flmn-10q_20190930.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2019

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: 001-38158

FALCON MINERALS CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

82-0820780

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

510 Madison Avenue, 8th Floor, New York, NY

 

10022

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (212) 506-5925

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

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

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share

 

FLMN

 

Nasdaq Capital Market

Warrants, each to purchase one share of Class A Common Stock

 

FLMNW

 

Nasdaq Capital Market

 

 

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 November 6, 2019, there were 45,950,716 shares of the registrant’s Class A common stock, par value $0.0001 per share, issued and outstanding and there were 40,000,000 shares of the registrant’s Class C common stock, par value of $0.0001 per share, issued and outstanding.

 

 

 


 

FALCON MINERALS CORPORATION

TABLE OF CONTENTS

 

 

    

 

  

 

Page

GLOSSARY OF TERMS

3

PART I.

  

FINANCIAL INFORMATION

 

 

  

Item 1.

  

Financial Statements (Unaudited)

 

 

  

 

  

Condensed Consolidated Balance Sheets

5

 

  

 

  

Condensed Consolidated Statements of Operations

6

 

  

 

  

Condensed Consolidated Statements of Cash Flows

7

 

  

 

  

Condensed Consolidated Statements of Shareholders’ Equity and Partners’ Capital

8

 

  

 

  

Notes to Condensed Consolidated Financial Statements

9

 

  

Cautionary Statement Regarding Forward-Looking Statements

23

 

  

Item 2.

  

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

24

 

  

Item 3.

  

Quantitative and Qualitative Disclosures About Market Risk

32

 

  

Item 4.

  

Controls and Procedures

33

PART II.

  

OTHER INFORMATION

 

 

  

Item 1.

  

Legal Proceedings

33

 

  

Item 1A.

  

Risk Factors

33

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

33

 

 

Item 3.

 

Defaults Upon Senior Securities

34

 

 

Item 4.

 

Mine Safety Disclosures

34

 

  

Item 6.

  

Exhibits

34

EXHIBIT INDEX

35

SIGNATURES

36

 

 


 

GLOSSARY OF TERMS

Adjusted EBITDA:    Represents net income before interest expense, income taxes and depreciation and amortization expense, as further adjusted for other non-cash charges and other charges that are not reflective of our ongoing operations. Adjusted EBITDA is not a presentation made in accordance with GAAP. Please see the reconciliation of Adjusted EBITDA to net income in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview of Our Results of Operations—Adjusted EBITDA.”

Barrel or bbl   Stock tank barrel, or 42 U.S. gallons liquid volume, used in this report in reference to crude oil or other liquid hydrocarbons.

BOE:    Barrels of oil equivalent, with six thousand cubic feet of natural gas being equivalent to one barrel of oil.

BOE/d:    BOE per day.

British Thermal Unit or Btu:    The quantity of heat required to raise the temperature of one pound of water by one-degree Fahrenheit.

Completion:    The process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas or oil, or in the case of a dry hole, the reporting of abandonment to the appropriate agency.

Condensate:  Liquid hydrocarbons associated with the production that is primarily natural gas.

Crude oil:    Liquid hydrocarbons retrieved from geological structures underground to be refined into fuel sources.

Developed acreage: Acreage allocated or assignable to productive wells.  

Differential:  An adjustment to the price of oil and natural gas from an established spot market price to reflect differences in the quality and/or location of oil or natural gas.  

GAAP:    Generally accepted accounting principles in the United States.

Gross acres or gross wells:    The total acres or wells, as the case may be, in which an overriding, royalty or mineral interest is owned.

MBbls:  Thousand barrels of crude oil or other liquid hydrocarbons.

MBOE:    One thousand barrels of crude oil equivalent, determined using a ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or natural gas liquids.

Mcf:    Thousand cubic feet of natural gas.

Mineral interests:  The interests in ownership of the resource and mineral rights, giving an owner the right to profit from the extracted resources.  

MMBtu:    Million British Thermal Units.

MMcf:  Million cubic feet of natural gas.

Net royalty acres: Gross acreage multiplied by the average royalty interest.  

NGLs:    Natural gas liquids.

Prospect:    A specific geographic area which, based on supporting geological, geophysical or other data and preliminary economic analysis using reasonably anticipated prices and costs, is deemed to have potential for the discovery of commercial hydrocarbons.

Proved reserves:    The estimated quantities of oil, natural gas and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be commercially recoverable in future years from known reservoirs under existing economic and operating conditions.

3


 

PUD:  Proved undeveloped, used to characterize reserves.

Reserves:    The estimated remaining quantities of oil and natural gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and natural gas or related substances to the market and all permits and financing required to implement the project. Reserves are not assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).

Reservoir:    A porous and permeable underground formation containing a natural accumulation of producible natural gas and/or oil that is confined by impermeable rock or water barriers and is separate from other reservoirs.

Royalty interest:    An interest that gives an owner the right to receive a portion of the resources or revenues without having to carry any costs of development.

SEC:    U.S. Securities and Exchange Commission.

Undeveloped acreage: Lease acreage on which wells have not been drilled or completed to a point that would permit the production of economic quantities of oil and natural gas regardless of whether such acreage contains proved reserves.

4


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

FALCON MINERALS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Assets:

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,627

 

 

$

7,317

 

Account receivable

 

 

8,029

 

 

 

11,271

 

Prepaid expenses

 

 

1,292

 

 

 

1,524

 

Total current assets

 

 

11,948

 

 

 

20,112

 

Royalty interests in oil and natural gas properties, net of accumulated amortization

   of $127,229 and $117,605 respectively

 

 

220,446

 

 

 

209,168

 

Property and equipment, net

 

 

497

 

 

 

-

 

Deferred tax asset, net

 

 

56,470

 

 

 

58,773

 

Other assets

 

 

2,690

 

 

 

3,182

 

Total assets

 

$

292,051

 

 

$

291,235

 

Liabilities and shareholders' equity:

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

1,974

 

 

$

521

 

Credit facility

 

 

38,000

 

 

 

21,000

 

Other non-current liabilities

 

 

476

 

 

 

-

 

Total liabilities

 

 

40,450

 

 

 

21,521

 

Commitments and contingencies (See Note 13)

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none

   issued and outstanding

 

 

-

 

 

 

-

 

Class A common stock, $0.0001 par value; 240,000,000 shares authorized;

   45,950,716 and 45,855,000 shares issued and outstanding as of September 30, 2019 and

  December 31, 2018, respectively

 

 

5

 

 

 

5

 

Class C common stock, $0.0001 par value; 120,000,000 shares authorized;

   40,000,000 issued and outstanding as of September 30, 2019 and December 31, 2018

 

 

4

 

 

 

4

 

Additional paid in capital

 

 

132,325

 

 

 

137,866

 

Non-controlling interests

 

 

119,267

 

 

 

127,029

 

Retained earnings

 

 

-

 

 

 

4,810

 

Total shareholders' equity

 

 

251,601

 

 

 

269,714

 

Total liabilities and shareholders' equity

 

$

292,051

 

 

$

291,235

 

 

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

5


 

FALCON MINERALS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and gas sales

 

$

15,908

 

 

$

23,825

 

 

$

55,411

 

 

$

72,354

 

Gain (loss) on hedging activities

 

 

-

 

 

 

458

 

 

 

-

 

 

 

(1,456

)

Total revenue

 

 

15,908

 

 

 

24,283

 

 

 

55,411

 

 

 

70,898

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production and ad valorem taxes

 

 

891

 

 

 

1,326

 

 

 

2,940

 

 

 

3,854

 

Marketing and transportation

 

 

584

 

 

 

493

 

 

 

1,933

 

 

 

1,487

 

Amortization of royalty interests in oil and natural gas properties

 

 

3,184

 

 

 

4,494

 

 

 

9,624

 

 

 

13,179

 

General, administrative and other

 

 

3,168

 

 

 

1,132

 

 

 

8,728

 

 

 

7,013

 

Total operating expenses

 

 

7,827

 

 

 

7,445

 

 

 

23,225

 

 

 

25,533

 

Operating income

 

 

8,081

 

 

 

16,838

 

 

 

32,186

 

 

 

45,365

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on the sale of assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

41,382

 

Other income

 

 

58

 

 

 

38

 

 

 

134

 

 

 

39

 

Interest expense

 

 

(650

)

 

 

(557

)

 

 

(1,838

)

 

 

(1,600

)

Total other income (expense)

 

 

(592

)

 

 

(519

)

 

 

(1,704

)

 

 

39,821

 

Income before income taxes

 

 

7,489

 

 

 

16,319

 

 

 

30,482

 

 

 

85,186

 

Provision for income taxes

 

 

1,132

 

 

 

810

 

 

 

3,920

 

 

 

810

 

Income from continuing operations

 

 

6,357

 

 

 

15,509

 

 

 

26,562

 

 

 

84,376

 

Income from discontinued operations

 

 

-

 

 

 

91

 

 

 

-

 

 

 

2,139

 

Net income

 

 

6,357

 

 

 

15,600

 

 

 

26,562

 

 

 

86,515

 

Net income attributable to non-controlling interests

 

 

(3,473

)

 

 

(2,933

)

 

 

(14,540

)

 

 

(3,028

)

Net income attributable to common shareholders/unitholders

 

$

2,884

 

 

$

12,667

 

 

$

12,022

 

 

$

83,487

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares (basic and diluted)

 

$

0.06

 

 

$

0.06

 

 

$

0.26

 

 

$

0.06

 

Weighted average number of shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares (basic and diluted)

 

 

45,899

 

 

 

45,855

 

 

 

45,871

 

 

 

45,855

 

 

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

6


 

FALCON MINERALS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

September 30,

 

 

 

2019

 

 

2018

 

Cash flow from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

26,562

 

 

$

86,515

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Gain on sale of assets

 

 

-

 

 

 

(41,382

)

Unrealized (gain) loss on hedging activities

 

 

-

 

 

 

1,151

 

Amortization of royalty interests in oil and natural gas properties

 

 

9,624

 

 

 

14,753

 

Depreciation of property and equipment

 

 

46

 

 

 

-

 

Accretion of asset retirement obligation

 

 

-

 

 

 

7

 

Amortization of debt issuance costs

 

 

482

 

 

 

296

 

Stock-based compensation

 

 

1,830

 

 

 

-

 

Deferred income taxes

 

 

2,302

 

 

 

1,061

 

Cash paid to settle derivatives

 

 

-

 

 

 

(1,151

)

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

Accounts receivable

 

 

3,242

 

 

 

1,067

 

Prepaid expenses

 

 

232

 

 

 

(616

)

Other assets

 

 

10

 

 

 

-

 

Accounts payable and accrued expenses

 

 

1,454

 

 

 

(4,752

)

Other liabilities

 

 

476

 

 

 

(147

)

Net cash provided by operating activities

 

 

46,260

 

 

 

56,802

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Additions to oil and natural gas properties

 

 

-

 

 

 

(523

)

Purchase of property and equipment

 

 

(542

)

 

 

-

 

Cash acquired in the Transaction

 

 

-

 

 

 

2,920

 

Proceeds from the sale of assets

 

 

-

 

 

 

121,130

 

Acquisition of oil and natural gas properties

 

 

(20,903

)

 

 

-

 

Net cash provided by (used in) investing activities

 

 

(21,445

)

 

 

123,527

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Distributions to partners

 

 

-

 

 

 

(143,788

)

Distribution of subsidiaries

 

 

-

 

 

 

(7,124

)

Proceeds from credit facility

 

 

30,000

 

 

 

-

 

Repayments of long-term debt

 

 

(13,000

)

 

 

(27,000

)

Deferred financing fees

 

 

-

 

 

 

(8

)

Dividends paid

 

 

(24,089

)

 

 

-

 

Distributions to non-controlling interests

 

 

(22,302

)

 

 

-

 

Distribution equivalent rights paid

 

 

(114

)

 

 

-

 

Net cash used in financing activities

 

 

(29,505

)

 

 

(177,920

)

Net increase (decrease) in cash and cash equivalents

 

 

(4,690

)

 

 

2,409

 

Cash and cash equivalents, beginning of period

 

 

7,317

 

 

 

10,497

 

Cash and cash equivalents, end of period

 

$

2,627

 

 

$

12,906

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

1,356

 

 

$

1,245

 

Cash paid for income taxes

 

$

1,260

 

 

$

450

 

Non-cash investing and financing activities:

 

 

 

 

 

 

 

 

Credit facility prior to the transaction

 

$

-

 

 

$

38,000

 

Deferred financing prior to the Transaction

 

$

-

 

 

$

3,214

 

Deferred tax asset related to the Transaction

 

$

-

 

 

$

60,603

 

Accounts payable related to property and equipment

 

$

-

 

 

$

229

 

 

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

7


 

FALCON MINERALS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY AND PARTNERS’ CAPITAL

(In thousands)

(Unaudited)

 

 

 

Class A Common

Stock

 

 

Class C Common

Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Additional

Paid In

Capital

 

 

Partners' Capital

 

 

Non-

controlling

interests

 

 

Retained

Earnings

 

 

Total

Stockholder's

Equity / Partners' Capital

 

Balance at December 31, 2017

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

 

$

-

 

 

$

288,528

 

 

$

629

 

 

$

-

 

 

$

289,157

 

Distributions

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(107,497

)

 

 

(38

)

 

 

-

 

 

 

(107,535

)

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

53,866

 

 

 

48

 

 

 

-

 

 

 

53,914

 

Balance at March 31, 2018

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

 

$

-

 

 

$

234,897

 

 

$

639

 

 

$

-

 

 

$

235,536

 

Distributions

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

16,956

 

 

 

47

 

 

 

-

 

 

 

17,003

 

Balance at June 30, 2018

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

 

$

-

 

 

$

251,853

 

 

$

686

 

 

$

-

 

 

$

252,539

 

Distributions

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(36,253

)

 

 

-

 

 

 

-

 

 

 

(36,253

)

Net income prior to Transaction

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10,137

 

 

 

20

 

 

 

-

 

 

 

10,157

 

Recapitalization in connection with the Transaction

 

 

45,855

 

 

 

5

 

 

 

40,000

 

 

 

4

 

 

 

137,866

 

 

 

(225,737

)

 

 

119,556

 

 

 

-

 

 

 

31,694

 

Net income post Transaction

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,913

 

 

 

2,529

 

 

 

5,442

 

Balance at September 30, 2018

 

 

45,855

 

 

$

5

 

 

 

40,000

 

 

$

4

 

 

$

137,866

 

 

$

-

 

 

$

123,175

 

 

$

2,529

 

 

$

263,579

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

 

45,855

 

 

$

5

 

 

 

40,000

 

 

$

4

 

 

$

137,866

 

 

$

-

 

 

$

127,029

 

 

$

4,810

 

 

$

269,714

 

Vested restricted stock grants

 

 

4

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

99

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

99

 

Distribution equivalent rights paid

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(15

)

 

 

 

 

 

 

-

 

 

 

-

 

 

 

(15

)

Distributions to non-controlling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

(8,559

)

 

 

-

 

 

 

(8,559

)

Dividends to shareholders ($0.20 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

-

 

 

 

(9,171

)

 

 

(9,171

)

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

5,921

 

 

 

5,382

 

 

 

11,303

 

Balance at March 31, 2019

 

 

45,859

 

 

 

5

 

 

 

40,000

 

 

 

4

 

 

 

137,950

 

 

 

-

 

 

 

124,391

 

 

 

1,021

 

 

 

263,371

 

Vested restricted stock grants

 

 

3

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

761

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

761

 

Distribution equivalent rights paid

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(56

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(56

)

Distributions to non-controlling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(7,397

)

 

 

-

 

 

 

(7,397

)

Dividends to shareholders ($0.175 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,248

)

 

 

-

 

 

 

-

 

 

 

(4,777

)

 

 

(8,025

)

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,146

 

 

 

3,756

 

 

 

8,902

 

Balance at June 30, 2019

 

 

45,862

 

 

$

5

 

 

 

40,000

 

 

$

4

 

 

$

135,407

 

 

$

-

 

 

$

122,140

 

 

$

-

 

 

$

257,556

 

Vested restricted stock grants

 

 

89

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

970

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

970

 

Distribution equivalent rights paid

 

 

-