RESTATEMENT OF PREVIOUSLY REPORTED UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2019

Accounting Changes And Error Corrections [Abstract]

Effects of Restatement on Unaudited Condensed Consolidated Balance Sheets, Statements of Operations and Statements of Cash Flows

The effects of the restatement on our unaudited condensed consolidated balance sheet are as follows:

	December 31, 2018
	Previously Reported			Adjustments			Restated
ASSETS
Current assets:
Cash and cash equivalents	$	7,192		$	387		$	7,579
Restricted cash		271			—			271
Accounts receivable, net		24,859			1,604			26,463
Deferred costs on contracts		3,717			29			3,746
Prepaid expenses and other current assets		2,813			30			2,843
Total current assets		38,852			2,050			40,902
Property and equipment, net		35,334			—			35,334
Multiclient seismic data library, net		—			4,733			4,733
Goodwill		1,687			—			1,687
Intangible assets, net		4,066			—			4,066
Long-term accounts receivable, net		52,804			(52,804	)		—
Tax credits receivable, net		—			13,198			13,198
Deferred income taxes		2,015			145			2,160
Other assets		2,715			(2,448	)		267
Total assets	$	137,473		$	(35,126	)	$	102,347
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	10,103		$	—		$	10,103
Accrued liabilities		10,498			—			10,498
Income and other taxes payable		3,331			—			3,331
Current portion of long-term debt and finance leases		7,837			—			7,837
Deferred revenue		4,298			59			4,357
Total current liabilities		36,067			59			36,126
Long-term debt and finance leases		85,653			(2,448	)		83,205
Other long-term liabilities		380			—			380
Commitments and contingencies
Stockholders' equity (deficit):
Common stock		—			—			—
Additional paid-in capital		232,661			—			232,661
Accumulated deficit		(216,612	)		(32,737	)		(249,349	)
Accumulated other comprehensive loss		(3,035	)		—			(3,035	)
Treasury stock, at cost		(1,866	)		—			(1,866	)
SAExploration stockholders’ equity (deficit)		11,148			(32,737	)		(21,589	)
Noncontrolling interest		4,225			—			4,225
Total stockholders’ equity (deficit)		15,373			(32,737	)		(17,364	)
Total liabilities and stockholders’ equity (deficit)	$	137,473		$	(35,126	)	$	102,347

The effects of the restatement on our unaudited condensed consolidated statements of operations are as follows:

	Three Months Ended June 30, 2018
	Previously Reported			Adjustments			Restated
Revenue from services	$	16,883		$	—		$	16,883
Cost of services		19,710			—			19,710
Depreciation and amortization		2,295			—			2,295
Gross loss		(5,122	)		—			(5,122	)
Operating expenses:
Selling, general and administrative expenses		25,763			(17,397	)		8,366
Misappropriation of funds		—			128			128
Total operating expenses		25,763			(17,269	)		8,494
Operating loss		(30,885	)		17,269			(13,616	)
Other (expense) income, net:
Interest expense, net		(2,346	)		—			(2,346	)
Foreign exchange gain (loss), net		(2,005	)		—			(2,005	)
Other income, net		9			83			92
Total other expense, net		(4,342	)		83			(4,259	)
Loss before income taxes		(35,227	)		17,352			(17,875	)
Income taxes		(1,881	)		1,847			(34	)
Net loss		(33,346	)		15,505			(17,841	)
Less: net income attributable to noncontrolling interest		59			—			59
Net loss attributable to SAExploration	$	(33,405	)	$	15,505		$	(17,900	)
Loss per common share (basic and diluted)	$	(44.90	)	$	35.18		$	(9.72	)
Weighted average common shares outstanding (basic and diluted)		749			1,116			1,865

	Six Months Ended June 30, 2018
	Previously Reported			Adjustments			Restated
Revenue from services	$	54,006		$	—		$	54,006
Cost of services		45,715			—			45,715
Depreciation and amortization		4,716			—			4,716
Gross profit (loss)		3,575			—			3,575
Operating expenses:
Selling, general and administrative expenses		32,140			(18,088	)		14,052
Misappropriation of funds		—			361			361
Total operating expenses		32,140			(17,727	)		14,413
Operating loss		(28,565	)		17,727			(10,838	)
Other (expense) income, net:
Interest expense, net		(5,487	)		—			(5,487	)
Foreign exchange gain (loss), net		(2,179	)		—			(2,179	)
Other income, net		154			83			237
Total other expense, net		(7,512	)		83			(7,429	)
Loss before income taxes		(36,077	)		17,810			(18,267	)
Income taxes		(1,257	)		1,222			(35	)
Net loss		(34,820	)		16,588			(18,232	)
Less: net income attributable to noncontrolling interest		894			—			894
Net loss attributable to SAExploration	$	(35,714	)	$	16,588		$	(19,126	)
Loss per common share (basic and diluted)	$	(128.90	)	$	82.64		$	(46.26	)
Weighted average common shares outstanding (basic and diluted)		643			790			1,433

The effects of the restatement on our unaudited condensed consolidated statement of cash flows are as follows:

	Six Months Ended June 30, 2018
	Previously Reported			Adjustments			Restated
Cash flows from operating activities:
Net loss	$	(34,820	)	$	16,588		$	(18,232	)
Adjustments to reconcile net loss to net cash used in operating    activities:
Depreciation and amortization		4,868			—			4,868
Tax credits used to offset production taxes		—			—			—
Reserve for potential tax credits monetization		—			1,700			1,700
Reserve for doubtful accounts		19,120			(18,985	)		135
Equity-based compensation cost		2,641			—			2,641
Gain on disposal of property and equipment		(185	)		—			(185	)
Amortization of loan issuance costs and debt discounts		1,901			—			1,901
Gain on debt extinguishment		(53	)		—			(53	)
Unrealized loss on foreign currency transactions		2,131			—			2,131
Deferred taxes		—			62			62
Changes in operating assets and liabilities		(5,674	)		143			(5,531	)
Net cash used in operating activities		(10,071	)		(492	)		(10,563	)
Cash flows from investing activities:
Purchase of property and equipment		(703	)		—			(703	)
Proceeds from sale of property and equipment		193			—			193
Net cash used in investing activities		(510	)		—			(510	)
Cash flows from financing activities:
Long-term debt and finance lease repayments		(995	)		—			(995	)
Long-term debt borrowings		15,000			—			15,000
Stock issuance costs		(2,179	)		467			(1,712	)
Purchase of treasury stock		(175	)		—			(175	)
Net cash provided by financing activities		11,651			467			12,118
Effect of exchange rate changes on cash, cash equivalents and    restricted cash		(183	)		—			(183	)
Net change in cash, cash equivalents and restricted cash		887			(25	)		862
Cash, cash equivalents and restricted cash at the beginning of year		3,654			80			3,734
Cash, cash equivalents and restricted cash at the end of period	$	4,541		$	55		$	4,596