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Acquisitions and Divestitures (Tables) | 12 Months Ended
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Sep. 30, 2021
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the consideration for the Merger (presented in thousands, except stock price):
Tengasco common stock price | $ | 29.64 |
Tengasco common stock - issued and outstanding as of February 26, 2021 | 891 |
Total consideration | $ | 26,392 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed based on their fair values on February 26, 2021 (in thousands):
Assets |
Cash and cash equivalents | $ | 860 |
Account receivable | 325 |
Prepaid and other current assets | 759 |
Total current assets | 1,944 |
Oil and gas properties | 4,525 |
Other property and equipment | 91 |
Right of use assets | 42 |
Other non-current assets | 4 |
Deferred tax assets | 2,987 |
Total assets acquired | $ | 9,593 |
Liabilities |
Accounts payable | 130 |
Accrued liabilities | 409 |
Current lease liabilities, operating | 42 |
Current lease liabilities, financing | 68 |
Total current liabilities | 649 |
Asset retirement obligations | 1,565 |
Total liabilities assumed | 2,214 |
Net identifiable assets acquired | 7,379 |
Goodwill | 19,013 |
Net assets acquired | $ | 26,392 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma combined results for the years ended September 30, 2021 and 2020 reflect the consolidated results of operations of the Company as if the Merger had occurred on October 1, 2019. The unaudited pro forma information includes adjustments for $3.6 million of transaction costs being reclassified to the first quarter of fiscal year 2020 which were incurred during the year ended September 30, 2021. Additionally, the Company adjusted for $0.9 million of oil and natural gas property impairment Tengasco recognized under the full-cost method of accounting, which would not have been recognized under the successful efforts method, during the three months ended December 31, 2020. Also, the unaudited pro forma information has been tax affected using a 21% tax rate. The common stock was also adjusted for the conversion of the REP LLC preferred units into common units and retroactively adjusted for the Exchange Ratio and one-for-twelve reverse stock split.
| Year Ended September 30,
| 2021 |  | 2020
| (In thousands, except per share/unit amounts)
| (Unaudited)
Total Revenues | $ | 151,036 |  |  | $ | 76,933 |
Pro Forma Net Income (Loss) from Continuing Operations | (30,146) |  |  | 33,075 |
Pro Forma Net Income (Loss) from Discontinued Operations | 275 |  |  | (18,203) |
Pro Forma Net Income (Loss) before Taxes | (29,871) |  |  | 14,872 |
Pro forma income tax benefit (expense) | 6,273 |  |  | (3,123) |
Pro Forma Net Income (Loss) | $ | (23,598) |  |  | $ | 11,749 |
Net Income (Loss) per Share/Unit from Continuing Operations: |  |  |
Basic | $ | (1.88) |  |  | $ | 0.66 |
Diluted | $ | (1.88) |  |  | $ | 0.71 |
Net Income (Loss) per Share/Unit from Discontinued Operations: |  |  |
Basic | $ | 0.02 |  |  | $ | (1.46) |
Diluted | $ | 0.02 |  |  | $ | (1.46) |
Schedule of Transactions Costs | The Company recognized acquisition costs related to the Merger for the years ended September 30, 2021 and 2020 included in the table below:
| Year Ended September 30,
| 2021 |  | 2020
| (In thousands)
Business combination acquisition costs | $ | 3,572 |  |  | $ | 1,431 |
Other | 160 |  |  | — |
Total transaction costs | $ | 3,732 |  |  | $ | 1,431 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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