10-K Filing

NATIONAL ENERGY SERVICES REUNITED CORP. CIK: 1698514 FY 2017

Filing Information

Form Type	10-K
Accession Number	`0001493152-18-003973`
Period End Date	20171231
Filing Date	20180327
Fiscal Year	2017
Fiscal Period	FY
XBRL Instance	nesru-20171231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 25 Income Statement 10 Cash Flow Statement 26 Stockholders Equity 13

Balance Sheet 25 line items

Line Item	Tag	Value	Unit	Period
Temporary equity, authorized	`TemporaryEquitySharesAuthorized`	16.92M	shares	Point-in-time
Preferred stock, no par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Cash	`Cash`	$741.10K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$127.42K	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$868.52K	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Cash and marketable securities held in Trust Account	`CashAndMarketableSecuritiesHeldInTrustAccountNoncurrent`	$230.55M	USD	Point-in-time
Common stock, no par value	`CommonStockNoParValue`	-	USD	Point-in-time
Total Assets	`Assets`	$231.42M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	11.73M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	11.73M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.47M	USD	Point-in-time
Advance from related party	`DueToRelatedPartiesCurrent`	$989.00	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.47M	USD	Point-in-time
Deferred underwriting fees	`DeferredRevenueNoncurrent`	$9.02M	USD	Point-in-time
Total Liabilities	`Liabilities`	$12.50M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Ordinary shares subject to possible redemption, 16,921,700 shares at redemption value	`RedeemableNoncontrollingInterestEquityCommonCarryingAmount`	$164.28M	USD	Point-in-time
Preferred shares, no par value; unlimited shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Ordinary shares, no par value; unlimited shares authorized; 11,730,425 shares issued and outstanding (excluding 16,921,700 shares subject to possible redemption)	`CommonStockValue`	$57.51M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$-2.86M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	-	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$54.64M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$231.42M	USD	Point-in-time

Income Statement 10 line items

Line Item	Tag	Value	Unit	Period
Operating costs	`OperatingCostsAndExpenses`	$4.21M	USD	Annual
Number of shares redemption	`StockRedeemedOrCalledDuringPeriodShares`	16.92M	shares	Annual
Net loss per ordinary shares subject to redemption	`PreferredStockDividendsIncomeStatementImpact`	$-986.99K	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-4.21M	USD	Annual
Interest income	`InterestIncomeExpenseNet`	$1.34M	USD	Annual
Change in fair value of deferred underwriting fee liability	`ChangeInFairValueOfDeferredUnderwritingFeeLiability`	$10.04K	USD	Annual
Unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$-2.80K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.86M	USD	Annual
Weighted average shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	9.55M	shares	Annual
Basic and diluted net loss per ordinary share	`EarningsPerShareBasicAndDiluted`	$-0.40	USD	Annual

Cash Flow Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.86M	USD	Annual
Interest earned on marketable securities held in Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$1.34M	USD	Annual
Change in fair value of deferred underwriting fee liability	`ChangeInFairValueOfDeferredUnderwritingFeeLiability`	$10.04K	USD	Annual
Unrealized loss on securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$-2.80K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$127.42K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$3.47M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-865.00K	USD	Annual
Investment of cash in Trust Account	`ProceedsFromInvestmentOfCashInTrustAccount`	$229.22M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-229.22M	USD	Annual
Proceeds from issuance of ordinary shares to initial shareholder	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	Annual
Proceeds from sale of Units, net of underwriting discounts paid	`ProceedsFromSaleOfUnitsNetOfUnderwritingDiscountsPaid`	$225.20M	USD	Annual
Proceeds from sale of Private Warrants	`ProceedsFromIssuanceOfWarrants`	$6.31M	USD	Annual
Advances from related party	`ProceedsFromRelatedPartyDebt`	$193.90K	USD	Annual
Repayment of advances from related party	`RepaymentsOfRelatedPartyDebt`	$192.91K	USD	Annual
Proceeds from promissory note related parties	`ProceedsFromNotesPayable`	$299.03K	USD	Annual
Repayment of promissory note related party	`RepaymentsOfRelatedPartyDebt1`	$299.03K	USD	Annual
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$714.89K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$230.82M	USD	Annual
Net Change in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$741.10K	USD	Annual
Cash Beginning	`CashAndCashEquivalentsAtCarryingValue`	$741.10K	USD	Point-in-time
Cash Beginning	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash Ending	`CashAndCashEquivalentsAtCarryingValue`	$741.10K	USD	Point-in-time
Cash Ending	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$9.03M	USD	Annual
Initial classification of ordinary shares subject to possible redemption	`InitialClassificationOfOrdinarySharesSubjectToPossibleRedemption`	$163.29M	USD	Annual
Change in value of ordinary shares subject to possible redemption	`ChangeInValueOfOrdinarySharesSubjectToPossibleRedemption`	$987.04K	USD	Annual

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Underwriters discount and offering expenses, units sold	`SaleOfStockNumberOfSharesIssuedInTransaction`	22.92M	shares	Annual
Sale of private warrants	`SaleOfPrivateWarrants`	12.62M	shares	Annual
Balance at beginning	`StockholdersEquity`	-	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$54.64M	USD	Point-in-time
Issuance of Founder Shares to Sponsor	`StockIssuedDuringPeriodValueIssuedForServices`	$25.00K	USD	Annual
Forfeiture of Founder Shares	`StockIssuedDuringPeriodValueShareBasedCompensationForfeited`	-	USD	Annual
Sale of 22,921,700 Units, net of underwriters discount and offering expenses	`SaleOfStockConsiderationReceivedOnTransaction`	$215.46M	USD	Annual
Sale of 22,921,700 Units, net of underwriters discount and offering expenses, shares	`SaleOfStockNumberOfSharesIssuedInTransaction`	22.92M	shares	Annual
Sale of 12,618,680 Private Warrants	`SaleOfPrivateWarrantsValue`	$6.31M	USD	Annual
Ordinary shares subject to redemption	`OrdinarySharesSubjectToRedemptionValue`	$-164.28M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.86M	USD	Annual
Balance at end	`StockholdersEquity`	-	USD	Point-in-time
Balance at end	`StockholdersEquity`	$54.64M	USD	Point-in-time

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