XTREME DRILLING CORP Xtreme Drilling Corp.
Interim Consolidated Statements of Financial Position
(in thousands of Canadian dollars)
Jun 30, 2017 | Dec 31, 2016 | |
Assets | 43,051 | 115,240 |
Current assets | ||
Cash and cash equivalents (Note 4) | ||
Accounts receivable (Note 5) | 9,664 | 6,716 |
Other receivables | 306 | 419 |
Inventory (Note 6) | 937 | 2,810 |
Prepaid expenses | 717 | 921 |
54,675 | 126,106 | |
Assets held for sale (Note 8) | 21,419 | - |
Property and equipment (Note 7) | 196,704 | 240,656 |
Total Assets | 272,798 | 366,762 |
Liabilities and Equity | 16,652 | 14,827 |
Current liabilities | ||
Accounts payable and accrued liabilities | ||
Current tax payable | 3,127 | 6,464 |
Total Liabilities | 19,779 | 21,291 |
Shareholders' equity | 297,948 | 339,448 |
Share capital (Note 10) | ||
Contributed surplus | 30,298 | 13,387 |
Accumulated deficit | (162,204) | (101,670) |
Foreign currency translation reserve | 86,977 | 94,306 |
Total Shareholders' Equity | 253,019 | 345,471 |
Total Liabilities and Shareholders' Equity | 272,798 | 366,762 |
Contingencies and commitments (Note 11)
The accompanying notes are an integral part of the interim consolidated financial statements.
Xtreme Drilling Corp.
Interim Consolidated Statements of (Loss) Income
For the three and six months ended June 30, 2017 and 2016
(in thousands of Canadian dollars, except share and per share data)
Three months ended Six months endedJun 30, 2017 | Jun 30, 2016 | Jun 30, 2017 | Jun 30, 2016 | |
Revenue (Note 12) | 15,141 | 7,370 | 27,520 | 23,635 |
Expenses | ||||
Operating expenses | 13,452 | 7,183 | 23,264 | 18,061 |
General and administrative expenses | 3,319 | 10,605 | 5,964 | 15,208 |
Depreciation expense | 7,148 | 9,686 | 16,233 | 19,206 |
Impairment of property and equipment | 25,983 | - | 25,983 | - |
Stock-based compensation | 227 | 1,395 | 460 | 1,982 |
Foreign exchange loss (gain) | 313 | 2,638 | 422 | (1,238) |
Loss on disposal of equipment | 13,007 | 722 | 15,690 | 641 |
Other income | (37) | - | (59) | - |
Interest expense | - | 2,443 | - | 4,116 |
Loss | (48,271) | (27,302) | (60,437) | (34,341) |
Tax expense Current | 95 | 1,396 | 97 | 1,706 |
Total tax expense | 95 | 1,396 | 97 | 1,706 |
Net loss from continuing operations | (48,366) | (28,698) | (60,534) | (36,047) |
Net income from discontinued operations, net of tax (Note 9) | - | 55,857 | - | 59,469 |
Net (loss) income | (48,366) | 27,159 | (60,534) | 23,422 |
Net loss per common share from continuing operations | (0.61) | (0.35) | (0.77) | (0.43) |
- basic | ||||
- diluted | (0.61) | (0.34) | (0.77) | (0.43) |
Net income per common share from discontinued operations | ||||
- basic | 0.00 | 0.67 | 0.00 | 0.71 |
- diluted | 0.00 | 0.67 | 0.00 | 0.71 |
Net (loss) income per common share | ||||
- basic | (0.61) | 0.33 | (0.77) | 0.28 |
- diluted | (0.61) | 0.33 | (0.77) | 0.28 |
Weighted average number of common shares (Note 10) | ||||
- basic | 79,067,648 | 83,180,947 | 79,078,541 | 83,229,521 |
- diluted | 79,067,648 | 83,338,703 | 79,078,541 | 83,361,994 |
The accompanying notes are an integral part of the interim consolidated financial statements.
Xtreme Drilling Corp.
Interim Consolidated Statements of Comprehensive (Loss) Income For the three and six months ended June 30, 2017 and 2016
(in thousands of Canadian dollars)
Three months ended Six months endedJun 30, 2017 | Jun 30, 2016 | Jun 30, 2017 | Jun 30, 2016 | |
Net (loss) income Other comprehensive loss Items that may be subsequently reclassified to profit or loss: Unrealized (loss) gain on translating financial statements of foreign operations | (48,366) (3,980) | 27,159 3,849 | (60,534) (7,329) | 23,422 (21,138) |
Comprehensive (loss) income | (52,346) | 31,008 | (67,863) | 2,284 |
Total comprehensive (loss) income arising from: | (52,346) | (24,873) | (67,863) | (59,386) |
Continuing operations | ||||
Discontinued operations | - | 55,881 | - | 61,670 |
(52,346) | 31,008 | (67,863) | 2,284 |
The accompanying notes are an integral part of the interim consolidated financial statements.
Xtreme Drilling Corp.
Interim Consolidated Statements of Changes in Equity For the six months ended June 30, 2017 and 2016
(in thousands of Canadian dollars)
Share capital Contributed surplus Accumulated deficit Foreign currency translation reserve Total Shareholders' Equity Balance at Jan 1, 2016 333,515 15,478 (80,831) 103,071 371,233Net income - - 23,422 - 23,422 Other comprehensive loss:
Currency translation differences - - - (21,138) (21,138)
Total comprehensive income (loss) - - 23,422 (21,138) 2,284 Employee share option scheme:
Value of employee services - 2,451 - - 2,451
Transfer from share option 4,980 (4,980) - - -
Proceeds from shares issued | 26 | - | - | - | 26 |
Total transactions with owners | 5,006 | (2,529) | - | - | 2,477 |
Balance at Jun 30, 2016 | 338,521 | 12,949 | (57,409) | 81,933 | 375,994 |
Balance at Jan 1, 2017 | 339,448 | 13,387 | (101,670) | 94,306 | 345,471 |
Net loss | - | - | (60,534) | - | (60,534) |
Other comprehensive loss: | |||||
Currency translation differences | - | - | - | (7,329) | (7,329) |
Total comprehensive loss | - | - | (60,534) | (7,329) | (67,863) |
Employee share option scheme: | |||||
Value of employee services | - | 459 | - | - | 459 |
Transfer from share option | 106 | (106) | - | - | - |
Proceeds from shares issued | 28 | - | - | - | 28 |
Repurchase of shares (Note 10) | (41,634) | 16,558 | - | - | (25,076) |
Total transactions with owners | (41,500) | 16,911 | - | - | (24,589) |
Balance at Jun 30, 2017 | 297,948 | 30,298 | (162,204) | 86,977 | 253,019 |
The accompanying notes are an integral part of the interim consolidated financial statements.
Xtreme Drilling Corp. published this content on 04 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 04 August 2017 22:24:08 UTC.
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