10-Q Filing

NATIONAL ENERGY SERVICES REUNITED CORP. CIK: 1698514 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001493152-18-006819`
Period End Date	20180331
Filing Date	20180514
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	nesru-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 18 Cash Flow Statement 36

Balance Sheet 48 line items

Line Item	Tag	Value	Unit	Period
Temporary equity, authorized	`TemporaryEquitySharesAuthorized`	16.92M	shares	Point-in-time
Temporary equity, authorized	`TemporaryEquitySharesAuthorized`	16.92M	shares	Point-in-time
Preferred stock, no par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Preferred stock, no par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Cash	`Cash`	$120.48K	USD	Point-in-time
Cash	`Cash`	$741.10K	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$127.42K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$151.79K	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$272.26K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$868.52K	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Common stock, no par value	`CommonStockNoParValue`	-	USD	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
Cash and marketable securities held in Trust Account	`CashAndMarketableSecuritiesHeldInTrustAccountNoncurrent`	$231.26M	USD	Point-in-time
Total Assets	`Assets`	$231.53M	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, issued	`CommonStockSharesIssued`	11.73M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	11.73M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	11.73M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.44M	USD	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
Advance from related party	`DueToRelatedPartiesCurrent`	$989.00	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.47M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$5.44M	USD	Point-in-time
Deferred underwriting fees	`DeferredRevenueNoncurrent`	$9.02M	USD	Point-in-time
Deferred underwriting fees	`DeferredRevenueNoncurrent`	$9.02M	USD	Point-in-time
Total Liabilities	`Liabilities`	$14.46M	USD	Point-in-time
Total Liabilities	`Liabilities`	$12.50M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Ordinary shares subject to possible redemption, 16,921,700 shares at redemption value at March 31, 2018 and December 31, 2017	`RedeemableNoncontrollingInterestEquityCommonCarryingAmount`	$164.28M	USD	Point-in-time
Ordinary shares subject to possible redemption, 16,921,700 shares at redemption value at March 31, 2018 and December 31, 2017	`RedeemableNoncontrollingInterestEquityCommonCarryingAmount`	$164.80M	USD	Point-in-time
Preferred shares, no par value; unlimited shares authorized; none issued and outstanding	`PreferredStockValue`	-	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) at March 31, 2018 and December 31, 2017	`CommonStockValue`	$56.99M	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) at March 31, 2018 and December 31, 2017	`CommonStockValue`	$57.51M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.72M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.86M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$54.64M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$52.27M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$231.42M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$231.53M	USD	Point-in-time

Income Statement 18 line items

Line Item	Tag	Value	Unit	Period
Net loss per ordinary shares subject to redemption	`PreferredStockDividendsIncomeStatementImpact`	$519.85K	USD	1 Quarter
Operating costs	`OperatingCostsAndExpenses`	$5.74K	USD	1 Quarter
Operating costs	`OperatingCostsAndExpenses`	$2.56M	USD	1 Quarter
Net loss per ordinary shares subject to redemption	`PreferredStockDividendsIncomeStatementImpact`	-	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.56M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.74K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$733.79K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	-	USD	1 Quarter
Change in fair value of deferred underwriting fee liability	`ChangeInFairValueOfDeferredUnderwritingFeeLiability`	-	USD	1 Quarter
Change in fair value of deferred underwriting fee liability	`ChangeInFairValueOfDeferredUnderwritingFeeLiability`	$4.01K	USD	1 Quarter
Unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$-29.58K	USD	1 Quarter
Unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.85M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.74K	USD	1 Quarter
Weighted average shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.25M	shares	1 Quarter
Weighted average shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	11.73M	shares	1 Quarter
Basic and diluted net loss per ordinary share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted net loss per ordinary share	`EarningsPerShareBasicAndDiluted`	$-0.20	USD	1 Quarter

Cash Flow Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.85M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.74K	USD	1 Quarter
Change in fair value of deferred underwriting fee liability	`ChangeInFairValueOfDeferredUnderwritingFeeLiability`	-	USD	1 Quarter
Change in fair value of deferred underwriting fee liability	`ChangeInFairValueOfDeferredUnderwritingFeeLiability`	$4.01K	USD	1 Quarter
Unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$-29.58K	USD	1 Quarter
Unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	-	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	-	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$733.79K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$24.37K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$1.96M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-620.62K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.74K	USD	1 Quarter
Proceeds from issuance of ordinary shares to initial shareholder	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	1 Quarter
Proceeds from issuance of ordinary shares to initial shareholder	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from advance from related party	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Proceeds from advance from related party	`RepaymentsOfRelatedPartyDebt`	$-78.28K	USD	1 Quarter
Proceeds from promissory note related parties	`ProceedsFromNotesPayable`	$137.81K	USD	1 Quarter
Proceeds from promissory note related parties	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$206.47K	USD	1 Quarter
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$34.62K	USD	1 Quarter
Net Change in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-620.62K	USD	1 Quarter
Net Change in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$28.88K	USD	1 Quarter
Cash Beginning	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash Beginning	`CashAndCashEquivalentsAtCarryingValue`	$120.48K	USD	Point-in-time
Cash Beginning	`CashAndCashEquivalentsAtCarryingValue`	$741.10K	USD	Point-in-time
Cash Beginning	`CashAndCashEquivalentsAtCarryingValue`	$28.88K	USD	Point-in-time
Cash Ending	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash Ending	`CashAndCashEquivalentsAtCarryingValue`	$120.48K	USD	Point-in-time
Cash Ending	`CashAndCashEquivalentsAtCarryingValue`	$741.10K	USD	Point-in-time
Cash Ending	`CashAndCashEquivalentsAtCarryingValue`	$28.88K	USD	Point-in-time
Change in value of ordinary shares subject to possible redemption	`ChangeInValueOfOrdinarySharesSubjectToPossibleRedemption`	-	USD	1 Quarter
Change in value of ordinary shares subject to possible redemption	`ChangeInValueOfOrdinarySharesSubjectToPossibleRedemption`	$519.88K	USD	1 Quarter

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