Koil Energy Solutions, Inc.
For the period ended Dec 31, 2024. Filed Apr 15, 2025.
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FY2024 · Filed Apr 15, 2025
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Consolidated Balance Sheets – December 31, 2024 and 2023
CONSOLIDATED BALANCE SHEETS
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (In thousands, except share and per share amounts) | ||
| ASSETS | ||
| Current assets: | ||
| Cash | $3,422 | $2,030 |
| Accounts receivable | 2,767 | 4,228 |
| Employee retention tax credit receivable | 323 | 323 |
| Inventory | 404 | 430 |
| Contract assets | 3,080 | 480 |
| Prepaid expenses and other current assets | 210 | 358 |
| Total current assets | 10,206 | 7,849 |
| Property, plant and equipment, net | 2,791 | 2,968 |
| Intangibles, net | 64 | 72 |
| Right-of-use operating lease assets | 5,383 | 5,856 |
| Right-of-use finance lease assets | 29 | 103 |
| Other assets | 267 | 214 |
| Total assets | $18,740 | $17,062 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $3,319 | $3,353 |
| Contract liabilities | 656 | 1,377 |
| Current operating lease liabilities | 537 | 480 |
| Current finance lease liabilities | 12 | 74 |
| Total current liabilities | 4,524 | 5,284 |
| Operating lease liability, long-term | 5,600 | 6,136 |
| Finance lease liability, long-term | 12 | 24 |
| Total liabilities | 10,136 | 11,444 |
| Commitments and contingencies (Note 9) | – | – |
| Stockholders’ equity: | ||
| Common stock, 24,500,000 shares authorized at $0.001 par value, 16,106,100 and 15,906,010 shares issued at December 31, 2024 and December 31, 2023 | 16 | 16 |
| Additional paid-in capital | 74,206 | 73,840 |
| Treasury stock, 3,717,808 and 4,017,808 shares at December 31, 2024 and December 31, 2023, at cost | (3,135) | (3,135) |
| Accumulated deficit | (62,483) | (65,103) |
| Total stockholders’ equity | 8,604 | 5,618 |
| Total liabilities and stockholders’ equity | $18,740 | $17,062 |
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