Koil Energy Solutions Files 2023 10-K Amendment

TL;DR

Koil Energy Solutions filed an amended 2023 10-K on 6/26/24. Formerly Deep Down, Inc.

AI Summary

Koil Energy Solutions, Inc. filed an amendment (10-K/A) to its annual report for the fiscal year ending December 31, 2023. The filing, submitted on June 26, 2024, provides updated information for the company, which operates in the oil and gas machinery & equipment sector. Koil Energy Solutions, Inc. was formerly known as Deep Down, Inc., MediQuip Holdings, INC, and TRUE HEALTH INC.

Why It Matters

This amendment to Koil Energy Solutions' 10-K filing provides updated financial and operational information for the fiscal year 2023, crucial for investors assessing the company's performance and outlook.

Risk Assessment

Risk Level: medium — Filing an amendment to a 10-K can indicate that the original filing contained errors or omissions, requiring correction and potentially signaling underlying issues.

Key Numbers

• 2023 — Fiscal Year End (The period covered by the amended 10-K filing.)
• 20240626 — Filing Date (The date the amendment was submitted to the SEC.)

Key Players & Entities

• Koil Energy Solutions, Inc. (company) — Filer and subject of the report
• Deep Down, Inc. (company) — Former company name
• MediQuip Holdings, INC (company) — Former company name
• TRUE HEALTH INC (company) — Former company name
• 20231231 (date) — Fiscal year end
• 20240626 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — Section 12(g) of the Act: Common Stock, $0.001 par value Indicate by check mark if t

Filing Documents

• koil_i10ka1-123123.htm (10-K/A) — 775KB
• koil_ex3101.htm (EX-31.1) — 7KB
• koil_ex3102.htm (EX-31.2) — 7KB
• koil_ex3201.htm (EX-32.1) — 4KB
• koil_ex3202.htm (EX-32.2) — 4KB
• image_001.jpg (GRAPHIC) — 2KB
• 0001683168-24-004474.txt ( ) — 4226KB
• klng-20231231.xsd (EX-101.SCH) — 34KB
• klng-20231231_cal.xml (EX-101.CAL) — 47KB
• klng-20231231_def.xml (EX-101.DEF) — 72KB
• klng-20231231_lab.xml (EX-101.LAB) — 312KB
• klng-20231231_pre.xml (EX-101.PRE) — 242KB
• koil_i10ka1-123123_htm.xml (XML) — 538KB

Business

Business 1 Item 1A

Risk Factors

Risk Factors 6 Item 1B Unresolved Staff Comments 6 Item IC Cybersecurity 6 Item 2 Description of Property 7 Item 3

Legal Proceedings

Legal Proceedings 7 Item 4 Mine Safety Disclosures 7 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 8 Item 6 [Reserved] 8 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 16 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 16 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 17 Item 9A

Controls and Procedures

Controls and Procedures 17 Item 9B Other Information 17 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 17 PART III Item 10 Directors, Executive Officers and Corporate Governance 18 Item 11

Executive Compensation

Executive Compensation 20 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 23 Item 13 Certain Relationships and Related Transactions, and Director Independence 24 Item 14 Principal Accountant Fees and Services 24 PART IV Item 15 Exhibits and Financial Statement Schedules 25 Item 16 Form 10-K Summary 25

Signatures

Signatures 26 i Forward-Looking Information Unless otherwise indicated, the terms "Koil Energy Solutions, Inc.", "Koil Energy", "Company", "we", "our" and "us" are used in this report to refer to Koil Energy Solutions, Inc., a Nevada corporation, and its direct and indirect wholly owned subsidiaries. In this Annual Report on Form 10-K (the "Report"), we may make certain forward-looking statements ("Statements"), including statements regarding our plans, strategies, objectives, expectations, intentions, and resources that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We do not undertake to update, revise, or correct any of the Statements. The Statements should also be read in conjunction with our audited consolidated financial statements and the notes thereto. The Statements contained in this Report that are not historical fact are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Statements contained herein are based on current expectations that involve a number of risks and uncertainties. These Statements can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "should", "intend", "plan", "could", "is likely", or "anticipates", or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. We caution the readers that these Statements are only predictions. No assurances can be given that the future results indicated, whether expressed or implied, will be achieved. While sometimes presented with numerical specificity, these projections and other Statements are based upon a variety of assumptions relating to the business of the Company, which, although considered re

View Full Filing

View this 10-K/A filing on SEC EDGAR