10-Q/A Filing

Montauk Renewables, Inc. CIK: 1826600 Q1 2021

Filing Information

Form Type	10-Q/A
Accession Number	`0001193125-21-191227`
Period End Date	20210331
Filing Date	20210615
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	d166228d10qa_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 35 Cash Flow Statement 59 Stockholders Equity 14

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Common stock par or stated value per share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	690.00M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	142.16M	shares	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	141.02M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.99M	USD	Point-in-time
Treasury stock shares	`TreasuryStockShares`	950,214.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.74M	USD	Point-in-time
Accounts and other receivables, net	`AccountsAndOtherReceivablesNetCurrent`	$5.45M	USD	Point-in-time
Accounts and other receivables, net	`AccountsAndOtherReceivablesNetCurrent`	$6.91M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.04M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.90M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$32.48M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$31.45M	USD	Point-in-time
Restricted cash - non-current	`RestrictedCashNoncurrent`	$567.00K	USD	Point-in-time
Restricted cash - non-current	`RestrictedCashNoncurrent`	$572.00K	USD	Point-in-time
Restricted cash - non-current	`RestrictedCashNoncurrent`	$567.00K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$182.31M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$187.05M	USD	Point-in-time
Related party receivable	`DueFromRelatedParties`	$7.14M	USD	Point-in-time
Goodwill and intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$14.03M	USD	Point-in-time
Goodwill and intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$13.74M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$14.82M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$13.76M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$515.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$586.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.82M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.88M	USD	Point-in-time
Total assets	`Assets`	$255.79M	USD	Point-in-time
Total assets	`Assets`	$253.36M	USD	Point-in-time
Total assets	`Assets`	$253.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.96M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.52M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$11.54M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$9.55M	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$282.00K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$284.00K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$75.00K	USD	Point-in-time
Current portion of derivative instruments	`DerivativeLiabilitiesCurrent`	$1.19M	USD	Point-in-time
Current portion of derivative instruments	`DerivativeLiabilitiesCurrent`	$1.06M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$9.54M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$9.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$26.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.46M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$53.86M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$56.27M	USD	Point-in-time
Non-current portion of lease liability	`OperatingLeaseLiabilityNoncurrent`	$320.00K	USD	Point-in-time
Non-current portion of lease liability	`OperatingLeaseLiabilityNoncurrent`	$249.00K	USD	Point-in-time
Non-current portion of derivative instruments	`DerivativeLiabilitiesNoncurrent`	$1.07M	USD	Point-in-time
Non-current portion of derivative instruments	`DerivativeLiabilitiesNoncurrent`	$781.00K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$5.69M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$5.78M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.92M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.92M	USD	Point-in-time
Total liabilities	`Liabilities`	$93.73M	USD	Point-in-time
Total liabilities	`Liabilities`	$88.63M	USD	Point-in-time
Members' equity	`MemberEquity`	$159.62M	USD	Point-in-time
Common stock, $0.01 par value, authorized 690,000,000 shares; 142,157,835 shares issued at March 31, 2021; 141,015,213 shares outstanding at March 31, 2021	`CommonStockValue`	$1.41M	USD	Point-in-time
Treasury stock, at cost, 950,214 shares at March 31, 2021	`TreasuryStockValue`	$10.81M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$188.40M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-14.27M	USD	Point-in-time
Total stockholders' and members' equity	`StockholdersEquity`	$159.62M	USD	Point-in-time
Total stockholders' and members' equity	`StockholdersEquity`	$164.74M	USD	Point-in-time
Total liabilities and stockholders' and members' equity	`LiabilitiesAndStockholdersEquity`	$253.36M	USD	Point-in-time
Total liabilities and stockholders' and members' equity	`LiabilitiesAndStockholdersEquity`	$253.36M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Total operating revenues	`Revenues`	$31.45M	USD	1 Quarter
Total operating revenues	`Revenues`	$18.40M	USD	1 Quarter
Operating and maintenance expenses	`OperatingAndMaintenanceExpenses`	$10.61M	USD	1 Quarter
Operating and maintenance expenses	`OperatingAndMaintenanceExpenses`	$9.84M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.44M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$20.45M	USD	1 Quarter
Royalties, transportation, gathering and production fuel	`RoyaltiesTransportationGatheringAndProductionFuel`	$6.22M	USD	1 Quarter
Royalties, transportation, gathering and production fuel	`RoyaltiesTransportationGatheringAndProductionFuel`	$2.94M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationAndAmortization`	$5.35M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationAndAmortization`	$5.74M	USD	1 Quarter
Gain on insurance proceeds	`GainOnInsuranceProceeds`	$656.00K	USD	1 Quarter
Gain on insurance proceeds	`GainOnInsuranceProceeds`	$82.00K	USD	1 Quarter
Impairment loss	`AssetImpairmentCharges`	$278.00K	USD	1 Quarter
Impairment loss	`AssetImpairmentCharges`	$626.00K	USD	1 Quarter
Transaction costs	`TransactionCosts`	$88.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$21.19M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$43.65M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-12.20M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.78M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.21M	USD	1 Quarter
Interest expense	`InterestExpense`	$646.00K	USD	1 Quarter
Other expense (income)	`OtherNonoperatingIncomeExpense`	$26.00K	USD	1 Quarter
Other expense (income)	`OtherNonoperatingIncomeExpense`	$-33.00K	USD	1 Quarter
Total other expenses	`OtherExpenses`	$2.19M	USD	1 Quarter
Total other expenses	`OtherExpenses`	$679.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-12.88M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.97M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-10.79M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$1.38M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$5.82M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-14.27M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.10	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.10	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	141.02M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	141.02M	shares	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$5.82M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-14.27M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$5.74M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$5.33M	USD	1 Quarter
Provision (benefit) for deferred income taxes	`ProvisionBenefitForDeferredIncomeTaxes`	$-1.07M	USD	1 Quarter
Provision (benefit) for deferred income taxes	`ProvisionBenefitForDeferredIncomeTaxes`	$10.79M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$230.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$14.60M	USD	1 Quarter
Related party receivables	`RelatedPartyReceivables`	$-164.00K	USD	1 Quarter
Derivative mark-to-market and settlements	`DerivativeMarkToMarketAndSettlements`	$-1.80M	USD	1 Quarter
Derivative mark-to-market and settlements	`DerivativeMarkToMarketAndSettlements`	$418.00K	USD	1 Quarter
Gain on property insurance proceeds	`GainOnPropertyInsuranceProceeds`	$82.00K	USD	1 Quarter
Accretion of asset retirement obligations	`AccretionOfAssetRetirementObligations`	$-84.00K	USD	1 Quarter
Accretion of asset retirement obligations	`AccretionOfAssetRetirementObligations`	$-138.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$137.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$187.00K	USD	1 Quarter
Impairment loss	`ImpairmentLoss`	$-278.00K	USD	1 Quarter
Impairment loss	`ImpairmentLoss`	$-626.00K	USD	1 Quarter
Accounts and other receivables and other current assets	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-2.63M	USD	1 Quarter
Accounts and other receivables and other current assets	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-735.00K	USD	1 Quarter
Accounts payable and other accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.67M	USD	1 Quarter
Accounts payable and other accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.40M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.77M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.17M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$1.33M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$5.20M	USD	1 Quarter
Proceeds from insurance recovery	`ProceedsFromInsuranceReceivedForLossOfEquipment`	$82.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.20M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.25M	USD	1 Quarter
Borrowings of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$8.50M	USD	1 Quarter
Borrowings of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$5.00M	USD	Point-in-time
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$2.50M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$2.50M	USD	1 Quarter
Proceeds from initial public offering	`ProceedsFromIssuanceInitialPublicOffering`	$15.59M	USD	1 Quarter
Treasury stock purchase	`PaymentsForRepurchaseOfEquity`	$10.81M	USD	1 Quarter
Loan to Montauk Holdings Limited	`PaymentsForProceedsFromLoansReceivable`	$7.14M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.86M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.00M	USD	1 Quarter
Net increase in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.66M	USD	1 Quarter
Net increase in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.96M	USD	1 Quarter
Cash and cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.36M	USD	Point-in-time
Cash and cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.56M	USD	Point-in-time
Cash and cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.21M	USD	Point-in-time
Cash and cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.32M	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.36M	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.56M	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.21M	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.32M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.99M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.74M	USD	Point-in-time
Restricted cash and cash equivalents - current	`RestrictedCashCurrent`	$20.00K	USD	Point-in-time
Restricted cash and cash equivalents - non-current	`RestrictedCashNoncurrent`	$567.00K	USD	Point-in-time
Restricted cash and cash equivalents - non-current	`RestrictedCashNoncurrent`	$572.00K	USD	Point-in-time
Restricted cash and cash equivalents - non-current	`RestrictedCashNoncurrent`	$567.00K	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.36M	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.56M	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.21M	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.32M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`MembersEquity`	$160.30M	USD	Point-in-time
Beginning balance	`MembersEquity`	$154.26M	USD	Point-in-time
Beginning balance	`MembersEquity`	$159.62M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$5.82M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-14.27M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$230.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$14.60M	USD	1 Quarter
IPO common stock	`StockIssuedDuringPeriodValueNewIssues`	$15.59M	USD	1 Quarter
Treasury stock	`StockIssuedDuringPeriodSharesTreasuryStockReissued`	10,813.00	shares	1 Quarter
Ending balance	`MembersEquity`	$160.30M	USD	Point-in-time
Ending balance	`MembersEquity`	$154.26M	USD	Point-in-time
Ending balance	`MembersEquity`	$159.62M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$159.62M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$164.74M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.