Natural Resource Partners L.P. Reports Fourth Quarter and Full Year 2020 Results
Natural Resource Partners L.P. (NYSE:NRP) today reported fourth quarter and full year 2020 results as follows:
|
|
For the Three Months Ended |
|
For the Year Ended |
||||||||
|
|
December 31, |
|
December 31, |
||||||||
(In thousands) (Unaudited) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||
Net income (loss) from continuing operations |
|
$ |
14,687 |
|
$ |
(119,448) |
|
$ |
(84,819) |
|
$ |
(25,414) |
Asset impairments |
|
|
2,668 |
|
|
147,730 |
|
|
135,885 |
|
|
148,214 |
Net income from continuing operations excluding asset impairments (1) |
|
$ |
17,355 |
|
$ |
28,282 |
|
$ |
51,066 |
|
$ |
122,800 |
Adjusted EBITDA (1) |
|
|
24,917 |
|
|
37,974 |
|
|
104,714 |
|
|
199,228 |
Cash flow provided by (used in) continuing operations: |
|
|
|
|
|
|
|
|
||||
Operating activities |
|
|
13,155 |
|
|
19,394 |
|
|
87,568 |
|
|
137,319 |
Investing activities |
|
|
776 |
|
|
259 |
|
|
1,745 |
|
|
8,221 |
Financing activities |
|
|
(29,714) |
|
|
(33,551) |
|
|
(87,788) |
|
|
(253,305) |
Distributable cash flow (1) (2) |
|
|
13,932 |
|
|
19,602 |
|
|
90,248 |
|
|
144,933 |
Free cash flow (1) |
|
|
13,815 |
|
|
19,764 |
|
|
88,690 |
|
|
139,040 |
Cash flow cushion (last twelve months) (1) |
|
|
|
|
|
|
(739) |
|
|
7,762 |
||
| ____________________ | ||||||||||||||||
(1) |
See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. |
|||||||||||||||
(2) |
Includes net proceeds from the sale of the construction aggregates business which are classified as investing cash flow from discontinued operations. |
|||||||||||||||
"While 2020 proved to be a challenging year for us all, I'm proud of the efforts and discipline of our team as they managed the business safely and effectively over the course of the year. We paid down
NRP's liquidity was
NRP declared a cash distribution of
Segment Performance
Coal Royalty and Other
Revenues and other income in the fourth quarter and full year of 2020 were lower by
NRP also recorded
Domestic and export thermal coal markets remain challenged by lower utility demand, continued low natural gas prices, the secular shift to renewable energy and the ongoing negative effects from the COVID-19 pandemic. Metallurgical coal markets also remain challenged by the uncertainties around the COVID-19 pandemic, but prices have rebounded from the lows seen in the second quarter of 2020.
In addition to actively managing its currently producing coal and hard mineral properties over the last year, NRP has also been working to identify potential alternative revenue sources across its coal and hard mineral property portfolio. The Partnership has been evaluating opportunities which may exist in its surface and mineral property assets, where coal or other hard mineral development operations have ceased or have never been developed, as locations for environmentally sustainable projects, such as carbon sequestration or renewable energy projects. While NRP does not expect these activities to generate significant revenues or cash flow over the next several years, NRP believes its large ownership footprint throughout the United States will provide opportunities to create value in this regard with minimal capital investment by the Partnership.
Soda Ash
Ciner Wyoming was negatively impacted by the COVID-19 pandemic as lower demand for glass in the global auto, beverage container and construction industries reduced demand for soda ash. Revenues and other income in the fourth quarter and full year of 2020 were lower by
As previously mentioned, Ciner Wyoming suspended its quarterly distribution in August 2020 in an effort to achieve greater financial and liquidity flexibility during the COVID-19 pandemic and accordingly, did not pay quarterly distributions for the second, third or fourth quarters of 2020. Ciner Wyoming will continue to evaluate on a quarterly basis whether to reinstate the distribution. Ciner Wyoming’s ability to pay future quarterly distributions will be dependent in part on its cash reserves, liquidity, total debt levels and anticipated capital expenditures.
Corporate and Financing
Corporate and financing costs were
As noted earlier, NRP declared a fourth quarter
Conference Call
A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link http://www.directeventreg.com/registration/event/6473098. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full call we suggest registering at least 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP’s website.
Company Profile
Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of mineral properties in the United States including interests in coal, industrial minerals and other natural resources. In addition, NRP owns an equity investment in Ciner Wyoming LLC, a trona ore mining and soda ash production business.
For additional information, please contact Tiffany Sammis at 713-751-7515 or tsammis@nrplp.com. Further information about NRP is available on the Partnership’s website at http://www.nrplp.com.
Forward-Looking Statements
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: the effects of the global COVID-19 pandemic; future distributions on the Partnership’s common and preferred units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees, including Foresight Energy; Ciner Wyoming LLC’s trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners’ Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
"Adjusted EBITDA" is a non-GAAP financial measure that we define as net income (loss) from continuing operations less equity earnings from unconsolidated investment, net income attributable to non-controlling interest and gain on reserve swap; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income (loss), the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.
“Distributable cash flow” or "DCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures and distributions to non-controlling interest. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.
“Free cash flow” or "FCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures, cash flow used in acquisition costs classified as investing or financing activities and distributions to non-controlling interest. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.
"Cash flow cushion" is a non-GAAP financial measure that we define as free cash flow less one-time beneficial items, mandatory Opco debt repayments, preferred unit distributions and common unit distributions. Cash flow cushion is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Cash flow cushion is a supplemental liquidity measure used by our management to assess the Partnership's ability to make or raise cash distributions to our common and preferred unitholders and our general partner and repay debt or redeem preferred units.
"Return on capital employed" or "ROCE" is a non-GAAP financial measure that we define as net income (loss) from continuing operations plus financing costs (interest expense plus loss on extinguishment of debt) divided by the sum of equity excluding equity of discontinued operations, and debt. Return on capital employed should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. Return on capital employed is a supplemental performance measure used by our management team that measures our profitability and efficiency with which our capital is employed. The measure provides an indication of operating performance before the impact of leverage in the capital structure.
-Financial Tables and Reconciliation of Non-GAAP Measures Follow-
Natural Resource Partners L.P. |
||||||||||||||
Financial Tables |
||||||||||||||
(Unaudited) |
||||||||||||||
Consolidated Statements of Comprehensive Income (Loss) |
||||||||||||||
|
||||||||||||||
|
For the Three Months Ended |
|
For the Year Ended |
|||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|||||||||
(In thousands, except per unit data) |
2020 |
|
2019 |
|
2020 |
|
2020 |
|
2019 |
|||||
Revenues and other income |
|
|
|
|
|
|
|
|
|
|||||
Coal royalty and other |
$ |
31,327 |
|
$ |
37,032 |
|
$ |
25,740 |
|
$ |
120,166 |
|
$ |
191,069 |
Transportation and processing services |
|
2,194 |
|
|
4,539 |
|
|
2,204 |
|
|
8,845 |
|
|
19,279 |
Equity in earnings of Ciner Wyoming |
|
5,528 |
|
|
10,256 |
|
|
1,986 |
|
|
10,728 |
|
|
47,089 |
Gain (loss) on asset sales and disposals |
|
116 |
|
|
(111) |
|
|
— |
|
|
581 |
|
|
6,498 |
Total revenues and other income |
$ |
39,165 |
|
$ |
51,716 |
|
$ |
29,930 |
|
$ |
140,320 |
|
$ |
263,935 |
Operating expenses |
|
|
|
|
|
|
|
|
|
|||||
Operating and maintenance expenses |
$ |
5,595 |
|
$ |
5,925 |
|
$ |
5,781 |
|
$ |
24,795 |
|
$ |
32,738 |
Depreciation, depletion and amortization |
|
3,013 |
|
|
3,186 |
|
|
2,111 |
|
|
9,198 |
|
|
14,932 |
General and administrative expenses |
|
3,125 |
|
|
3,931 |
|
|
3,634 |
|
|
14,293 |
|
|
16,730 |
Asset impairments |
|
2,668 |
|
|
147,730 |
|
|
934 |
|
|
135,885 |
|
|
148,214 |
Total operating expenses |
$ |
14,401 |
|
$ |
160,772 |
|
$ |
12,460 |
|
$ |
184,171 |
|
$ |
212,614 |
|
|
|
|
|
|
|
|
|
|
|||||
Income (loss) from operations |
$ |
24,764 |
|
$ |
(109,056) |
|
$ |
17,470 |
|
$ |
(43,851) |
|
$ |
51,321 |
|
|
|
|
|
|
|
|
|
|
|||||
Other expenses, net |
|
|
|
|
|
|
|
|
|
|||||
Interest expense, net |
$ |
(10,077) |
|
$ |
(10,392) |
|
$ |
(10,254) |
|
$ |
(40,968) |
|
$ |
(47,453) |
Loss on extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(29,282) |
Total other expenses, net |
$ |
(10,077) |
|
$ |
(10,392) |
|
$ |
(10,254) |
|
$ |
(40,968) |
|
$ |
(76,735) |
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) from continuing operations |
$ |
14,687 |
|
$ |
(119,448) |
|
$ |
7,216 |
|
$ |
(84,819) |
|
$ |
(25,414) |
Income from discontinued operations |
|
— |
|
|
750 |
|
|
— |
|
|
— |
|
|
956 |
Net income (loss) |
$ |
14,687 |
|
$ |
(118,698) |
|
$ |
7,216 |
|
$ |
(84,819) |
|
$ |
(24,458) |
Less: income attributable to preferred unitholders |
|
(7,612) |
|
|
(7,500) |
|
|
(7,500) |
|
|
(30,225) |
|
|
(30,000) |
Net income (loss) attributable to common unitholders and the general partner |
$ |
7,075 |
|
$ |
(126,198) |
|
$ |
(284) |
|
$ |
(115,044) |
|
$ |
(54,458) |
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) attributable to common unitholders |
$ |
6,934 |
|
$ |
(123,674) |
|
$ |
(279) |
|
$ |
(112,743) |
|
$ |
(53,369) |
Net income (loss) attributable to the general partner |
|
141 |
|
|
(2,524) |
|
|
(5) |
|
|
(2,301) |
|
|
(1,089) |
Income (loss) from continuing operations per common unit |
|
|
|
|
|
|
|
|
|
|||||
Basic |
$ |
0.57 |
|
$ |
(10.15) |
|
$ |
(0.02) |
|
$ |
(9.20) |
|
$ |
(4.43) |
Diluted |
|
0.56 |
|
|
(10.15) |
|
|
(0.02) |
|
|
(9.20) |
|
|
(4.43) |
Net income (loss) per common unit |
|
|
|
|
|
|
|
|
|
|||||
Basic |
$ |
0.57 |
|
$ |
(10.09) |
|
$ |
(0.02) |
|
$ |
(9.20) |
|
$ |
(4.35) |
Diluted |
|
0.56 |
|
|
(10.09) |
|
|
(0.02) |
|
|
(9.20) |
|
|
(4.35) |
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) |
$ |
14,687 |
|
$ |
(118,698) |
|
$ |
7,216 |
|
$ |
(84,819) |
|
$ |
(24,458) |
Comprehensive income from unconsolidated investment and other |
|
152 |
|
|
1,208 |
|
|
2,428 |
|
|
2,916 |
|
|
868 |
Comprehensive income (loss) |
$ |
14,839 |
|
$ |
(117,490) |
|
|
9,644 |
|
$ |
(81,903) |
|
$ |
(23,590) |
Natural Resource Partners L.P. |
||||||||||||||
Financial Tables |
||||||||||||||
(Unaudited) |
||||||||||||||
Consolidated Statements of Cash Flows |
||||||||||||||
|
|
|
|
|||||||||||
|
For the Three Months Ended |
|
For the Year Ended |
|||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|||||||||
(In thousands) |
2020 |
|
2019 |
|
2020 |
|
2020 |
|
2019 |
|||||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) |
$ |
14,687 |
|
$ |
(118,698) |
|
$ |
7,216 |
|
$ |
(84,819) |
|
$ |
(24,458) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities of continuing operations: |
|
|
|
|
|
|
|
|
|
|||||
Depreciation, depletion and amortization |
3,013 |
|
3,186 |
|
2,111 |
|
9,198 |
|
14,932 |
|||||
Distributions from unconsolidated investment |
— |
|
6,370 |
|
— |
|
14,210 |
|
31,850 |
|||||
Equity earnings from unconsolidated investment |
(5,528) |
|
(10,256) |
|
(1,986) |
|
(10,728) |
|
(47,089) |
|||||
Loss (gain) on asset sales and disposals |
(116) |
|
111 |
|
— |
|
(581) |
|
(6,498) |
|||||
Loss on extinguishment of debt |
— |
|
— |
|
— |
|
— |
|
29,282 |
|||||
Income from discontinued operations |
— |
|
(750) |
|
— |
|
— |
|
(956) |
|||||
Asset impairments |
2,668 |
|
147,730 |
|
934 |
|
135,885 |
|
148,214 |
|||||
Bad debt expense |
86 |
|
620 |
|
258 |
|
4,001 |
|
7,462 |
|||||
Unit-based compensation expense |
1,004 |
|
519 |
|
913 |
|
3,570 |
|
2,361 |
|||||
Amortization of debt issuance costs and other |
832 |
|
464 |
|
1,577 |
|
1,323 |
|
3,687 |
|||||
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|||||
Accounts receivable |
4,859 |
|
(3,924) |
|
4,621 |
|
12,853 |
|
(6,035) |
|||||
Accounts payable |
14 |
|
(412) |
|
144 |
|
207 |
|
(1,234) |
|||||
Accrued liabilities |
780 |
|
1,427 |
|
791 |
|
(2,205) |
|
(3,656) |
|||||
Accrued interest |
(7,559) |
|
(12,048) |
|
7,248 |
|
(602) |
|
(12,029) |
|||||
Deferred revenue |
(461) |
|
3,188 |
|
(273) |
|
9,733 |
|
(732) |
|||||
Other items, net |
(1,124) |
|
1,867 |
|
769 |
|
(4,477) |
|
2,218 |
|||||
Net cash provided by operating activities of continuing operations |
$ |
13,155 |
|
$ |
19,394 |
|
$ |
24,323 |
|
$ |
87,568 |
|
$ |
137,319 |
Net cash provided by (used in) operating activities of discontinued operations |
— |
|
(4) |
|
— |
|
1,706 |
|
(8) |
|||||
Net cash provided by operating activities |
$ |
13,155 |
|
$ |
19,390 |
|
$ |
24,323 |
|
$ |
89,274 |
|
$ |
137,311 |
|
|
|
|
|
|
|
|
|
|
|||||
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|||||
Proceeds from asset sales and disposals |
$ |
116 |
|
$ |
(111) |
|
$ |
— |
|
$ |
623 |
|
$ |
6,500 |
Return of long-term contract receivable |
660 |
|
392 |
|
332 |
|
2,122 |
|
1,743 |
|||||
Acquisition of non-controlling interest in BRP |
— |
|
— |
|
— |
|
(1,000) |
|
— |
|||||
Acquisition of mineral rights |
— |
|
(22) |
|
— |
|
— |
|
(22) |
|||||
Net cash provided by investing activities of continuing operations |
$ |
776 |
|
$ |
259 |
|
$ |
332 |
|
$ |
1,745 |
|
$ |
8,221 |
Net cash provided by (used in) investing activities of discontinued operations |
1 |
|
(73) |
|
— |
|
(65) |
|
(629) |
|||||
Net cash provided by investing activities |
$ |
777 |
|
$ |
186 |
|
$ |
332 |
|
$ |
1,680 |
|
$ |
7,592 |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|||||
Debt borrowings |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
300,000 |
Debt repayments |
(20,335) |
|
(20,335) |
|
(6,780) |
|
(46,176) |
|
(463,082) |
|||||
Distributions to common unitholders and general partner |
(5,630) |
|
(5,630) |
|
(5,630) |
|
(16,890) |
|
(33,150) |
|||||
Distributions to preferred unitholders |
(3,750) |
|
(7,500) |
|
(7,500) |
|
(26,363) |
|
(30,000) |
|||||
Contributions from (to) discontinued operations |
1 |
|
(77) |
|
— |
|
1,641 |
|
(637) |
|||||
Debt issuance costs and other |
— |
|
(9) |
|
— |
|
— |
|
(26,436) |
|||||
Net cash used in financing activities of continuing operations |
$ |
(29,714) |
|
$ |
(33,551) |
|
$ |
(19,910) |
|
$ |
(87,788) |
|
$ |
(253,305) |
Net cash provided by (used in) financing activities of discontinued operations |
(1) |
|
77 |
|
— |
|
(1,641) |
|
637 |
|||||
Net cash used in financing activities |
$ |
(29,715) |
|
$ |
(33,474) |
|
$ |
(19,910) |
|
$ |
(89,429) |
|
$ |
(252,668) |
|
|
|
|
|
|
|
|
|
|
|||||
Net increase (decrease) in cash and cash equivalents |
$ |
(15,783) |
|
$ |
(13,898) |
|
$ |
4,745 |
|
$ |
1,525 |
|
$ |
(107,765) |
Cash and cash equivalents at beginning of period |
115,573 |
|
112,163 |
|
110,828 |
|
98,265 |
|
206,030 |
|||||
Cash and cash equivalents at end of period |
$ |
99,790 |
|
$ |
98,265 |
|
$ |
115,573 |
|
$ |
99,790 |
|
$ |
98,265 |
|
|
|
|
|
|
|
|
|
|
|||||
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
|
|||||
Cash paid during the period for interest |
$ |
17,118 |
|
$ |
22,327 |
|
$ |
2,490 |
|
$ |
39,830 |
|
$ |
58,597 |
Non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
|
|||||
Plant, equipment, mineral rights and other funded with accounts payable or accrued liabilities |
$ |
23 |
|
$ |
— |
|
$ |
23 |
|
$ |
970 |
|
$ |
— |
Preferred unit distributions paid-in-kind |
3,750 |
|
— |
|
— |
|
3,750 |
|
— |
|||||
Natural Resource Partners L.P. |
|||||||
Financial Tables |
|||||||
(Unaudited) |
|||||||
Consolidated Balance Sheets |
|||||||
|
|||||||
|
December 31, |
||||||
(In thousands, except unit data) |
2020 |
|
2019 |
||||
ASSETS |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
99,790 |
|
|
$ |
98,265 |
|
Accounts receivable, net |
12,322 |
|
|
30,869 |
|
||
Other current assets, net |
5,080 |
|
|
1,244 |
|
||
Current assets of discontinued operations |
— |
|
|
1,706 |
|
||
Total current assets |
$ |
117,192 |
|
|
$ |
132,084 |
|
Land |
24,008 |
|
|
24,008 |
|
||
Mineral rights, net |
460,373 |
|
|
605,096 |
|
||
Intangible assets, net |
17,459 |
|
|
17,687 |
|
||
Equity in unconsolidated investment |
262,514 |
|
|
263,080 |
|
||
Long-term contract receivable, net |
33,264 |
|
|
36,963 |
|
||
Other long-term assets, net |
7,067 |
|
|
6,989 |
|
||
Total assets |
$ |
921,877 |
|
|
$ |
1,085,907 |
|
LIABILITIES AND CAPITAL |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
1,385 |
|
|
$ |
1,179 |
|
Accrued liabilities |
7,733 |
|
|
8,764 |
|
||
Accrued interest |
1,714 |
|
|
2,316 |
|
||
Current portion of deferred revenue |
11,485 |
|
<
|||||
