Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)

v3.21.2
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)
9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Schedule of Deferred Tax Liability

Upon the acquisition of Whinstone, the Company recognized a deferred tax liability of approximately $37.8 million consisting of the tax basis differences of derivative related assets acquired, totaling $18.8 million in deferred income tax liability and acquisition fair value adjustments for fixed assets and non-deductible intangible assets totaling $19.0 million in deferred income taxes, on acquired fair value of such assets, using a blended federal and state statutory rate of 21%. Deferred income tax expense for the period ended September 30, 2021, relates to the tax effect of the post-acquisition change in derivative related assets. The following is a summary of the deferred tax liability during the nine months ended September 30, 2021:

Beginning balance at January 1, 2021

$

-

Acquisition of Whinstone

37,761

Deferred income tax expense

3,730

Ending balance at September 30, 2021

$

41,491

Schedule of Reconciliation of Numerator and Denominator

The following is a reconciliation of the numerator and denominator of the diluted net income (loss) per share computations for the periods presented below (in thousands except for share and per share amounts):

Three Months Ended

September 30,

Nine Months Ended

September 30,

2021

2020

2021

2020

Basic and diluted income (loss) per share:

Net income (loss)

$

(15,343

)

$

(1,717

)

$

11,524

$

(16,584

)

 

Basic weighted average number of shares outstanding

96,064,036

44,773,870

89,350,180

36,017,927

Add:

-

-

Options to purchase common stock

-

-

10,640

-

Unvested restricted stock awards

-

-

533,220

-

Convertible Series B preferred shares

-

-

2,334

-

Diluted weighted average number of shares outstanding

96,064,036

44,773,870

89,896,374

36,017,927

 

Basic net income (loss) per share

$

(0.16

)

$

(0.04

)

$

0.13

$

(0.46

)

 

Diluted net income (loss) per share

$

(0.16

)

$

(0.04

)

$

0.13

$

(0.46

)

Schedule of Antidilutive Securities

Securities that could potentially dilute income (loss) per share in the future were not included in the computation of diluted income (loss) per share at September 30, 2021 and 2020 because their inclusion would be anti-dilutive are as follows:

September 30, 2021

September 30, 2020

Warrants to purchase common stock

63,000

3,354,257

Options to purchase common stock

12,000

12,000

Unvested restricted stock awards

4,224,016

1,217,893

Convertible Series B preferred shares

2,199

4,199

Total

4,301,215

4,588,349