þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 46-4527741 | |
(State or Other Jurisdiction of | (I.R.S. Employer | |
Incorporation or Organization) | Identification No.) | |
4315 South Drive | ||
Houston, Texas | 77053 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer o | Smaller reporting company þ | |||
(Do not check if a smaller reporting company.) |
Page | ||
• | containing a projection of revenues, income (including income loss), earnings (including earnings loss) per share, capital expenditures, dividends, capital structure, or other financial items; |
• | of the plans and objectives of management for future operations, including plans or objectives relating to the products or services of Glori; |
• | of future economic performance, including any such statement contained in a discussion and analysis of financial condition by the management or in the results of operations included pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”); |
• | of the assumptions underlying or relating to any statement described above; or |
• | containing a projection or estimate of such other items as may be specified by rule or regulation of the SEC. |
• | the sustained or an increased decline of oil and gas commodity prices; |
• | the potential delisting of our common stock from NASDAQ; |
• | our ability to comply with debt covenants, service our debt, and make future required payments; |
• | the increase in oil production rate and ultimate quantity of oil recovered using our AERO System; |
• | the percentage of the world’s reservoirs that are suitable for our AERO System; |
• | our ability to prove our technology and develop and maintain positive relationships with our customers and prospective customers; |
• | competition and competitive factors in the markets in which we operate; |
• | demand for our AERO System and our expectations regarding future projects; |
• | adaptability of our AERO System and our development of additional capabilities that will expand the types of oil fields to which we can apply our technology; |
• | our plans and ability to acquire and develop additional currently producing mature oil fields and the AERO System’s impact on these fields; |
• | our plans to develop some abandoned and low producing mature oil fields; |
• | the expected cost of recovering oil using our AERO System in our projects; |
• | potential environmental or other liabilities associated with our acquired properties; |
• | any projections, including earnings, revenues, expenses or any other financial items; |
• | the impact of legislation and regulations on our operations; |
• | our ability to compete with other enhanced oil recovery methods; |
• | our ability to generate positive cash flows, including from the acquisition of oil producing properties, increases in oil prices, and improvement in our AERO System revenues; |
• | our cash needs and expectations regarding cash flow from operations; |
• | our ability to manage and grow our business and execution of our business strategy; |
• | our financial performance; |
• | our estimates of oil reserves; and |
• | the costs associated with being a public company. |
December 31, 2015 | March 31, 2016 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 8,380 | $ | 5,045 | |||
Accounts receivable | 1,456 | 935 | |||||
Commodity derivatives | 3,411 | 2,404 | |||||
Prepaid expenses and other current assets | 314 | 385 | |||||
Total current assets | 13,561 | 8,769 | |||||
Property and equipment: | |||||||
Proved oil and gas properties - successful efforts | 48,454 | 49,435 | |||||
Other property and equipment | 6,439 | 6,455 | |||||
54,893 | 55,890 | ||||||
Less: accumulated depreciation, depletion and amortization | (47,578 | ) | (48,040 | ) | |||
Total property and equipment, net | 7,315 | 7,850 | |||||
Deferred charges | — | 85 | |||||
Deferred tax asset | 1,161 | — | |||||
Total assets | $ | 22,037 | $ | 16,704 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 1,430 | $ | 1,097 | |||
Accrued expenses | 1,180 | 648 | |||||
Current portion of long-term debt shown net of unamortized deferred loan costs of $191 and $211 as of December 31, 2015 and March 31, 2016, respectively | 289 | 10,079 | |||||
Current deferred tax liability | 1,161 | — | |||||
Total current liabilities | 4,060 | 11,824 | |||||
Long-term liabilities: | |||||||
Long-term debt, less current portion shown net of unamortized deferred loan costs of $36 as of December 31, 2015 | 10,009 | 39 | |||||
Asset retirement obligation | 1,457 | 1,498 | |||||
Total long-term liabilities | 11,466 | 1,537 | |||||
Total liabilities | 15,526 | 13,361 | |||||
Commitments and contingencies (Note 9) | |||||||
Stockholders' equity: | |||||||
Preferred stock, $.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding as of December 31, 2015 and March 31, 2016 | — | — | |||||
Common stock, $.0001 par value, 100,000,000 shares authorized, 31,861,357 and 32,001,203 shares issued and outstanding as of December 31, 2015 and March 31, 2016, respectively | 3 | 3 | |||||
Additional paid-in capital | 106,934 | 107,167 | |||||
Accumulated deficit | (100,426 | ) | (103,827 | ) | |||
Total stockholders' equity | 6,511 | 3,343 | |||||
Total liabilities and stockholders' equity | $ | 22,037 | $ | 16,704 |
Three Months Ended March 31, | |||||||
2015 | 2016 | ||||||
(Unaudited) | |||||||
Revenues: | |||||||
Oil and gas revenues | $ | 2,000 | $ | 1,024 | |||
Service revenues | 567 | 174 | |||||
Total revenues | 2,567 | 1,198 | |||||
Operating expenses: | |||||||
Oil and gas operations | 2,392 | 1,891 | |||||
Service operations | 521 | 273 | |||||
Science and technology | 474 | 334 | |||||
Selling, general and administrative | 1,718 | 1,418 | |||||
Depreciation, depletion and amortization | 1,068 | 506 | |||||
Total operating expenses | 6,173 | 4,422 | |||||
Loss from operations | (3,606 | ) | (3,224 | ) | |||
Other income (expense): | |||||||
Interest expense | (715 | ) | (343 | ) | |||
Gain on commodity derivatives | 1,369 | 155 | |||||
Other (expense) income | (15 | ) | 11 | ||||
Total other income (expense), net | 639 | (177 | ) | ||||
Net loss before taxes on income | (2,967 | ) | (3,401 | ) | |||
Income tax expense | 17 | — | |||||
Net loss | (2,984 | ) | (3,401 | ) | |||
Net loss per common share, basic and diluted | $ | (0.09 | ) | $ | (0.11 | ) | |
Weighted average common shares outstanding, basic and diluted | 31,563 | 31,940 |
Stockholders' equity | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Additional | Total | ||||||||||||||||||
Common stock | paid-in | Accumulated | stockholders' | ||||||||||||||||
Shares | Par value | capital | deficit | equity | |||||||||||||||
Balances as of December 31, 2015 | 31,861,357 | $ | 3 | $ | 106,934 | $ | (100,426 | ) | $ | 6,511 | |||||||||
Stock based compensation | 139,846 | — | 233 | — | 233 | ||||||||||||||
Net loss | — | — | — | (3,401 | ) | (3,401 | ) | ||||||||||||
Balances as of March 31, 2016 | 32,001,203 | $ | 3 | $ | 107,167 | $ | (103,827 | ) | $ | 3,343 |
Three Months Ended March 31, | |||||||
2015 | 2016 | ||||||
(Unaudited) | |||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (2,984 | ) | $ | (3,401 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation, depletion and amortization of property and equipment | 1,068 | 506 | |||||
Stock-based compensation | 432 | 233 | |||||
Bad debt expense | 36 | — | |||||
Amortization of deferred loan costs | 139 | 56 | |||||
Accretion of end-of-term charge | 40 | — | |||||
Unrealized (gain) loss on change in fair value of commodity derivatives | (223 | ) | 1,007 | ||||
Accretion of discount on long-term debt | 28 | — | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 92 | 521 | |||||
Prepaid expenses and other current assets | (133 | ) | (71 | ) | |||
Accounts payable | (1,658 | ) | (441 | ) | |||
Deferred revenues | (308 | ) | — | ||||
Accrued expenses | (457 | ) | (445 | ) | |||
Net cash used in operating activities | (3,928 | ) | (2,035 | ) | |||
Cash flows from investing activities: | |||||||
Purchase of proved oil and gas property | (204 | ) | (963 | ) | |||
Purchase of other property and equipment | (220 | ) | (16 | ) | |||
Net cash used in investing activities | (424 | ) | (979 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from the exercise of stock options | 130 | — | |||||
Payments on long-term debt | (2,054 | ) | (196 | ) | |||
Payments for deferred loan costs and deferred charges | — | (125 | ) | ||||
Net cash used in financing activities | (1,924 | ) | (321 | ) | |||
Net decrease in cash and cash equivalents | (6,276 | ) | (3,335 | ) | |||
Cash and cash equivalents, beginning of period | 29,751 | 8,380 | |||||
Cash and cash equivalents, end of period | $ | 23,475 | $ | 5,045 | |||
Supplemental cash flow information: | |||||||
Interest paid | $ | 823 | $ | 517 |
December 31, 2015 | March 31, 2016 | ||||||
(Unaudited) | |||||||
Proved oil and gas properties - successful efforts | $ | 48,454 | $ | 49,435 | |||
Unproved oil and gas properties | 443 | 459 | |||||
Construction in progress | 594 | 594 | |||||
Laboratory and warehouse facility | 648 | 648 | |||||
Laboratory and field service equipment | 3,355 | 3,355 | |||||
Office equipment, computer equipment, vehicles and other | 1,399 | 1,399 | |||||
54,893 | 55,890 | ||||||
Less: accumulated depreciation, depletion and amortization (1) | (47,578 | ) | (48,040 | ) | |||
Total property and equipment, net | $ | 7,315 | $ | 7,850 |
Three Months Ended March 31, | |||||||
2015 | 2016 | ||||||
(Unaudited) | |||||||
Depreciation and amortization expense | $ | 155 | $ | 151 | |||
Depletion expense | 877 | 312 | |||||
Accretion of asset retirement obligation | 36 | 43 | |||||
Total depreciation, depletion and amortization of property and equipment | $ | 1,068 | $ | 506 |
Fair value measurements using | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
December 31, 2015 | |||||||||||||
Short-term commodity derivatives, asset | — | $ | 3,411 | — | $ | 3,411 |
Fair value measurements using | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(Unaudited) | |||||||||||||
March 31, 2016 | |||||||||||||
Short-term commodity derivatives, asset | — | $ | 2,404 | — | $ | 2,404 |
Period | Volume/Month (Bbls) | Price/Unit | Fair Value - Asset | |||||||
(Unaudited) | ||||||||||
April 2016 - December 2016 | 6,550 | $ | 82.46 | 2,404,000 |
Three Months Ended March 31, | |||||||
2015 | 2016 | ||||||
(Unaudited) | |||||||
Unrealized gain (loss) on commodity derivatives | $ | 223 | $ | (1,007 | ) | ||
Realized gain on commodity derivatives | 1,146 | 1,162 | |||||
$ | 1,369 | $ | 155 |
Year ending March 31, | Amount | |||
(Unaudited) | ||||
2017 | 10,290 | |||
2018 | 8 | |||
2019 | 8 | |||
2020 | 9 | |||
2021 | 9 | |||
Thereafter | 5 | |||
$ | 10,329 |
Three Months Ended March 31, | |||||||
2015 | 2016 | ||||||
(Unaudited) | |||||||
Numerator: | |||||||
Net loss | $ | (2,984 | ) | $ | (3,401 | ) | |
Denominator: | |||||||
Weighted-average common shares outstanding - basic | 31,563 | 31,940 | |||||
Effect of dilutive securities | — | — | |||||
Weighted-average common shares - diluted | 31,563 | 31,940 | |||||
Net loss per common share - basic and diluted | $ | (0.09 | ) | $ | (0.11 | ) |
Three Months Ended March 31, | |||||
2015 | 2016 | ||||
(Unaudited) | |||||
Common stock warrants ($10 strike price) | 5,321 | 5,321 | |||
Common stock options | 2,240 | 2,793 | |||
Restricted shares | 469 | 720 |
Year Ending March 31, | ||||
(Unaudited) | ||||
2017 | 240 | |||
2018 | 21 | |||
$ | 261 |
Year ended December 31, | ||
2015 | ||
Risk-free interest rate | 1.55 | % |
Expected volatility | 66 | % |
Expected dividend yield | — | |
Expected life (in years) | 6.00 | |
Expected forfeiture rate | — |
Number of options | Weighted average exercise price per share | Weighted average remaining contractual term (years) | Aggregate intrinsic value | |||||||||
Outstanding as of December 31, 2015 | 2,834,635 | $ | 1.01 | 6.9 | $ | 89,000 | ||||||
Awarded (unaudited) | — | |||||||||||
Exercised (unaudited) | — | |||||||||||
Forfeited or Expired (unaudited) | (61,864 | ) | 2.86 | |||||||||
Outstanding as of March 31, 2016 (unaudited) | 2,772,771 | $ | 0.96 | 6.57 | $ | — | ||||||
Exercisable as of December 31, 2015 | 1,934,605 | $ | 0.84 | 5.7 | $ | 89,000 | ||||||
Exercisable as of March 31, 2016 (unaudited) | 1,999,231 | $ | 0.91 | 5.5 | $ | — |
Shares | Weighted-average grant date fair value | |||||
Non-vested awards outstanding, December 31, 2015 | 844,592 | $ | 2.67 | |||
Vested | (157,387 | ) | 2.99 | |||
Forfeited | (38,265 | ) | 1.96 | |||
Non-vested awards outstanding, March 31, 2016 | 648,940 | $ | 2.64 |
Oil and Gas | AERO Services | Corporate | Total | ||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||
Revenues | $ | 2,000 | $ | 567 | $ | — | $ | 2,567 | |||||||
Total operating expenses | 2,392 | 521 | 2,192 | 5,105 | |||||||||||
Depreciation, depletion and amortization | 953 | 100 | 15 | 1,068 | |||||||||||
Loss from operations | (1,345 | ) | (54 | ) | (2,207 | ) | (3,606 | ) | |||||||
Other income (expense), net | 1,369 | — | (730 | ) | 639 | ||||||||||
Income tax expense | — | — | 17 | 17 | |||||||||||
Net income (loss) | 24 | (54 | ) | (2,954 | ) | (2,984 | ) |
Oil and Gas | AERO Services | Corporate | Total | ||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended March 31, 2016 | |||||||||||||||
Revenues | $ | 1,024 | $ | 174 | $ | — | $ | 1,198 | |||||||
Total operating expenses | 1,891 | 273 | 1,752 | 3,916 | |||||||||||
Depreciation, depletion and amortization | 375 | 90 | 41 | 506 | |||||||||||
Loss from operations | (1,242 | ) | (189 | ) | (1,793 | ) | (3,224 | ) | |||||||
Other income (expense), net | 155 | — | (332 | ) | (177 | ) | |||||||||
Income tax benefit | — | — | — | — | |||||||||||
Net loss | (1,087 | ) | (189 | ) | (2,125 | ) | (3,401 | ) |
Three months ended March 31, | |||||||
2015 | 2016 | ||||||
Revenues: | |||||||
Oil and gas revenues | $ | 2,000 | $ | 1,024 | |||
Service revenues | 567 | 174 | |||||
Total revenues | 2,567 | 1,198 | |||||
Operating expenses: | |||||||
Oil and gas operations | 2,392 | 1,891 | |||||
Service operations | 521 | 273 | |||||
Science and technology | 474 | 334 | |||||
Selling, general and administrative | 1,718 | 1,418 | |||||
Depreciation, depletion and amortization | 1,068 | 506 | |||||
Total operating expenses | 6,173 | 4,422 | |||||
Loss from operations | (3,606 | ) | (3,224 | ) | |||
Other income (expense): | |||||||
Interest expense | (715 | ) | (343 | ) | |||
Gain on commodity derivatives | 1,369 | 155 | |||||
Other (expense) income | (15 | ) | 11 | ||||
Total other income (expense), net | 639 | (177 | ) | ||||
Income tax expense | 17 | — | |||||
Net loss | $ | (2,984 | ) | $ | (3,401 | ) |
Three Months Ended March 31, | |||||||
2015 | 2016 | ||||||
Revenues (in thousands): | |||||||
Oil revenues | $ | 1,968 | $ | 1,011 | |||
Natural gas revenues | 32 | 13 | |||||
Total oil and gas revenues | $ | 2,000 | $ | 1,024 | |||
Sales volumes: | |||||||
Oil volumes (MBbls) | 40 | 33 | |||||
Gas volumes (MMcf) | 21 | 11 | |||||
Gas volumes (MBoe) | 3 | 2 | |||||
Total volumes (MBoe) | 43 | 35 | |||||
Price: | |||||||
Average oil price received per Bbl | $ | 49.43 | $ | 30.65 | |||
Average oil price per Bbl including price swap settlements | $ | 78.21 | $ | 65.86 | |||
Average gas price per Mcf | $ | 1.53 | $ | 1.11 |
Three months ended March 31, | |||||||
2015 | 2016 | ||||||
Lease operating expense | $ | 1,422 | $ | 1,281 | |||
Ad valorem taxes | 138 | 47 | |||||
Severance taxes | 92 | 48 | |||||
Acquisition expenses | 26 | 25 | |||||
Oil and gas overhead expense | 714 | 490 | |||||
Oil and gas operations expense | $ | 2,392 | $ | 1,891 |
Three Months Ended March 31, | |||||||
2015 | 2016 | ||||||
Net cash used in operating activities | $ | (3,928 | ) | $ | (2,035 | ) | |
Net cash used in investing activities | $ | (424 | ) | $ | (979 | ) | |
Net cash used in financing activities | $ | (1,924 | ) | $ | (321 | ) |
Payments Due By Period | ||||||||||||||||||||
Contractual Obligations | Total | Less Than 1 Year | 1-3 Years | 3-5 Years | More Than 5 Years | |||||||||||||||
Operating lease obligations(1) | $ | 261 | $ | 240 | $ | 21 | $ | — | $ | — | ||||||||||
Asset retirement obligation(2) | 1,565 | 67 | 242 | 672 | 584 | |||||||||||||||
Long-term debt(3) | 11,702 | 11,657 | 20 | 20 | 5 | |||||||||||||||
Total | $ | 13,528 | $ | 11,964 | $ | 283 | $ | 692 | $ | 589 |
(1) | Our commitments for operating leases primarily relate to the leases of office and warehouse facilities in Houston, Texas and warehouse facilities in Gull Lake, Saskatchewan. |
(2) | Relates to our oil properties, net of accretion. |
(3) | Includes expected future interest payments. |
Exhibit | Description |
3.1 | Amended and Restated Certificate of Incorporation of Glori Energy Inc. (incorporated by reference to Exhibit 3.3 of the Company's Form 8-K/A, filed May 2, 2014) |
3.2 | Amended and Restated Bylaws of Glori Energy, Inc. (incorporated by reference to Exhibit 3.4 of the Company's Form 8-K, filed April 18, 2014) |
3.3 | Amended and Restated Bylaws of Glori Energy, Inc. (incorporated by reference to Exhibit 3.3 of the Company's Form 10-K, filed March 23, 2016) |
10.1 | Fourth Amendment to the Note Purchase Agreement made and entered into as of March 18, 2016, between Glori Energy Production Inc., Stellus Capital Investment Corporation and each of the holders signatory thereto (incorporated by reference to Exhibit 10.16 of the Company's Form 10-K, filed March 23, 2016. |
31.1* | Certification by Stuart Page, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2* | Certification by Victor Perez, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1* | Certification by Stuart Page, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2* | Certification by Victor Perez, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS* | XBRL Instance Document |
101.SCH* | XBRL Taxonomy Extension Schema Document |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Filed herewith |
May 13, 2016 |
Date |
Glori Energy Inc. | ||
Registrant | ||
By: | /s/ Victor M. Perez | |
Victor M. Perez Chief Financial Officer (Principal Financial Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of the Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: May 13, 2016 |
/s/ Stuart Page |
Stuart Page |
Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of the Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: May 13, 2016 |
/s/ Victor M. Perez |
Victor M. Perez |
Chief Financial Officer |
1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
/s/ Stuart Page |
Stuart Page |
Chief Executive Officer |
1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
/s/ Victor Perez |
Victor Perez |
Chief Financial Officer |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
May. 10, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Glori Energy Inc. | |
Trading Symbol | GLRI | |
Entity Central Index Key | 0001597131 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 32,764,938 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Unamortized deferred loan costs, current | $ 211 | $ 191 |
Unamortized deferred loan costs, noncurrent | $ 36 | |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 32,001,203 | 31,861,357 |
Common stock, shares outstanding | 32,001,203 | 31,861,357 |
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Revenues: | ||
Oil and gas revenues | $ 1,024 | $ 2,000 |
Service revenues | 174 | 567 |
Total revenues | 1,198 | 2,567 |
Operating expenses: | ||
Oil and gas operations | 1,891 | 2,392 |
Service operations | 273 | 521 |
Science and technology | 334 | 474 |
Selling, general and administrative | 1,418 | 1,718 |
Depreciation, depletion and amortization | 506 | 1,068 |
Total operating expenses | 4,422 | 6,173 |
Net income (loss) from operations | (3,224) | (3,606) |
Other income (expense): | ||
Interest expense | (343) | (715) |
Gain on commodity derivatives | 155 | 1,369 |
Other (expense) income | 11 | (15) |
Total other income (expense), net | (177) | 639 |
Net loss before taxes on income | (3,401) | (2,967) |
Income tax expense | 0 | 17 |
Net income (loss) | $ (3,401) | $ (2,984) |
Net loss per common share, basic and diluted (in dollars per share) | $ (0.11) | $ (0.09) |
Weighted average common shares outstanding, basic and diluted (in shares) | 31,940 | 31,563 |
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Accumulated Deficit [Member] |
---|---|---|---|---|
Beginning balance at Dec. 31, 2015 | $ 6,511 | $ 3 | $ 106,934 | $ (100,426) |
Beginning balance (in shares) at Dec. 31, 2015 | 31,861,357 | 31,861,357 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock based compensation | $ 233 | 233 | ||
Stock based compensation (in shares) | 139,846 | |||
Net loss | (3,401) | (3,401) | ||
Ending balance at Mar. 31, 2016 | $ 3,343 | $ 3 | $ 107,167 | $ (103,827) |
Ending balance (in shares) at Mar. 31, 2016 | 32,001,203 | 32,001,203 |
Organization, Nature of Business and Liquidity |
3 Months Ended |
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Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Nature of Business and Liquidity | ORGANIZATION, NATURE OF BUSINESS AND LIQUIDITY Glori Energy Technology Inc., a Delaware corporation (formerly Glori Energy Inc.) ("GETI"), was incorporated in November 2005 (as successor in interest to Glori Oil LLC) to increase production and recovery from mature oil wells using state of the art biotechnology solutions. Glori Energy Inc., GETI, Glori Canada Ltd., Glori Holdings Inc., Glori California Inc., OOO Glori Energy and Glori Energy Production Inc. are collectively referred to as the “Company” in the condensed consolidated financial statements. |
Summary of Significant Accounting Policies |
3 Months Ended |
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Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to these rules and regulations. In the opinion of management, these condensed consolidated financial statements contain all adjustments necessary to present fairly the Company’s condensed consolidated balance sheets as of December 31, 2015 and March 31, 2016 (unaudited), condensed consolidated statements of operations for the three months ending March 31, 2015 and March 31, 2016 (unaudited), condensed consolidated statement of stockholders’ equity for the three months ended March 31, 2016 (unaudited) and condensed consolidated statements of cash flows for the three months ended March 31, 2015 and March 31, 2016 (unaudited). All such adjustments represent normal recurring items. The financial information contained in this report for the three months ended March 31, 2015 and March 31, 2016, and as of March 31, 2016, is unaudited. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2015 and the notes thereto. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Glori Energy Inc. and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Recently Adopted Accounting Pronouncements In the first quarter of 2016, ASU No. 2015-03, "Interest--Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" became effective for the Company. The standard moved the presentation of the Company's deferred loan costs from an asset to a contra-liability account thus reducing the liability balance of loans by the amount of the deferred loan costs. The deferred loan costs are amortized to interest expense over the life of the loan. The standard was applied retrospectively and accordingly the December 31, 2015 previously reported total current and non-current loan principal balance of $10,525,000 is now shown net of total deferred loan costs of $227,000 and the March 31, 2016 total current and non-current loan principal balance of $10,329,000 is now shown net of total deferred loan costs of $211,000. The change did not have an impact to net income. During the first quarter of 2016 the Company also chose to adopt Accounting Standards Update No. 2015-17: Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17" or the "Standard"). ASU 2015-17 is part of an initiative to reduce complexity in accounting standards. Current GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. However, this classification does not generally align with the time period in which the recognized deferred tax amounts are expected to be recovered or settled. To simplify the presentation of the deferred income taxes, ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of an entity be offset and presented as a single amount is not affected by the amendments of ASU 2015-17. For public entities, ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years; early application is permitted. Because the Company has applied a 100% valuation allowance to its net deferred tax asset, there are no deferred tax accounts reported in the consolidated balance sheet as of March 31, 2016. This Standard would have otherwise been effective for the Company’s fiscal year beginning January 1, 2017, but Management believes that the revised presentation more realistically reflects the Company’s financial position related to deferred income taxes. As allowed by the Standard, the company has elected to apply the provisions prospectively, and accordingly, has not adjusted deferred tax accounts retrospectively for any earlier periods. |
Risks and Uncertainties |
3 Months Ended |
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Mar. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | RISKS AND UNCERTAINTIES As a small company with an emerging technology the Company has generated negative cash flows since inception. The Company continues to generate negative cash flows and the downturn in the oil market has adversely affected its results from operations and cash flows. Cash has decreased from $8.4 million at December 31, 2015 to $5.0 million at March 31, 2016 due to the net cash used in operating activities of $2.0 million, the repayment of debt of $196 thousand, and capital expenditures of $979 thousand. Based on its cash balance and forecasted cash flows from operating activities, the Company expects to be able to fund planned capital expenditures, meet debt service requirements, and fund other commitments and obligations for 2016. As of May 10, 2016, the Company does not have lines of credit available to it. As a result of the negative cash flows and the decrease in oil prices, the Company will need to raise capital over the next twelve months to fund its operations and to repay or refinance its term note of $10.3 million which matures March of 2017. The Company may have difficulty obtaining such additional financing as a result of the decrease in oil prices, its negative cash flows from operations and the significant decrease in its share price. Failure to obtain additional financing would have a material adverse effect on the Company’s business operations and financial condition. The significant decrease in oil prices has made it difficult for the Company to execute on its strategy of acquiring producing properties which would contribute to its revenues and cash flows due to potential sellers’ reluctance to sell at depressed prices. Additionally, the current oil price environment has negatively affected the Company's cash flow, the availability of capital to Glori and the E&P industry in general. These factors have also resulted in a dramatic decrease in the Company's stock price, which also impacts the ability to raise new equity capital. In order to address this challenging environment, the Company made significant cost reductions, both in its administrative and professional staff, and lease operating expenses. The Company also limited capital expenditures to those required to implement AERO technology at the Coke field. Additionally, the Company is exploring alternatives to raise capital in order to bolster its liquidity and build a larger asset base. In August 2015, the Company implemented the first phase of AERO at the Coke field. In March 2016 it completed installation of phase II of AERO implementation. Phase II incorporates the addition of two AERO injection wells to increase the proportion of the field that is impacted by AERO technology. The Company now has three injection wells running in total. Phase II implementation commenced after data from phase I limited trial demonstrated encouraging indication of AERO performance. The wells are located on the periphery of the Coke field and are designed to increase production from more of the field than was impacted by the first injector. Finally, the Company applied to the United States Department of Energy’s Loan Programs Office (“LPO”) for a $150 million loan guarantee in connection with a project applying AERO to previously abandoned reservoirs in the U. S. Based on LPO’s evaluation of Part I of the application, in March 2016, LPO invited the Company to submit Part II of its application. The Company is in the process of submitting Part II of the application, however, the ultimate outcome of the application and whether a loan guarantee will be issued cannot be predicted. It is currently anticipated that the loan guarantee, if issued, will fund up to 80% of project costs with the balance to be raised and contributed by the Company. On March 18, 2016, GEP entered into an amendment to the credit agreement on the senior secured term loan facility with its lender, Stellus Capital Investment Corporation, which had the effect of removing the financial ratio covenants and the semi-annual collateral value redetermination until maturity in March 2017 (see NOTE 7). Without this amendment the Company likely would not have been able to meet all financial covenants in the future. On October 23, 2015, the Company received a notice from the Listing Qualifications Department of the NASDAQ Stock Market LLC indicating that, for the previous 30 consecutive business days, the bid price for our common stock had closed below the minimum $1.00 per share required for continued inclusion on The NASDAQ Capital Market under NASDAQ Listing Rule 5550(a)(2). The Company was afforded 180 calendar days, or until April 20, 2016, to regain compliance with the minimum bid price requirement. In order to regain compliance, shares of the Company’s common stock must maintain a minimum bid closing price of at least $1.00 per share for a minimum of ten consecutive business days, subject to NASDAQ's discretion to increase such ten-day period. On April 25, 2016, we received a letter from NASDAQ granting the Company an additional 180 days to regain compliance with the minimum bid price requirement. The Company has until October 17, 2016 to regain compliance with the bid price requirement. In addition, the Company must continue to meet the continued listing criteria, including maintaining stockholders' equity of at least $2.5 million. If the Company continues to have net losses, it will need to sell equity in order to continue to meet this requirement. The notification letter has no immediate effect on Glori’s listing or trading of common stock, does not affect the Company’s business operations or its SEC reporting requirements and does not cause a default under any material agreement. |
Property and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | PROPERTY AND EQUIPMENT Property and equipment consists of the following (in thousands):
(1) Excludes accretion of asset retirement obligation. Depreciation, depletion, amortization and impairment consists of the following (in thousands):
On July 1, 2015 the Company sold its mineral interests in the "Etzold Field" located in Seward County, Kansas. The Etzold Field was originally purchased in 2010 as a greenfield lab to advance the development of the Company's AERO technology, and the operations have historically been included in the Company's Oil and Gas Segment (see NOTE 12). With the purchase of the larger Coke Field and with the Company's future acquisition plans, the Company made the strategic decision to divest the Etzold Field. Prior to the sale the Company had associated net assets of $89,000, which were composed primarily of the purchase and development charges less accumulated depreciation and depletion and associated liabilities of $435,000 related to the plugging and abandonment obligation associated with the Etzold Field. In exchange for the leasehold interest in the field, the Company received $75,000 and the purchaser's assumption of the related asset retirement obligation. The Company recognized a gain on the sale of $422,000. For the three months ended March 31, 2015, the Company had revenues of $16 thousand and a net loss of $97 thousand associated with the Etzold Field. On June 1, 2015, a subsidiary of the Company, Glori Energy Production Inc., executed a purchase and sale agreement to acquire certain proved oil and gas mineral leases in Refugio County, Texas (the “Bonnie View Field”) from a third party seller for $2,644,000. The carrying value of the Bonnie View Field assets is also increased by an asset retirement obligation associated with plugging and abandoning the Bonnie View Field assets of $432,000. The effective date of the purchase was May 1, 2015. The Bonnie View Field does not meet the definition of a significant acquisition which would require pro forma financial information. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS FASB standards define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs that are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The following table summarizes the financial assets measured at fair value, on a recurring basis as of December 31, 2015 and March 31, 2016 (in thousands):
The Level 2 instruments presented in the table above consists of derivative instruments made up of commodity price swaps. The fair values of the Company's commodity derivative instruments are based upon the NYMEX futures value of oil compared to the contracted per barrel rate to be received. The Company records a liability associated with the futures contracts when the futures price of oil is greater than the contracted per barrel rate to be received and an asset when the futures price of oil is less than the contracted per barrel rate to be received. |
Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | DERIVATIVE INSTRUMENTS The Company utilizes derivative financial instruments to manage risks related to changes in oil prices. The Company is currently engaged in oil commodity price swaps where a fixed price is received from the counterparty for a portion of the Company's oil production. In return the Company pays a floating price based upon NYMEX oil prices. Although these arrangements are designed to reduce the downside risk of a decline in oil prices on the covered production, they conversely limit potential income from increases in oil prices and expose the Company to the credit risk of counterparties. The Company endeavors to manage the default risk of counterparties by engaging in these agreements with only high credit quality companies and through the continuous monitoring of their performance. As of March 31, 2016, the Company had the following open positions on outstanding commodity derivative contracts:
The derivative contracts are carried at fair value on the condensed consolidated balance sheet as assets or liabilities. The Company has not elected to designate any of these as derivative contracts for hedge accounting. Accordingly, for each reporting period the contracts are marked-to-market and the resulting unrealized changes in the fair value of the assets and liabilities are recognized on the condensed consolidated statements of operations. The settlements of the closed derivative contracts result in realized gains and losses recorded on the Company's condensed consolidated statements of operations. The unrealized and realized gains and losses on derivative instruments are recognized in the (loss) gain on commodity derivatives line item located in other income (expense). The following tables summarize the unrealized and realized gain (loss) on commodity derivatives (in thousands):
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Long Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long Term Debt | LONG-TERM DEBT On June 11, 2012, the Company entered into a secured term promissory note in the amount of $8.0 million. The note contained a 10.0% annual interest rate subject to increase based upon an increase in the prime rate. The loan was secured by substantially all assets of the Company with the exception of the Coke Field Assets. The lender also received a warrant to purchase shares of the Company’s stock which was exchanged for 18,208 common shares upon consummation of the Merger. Equal monthly principal payments were due over 27 months beginning in April 2013 through June 2015 plus an end of term charge of $280,000. The loan agreement contained covenants which place restrictions on the incurrence of debt, liens and capital expenditures. On March 2, 2015 the Company elected to prepay the entire remaining indebtedness. The payment included remaining principal of $888,000 and the end of term charge of $280,000. On March 14, 2014 in connection with the closing of the acquisition of the Coke Field, the Company entered into a financing agreement of $18.0 million in order to fund a portion of the $38.0 million in cash required for the acquisition. The $18.0 million note is a senior secured term loan of Glori Energy Production Inc. and is secured by the Coke Field and shares of common stock of Glori Energy Production Inc. The loan has a three year term bearing interest at 11.0% per annum, subject to increase upon a LIBOR rate increase above 1%. The credit agreement requires quarterly principal payments equal to 50% of the excess cash flows, as defined, from the Coke Field during the first year and 75% thereafter subject to a minimum quarterly principal payment of $112,500 plus interest. The loan was funded net of closing costs of 2%, or $360,000, which is shown on the condensed consolidated balance sheets as a reduction of proceeds and amortized over the loan term. The loan agreement contains covenants which place restrictions on Glori Energy Production’s ability to incur additional debt, incur other liens, make other investments, capital expenditures and the sale of assets. On March 18, 2016, GEP entered into an amendment to the credit agreement on the senior secured term loan facility with its lender, Stellus Capital Investment Corporation, which had the effect of removing the previously required financial ratio covenants and semi-annual collateral value redetermination until maturity in March 2017. In connection with the amendment, the interest rate on the loan increased to 13.0% per annum from 11.0%. The additional 2.0% may be “paid in kind”, and added to the principal amount, or paid in cash at the election of the Company. In addition, principal of $37,500 plus interest is payable monthly compared to the minimum principal payments of $112,500 plus interest which was previously payable quarterly. Without this amendment we likely would not have been able to meet all of our financial covenants in the future. As of December 31, 2015 and March 31, 2016 the outstanding loan balance was $10.5 million and $10.3 million, respectively. Maturities on long-term debt during the next five years are as follows (in thousands).
The maturities above are presented on the March 31, 2016 condensed consolidated balance sheet net of debt issuance costs of $211 thousand. |
Loss Per Share |
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Loss Per Share | LOSS PER SHARE The Company follows current guidance for share-based payments which are considered as participating securities. Share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are designated as participating securities and are included in the computation of basic earnings per share. However, in periods of net loss, participating securities other than common stock are not included in the calculation of basic loss per share because there is not a contractual obligation for owners of these securities to share in the Company’s losses, and the effect of their inclusion would be anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):
The following weighted average securities outstanding during the three months ended March 31, 2015 and March 31, 2016 were not included in the calculation of diluted shares outstanding as they would have been anti-dilutive (in thousands):
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Income Taxes |
3 Months Ended |
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Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES At December 31, 2015 and March 31, 2016, the Company has net operating loss carryforwards for federal income tax reporting purposes of approximately $64.5 million and $68.4 million, respectively, which will begin to expire in the year 2025, and tax credits of approximately $508,000 and $521,000, respectively, which will begin to expire in 2027. The NOL carry forward has been reduced by approximately $5.4 million of loss carryforwards that management estimates will expire due to limitations from changes in control. The Company has recorded a valuation allowance against the Company's deferred tax assets. The effective tax rate for the three months ended March 31, 2015 and 2016 varies from the statutory rate primarily due to the effect of the valuation allowance. For the three months ended March 31, 2015 the Company had an income tax expense of $17,000 due to taxes payable on foreign income. For the three months ended March 31, 2016 the Company had no income tax expense. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Litigation From time to time, the Company may be subject to legal proceedings and claims that arise in the ordinary course of business. The Company is not currently a party to any material litigation or proceedings and is not aware of any material litigation or proceedings, pending or threatened against it. Commitments The Company leases two buildings in Houston, Texas and a warehouse facility in Gull Lake, Saskatchewan under operating leases. The Company entered into a two-year lease agreement in October 2014, for 7,805 square feet of office space in Houston's Westchase District for approximately $18,000 per month. The Company does not intend to renew this lease upon expiration in October 2016. The Company's original Houston building lease, which contains office space, warehouse space and a laboratory, expires in May 2017 and is leased for $11,000 per month. The Saskatchewan warehouse is a month-to-month lease which rents for C$1,000 per month and is cancelable with 30 days notice. Approximate minimum future rental payments under these noncancelable operating leases as of March 31, 2016 are as follows (in thousands):
Total rent expense was approximately $71,000 and $90,000 for the three months ended March 31, 2015 and March 31, 2016, respectively. |
Stock-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION Stock Incentive Plan In December 2014, the Company shareholders approved the adoption of the 2014 Long Term Incentive Plan ("the 2014 Plan") which authorized 2,000,000 shares to be available for issuance to officers, directors, employees, and consultants of the Company. Options are issued at an exercise price equal to the fair market value of the Company’s common stock at the grant date. Generally, the options vest 25 percent after 1 year, and thereafter ratably each month over the following 36 months, and may be exercised for a period of 10 years subject to vesting. Stock-based compensation expense, included primarily in selling, general and administrative expense, was $432,000 and $233,000 for the three months ended March 31, 2015 and March 31, 2016, respectively. The Company has future unrecognized compensation expense for nonvested shares at March 31, 2016 of $1.8 million with a weighted average vesting period of 2.7 years. Stock Option Awards: The Company has computed the fair value of all options granted during the year ended December 31, 2015, using the Black-Scholes option pricing model using the following assumptions:
The following table summarizes the activity of the Company’s plan related to stock options:
The weighted-average grant date fair value for equity options granted during the three months ended March 31, 2015 was $2.40. There were no option awards issued in the three months ended March 31, 2016. The total fair value of options vested during the three months ended March 31, 2015 and March 31, 2016 was $60,000 and $127,000, respectively. Restricted Share Awards: In addition to options the Company has granted restricted share awards to certain executives and members of the board of directors. The following table shows a summary of restricted stock activity for the three months ended March 31, 2016:
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | SEGMENT INFORMATION The Company generates revenues through the production and sale of oil and natural gas (the “Oil and Gas Segment”) and through the Company’s AERO services provided to third party oil companies (the “AERO Services Segment”). The Oil and Gas Segment produces and develops the Company’s acquired oil and natural gas interests. The revenues derived from the segment are from sales to the first purchaser. The Company uses two such arrangements for oil sales, one for the Coke Field and Quitman Fields located in Wood County, Texas and one for the Bonnie View Field in Refugio County, Texas. The AERO Services Segment derives revenues from external customers by providing the Company’s biotechnology solution of enhanced oil recovery through a two-step process consisting of (1) the Analysis Phase and (2) the Field Deployment Phase. The Analysis Phase work is a reservoir screening process whereby the Company obtains field samples and evaluates the Company’s potential for AERO Services Segment success. This process is performed at the Company’s Houston laboratory facility. The science and technology expenses shown on the Company’s condensed consolidated statements of operations are the expenses that are directly attributable to the Analysis Phase and expenses associated with the Company’s on-going research and development of its technology and are included in the "Corporate Segment". In the Field Deployment Phase the Company deploys skid mounted injection equipment used to inject nutrient solution in the oil reservoir. The work in this phase is performed in oil fields of customers located in the United States and internationally and in the Company’s own oil fields. The service operations expense shown on the Company’s condensed consolidated statements of operations are the expenses that are directly attributable to the Field Deployment Phase and included in the AERO Services Segment. Earnings of industry segments exclude income taxes, interest income, interest expense and unallocated corporate expenses. Although the AERO Services Segment provides enhanced oil recovery services to the Oil and Gas Segment, the Company does not utilize intercompany charges. The direct costs of the services such as the injection solution, transportation of the solution and expenses associated with the injection are charged directly to the Oil and Gas Segment. All of the AERO Services Segment capital expenditures and depreciation associated with injection equipment is viewed as part of the AERO Services Segment. The following table sets forth the operating segments of the Company and the associated revenues and expenses (in thousands):
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Summary of Significant Accounting Policies (Policies) |
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Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to these rules and regulations. In the opinion of management, these condensed consolidated financial statements contain all adjustments necessary to present fairly the Company’s condensed consolidated balance sheets as of December 31, 2015 and March 31, 2016 (unaudited), condensed consolidated statements of operations for the three months ending March 31, 2015 and March 31, 2016 (unaudited), condensed consolidated statement of stockholders’ equity for the three months ended March 31, 2016 (unaudited) and condensed consolidated statements of cash flows for the three months ended March 31, 2015 and March 31, 2016 (unaudited). All such adjustments represent normal recurring items. The financial information contained in this report for the three months ended March 31, 2015 and March 31, 2016, and as of March 31, 2016, is unaudited. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2015 and the notes thereto. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Glori Energy Inc. and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In the first quarter of 2016, ASU No. 2015-03, "Interest--Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" became effective for the Company. The standard moved the presentation of the Company's deferred loan costs from an asset to a contra-liability account thus reducing the liability balance of loans by the amount of the deferred loan costs. The deferred loan costs are amortized to interest expense over the life of the loan. The standard was applied retrospectively and accordingly the December 31, 2015 previously reported total current and non-current loan principal balance of $10,525,000 is now shown net of total deferred loan costs of $227,000 and the March 31, 2016 total current and non-current loan principal balance of $10,329,000 is now shown net of total deferred loan costs of $211,000. The change did not have an impact to net income. During the first quarter of 2016 the Company also chose to adopt Accounting Standards Update No. 2015-17: Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17" or the "Standard"). ASU 2015-17 is part of an initiative to reduce complexity in accounting standards. Current GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. However, this classification does not generally align with the time period in which the recognized deferred tax amounts are expected to be recovered or settled. To simplify the presentation of the deferred income taxes, ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of an entity be offset and presented as a single amount is not affected by the amendments of ASU 2015-17. For public entities, ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years; early application is permitted. Because the Company has applied a 100% valuation allowance to its net deferred tax asset, there are no deferred tax accounts reported in the consolidated balance sheet as of March 31, 2016. This Standard would have otherwise been effective for the Company’s fiscal year beginning January 1, 2017, but Management believes that the revised presentation more realistically reflects the Company’s financial position related to deferred income taxes. As allowed by the Standard, the company has elected to apply the provisions prospectively, and accordingly, has not adjusted deferred tax accounts retrospectively for any earlier periods. |
Property and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property and equipment consists of the following (in thousands):
(1) Excludes accretion of asset retirement obligation. Depreciation, depletion, amortization and impairment consists of the following (in thousands):
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of financial assets measured at fair value | The following table summarizes the financial assets measured at fair value, on a recurring basis as of December 31, 2015 and March 31, 2016 (in thousands):
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Derivative Instruments (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | As of March 31, 2016, the Company had the following open positions on outstanding commodity derivative contracts:
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Gain (Loss) on Derivatives | The following tables summarize the unrealized and realized gain (loss) on commodity derivatives (in thousands):
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Long Term Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | Maturities on long-term debt during the next five years are as follows (in thousands).
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Loss Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following weighted average securities outstanding during the three months ended March 31, 2015 and March 31, 2016 were not included in the calculation of diluted shares outstanding as they would have been anti-dilutive (in thousands):
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Commitments and Contingencies (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Minimum Future Capital Lease Payments | Approximate minimum future rental payments under these noncancelable operating leases as of March 31, 2016 are as follows (in thousands):
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Stock-Based Compensation (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Assumptions | The Company has computed the fair value of all options granted during the year ended December 31, 2015, using the Black-Scholes option pricing model using the following assumptions:
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Schedule of Stock Option Activity | The following table summarizes the activity of the Company’s plan related to stock options:
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Schedule of Restricted Stock Activity | he following table shows a summary of restricted stock activity for the three months ended March 31, 2016:
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following table sets forth the operating segments of the Company and the associated revenues and expenses (in thousands):
|
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounting Policies [Abstract] | ||
Long-term debt | $ 10,329,000 | $ 10,525,000 |
Deferred loan costs | 211,000 | $ 227,000 |
Long-term debt | $ 10,329,000 | |
Percentage of valuation allowance applied to deferred tax asset | 100.00% | |
Deferred tax assets | $ 0 |
Risks and Uncertainties (Details) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2016
USD ($)
injection_well
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Risks and Uncertainties [Abstract] | ||||
Cash and cash equivalents | $ 5,045,000 | $ 23,475,000 | $ 8,380,000 | $ 29,751,000 |
Net cash used in operating activities | (2,035,000) | (3,928,000) | ||
Repayments of Long-term Debt | 196,000 | $ 2,054,000 | ||
Capital expenditures | 979,000 | |||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 10,329,000 | |||
Number of additions to productive oil wells | injection_well | 2 | |||
Total productive oil wells | injection_well | 3 | |||
11% Senior Secured Term Loan [Member] | Glori Energy Production, Inc. [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 10,264,000 | $ 10,500,000 | ||
United States Department of Energy Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 150,000,000 | |||
Percentage of project costs funded by loan guarantee (up to) | 80.00% |
Property and Equipment - Depreciation, Depletion, and Amortization (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 151 | $ 155 |
Depletion expense | 312 | 877 |
Accretion of asset retirement obligation | 43 | 36 |
Total depreciation, depletion and amortization of property and equipment | $ 506 | $ 1,068 |
Property and Equipment - Etzold Field (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Jul. 01, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
Jun. 30, 2015 |
|
Long Lived Assets Held-for-sale [Line Items] | ||||
Revenues | $ 1,024 | $ 2,000 | ||
Net loss | $ 3,224 | 3,606 | ||
Etzold Field [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Net assets | $ 89 | |||
Revenues | 16 | |||
Net loss | $ 97 | |||
Etzold Field [Member] | Mining Properties and Mineral Rights [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Asset retirement obligation | $ 435 | |||
Purchase consideration for mineral interests | $ 75 | |||
Gain on sale of mineral interests | $ 422 |
Property and Equipment - Bonnie View Assets (Details) - Glori Energy Production, Inc. [Member] - Bonnie View Assets [Member] - USD ($) $ in Thousands |
Jun. 01, 2015 |
Jun. 30, 2015 |
---|---|---|
Business Acquisition [Line Items] | ||
Purchase price | $ 2,644 | |
Asset retirement obligation | $ 432 |
Fair Value Measurements - Summary of Financial Assets and Liabilities (Details) - Commodity Contract [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term commodity derivatives, asset | $ 2,404 | $ 3,411 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term commodity derivatives, asset | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term commodity derivatives, asset | 2,404 | 3,411 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term commodity derivatives, asset | $ 0 | $ 0 |
Derivative Instruments - Outstanding Commodity Derivative Contracts (Details) - Not Designated as Hedging Instrument [Member] - Commodity Contract [Member] - April 2016 - December 2016 [Member] $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
$ / bbl
bbl
| |
Derivative [Line Items] | |
Volume per month (Bbls) | bbl | 6,550 |
Price (usd per barrel) | $ / bbl | 82.46 |
Fair Value - Asset | $ | $ 2,404 |
Derivative Instruments - Realized and Unrealized Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized gain (loss) on commodity derivatives | $ (1,007) | $ 223 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized gain (loss) on commodity derivatives | (1,007) | 223 |
Realized gain on commodity derivatives | 1,162 | 1,146 |
Gain (loss) on oil and natural gas derivatives | $ 155 | $ 1,369 |
Long Term Debt - Maturities on Long-Term Debt (Details) - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Debt Disclosure [Abstract] | ||
2017 | $ 10,290,000 | |
2018 | 8,000 | |
2019 | 8,000 | |
2020 | 9,000 | |
2021 | 9,000 | |
Thereafter | 5,000 | |
Total | $ 10,329,000 | $ 10,525,000 |
Loss Per Share - Summary of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Numerator: | ||
Net loss | $ (3,401) | $ (2,984) |
Denominator: | ||
Weighted-average common shares outstanding - basic (in shares) | 31,940 | 31,563 |
Effect of dilutive securities (in shares) | 0 | 0 |
Weighted-average common shares - diluted (in shares) | 31,940 | 31,563 |
Net loss per common share - basic and diluted (in dollars per share) | $ (0.11) | $ (0.09) |
Loss Per Share - Summary of Antidilutive Securities (Details) - $ / shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock warrant strike price (in dollars per share) | $ 10 | $ 10 |
Common Stock Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded in the calculation of diluted shares outstanding (in shares) | 5,321 | 5,321 |
Common Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded in the calculation of diluted shares outstanding (in shares) | 2,793 | 2,240 |
Restricted Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded in the calculation of diluted shares outstanding (in shares) | 720 | 469 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Income Tax Disclosure [Abstract] | |||
NOL carryforward | $ 68,400 | $ 64,500 | |
Tax credit carryforward | 521 | $ 508 | |
Reduction to NOL carryforward not applied and likely to expire | 5,400 | ||
Income tax expense | $ 0 | $ 17 |
Commitments and Contingencies - Narrative (Details) |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2014
USD ($)
ft²
|
Mar. 31, 2016
CAD
building
|
Mar. 31, 2016
USD ($)
building
|
Mar. 31, 2015
USD ($)
|
|
Operating Leased Assets [Line Items] | ||||
Number of buildings | building | 2 | 2 | ||
Rent expense | $ 90,000 | $ 71,000 | ||
Office Building [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Lease term | 2 years | |||
Square footage | ft² | 7,805 | |||
Monthly rental amount | $ 18,000 | |||
Office, Warehouse, and Laboratory [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Monthly rental amount | $ 11,000 | |||
Warehouse [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Monthly rental amount | CAD | CAD 1,000 | |||
Notice required for lease termination | 30 days | 30 days |
Commitments and Contingencies - Summary of Minimum Future Capital Lease Payments (Details) $ in Thousands |
Mar. 31, 2016
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2017 | $ 240 |
2018 | 21 |
Total | $ 261 |
Stock-Based Compensation - Fair Value Assumptions (Details) - Stock Option [Member] |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 1.55% |
Expected volatility | 66.00% |
Expected dividend yield | 0.00% |
Expected life (in years) | 6 years |
Expected forfeiture rate | 0.00% |
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Number of options | |||
Outstanding as of December 31, 2015 (in shares) | 2,834,635 | ||
Awarded (in shares) | 0 | 0 | |
Exercised (in shares) | 0 | ||
Forfeited or Expired (in shares) | (61,864) | ||
Outstanding as of March 31, 2016 (in shares) | 2,772,771 | 2,834,635 | |
Exercisable (in shares) | 1,999,231 | 1,934,605 | |
Weighted average exercise price per share | |||
Outstanding as of December 31, 2015 (in dollars per share) | $ 1.01 | ||
Forfeited or Expired (in dollars per share) | 2.86 | ||
Outstanding as of March 31, 2016 (in dollars per share) | 0.96 | $ 1.01 | |
Exercisable (in dollars per share) | $ 0.91 | $ 0.84 | |
Weighted average remaining contractual term (years) | |||
Outstanding (in years) | 6 years 6 months 25 days | 6 years 11 months | |
Exercisable (in years) | 5 years 6 months 6 days | 5 years 8 months 7 days | |
Aggregate intrinsic value | |||
Outstanding | $ 0 | $ 89 | |
Exercisable | $ 0 | $ 89 |
Stock-Based Compensation - Restricted Stock Activity (Details) - Restricted Shares [Member] |
3 Months Ended |
---|---|
Mar. 31, 2016
$ / shares
shares
| |
Shares | |
Non-vested awards outstanding, beginning balance (in shares) | shares | 844,592 |
Vested (in shares) | shares | (157,387) |
Forfeited (in shares) | shares | (38,265) |
Non-vested awards outstanding, ending balance (in shares) | shares | 648,940 |
Weighted-average grant date fair value | |
Non-vested awards outstanding, beginning balance (in dollars per share) | $ / shares | $ 2.67 |
Vested (in dollars per share) | $ / shares | 2.99 |
Forfeited (in dollars per share) | $ / shares | 1.96 |
Non-vested awards outstanding, ending balance (in dollars per share) | $ / shares | $ 2.64 |
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