XTREME DRILLING CORP Xtreme Drilling Corp. (formerly, Xtreme Drilling and Coil Services Corp.)
Consolidated Statements of Financial Position
(in thousands of Canadian dollars)
Dec 31, 2016 | Dec 31, 2015 | |
Assets | 115,240 | 11,223 |
Current assets | ||
Cash and cash equivalents (Note 5) | ||
Accounts receivable (Note 6) | 6,716 | 39,771 |
Other receivables | 419 | 351 |
Inventory (Note 7) | 2,810 | 8,693 |
Prepaid expenses | 921 | 2,461 |
Non-current assets | 126,106 | 62,499 |
Property and equipment (Note 8) | 240,656 | 446,417 |
Intangible assets (Note 9) | - | 3,310 |
Total Assets | 366,762 | 512,226 |
Liabilities and Equity | 14,827 | 29,729 |
Current liabilities | ||
Accounts payable and accrued liabilities (Note 11) | ||
Current tax payable | 6,464 | 3,918 |
Current portion of long-term debt (Note 12) | - | 107,346 |
Total Liabilities | 21,291 | 140,993 |
Shareholders' equity | 339,448 | 333,515 |
Share capital (Note 13) | ||
Share option reserve | 13,387 | 15,478 |
Accumulated deficit | (101,670) | (80,831) |
Foreign currency translation reserve | 94,306 | 103,071 |
Total Shareholders' Equity | 345,471 | 371,233 |
Total Liabilities and Shareholders' Equity | 366,762 | 512,226 |
Contingencies and commitments (Note 18)
The accompanying notes are an integral part of the consolidated financial statements. On behalf of the board of directors ,
Doug Dafoe David Wehlmann
Director Director
Consolidated Statements of (Loss) Income
For the years ended December 31, 2016 and 2015
(in thousands of Canadian dollars, except share and per share data)
2016 | Represented (Note 10) 2015 | |
Revenue (Note 19) | 42,032 | 131,215 |
Expenses | ||
Operating expenses | 34,183 | 83,305 |
General and administrative expenses | 18,596 | 17,999 |
Depreciation expense | 44,920 | 44,549 |
Impairment of property and equipment | 11,895 | 38,494 |
Stock-based compensation | 3,285 | 3,131 |
Foreign exchange (gain) loss | (1,171) | 2,205 |
Loss on disposal of equipment | 4,344 | 667 |
Other income | (19) | (1) |
Interest expense | 4,114 | 4,502 |
Loss | (78,115) | (63,636) |
Tax (recovery) expense | (1,402) | 4,582 |
Current | ||
Deferred | - | 13,803 |
Total tax (recovery) expense | (1,402) | 18,385 |
Net loss from continuing operations | (76,713) | (82,021) |
Net income from discontinued operations, net of tax (Note 10) | 55,874 | 13,677 |
Net loss | (20,839) | (68,344) |
Net loss per common share from continuing operations | (0.91) | (0.99) |
- basic | ||
- diluted | (0.91) | (0.99) |
Net income per common share from discontinued operations | ||
- basic | 0.66 | 0.17 |
- diluted | 0.66 | 0.17 |
Net loss income per common share | ||
- basic | (0.25) | (0.83) |
- diluted | (0.25) | (0.83) |
Weighted average number of common shares (Note 14) | ||
- basic | 84,115,077 | 82,637,642 |
- diluted | 84,535,717 | 82,791,937 |
The accompanying notes are an integral part of the consolidated financial statements.
Xtreme Drilling Corp. (formerly, Xtreme Drilling and Coil Services Corp.) Consolidated Statements of Comprehensive (Loss) Income
For the years ended December 31, 2016 and 2015
(in thousands of Canadian dollars)
2016 | Represented (Note 10) 2015 | |
Net loss Other comprehensive (loss) income Items that may be subsequently reclassified to profit or loss: Unrealized (loss) gain on translating financial statements of foreign operations | (20,839) (8,765) | (68,344) 59,858 |
Comprehensive loss | (29,604) | (8,486) |
Total comprehensive (loss) income arising from: Continuing operations Discontinued operations | (76,420) 46,816 | (24,364 ) 15,878 |
(29,604) | (8,486 ) |
The accompanying notes are an integral part of the consolidated financial statements.
Consolidated Statements of Changes in Equity For the years ended December 31, 2016 and 2015
(in thousands of Canadian dollars)
Share capital Share option reserve Accumulated deficit Foreign currency translation reserve Total Shareholders' Equity Balance at Jan 1, 2015 330,964 14,803 (12,487) 43,213 376,493 Net loss - - (68,344) - (68,344)Other comprehensive income
Currency translation differences - - - 59,858 59,858
Total comprehensive loss - - (68,344) 59,858 (8,486) Employee share option scheme:
Value of employee services - 3,140 - - 3,140
Transfer from share option 2,465 (2,465) - - -
Proceeds from shares issued 86 - - - 86
Total transactions with owners 2,551 675 - - 3,226
Balance at Dec 31, 2015 333,515 15,478 (80,831)103,071 371,233Balance at Jan 1, 2016 | 333,515 15,478 (80,831) 103,071 371,233 |
Net loss Other comprehensive loss Currency translation differences | - - (20,839) - (20,839) - - - (8,765) (8,765) |
Total comprehensive loss | - - (20,839) (8,765) (29,604) |
Employee share option scheme: Value of employee services | - 3,769 - - 3,769 |
Transfer from share option Proceeds from shares issued | 5,860 (5,860) - - - 73 - - - 73 |
Total transactions with owners | 5,933 (2,091) - - 3,842 |
Balance at Dec 31, 2016 | 339,448 13,387 (101,670) 94,306 345,471 |
The accompanying notes are an integral part of the consolidated financial statements.
Xtreme Drilling and Coil Services Corp. published this content on 28 March 2017 and is solely responsible for the information contained herein.
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