10-Q Filing

NATIONAL ENERGY SERVICES REUNITED CORP. CIK: 1698514 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001615774-17-006709`
Period End Date	20170930
Filing Date	20171114
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	nesru-20170930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 25 Income Statement 17 Cash Flow Statement 29 Stockholders Equity 16

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 (in dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Cash	`Cash`	$1.24M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$154.94K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.40M	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Common stock, no par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Cash and marketable securities held in Trust Account	`CashAndMarketableSecuritiesHeldInTrustAccountNoncurrent`	$229.96M	USD	Point-in-time
Total Assets	`Assets`	$231.36M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	11.73M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	11.73M	shares	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$325.69K	USD	Point-in-time
Advance from related party	`DueToRelatedPartiesCurrent`	$23.13K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$348.82K	USD	Point-in-time
Deferred underwriting fees	`DeferredRevenueNoncurrent`	$8.96M	USD	Point-in-time
Total Liabilities	`Liabilities`	$9.30M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Ordinary shares subject to possible redemption, 16,921,700 shares at redemption value	`RedeemableNoncontrollingInterestEquityCommonCarryingAmount`	$163.84M	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`	$57.95M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$262.37K	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$58.21M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	-	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$231.36M	USD	Point-in-time

Income Statement 17 line items

Line Item	Tag	Value	Unit	Period
Operating costs	`OperatingCostsAndExpenses`	$473.87K	USD	1 Quarter
Number of shares redemption	`StockRedeemedOrCalledDuringPeriodShares`	16.92M	shares	3 Qtrs
Operating costs	`OperatingCostsAndExpenses`	$556.47K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-473.87K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-556.47K	USD	3 Qtrs
Interest income	`InterestIncomeExpenseNet`	$572.38K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$752.46K	USD	3 Qtrs
Change in fair value of deferred underwriting fee liability	`ChangeInFairValueOfDeferredUnderwritingFeeLiability`	$-91.55K	USD	1 Quarter
Change in fair value of deferred underwriting fee liability	`ChangeInFairValueOfDeferredUnderwritingFeeLiability`	$76.27K	USD	3 Qtrs
Unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$-38.01K	USD	1 Quarter
Unrealized loss on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$-9.89K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$262.37K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$-31.05K	USD	1 Quarter
Weighted average shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	11.73M	shares	1 Quarter
Weighted average shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.69M	shares	3 Qtrs
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	3 Qtrs
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter

Cash Flow Statement 29 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$262.37K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$-31.05K	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$750.29K	USD	3 Qtrs
Change in fair value of deferred underwriting fee liability	`ChangeInFairValueOfDeferredUnderwritingFeeLiability`	$-91.55K	USD	1 Quarter
Change in fair value of deferred underwriting fee liability	`ChangeInFairValueOfDeferredUnderwritingFeeLiability`	$76.27K	USD	3 Qtrs
Unrealized loss on securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$-38.01K	USD	1 Quarter
Unrealized loss on securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$-9.89K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$154.94K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$325.69K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-383.55K	USD	3 Qtrs
Investment of cash in Trust Account	`ProceedsFromInvestmentOfCashInTrustAccount`	$229.22M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-229.22M	USD	3 Qtrs
Proceeds from issuance of ordinary shares to initial shareholder	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	3 Qtrs
Proceeds from sale of Units, net of underwriting discounts paid	`ProceedsFromSaleOfUnitsNetOfUnderwritingDiscountsPaid`	$225.20M	USD	3 Qtrs
Proceeds from sale of Private Warrants	`ProceedsFromIssuanceOfWarrants`	$6.31M	USD	3 Qtrs
Advances from related party	`ProceedsFromRelatedPartyDebt`	$155.27K	USD	3 Qtrs
Repayment of advances from related party	`RepaymentsOfRelatedPartyDebt`	$132.14K	USD	3 Qtrs
Proceeds from promissory note - related parties	`ProceedsFromNotesPayable`	$299.03K	USD	3 Qtrs
Repayment of promissory note - related party	`RepaymentsOfRelatedPartyDebt1`	$299.03K	USD	3 Qtrs
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$714.89K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$230.85M	USD	3 Qtrs
Net Change in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.24M	USD	3 Qtrs
Cash - Beginning	`CashAndCashEquivalentsAtCarryingValue`	$1.24M	USD	Point-in-time
Cash - Beginning	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - Ending	`CashAndCashEquivalentsAtCarryingValue`	$1.24M	USD	Point-in-time
Cash - Ending	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$9.03M	USD	3 Qtrs
Initial classification of ordinary shares subject to possible redemption	`InitialClassificationOfOrdinarySharesSubjectToPossibleRedemption`	$163.29M	USD	3 Qtrs
Change in value of ordinary shares subject to possible redemption	`ChangeInValueOfOrdinarySharesSubjectToPossibleRedemption`	$546.60K	USD	3 Qtrs

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Underwriters discount and offering expenses, units sold	`SaleOfStockNumberOfSharesIssuedInTransaction`	22.92M	shares	3 Qtrs
Underwriters discount and offering expenses, units sold	`SaleOfStockNumberOfSharesIssuedInTransaction`	22.92M	shares	Point-in-time
Sale of Private Warrants	`SaleOfPrivateWarrants`	12.62M	shares	3 Qtrs
Balance at beginning	`StockholdersEquity`	$58.21M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	-	USD	Point-in-time
Balance at beginning (in shares)	`CommonStockSharesOutstanding`	11.73M	shares	Point-in-time
Issuance of ordinary shares to Sponsor	`StockIssuedDuringPeriodIssuanceOfOrdinarySharesValueToSponsor`	$25.00K	USD	3 Qtrs
Forfeiture of Founder Shares	`StockIssuedDuringPeriodValueShareBasedCompensationForfeited`	-	USD	3 Qtrs
Sale of 22,921,700 Units, net of underwriters discount and offering expenses	`SaleOfUnitsNetOfValueUnderwritersDiscountAndOfferingExpenses`	$215.46M	USD	3 Qtrs
Sale of 12,618,680 Private Warrants	`SaleOfPrivateWarrantsValue`	$6.31M	USD	3 Qtrs
Ordinary shares subject to redemption	`OrdinarySharesSubjectToRedemptionValue`	$-163.84M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$262.37K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$-31.05K	USD	1 Quarter
Balance at end	`StockholdersEquity`	$58.21M	USD	Point-in-time
Balance at end	`StockholdersEquity`	-	USD	Point-in-time
Balance at end (in shares)	`CommonStockSharesOutstanding`	11.73M	shares	Point-in-time

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