schedule of supplemental cash flows information | Supplemental cash flows information is as follows for the years ended December 31: 2018 2017 Cash paid for interest $ 9,412 $ 6,154 Cash paid for income taxes 2,487 7,668 |
Schedule of noncash transactions | Noncash transactions are as follows at December 31: 2018 2017 Costs for additions to property and equipment acquired in a capital lease $ 1,504 $ — Costs for additions to property and equipment in accounts payable — 49 Costs to issue debt included in accounts payable — 550 |
GEOGRAPHIC AND RELATED INFORM_2
GEOGRAPHIC AND RELATED INFORMATION (RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Summary of revenues and identifiable assets by geographic areas | The following table presents long–lived assets, which includes property and equipment, multiclient seismic data library, goodwill, intangible assets, tax credits receivable, net and other assets, by its geographic location at December 31: 2018 2017 North America: United States $ 54,551 $ 56,117 Canada 3,888 3,625 Total 58,439 59,742 South America: Colombia 185 1,396 Other 62 1,844 Total 247 3,240 Asia Pacific 599 471 Consolidated $ 59,285 $ 63,453 |
SUPPLEMENTAL GUARANTOR INFORM_2
SUPPLEMENTAL GUARANTOR INFORMATION (RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets December 31, 2018 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated ASSETS Current assets: Cash and cash equivalents $ 28 $ 5,285 $ 2,266 $ — $ 7,579 Restricted cash — — 271 — 271 Accounts receivable, net 144 20,487 5,832 — 26,463 Deferred costs on contracts — 3,520 226 — 3,746 Prepaid expenses and other current assets 63 2,395 385 — 2,843 Total current assets 235 31,687 8,980 — 40,902 Property and equipment, net — 32,889 2,445 — 35,334 Multiclient seismic data library, net — 4,733 — — 4,733 Investment in subsidiaries (79,848 ) 41,986 7,499 30,363 — Intercompany receivables 183,675 — — (183,675 ) — Goodwill — — 1,687 — 1,687 Intangible assets, net — 3,541 525 — 4,066 Tax credits receivable — 13,198 — — 13,198 Deferred income taxes — 2,023 137 — 2,160 Other assets — 239 28 — 267 Total assets $ 104,062 $ 130,296 $ 21,301 $ (153,312 ) $ 102,347 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 289 $ 7,205 $ 2,609 $ — $ 10,103 Accrued liabilities 906 8,484 1,108 — 10,498 Income and other taxes payable 210 2,739 382 — 3,331 Current portion of long-term debt 6,953 884 — — 7,837 Deferred revenue — 4,357 — — 4,357 Total current liabilities 8,358 23,669 4,099 — 36,126 Intercompany payables — 135,691 47,985 (183,676 ) — Long-term debt 70,646 12,559 — — 83,205 Other long–term liabilities 300 — 80 — 380 Stockholders’ equity (deficit): Common stock — — 168 (168 ) — Additional paid–in capital 232,661 46,974 18,996 (65,970 ) 232,661 Accumulated deficit (206,037 ) (88,681 ) (51,133 ) 96,502 (249,349 ) Accumulated other comprehensive (loss) income — (4,141 ) 1,106 — (3,035 ) Treasury stock, at cost (1,866 ) — — — (1,866 ) SAExploration stockholders’ equity (deficit) 24,758 (45,848 ) (30,863 ) 30,364 (21,589 ) Noncontrolling interest — 4,225 — — 4,225 Total stockholders’ equity (deficit) 24,758 (41,623 ) (30,863 ) 30,364 (17,364 ) Total liabilities and stockholders’ equity (deficit) $ 104,062 $ 130,296 $ 21,301 $ (153,312 ) $ 102,347 December 31, 2017 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated ASSETS Current assets: Cash and cash equivalents $ 8 $ 2,799 $ 886 $ — $ 3,693 Restricted cash — 41 — — 41 Accounts receivable, net — 2,060 4,045 — 6,105 Deferred costs on contracts — 1,450 330 — 1,780 Prepaid expenses and other current assets 257 3,497 99 — 3,853 Total current assets 265 9,847 5,360 — 15,472 Property and equipment, net — 28,538 4,408 — 32,946 Multiclient seismic data library, net — 5,829 — — 5,829 Investment in subsidiaries (33,568 ) 51,889 7,500 (25,821 ) — Intercompany receivables 134,502 — — (134,502 ) — Goodwill — — 1,832 — 1,832 Intangible assets, net — — 671 — 671 Tax credits receivable — 19,089 — — 19,089 Deferred income taxes — 1,733 605 — 2,338 Other assets 2,904 150 32 — 3,086 Total assets $ 104,103 $ 117,075 $ 20,408 $ (160,323 ) $ 81,263 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 1,782 $ 1,260 $ 1,511 $ — $ 4,553 Accrued liabilities 1,885 3,178 1,248 — 6,311 Income and other taxes payable 539 7,543 352 — 8,434 Current portion of long-term debt 995 — — — 995 Deferred revenue — 1,475 2 — 1,477 Total current liabilities 5,201 13,456 3,113 — 21,770 Intercompany payables — 94,189 40,313 (134,502 ) — Long-term debt 110,545 4,401 — — 114,946 Other long-term liabilities 300 250 58 — 608 Stockholders’ equity (deficit): Common stock — — — — — Additional paid–in capital 133,742 46,974 18,944 (65,918 ) 133,742 (Accumulated deficit) retained earnings (145,572 ) (42,686 ) (41,017 ) 40,097 (189,178 ) Accumulated other comprehensive loss — (4,079 ) (1,003 ) — (5,082 ) Treasury stock, at cost (113 ) — — — (113 ) SAExploration stockholders' equity (deficit) (11,943 ) 209 (23,076 ) (25,821 ) (60,631 ) Noncontrolling interest — 4,570 — — 4,570 Total stockholders’ equity (deficit) (11,943 ) 4,779 (23,076 ) (25,821 ) (56,061 ) Total liabilities and stockholders’ equity (deficit) $ 104,103 $ 117,075 $ 20,408 $ (160,323 ) $ 81,263 |
Condensed Consolidating Statements of Operations | Condensed Consolidating Statements of Operations Year Ended December 31, 2018 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated Revenue from services $ — $ 74,943 $ 23,727 $ — $ 98,670 Cost of services — 67,342 20,259 — 87,601 Depreciation and amortization — 9,669 2,538 — 12,207 Gross (loss) profit — (2,068 ) 930 — (1,138 ) Total operating expenses 14,214 22,089 6,290 — 42,593 Operating loss (14,214 ) (24,157 ) (5,360 ) — (43,731 ) Other income (expense), net 53 (11,627 ) (4,375 ) — (15,949 ) Loss before income taxes and equity in loss of affiliates (14,161 ) (35,784 ) (9,735 ) — (59,680 ) Income taxes 24 (534 ) 390 — (120 ) Loss before equity in loss of affiliates (14,185 ) (35,250 ) (10,125 ) — (59,560 ) Equity in loss of affiliates (46,280 ) (10,125 ) — 56,405 — Net loss (60,465 ) (45,375 ) (10,125 ) 56,405 (59,560 ) Less: net income attributable to noncontrolling interest — 905 — — 905 Net loss attributable to SAExploration $ (60,465 ) $ (46,280 ) $ (10,125 ) $ 56,405 $ (60,465 ) Comprehensive loss $ (60,465 ) $ (45,437 ) $ (8,016 ) $ 56,405 $ (57,513 ) Less: comprehensive income attributable to noncontrolling interest — 905 — — 905 Comprehensive loss attributable to SAExploration $ (60,465 ) $ (46,342 ) $ (8,016 ) $ 56,405 $ (58,418 ) Year Ended December 31, 2017 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated Revenue from services $ — $ 108,366 $ 18,656 $ — $ 127,022 Cost of services — 77,585 15,644 — 93,229 Depreciation and amortization — 8,462 3,263 — 11,725 Gross profit (loss) — 22,319 (251 ) — 22,068 Total operating expenses 4,148 17,616 4,275 — 26,039 Operating (loss) income (4,148 ) 4,703 (4,526 ) — (3,971 ) Other expense, net (16,569 ) (13,514 ) (860 ) — (30,943 ) Loss before income taxes and equity in loss of affiliates (20,717 ) (8,811 ) (5,386 ) — (34,914 ) Income taxes (5 ) 3,438 1,309 — 4,742 Loss before equity in loss of affiliates (20,712 ) (12,249 ) (6,695 ) — (39,656 ) Equity in loss of affiliates (20,916 ) (6,618 ) — 27,534 — Net loss (41,628 ) (18,867 ) (6,695 ) 27,534 (39,656 ) Less: net income (loss) attributable to noncontrolling interest — 2,049 (77 ) — 1,972 Net loss attributable to SAExploration $ (41,628 ) $ (20,916 ) $ (6,618 ) $ 27,534 $ (41,628 ) Comprehensive loss $ (41,628 ) $ (18,790 ) $ (7,032 ) $ 27,534 $ (39,916 ) Less: comprehensive income (loss) attributable to noncontrolling interest — 2,049 (77 ) — 1,972 Comprehensive loss attributable to SAExploration $ (41,628 ) $ (20,839 ) $ (6,955 ) $ 27,534 $ (41,888 ) |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2018 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated Cash flows from operating activities: Net cash used in operating activities $ (3,315 ) $ (21,874 ) $ (4,954 ) $ — $ (30,143 ) Cash flows from investing activities: Asset purchase — (21,749 ) — — (21,749 ) Purchase of property and equipment — (1,114 ) (148 ) — (1,262 ) Proceeds from sale of property and equipment — 280 550 — 830 Investment in affiliate — (222 ) — 222 — Net cash used in (provided by) investing activities — (22,805 ) 402 222 (22,181 ) Cash flows from financing activities: Long-term debt repayments (2,860 ) (56,347 ) — — (59,207 ) Long-term debt borrowings 60,000 63,411 — — 123,411 Debt issuance costs (1,167 ) (1,548 ) — — (2,715 ) Stock issuance costs (1,712 ) — — — (1,712 ) Purchase of treasury stock (1,753 ) — — — (1,753 ) Intercompany lending (49,173 ) 43,179 5,994 — — Contribution from affiliate — — 222 (222 ) — Distribution to noncontrolling interest — (1,250 ) — — (1,250 ) Net cash provided by financing activities 3,335 47,445 6,216 (222 ) 56,774 Effect of exchange rate changes on cash, cash equivalents and restricted cash — (321 ) (13 ) — (334 ) Net change in cash, cash equivalents and restricted cash 20 2,445 1,651 — 4,116 Cash, cash equivalents and restricted cash at the beginning of year 8 2,840 886 — 3,734 Cash, cash equivalents and restricted cash at the end of year $ 28 $ 5,285 $ 2,537 $ — $ 7,850 Year Ended December 31, 2017 SAExploration Holdings, Inc. The Guarantors Other Subsidiaries Consolidating Adjustments Total Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 5,654 $ (2,430 ) $ (804 ) $ (4,174 ) $ (1,754 ) Cash flows from investing activities: Purchase of property and equipment — (1,956 ) (714 ) — (2,670 ) Proceeds from sale of property and equipment — 1,851 59 — 1,910 Net cash used in investing activities — (105 ) (655 ) — (760 ) Cash flows from financing activities: Long-term debt repayments — (34,284 ) (17 ) — (34,301 ) Long-term debt borrowings — 33,401 — — 33,401 Debt issuance costs (614 ) (552 ) — (1,166 ) Stock issuance costs (2,904 ) — — — (2,904 ) Purchase of treasury stock (113 ) — — — (113 ) Intercompany lending (4,069 ) (1,579 ) 5,648 — — Dividend payments to affiliates — — (4,174 ) 4,174 — Distribution to noncontrolling interest — (1,095 ) — — (1,095 ) Net cash (used in) provided by financing activities (7,700 ) (4,109 ) 1,457 4,174 (6,178 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — (119 ) 364 — 245 Net change in cash, cash equivalents and restricted cash (2,046 ) (6,763 ) 362 — (8,447 ) Cash, cash equivalents and restricted cash at the beginning of year 2,054 9,603 524 — 12,181 Cash, cash equivalents and restricted cash at the end of year $ 8 $ 2,840 $ 886 $ — $ 3,734 |
QUARTERLY DATA (UNAUDITED) (R_2
QUARTERLY DATA (UNAUDITED) (RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Restated Quarterly Financial Information | The unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Three Months Ended March 31, Three Months Ended June 30, Three Months Ended September 30, Three Months Ended December 31, (Restated) 2018 Revenue from services $ 37,123 $ 16,883 $ 15,003 $ 29,661 Gross profit (loss) 8,697 (5,122 ) (4,141 ) (572 ) Net loss (391 ) (17,841 ) (22,631 ) (18,697 ) Net loss available to common stockholders (48,168 ) (18,127 ) (28,472 ) (18,698 ) Basic and diluted loss per common share $ (48.36 ) $ (9.72 ) $ (8.41 ) $ (2.50 ) 2017 Revenue from services $ 86,169 $ 13,559 $ 22,452 $ 4,842 Gross profit (loss) 25,144 (1,017 ) 1,471 (3,530 ) Net income (loss) 8,565 (18,050 ) (13,738 ) (16,433 ) Net income (loss) available to common stockholders 6,583 (18,115 ) (13,663 ) (16,433 ) Earnings (loss) per common share: Basic $ 14.07 $ (38.71 ) $ (29.07 ) $ (34.89 ) Diluted $ 14.01 $ (38.71 ) $ (29.07 ) $ (34.89 ) |
Summary of Reconcile Previously Reported Quarterly Financial Information With Restated Quarterly Financial Information | The following tables reconcile our previously reported quarterly financial information with the restated quarterly financial information as of and for the three months ended March 31, 2018 and 2017, June 30, 2018 and 2017, September 30, 2018 and 2017, and December 31, 2018 and 2017. Three Months Ended March 31, 2018 Three Months Ended June 30, 2018 Previously Reported Adjustments Restated Previously Reported Adjustments Restated Statement of Operations: Revenue from services $ 37,123 $ — $ 37,123 $ 16,883 $ — $ 16,883 Cost of services 26,005 — 26,005 19,710 — 19,710 Depreciation and amortization 2,421 — 2,421 2,295 — 2,295 Gross profit (loss) 8,697 — 8,697 (5,122 ) — (5,122 ) Operating expenses: Selling, general and administrative expenses 6,377 (691 ) 5,686 25,763 (17,397 ) 8,366 Misappropriation of funds — 233 233 — 128 128 Total operating expenses 6,377 (458 ) 5,919 25,763 (17,269 ) 8,494 Operating income (loss) 2,320 458 2,778 (30,885 ) 17,269 (13,616 ) Other (expense) income, net: Interest expense, net (3,141 ) — (3,141 ) (2,346 ) — (2,346 ) Foreign exchange loss, net (174 ) — (174 ) (2,005 ) — (2,005 ) Other income, net 145 — 145 9 83 92 Total other expense, net (3,170 ) — (3,170 ) (4,342 ) 83 (4,259 ) Loss before income taxes (850 ) 458 (392 ) (35,227 ) 17,352 (17,875 ) Income taxes 624 (625 ) (1 ) (1,881 ) 1,847 (34 ) Net loss (1,474 ) 1,083 (391 ) (33,346 ) 15,505 (17,841 ) Less: net income attributable to noncontrolling interest 835 — 835 59 — 59 Net loss attributable to SAExploration $ (2,309 ) $ 1,083 $ (1,226 ) $ (33,405 ) $ 15,505 $ (17,900 ) Basic and diluted loss per common share $ (92.06 ) $ 43.70 $ (48.36 ) $ (44.90 ) $ 35.18 $ (9.72 ) Weighted average common shares outstanding (basic and diluted) 535 461 996 749 1,116 1,865 Balance Sheet Data (at end of period): Current assets $ 39,214 $ 106 $ 39,320 $ 22,136 $ 173 $ 22,309 Total assets 159,952 (59,697 ) 100,255 121,184 (38,153 ) 83,031 Current liabilities 28,908 (626 ) 28,282 20,144 4,806 24,950 Long-term debt, net 57,360 (4,282 ) 53,078 57,425 (3,675 ) 53,750 Other long-term liabilities 615 — 615 623 — 623 Mezzanine equity 32,105 — 32,105 32,788 — 32,788 Total stockholders' equity (deficit) 40,964 (54,789 ) (13,825 ) 10,204 (39,284 ) (29,080 ) Three Months Ended September 30, 2018 Three Months Ended December 31, 2018 Previously Reported Adjustments Restated Previously Reported Adjustments Restated Statement of Operations Data: Revenue from services $ 15,003 $ — $ 15,003 $ 25,595 $ 4,066 $ 29,661 Cost of services 16,085 108 16,193 24,265 1,428 25,693 Depreciation and amortization 2,951 — 2,951 3,444 1,096 4,540 Gross loss (4,033 ) (108 ) (4,141 ) (2,114 ) 1,542 (572 ) Operating expenses: Selling, general and administrative expenses 14,858 (282 ) 14,576 12,935 (50 ) 12,885 Misappropriation of funds — 265 265 — 454 454 Total operating expenses 14,858 (17 ) 14,841 12,935 404 13,339 Operating loss (18,891 ) (91 ) (18,982 ) (15,049 ) 1,138 (13,911 ) Other (expense) income, net: Interest expense, net (4,738 ) — (4,738 ) (3,633 ) — (3,633 ) Foreign exchange loss, net (331 ) — (331 ) (907 ) — (907 ) Other income (expense), net 27 1,345 1,372 (672 ) 389 (283 ) Total other expense, net (5,042 ) 1,345 (3,697 ) (5,212 ) 389 (4,823 ) Loss before income taxes (23,933 ) 1,254 (22,679 ) (20,261 ) 1,527 (18,734 ) Income taxes 1,364 (1,412 ) (48 ) 2,317 (2,354 ) (37 ) Net loss (25,297 ) 2,666 (22,631 ) (22,578 ) 3,881 (18,697 ) Less: net income attributable to noncontrolling interest 10 — 10 1 — 1 Net loss attributable to SAExploration $ (25,307 ) $ 2,666 $ (22,641 ) $ (22,579 ) $ 3,881 $ (18,698 ) Basic and diluted loss per common share $ (27.80 ) $ 19.39 $ (8.41 ) $ (7.75 ) $ 5.25 $ (2.50 ) Weighted average common shares outstanding (basic and diluted) 1,120 2,264 3,384 2,915 4,560 7,475 Balance Sheet Data (at end of period): Current assets $ 43,118 $ 1,428 $ 44,546 Total assets 154,435 (40,017 ) 114,418 Current liabilities 29,063 (338 ) 28,725 Long-term debt, net 87,349 (3,061 ) 84,288 Other long-term liabilities 381 — 381 Total stockholders' equity (deficit) 37,642 (36,618 ) 1,024 Three Months Ended March 31, 2017 Three Months Ended June 30, 2017 Previously Reported Adjustments Restated Previously Reported Adjustments Restated Statement of Operations: Revenue from services $ 86,169 $ — $ 86,169 $ 13,559 $ — $ 13,559 Cost of services 57,774 — 57,774 11,629 — 11,629 Depreciation and amortization 3,251 — 3,251 2,947 — 2,947 Gross profit (loss) 25,144 — 25,144 (1,017 ) — (1,017 ) Operating expenses: Selling, general and administrative expenses 6,517 113 6,630 6,358 (12 ) 6,346 Misappropriation of funds — 67 67 — 115 115 Total operating expenses 6,517 180 6,697 6,358 103 6,461 Operating income (loss) 18,627 (180 ) 18,447 (7,375 ) (103 ) (7,478 ) Other (expense) income, net: Interest expense, net (8,358 ) — (8,358 ) (8,561 ) — (8,561 ) Foreign exchange gain (loss), net 311 — 311 (1,347 ) — (1,347 ) Other expense, net (13 ) — (13 ) (72 ) — (72 ) Total other expense, net (8,060 ) — (8,060 ) (9,980 ) — (9,980 ) Income (loss) before income taxes 10,567 (180 ) 10,387 (17,355 ) (103 ) (17,458 ) Income taxes 1,740 82 1,822 485 107 592 Net income (loss) 8,827 (262 ) 8,565 (17,840 ) (210 ) (18,050 ) Less: net income attributable to noncontrolling interest 1,982 — 1,982 65 — 65 Net income (loss) attributable to SAExploration $ 6,845 $ (262 ) $ 6,583 $ (17,905 ) $ (210 ) $ (18,115 ) Earnings (loss) per common share: Basic $ 14.63 $ (0.56 ) $ 14.07 $ (38.26 ) $ (0.45 ) $ (38.71 ) Diluted $ 14.56 $ (0.55 ) $ 14.01 $ (38.26 ) $ (0.45 ) $ (38.71 ) Weighted average common shares outstanding: Basic 468 — 468 468 — 468 Diluted 470 — 470 468 — 468 Balance Sheet Data (at end of period): Current assets $ 130,162 $ (55,333 ) $ 74,829 $ 83,138 $ (44,209 ) $ 38,929 Total assets 217,123 (70,305 ) 146,818 172,875 (65,266 ) 107,609 Current liabilities 85,404 (15,043 ) 70,361 56,397 (9,794 ) 46,603 Long-term debt, net 84,267 — 84,267 86,528 — 86,528 Total stockholders' equity (deficit) 47,452 (55,262 ) (7,810 ) 29,950 (55,472 ) (25,522 ) Three Months Ended September 30, 2017 Three Months Ended December 31, 2017 Previously Reported Adjustments Restated Previously Reported Adjustments Restated Statement of Operations: Revenue from services $ 22,452 $ — $ 22,452 $ 4,842 $ — $ 4,842 Cost of services 18,172 — 18,172 5,654 — 5,654 Depreciation and amortization 2,809 — 2,809 2,718 — 2,718 Gross profit (loss) 1,471 — 1,471 (3,530 ) — (3,530 ) Operating expenses: Selling, general and administrative expenses 6,005 (49 ) 5,956 6,716 (91 ) 6,625 Misappropriation of funds — 123 123 — 177 177 Total operating expenses 6,005 74 6,079 6,716 86 6,802 Operating loss (4,534 ) (74 ) (4,608 ) (10,246 ) (86 ) (10,332 ) Other (expense) income, net: Interest expense, net (7,496 ) — (7,496 ) (4,948 ) — (4,948 ) Foreign exchange (gain) loss, net 341 — 341 (613 ) — (613 ) Other (expense) income, net (206 ) — (206 ) 19 — 19 Total other expense, net (7,361 ) — (7,361 ) (5,542 ) — (5,542 ) Loss before income taxes (11,895 ) (74 ) (11,969 ) (15,788 ) (86 ) (15,874 ) Income taxes 1,950 (181 ) 1,769 138 421 559 Net loss (13,845 ) 107 (13,738 ) (15,926 ) (507 ) (16,433 ) Less: net loss attributable to noncontrolling interest (75 ) — (75 ) — — — Net loss attributable to SAExploration $ (13,770 ) $ 107 $ (13,663 ) $ (15,926 ) $ (507 ) $ (16,433 ) Basic and diluted loss per common share $ (29.30 ) $ 0.23 $ (29.07 ) $ (33.81 ) $ (1.08 ) $ (34.89 ) Weighted average common shares outstanding (basic and diluted) 470 — 470 471 — 471 Balance Sheet Data (at end of period): Current assets $ 71,171 $ (40,855 ) $ 30,316 Total assets 158,621 (61,732 ) 96,889 Current liabilities 56,432 (6,367 ) 50,065 Long-term debt, net 86,902 — 86,902 Total stockholders' equity (deficit) 15,287 (55,365 ) (40,078 ) |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2018segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (RESTATED) - Additional Information (Details) | Sep. 14, 2018 | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)customer | Dec. 31, 2017USD ($)customer | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) |
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Reverse stock split | one–for–twenty | ||||||||||||
Reverse stock split conversion ratio | 0.05 | ||||||||||||
Production tax percentage | 35.00% | 35.00% | |||||||||||
Tax credit amount | $ 0 | $ 0 | |||||||||||
Tax credit to third party | 2,700,000 | $ 3,600,000 | 2,700,000 | $ 3,600,000 | |||||||||
Revenue from services | $ 29,661,000 | $ 15,003,000 | $ 16,883,000 | $ 37,123,000 | 4,842,000 | $ 22,452,000 | $ 13,559,000 | $ 86,169,000 | $ 98,670,000 | 127,022,000 | |||
Tax Accounting for Intra-entity Asset Transfers Other Than Inventory | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Cumulative effect of new accounting pronouncement | 294,000 | 294,000 | |||||||||||
ASU 2016–02 | Minimum | Forecast | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Right–of–use assets | $ 9,500,000 | ||||||||||||
Lease liabilities | 9,500,000 | ||||||||||||
ASU 2016–02 | Maximum | Forecast | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Right–of–use assets | 10,500,000 | ||||||||||||
Lease liabilities | $ 10,500,000 | ||||||||||||
Accumulated Deficit | Tax Accounting for Intra-entity Asset Transfers Other Than Inventory | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Cumulative effect of new accounting pronouncement | $ 294,000 | $ 294,000 | $ 300,000 | ||||||||||
Revenue from Service | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Number of customers | customer | 3 | 3 | |||||||||||
Customer Concentration Risk | Revenue from Service | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Concentration risk percentage | 10.00% | 10.00% | |||||||||||
Customer Concentration Risk | Revenue from Service | Customer Four | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Concentration risk percentage | 43.00% | ||||||||||||
Customer Concentration Risk | Revenue from Service | Customer Three | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Concentration risk percentage | 75.00% | ||||||||||||
License | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Revenue from services | $ 4,100,000 | $ 0 |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (RESTATED) - Additional Information1 (Details) | Dec. 31, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | |
Summary of Significant Accounting Policies [Line Items] | |
Cancelable service contracts expected period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Summary of Significant Accounting Policies [Line Items] | |
Cancelable service contracts expected period | 2 years |
RESTATEMENT OF PREVIOUSLY REP_3
RESTATEMENT OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | 24 Months Ended | 84 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2019 | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Revenue from services | $ 29,661,000 | $ 15,003,000 | $ 16,883,000 | $ 37,123,000 | $ 4,842,000 | $ 22,452,000 | $ 13,559,000 | $ 86,169,000 | $ 98,670,000 | $ 127,022,000 | ||||||
Misappropriation of funds | 454,000 | 265,000 | 128,000 | 233,000 | 177,000 | 123,000 | 115,000 | 67,000 | 1,080,000 | 482,000 | ||||||
Allowance for doubtful accounts against accounts receivable | 548,000 | 12,000 | 548,000 | 12,000 | $ 12,000 | $ 12,000 | ||||||||||
Income taxes | (37,000) | (48,000) | (34,000) | (1,000) | 559,000 | 1,769,000 | 592,000 | 1,822,000 | $ (120,000) | 4,742,000 | ||||||
GEOK | Multiclient Seismic Data Library | ||||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Percentage of royalty of future sales | 20.00% | |||||||||||||||
Royalty period | 3 years | |||||||||||||||
GEOK | Multiclient Seismic Data Library | Error of Omission of Royalty Income | ||||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Royalty income | $ 1,600,000 | |||||||||||||||
GEOK | Multiclient Seismic Data Library | Maximum | ||||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Royalty income | 5,000,000 | |||||||||||||||
Adjustments | ||||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Revenue from services | 4,066,000 | 4,066,000 | ||||||||||||||
Misappropriation of funds | 454,000 | 265,000 | 128,000 | 233,000 | 177,000 | 123,000 | 115,000 | 67,000 | 1,080,000 | 482,000 | ||||||
Income taxes | (2,354,000) | (1,412,000) | 1,847,000 | (625,000) | 421,000 | (181,000) | 107,000 | 82,000 | (2,544,000) | 429,000 | ||||||
Previously Reported | ||||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Revenue from services | 25,595,000 | 15,003,000 | 16,883,000 | 37,123,000 | 4,842,000 | 22,452,000 | 13,559,000 | 86,169,000 | 94,604,000 | 127,022,000 | ||||||
Income taxes | 2,317,000 | $ 1,364,000 | $ (1,881,000) | $ 624,000 | $ 138,000 | $ 1,950,000 | $ 485,000 | $ 1,740,000 | 2,424,000 | 4,313,000 | ||||||
Variable Interest Entity, Primary Beneficiary | ||||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Revenue from services | 57,300,000 | $ 83,800,000 | ||||||||||||||
Variable Interest Entity, Primary Beneficiary | Adjustments | ||||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Stockholders' equity, period increase (decrease) | 18,700,000 | (100,000) | (52,800,000) | |||||||||||||
Variable Interest Entity, Primary Beneficiary | Previously Reported | ||||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Allowance for doubtful accounts against accounts receivable | $ 19,000,000 | $ 19,000,000 | ||||||||||||||
Colombia and Bolivia | Adjustments | ||||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Deferred tax assets valuation allowance percentage | 100.00% | |||||||||||||||
Colombia and Bolivia | Adjustments | Error in Accounting for Deferred Taxes | ||||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Income taxes | $ (2,500,000) | 400,000 | ||||||||||||||
Former Chief Financial Officer and General Counsel | ||||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Misappropriation of funds | $ 1,100,000 | $ 500,000 | 400,000 | 500,000 | $ 200,000 | |||||||||||
Former Chief Financial Officer and General Counsel | Subsequent Event | ||||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Misappropriation of funds | $ 4,100,000 | |||||||||||||||
Former Chief Executive Officer | ||||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Misappropriation of funds | $ 500,000 | |||||||||||||||
Global Equipment Solutions LLC | ||||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Payment for transfer fee | 12,000,000 | |||||||||||||||
Misappropriation of funds | $ 5,200,000 | 6,800,000 | ||||||||||||||
Global Equipment Solutions LLC | Variable Interest Entity, Primary Beneficiary | ||||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Capital contribution | $ 5,900,000 | |||||||||||||||
Global Equipment Solutions LLC | Former Chief Executive Officer and Former Chief Financial Officer Former General Counsel | ||||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Payment for transfer fee | $ 6,100,000 |
RESTATEMENT OF PREVIOUSLY REP_4
RESTATEMENT OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS - Summary of effects of Restatement on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | |||||||||
Cash and cash equivalents | $ 7,579 | $ 3,693 | |||||||
Restricted cash | 271 | 41 | |||||||
Accounts receivable, net | 26,463 | 6,105 | |||||||
Deferred costs on contracts | 3,746 | 1,780 | |||||||
Prepaid expenses and other current assets | 2,843 | 3,853 | |||||||
Total current assets | 40,902 | $ 44,546 | $ 22,309 | $ 39,320 | 15,472 | $ 30,316 | $ 38,929 | $ 74,829 | |
Property and equipment, net | 35,334 | 32,946 | |||||||
Multiclient seismic data library, net | 4,733 | 5,829 | $ 5,829 | ||||||
Goodwill | 1,687 | 1,832 | 1,711 | ||||||
Intangible assets, net | 4,066 | 671 | |||||||
Tax credits receivable, net | 13,198 | 19,089 | 22,705 | ||||||
Deferred income taxes | 2,160 | 2,338 | |||||||
Other assets | 267 | 3,086 | |||||||
Total assets | 102,347 | 114,418 | 83,031 | 100,255 | 81,263 | 96,889 | 107,609 | 146,818 | |
Current liabilities: | |||||||||
Accounts payable | 10,103 | 4,553 | |||||||
Accrued liabilities | 10,498 | 6,311 | |||||||
Income and other taxes payable | 3,331 | 8,434 | |||||||
Current portion of long-term debt | 7,837 | 995 | |||||||
Deferred revenue | 4,357 | 1,477 | |||||||
Total current liabilities | 36,126 | 28,725 | 24,950 | 28,282 | 21,770 | 50,065 | 46,603 | 70,361 | |
Long-term debt | 83,205 | 84,288 | 53,750 | 53,078 | 114,946 | 86,902 | 86,528 | 84,267 | |
Other long-term liabilities | 380 | 381 | 623 | 615 | 608 | ||||
Commitments and contingencies | |||||||||
Stockholders' equity (deficit): | |||||||||
Common stock | 0 | 0 | |||||||
Additional paid-in capital | 232,661 | 133,742 | |||||||
Accumulated deficit | (249,349) | (189,178) | |||||||
Accumulated other comprehensive loss | (3,035) | (5,082) | |||||||
Treasury stock | (1,866) | (113) | |||||||
SAExploration stockholders’ deficit | (21,589) | (60,631) | |||||||
Noncontrolling interest | 4,225 | 4,570 | |||||||
Total stockholders’ deficit | (17,364) | 1,024 | (29,080) | (13,825) | (56,061) | (40,078) | (25,522) | (7,810) | (16,939) |
Total liabilities and stockholders’ deficit | 102,347 | 81,263 | |||||||
Senior Loan Facility | |||||||||
Current liabilities: | |||||||||
Current portion of long-term debt | 7,837 | 995 | |||||||
Previously Reported | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 7,192 | 3,613 | |||||||
Restricted cash | 271 | 41 | |||||||
Accounts receivable, net | 24,859 | 6,105 | |||||||
Deferred costs on contracts | 3,717 | 1,780 | |||||||
Prepaid expenses and other current assets | 2,813 | 6,722 | |||||||
Total current assets | 38,852 | 43,118 | 22,136 | 39,214 | 18,261 | 71,171 | 83,138 | 130,162 | |
Property and equipment, net | 35,334 | 32,946 | |||||||
Goodwill | 1,687 | 1,832 | |||||||
Intangible assets, net | 4,066 | 671 | |||||||
Long-term accounts receivable, net | 52,804 | 78,102 | |||||||
Deferred income taxes | 2,015 | 4,592 | |||||||
Other assets | 2,715 | 5,534 | |||||||
Total assets | 137,473 | 154,435 | 121,184 | 159,952 | 141,938 | 158,621 | 172,875 | 217,123 | |
Current liabilities: | |||||||||
Accounts payable | 10,103 | 4,551 | |||||||
Accrued liabilities | 10,498 | 6,311 | |||||||
Income and other taxes payable | 3,331 | 7,887 | |||||||
Deferred revenue | 4,298 | 1,477 | |||||||
Total current liabilities | 36,067 | 29,063 | 20,144 | 28,908 | 21,221 | 56,432 | 56,397 | 85,404 | |
Long-term debt | 85,653 | 87,349 | 57,425 | 57,360 | 120,298 | 86,902 | 86,528 | 84,267 | |
Other long-term liabilities | 380 | 381 | 623 | 615 | 608 | ||||
Commitments and contingencies | |||||||||
Stockholders' equity (deficit): | |||||||||
Common stock | 0 | 0 | |||||||
Additional paid-in capital | 232,661 | 133,742 | |||||||
Accumulated deficit | (216,612) | (133,306) | |||||||
Accumulated other comprehensive loss | (3,035) | (5,082) | |||||||
Treasury stock | (1,866) | (113) | |||||||
SAExploration stockholders’ deficit | 11,148 | (4,759) | |||||||
Noncontrolling interest | 4,225 | 4,570 | |||||||
Total stockholders’ deficit | 15,373 | 37,642 | 10,204 | 40,964 | (189) | 15,287 | 29,950 | 47,452 | 38,061 |
Total liabilities and stockholders’ deficit | 137,473 | 141,938 | |||||||
Previously Reported | Senior Loan Facility | |||||||||
Current liabilities: | |||||||||
Current portion of long-term debt | 7,837 | 995 | |||||||
Adjustments | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 387 | 80 | |||||||
Accounts receivable, net | 1,604 | ||||||||
Deferred costs on contracts | 29 | ||||||||
Prepaid expenses and other current assets | 30 | (2,869) | |||||||
Total current assets | 2,050 | 1,428 | 173 | 106 | (2,789) | (40,855) | (44,209) | (55,333) | |
Multiclient seismic data library, net | 4,733 | 5,829 | |||||||
Long-term accounts receivable, net | (52,804) | (78,102) | |||||||
Tax credits receivable, net | 13,198 | 19,089 | |||||||
Deferred income taxes | 145 | (2,254) | |||||||
Other assets | (2,448) | (2,448) | |||||||
Total assets | (35,126) | (40,017) | (38,153) | (59,697) | (60,675) | (61,732) | (65,266) | (70,305) | |
Current liabilities: | |||||||||
Accounts payable | 2 | ||||||||
Income and other taxes payable | 547 | ||||||||
Deferred revenue | 59 | ||||||||
Total current liabilities | 59 | (338) | 4,806 | (626) | 549 | (6,367) | (9,794) | (15,043) | |
Long-term debt | (2,448) | (3,061) | (3,675) | (4,282) | (5,352) | ||||
Commitments and contingencies | |||||||||
Stockholders' equity (deficit): | |||||||||
Common stock | 0 | 0 | |||||||
Accumulated deficit | (32,737) | (55,872) | |||||||
SAExploration stockholders’ deficit | (32,737) | (55,872) | |||||||
Total stockholders’ deficit | (32,737) | $ (36,618) | $ (39,284) | $ (54,789) | (55,872) | $ (55,365) | $ (55,472) | $ (55,262) | $ (55,000) |
Total liabilities and stockholders’ deficit | $ (35,126) | $ (60,675) |
RESTATEMENT OF PREVIOUSLY REP_5
RESTATEMENT OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS - Summary of Effects of Restatement on Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||
Revenue from services | $ 29,661 | $ 15,003 | $ 16,883 | $ 37,123 | $ 4,842 | $ 22,452 | $ 13,559 | $ 86,169 | $ 98,670 | $ 127,022 |
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
Cost of services | $ 25,693 | $ 16,193 | $ 19,710 | $ 26,005 | $ 5,654 | $ 18,172 | $ 11,629 | $ 57,774 | $ 87,601 | $ 93,229 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | ||||
Depreciation and amortization | 4,540 | $ 2,951 | 2,295 | $ 2,421 | 2,718 | $ 2,809 | 2,947 | $ 3,251 | $ 12,207 | $ 11,725 |
Gross (loss) profit | (572) | (4,141) | (5,122) | 8,697 | (3,530) | 1,471 | (1,017) | 25,144 | (1,138) | 22,068 |
Operating expenses: | ||||||||||
Selling, general and administrative expenses | 12,885 | 14,576 | 8,366 | 5,686 | 6,625 | 5,956 | 6,346 | 6,630 | 41,513 | 25,557 |
Misappropriation of funds | 454 | 265 | 128 | 233 | 177 | 123 | 115 | 67 | 1,080 | 482 |
Total operating expenses | 13,339 | 14,841 | 8,494 | 5,919 | 6,802 | 6,079 | 6,461 | 6,697 | 42,593 | 26,039 |
Operating loss | (13,911) | (18,982) | (13,616) | 2,778 | (10,332) | (4,608) | (7,478) | 18,447 | (43,731) | (3,971) |
Other (expense) income, net: | ||||||||||
Interest expense, net | (3,633) | (4,738) | (2,346) | (3,141) | (4,948) | (7,496) | (8,561) | (8,358) | (13,858) | (29,363) |
Foreign exchange loss, net | (907) | (331) | (2,005) | (174) | (613) | 341 | (1,347) | 311 | (3,417) | (1,308) |
Other income (expense), net | (283) | 1,372 | 92 | 145 | 19 | (206) | (72) | (13) | 1,326 | (272) |
Total other expense, net | (4,823) | (3,697) | (4,259) | (3,170) | (5,542) | (7,361) | (9,980) | (8,060) | (15,949) | (30,943) |
Loss before income taxes | (18,734) | (22,679) | (17,875) | (392) | (15,874) | (11,969) | (17,458) | 10,387 | (59,680) | (34,914) |
Income taxes | (37) | (48) | (34) | (1) | 559 | 1,769 | 592 | 1,822 | (120) | 4,742 |
Net loss | (18,697) | (22,631) | (17,841) | (391) | (16,433) | (13,738) | (18,050) | 8,565 | (59,560) | (39,656) |
Less: net income attributable to noncontrolling interest | 1 | 10 | 59 | 835 | (75) | 65 | 1,982 | 905 | 1,972 | |
Net loss attributable to SAExploration | $ (18,698) | $ (22,641) | $ (17,900) | $ (1,226) | $ (16,433) | $ (13,663) | (18,115) | 6,583 | $ (60,465) | $ (41,628) |
Basic and diluted loss per common share | $ (2.50) | $ (8.41) | $ (9.72) | $ (48.36) | $ (34.89) | $ (29.07) | $ (32.91) | $ (88.76) | ||
Weighted average common shares outstanding (basic and diluted) | 7,475 | 3,384 | 1,865 | 996 | 471 | 470 | 3,448 | 469 | ||
Previously Reported | ||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||
Revenue from services | $ 25,595 | $ 15,003 | $ 16,883 | $ 37,123 | $ 4,842 | $ 22,452 | $ 13,559 | $ 86,169 | $ 94,604 | $ 127,022 |
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
Cost of services | $ 24,265 | $ 16,085 | $ 19,710 | $ 26,005 | $ 5,654 | $ 18,172 | $ 11,629 | $ 57,774 | $ 86,065 | $ 93,229 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
Depreciation and amortization | $ 3,444 | $ 2,951 | $ 2,295 | $ 2,421 | $ 2,718 | $ 2,809 | $ 2,947 | $ 3,251 | $ 11,111 | $ 11,725 |
Gross (loss) profit | (2,114) | (4,033) | (5,122) | 8,697 | (3,530) | 1,471 | (1,017) | 25,144 | (2,572) | 22,068 |
Operating expenses: | ||||||||||
Selling, general and administrative expenses | 12,935 | 14,858 | 25,763 | 6,377 | 6,716 | 6,005 | 6,358 | 6,517 | 59,933 | 25,596 |
Total operating expenses | 12,935 | 14,858 | 25,763 | 6,377 | 6,716 | 6,005 | 6,358 | 6,517 | 59,933 | 25,596 |
Operating loss | (15,049) | (18,891) | (30,885) | 2,320 | (10,246) | (4,534) | (7,375) | 18,627 | (62,505) | (3,528) |
Other (expense) income, net: | ||||||||||
Interest expense, net | (3,633) | (4,738) | (2,346) | (3,141) | (4,948) | (7,496) | (8,561) | (8,358) | (13,858) | (29,363) |
Foreign exchange loss, net | (907) | (331) | (2,005) | (174) | (613) | 341 | (1,347) | 311 | (3,417) | (1,308) |
Other income (expense), net | (672) | 27 | 9 | 145 | 19 | (206) | (72) | (13) | (491) | (272) |
Total other expense, net | (5,212) | (5,042) | (4,342) | (3,170) | (5,542) | (7,361) | (9,980) | (8,060) | (17,766) | (30,943) |
Loss before income taxes | (20,261) | (23,933) | (35,227) | (850) | (15,788) | (11,895) | (17,355) | 10,567 | (80,271) | (34,471) |
Income taxes | 2,317 | 1,364 | (1,881) | 624 | 138 | 1,950 | 485 | 1,740 | 2,424 | 4,313 |
Net loss | (22,578) | (25,297) | (33,346) | (1,474) | (15,926) | (13,845) | (17,840) | 8,827 | (82,695) | (38,784) |
Less: net income attributable to noncontrolling interest | 1 | 10 | 59 | 835 | (75) | 65 | 1,982 | 905 | 1,972 | |
Net loss attributable to SAExploration | $ (22,579) | $ (25,307) | $ (33,405) | $ (2,309) | $ (15,926) | $ (13,770) | $ (17,905) | $ 6,845 | $ (83,600) | $ (40,756) |
Basic and diluted loss per common share | $ (7.75) | $ (27.80) | $ (44.90) | $ (92.06) | $ (33.81) | $ (29.30) | $ (102.25) | $ (86.90) | ||
Weighted average common shares outstanding (basic and diluted) | 2,915 | 1,120 | 749 | 535 | 471 | 470 | 1,336 | |||
Adjustments | ||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||
Revenue from services | $ 4,066 | $ 4,066 | ||||||||
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
Cost of services | $ 1,428 | $ 108 | $ 1,536 | |||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
Depreciation and amortization | $ 1,096 | $ 1,096 | ||||||||
Gross (loss) profit | 1,542 | $ (108) | 1,434 | |||||||
Operating expenses: | ||||||||||
Selling, general and administrative expenses | (50) | (282) | $ (17,397) | $ (691) | $ (91) | $ (49) | $ (12) | $ 113 | (18,420) | $ (39) |
Misappropriation of funds | 454 | 265 | 128 | 233 | 177 | 123 | 115 | 67 | 1,080 | 482 |
Total operating expenses | 404 | (17) | (17,269) | (458) | 86 | 74 | 103 | 180 | (17,340) | 443 |
Operating loss | 1,138 | (91) | 17,269 | 458 | (86) | (74) | (103) | (180) | 18,774 | (443) |
Other (expense) income, net: | ||||||||||
Other income (expense), net | 389 | 1,345 | 83 | 1,817 | ||||||
Total other expense, net | 389 | 1,345 | 83 | 1,817 | ||||||
Loss before income taxes | 1,527 | 1,254 | 17,352 | 458 | (86) | (74) | (103) | (180) | 20,591 | (443) |
Income taxes | (2,354) | (1,412) | 1,847 | (625) | 421 | (181) | 107 | 82 | (2,544) | 429 |
Net loss | 3,881 | 2,666 | 15,505 | 1,083 | (507) | 107 | (210) | (262) | 23,135 | (872) |
Net loss attributable to SAExploration | $ 3,881 | $ 2,666 | $ 15,505 | $ 1,083 | $ (507) | $ 107 | $ (210) | $ (262) | $ 23,135 | $ (872) |
Basic and diluted loss per common share | $ 5.25 | $ 19.39 | $ 35.18 | $ 43.70 | $ (1.08) | $ 0.23 | $ 69.34 | $ (1.86) | ||
Weighted average common shares outstanding (basic and diluted) | 4,560 | 2,264 | 1,116 | 461 | 2,112 |
RESTATEMENT OF PREVIOUSLY REP_6
RESTATEMENT OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS - Summary of Effects of Restatement on Consolidated Statement of Changes in Stockholder's Deficit (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balances | $ 1,024 | $ (29,080) | $ (13,825) | $ (56,061) | $ (40,078) | $ (25,522) | $ (7,810) | $ (16,939) | $ (56,061) | $ (16,939) |
Net loss | (18,697) | (22,631) | (17,841) | (391) | (16,433) | (13,738) | (18,050) | 8,565 | (59,560) | (39,656) |
Other comprehensive income (loss) | 2,047 | (260) | ||||||||
Equity-based compensation cost | 10,131 | 1,925 | ||||||||
Purchase of treasury stock | (1,753) | (113) | ||||||||
Distribution to noncontrolling interest | (1,250) | (1,095) | ||||||||
Loss of control of variable interest entity | 77 | |||||||||
Ending balances | (17,364) | 1,024 | (29,080) | (13,825) | (56,061) | (40,078) | (25,522) | (7,810) | (17,364) | (56,061) |
Previously Reported | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balances | 37,642 | 10,204 | 40,964 | (189) | 15,287 | 29,950 | 47,452 | 38,061 | (189) | 38,061 |
Net loss | (22,578) | (25,297) | (33,346) | (1,474) | (15,926) | (13,845) | (17,840) | 8,827 | (82,695) | (38,784) |
Other comprehensive income (loss) | (260) | |||||||||
Equity-based compensation cost | 1,925 | |||||||||
Purchase of treasury stock | (113) | |||||||||
Distribution to noncontrolling interest | (1,095) | |||||||||
Loss of control of variable interest entity | 77 | |||||||||
Ending balances | 15,373 | 37,642 | 10,204 | 40,964 | (189) | 15,287 | 29,950 | 47,452 | 15,373 | (189) |
Adjustments | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balances | (36,618) | (39,284) | (54,789) | (55,872) | (55,365) | (55,472) | (55,262) | (55,000) | (55,872) | (55,000) |
Net loss | 3,881 | 2,666 | 15,505 | 1,083 | (507) | 107 | (210) | (262) | 23,135 | (872) |
Ending balances | $ (32,737) | $ (36,618) | $ (39,284) | $ (54,789) | $ (55,872) | $ (55,365) | $ (55,472) | $ (55,262) | $ (32,737) | $ (55,872) |
RESTATEMENT OF PREVIOUSLY REP_7
RESTATEMENT OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS - Summary of Effects of Restatement on Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||||||||||
Net loss | $ (18,697) | $ (22,631) | $ (17,841) | $ (391) | $ (16,433) | $ (13,738) | $ (18,050) | $ 8,565 | $ (59,560) | $ (39,656) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Depreciation and amortization | 12,660 | 12,099 | ||||||||
Tax credits used to offset production taxes | 1,443 | |||||||||
Reserve for potential tax credits monetization | 1,700 | |||||||||
Reserve for doubtful accounts | 536 | |||||||||
Equity-based compensation cost | 10,131 | 1,925 | ||||||||
Loss (gain) on disposal of property and equipment | 288 | (101) | ||||||||
Amortization of loan issuance costs and debt discounts | 5,565 | 16,602 | ||||||||
Unrealized loss (gain) on foreign currency transactions | 3,333 | (543) | ||||||||
Gain on debt extinguishment | (53) | |||||||||
Deferred income taxes | 215 | 959 | ||||||||
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | (12,761) | 18,259 | ||||||||
Deferred costs on contracts | (2,070) | 6,546 | ||||||||
Prepaid expenses and other current assets | 868 | (1,511) | ||||||||
Tax credits receivable | 2,748 | 3,616 | ||||||||
Accounts payable | 5,817 | (4,866) | ||||||||
Accrued liabilities | 4,270 | (5,933) | ||||||||
Income and other taxes payable | (5,018) | (7,488) | ||||||||
Deferred revenue | 83 | (6,496) | ||||||||
Other, net | (338) | (14) | ||||||||
Net cash used in operating activities | (30,143) | (1,754) | ||||||||
Cash flows from investing activities: | ||||||||||
Asset purchase | (21,749) | |||||||||
Purchase of property and equipment | (1,262) | (2,670) | ||||||||
Proceeds from sale of property and equipment | 830 | 1,910 | ||||||||
Net cash used in investing activities | (22,181) | (760) | ||||||||
Cash flows from financing activities: | ||||||||||
Long-term debt repayments | (59,207) | (34,301) | ||||||||
Long-term debt borrowings | 123,411 | 33,401 | ||||||||
Debt issuance costs | (2,715) | (1,166) | ||||||||
Stock issuance costs | (1,712) | (2,904) | ||||||||
Purchase of treasury stock | (1,753) | (113) | ||||||||
Distribution to noncontrolling interest | (1,250) | (1,095) | ||||||||
Net cash provided by (used in) financing activities | 56,774 | (6,178) | ||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (334) | 245 | ||||||||
Net change in cash, cash equivalents and restricted cash | 4,116 | (8,447) | ||||||||
Cash, cash equivalents and restricted cash at the beginning of year | 3,734 | 12,181 | 3,734 | 12,181 | ||||||
Cash, cash equivalents and restricted cash at the end of year | 7,850 | 3,734 | 7,850 | 3,734 | ||||||
Previously Reported | ||||||||||
Cash flows from operating activities: | ||||||||||
Net loss | (22,578) | (25,297) | (33,346) | (1,474) | (15,926) | (13,845) | (17,840) | 8,827 | (82,695) | (38,784) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Depreciation and amortization | 11,564 | 12,099 | ||||||||
Reserve for doubtful accounts | 19,522 | |||||||||
Equity-based compensation cost | 10,131 | 1,925 | ||||||||
Loss (gain) on disposal of property and equipment | 308 | (101) | ||||||||
Amortization of loan issuance costs and debt discounts | 5,565 | 16,602 | ||||||||
Unrealized loss (gain) on foreign currency transactions | 3,333 | (543) | ||||||||
Gain on debt extinguishment | (53) | |||||||||
Deferred income taxes | 2,614 | 530 | ||||||||
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | (4,846) | 21,766 | ||||||||
Deferred costs on contracts | (2,041) | 6,546 | ||||||||
Prepaid expenses and other current assets | 2,326 | (4,420) | ||||||||
Accounts payable | 5,819 | (4,868) | ||||||||
Accrued liabilities | 4,270 | (5,933) | ||||||||
Income and other taxes payable | (4,471) | (7,710) | ||||||||
Deferred revenue | 24 | (6,496) | ||||||||
Other, net | (338) | (14) | ||||||||
Net cash used in operating activities | (28,968) | (4,553) | ||||||||
Cash flows from investing activities: | ||||||||||
Asset purchase | (21,749) | |||||||||
Purchase of property and equipment | (1,262) | (2,670) | ||||||||
Proceeds from sale of property and equipment | 810 | 1,910 | ||||||||
Net cash used in investing activities | (22,201) | (760) | ||||||||
Cash flows from financing activities: | ||||||||||
Long-term debt repayments | (59,207) | (35,467) | ||||||||
Long-term debt borrowings | 123,411 | 33,401 | ||||||||
Debt issuance costs | (2,715) | |||||||||
Stock issuance costs | (3,174) | |||||||||
Purchase of treasury stock | (1,753) | (113) | ||||||||
Distribution to noncontrolling interest | (1,250) | (1,095) | ||||||||
Net cash provided by (used in) financing activities | 55,312 | (3,274) | ||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (334) | 245 | ||||||||
Net change in cash, cash equivalents and restricted cash | 3,809 | (8,342) | ||||||||
Cash, cash equivalents and restricted cash at the beginning of year | 3,654 | 11,996 | 3,654 | 11,996 | ||||||
Cash, cash equivalents and restricted cash at the end of year | 7,463 | 3,654 | 7,463 | 3,654 | ||||||
Adjustments | ||||||||||
Cash flows from operating activities: | ||||||||||
Net loss | 3,881 | $ 2,666 | $ 15,505 | 1,083 | (507) | $ 107 | $ (210) | (262) | 23,135 | (872) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Depreciation and amortization | 1,096 | |||||||||
Tax credits used to offset production taxes | 1,443 | |||||||||
Reserve for potential tax credits monetization | 1,700 | |||||||||
Reserve for doubtful accounts | (18,986) | |||||||||
Loss (gain) on disposal of property and equipment | (20) | |||||||||
Deferred income taxes | (2,399) | 429 | ||||||||
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | (7,915) | (3,507) | ||||||||
Deferred costs on contracts | (29) | |||||||||
Prepaid expenses and other current assets | (1,458) | 2,909 | ||||||||
Tax credits receivable | 2,748 | 3,616 | ||||||||
Accounts payable | (2) | 2 | ||||||||
Income and other taxes payable | (547) | 222 | ||||||||
Deferred revenue | 59 | |||||||||
Net cash used in operating activities | (1,175) | 2,799 | ||||||||
Cash flows from investing activities: | ||||||||||
Proceeds from sale of property and equipment | 20 | |||||||||
Net cash used in investing activities | 20 | |||||||||
Cash flows from financing activities: | ||||||||||
Long-term debt repayments | 1,166 | |||||||||
Debt issuance costs | (1,166) | |||||||||
Stock issuance costs | 1,462 | (2,904) | ||||||||
Net cash provided by (used in) financing activities | 1,462 | (2,904) | ||||||||
Net change in cash, cash equivalents and restricted cash | 307 | (105) | ||||||||
Cash, cash equivalents and restricted cash at the beginning of year | $ 80 | $ 185 | 80 | 185 | ||||||
Cash, cash equivalents and restricted cash at the end of year | $ 387 | $ 80 | $ 387 | $ 80 |
RESTATEMENT OF PREVIOUSLY REP_8
RESTATEMENT OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||||||||||
Net loss | $ (18,697) | $ (22,631) | $ (17,841) | $ (391) | $ (16,433) | $ (13,738) | $ (18,050) | $ 8,565 | $ (59,560) | $ (39,656) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Depreciation and amortization | 12,660 | 12,099 | ||||||||
Equity-based compensation cost | 10,131 | 1,925 | ||||||||
Loss (gain) on disposal of property and equipment | 288 | (101) | ||||||||
Amortization of loan issuance costs and debt discounts | 5,565 | 16,602 | ||||||||
Payment in kind interest | 4,848 | |||||||||
Unrealized loss (gain) on foreign currency transactions | 3,333 | (543) | ||||||||
Deferred income taxes | 215 | 959 | ||||||||
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | (12,761) | 18,259 | ||||||||
Deferred costs on contracts | (2,070) | 6,546 | ||||||||
Prepaid expenses and other current assets | 868 | (1,511) | ||||||||
Tax credits receivable | 2,748 | 3,616 | ||||||||
Accounts payable | 5,817 | (4,866) | ||||||||
Accrued liabilities | 4,270 | (5,933) | ||||||||
Income and other taxes payable | (5,018) | (7,488) | ||||||||
Deferred revenue | 83 | (6,496) | ||||||||
Other, net | (338) | (14) | ||||||||
Net cash used in operating activities | (30,143) | (1,754) | ||||||||
Cash flows from investing activities: | ||||||||||
Purchase of property and equipment | (1,262) | (2,670) | ||||||||
Proceeds from sale of property and equipment | 830 | 1,910 | ||||||||
Net cash used in investing activities | (22,181) | (760) | ||||||||
Cash flows from financing activities: | ||||||||||
Long-term debt repayments | (59,207) | (34,301) | ||||||||
Long-term debt borrowings | 123,411 | 33,401 | ||||||||
Debt issuance costs | (2,715) | (1,166) | ||||||||
Stock issuance costs | (1,712) | (2,904) | ||||||||
Purchase of treasury stock | (1,753) | (113) | ||||||||
Distribution to noncontrolling interest | (1,250) | (1,095) | ||||||||
Net cash provided by (used in) financing activities | 56,774 | (6,178) | ||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (334) | 245 | ||||||||
Net change in cash, cash equivalents and restricted cash | 4,116 | (8,447) | ||||||||
Cash, cash equivalents and restricted cash at the beginning of year | 3,734 | 12,181 | 3,734 | 12,181 | ||||||
Cash, cash equivalents and restricted cash at the end of year | 7,850 | 3,734 | 7,850 | 3,734 | ||||||
Previously Reported | ||||||||||
Cash flows from operating activities: | ||||||||||
Net loss | (22,578) | (25,297) | (33,346) | (1,474) | (15,926) | (13,845) | (17,840) | 8,827 | (82,695) | (38,784) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Depreciation and amortization | 11,564 | 12,099 | ||||||||
Equity-based compensation cost | 10,131 | 1,925 | ||||||||
Loss (gain) on disposal of property and equipment | 308 | (101) | ||||||||
Amortization of loan issuance costs and debt discounts | 5,565 | 16,602 | ||||||||
Payment in kind interest | 4,848 | |||||||||
Unrealized loss (gain) on foreign currency transactions | 3,333 | (543) | ||||||||
Deferred income taxes | 2,614 | 530 | ||||||||
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | (4,846) | 21,766 | ||||||||
Deferred costs on contracts | (2,041) | 6,546 | ||||||||
Prepaid expenses and other current assets | 2,326 | (4,420) | ||||||||
Accounts payable | 5,819 | (4,868) | ||||||||
Accrued liabilities | 4,270 | (5,933) | ||||||||
Income and other taxes payable | (4,471) | (7,710) | ||||||||
Deferred revenue | 24 | (6,496) | ||||||||
Other, net | (338) | (14) | ||||||||
Net cash used in operating activities | (28,968) | (4,553) | ||||||||
Cash flows from investing activities: | ||||||||||
Purchase of property and equipment | (1,262) | (2,670) | ||||||||
Proceeds from sale of property and equipment | 810 | 1,910 | ||||||||
Net cash used in investing activities | (22,201) | (760) | ||||||||
Cash flows from financing activities: | ||||||||||
Long-term debt repayments | (59,207) | (35,467) | ||||||||
Long-term debt borrowings | 123,411 | 33,401 | ||||||||
Debt issuance costs | (2,715) | |||||||||
Stock issuance costs | (3,174) | |||||||||
Purchase of treasury stock | (1,753) | (113) | ||||||||
Distribution to noncontrolling interest | (1,250) | (1,095) | ||||||||
Net cash provided by (used in) financing activities | 55,312 | (3,274) | ||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (334) | 245 | ||||||||
Net change in cash, cash equivalents and restricted cash | 3,809 | (8,342) | ||||||||
Cash, cash equivalents and restricted cash at the beginning of year | 3,654 | 11,996 | 3,654 | 11,996 | ||||||
Cash, cash equivalents and restricted cash at the end of year | 7,463 | 3,654 | 7,463 | 3,654 | ||||||
Adjustments | ||||||||||
Cash flows from operating activities: | ||||||||||
Net loss | 3,881 | $ 2,666 | $ 15,505 | 1,083 | (507) | $ 107 | $ (210) | (262) | 23,135 | (872) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Depreciation and amortization | 1,096 | |||||||||
Loss (gain) on disposal of property and equipment | (20) | |||||||||
Deferred income taxes | (2,399) | 429 | ||||||||
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | (7,915) | (3,507) | ||||||||
Deferred costs on contracts | (29) | |||||||||
Prepaid expenses and other current assets | (1,458) | 2,909 | ||||||||
Tax credits receivable | 2,748 | 3,616 | ||||||||
Accounts payable | (2) | 2 | ||||||||
Income and other taxes payable | (547) | 222 | ||||||||
Deferred revenue | 59 | |||||||||
Net cash used in operating activities | (1,175) | 2,799 | ||||||||
Cash flows from investing activities: | ||||||||||
Proceeds from sale of property and equipment | 20 | |||||||||
Net cash used in investing activities | 20 | |||||||||
Cash flows from financing activities: | ||||||||||
Long-term debt repayments | 1,166 | |||||||||
Debt issuance costs | (1,166) | |||||||||
Stock issuance costs | 1,462 | (2,904) | ||||||||
Net cash provided by (used in) financing activities | 1,462 | (2,904) | ||||||||
Net change in cash, cash equivalents and restricted cash | 307 | (105) | ||||||||
Cash, cash equivalents and restricted cash at the beginning of year | $ 80 | $ 185 | 80 | 185 | ||||||
Cash, cash equivalents and restricted cash at the end of year | $ 387 | $ 80 | $ 387 | $ 80 |
ASSET PURCHASE - Additional Inf
ASSET PURCHASE - Additional Information (Details) - GEOK $ in Millions | 1 Months Ended |
Jul. 31, 2018USD ($) | |
Asset Acquisition [Line Items] | |
Acquisition related costs | $ 18.4 |
Aggregate principal amount | $ 23.4 |
Purchase Money Facility Member | |
Asset Acquisition [Line Items] | |
Debt stated interest rate percentage | 10.25% |
ASSET PURCHASE - Purchase Price
ASSET PURCHASE - Purchase Price and Fair Value of Acquired Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Acquisition [Line Items] | |||
Property and equipment | $ 1,262 | $ 2,670 | |
Net assets acquired | $ 21,749 | ||
GEOK | |||
Asset Acquisition [Line Items] | |||
Purchase price | $ 18,411 | ||
Transaction advisory fees and other acquisition costs | 3,338 | ||
Total purchase price | 21,749 | ||
Accounts receivable | 8,589 | ||
Property and equipment | 12,484 | ||
Intangible assets, net | 3,642 | ||
Accrued liabilities | (110) | ||
Deferred revenue | (2,856) | ||
Net assets acquired | $ 21,749 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 117,238 | $ 105,595 |
Accumulated depreciation and amortization | (81,904) | (72,649) |
Property and equipment, net | 35,334 | 32,946 |
Field Operating Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 89,962 | 82,295 |
Field Operating Equipment | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Field Operating Equipment | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Transportation Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 18,353 | 15,914 |
Transportation Equipment | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Transportation Equipment | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 461 | 328 |
Leasehold Improvements | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 2 years | |
Leasehold Improvements | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Software | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,976 | 2,065 |
Software | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Software | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 5,584 | 4,055 |
Computer Equipment | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Computer Equipment | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 902 | $ 938 |
Office Equipment | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Office Equipment | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 10 years |
PROPERTY AND EQUIPMENT - Additi
PROPERTY AND EQUIPMENT - Additional Infromation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Line Items] | ||
Depreciation Expense included in cost of services | $ 11.4 | $ 12 |
Selling, General and Administrative Expenses | ||
Property Plant And Equipment [Line Items] | ||
Depreciation expense | $ 0.3 | $ 0.3 |
MULTICLIENT SEISMIC DATA LIBR_3
MULTICLIENT SEISMIC DATA LIBRARY, NET (RESTATED) - Changes in Carrying Value of Multiclient Seismic Data Library (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Multiclient Data Library [Abstract] | |
Balance at beginning of year | $ 5,829 |
Amortization | (1,096) |
Balance at end of year | $ 4,733 |
MULTICLIENT SEISMIC DATA LIBR_4
MULTICLIENT SEISMIC DATA LIBRARY, NET (RESTATED) - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Multiclient Data Library [Abstract] | ||
Accumulated amortization of multiclient seismic data library | $ 14.6 | $ 13.5 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Balance at beginning of year | $ 1,832 | $ 1,711 |
Foreign currency translation adjustment | (145) | 121 |
Balance at end of year | $ 1,687 | $ 1,832 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite Lived Intangible Assets [Line Items] | ||
Impairments related to goodwill | $ 0 | |
Amortization expense | 200,000 | $ 100,000 |
Amortization expense in 2019 | 300,000 | |
Amortization expense in 2020 | 300,000 | |
Amortization expense in 2021 | 300,000 | |
Amortization expense in 2022 | 300,000 | |
Amortization expense in 2023 | 300,000 | |
Amortization expense thereafter | $ 2,600,000 | |
Minimum | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful life of intangible assets (in years) | 13 years | |
Maximum | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful life of intangible assets (in years) | 15 years |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,998 | $ 1,403 |
Accumulated Amortization | (932) | (732) |
Net Carrying Amount | 4,066 | 671 |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,356 | 1,403 |
Accumulated Amortization | (831) | (732) |
Net Carrying Amount | 525 | $ 671 |
Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,642 | |
Accumulated Amortization | (101) | |
Net Carrying Amount | $ 3,541 |
TAX CREDITS RECEIVABLE, NET (_3
TAX CREDITS RECEIVABLE, NET (RESTATED) - Summary of Changes in Carrying Value of Tax Credits Receivable, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Tax Credit Receivable Net [Abstract] | ||
Balance at beginning of year | $ 19,089 | $ 22,705 |
Monetized in period | (2,748) | (3,616) |
Production taxes related to license sales | (1,443) | |
Reserve for potential monetization | (1,700) | |
Balance at end of year | $ 13,198 | $ 19,089 |
TAX CREDITS RECEIVABLE, NET (_4
TAX CREDITS RECEIVABLE, NET (RESTATED) - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Tax Credit Receivable Net [Abstract] | ||
Tax credits receivable net of allowance | $ 53 | $ 51.3 |
Long-term Debt (Restated) - Sum
Long-term Debt (Restated) - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Capital lease obligations | $ 1,234 | ||
Total debt | 91,042 | $ 115,941 | |
Current portion of long-term debt | (7,837) | (995) | |
Total long-term debt | 83,205 | 114,946 | |
Credit Facility | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 12,334 | 5,000 | |
Unamortized debt issuance costs | (125) | (599) | |
Carrying amount | 12,209 | 4,401 | |
Senior Loan Facility | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 29,000 | 29,995 | |
Unamortized debt issuance costs | (2,448) | (5,352) | |
Carrying amount | 26,552 | 24,643 | |
Current portion of long-term debt | (7,837) | (995) | |
6% Convertible Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 60,000 | $ 60,000 | |
Unamortized debt issuance costs | (300) | ||
Unamortized debt discount and debt issuance costs | (15,906) | ||
Carrying amount | 44,094 | ||
10% senior secured notes due 2019 | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 1,872 | ||
Unamortized debt issuance costs | (25) | ||
Carrying amount | 1,847 | ||
10% senior notes due 2019 | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 6,957 | 85,239 | |
Unamortized debt issuance costs | (4) | (189) | |
Carrying amount | $ 6,953 | $ 85,050 |
Long-term Debt (Restated) - S_2
Long-term Debt (Restated) - Summary of Long-term Debt (Parenthetical) (Details) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Jul. 27, 2016 | |
6% Convertible Notes Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Debt stated interest rate percentage | 6.00% | 6.00% | 6.00% | |
Debt, maturity year | 2023 | 2023 | ||
10% senior secured notes due 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt stated interest rate percentage | 10.00% | 10.00% | ||
Debt, maturity year | 2019 | 2019 | ||
10% senior notes due 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt stated interest rate percentage | 10.00% | 10.00% | 10.00% | |
Debt, maturity year | 2019 | 2019 |
Long-term Debt (Restated) - Add
Long-term Debt (Restated) - Additional Information (Details) $ / shares in Units, shares in Thousands | Jul. 27, 2016 | Feb. 28, 2019 | Jan. 31, 2018USD ($)shares | Dec. 31, 2018USD ($)Trading$ / sharesshares | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | ||||||
Issuance of preferred stock (in shares) | shares | 41 | |||||
Gain on extinguishment of debt | $ 53,000 | |||||
Maturities of Long–Term Debt | ||||||
2019 | 7,800,000 | |||||
2020 | 29,400,000 | |||||
2021 | 12,300,000 | |||||
2022 | 0 | |||||
2023 | 60,000,000 | |||||
Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt, face amount | $ 12,334,000 | $ 5,000,000 | ||||
Debt Instrument maturity date | Aug. 31, 2021 | |||||
Line of credit current borrowing capacity | $ 30,000,000 | |||||
Debt issuance costs allocated to the equity component | $ 125,000 | 599,000 | ||||
Credit Facility | Interest Rate Through and Including August 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Debt stated interest rate percentage | 11.75% | |||||
Credit Facility | Interest Rate August 2020 Thereafter | ||||||
Debt Instrument [Line Items] | ||||||
Debt stated interest rate percentage | 12.75% | |||||
10% senior secured notes due 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Debt, face amount | $ 1,872,000 | |||||
Debt Instrument maturity date | Jul. 31, 2019 | |||||
Debt stated interest rate percentage | 10.00% | 10.00% | ||||
Debt instrument frequency of interest payments | Interest was payable semi–annually in arrears on January 15 and July 15 of each year. | |||||
Debt issuance costs allocated to the equity component | $ 25,000 | |||||
Senior Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt, face amount | $ 29,000,000 | 29,995,000 | ||||
Debt Instrument maturity date | Jan. 31, 2020 | |||||
Line of credit current borrowing capacity | $ 30,000,000 | |||||
Prepayment fees | 30,000,000 | |||||
Debt issuance costs allocated to the equity component | $ 2,448,000 | $ 5,352,000 | ||||
Senior Loan Facility | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument maturity date | Jan. 4, 2021 | |||||
Debt instrument extended maturity date | 2021-01 | |||||
Senior Loan Facility | Interest Rate Through And Including August 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Debt stated interest rate percentage | 11.50% | |||||
Senior Loan Facility | Interest Rate Thereafter August Two Thousand And Nineteen | ||||||
Debt Instrument [Line Items] | ||||||
Debt stated interest rate percentage | 12.50% | |||||
6% senior secured convertible notes due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Debt, face amount | $ 60,000,000 | $ 60,000,000 | ||||
Debt Instrument maturity date | Sep. 26, 2023 | |||||
Debt stated interest rate percentage | 6.00% | 6.00% | 6.00% | |||
Debt instrument maturity month and year | 2023-09 | |||||
Debt instrument frequency of interest payments | The 2023 Notes mature in September 2023, and interest is payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year | |||||
Debt instrument conversion, consecutive trading days | Trading | 30 | |||||
Debt instrument, redemption price, percentage | 100.00% | |||||
Debt instrument redeemable for cash | $ 1,000 | |||||
Fundamental change repurchase price | $ 1,000 | |||||
Percentage of principal amount of debt redeemed | 100.00% | |||||
Debt instrument principal of accrued and unpaid interest payable default percentage | 100.00% | |||||
Debt issuance costs allocated to the equity component | $ 300,000 | |||||
Interest expense | 1,600,000 | |||||
Contractual interest expense | $ 1,000,000 | |||||
6% senior secured convertible notes due 2023 | Common Stock | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, conversion price | 173.91304 | |||||
Exercise price of warrants | $ / shares | $ 0.0001 | |||||
Debt instrument, conversion principal amount | $ 1,000 | |||||
Conversion price per share | $ / shares | $ 5.75 | |||||
Debt instrument, conversion description | The initial conversion rate is 173.91304 shares of common stock or warrants per $1,000 principal amount, representing an initial conversion price of approximately $5.75 per share | |||||
6% senior secured convertible notes due 2023 | Additional Paid-In Capital | ||||||
Debt Instrument [Line Items] | ||||||
Carrying amount of the equity component | $ 15,400,000 | |||||
6% senior secured convertible notes due 2023 | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, conversion price | 1.50 | |||||
Debt instrument principal Percentage | 25.00% | |||||
6% senior secured convertible notes due 2023 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument conversion trading days | Trading | 20 | |||||
10% senior notes due 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Debt, face amount | $ 6,957,000 | $ 85,239,000 | ||||
Debt Instrument maturity date | Sep. 30, 2019 | |||||
Debt stated interest rate percentage | 10.00% | 10.00% | 10.00% | |||
Debt instrument frequency of interest payments | Interest was payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year | |||||
Debt issuance costs allocated to the equity component | $ 4,000 | $ 189,000 | ||||
Restructuring Support Agreement | Supporting Holders | Secured Debt | 10% senior notes due 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of par value of debt owned by holders | 85.00% | |||||
Exchange Offer | Senior Notes and Senior Secured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Gain on extinguishment of debt | $ 100,000 | |||||
Exchange Offer | Secured Debt | 10% senior secured notes due 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Debt, face amount | 7,000,000 | |||||
Exchange Offer | Secured Debt | 10% senior notes due 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Debt, face amount | $ 78,000,000 | |||||
Exchange Offer | Secured Debt | Common Stock | Senior Notes and Senior Secured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of preferred stock (in shares) | shares | 40 | |||||
Exchange Offer | Secured Debt | Series A Preferred Stock | Senior Notes and Senior Secured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of preferred stock (in shares) | shares | 30 | |||||
Exchange Offer | Secured Debt | Series B Preferred Stock | Senior Notes and Senior Secured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of preferred stock (in shares) | shares | 900 | |||||
Exchange Offer | Secured Debt | Series C Warrants | Senior Notes and Senior Secured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of preferred stock (in shares) | shares | 8,300 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (RESTATED) - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Rent expense | $ 5.4 | $ 4.7 |
2019 | 4.6 | |
2020 | 2.9 | |
2021 | 1.4 | |
2022 | 1.1 | |
2023 | 0.9 | |
Thereafter | $ 1.1 |
WARRANTS (Details)
WARRANTS (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Jan. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | |
Class Of Warrant Or Right [Line Items] | ||||
Exercise period of warrants | 30 days | |||
Issuance of preferred stock (in shares) | 41,000 | |||
Derecognized amount of Series D preferred stock at conversion | $ 23 | $ 54 | ||
Series A and B Preferred Stocks | ||||
Class Of Warrant Or Right [Line Items] | ||||
Number of warrants issued (in shares) | 200,000 | |||
Number of common stock purchase for each warrant | 0.05 | |||
Series A and B Preferred Stocks | Exchange | Participant Holders | Second Lien Notes and Senior Secured Notes | Secured Debt | ||||
Class Of Warrant Or Right [Line Items] | ||||
Conversion of stock, maximum percentage of ownership after transaction | 10.00% | |||
Series A and B Preferred Stocks | Exchange | Participant Holders | Second Lien Notes and Senior Secured Notes | Secured Debt | ||||
Class Of Warrant Or Right [Line Items] | ||||
Conversion of stock, maximum percentage of ownership after transaction | 10.00% | 10.00% | ||
Series A and B Preferred Stocks | Minimum | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants (in dollars per share) | $ 10.30 | |||
Series A and B Preferred Stocks | Maximum | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants (in dollars per share) | $ 12.88 | |||
Series C Warrants | Exchange | Second Lien Notes and Senior Secured Notes | Secured Debt | ||||
Class Of Warrant Or Right [Line Items] | ||||
Number of common stock purchase for each warrant | 0.05 | |||
Issuance of preferred stock (in shares) | 8,300,000 | 4,800,000 | ||
Series C Warrants | Exchange | Second Lien Notes and Senior Secured Notes | Secured Debt | ||||
Class Of Warrant Or Right [Line Items] | ||||
Number of warrants exercised | 400,000 | |||
Number of warrants outstanding | 7,900,000 | |||
Series C Warrants | Exchange | Participant Holders | Second Lien Notes and Senior Secured Notes | Secured Debt | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants (in dollars per share) | $ 0.0001 | |||
Series D Warrants | Exchange | Second Lien Notes and Senior Secured Notes | Secured Debt | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants (in dollars per share) | $ 0.0001 | |||
Number of common stock purchase for each warrant | 0.05 | |||
Issuance of preferred stock (in shares) | 0 | |||
Number of warrants exercised | 2,400,000 | |||
Number of warrants outstanding | 14,100,000 | 11,700,000 | ||
Number of preferred stock convertible shares to be issued in conversion (in shares) | 14,100,000 | |||
Series D Warrants | Exchange | Participant Holders | Second Lien Notes and Senior Secured Notes | Secured Debt | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants (in dollars per share) | $ 0.0001 | |||
Series E Warrants | Exchange | Second Lien Notes and Senior Secured Notes | Secured Debt | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants (in dollars per share) | $ 0.0001 | |||
Number of common stock purchase for each warrant | 0.05 | |||
Number of warrants exercised | 27,000,000 | |||
Number of warrants outstanding | 94,800,000 | 67,800,000 | ||
Number of preferred stock convertible shares to be issued in conversion (in shares) | 94,800,000 | |||
Series E Warrants | Exchange | Participant Holders | Second Lien Notes and Senior Secured Notes | Secured Debt | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants (in dollars per share) | $ 0.0001 |
STOCKHOLDERS' EQUITY - Addition
STOCKHOLDERS' EQUITY - Additional Information (Details) | Jan. 31, 2018shares | Jan. 31, 2018shares | Dec. 31, 2018USD ($)$ / sharesshares | Sep. 30, 2018$ / sharesshares | Mar. 31, 2018$ / sharesshares |
Class of Stock [Line Items] | |||||
Preferred stock, authorized shares (in shares) | 1,000,000 | ||||
Preferred stock, par value (USD per share) | $ / shares | $ 0.0001 | ||||
Common stock, authorized shares (in shares) | 40,000,000 | ||||
Common stock, par value (USD per share) | $ / shares | $ 0.0001 | ||||
Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued (in shares) | 0 | ||||
Preferred dividends paid-in-kind | $ | $ 1,600,000 | ||||
Preferred stock, shares outstanding (in shares) | 0 | ||||
Series B Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued (in shares) | 0 | ||||
Preferred stock, shares outstanding (in shares) | 0 | ||||
Exchange | Series A Preferred Stock | Second Lien Notes and Senior Secured Notes | Secured Debt | |||||
Class of Stock [Line Items] | |||||
Preferred stock conversion ratio | 163.573 | ||||
Conversion of warrants into common stock ratio (in shares) | 163.573 | 163.573 | |||
Value of shares issued | $ | $ 62,000 | ||||
Stock issuance costs | $ | 3,600 | ||||
Discount on Series A preferred stock issued in debt exchange | $ | $ 62,000,000 | ||||
Exchange | Series A Preferred Stock | Participant Holders | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued (in shares) | 30,000 | 30,000 | |||
Dividend percentage on convertible preferred stock | 8.00% | ||||
Exchange | Common Stock at Par Value | Second Lien Notes and Senior Secured Notes | Secured Debt | |||||
Class of Stock [Line Items] | |||||
Preferred stock conversion ratio | 1.08689 | ||||
Number of preferred stock convertible shares to be issued in conversion (in shares) | 700,000 | 200,000 | |||
Exchange | Series E Warrants | Second Lien Notes and Senior Secured Notes | Secured Debt | |||||
Class of Stock [Line Items] | |||||
Number of preferred stock convertible shares to be issued in conversion (in shares) | 94,800,000 | ||||
Number of warrants outstanding | 67,800,000 | 94,800,000 | |||
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.0001 | ||||
Exchange | Series E Warrants | Participant Holders | Second Lien Notes and Senior Secured Notes | Secured Debt | |||||
Class of Stock [Line Items] | |||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.0001 | ||||
Exchange | Series B Preferred Stock | Second Lien Notes and Senior Secured Notes | Secured Debt | |||||
Class of Stock [Line Items] | |||||
Value of shares issued | $ | $ 10,800,000 | ||||
Discount on Series A preferred stock issued in debt exchange | $ | $ 10,800,000 | ||||
Exchange | Series B Preferred Stock | Participant Holders | Second Lien Notes and Senior Secured Notes | Secured Debt | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued (in shares) | 900,000 | 900,000 | |||
Exchange | Series D Warrants | Second Lien Notes and Senior Secured Notes | Secured Debt | |||||
Class of Stock [Line Items] | |||||
Conversion of warrants into common stock ratio (in shares) | 1.08689 | 1.08689 | |||
Number of preferred stock convertible shares to be issued in conversion (in shares) | 14,100,000 | ||||
Number of warrants outstanding | 11,700,000 | 14,100,000 | |||
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.0001 | ||||
Exchange | Series D Warrants | Participant Holders | Second Lien Notes and Senior Secured Notes | Secured Debt | |||||
Class of Stock [Line Items] | |||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.0001 |
STOCKHOLDERS' EQUITY - Schedule
STOCKHOLDERS' EQUITY - Schedule of Changes in Number of Shares Outstanding (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Shares issued: | ||
Balance at beginning of year | 473,000 | 470,000 |
Issue of shares upon vesting of restricted stock units | 268,000 | 3,000 |
Issue of shares on exercises of stock options | 16,000 | |
Issue of shares in the Exchange | 41,000 | |
Balance as of end of year | 3,211,000 | 473,000 |
Shares held as treasury stock: | ||
Balance at beginning of year | 1,901 | |
Purchase of treasury stock | 109,000 | 2,000 |
Balance as of end of year | 111,245 | 1,901 |
Shares outstanding as of end of year | 3,100,496 | 471,177 |
Series A Preferred Stock | ||
Shares issued: | ||
Issue of shares on the conversion of preferred stock | 704,000 | |
Series B Preferred Stock | ||
Shares issued: | ||
Issue of shares on the conversion of preferred stock | 225,000 | |
Series C Warrants | ||
Shares issued: | ||
Issue of shares on exercises of warrants | 16,000 | |
Series D Warrants | ||
Shares issued: | ||
Issue of shares on exercises of warrants | 117,000 | |
Series E Warrants | ||
Shares issued: | ||
Issue of shares on exercises of warrants | 1,351,000 |
VARIABLE INTEREST ENTITIES (R_2
VARIABLE INTEREST ENTITIES (RESTATED) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)Entity | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Number of variable interest entities | Entity | 2 | ||
Variable interest entity, ownership percentage | 49.00% | ||
Cash and cash equivalents | $ 7,579 | $ 3,693 | |
Prepaid expenses and other current assets | 2,843 | 3,853 | |
Multiclient seismic data library, net | 4,733 | 5,829 | $ 5,829 |
Tax credits receivable | 13,198 | 19,089 | $ 22,705 |
Variable Interest Entity | |||
Schedule of Equity Method Investments [Line Items] | |||
Cash and cash equivalents | 400 | 100 | |
Prepaid expenses and other current assets | 31 | 35 | |
Multiclient seismic data library, net | 4,700 | 5,800 | |
Tax credits receivable | $ 13,200 | $ 16,300 | |
Percentage of noncontrolling equity investors | 100.00% | ||
Kuukpik | |||
Schedule of Equity Method Investments [Line Items] | |||
Gross revenue percentage received by entity | 10.00% | ||
Entity contract expiration period | 2020-12 |
REVENUE FROM SERVICES (RESTAT_3
REVENUE FROM SERVICES (RESTATED) - Changes in Deferred Costs on Contracts (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Balance at beginning of year | $ 1,780 |
Fulfillment costs incurred | 9,076 |
Amortization of fulfillment costs | (7,110) |
Balance at end of year | $ 3,746 |
REVENUE FROM SERVICES (RESTAT_4
REVENUE FROM SERVICES (RESTATED) - Changes in Deferred Revenue (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Balance at beginning of year | $ 1,477 |
Acquired from GEOK | 2,856 |
Cash received, excluding amounts recognized as revenue from services | 6,580 |
Amounts recognized as revenue from services | (6,556) |
Balance at end of year | $ 4,357 |
REVENUE FROM SERVICES (RESTAT_5
REVENUE FROM SERVICES (RESTATED) - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from services | $ 98,670 | $ 127,022 |
North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from services | 71,326 | 54,963 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from services | 49,723 | 40,504 |
Canada | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from services | 20,810 | 14,459 |
Mexico | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from services | 793 | 0 |
South America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from services | 22,531 | 32,672 |
Colombia | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from services | 22,443 | 30,268 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from services | 88 | 2,404 |
Asia Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from services | 4,813 | 4,266 |
New Zealand | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from services | 0 | 4,266 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from services | 4,813 | 0 |
West Africa | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from services | $ 0 | $ 35,121 |
REVENUE FROM SERVICES (RESTAT_6
REVENUE FROM SERVICES (RESTATED) - Remaining Performance Obligations (Details) $ in Millions | Dec. 31, 2018USD ($) |
Revenue From Contract With Customer [Abstract] | |
Revenue, remaining performance obligation | $ 184.9 |
REVENUE FROM SERVICES (RESTAT_7
REVENUE FROM SERVICES (RESTATED) - Remaining Performance Obligations (Details 1) | Dec. 31, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation percentage | 99.00% |
Revenue, remaining performance obligation, expected period of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation percentage | 1.00% |
Revenue, remaining performance obligation, expected period of satisfaction | 2 years |
EQUITY-BASED COMPENSATION - Add
EQUITY-BASED COMPENSATION - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2018USD ($) | Jan. 31, 2018USD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016installment | |
Selling, General and Administrative Expenses | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Share-based compensation expense | $ 10,100,000 | $ 1,900,000 | |||
NQSOs | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Fair value of options vested in period | $ 800,000 | $ 400,000 | |||
NQSOs | Senior Management | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Contractual terms | 10 years | ||||
Number of equal annual installments for award vesting | installment | 3 | ||||
Options granted in period (in shares) | shares | 0 | 0 | |||
Share-based compensation expense | $ 300,000 | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Share-based compensation expense | $ 600,000 | ||||
Fair value of RSUs granted | $ 14,200,000 | $ 0 | |||
Fair value of RSUs vested | 5,300,000 | $ 300,000 | |||
Unrecognized compensation costs related to unvested RSUs | $ 5,100,000 | ||||
Weighted average period of unrecognized compensation cost to recognize | 2 years 1 month 6 days | ||||
Vested and not yet settled (in shares) | shares | 100,000 | ||||
Restricted Stock Units (RSUs) | Senior Management | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Share-based compensation expense | $ 5,100,000 | ||||
Long Term Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Number of shares authorized (in shares) | shares | 2,800,000 | ||||
Number of shares available for grant | shares | 2,100,000 |
EQUITY-BASED COMPENSATION - Sum
EQUITY-BASED COMPENSATION - Summary of NQSOs Activity (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Number of Underlying Shares | |
Exercised (in shares) | (16,000) |
NQSOs | |
Number of Underlying Shares | |
Outstanding at beginning of period (in shares) | 15,575 |
Exercised (in shares) | (15,575) |
Weighted Average Exercise Price | |
Outstanding at the beginning of period (usd per share) | $ / shares | $ 203.80 |
Exercised (usd per share) | $ / shares | $ 203.80 |
EQUITY-BASED COMPENSATION - Sch
EQUITY-BASED COMPENSATION - Schedule of RSUs Activity (Details) - Restricted Stock Units (RSUs) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Number of shares | |
Nonvested at beginning of period (in shares) | shares | 10,383 |
Granted (in shares) | shares | 622,274 |
Vested (in shares) | shares | (373,740) |
Nonvested at end of period (in shares) | shares | 258,917 |
Weighted Average Grant Date Fair Value | |
Nonvested at beginning of period (usd per share) | $ / shares | $ 157 |
Granted (usd per share) | $ / shares | 22.78 |
Vested (usd per share) | $ / shares | 23.86 |
Nonvested at end of period (usd per share) | $ / shares | $ 26.60 |
EMPLOYEE BENEFITS PLANS (Detail
EMPLOYEE BENEFITS PLANS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
401(k) Plan | U.S. Operations | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Employer matching contributions | $ 0 | $ 0 |
Expenses related to benefit plans | 0 | 0 |
Retirement Registered Saving Plan | Canadian Operations | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Employer matching contributions | 0 | 0 |
Expenses related to benefit plans | $ 0 | $ 0 |
INCOME TAXES (RESTATED) - Addit
INCOME TAXES (RESTATED) - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)Country | Dec. 31, 2017USD ($) | |
Operating Loss Carryforwards [Line Items] | ||
Federal statutory corporate rate | 21.00% | 35.00% |
Tax cuts and jobs act of 2017, change in tax rate, provisional income tax expense | $ 15,800,000 | |
Additional Income Tax Benefit | $ 0 | |
Foreign tax credits carryforwards | $ 1,400,000 | |
Foreign tax credit carryforwards beginning expiration period | 2022 | |
Other tax credits carryforwards | $ 500,000 | |
Tax credit carryforwards expiration period | 2038 | |
Deferred tax assets valuation allowances | $ 51,850,000 | 35,892,000 |
Operating loss carryforwards | 36,150,000 | 22,271,000 |
Deferred taxes provided for earnings of foreign subsidiaries | 0 | |
Unrecognized tax benefits related to uncertain tax positions | 169,000 | $ 192,000 |
Change in unrecognizsd tax benefits | $ 0 | |
Number of countries involved in business operations | Country | 15 | |
U.S. Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 97,300,000 | |
Operating loss carryforwards beginning expiration period | 2034 | |
Foreign | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 1,300,000 |
INCOME TAXES (RESTATED) - Provi
INCOME TAXES (RESTATED) - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | ||||||||||
U.S. | $ (145) | $ 0 | ||||||||
Foreign | (190) | 3,783 | ||||||||
Total current | (335) | 3,783 | ||||||||
Deferred: | ||||||||||
U.S. | 145 | (290) | ||||||||
Foreign | 70 | 1,249 | ||||||||
Total deferred | 215 | 959 | ||||||||
Provision for income taxes | $ (37) | $ (48) | $ (34) | $ (1) | $ 559 | $ 1,769 | $ 592 | $ 1,822 | $ (120) | $ 4,742 |
INCOME TAXES (RESTATED) - Sched
INCOME TAXES (RESTATED) - Schedule of Geographical Sources of Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax [Line Items] | ||||||||||
Loss before income taxes | $ (18,734) | $ (22,679) | $ (17,875) | $ (392) | $ (15,874) | $ (11,969) | $ (17,458) | $ 10,387 | $ (59,680) | $ (34,914) |
U.S. Federal | ||||||||||
Income Tax [Line Items] | ||||||||||
Loss before income taxes | (44,265) | (33,770) | ||||||||
Foreign | ||||||||||
Income Tax [Line Items] | ||||||||||
Loss before income taxes | $ (15,415) | $ (1,144) |
INCOME TAXES (RESTATED) - Summa
INCOME TAXES (RESTATED) - Summary of Provision for Income Taxes Differs from U.S. Statutory Income Tax Rate to Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||||||||
Taxes at the U.S. federal statutory income tax rate | $ (12,533) | $ (12,220) | ||||||||
Change in federal statutory income tax rate | 15,778 | |||||||||
Nondeductible expenses | 3,880 | 1,398 | ||||||||
Change in valuation allowance | 14,595 | (1,661) | ||||||||
Effect of foreign operations | 890 | 1,865 | ||||||||
State tax, net of federal benefit | (3,174) | 38 | ||||||||
Other | (3,778) | (456) | ||||||||
Provision for income taxes | $ (37) | $ (48) | $ (34) | $ (1) | $ 559 | $ 1,769 | $ 592 | $ 1,822 | $ (120) | $ 4,742 |
INCOME TAXES (RESTATED) - Sch_2
INCOME TAXES (RESTATED) - Schedule of Tax Effects of Temporary Differences and Net Operating Losses ("NOL") (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Operating loss carryforwards | $ 36,150 | $ 22,271 |
Other accrued expenses | 2,833 | 2,531 |
Outside basis difference in ASV | 13,367 | 11,051 |
Tax credit carryforwards | 1,859 | 1,851 |
Other | 3,504 | 1,537 |
Total deferred tax asset | 57,713 | 39,241 |
Valuation allowance | (51,850) | (35,892) |
Total deferred tax asset, net | 5,863 | 3,349 |
Deferred tax liabilities: | ||
Property and equipment | (2,193) | (671) |
Intangible assets | (1,116) | (340) |
Deferred revenue | (394) | |
Total deferred tax liabilities | (3,703) | (1,011) |
Net deferred tax asset | $ 2,160 | $ 2,338 |
INCOME TAXES (RESTATED) - Unrec
INCOME TAXES (RESTATED) - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 192 | |
Additions for tax positions taken in prior years | (23) | |
Additions for tax positions taken in prior years | $ 192 | |
Balance at end of year | $ 169 | $ 192 |
LOSS PER COMMON SHARE (RESTAT_3
LOSS PER COMMON SHARE (RESTATED) - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2018$ / shares | |
Series C Warrants | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Issuable price of warrants | $ 0.0001 |
Series D Warrants | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Issuable price of warrants | 0.0001 |
Series E Warrants | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Issuable price of warrants | $ 0.0001 |
LOSS PER COMMON SHARE (RESTAT_4
LOSS PER COMMON SHARE (RESTATED) - Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share Diluted [Line Items] | ||||||||||
Net loss attributable to SAExploration | $ (60,465) | $ (41,628) | ||||||||
Net loss available to common stockholders | $ (18,698) | $ (28,472) | $ (18,127) | $ (48,168) | $ (16,433) | $ (13,663) | $ (18,115) | $ 6,583 | $ (113,465) | $ (41,628) |
Weighted average common shares outstanding (basic and diluted) | 7,475 | 3,384 | 1,865 | 996 | 471 | 470 | 3,448 | 469 | ||
Loss per share available to common stockholders (basic and diluted) | $ (2.50) | $ (8.41) | $ (9.72) | $ (48.36) | $ (34.89) | $ (29.07) | $ (32.91) | $ (88.76) | ||
Potentially anti-dilutive shares excluded from diluted loss available to common stockholders | 10,709 | 26 | ||||||||
Series A and B Preferred Stocks | ||||||||||
Earnings Per Share Diluted [Line Items] | ||||||||||
Amortization of discount on Series A and Series B preferred stock | $ (72,762) | |||||||||
Series A Preferred Stock | ||||||||||
Earnings Per Share Diluted [Line Items] | ||||||||||
Accretion of Series A preferred stock to redemption value | 21,376 | |||||||||
Dividends | $ (1,614) |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Level 3 | 2023 Notes and Senior Notes | Estimated Fair Value | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of long-term debt | $ 50.7 | |
Level 3 | 2023 Notes and Senior Notes | Carrying Value | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Long-term debt | $ 51 | |
Level 2 | Senior Notes and Senior Secured Notes | Estimated Fair Value | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of long-term debt | $ 32.3 | |
Level 2 | Senior Notes and Senior Secured Notes | Carrying Value | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Long-term debt | $ 86.9 |
OTHER SUPPLEMENTAL INFORMATIO_3
OTHER SUPPLEMENTAL INFORMATION (RESTATED) - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Cash and cash equivalents | $ 7,579 | $ 3,693 | |
Restricted cash | 271 | 41 | |
Total cash, cash equivalents and restricted cash | $ 7,850 | $ 3,734 | $ 12,181 |
OTHER SUPPLEMENTAL INFORMATIO_4
OTHER SUPPLEMENTAL INFORMATION (RESTATED) - Total Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Trade receivables | $ 23,330 | $ 4,013 | |
Other receivables | 3,681 | 2,104 | |
Total accounts receivable | 27,011 | 6,117 | |
Less: allowance for doubtful accounts | (548) | (12) | $ (12) |
Total accounts receivable, net | $ 26,463 | $ 6,105 |
OTHER SUPPLEMENTAL INFORMATIO_5
OTHER SUPPLEMENTAL INFORMATION (RESTATED) - Changes in Allowance for Doubtful Accounts (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |
Balance at beginning of year | $ 12 |
Provisions for doubtful accounts | 536 |
Balance at end of year | $ 548 |
OTHER SUPPLEMENTAL INFORMATIO_6
OTHER SUPPLEMENTAL INFORMATION (RESTATED) - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Accrued payroll liabilities | $ 3,622 | $ 2,781 |
Accrued interest | 306 | 1,877 |
Other accrued liabilities | 6,570 | 1,653 |
Total accrued liabilities | $ 10,498 | $ 6,311 |
OTHER SUPPLEMENTAL INFORMATIO_7
OTHER SUPPLEMENTAL INFORMATION (RESTATED) - Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Cash paid for interest | $ 9,412 | $ 6,154 |
Cash paid for income taxes | $ 2,487 | $ 7,668 |
OTHER SUPPLEMENTAL INFORMATIO_8
OTHER SUPPLEMENTAL INFORMATION (RESTATED) - Noncash Transactions (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Costs for additions to property and equipment acquired in a capital lease | $ 1,504 | |
Costs for additions to property and equipment in accounts payable | $ 49 | |
Costs to issue debt included in accounts payable | $ 550 |
RELATED PARTY TRANSACTIONS (R_2
RELATED PARTY TRANSACTIONS (RESTATED) (Details) | Jan. 27, 2020holder | Dec. 31, 2018USD ($)shares | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($)shares | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares |
Related Party Transaction [Line Items] | |||||||||||
Common stock, outstanding shares (in shares) | shares | 3,100,496 | 471,177 | 3,100,496 | 471,177 | |||||||
Misappropriation of funds | $ 454,000 | $ 265,000 | $ 128,000 | $ 233,000 | $ 177,000 | $ 123,000 | $ 115,000 | $ 67,000 | $ 1,080,000 | $ 482,000 | |
Subsequent Event | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Number of Indebtedness holders | holder | 3 | ||||||||||
Credit Facility | Subsequent Event | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of indebtedness outstanding | 90.00% | ||||||||||
Collectively owned percentage of common shares | 18.00% | ||||||||||
Senior Loan Facility | Subsequent Event | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of indebtedness outstanding | 72.00% | ||||||||||
Collectively owned percentage of common shares | 62.00% | ||||||||||
6% Convertible Notes Due 2023 | Subsequent Event | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of indebtedness outstanding | 90.00% | ||||||||||
Collectively owned percentage of common shares | 76.00% | ||||||||||
SSI | Former Chief Financial Officer Former General Counsel and Former Vice President Finance | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Common stock, outstanding shares (in shares) | shares | 1,350 | 1,350 | |||||||||
SSI | Former Chief Executive Officer | Credit Facility | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Maximum borrowing capacity | $ 800,000 | $ 800,000 | |||||||||
SSI | Former Chief Executive Officer | Senior Loan Facility | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Borrowings under credit facility | 600,000 | 600,000 | |||||||||
SSI | Former Chief Executive Officer | 6% Convertible Notes Due 2023 | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Borrowings under credit facility | $ 1,000,000 | $ 1,000,000 | |||||||||
CLCH LLC | Former Chief Financial Officer Former General Counsel and Former Vice President Finance | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Common stock, outstanding shares (in shares) | shares | 1,201 | 1,201 | |||||||||
Fairweather Science LLC | Former Chief Executive Officer | Specialized Environmental Support Services | Alaska | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Payment to related parties | $ 100,000 | 1,000 | $ 100,000 | 1,000 | |||||||
Fairweather LLC | Former Chief Executive Officer | Aviation Weather Observation Services | Alaska | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Payment to related parties | $ 0 | $ 19,000 | 0 | 19,000 | |||||||
RVI | Former Chief Financial Officer and General Counsel | Legal and Professional Services | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Misappropriation of funds | 1,100,000 | 500,000 | |||||||||
Woodstone | Leasehold Improvements | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party transaction expense | 100,000 | ||||||||||
Quartz | Consulting Services | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party transaction expense | 0 | 30,000 | |||||||||
Inupiate Resources LLC | Member of Operations Management Team | Contract Labor | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party transaction expense | 100,000 | 200,000 | |||||||||
Summit Air Resources | Salvage Services | Member of Operations Management Team | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party transaction expense | $ 34,000 | $ 44,000 |
GEOGRAPHIC AND RELATED INFORM_3
GEOGRAPHIC AND RELATED INFORMATION (RESTATED) - Revenues and Identifiable Assets by Geographic Areas (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Identifiable Assets | $ 59,285 | $ 63,453 |
United States | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Identifiable Assets | 54,551 | 56,117 |
Canada | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Identifiable Assets | 3,888 | 3,625 |
North America | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Identifiable Assets | 58,439 | 59,742 |
Colombia | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Identifiable Assets | 185 | 1,396 |
Other | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Identifiable Assets | 62 | 1,844 |
South America | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Identifiable Assets | 247 | 3,240 |
Asia Pacific | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Identifiable Assets | $ 599 | $ 471 |
SUPPLEMENTAL GUARANTOR INFORM_3
SUPPLEMENTAL GUARANTOR INFORMATION (RESTATED) - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | |||||||||
Cash and cash equivalents | $ 7,579 | $ 3,693 | |||||||
Restricted cash | 271 | 41 | |||||||
Accounts receivable, net | 26,463 | 6,105 | |||||||
Deferred costs on contracts | 3,746 | 1,780 | |||||||
Prepaid expenses and other current assets | 2,843 | 3,853 | |||||||
Total current assets | 40,902 | $ 44,546 | $ 22,309 | $ 39,320 | 15,472 | $ 30,316 | $ 38,929 | $ 74,829 | |
Property and equipment, net | 35,334 | 32,946 | |||||||
Multiclient seismic data library, net | 4,733 | 5,829 | $ 5,829 | ||||||
Goodwill | 1,687 | 1,832 | 1,711 | ||||||
Intangible assets, net | 4,066 | 671 | |||||||
Tax credits receivable, net | 13,198 | 19,089 | 22,705 | ||||||
Deferred income taxes | 2,160 | 2,338 | |||||||
Other assets | 267 | 3,086 | |||||||
Total assets | 102,347 | 114,418 | 83,031 | 100,255 | 81,263 | 96,889 | 107,609 | 146,818 | |
Current liabilities: | |||||||||
Accounts payable | 10,103 | 4,553 | |||||||
Accrued liabilities | 10,498 | 6,311 | |||||||
Income and other taxes payable | 3,331 | 8,434 | |||||||
Current portion of long-term debt | 7,837 | 995 | |||||||
Deferred revenue | 4,357 | 1,477 | |||||||
Total current liabilities | 36,126 | 28,725 | 24,950 | 28,282 | 21,770 | 50,065 | 46,603 | 70,361 | |
Long-term debt | 83,205 | 84,288 | 53,750 | 53,078 | 114,946 | 86,902 | 86,528 | 84,267 | |
Other long-term liabilities | 380 | 381 | 623 | 615 | 608 | ||||
Stockholders' equity (deficit): | |||||||||
Common stock, 3,100,496 and 471,177 shares outstanding, respectively | 0 | 0 | |||||||
Additional paid-in capital | 232,661 | 133,742 | |||||||
(Accumulated deficit) retained earnings | (249,349) | (189,178) | |||||||
Accumulated other comprehensive (loss) income | (3,035) | (5,082) | |||||||
Treasury stock, 111,245 and 1,901 shares, respectively | (1,866) | (113) | |||||||
SAExploration stockholders’ deficit | (21,589) | (60,631) | |||||||
Noncontrolling interest | 4,225 | 4,570 | |||||||
Total stockholders’ deficit | (17,364) | $ 1,024 | $ (29,080) | $ (13,825) | (56,061) | $ (40,078) | $ (25,522) | $ (7,810) | $ (16,939) |
Total liabilities and stockholders’ deficit | 102,347 | 81,263 | |||||||
SAExploration Holdings, Inc. | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 28 | 8 | |||||||
Accounts receivable, net | 144 | ||||||||
Prepaid expenses and other current assets | 63 | 257 | |||||||
Total current assets | 235 | 265 | |||||||
Investment in subsidiaries | (79,848) | (33,568) | |||||||
Intercompany receivables | 183,675 | 134,502 | |||||||
Other assets | 2,904 | ||||||||
Total assets | 104,062 | 104,103 | |||||||
Current liabilities: | |||||||||
Accounts payable | 289 | 1,782 | |||||||
Accrued liabilities | 906 | 1,885 | |||||||
Income and other taxes payable | 210 | 539 | |||||||
Current portion of long-term debt | 6,953 | 995 | |||||||
Total current liabilities | 8,358 | 5,201 | |||||||
Long-term debt | 70,646 | 110,545 | |||||||
Other long-term liabilities | 300 | 300 | |||||||
Stockholders' equity (deficit): | |||||||||
Additional paid-in capital | 232,661 | 133,742 | |||||||
(Accumulated deficit) retained earnings | (206,037) | (145,572) | |||||||
Treasury stock, 111,245 and 1,901 shares, respectively | (1,866) | (113) | |||||||
SAExploration stockholders’ deficit | 24,758 | (11,943) | |||||||
Total stockholders’ deficit | 24,758 | (11,943) | |||||||
Total liabilities and stockholders’ deficit | 104,062 | 104,103 | |||||||
The Guarantors | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 5,285 | 2,799 | |||||||
Restricted cash | 41 | ||||||||
Accounts receivable, net | 20,487 | 2,060 | |||||||
Deferred costs on contracts | 3,520 | 1,450 | |||||||
Prepaid expenses and other current assets | 2,395 | 3,497 | |||||||
Total current assets | 31,687 | 9,847 | |||||||
Property and equipment, net | 32,889 | 28,538 | |||||||
Multiclient seismic data library, net | 4,733 | 5,829 | |||||||
Investment in subsidiaries | 41,986 | 51,889 | |||||||
Intangible assets, net | 3,541 | ||||||||
Tax credits receivable, net | 13,198 | 19,089 | |||||||
Deferred income taxes | 2,023 | 1,733 | |||||||
Other assets | 239 | 150 | |||||||
Total assets | 130,296 | 117,075 | |||||||
Current liabilities: | |||||||||
Accounts payable | 7,205 | 1,260 | |||||||
Accrued liabilities | 8,484 | 3,178 | |||||||
Income and other taxes payable | 2,739 | 7,543 | |||||||
Current portion of long-term debt | 884 | ||||||||
Deferred revenue | 4,357 | 1,475 | |||||||
Total current liabilities | 23,669 | 13,456 | |||||||
Intercompany payables | 135,691 | 94,189 | |||||||
Long-term debt | 12,559 | 4,401 | |||||||
Other long-term liabilities | 250 | ||||||||
Stockholders' equity (deficit): | |||||||||
Additional paid-in capital | 46,974 | 46,974 | |||||||
(Accumulated deficit) retained earnings | (88,681) | (42,686) | |||||||
Accumulated other comprehensive (loss) income | (4,141) | (4,079) | |||||||
SAExploration stockholders’ deficit | (45,848) | 209 | |||||||
Noncontrolling interest | 4,225 | 4,570 | |||||||
Total stockholders’ deficit | (41,623) | 4,779 | |||||||
Total liabilities and stockholders’ deficit | 130,296 | 117,075 | |||||||
Other Subsidiaries | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 2,266 | 886 | |||||||
Restricted cash | 271 | ||||||||
Accounts receivable, net | 5,832 | 4,045 | |||||||
Deferred costs on contracts | 226 | 330 | |||||||
Prepaid expenses and other current assets | 385 | 99 | |||||||
Total current assets | 8,980 | 5,360 | |||||||
Property and equipment, net | 2,445 | 4,408 | |||||||
Investment in subsidiaries | 7,499 | 7,500 | |||||||
Goodwill | 1,687 | 1,832 | |||||||
Intangible assets, net | 525 | 671 | |||||||
Deferred income taxes | 137 | 605 | |||||||
Other assets | 28 | 32 | |||||||
Total assets | 21,301 | 20,408 | |||||||
Current liabilities: | |||||||||
Accounts payable | 2,609 | 1,511 | |||||||
Accrued liabilities | 1,108 | 1,248 | |||||||
Income and other taxes payable | 382 | 352 | |||||||
Deferred revenue | 2 | ||||||||
Total current liabilities | 4,099 | 3,113 | |||||||
Intercompany payables | 47,985 | 40,313 | |||||||
Other long-term liabilities | 80 | 58 | |||||||
Stockholders' equity (deficit): | |||||||||
Common stock, 3,100,496 and 471,177 shares outstanding, respectively | 168 | ||||||||
Additional paid-in capital | 18,996 | 18,944 | |||||||
(Accumulated deficit) retained earnings | (51,133) | (41,017) | |||||||
Accumulated other comprehensive (loss) income | 1,106 | (1,003) | |||||||
SAExploration stockholders’ deficit | (30,863) | (23,076) | |||||||
Total stockholders’ deficit | (30,863) | (23,076) | |||||||
Total liabilities and stockholders’ deficit | 21,301 | 20,408 | |||||||
Consolidating Adjustments | |||||||||
Current assets: | |||||||||
Investment in subsidiaries | 30,363 | (25,821) | |||||||
Intercompany receivables | (183,675) | (134,502) | |||||||
Total assets | (153,312) | (160,323) | |||||||
Current liabilities: | |||||||||
Intercompany payables | (183,676) | (134,502) | |||||||
Stockholders' equity (deficit): | |||||||||
Common stock, 3,100,496 and 471,177 shares outstanding, respectively | (168) | ||||||||
Additional paid-in capital | (65,970) | (65,918) | |||||||
(Accumulated deficit) retained earnings | 96,502 | 40,097 | |||||||
SAExploration stockholders’ deficit | 30,364 | (25,821) | |||||||
Total stockholders’ deficit | 30,364 | (25,821) | |||||||
Total liabilities and stockholders’ deficit | $ (153,312) | $ (160,323) |
SUPPLEMENTAL GUARANTOR INFORM_4
SUPPLEMENTAL GUARANTOR INFORMATION (RESTATED) - Condensed Consolidated Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Income Statements Captions [Line Items] | ||||||||||
Revenue from services | $ 29,661 | $ 15,003 | $ 16,883 | $ 37,123 | $ 4,842 | $ 22,452 | $ 13,559 | $ 86,169 | $ 98,670 | $ 127,022 |
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
Cost of services | $ 25,693 | $ 16,193 | $ 19,710 | $ 26,005 | $ 5,654 | $ 18,172 | $ 11,629 | $ 57,774 | $ 87,601 | $ 93,229 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | ||||
Depreciation and amortization | 4,540 | $ 2,951 | 2,295 | $ 2,421 | 2,718 | $ 2,809 | 2,947 | $ 3,251 | $ 12,207 | $ 11,725 |
Gross (loss) profit | (572) | (4,141) | (5,122) | 8,697 | (3,530) | 1,471 | (1,017) | 25,144 | (1,138) | 22,068 |
Total operating expenses | 13,339 | 14,841 | 8,494 | 5,919 | 6,802 | 6,079 | 6,461 | 6,697 | 42,593 | 26,039 |
Operating loss | (13,911) | (18,982) | (13,616) | 2,778 | (10,332) | (4,608) | (7,478) | 18,447 | (43,731) | (3,971) |
Other income (expense), net | (4,823) | (3,697) | (4,259) | (3,170) | (5,542) | (7,361) | (9,980) | (8,060) | (15,949) | (30,943) |
Loss before income taxes | (18,734) | (22,679) | (17,875) | (392) | (15,874) | (11,969) | (17,458) | 10,387 | (59,680) | (34,914) |
Income taxes | (37) | (48) | (34) | (1) | 559 | 1,769 | 592 | 1,822 | (120) | 4,742 |
Loss before equity in loss of affiliates | (59,560) | (39,656) | ||||||||
Net loss | (18,697) | (22,631) | (17,841) | (391) | (16,433) | (13,738) | (18,050) | 8,565 | (59,560) | (39,656) |
Less: net income (loss) attributable to noncontrolling interest | 1 | 10 | 59 | 835 | (75) | 65 | 1,982 | 905 | 1,972 | |
Net loss attributable to SAExploration | $ (18,698) | $ (22,641) | $ (17,900) | $ (1,226) | $ (16,433) | $ (13,663) | $ (18,115) | $ 6,583 | (60,465) | (41,628) |
Comprehensive loss | (57,513) | (39,916) | ||||||||
Less: comprehensive income attributable to noncontrolling interest | 905 | 1,972 | ||||||||
Comprehensive loss attributable to SAExploration | $ (58,418) | $ (41,888) | ||||||||
SAExploration Holdings, Inc. | ||||||||||
Condensed Income Statements Captions [Line Items] | ||||||||||
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | ||||||||
Total operating expenses | $ 14,214 | $ 4,148 | ||||||||
Operating loss | (14,214) | (4,148) | ||||||||
Other income (expense), net | 53 | (16,569) | ||||||||
Loss before income taxes | (14,161) | (20,717) | ||||||||
Income taxes | 24 | (5) | ||||||||
Loss before equity in loss of affiliates | (14,185) | (20,712) | ||||||||
Equity in loss of affiliates | (46,280) | (20,916) | ||||||||
Net loss | (60,465) | (41,628) | ||||||||
Net loss attributable to SAExploration | (60,465) | (41,628) | ||||||||
Comprehensive loss | (60,465) | (41,628) | ||||||||
Comprehensive loss attributable to SAExploration | (60,465) | (41,628) | ||||||||
The Guarantors | ||||||||||
Condensed Income Statements Captions [Line Items] | ||||||||||
Revenue from services | $ 74,943 | $ 108,366 | ||||||||
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | ||||||||
Cost of services | $ 67,342 | $ 77,585 | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | ||||||||
Depreciation and amortization | $ 9,669 | $ 8,462 | ||||||||
Gross (loss) profit | (2,068) | 22,319 | ||||||||
Total operating expenses | 22,089 | 17,616 | ||||||||
Operating loss | (24,157) | 4,703 | ||||||||
Other income (expense), net | (11,627) | (13,514) | ||||||||
Loss before income taxes | (35,784) | (8,811) | ||||||||
Income taxes | (534) | 3,438 | ||||||||
Loss before equity in loss of affiliates | (35,250) | (12,249) | ||||||||
Equity in loss of affiliates | (10,125) | (6,618) | ||||||||
Net loss | (45,375) | (18,867) | ||||||||
Less: net income (loss) attributable to noncontrolling interest | 905 | 2,049 | ||||||||
Net loss attributable to SAExploration | (46,280) | (20,916) | ||||||||
Comprehensive loss | (45,437) | (18,790) | ||||||||
Less: comprehensive income attributable to noncontrolling interest | 905 | 2,049 | ||||||||
Comprehensive loss attributable to SAExploration | (46,342) | (20,839) | ||||||||
Other Subsidiaries | ||||||||||
Condensed Income Statements Captions [Line Items] | ||||||||||
Revenue from services | $ 23,727 | $ 18,656 | ||||||||
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | ||||||||
Cost of services | $ 20,259 | $ 15,644 | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | ||||||||
Depreciation and amortization | $ 2,538 | $ 3,263 | ||||||||
Gross (loss) profit | 930 | (251) | ||||||||
Total operating expenses | 6,290 | 4,275 | ||||||||
Operating loss | (5,360) | (4,526) | ||||||||
Other income (expense), net | (4,375) | (860) | ||||||||
Loss before income taxes | (9,735) | (5,386) | ||||||||
Income taxes | 390 | 1,309 | ||||||||
Loss before equity in loss of affiliates | (10,125) | (6,695) | ||||||||
Net loss | (10,125) | (6,695) | ||||||||
Less: net income (loss) attributable to noncontrolling interest | (77) | |||||||||
Net loss attributable to SAExploration | (10,125) | (6,618) | ||||||||
Comprehensive loss | (8,016) | (7,032) | ||||||||
Less: comprehensive income attributable to noncontrolling interest | (77) | |||||||||
Comprehensive loss attributable to SAExploration | $ (8,016) | $ (6,955) | ||||||||
Consolidating Adjustments | ||||||||||
Condensed Income Statements Captions [Line Items] | ||||||||||
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | ||||||||
Equity in loss of affiliates | $ 56,405 | $ 27,534 | ||||||||
Net loss | 56,405 | 27,534 | ||||||||
Net loss attributable to SAExploration | 56,405 | 27,534 | ||||||||
Comprehensive loss | 56,405 | 27,534 | ||||||||
Comprehensive loss attributable to SAExploration | $ 56,405 | $ 27,534 |
SUPPLEMENTAL GUARANTOR INFORM_5
SUPPLEMENTAL GUARANTOR INFORMATION (RESTATED) - Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||
Net cash used in operating activities | $ (30,143) | $ (1,754) |
Cash flows from investing activities: | ||
Asset purchase | (21,749) | |
Purchase of property and equipment | (1,262) | (2,670) |
Proceeds from sale of property and equipment | 830 | 1,910 |
Net cash used in investing activities | (22,181) | (760) |
Cash flows from financing activities: | ||
Long-term debt repayments | (59,207) | (34,301) |
Long-term debt borrowings | 123,411 | 33,401 |
Debt issuance costs | (2,715) | (1,166) |
Stock issuance costs | (1,712) | (2,904) |
Purchase of treasury stock | (1,753) | (113) |
Distribution to noncontrolling interest | (1,250) | (1,095) |
Net cash provided by (used in) financing activities | 56,774 | (6,178) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (334) | 245 |
Net change in cash, cash equivalents and restricted cash | 4,116 | (8,447) |
Cash, cash equivalents and restricted cash at the beginning of year | 3,734 | 12,181 |
Cash, cash equivalents and restricted cash at the end of year | 7,850 | 3,734 |
SAExploration Holdings, Inc. | ||
Cash flows from operating activities: | ||
Net cash used in operating activities | (3,315) | 5,654 |
Cash flows from financing activities: | ||
Long-term debt repayments | (2,860) | |
Long-term debt borrowings | 60,000 | |
Debt issuance costs | (1,167) | (614) |
Stock issuance costs | (1,712) | (2,904) |
Purchase of treasury stock | (1,753) | (113) |
Intercompany lending | (49,173) | (4,069) |
Net cash provided by (used in) financing activities | 3,335 | (7,700) |
Net change in cash, cash equivalents and restricted cash | 20 | (2,046) |
Cash, cash equivalents and restricted cash at the beginning of year | 8 | 2,054 |
Cash, cash equivalents and restricted cash at the end of year | 28 | 8 |
The Guarantors | ||
Cash flows from operating activities: | ||
Net cash used in operating activities | (21,874) | (2,430) |
Cash flows from investing activities: | ||
Asset purchase | (21,749) | |
Purchase of property and equipment | (1,114) | (1,956) |
Proceeds from sale of property and equipment | 280 | 1,851 |
Investment in affiliate | (222) | |
Net cash used in investing activities | (22,805) | (105) |
Cash flows from financing activities: | ||
Long-term debt repayments | (56,347) | (34,284) |
Long-term debt borrowings | 63,411 | 33,401 |
Debt issuance costs | (1,548) | (552) |
Intercompany lending | 43,179 | (1,579) |
Distribution to noncontrolling interest | (1,250) | (1,095) |
Net cash provided by (used in) financing activities | 47,445 | (4,109) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (321) | (119) |
Net change in cash, cash equivalents and restricted cash | 2,445 | (6,763) |
Cash, cash equivalents and restricted cash at the beginning of year | 2,840 | 9,603 |
Cash, cash equivalents and restricted cash at the end of year | 5,285 | 2,840 |
Other Subsidiaries | ||
Cash flows from operating activities: | ||
Net cash used in operating activities | (4,954) | (804) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (148) | (714) |
Proceeds from sale of property and equipment | 550 | 59 |
Net cash used in investing activities | 402 | (655) |
Cash flows from financing activities: | ||
Long-term debt repayments | (17) | |
Intercompany lending | 5,994 | 5,648 |
Contribution from affiliate | 222 | |
Dividend payments to affiliate | (4,174) | |
Net cash provided by (used in) financing activities | 6,216 | 1,457 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (13) | 364 |
Net change in cash, cash equivalents and restricted cash | 1,651 | 362 |
Cash, cash equivalents and restricted cash at the beginning of year | 886 | 524 |
Cash, cash equivalents and restricted cash at the end of year | 2,537 | 886 |
Consolidating Adjustments | ||
Cash flows from operating activities: | ||
Net cash used in operating activities | (4,174) | |
Cash flows from investing activities: | ||
Investment in affiliate | 222 | |
Net cash used in investing activities | 222 | |
Cash flows from financing activities: | ||
Contribution from affiliate | (222) | |
Dividend payments to affiliate | 4,174 | |
Net cash provided by (used in) financing activities | $ (222) | $ 4,174 |
QUARTERLY DATA (UNAUDITED) (R_3
QUARTERLY DATA (UNAUDITED) (RESTATED) - Summary of Restated Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Revenue from services | $ 29,661 | $ 15,003 | $ 16,883 | $ 37,123 | $ 4,842 | $ 22,452 | $ 13,559 | $ 86,169 | $ 98,670 | $ 127,022 |
Gross profit (loss) | (572) | (4,141) | (5,122) | 8,697 | (3,530) | 1,471 | (1,017) | 25,144 | (1,138) | 22,068 |
Net loss | (18,697) | (22,631) | (17,841) | (391) | (16,433) | (13,738) | (18,050) | 8,565 | (59,560) | (39,656) |
Net income (loss) available to common stockholders | $ (18,698) | $ (28,472) | $ (18,127) | $ (48,168) | $ (16,433) | $ (13,663) | $ (18,115) | $ 6,583 | $ (113,465) | $ (41,628) |
Earnings (loss) per common share: | ||||||||||
Loss per share available to common stockholders (basic and diluted) | $ (2.50) | $ (8.41) | $ (9.72) | $ (48.36) | $ (34.89) | $ (29.07) | $ (32.91) | $ (88.76) | ||
Basic | (34.89) | (29.07) | $ (38.71) | $ 14.07 | ||||||
Diluted | $ (34.89) | $ (29.07) | $ (38.71) | $ 14.01 |
QUARTERLY DATA (UNAUDITED) (R_4
QUARTERLY DATA (UNAUDITED) (RESTATED) - Summary of Reconcile Previously Reported Quarterly Financial Information With Restated Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Operations: | |||||||||||
Revenue from services | $ 29,661 | $ 15,003 | $ 16,883 | $ 37,123 | $ 4,842 | $ 22,452 | $ 13,559 | $ 86,169 | $ 98,670 | $ 127,022 | |
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | |
Cost of services | $ 25,693 | $ 16,193 | $ 19,710 | $ 26,005 | $ 5,654 | $ 18,172 | $ 11,629 | $ 57,774 | $ 87,601 | $ 93,229 | |
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | |||||
Depreciation and amortization | 4,540 | $ 2,951 | 2,295 | $ 2,421 | 2,718 | $ 2,809 | 2,947 | $ 3,251 | $ 12,207 | $ 11,725 | |
Gross (loss) profit | (572) | (4,141) | (5,122) | 8,697 | (3,530) | 1,471 | (1,017) | 25,144 | (1,138) | 22,068 | |
Operating expenses: | |||||||||||
Selling, general and administrative expenses | 12,885 | 14,576 | 8,366 | 5,686 | 6,625 | 5,956 | 6,346 | 6,630 | 41,513 | 25,557 | |
Misappropriation of funds | 454 | 265 | 128 | 233 | 177 | 123 | 115 | 67 | 1,080 | 482 | |
Total operating expenses | 13,339 | 14,841 | 8,494 | 5,919 | 6,802 | 6,079 | 6,461 | 6,697 | 42,593 | 26,039 | |
Operating loss | (13,911) | (18,982) | (13,616) | 2,778 | (10,332) | (4,608) | (7,478) | 18,447 | (43,731) | (3,971) | |
Other (expense) income, net: | |||||||||||
Interest expense, net | (3,633) | (4,738) | (2,346) | (3,141) | (4,948) | (7,496) | (8,561) | (8,358) | (13,858) | (29,363) | |
Foreign exchange loss, net | (907) | (331) | (2,005) | (174) | (613) | 341 | (1,347) | 311 | (3,417) | (1,308) | |
Other income (expense), net | (283) | 1,372 | 92 | 145 | 19 | (206) | (72) | (13) | 1,326 | (272) | |
Total other expense, net | (4,823) | (3,697) | (4,259) | (3,170) | (5,542) | (7,361) | (9,980) | (8,060) | (15,949) | (30,943) | |
Loss before income taxes | (18,734) | (22,679) | (17,875) | (392) | (15,874) | (11,969) | (17,458) | 10,387 | (59,680) | (34,914) | |
Income taxes | (37) | (48) | (34) | (1) | 559 | 1,769 | 592 | 1,822 | (120) | 4,742 | |
Net loss | (18,697) | (22,631) | (17,841) | (391) | (16,433) | (13,738) | (18,050) | 8,565 | (59,560) | (39,656) | |
Less: net income attributable to noncontrolling interest | 1 | 10 | 59 | 835 | (75) | 65 | 1,982 | 905 | 1,972 | ||
Net loss attributable to SAExploration | $ (18,698) | $ (22,641) | $ (17,900) | $ (1,226) | $ (16,433) | $ (13,663) | $ (18,115) | $ 6,583 | $ (60,465) | $ (41,628) | |
Loss per share available to common stockholders (basic and diluted) | $ (2.50) | $ (8.41) | $ (9.72) | $ (48.36) | $ (34.89) | $ (29.07) | $ (32.91) | $ (88.76) | |||
Weighted average common shares outstanding (basic and diluted) | 7,475 | 3,384 | 1,865 | 996 | 471 | 470 | 3,448 | 469 | |||
Earnings (loss) per common share: | |||||||||||
Basic | $ (34.89) | $ (29.07) | $ (38.71) | $ 14.07 | |||||||
Diluted | $ (34.89) | $ (29.07) | $ (38.71) | $ 14.01 | |||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 468 | 468 | |||||||||
Diluted | 468 | 470 | |||||||||
Balance Sheet Data (at end of period): | |||||||||||
Current assets | $ 40,902 | $ 44,546 | $ 22,309 | $ 39,320 | $ 15,472 | $ 30,316 | $ 38,929 | $ 74,829 | $ 40,902 | $ 15,472 | |
Total assets | 102,347 | 114,418 | 83,031 | 100,255 | 81,263 | 96,889 | 107,609 | 146,818 | 102,347 | 81,263 | |
Current liabilities | 36,126 | 28,725 | 24,950 | 28,282 | 21,770 | 50,065 | 46,603 | 70,361 | 36,126 | 21,770 | |
Long-term debt, net | 83,205 | 84,288 | 53,750 | 53,078 | 114,946 | 86,902 | 86,528 | 84,267 | 83,205 | 114,946 | |
Other long-term liabilities | 380 | 381 | 623 | 615 | 608 | 380 | 608 | ||||
Mezzanine equity | 32,788 | 32,105 | |||||||||
Total stockholders' equity (deficit) | (17,364) | 1,024 | (29,080) | (13,825) | (56,061) | (40,078) | (25,522) | (7,810) | (17,364) | (56,061) | $ (16,939) |
Previously Reported | |||||||||||
Statement of Operations: | |||||||||||
Revenue from services | $ 25,595 | $ 15,003 | $ 16,883 | $ 37,123 | $ 4,842 | $ 22,452 | $ 13,559 | $ 86,169 | $ 94,604 | $ 127,022 | |
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | |
Cost of services | $ 24,265 | $ 16,085 | $ 19,710 | $ 26,005 | $ 5,654 | $ 18,172 | $ 11,629 | $ 57,774 | $ 86,065 | $ 93,229 | |
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | |
Depreciation and amortization | $ 3,444 | $ 2,951 | $ 2,295 | $ 2,421 | $ 2,718 | $ 2,809 | $ 2,947 | $ 3,251 | $ 11,111 | $ 11,725 | |
Gross (loss) profit | (2,114) | (4,033) | (5,122) | 8,697 | (3,530) | 1,471 | (1,017) | 25,144 | (2,572) | 22,068 | |
Operating expenses: | |||||||||||
Selling, general and administrative expenses | 12,935 | 14,858 | 25,763 | 6,377 | 6,716 | 6,005 | 6,358 | 6,517 | 59,933 | 25,596 | |
Total operating expenses | 12,935 | 14,858 | 25,763 | 6,377 | 6,716 | 6,005 | 6,358 | 6,517 | 59,933 | 25,596 | |
Operating loss | (15,049) | (18,891) | (30,885) | 2,320 | (10,246) | (4,534) | (7,375) | 18,627 | (62,505) | (3,528) | |
Other (expense) income, net: | |||||||||||
Interest expense, net | (3,633) | (4,738) | (2,346) | (3,141) | (4,948) | (7,496) | (8,561) | (8,358) | (13,858) | (29,363) | |
Foreign exchange loss, net | (907) | (331) | (2,005) | (174) | (613) | 341 | (1,347) | 311 | (3,417) | (1,308) | |
Other income (expense), net | (672) | 27 | 9 | 145 | 19 | (206) | (72) | (13) | (491) | (272) | |
Total other expense, net | (5,212) | (5,042) | (4,342) | (3,170) | (5,542) | (7,361) | (9,980) | (8,060) | (17,766) | (30,943) | |
Loss before income taxes | (20,261) | (23,933) | (35,227) | (850) | (15,788) | (11,895) | (17,355) | 10,567 | (80,271) | (34,471) | |
Income taxes | 2,317 | 1,364 | (1,881) | 624 | 138 | 1,950 | 485 | 1,740 | 2,424 | 4,313 | |
Net loss | (22,578) | (25,297) | (33,346) | (1,474) | (15,926) | (13,845) | (17,840) | 8,827 | (82,695) | (38,784) | |
Less: net income attributable to noncontrolling interest | 1 | 10 | 59 | 835 | (75) | 65 | 1,982 | 905 | 1,972 | ||
Net loss attributable to SAExploration | $ (22,579) | $ (25,307) | $ (33,405) | $ (2,309) | $ (15,926) | $ (13,770) | $ (17,905) | $ 6,845 | $ (83,600) | $ (40,756) | |
Loss per share available to common stockholders (basic and diluted) | $ (7.75) | $ (27.80) | $ (44.90) | $ (92.06) | $ (33.81) | $ (29.30) | $ (102.25) | $ (86.90) | |||
Weighted average common shares outstanding (basic and diluted) | 2,915 | 1,120 | 749 | 535 | 471 | 470 | 1,336 | ||||
Earnings (loss) per common share: | |||||||||||
Basic | $ (38.26) | $ 14.63 | |||||||||
Diluted | $ (38.26) | $ 14.56 | |||||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 468 | 468 | |||||||||
Diluted | 468 | 470 | |||||||||
Balance Sheet Data (at end of period): | |||||||||||
Current assets | $ 38,852 | $ 43,118 | $ 22,136 | $ 39,214 | $ 18,261 | $ 71,171 | $ 83,138 | $ 130,162 | $ 38,852 | $ 18,261 | |
Total assets | 137,473 | 154,435 | 121,184 | 159,952 | 141,938 | 158,621 | 172,875 | 217,123 | 137,473 | 141,938 | |
Current liabilities | 36,067 | 29,063 | 20,144 | 28,908 | 21,221 | 56,432 | 56,397 | 85,404 | 36,067 | 21,221 | |
Long-term debt, net | 85,653 | 87,349 | 57,425 | 57,360 | 120,298 | 86,902 | 86,528 | 84,267 | 85,653 | 120,298 | |
Other long-term liabilities | 380 | 381 | 623 | 615 | 608 | 380 | 608 | ||||
Mezzanine equity | 32,788 | 32,105 | |||||||||
Total stockholders' equity (deficit) | 15,373 | $ 37,642 | $ 10,204 | $ 40,964 | $ (189) | $ 15,287 | $ 29,950 | $ 47,452 | 15,373 | $ (189) | 38,061 |
Adjustments | |||||||||||
Statement of Operations: | |||||||||||
Revenue from services | $ 4,066 | $ 4,066 | |||||||||
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | |
Cost of services | $ 1,428 | $ 108 | $ 1,536 | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | |
Depreciation and amortization | $ 1,096 | $ 1,096 | |||||||||
Gross (loss) profit | 1,542 | $ (108) | 1,434 | ||||||||
Operating expenses: | |||||||||||
Selling, general and administrative expenses | (50) | (282) | $ (17,397) | $ (691) | $ (91) | $ (49) | $ (12) | $ 113 | (18,420) | $ (39) | |
Misappropriation of funds | 454 | 265 | 128 | 233 | 177 | 123 | 115 | 67 | 1,080 | 482 | |
Total operating expenses | 404 | (17) | (17,269) | (458) | 86 | 74 | 103 | 180 | (17,340) | 443 | |
Operating loss | 1,138 | (91) | 17,269 | 458 | (86) | (74) | (103) | (180) | 18,774 | (443) | |
Other (expense) income, net: | |||||||||||
Other income (expense), net | 389 | 1,345 | 83 | 1,817 | |||||||
Total other expense, net | 389 | 1,345 | 83 | 1,817 | |||||||
Loss before income taxes | 1,527 | 1,254 | 17,352 | 458 | (86) | (74) | (103) | (180) | 20,591 | (443) | |
Income taxes | (2,354) | (1,412) | 1,847 | (625) | 421 | (181) | 107 | 82 | (2,544) | 429 | |
Net loss | 3,881 | 2,666 | 15,505 | 1,083 | (507) | 107 | (210) | (262) | 23,135 | (872) | |
Net loss attributable to SAExploration | $ 3,881 | $ 2,666 | $ 15,505 | $ 1,083 | $ (507) | $ 107 | $ (210) | $ (262) | $ 23,135 | $ (872) | |
Loss per share available to common stockholders (basic and diluted) | $ 5.25 | $ 19.39 | $ 35.18 | $ 43.70 | $ (1.08) | $ 0.23 | $ 69.34 | $ (1.86) | |||
Weighted average common shares outstanding (basic and diluted) | 4,560 | 2,264 | 1,116 | 461 | 2,112 | ||||||
Earnings (loss) per common share: | |||||||||||
Basic | $ (0.45) | $ (0.56) | |||||||||
Diluted | $ (0.45) | $ (0.55) | |||||||||
Balance Sheet Data (at end of period): | |||||||||||
Current assets | $ 2,050 | $ 1,428 | $ 173 | $ 106 | $ (2,789) | $ (40,855) | $ (44,209) | $ (55,333) | $ 2,050 | $ (2,789) | |
Total assets | (35,126) | (40,017) | (38,153) | (59,697) | (60,675) | (61,732) | (65,266) | (70,305) | (35,126) | (60,675) | |
Current liabilities | 59 | (338) | 4,806 | (626) | 549 | (6,367) | (9,794) | (15,043) | 59 | 549 | |
Long-term debt, net | (2,448) | (3,061) | (3,675) | (4,282) | (5,352) | (2,448) | (5,352) | ||||
Total stockholders' equity (deficit) | $ (32,737) | $ (36,618) | $ (39,284) | $ (54,789) | $ (55,872) | $ (55,365) | $ (55,472) | $ (55,262) | $ (32,737) | $ (55,872) | $ (55,000) |
SUBSEQUENT EVENTS (UNAUDITED)_2
SUBSEQUENT EVENTS (UNAUDITED) (RESTATED) - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 19, 2019 | Dec. 31, 2016 | |
Subsequent Event [Line Items] | |||||
Long-term debt borrowings | $ 123,411 | $ 33,401 | |||
Common stock issued | 3,211 | 473 | 470 | ||
Credit Facility | |||||
Subsequent Event [Line Items] | |||||
Debt Instrument maturity date | Aug. 31, 2021 | ||||
Senior Loan Facility | |||||
Subsequent Event [Line Items] | |||||
Debt Instrument maturity date | Jan. 31, 2020 | ||||
Subsequent Event | Exercise of Series C Warrants, Series D Warrants and Series E Warrants | |||||
Subsequent Event [Line Items] | |||||
Common stock issued | 700 | ||||
Subsequent Event | Credit Facility | |||||
Subsequent Event [Line Items] | |||||
Long-term debt borrowings | $ 9,700 | ||||
Subsequent Event | Senior Loan Facility | |||||
Subsequent Event [Line Items] | |||||
Debt Instrument maturity date | Jan. 4, 2021 |