Annual report pursuant to Section 13 and 15(d)

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT

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SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT
12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT
SCHEDULE I
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
TELLURIAN INC.
PARENT COMPANY BALANCE SHEETS
(in thousands, except share and per share)
Year Ended December 31,
2020 2019
ASSETS
Cash and cash equivalents $ 6,719  $ — 
Prepaids and other 80  214 
Loan note receivable from a subsidiary 606,859  499,504 
Investments in subsidiaries —  — 
Property, plant and equipment, net —  — 
Total assets $ 613,658  $ 499,718 
LIABILITIES AND EQUITY
Liabilities:
Accounts payable $ 49  $ 939 
Accrued liabilities 783  1,725 
Borrowings 13,624  — 
Payables due to subsidiaries 490,112  330,769 
Total liabilities 504,568  333,433 
Equity:
Preferred stock, $0.01 par value, 100,000,000 authorized: 6,123,782 and 6,123,782 shares outstanding, respectively
61  61 
Common stock, $0.01 par value, 800,000,000 and 400,000,000 authorized: 354,315,739 and 242,207,522 shares outstanding, respectively
3,309  2,211 
Additional paid-in capital 922,042  769,639 
Accumulated deficit (816,322) (605,626)
Total stockholders’ equity 109,090  166,285 
Total liabilities and stockholders’ equity $ 613,658  $ 499,718 
SCHEDULE I (Continued)
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
TELLURIAN INC.
PARENT COMPANY STATEMENTS OF OPERATIONS
(in thousands)
Year Ended December 31,
2020 2019 2018
Total revenues $ —  $ —  $ — 
Operating costs and expenses:
Cost of sales —  —  93 
Development expenses 6,804  11,047  2,487 
General and administrative expenses 12,636  20,498  4,618 
Goodwill impairment —  —  — 
Total operating costs and expenses 19,440  31,545  7,198 
Other income, net 49,863  63,090  — 
Interest expense (22,385) — 
Income (Loss) from operations before income taxes and equity in losses of subsidiaries 8,038  31,545  (7,200)
Income tax benefit (provision) —  —  — 
Net loss from operations before equity in losses of subsidiaries $ 8,038  $ 31,545  $ (7,200)
Equity in losses of subsidiaries, net of tax $ (218,734) $ (183,312) $ (118,545)
Net loss $ (210,696) $ (151,767) $ (125,745)
SCHEDULE I (Continued)
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
TELLURIAN INC.
PARENT COMPANY STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2020 2019 2018
Net cash provided (used) by operating activities (99,685) 6,686  (123,976)
Cash flows from investing activities: —  —  — 
Cash flows from financing activities:
Proceeds from the issuance of common stock 103,664  —  133,800 
Equity offering costs (3,989) —  (4,090)
Proceeds from borrowings 50,000  —  — 
Borrowings issuance costs (2,612) —  — 
Borrowings principal repayments (40,000) —  — 
Proceeds from warrants exercise 1,000  —  — 
Tax payments for net share settlement of equity awards (1,659) (6,686) (5,734)
Net cash provided (used) by financing activities 106,404  (6,686) 123,976 
Net increase (decrease) in cash and cash equivalents 6,719  —  — 
Cash and cash equivalents, beginning of period —  —  — 
Cash and cash equivalents, end of period $ 6,719  $ —  $ — 
NOTE 1 BASIS OF PRESENTATION
Tellurian Inc. is a Delaware corporation based in Houston, Texas (“Tellurian”), which wholly owns Driftwood LP Holdings LLC (“Driftwood LP Holdings”), which in turn wholly owns Driftwood Holdings LP (“Driftwood Holdings”).
These condensed parent company financial statements reflect the activity of Tellurian as the parent company to Driftwood Holdings and have been prepared in accordance with Rules 5-04 and 12-04 of Regulation S-X, as the restricted net assets of Driftwood Holdings exceeds 25% of the consolidated net assets of Tellurian. This information should be read in conjunction with the consolidated financial statements of Tellurian included in this report under the caption Item 8, “Financial Statements and Supplementary Data.”