Koil Energy Solutions, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Koil Energy Solutions, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

Koil Energy Solutions, Inc. (KLNG) filed a Annual Report (10-K) with the SEC on March 27, 2024. Koil Energy Solutions, Inc. (formerly Deep Down, Inc. and MediQuip Holdings, INC) filed its 2023 Form 10-K on March 27, 2024. The company is incorporated in Nevada and operates in the Oil & Gas Filed Machinery & Equipment sector. The filing covers the fiscal year ending December 31, 2023. Koil Energy Solutions, Inc. has a business and mailing address at 1310 Rankin Road, Houston, TX 77073. The company's business phone number is (281) 517-5000.

Why It Matters

For investors and stakeholders tracking Koil Energy Solutions, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Koil Energy Solutions' financial health, operational activities, and strategic direction for the fiscal year 2023, which is crucial for investors and stakeholders to assess the company's performance and future prospects. The detailed information within the 10-K, including financial statements and risk factors, allows investors to make informed decisions regarding their investment in Koil Energy Solutions, Inc.

Risk Assessment

Risk Level: medium — Koil Energy Solutions, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of information. Specific risks are not detailed in the provided header information, but the nature of the oil and gas industry implies inherent market and operational risks.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion and analysis, and risk factors to understand Koil Energy Solutions' performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-27 — Filing Date (As of date)
• 71 — Public Document Count (Total number of documents in the filing)
• 000-30351 — SEC File Number (SEC file number for the company)

Key Players & Entities

• Koil Energy Solutions, Inc. (company) — Filer name
• Deep Down, Inc. (company) — Former company name
• MediQuip Holdings, INC (company) — Former company name
• TRUE HEALTH INC (company) — Former company name
• Houston, TX (location) — Business address city and state
• 1310 Rankin Road (location) — Business address street
• NV (location) — State of incorporation
• 2024-03-27 (date) — Filing date

FAQ

Industry Context

Koil Energy Solutions, Inc. operates within the Oil & Gas Filed Machinery & Equipment industry.

Regulatory Implications

The filing is a 10-K, a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Thoroughly review the financial statements and accompanying notes in the 10-K for a detailed understanding of Koil Energy Solutions' financial position.
2. Analyze the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section to grasp the company's performance drivers and outlook.
3. Examine the 'Risk Factors' section to identify potential challenges and uncertainties that could impact the company's future operations and profitability.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-27: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis of the provided header information for the 2023 10-K filing. No prior filing data is available for comparison.

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_i10k-123123.htm (10-K) — 772KB
• koil_ex2101.htm (EX-21.1) — 2KB
• 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
• 0001683168-24-001768.txt (&nbsp;) — 4220KB
• 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_i10k-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 filing on SEC EDGAR