trgp-10q_20180630.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2018

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: 001-34991

 

TARGA RESOURCES CORP.

(Exact name of registrant as specified in its charter)

 

Delaware

 

20-3701075

(State or other jurisdiction of incorporation or organization)

 

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

 

 

 

811 Louisiana St, Suite 2100, Houston, Texas

 

77002

(Address of principal executive offices)

 

(Zip Code)

(713) 584-1000

(Registrant’s telephone number, including area code)

 

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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

 

  (Do not check if a smaller reporting company)

  

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 August 6, 2018, there were 225,558,580 shares of the registrant’s common stock, $0.001 par value, outstanding.

 

 

 

 

 

 


 

TABLE OF CONTENTS

 

PART I—FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Financial Statements.

 

4

 

 

 

Consolidated Balance Sheets as of June 30, 2018 and December 31, 2017

 

4

 

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2018 and 2017

 

5

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2018 and 2017

 

6

 

 

 

Consolidated Statements of Changes in Owners' Equity and Series A Preferred Stock for the six months ended
June 30, 2018 and 2017

 

7

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017

 

9

 

 

 

Notes to Consolidated Financial Statements

 

10

 

 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

 

39

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

61

 

 

 

Item 4. Controls and Procedures

 

66

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

 

67

 

 

 

Item 1A. Risk Factors

 

67

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

67

 

 

 

Item 3. Defaults Upon Senior Securities

 

67

 

 

 

Item 4. Mine Safety Disclosures

 

67

 

 

 

Item 5. Other Information

 

67

 

 

 

Item 6. Exhibits

 

68

 

 

 

SIGNATURES

 

 

 

 

 

Signatures

 

70

 

 

 

1


 

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

Targa Resources Corp.’s (together with its subsidiaries, including Targa Resources Partners LP (“the Partnership” or “TRP”), “we,” “us,” “our,” “Targa,” “TRC,” or the “Company”) reports, filings and other public announcements may from time to time contain statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements.” You can typically identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, by the use of forward-looking statements, such as “may,” “could,” “project,” “believe,” “anticipate,” “expect,” “estimate,” “potential,” “plan,” “forecast” and other similar words.

All statements that are not statements of historical facts, including statements regarding our future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements.

These forward-looking statements reflect our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside our control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Known risks and uncertainties include, but are not limited to, the following risks and uncertainties:

 

the timing and extent of changes in natural gas, natural gas liquids, crude oil and other commodity prices, interest rates and demand for our services;

 

the level and success of crude oil and natural gas drilling around our assets, our success in connecting natural gas supplies to our gathering and processing systems, oil supplies to our gathering systems and natural gas liquid supplies to our logistics and marketing facilities and our success in connecting our facilities to transportation services and markets;

 

our ability to access the capital markets, which will depend on general market conditions and the credit ratings for the Partnership’s and our debt obligations;

 

the amount of collateral required to be posted from time to time in our transactions;

 

our success in risk management activities, including the use of derivative instruments to hedge commodity price risks;

 

the level of creditworthiness of counterparties to various transactions with us;

 

changes in laws and regulations, particularly with regard to taxes, safety and protection of the environment;

 

weather and other natural phenomena;

 

industry changes, including the impact of consolidations and changes in competition;

 

our ability to obtain necessary licenses, permits and other approvals;

 

our ability to grow through acquisitions or internal growth projects and the successful integration and future performance of such assets;

 

general economic, market and business conditions; and

 

the risks described in our Annual Report on Form 10-K for the year ended December 31, 2017 (“Annual Report”) and our reports and registration statements filed from time to time with the United States Securities and Exchange Commission (“SEC”).

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of the assumptions could be inaccurate, and, therefore, we cannot assure you that the forward-looking statements included in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (“Quarterly Report”) will prove to be accurate. Some of these and other risks and uncertainties that could cause actual results to differ materially from such forward-looking statements are more fully described in our Annual Report. Except as may be required by applicable law, we undertake no obligation to publicly update or advise of any change in any forward-looking statement, whether as a result of new information, future events or otherwise.

2


 

As generally used in the energy industry and in this Quarterly Report, the identified terms have the following meanings:

 

Bbl

 

Barrels (equal to 42 U.S. gallons)

BBtu

 

Billion British thermal units

Bcf

 

Billion cubic feet

Btu

 

British thermal units, a measure of heating value

/d

 

Per day

GAAP

 

Accounting principles generally accepted in the United States of America

gal

 

U.S. gallons

GPM

 

Liquid volume equivalent expressed as gallons per 1000 cu. ft. of natural gas

LACT

 

Lease Automatic Custody Transfer

LIBOR

 

London Interbank Offered Rate

LPG

 

Liquefied petroleum gas

MBbl

 

Thousand barrels

MMBbl

 

Million barrels

MMBtu

 

Million British thermal units

MMcf

 

Million cubic feet

MMgal

 

Million U.S. gallons

NGL(s)

 

Natural gas liquid(s)

NYMEX

 

New York Mercantile Exchange

NYSE

 

New York Stock Exchange

SCOOP

 

South Central Oklahoma Oil Province

STACK

 

Sooner Trend, Anadarko, Canadian and Kingfisher

 

Price Index Definitions

 

C2-OPIS-MB

 

Ethane, Oil Price Information Service, Mont Belvieu, Texas

C3-OPIS-MB

 

Propane, Oil Price Information Service, Mont Belvieu, Texas

C5-OPIS-MB

 

Natural Gasoline, Oil Price Information Service, Mont Belvieu, Texas

IC4-OPIS-MB

 

Iso-Butane, Oil Price Information Service, Mont Belvieu, Texas

IF-PB

 

Inside FERC Gas Market Report, Permian Basin

IF-PEPL

 

Inside FERC Gas Market Report, Oklahoma Panhandle, Texas-Oklahoma Midpoint

IF-Waha

 

Inside FERC Gas Market Report, West Texas WAHA

NC4-OPIS-MB

 

Normal Butane, Oil Price Information Service, Mont Belvieu, Texas

NG-NYMEX

 

NYMEX, Natural Gas

WTI-NYMEX

 

NYMEX, West Texas Intermediate Crude Oil

 

3


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

TARGA RESOURCES CORP.

CONSOLIDATED BALANCE SHEETS

 

 

 

June 30, 2018

 

 

December 31, 2017

 

 

 

(Unaudited)

 

 

 

(In millions)

 

ASSETS

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

281.6

 

 

$

137.2

 

Trade receivables, net of allowances of $0.0 and $0.1 million at June 30, 2018 and

December 31, 2017

 

 

867.2

 

 

 

827.6

 

Inventories

 

 

181.4

 

 

 

204.5

 

Assets from risk management activities

 

 

54.2

 

 

 

37.9

 

Other current assets

 

 

47.1

 

 

 

62.7

 

Total current assets

 

 

1,431.5

 

 

 

1,269.9

 

Property, plant and equipment

 

 

15,451.0

 

 

 

14,205.4

 

Accumulated depreciation

 

 

(4,029.7

)

 

 

(3,775.4

)

Property, plant and equipment, net

 

 

11,421.3

 

 

 

10,430.0

 

Intangible assets, net

 

 

2,074.3

 

 

 

2,165.8

 

Goodwill, net

 

 

256.6

 

 

 

256.6

 

Long-term assets from risk management activities

 

 

21.7

 

 

 

23.2

 

Investments in unconsolidated affiliates

 

 

363.9

 

 

 

221.6

 

Other long-term assets

 

 

26.8

 

 

 

21.5

 

Total assets

 

$

15,596.1

 

 

$

14,388.6

 

 

 

 

 

 

 

 

 

 

LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

1,670.1

 

 

$

1,186.9

 

Liabilities from risk management activities

 

 

103.2

 

 

 

79.7

 

Current debt obligations

 

 

180.0

 

 

 

350.0

 

Total current liabilities

 

 

1,953.3

 

 

 

1,616.6

 

Long-term debt

 

 

5,392.5

 

 

 

4,703.0

 

Long-term liabilities from risk management activities

 

 

35.5

 

 

 

19.6

 

Deferred income taxes, net

 

 

519.2

 

 

 

479.0

 

Other long-term liabilities

 

 

214.8

 

 

 

597.9

 

Contingencies (see Note 18)

 

 

 

 

 

 

 

 

Series A Preferred 9.5% Stock, $1,000 per share liquidation preference, (1,200,000 shares authorized, issued and outstanding 965,100 shares), net of discount (see Note 11)

 

 

230.6

 

 

 

216.5

 

Owners' equity:

 

 

 

 

 

 

 

 

Targa Resources Corp. stockholders' equity:

 

 

 

 

 

 

 

 

Common stock ($0.001 par value, 300,000,000 shares authorized)

 

 

0.2

 

 

 

0.2

 

                                 Issued                       Outstanding

 

 

 

 

 

 

 

 

June 30, 2018                      226,127,081                  225,487,048

 

 

 

 

 

 

 

 

December 31, 2017              218,152,620                  217,566,980

 

 

 

 

 

 

 

 

Preferred stock ($0.001 par value, after designation of Series A Preferred Stock: 98,800,000 shares authorized, no shares issued and outstanding)

 

 

 

 

 

 

Additional paid-in capital

 

 

6,233.7

 

 

 

6,302.8

 

Retained earnings (deficit)

 

 

60.0

 

 

 

(77.2

)

Accumulated other comprehensive income (loss)

 

 

(37.9

)

 

 

(29.9

)

Treasury stock, at cost (640,033 shares as of June 30, 2018 and 585,640 shares as of

   December 31, 2017)

 

 

(38.2

)

 

 

(35.6

)

Total Targa Resources Corp. stockholders' equity

 

 

6,217.8

 

 

 

6,160.3

 

Noncontrolling interests in subsidiaries

 

 

1,032.4

 

 

 

595.7

 

Total owners' equity

 

 

7,250.2

 

 

 

6,756.0

 

Total liabilities, Series A Preferred Stock and owners' equity

 

$

15,596.1

 

 

$

14,388.6

 

 

 

See notes to consolidated financial statements.

4


 

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

(Unaudited)

 

 

 

(In millions, except per share amounts)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities (see Note 3)

 

$

2,154.1

 

 

$

1,623.8

 

 

$

4,327.4

 

 

$

3,481.7

 

Fees from midstream services (see Note 3)

 

 

290.3

 

 

 

243.9

 

 

 

572.6

 

 

 

498.6

 

Total revenues

 

 

2,444.4

 

 

 

1,867.7

 

 

 

4,900.0

 

 

 

3,980.3

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product purchases (see Note 3)

 

 

1,905.3

 

 

 

1,420.6

 

 

 

3,846.2

 

 

 

3,074.8

 

Operating expenses

 

 

170.5

 

 

 

155.2

 

 

 

343.7

 

 

 

307.2

 

Depreciation and amortization expense

 

 

202.6

 

 

 

203.4

 

 

 

400.7

 

 

 

394.6

 

General and administrative expense

 

 

57.0

 

 

 

51.0

 

 

 

113.8

 

 

 

99.6

 

Other operating (income) expense

 

 

(46.4

)

 

 

0.3

 

 

 

(46.1

)

 

 

16.5

 

Income (loss) from operations

 

 

155.4

 

 

 

37.2

 

 

 

241.7

 

 

 

87.6

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

(62.0

)

 

 

(62.1

)

 

 

(46.0

)

 

 

(125.1

)

Equity earnings (loss)

 

 

1.9

 

 

 

(4.2

)

 

 

3.4

 

 

 

(16.8

)

Gain (loss) from financing activities

 

 

(2.0

)

 

 

(10.7

)

 

 

(2.0

)

 

 

(16.5

)

Change in contingent considerations

 

 

60.6

 

 

 

2.1

 

 

 

4.5

 

 

 

(1.2

)

Other, net

 

 

 

 

 

2.3

 

 

 

 

 

 

(2.8

)

Income (loss) before income taxes

 

 

153.9

 

 

 

(35.4

)

 

 

201.6

 

 

 

(74.8

)

Income tax (expense) benefit

 

 

(32.8

)

 

 

106.0

 

 

 

(41.6

)

 

 

34.9

 

Net income (loss)

 

 

121.1

 

 

 

70.6

 

 

 

160.0

 

 

 

(39.9

)

Less: Net income (loss) attributable to noncontrolling interests

 

 

12.0

 

 

 

13.0

 

 

 

28.0

 

 

 

21.8

 

Net income (loss) attributable to Targa Resources Corp.

 

 

109.1

 

 

 

57.6

 

 

 

132.0

 

 

 

(61.7

)

Dividends on Series A Preferred Stock

 

 

22.9

 

 

 

22.9

 

 

 

45.8

 

 

 

45.8

 

Deemed dividends on Series A Preferred Stock

 

 

7.2

 

 

 

6.3

 

 

 

14.1

 

 

 

12.5

 

Net income (loss) attributable to common shareholders

 

$

79.0

 

 

$

28.4

 

 

$

72.1

 

 

$

(120.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share - basic

 

$

0.36

 

 

$

0.14

 

 

$

0.33

 

 

$

(0.61

)

Net income (loss) per common share - diluted

 

$

0.35

 

 

$

0.14

 

 

$

0.33

 

 

$

(0.61

)

Weighted average shares outstanding - basic

 

 

221.1

 

 

 

203.7

 

 

 

219.9

 

 

 

197.8

 

Weighted average shares outstanding - diluted

 

 

222.8

 

 

 

205.0

 

 

 

221.5

 

 

 

197.8

 

Dividends per common share declared for the period

 

$

0.91

 

 

$

0.91

 

 

$

1.82

 

 

$

1.82

 

 

See notes to consolidated financial statements.

 

5


 

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

 

 

Three Months Ended June 30,

 

 

 

2018

 

 

2017

 

 

 

Pre-Tax

 

 

Related Income Tax

 

 

After Tax

 

 

Pre-Tax

 

 

Related Income Tax

 

 

After Tax

 

 

 

(Unaudited)

 

 

 

(In millions)

 

Net income (loss)

 

 

 

 

 

 

 

 

$

 

121.1

 

 

 

 

 

 

 

 

 

$

 

70.6

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity hedging contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value

$

 

(103.0

)

$

 

26.0

 

 

 

(77.0

)

$

 

29.8

 

$

 

(11.3

)

 

 

18.5

 

Settlements reclassified to revenues

 

 

7.8

 

 

 

(3.2

)

 

 

4.6

 

 

 

(5.7

)

 

 

2.2

 

 

 

(3.5

)

Other comprehensive income (loss)

 

 

(95.2

)

 

 

22.8

 

 

 

(72.4

)

 

 

24.1

 

 

 

(9.1

)

 

 

15.0

 

Comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

48.7

 

 

 

 

 

 

 

 

 

 

 

85.6

 

Less: Comprehensive income (loss) attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

12.0

 

 

 

 

 

 

 

 

 

 

 

13.0

 

Comprehensive income (loss) attributable to Targa Resources Corp.

 

 

 

 

 

 

 

 

$

 

36.7

 

 

 

 

 

 

 

 

 

$

 

72.6

 

 

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

2017

 

 

 

Pre-Tax

 

 

Related Income Tax

 

 

After Tax

 

 

Pre-Tax

 

 

Related Income Tax

 

 

After Tax

 

 

 

(Unaudited)

 

 

 

(In millions)

 

Net income (loss)

 

 

 

 

 

 

 

 

$

 

160.0

 

 

 

 

 

 

 

 

 

$

 

(39.9

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity hedging contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value

$

 

(38.3

)

$

 

10.6

 

 

 

(27.7

)

$

 

96.0

 

$

 

(36.5

)

 

 

59.5

 

Settlements reclassified to revenues

 

 

34.4

 

 

 

(9.5

)

 

 

24.9

 

 

 

0.4

 

 

 

(0.1

)

 

 

0.3

 

Other comprehensive income (loss)

 

 

(3.9

)

 

 

1.1

 

 

 

(2.8

)

 

 

96.4

 

 

 

(36.6

)

 

 

59.8

 

Comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

157.2

 

 

 

 

 

 

 

 

 

 

 

19.9

 

Less: Comprehensive income (loss) attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

28.0

 

 

 

 

 

 

 

 

 

 

 

21.8

 

Comprehensive income (loss) attributable to Targa Resources Corp.

 

 

 

 

 

 

 

 

$

 

129.2

 

 

 

 

 

 

 

 

 

$

 

(1.9

)

 

See notes to consolidated financial statements.

 

6


 

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK

 

<

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

Earnings

 

 

 

Other

 

 

Treasury

 

 

 

 

 

 

 

 

Total

 

 

Series A

 

 

 

Common Stock

 

 

 

Paid in

 

 

 

(Accumulated

 

 

 

Comprehensive

 

 

Shares

 

 

 

Noncontrolling

 

 

 

Owner's

 

 

Preferred

 

 

 

Shares

 

 

 

Amount

 

 

 

Capital

 

 

 

Deficit)

 

 

 

Income (Loss)

 

 

Shares

 

 

 

Amount

 

 

 

Interests

 

 

 

Equity

 

 

Stock

 

 

 

(Unaudited)

 

 

 

(In millions, except shares in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2017

 

 

217,567

 

 

 

$

0.2

 

 

 

$

6,302.8

 

 

 

$

(77.2

)

 

 

$

(29.9

)

 

 

586

 

 

 

$

(35.6

)

 

 

$

595.7

 

 

 

$

6,756.0

 

 

$

216.5

 

Impact of accounting standard adoption (see Note 3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.2

 

 

 

 

(5.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation on equity grants

 

 

 

 

 

 

 

 

 

 

26.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26.9

 

 

 

 

Distribution equivalent rights

 

 

 

 

 

 

 

 

 

 

(6.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6.5

)

 

 

 

Shares issued under compensation program

 

 

235

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares and units tendered for tax withholding obligations

 

 

(54

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54

 

 

 

 

(2.6

)

 

 

 

 

 

 

 

(2.6

)

 

 

 

Issuance of common stock

 

 

7,680

 

 

 

 

 

 

 

 

369.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

369.5

 

 

 

 

Exercise of warrants - share settled

 

 

59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A Preferred Stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(45.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(45.8

)

 

 

 

    Dividends in excess of retained earnings

 

 

 

 

 

 

 

 

 

 

(45.8

)

 

 

 

45.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Deemed dividends - accretion of beneficial conversion feature

 

 

 

 

 

 

 

 

 

 

(14.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14.1

)

 

 

14.1

 

Common stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(399.1

)