Koil Energy Solutions Inc
For the period ended Dec 31, 2023. Filed Mar 27, 2024.
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FY2023 · Filed Mar 27, 2024
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Consolidated Balance Sheets – December 31, 2023 and 2022
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| (In thousands, except share and per share amounts) | ||
| ASSETS | ||
| Current assets: | ||
| Cash | $2,030 | $2,353 |
| Accounts receivable, net | 4,228 | 2,920 |
| Employee retention tax credit receivable | 323 | 650 |
| Inventory | 430 | 202 |
| Contract assets | 480 | 281 |
| Prepaid expenses and other current assets | 358 | 204 |
| Total current assets | 7,849 | 6,610 |
| Property, plant and equipment, net | 2,968 | 3,305 |
| Intangibles, net | 72 | 62 |
| Right-of-use operating lease assets | 5,856 | 6,184 |
| Right-of-use finance lease assets | 103 | 275 |
| Other assets | 214 | 179 |
| Total assets | $17,062 | $16,615 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $3,353 | $1,516 |
| Contract liabilities | 1,377 | 333 |
| Current operating lease liabilities | 480 | 863 |
| Current finance lease liabilities | 74 | 277 |
| Total current liabilities | 5,284 | 2,989 |
| Operating lease liability, long-term | 6,136 | 6,518 |
| Finance lease liability, long-term | 24 | – |
| Total liabilities | 11,444 | 9,507 |
| Commitments and contingencies (Note 9) | – | – |
| Stockholders’ equity: | ||
| Common stock, 24,500,000 shares authorized at $0.001 par value, 15,906,010 issued at December 31, 2023 and December 31, 2022 | 16 | 16 |
| Additional paid-in capital | 73,840 | 73,776 |
| Treasury stock, 4,017,808 shares at December 31, 2023 and December 31, 2022, at cost | (3,135) | (3,135) |
| Accumulated deficit | (65,103) | (63,549) |
| Total stockholders’ equity | 5,618 | 7,108 |
| Total liabilities and stockholders’ equity | $17,062 | $16,615 |
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