10-Q Filing

Montauk Renewables, Inc. CIK: 1826600 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001193125-22-145806`
Period End Date	20220331
Filing Date	20220510
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	d352918d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 42 Cash Flow Statement 62 Stockholders Equity 15

Balance Sheet 76 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 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 authorized	`CommonStockSharesAuthorized`	690.00M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	143.58M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	143.60M	shares	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	141.06M	shares	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	141.02M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.64M	USD	Point-in-time
Treasury stock shares	`TreasuryStockShares`	950,214.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$53.27M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$59.79M	USD	Point-in-time
Treasury stock shares	`TreasuryStockShares`	959,344.00	shares	Point-in-time
Accounts and other receivables	`AccountsAndOtherReceivablesNetCurrent`	$9.34M	USD	Point-in-time
Accounts and other receivables	`AccountsAndOtherReceivablesNetCurrent`	$5.58M	USD	Point-in-time
Related party receivable	`NotesReceivableRelatedParties`	$8.94M	USD	Point-in-time
Related party receivable	`NotesReceivableRelatedParties`	$8.94M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.85M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.65M	USD	Point-in-time
Assets held for sale	`AssetHeldForSale`	$777.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$77.97M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$75.17M	USD	Point-in-time
Restricted cash - non-current	`RestrictedCashNoncurrent`	$572.00K	USD	Point-in-time
Restricted cash - non-current	`RestrictedCashNoncurrent`	$328.00K	USD	Point-in-time
Restricted cash - non-current	`RestrictedCashNoncurrent`	$328.00K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$180.89M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$178.26M	USD	Point-in-time
Goodwill and intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$14.11M	USD	Point-in-time
Goodwill and intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$13.90M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$10.57M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$10.81M	USD	Point-in-time
Non-current portion of derivative asset	`DerivativeAssetsNoncurrent`	$368.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$231.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$305.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.10M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.12M	USD	Point-in-time
Total assets	`Assets`	$286.98M	USD	Point-in-time
Total assets	`Assets`	$286.48M	USD	Point-in-time
Total assets	`Assets`	$253.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.97M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.12M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$10.82M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$9.35M	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$225.00K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$296.00K	USD	Point-in-time
Current portion of derivative liability	`DerivativeLiabilitiesCurrent`	$650.00K	USD	Point-in-time
Current portion of derivative liability	`DerivativeLiabilitiesCurrent`	$3.62M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$7.82M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$7.83M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$24.56M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$26.14M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$69.43M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$71.39M	USD	Point-in-time
Non-current portion of lease liability	`OperatingLeaseLiabilityNoncurrent`	$27.00K	USD	Point-in-time
Non-current portion of lease liability	`OperatingLeaseLiabilityNoncurrent`	$25.00K	USD	Point-in-time
Non-current portion of derivative liability	`DerivativeLiabilitiesNoncurrent`	$189.00K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$5.30M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$5.38M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$2.59M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$2.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$103.56M	USD	Point-in-time
Total liabilities	`Liabilities`	$104.19M	USD	Point-in-time
Common stock, $0.01 par value, authorized 690,000,000 shares; 143,603,681 and 143,584,827 shares issued at March 31, 2022 and December 31, 2021, respectively; 141,057,772 and 141,015,213 shares outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$1.41M	USD	Point-in-time
Common stock, $0.01 par value, authorized 690,000,000 shares; 143,603,681 and 143,584,827 shares issued at March 31, 2022 and December 31, 2021, respectively; 141,057,772 and 141,015,213 shares outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$1.41M	USD	Point-in-time
Treasury stock, at cost, 959,344 and 950,214 shares at March 31, 2022 and December 31, 2021, respectively	`TreasuryStockValue`	$10.81M	USD	Point-in-time
Treasury stock, at cost, 959,344 and 950,214 shares at March 31, 2022 and December 31, 2021, respectively	`TreasuryStockValue`	$10.90M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$196.22M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$198.56M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-4.53M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-5.64M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$159.62M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$182.29M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$183.42M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$164.74M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$286.98M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$286.48M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Total operating revenues	`Revenues`	$31.45M	USD	1 Quarter
Total operating revenues	`Revenues`	$32.17M	USD	1 Quarter
Operating and maintenance expenses	`OperatingAndMaintenanceExpenses`	$10.61M	USD	1 Quarter
Operating and maintenance expenses	`OperatingAndMaintenanceExpenses`	$13.20M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$20.45M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$8.49M	USD	1 Quarter
Royalties, transportation, gathering and production fuel	`RoyaltiesTransportationGatheringAndProductionFuel`	$6.22M	USD	1 Quarter
Royalties, transportation, gathering and production fuel	`RoyaltiesTransportationGatheringAndProductionFuel`	$7.21M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationAndAmortization`	$5.15M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationAndAmortization`	$5.74M	USD	1 Quarter
Gain on insurance proceeds	`GainOnInsuranceProceeds`	$313.00K	USD	1 Quarter
Gain on insurance proceeds	`GainOnInsuranceProceeds`	$82.00K	USD	1 Quarter
Impairment loss	`AssetImpairmentCharges`	$626.00K	USD	1 Quarter
Impairment loss	`AssetImpairmentCharges`	$51.00K	USD	1 Quarter
Transaction costs	`TransactionCosts`	$27.00K	USD	1 Quarter
Transaction costs	`TransactionCosts`	$88.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$43.65M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$33.82M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.65M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-12.20M	USD	1 Quarter
Interest expense	`InterestExpense`	$32.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$646.00K	USD	1 Quarter
Net gain on sale of assets	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Net gain on sale of assets	`GainLossOnDispositionOfAssets1`	$293.00K	USD	1 Quarter
Other (income) expense	`OtherNonoperatingIncomeExpense`	$-33.00K	USD	1 Quarter
Other (income) expense	`OtherNonoperatingIncomeExpense`	$17.00K	USD	1 Quarter
Total other (income) expenses	`NonoperatingIncomeExpense`	$-679.00K	USD	1 Quarter
Total other (income) expenses	`NonoperatingIncomeExpense`	$278.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-12.88M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.37M	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-258.00K	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$1.38M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.11M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.27M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.10	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.10	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	141.05M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	141.02M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	141.05M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	141.02M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.11M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.27M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$5.15M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$5.74M	USD	1 Quarter
(Benefit) provision for deferred income taxes	`ProvisionBenefitForDeferredIncomeTaxes`	$236.00K	USD	1 Quarter
(Benefit) provision for deferred income taxes	`ProvisionBenefitForDeferredIncomeTaxes`	$-1.07M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$14.60M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.33M	USD	1 Quarter
Derivative mark-to-market and settlements	`DerivativeMarkToMarketAndSettlements`	$418.00K	USD	1 Quarter
Derivative mark-to-market and settlements	`DerivativeMarkToMarketAndSettlements`	$-2.42M	USD	1 Quarter
Gain on property insurance proceeds	`GainOnPropertyInsuranceProceeds`	$313.00K	USD	1 Quarter
Gain on property insurance proceeds	`GainOnPropertyInsuranceProceeds`	$82.00K	USD	1 Quarter
Accretion of asset retirement obligations	`AccretionOfAssetRetirementObligations`	$160.00K	USD	Annual
Accretion of asset retirement obligations	`AccretionOfAssetRetirementObligations`	$-138.00K	USD	1 Quarter
Accretion of asset retirement obligations	`AccretionOfAssetRetirementObligations`	$-98.00K	USD	1 Quarter
Net gain on sale of assets	`GainsLossesOnSalesOfAssets`	$293.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$137.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$108.00K	USD	1 Quarter
Impairment loss	`ImpairmentLoss`	$-626.00K	USD	1 Quarter
Impairment loss	`ImpairmentLoss`	$-51.00K	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`	$-2.95M	USD	1 Quarter
Accounts payable and other accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.40M	USD	1 Quarter
Accounts payable and other accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.55M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.60M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.77M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$2.38M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$1.33M	USD	1 Quarter
Proceeds from insurance recovery	`ProceedsFromInsuranceReceivedForLossOfEquipment`	$82.00K	USD	1 Quarter
Proceeds from insurance recovery	`ProceedsFromInsuranceReceivedForLossOfEquipment`	$313.00K	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfProductiveAssets`	$1.09M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.25M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-977.00K	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$2.00M	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
Treasury stock purchase	`PaymentsForRepurchaseOfEquity`	$91.00K	USD	1 Quarter
Related party receivable	`ProceedsFromRelatedPartyReceivable`	$7.14M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.09M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.86M	USD	1 Quarter
Net increase in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.53M	USD	1 Quarter
Net increase in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.66M	USD	1 Quarter
Cash and cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$53.61M	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`	$60.14M	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 end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$53.61M	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`	$60.14M	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	`CashAndCashEquivalentsAtCarryingValue`	$22.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$53.27M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$59.79M	USD	Point-in-time
Restricted cash and cash equivalents - current	`RestrictedCashCurrent`	$19.00K	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`	$328.00K	USD	Point-in-time
Restricted cash and cash equivalents - non-current	`RestrictedCashNoncurrent`	$328.00K	USD	Point-in-time
Reconciliation of cash, cash equivalents, and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$53.61M	USD	Point-in-time
Reconciliation of cash, cash equivalents, and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.56M	USD	Point-in-time
Reconciliation of cash, cash equivalents, and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$60.14M	USD	Point-in-time
Reconciliation of cash, cash equivalents, and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.21M	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$159.62M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$182.29M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$183.42M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$164.74M	USD	Point-in-time
IPO common stock	`StockIssuedDuringPeriodValueNewIssues`	$15.59M	USD	1 Quarter
Treasury stock	`StockIssuedDuringPeriodValueTreasuryStockReissued`	$-91.00K	USD	1 Quarter
Treasury stock	`StockIssuedDuringPeriodValueTreasuryStockReissued`	$-10.81M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.11M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.27M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$14.60M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.33M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$159.62M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$182.29M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$183.42M	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.