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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from [ ] to [ ]

Commission file number 001-38025

U.S. WELL SERVICES, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

81-1847117

(State or other jurisdiction of

 

(I.R.S. Employer

organization)

 

Identification No.)

 

1360 Post Oak Boulevard, Suite 1800, Houston, TX

 

77056

(Address of principal executive offices)

 

(Zip Code)

(832) 562-3730

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

CLASS A COMMON SHARES $0.0001, par value

WARRANTS

USWS

USWSW

NASDAQ Capital Market

NASDAQ Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑Yes ☐ No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑Yes ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes No

 

As of November 1, 2021, the registrant had 52,351,768 shares of Class A Common Stock and no shares of Class B Common Stock outstanding.

 

 

 


 

TABLE OF CONTENTS

 

 

 

Page No.

PART I

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

 

 

Condensed Consolidated Balance Sheets

3

 

Condensed Consolidated Statements of Operations

4

 

Condensed Consolidated Statements of Cash Flows

5

 

Condensed Consolidated Statements of Stockholders’ Deficit

7

 

Notes to Condensed Consolidated Financial Statements

9

 

 

 

Item 2.

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

30

Item 3.

Quantitative and Qualitative Disclosure about Market Risk

36

Item 4.

Controls and Procedures

36

 

 

 

PART II

 

 

Item 1.

Legal Proceeding

38

Item 1A.

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

38

Item 3.

Defaults Upon Senior Securities

38

Item 4.

Mine Safety Disclosures

38

Item 5.

Other Information

38

Item 6.

Exhibits

39

SIGNATURES

 

40

 

 

 

 

2


PART I

ITEM 1. FINANCIAL STATEMENTS (Unaudited)

U.S. WELL SERVICES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

 

 

September 30, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

29,860

 

 

$

3,693

 

Restricted cash

 

 

735

 

 

 

1,569

 

Accounts receivable (net of allowance for doubtful accounts of $0 and $12,000 as of September 30, 2021 and December 31, 2020, respectively)

 

 

38,362

 

 

 

44,393

 

Inventory, net

 

 

5,571

 

 

 

7,965

 

Assets held for sale

 

 

16,687

 

 

 

-

 

Prepaids and other current assets

 

 

10,034

 

 

 

10,707

 

Total current assets

 

 

101,249

 

 

 

68,327

 

Property and equipment, net

 

 

217,883

 

 

 

235,332

 

Intangible assets, net

 

 

12,742

 

 

 

13,466

 

Goodwill

 

 

4,971

 

 

 

4,971

 

Other assets

 

 

1,505

 

 

 

1,127

 

TOTAL ASSETS

 

$

338,350

 

 

$

323,223

 

 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

33,455

 

 

$

36,362

 

Accrued expenses and other current liabilities

 

 

11,963

 

 

 

14,781

 

Notes payable

 

 

3,848

 

 

 

998

 

Current portion of long-term debt

 

 

5,000

 

 

 

10,000

 

Current portion of equipment financing

 

 

3,658

 

 

 

3,519

 

Current portion of capital lease obligations

 

 

484

 

 

 

54

 

Total current liabilities

 

 

58,408

 

 

 

65,714

 

Warrant liabilities

 

 

6,867

 

 

 

1,619

 

Long-term debt

 

 

242,460

 

 

 

274,555

 

Convertible senior notes

 

 

100,863

 

 

 

-

 

Long-term equipment financing

 

 

6,552

 

 

 

9,347

 

Long-term capital lease obligations

 

 

1,309

 

 

 

-

 

Other long-term liabilities

 

 

7,524

 

 

 

3,539

 

Total liabilities

 

 

423,983

 

 

 

354,774

 

Commitments and contingencies (NOTE 17)

 

 

 

 

 

 

Mezzanine equity:

 

 

 

 

 

 

Series A Redeemable Convertible Preferred Stock, par value $0.0001 per share; 55,000 shares authorized; 19,610 shares and 50,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively; aggregate liquidation preference of $26,225 and $60,418 as of September 30, 2021 and December 31, 2020, respectively

 

 

22,817

 

 

 

50,975

 

Series B Redeemable Convertible Preferred Stock, par value $0.0001 per share; 22,050 shares authorized; 0 shares and 22,050 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively; aggregate liquidation preference of $0 and $24,100 as of September 30, 2021 and December 31, 2020, respectively

 

 

-

 

 

 

22,686

 

Stockholders' deficit:

 

 

 

 

 

 

Class A Common Stock, par value of $0.0001 per share; 400,000,000 shares authorized; 52,352,178 shares and 20,718,659 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively (1)

 

 

5

 

 

 

2

 

Class B Common Stock, par value of $0.0001 per share; 20,000,000 shares authorized; 0 shares and 2,302,936 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

 

 

-

 

 

 

-

 

Additional paid in capital (1)

 

 

261,837

 

 

 

217,217

 

Accumulated deficit

 

 

(370,292

)

 

 

(322,431

)

Total Stockholders' deficit

 

 

(108,450

)

 

 

(105,212

)

TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT

 

$

338,350

 

 

$

323,223

 

 

(1) Prior periods have been adjusted to reflect the 1-for-3.5 reverse stock split on September 30, 2021. See Note 2, Reverse Stock Split, for details.

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


 

U.S. WELL SERVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

$

56,477

 

 

$

44,042

 

 

$

211,534

 

 

$

195,914

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services (excluding depreciation and amortization)

 

 

58,115

 

 

 

31,157

 

 

 

179,998

 

 

 

145,321

 

Depreciation and amortization

 

 

6,980

 

 

 

16,393

 

 

 

27,922

 

 

 

65,759

 

Selling, general and administrative expenses

 

 

11,142

 

 

 

6,098

 

 

 

25,746

 

 

 

30,376

 

Impairment of long-lived assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

147,543

 

Litigation settlement

 

 

-

 

 

 

-

 

 

 

35,000

 

 

 

-

 

Loss (gain) on disposal of assets

 

 

(12,001

)

 

 

755

 

 

 

(10,110

)

 

 

5,852

 

Loss from operations

 

 

(7,759

)

 

 

(10,361

)

 

 

(47,022

)

 

 

(198,937

)

Interest expense, net

 

 

(10,634

)

 

 

(5,748

)

 

 

(24,150

)

 

 

(19,369

)

Change in fair value of warrant liabilities

 

 

2,052

 

 

 

1,783

 

 

 

(5,235

)

 

 

6,972

 

Patent license sales

 

 

-

 

 

 

-

 

 

 

22,500

 

 

 

-

 

Gain on extinguishment of debt, net

 

 

6,645

 

 

 

-

 

 

 

5,806

 

 

 

-

 

Other income

 

 

117

 

 

 

30

 

 

 

169

 

 

 

81

 

Loss before income taxes

 

 

(9,579

)

 

 

(14,296

)

 

 

(47,932

)

 

 

(211,253

)

Income tax benefit

 

 

-

 

 

 

(87

)

 

 

(27

)

 

 

(824

)

Net loss

 

 

(9,579

)

 

 

(14,209

)

 

 

(47,905

)

 

 

(210,429

)

Net loss attributable to noncontrolling interest

 

 

-

 

 

 

(51

)

 

 

(44

)

 

 

(10,948

)

Net loss attributable to U.S. Well Services, Inc.

 

 

(9,579

)

 

 

(14,158

)

 

 

(47,861

)

 

 

(199,481

)

Dividends accrued on Series A preferred stock

 

 

(997

)

 

 

(1,854

)

 

 

(4,808

)

 

 

(5,450

)

Dividends accrued on Series B preferred stock

 

 

(3,069

)

 

 

(681

)

 

 

(4,591

)

 

 

(1,347

)

Deemed and imputed dividends on Series A preferred stock

 

 

-

 

 

 

(464

)

 

 

(750

)

 

 

(12,578

)

Deemed dividends on Series B preferred stock

 

 

(1,509

)

 

 

-

 

 

 

(7,178

)

 

 

-

 

Exchange of Series A preferred stock for convertible senior notes

 

 

-

 

 

 

-

 

 

 

8,936

 

 

 

-

 

Net loss attributable to U.S. Well Services, Inc. common stockholders

 

$

(15,154

)

 

$

(17,157

)

 

$

(56,252

)

 

$

(218,856

)

Loss per common share (See Note 14):

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted (1)

 

$

(0.50

)

 

$

(0.88

)

 

$

(2.14

)

 

$

(11.80

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted (1)

 

 

29,802

 

 

 

19,048

 

 

 

25,919

 

 

 

18,123

 

 

(1) Prior periods have been adjusted to reflect the 1-for-3.5 reverse stock split on September 30, 2021. See Note 2, Reverse Stock Split, for details.

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


 

U.S. WELL SERVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(47,905

)

 

$

(210,429

)

Adjustments to reconcile net loss to cash provided by (used in) operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

27,922

 

 

 

65,759

 

Change in fair value of warrant liabilities

 

 

5,235

 

 

 

(6,972

)

Impairment of long-lived assets

 

 

-

 

 

 

147,543

 

Provision for losses on accounts receivable

 

 

9

 

 

 

9,031

 

Provision for losses on inventory obsolescence

 

 

2,428

 

 

 

603

 

Loss (gain) on disposal of assets

 

 

(10,110

)

 

 

5,852

 

Convertible senior notes converted into sales of patent licenses

 

 

(22,500

)

 

 

-

 

Amortization of debt discount, premium and issuance costs

 

 

5,131

 

 

 

3,372

 

Paid-in-kind interest on convertible senior notes

 

 

4,827

 

 

 

-

 

Gain on extinguishment of debt, net

 

 

(5,806

)

 

 

-

 

Share-based compensation expense

 

 

9,517

 

 

 

4,519

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

6,022

 

 

 

34,096

 

Inventory

 

 

(34

)

 

 

1,128

 

Prepaids and other current assets

 

 

(6,649

)

 

 

5,979

 

Accounts payable

 

 

3,408

 

 

 

(22,375

)

Accrued liabilities

 

 

(3,213

)

 

 

(8,360

)

Accrued interest

 

 

11,465

 

 

 

(10,657

)

Net cash provided by (used in) operating activities

 

 

(20,253

)

 

 

19,089

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchase of property and equipment

 

 

(47,565

)

 

 

(43,948

)

Proceeds from sale of property and equipment and insurance proceeds from damaged property and equipment

 

 

32,933

 

 

 

15,778

 

Net cash used in investing activities

 

 

(14,632

)

 

 

(28,170

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from revolving credit facility

 

 

28,589

 

 

 

25,723

 

Repayments of revolving credit facility

 

 

(29,950

)

 

 

(51,034

)

Proceeds from issuance of long-term debt

 

 

3,004

 

 

 

10,000

 

Repayments of long-term debt

 

 

(44,896

)

 

 

(2,500

)

Payment of fees related to debt extinguishment

 

 

(523

)

 

 

-

 

Proceeds from issuance of convertible senior notes

 

 

97,500

 

 

 

-

 

Proceeds from issuance of notes payable

 

 

9,139

 

 

 

-

 

Repayments of notes payable

 

 

(6,289

)

 

 

(6,201

)

Repayments of amounts under equipment financing

 

 

(2,656

)

 

 

(2,349

)

Principal payments under capital lease obligations

 

 

(205

)

 

 

(4,272

)

Proceeds from issuance of common stock, net

 

 

13,562

 

 

 

19,596

 

Deferred financing costs

 

 

(7,057

)

 

 

(20,248

)

Net cash provided by (used in) financing activities

 

 

60,218

 

 

 

(31,285

)

Net increase (decrease) in cash and cash equivalents and restricted cash

 

 

25,333

 

 

 

(40,366

)

Cash and cash equivalents and restricted cash, beginning of period

 

 

5,262

 

 

 

41,404

 

Cash and cash equivalents and restricted cash, end of period

 

$

30,595

 

 

$

1,038

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


 

U.S. WELL SERVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(in thousands)

(unaudited)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2021

 

 

2020

 

Supplemental cash flow disclosure:

 

 

 

 

 

 

Interest paid

 

$

2,004

 

 

$

25,865

 

Income tax paid

 

 

-

 

 

 

144

 

Non-cash investing and financing activities:

 

 

 

 

 

 

Issuance of Class A common stock to senior secured term loan lenders

 

 

-

 

 

 

1,438

 

Issuance of Series B preferred stock to senior secured term loan lenders

 

 

-

 

 

 

1,050

 

Conversion of Series A preferred stock to Class A common stock

 

 

-

 

 

 

2,895

 

Exchange of Series A preferred stock for convertible senior notes

 

 

24,780

 

 

 

-

 

Conversion of Series B preferred stock to Class A common stock

 

 

27,277

 

 

 

-

 

Deemed and imputed dividends on Series A preferred stock

 

 

750

 

 

 

12,578

 

Accrued Series A preferred stock dividends

 

 

4,808

 

 

 

5,450

 

Accrued Series B preferred stock dividends

 

 

4,591

 

 

 

1,347

 

Changes in accrued and unpaid capital expenditures

 

 

6,316

 

 

 

12,149

 

Assets under capital lease obligations

 

 

1,769

 

 

 

-

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

6


 

U.S. WELL SERVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT

(in thousands, except share amounts)

(unaudited)

 

 

 

Three Months Ended September 30, 2021

 

 

 

Class A Common
Stock
(1)

 

 

Class B Common
Stock

 

 

Additional
Paid in

 

 

Accumulated

 

 

Noncontrolling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital (1)

 

 

Deficit

 

 

Interest

 

 

Deficit

 

Balance, June 30, 2021

 

 

26,679,279

 

 

$

3

 

 

 

-

 

 

$

-

 

 

$

237,365

 

 

$

(360,713

)

 

$

-

 

 

$

(123,345

)

Class A common stock issuance for reverse stock split round up

 

 

24,197

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series B preferred stock to Class A common stock

 

 

25,565,707

 

 

 

2

 

 

 

-

 

 

 

-

 

 

 

26,207

 

 

 

-

 

 

 

-

 

 

 

26,209

 

Share-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,331

 

 

 

-

 

 

 

-

 

 

 

2,331

 

Restricted stock grants

 

 

88,025

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Restricted stock forfeitures

 

 

(5,030

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued Series A preferred stock dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(997

)

 

 

-

 

 

 

-

 

 

 

(997

)

Accrued Series B preferred stock dividends

 

 

-

 

 

 

-