SAEXPLORATION: Pannell Kerr Forster Raises Going Concern Doubt

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SAExploration Holdings, Inc., filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K, disclosing a net loss of $22,613,000 on $255,234,000 of revenue for the year ended Dec. 31, 2019, compared to a net loss of $59,560,000 on $98,670,000 of revenue for the year ended in 2018.

The audit report of Pannell Kerr Forster of Texas, P.C. states that the Company has experienced recurring losses from operations and has been unable to renegotiate its expiring senior loan facility which raises substantial doubt about its ability to continue as a going concern.

The Company’s balance sheet at Dec. 31, 2019, showed total assets of $142,215,000, total liabilities of $178,028,000, and a total stockholders’ deficit of $35,813,000.

A copy of the Form 10-K is available at:

SAExploration Holdings, Inc. provides seismic data acquisition, logistical support, and processing services to customers in the oil and natural gas industry in North America, South America, the Asia Pacific, and West Africa. The company’s seismic data acquisition services include program design, planning and permitting, camp, survey and drilling, recording, reclamation, and in-field data processing. It acquires 2D, 3D, time-lapse 4D, and multi-component seismic data on land, in transition zones between land and water, and in offshore in depths reaching 3,000 meters. The company operates crews that are supported by approximately 160,000 owned land channels of seismic data acquisition equipment and other leased equipment. It serves integrated oil companies, national oil companies, and independent oil and natural gas exploration and production companies. The company was founded in 2011 and is headquartered in Houston, Texas.

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