Stabilis Solutions Q3 2024: BOMAY Investment Accretion Continues

TL;DR

**Stabilis Solutions Q3 2024: BOMAY investment accretion steady at $97k for 9 months.**

AI Summary

Stabilis Solutions, Inc. filed its Q3 2024 10-Q report on November 7, 2024, for the period ending September 30, 2024. The company reported a basis difference related to its investment in BOMAY, which is being accreted over nine years. For the nine months ended September 30, 2024, the accretion totaled approximately $97 thousand, the same amount as for the same period in 2023.

Why It Matters

This filing provides insight into how Stabilis Solutions accounts for its joint venture investments, specifically the BOMAY investment, impacting its reported financials.

Risk Assessment

Risk Level: low — The filing primarily details routine financial reporting and accounting for a joint venture investment, with no immediate significant risks highlighted.

Key Numbers

• $97 thousand — BOMAY Investment Accretion (Accretion for the nine months ended September 30, 2024 and 2023)
• 9 years — BOMAY Investment Accretion Period (Expected life over which the basis difference is being accreted)
• 40% — Stabilis's Share of BOMAY Equity (Indicates the ownership stake in the joint venture)

Key Players & Entities

• Stabilis Solutions, Inc. (company) — Filer of the 10-Q report
• BOMAY (company) — Joint venture investment by Stabilis Solutions
• $97 thousand (dollar_amount) — Accretion related to BOMAY investment for the nine months ended September 30, 2024 and 2023
• September 30, 2024 (date) — End of the reporting period for the 10-Q
• November 7, 2024 (date) — Filing date of the 10-Q

FAQ

Filing Documents

• slng20240930_10q.htm (10-Q) — 1114KB
• ex_718300.htm (EX-31.1) — 14KB
• ex_718301.htm (EX-31.2) — 14KB
• ex_718302.htm (EX-32.1) — 10KB
• logo01.jpg (GRAPHIC) — 3KB
• 0001437749-24-033685.txt ( ) — 5440KB
• slng-20240930.xsd (EX-101.SCH) — 49KB
• slng-20240930_cal.xml (EX-101.CAL) — 44KB
• slng-20240930_def.xml (EX-101.DEF) — 320KB
• slng-20240930_lab.xml (EX-101.LAB) — 269KB
• slng-20240930_pre.xml (EX-101.PRE) — 351KB
• slng20240930_10q_htm.xml (XML) — 827KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Comprehensive Income (Loss) 6 Condensed Consolidated Statements of Stockholders' Equity 7 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 9 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 17 Item 4.

Controls and Procedures

Controls and Procedures 23

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 5. Other Information 23 Item 6. Exhibits 24

Signatures

Signatures 25 2 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q ("this Report") includes statements that constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements represent intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks and uncertainties and other factors. These statements may relate to, but are not limited to, information or assumptions about us, our capital and other expenditures, dividends, financing plans, capital structure, cash flow, pending legal and regulatory proceedings and claims, including environmental matters, future economic performance, operating income, cost savings, and management's plans, strategies, goals and objectives for future operations and growth. These forward-looking statements generally are accompanied by words such as "intend," "anticipate," "believe," "estimate," "expect," "should," "seek," "project," "plan" or similar expressions. Any statement that is not a historical fact is a forward-looking statement. It should be understood that these forward-looking statements are necessary estimates reflecting the best judgment of senior management, not guarantees of future performance. Many of the factors that impact forward-looking statements are outside of our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements as described in Part I. "Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("the SEC") on March 7, 2024, as well as any additional risk factors identified and described in Part II. "Item 1A. Risk Factors" of this Report. We undertake no obligation to update or revise any forward-looking st

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS. (Unaudited)

ITEM 1. FINANCIAL STATEMENTS. (Unaudited) Stabilis Solutions, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited, in thousands, except share and per share data) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 12,393 $ 5,374 Accounts receivable, net 5,766 7,752 Inventories, net 218 169 Prepaid expenses and other current assets 2,072 1,677 Total current assets 20,449 14,972 Property, plant and equipment: Cost 116,137 110,646 Less accumulated depreciation ( 63,727 ) ( 61,167 ) Property, plant and equipment, net 52,410 49,479 Goodwill 4,314 4,314 Investments in foreign joint ventures 11,557 12,009 Right-of-use assets and other noncurrent assets 620 525 Total assets $ 89,350 $ 81,299 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 10,260 $ 5,707 Accrued liabilities 3,916 4,166 Current portion of long-term notes payable 2,150 1,682 Current portion of finance and operating lease obligations 204 164 Total current liabilities 16,530 11,719 Long-term notes payable, net of current portion and debt issuance costs 7,111 7,747 Long-term portion of finance and operating lease obligations 354 21 Total liabilities 23,995 19,487 Commitments and contingencies (Note 10) Stockholders' Equity: Preferred stock; $ 0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023 — — Common stock; $ 0.001 par value, 37,500,000 shares authorized, 18,585,014 and 18,573,391 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 19 19 Additional paid-in capital 103,132 102,057 Accumulated other comprehensive loss ( 43 ) ( 18 ) Accumulated deficit ( 37,753 ) ( 40,246 ) Total stockholders' equity 65,355 61,812 Total liabilities and stockholders' equity $ 89,350 $ 81,299 The accompanying notes are an integral part

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