10-Q
0000931584Q2--12-31truefalsehttp://fasb.org/us-gaap/2023#AccountingStandardsUpdate201613Memberhttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentNethttp://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentNet3 yearshttp://fasb.org/us-gaap/2023#OtherLiabilitieshttp://fasb.org/us-gaap/2023#OtherLiabilitieshttp://fasb.org/us-gaap/2023#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2023#UnrealizedGainLossOnDerivativeshttp://fasb.org/us-gaap/2023#UnrealizedGainLossOnDerivatives0000931584usap:NewMarketsTaxCreditProgramMemberusap:PNCNewMarketsInvestmentPartnersLLCMember2018-03-090000931584us-gaap:CapitalLeaseObligationsMember2023-06-300000931584usap:ConversionServicesAndOtherSalesMember2023-01-012023-06-300000931584us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000931584us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-3100009315842022-06-300000931584us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000931584us-gaap:AdditionalPaidInCapitalMember2023-03-310000931584us-gaap:RetainedEarningsMember2022-06-300000931584us-gaap:AccountsReceivableMember2023-06-300000931584us-gaap:InterestRateSwapMember2023-01-012023-06-300000931584us-gaap:AdditionalPaidInCapitalMember2022-06-300000931584usap:NewMarketsTaxCreditProgramMember2018-03-090000931584us-gaap:RevolvingCreditFacilityMember2022-12-310000931584usap:PncBankMemberus-gaap:RevolvingCreditFacilityMember2023-06-300000931584srt:MaximumMember2023-06-3000009315842023-06-300000931584us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2023-06-300000931584us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000931584usap:PncBankMemberus-gaap:RevolvingCreditFacilityMember2021-03-170000931584us-gaap:NotesPayableToBanksMember2022-12-310000931584us-gaap:AccountingStandardsUpdate201409Member2023-01-012023-06-300000931584usap:PremiumAlloysMember2023-04-012023-06-300000931584us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000931584usap:PremiumAlloysMember2022-01-012022-06-300000931584us-gaap:NotesPayableToBanksMember2023-06-300000931584usap:ConversionServicesAndOtherSalesMember2023-04-012023-06-300000931584srt:MaximumMember2023-01-012023-06-300000931584usap:PncBankMemberus-gaap:NotesPayableToBanksMember2023-01-012023-06-300000931584us-gaap:StockCompensationPlanMember2023-04-012023-06-300000931584us-gaap:RetainedEarningsMember2023-03-310000931584us-gaap:RetainedEarningsMember2023-04-012023-06-300000931584us-gaap:RevolvingCreditFacilityMemberusap:PncBankMembersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-06-300000931584us-gaap:RevolvingCreditFacilityMember2023-06-300000931584usap:NewMarketsTaxCreditProgramMember2022-12-310000931584usap:SaleAndLeasebackFinancingLiabilityMember2023-06-300000931584srt:MinimumMember2023-06-300000931584usap:PncBankMemberusap:AmendedAndRestatedPriorCreditAgreementMember2023-01-012023-06-300000931584us-gaap:AdditionalPaidInCapitalMember2023-06-300000931584us-gaap:CommonStockMember2022-01-012022-03-310000931584us-gaap:AdditionalPaidInCapitalMember2022-12-310000931584us-gaap:ResearchMember2022-01-012022-06-300000931584us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000931584usap:PncBankMemberus-gaap:NotesPayableToBanksMember2023-06-300000931584us-gaap:StockCompensationPlanMember2022-01-012022-06-300000931584us-gaap:PreferredStockMember2023-01-012023-06-300000931584usap:SpecialtyAlloysMember2022-01-012022-06-300000931584us-gaap:InterestRateSwapMember2023-06-3000009315842023-04-012023-06-300000931584usap:NewMarketsTaxCreditProgramMember2018-03-082018-03-090000931584us-gaap:BuildingImprovementsMember2023-01-012023-06-300000931584us-gaap:CommonStockMember2023-01-012023-03-310000931584us-gaap:RetainedEarningsMember2021-12-3100009315842022-01-012022-06-300000931584us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300000931584us-gaap:AdditionalPaidInCapitalMember2022-03-310000931584us-gaap:RetainedEarningsMember2022-12-310000931584usap:SpecialtyAlloysMember2023-01-012023-06-300000931584us-gaap:CommonStockMember2022-04-012022-06-300000931584usap:PncBankMemberus-gaap:NotesPayableToBanksMember2021-03-170000931584us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-3100009315842022-12-310000931584us-gaap:ResearchMember2023-01-012023-06-3000009315842021-12-310000931584us-gaap:RetainedEarningsMember2023-06-300000931584us-gaap:InterestRateSwapMember2022-12-310000931584us-gaap:RetainedEarningsMember2022-03-310000931584usap:ConversionServicesAndOtherSalesMember2022-04-012022-06-300000931584us-gaap:InterestRateSwapMember2022-01-012022-12-310000931584usap:PncBankMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-06-300000931584us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000931584us-gaap:AdditionalPaidInCapitalMember2021-12-310000931584us-gaap:CommonStockMember2023-04-012023-06-300000931584us-gaap:CommonStockMember2021-12-310000931584us-gaap:CommonStockMember2023-01-012023-06-300000931584usap:PremiumAlloysMember2022-04-012022-06-3000009315842018-03-082018-03-090000931584srt:MaximumMember2022-01-012022-12-3100009315842023-01-012023-06-300000931584us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000931584usap:PremiumAlloysMember2023-01-012023-06-300000931584us-gaap:RetainedEarningsMember2022-04-012022-06-300000931584usap:ConversionServicesAndOtherSalesMember2022-01-012022-06-300000931584usap:SaleAndLeasebackFinancingLiabilityMember2022-12-310000931584usap:PncBankMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-06-300000931584us-gaap:CommonStockMember2022-06-300000931584us-gaap:RetainedEarningsMember2022-01-012022-03-310000931584us-gaap:CommonStockMember2022-03-310000931584us-gaap:StockCompensationPlanMember2022-04-012022-06-300000931584us-gaap:InterestRateSwapMember2021-01-010000931584usap:SpecialtyAlloysMember2022-04-012022-06-300000931584us-gaap:StockCompensationPlanMember2023-01-012023-06-300000931584usap:SpecialtyAlloysMember2023-04-012023-06-300000931584us-gaap:AccountsReceivableMember2022-12-3100009315842022-01-012022-12-310000931584us-gaap:CommonStockMember2023-06-3000009315842023-07-240000931584us-gaap:CapitalLeaseObligationsMember2022-12-3100009315842022-04-012022-06-300000931584us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000931584us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000931584us-gaap:RetainedEarningsMember2023-01-012023-03-310000931584us-gaap:CommonStockMember2022-12-310000931584us-gaap:CommonStockMember2023-03-310000931584us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000931584us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2022-12-310000931584usap:NewMarketsTaxCreditProgramMember2023-06-300000931584us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-30xbrli:purexbrli:sharesiso4217:USDxbrli:sharesiso4217:USD

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

Commission File Number 001-39467

 

https://cdn.kscope.io/2454f9eccff9033585580b27346a5d7c-img249396962_0.jpg 

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

(Exact name of Registrant as specified in its charter)

 

Delaware

25-1724540

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

 

600 Mayer Street

Bridgeville, PA 15017

(Address of principal executive offices, including zip code)

(412) 257-7600

(Registrant’s telephone number, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of Each Class

Trading Symbol

Name of Each Exchange

on Which Registered

Common Stock, par value $0.001 per share

Preferred Stock Purchase Rights

USAP

The Nasdaq Stock Market, LLC

The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of July 24, 2023, there were 9,087,370 shares of the Registrant’s common stock outstanding.

 

intest ra

i


 

Universal Stainless & Alloy Products, Inc.

Table of Contents

 

 

DESCRIPTION

 

PAGE NO.

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

1

 

 

 

 

 

Item 1.

 

Financial Statements

 

1

 

 

 

 

 

 

 

Consolidated Statements of Operations

 

1

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss)

 

2

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

3

 

 

 

 

 

 

 

Consolidated Statements of Cash Flow

 

4

 

 

 

 

 

 

 

Consolidated Statements of Shareholders' Equity

 

5

 

 

 

 

 

 

 

Notes to the Unaudited Consolidated Financial Statements

 

6

 

 

 

 

 

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

12

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

18

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

18

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

19

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

19

 

 

 

 

 

Item 1A.

 

Risk Factors

 

19

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

19

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

19

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

19

 

 

 

 

 

Item 5.

 

Other Information

 

19

 

 

 

 

 

Item 6.

 

Exhibits

 

20

 

 

 

 

 

SIGNATURES

 

21

 

 

 

 


 

Part I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in Thousands, Except Per Share Information)

(Unaudited)

 

 

Three months ended

 

 

 

Six months ended

 

 

 

June 30,

 

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

 

69,015

 

 

$

 

52,156

 

 

$

 

134,880

 

 

$

 

99,718

 

Cost of products sold

 

 

 

59,167

 

 

 

 

47,417

 

 

 

 

117,308

 

 

 

 

90,926

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

 

 

9,848

 

 

 

 

4,739

 

 

 

 

17,572

 

 

 

 

8,792

 

Selling, general and administrative expenses

 

 

 

6,755

 

 

 

 

5,277

 

 

 

 

13,030

 

 

 

 

10,326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

 

3,093

 

 

 

 

(538

)

 

 

 

4,542

 

 

 

 

(1,534

)

Interest expense and other financing costs

 

 

 

2,045

 

 

 

 

870

 

 

 

 

4,077

 

 

 

 

1,579

 

Other expense (income), net

 

 

 

5

 

 

 

 

(39

)

 

 

 

(37

)

 

 

 

(26

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

 

1,043

 

 

 

 

(1,369

)

 

 

 

502

 

 

 

 

(3,087

)

Income taxes

 

 

 

148

 

 

 

 

68

 

 

 

 

119

 

 

 

 

(35

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

 

895

 

 

$

 

(1,437

)

 

$

 

383

 

 

$

 

(3,052

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share - Basic

 

$

 

0.10

 

 

$

 

(0.16

)

 

$

 

0.04

 

 

$

 

(0.34

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share - Diluted

 

$

 

0.10

 

 

$

 

(0.16

)

 

$

 

0.04

 

 

$

 

(0.34

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

9,066,150

 

 

 

 

8,960,770

 

 

 

 

9,061,011

 

 

 

 

8,953,460

 

Diluted

 

 

 

9,272,660

 

 

 

 

8,960,770

 

 

 

 

9,210,841

 

 

 

 

8,953,460

 

 

The accompanying notes are an integral part of these consolidated financial statements.

1


 

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Dollars in Thousands)

(Unaudited)

 

 

 

Three months ended

 

 

 

Six months ended

 

 

 

June 30,

 

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

 

895

 

 

$

 

(1,437

)

 

$

 

383

 

 

$

 

(3,052

)

Other comprehensive (loss) income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (loss) gain on derivatives

 

 

 

(124

)

 

 

 

121

 

 

 

 

(270

)

 

 

 

256

 

Comprehensive income (loss)

 

$

 

771

 

 

$

 

(1,316

)

 

$

 

113

 

 

$

 

(2,796

)

 

The accompanying notes are an integral part of these consolidated financial statements.

 

2


 

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands, Except Per Share Information)

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash

 

$

 

44

 

 

$

 

2,019

 

Accounts receivable (less expected credit losses of $201 in each period)

 

 

 

31,295

 

 

 

 

30,960

 

Inventory, net

 

 

 

151,607

 

 

 

 

154,193

 

Other current assets

 

 

 

10,689

 

 

 

 

10,392

 

 

 

 

 

 

 

 

 

 

Total current assets

 

 

 

193,635

 

 

 

 

197,564

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

 

159,759

 

 

 

 

163,490

 

Deferred income tax assets

 

 

 

104

 

 

 

 

143

 

Other long-term assets

 

 

 

1,526

 

 

 

 

2,137

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

 

355,024

 

 

$

 

363,334

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

 

33,503

 

 

$

 

38,179

 

Accrued employment costs

 

 

 

3,609

 

 

 

 

2,790

 

Current portion of long-term debt

 

 

 

3,665

 

 

 

 

3,419

 

Other current liabilities

 

 

 

963

 

 

 

 

1,112

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

 

 

41,740

 

 

 

 

45,500

 

 

 

 

 

 

 

 

 

 

Long-term debt, net

 

 

 

89,618

 

 

 

 

95,015

 

Other long-term liabilities, net

 

 

 

3,053

 

 

 

 

3,066

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

134,411

 

 

 

 

143,581

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Senior preferred stock, par value $0.001 per share; 1,980,000 shares authorized; zero shares issued and outstanding

 

 

 

-

 

 

 

 

-

 

Common stock, par value $0.001 per share; 20,000,000 shares authorized; 9,087,370 and 9,049,748 shares issued, respectively

 

 

 

9

 

 

 

 

9

 

Additional paid-in capital

 

 

 

97,749

 

 

 

 

97,002

 

Accumulated other comprehensive (loss) income

 

 

 

(137

)

 

 

 

133

 

Retained earnings

 

 

 

122,992

 

 

 

 

122,609

 

 

 

 

 

 

 

 

 

 

Total stockholders’ equity

 

 

 

220,613

 

 

 

 

219,753

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

 

355,024

 

 

$

 

363,334

 

 

The accompanying notes are an integral part of these consolidated financial statements.

3


 

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOW

(Dollars in Thousands)

(Unaudited)

 

 

 

Six months ended

 

 

 

 

June 30,

 

 

 

 

2023

 

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

$

 

383

 

 

 

$

 

(3,052

)

Adjustments for non-cash items:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

9,643

 

 

 

 

 

9,694

 

Deferred income tax

 

 

 

 

(19

)

 

 

 

 

(52

)

Share-based compensation expense

 

 

 

 

672

 

 

 

 

 

695

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

 

 

(335

)

 

 

 

 

(8,945

)

Inventory, net

 

 

 

 

1,716

 

 

 

 

 

(9,054

)

Accounts payable

 

 

 

 

(1,633

)

 

 

 

 

3,450

 

Accrued employment costs

 

 

 

 

819

 

 

 

 

 

(1,651

)

Income taxes

 

 

 

 

43

 

 

 

 

 

33

 

Other

 

 

 

 

(112

)

 

 

 

 

(128

)

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

 

 

 

11,177

 

 

 

 

 

(9,010

)

 

 

 

 

 

 

 

 

 

 

 

Investing Activity:

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

(6,932

)

 

 

 

 

(5,482

)

 

 

 

 

 

 

 

 

 

 

 

Net cash used in investing activity

 

 

 

 

(6,932

)

 

 

 

 

(5,482

)

 

 

 

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

 

 

 

 

Borrowings under revolving credit facility

 

 

 

 

113,883

 

 

 

 

 

64,647

 

Payments on revolving credit facility

 

 

 

 

(118,425

)

 

 

 

 

(48,810

)

Issuance of common stock under share-based plans

 

 

 

 

75

 

 

 

 

 

62

 

Payments on term loan facility and finance leases

 

 

 

 

(1,753

)

 

 

 

 

(1,210

)

 

 

 

 

 

 

 

 

 

 

 

Net cash (used in) provided by financing activities

 

 

 

 

(6,220

)

 

 

 

 

14,689

 

 

 

 

 

 

 

 

 

 

 

 

Net (decrease) increase in cash

 

 

 

 

(1,975

)

 

 

 

 

197

 

Cash at beginning of period

 

 

 

 

2,019

 

 

 

 

 

118

 

 

 

 

 

 

 

 

 

 

 

 

Cash at end of period

 

 

$

 

44

 

 

 

$

 

315

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4


 

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Dollars in Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

Common

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

 

shares

 

 

Common

 

 

paid-in

 

 

Retained

 

 

comprehensive

 

 

 

outstanding

 

 

stock

 

 

capital

 

 

earnings

 

 

(loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

9,049,748

 

 

$

 

9

 

 

$

 

97,002

 

 

$

 

122,609

 

 

$

 

133

 

Share-based compensation

 

 

10,920

 

 

 

 

-

 

 

 

 

361

 

 

 

 

-

 

 

 

 

-

 

Net loss on derivative instruments

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(146

)

Net loss

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(512

)

 

 

 

-

 

Balance at March 31, 2023

 

 

9,060,668

 

 

$

 

9

 

 

$

 

97,363

 

 

$

 

122,097

 

 

$

 

(13

)

Common stock issuance under