| SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT |
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| SCHEDULE I |
| CONDENSED FINANCIAL INFORMATION OF REGISTRANT |
| TELLURIAN INC. |
| PARENT COMPANY BALANCE SHEETS |
| (in thousands, except share and per share) |
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Year Ended December 31, |
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2020 |
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2019 |
| ASSETS |
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| Cash and cash equivalents |
$ |
6,719 |
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$ |
— |
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| Prepaids and other |
80 |
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214 |
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| Loan note receivable from a subsidiary |
606,859 |
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499,504 |
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| Investments in subsidiaries |
— |
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— |
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| Property, plant and equipment, net |
— |
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— |
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| Total assets |
$ |
613,658 |
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$ |
499,718 |
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| LIABILITIES AND EQUITY |
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| Liabilities: |
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| Accounts payable |
$ |
49 |
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$ |
939 |
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| Accrued liabilities |
783 |
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1,725 |
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| Borrowings |
13,624 |
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— |
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| Payables due to subsidiaries |
490,112 |
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330,769 |
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| Total liabilities |
504,568 |
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333,433 |
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| Equity: |
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Preferred stock, $0.01 par value, 100,000,000 authorized: 6,123,782 and 6,123,782 shares outstanding, respectively |
61 |
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61 |
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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 |
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2,211 |
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| Additional paid-in capital |
922,042 |
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769,639 |
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| Accumulated deficit |
(816,322) |
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(605,626) |
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| Total stockholders’ equity |
109,090 |
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166,285 |
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| Total liabilities and stockholders’ equity |
$ |
613,658 |
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$ |
499,718 |
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| SCHEDULE I (Continued) |
| CONDENSED FINANCIAL INFORMATION OF REGISTRANT |
| TELLURIAN INC. |
| PARENT COMPANY STATEMENTS OF OPERATIONS |
| (in thousands) |
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Year Ended December 31, |
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2020 |
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2019 |
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2018 |
| Total revenues |
$ |
— |
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$ |
— |
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$ |
— |
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| Operating costs and expenses: |
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| Cost of sales |
— |
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— |
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93 |
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| Development expenses |
6,804 |
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11,047 |
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2,487 |
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| General and administrative expenses |
12,636 |
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20,498 |
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4,618 |
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| Goodwill impairment |
— |
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— |
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— |
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| Total operating costs and expenses |
19,440 |
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31,545 |
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7,198 |
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| Other income, net |
49,863 |
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63,090 |
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— |
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| Interest expense |
(22,385) |
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— |
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2 |
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| Income (Loss) from operations before income taxes and equity in losses of subsidiaries |
8,038 |
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31,545 |
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(7,200) |
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| Income tax benefit (provision) |
— |
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— |
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— |
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| Net loss from operations before equity in losses of subsidiaries |
$ |
8,038 |
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$ |
31,545 |
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$ |
(7,200) |
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| Equity in losses of subsidiaries, net of tax |
$ |
(218,734) |
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$ |
(183,312) |
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$ |
(118,545) |
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| Net loss |
$ |
(210,696) |
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$ |
(151,767) |
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$ |
(125,745) |
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| SCHEDULE I (Continued) |
| CONDENSED FINANCIAL INFORMATION OF REGISTRANT |
| TELLURIAN INC. |
| PARENT COMPANY STATEMENTS OF CASH FLOWS |
| (in thousands) |
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Year Ended December 31, |
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2020 |
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2019 |
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2018 |
| Net cash provided (used) by operating activities |
(99,685) |
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6,686 |
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(123,976) |
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| Cash flows from investing activities: |
— |
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— |
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— |
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| Cash flows from financing activities: |
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| Proceeds from the issuance of common stock |
103,664 |
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— |
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133,800 |
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| Equity offering costs |
(3,989) |
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— |
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(4,090) |
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| Proceeds from borrowings |
50,000 |
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— |
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— |
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| Borrowings issuance costs |
(2,612) |
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— |
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— |
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| Borrowings principal repayments |
(40,000) |
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— |
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— |
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| Proceeds from warrants exercise |
1,000 |
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— |
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— |
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| Tax payments for net share settlement of equity awards |
(1,659) |
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(6,686) |
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(5,734) |
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| Net cash provided (used) by financing activities |
106,404 |
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(6,686) |
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123,976 |
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| Net increase (decrease) in cash and cash equivalents |
6,719 |
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— |
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— |
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| Cash and cash equivalents, beginning of period |
— |
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— |
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— |
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| Cash and cash equivalents, end of period |
$ |
6,719 |
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$ |
— |
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$ |
— |
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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.”
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