Koil Energy Solutions, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Koil Energy Solutions, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial performance and equity changes.</b>

AI Summary

Koil Energy Solutions, Inc. (KLNG) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Koil Energy Solutions, Inc. filed a 10-Q for the period ending March 31, 2024. The company's former name was Deep Down, Inc., with a name change on December 20, 2006. The filing includes financial data for the quarters ending March 31, 2024, and March 31, 2023. Key financial statement components such as Cost of Sales, Selling, General & Administrative Expenses, and Other Income are detailed for these periods. Information on equity components like Common Stock, Additional Paid-In Capital, Treasury Stock, and Retained Earnings is provided for various dates.

Why It Matters

For investors and stakeholders tracking Koil Energy Solutions, Inc., this filing contains several important signals. This filing provides investors with an updated view of Koil Energy Solutions' financial health and operational performance for the first quarter of 2024. Understanding the detailed financial statements and equity changes is crucial for assessing the company's current valuation and future prospects.

Risk Assessment

Risk Level: low — Koil Energy Solutions, Inc. shows low risk based on this filing. The filing is a standard 10-Q report, which typically contains routine financial disclosures and does not indicate any immediate or significant financial distress or unusual events.

Analyst Insight

Review the detailed financial statements within the 10-Q to understand revenue trends, cost management, and equity structure changes for Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-06 — Filing Date (Filed as of date)
• 2023-03-31 — Prior Period End Date (Comparison period for financial data)

Key Players & Entities

• Koil Energy Solutions, Inc. (company) — Filer name and company name
• Deep Down, Inc. (company) — Former company name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-06 (date) — Filed as of date
• 1310 RANKIN ROAD, HOUSTON, TX 77073 (address) — Business and mail address
• 752263732 (identifier) — IRS Number

FAQ

Industry Context

Koil Energy Solutions, Inc. operates within the Oil & Gas industry, specifically in the machinery and equipment sector.

Regulatory Implications

The filing is a standard 10-Q, a quarterly report required by the SEC for publicly traded companies to provide updates on their financial condition.

What Investors Should Do

1. Analyze the 'Consolidated Statements of Operations' for revenue, cost of sales, and operating expenses for Q1 2024 vs Q1 2023.
2. Examine the 'Consolidated Balance Sheets' to understand changes in assets, liabilities, and equity from December 31, 2023, to March 31, 2024.
3. Review the 'Consolidated Statements of Cash Flows' to assess the company's cash generation and usage during the reported quarter.

Key Dates

• 2024-03-31: Quarterly Period End — Financial results for Q1 2024 are reported.
• 2024-05-06: Filing Date — The 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This 10-Q filing provides the first quarter financial data for 2024, allowing for a direct comparison with the corresponding period in 2023.

Key Financial Figures

• $0.001 — outstanding of Common Stock, par value $0.001 per share. IMPORTANT INFORMATION REGAR
• $332 — outstanding with Amegy in the amount of $332. Principles of Consolidation The una

Filing Documents

• koil_i10q-033124.htm (10-Q) — 405KB
• koil_ex3101.htm (EX-31.1) — 7KB
• koil_ex3102.htm (EX-31.2) — 7KB
• koil_ex3201.htm (EX-32.1) — 3KB
• koil_ex3202.htm (EX-32.2) — 3KB
• 0001683168-24-003015.txt (&nbsp;) — 2746KB
• klng-20240331.xsd (EX-101.SCH) — 25KB
• klng-20240331_cal.xml (EX-101.CAL) — 39KB
• klng-20240331_def.xml (EX-101.DEF) — 58KB
• klng-20240331_lab.xml (EX-101.LAB) — 236KB
• klng-20240331_pre.xml (EX-101.PRE) — 184KB
• koil_i10q-033124_htm.xml (XML) — 292KB

Forward-Looking Statements

Forward-Looking Statements The statements contained or incorporated by reference in this Report that are not historical facts 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 "Exchange Act"). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements include any statement that may project, indicate or imply future results, events, performance or achievements. The forward-looking 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," "expect," "may," "will," "should," "intend," "plan," "could," "estimate," or "anticipate," or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. Given the risks and uncertainties relating to forward-looking statements, investors should not place undue reliance on such statements. Forward-looking statements included in this Report speak only as of the date of this Report and are not guarantees of future performance. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such expectations may prove to be incorrect. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary Economic uncertainty and financial market conditions may impact our customer base, suppliers and backlog; The volatility of oil and natural gas prices; Our use of

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements 1 Balance Sheets 1 2 3 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 16 Item 4.

Controls and Procedures

Controls and Procedures 16

OTHER INFORMATION

PART II. OTHER INFORMATION Item 5. Other Information 17 Item 6. Exhibits 17

Signatures

Signatures 18 Index to Exhibits 19 iii

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS KOIL ENERGY SOLUTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, 2024 December 31, 2023 (In thousands, except share and per share amounts) ASSETS Current assets: Cash $ 1,978 $ 2,030 Accounts receivable, net 3,880 4,228 Employee retention tax credit receivable 323 323 Inventory 525 430 Contract assets 2,023 480 Prepaid expenses and other current assets 412 358 Total current assets 9,141 7,849 Property, plant and equipment, net 2,849 2,968 Intangibles, net 70 72 Right-of-use operating lease assets 5,741 5,856 Right-of-use finance lease assets 82 103 Other assets 201 214 Total assets $ 18,084 $ 17,062 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 3,558 $ 3,353 Contract liabilities 1,733 1,377 Current operating lease liabilities 494 480 Current finance lease liabilities 56 74 Total current liabilities 5,841 5,284 Operating lease liability, long-term 6,006 6,136 Finance lease liability, long-term 24 24 Total liabilities 11,871 11,444 Commitments and contingencies (Note 8) – – Stockholders' equity: Common stock, 24,500,000 shares authorized at $ 0.001 par value, 15,906,010 issued at March 31, 2024 and December 31, 2023 16 16 Additional paid-in capital 73,691 73,840 Treasury stock, 3,717,808 and 4,017,808 shares at March 31, 2024 and December 31, 2023, respectively, at cost ( 2,967 ) ( 3,135 ) Accumulated deficit ( 64,527 ) ( 65,103 ) Total stockholders' equity 6,213 5,618 Total liabilities and stockholders' equity $ 18,084 $ 17,062 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 1 KOIL ENERGY SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, (In thousands, except per share amounts) 2024 2023 Revenues $ 5,79

View Full Filing

View this 10-Q filing on SEC EDGAR