Past year: ▼ 96%(1.00c – 38.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Sept 2015listing compliance notice▼ BadMajor
Lilis Energy's distress deepened on two fronts at once: its stock (LLEX) fell below Nasdaq's $1.00 minimum bid price, and its stockholders' equity had shrunk further to just $3.5 million by mid-2015, well past the point the earlier $10 million deficiency notice was meant to be cured.
11 June 2015material agreement● NeutralMajor
Lilis Energy expanded the Swan Exploration Wattenberg acquisition to 1,015 net acres and raised the price to $5.76 million, pushing the closing date to mid-June 2015.
22 May 2015listing compliance notice▼ BadMajor
Nasdaq again cited Lilis Energy for falling below the $10 million stockholders'-equity minimum - now down to $6.4 million - reviving a deficiency the company thought it had cured back in early 2014.
5 May 2015material agreement▲ GoodMajor
Lilis Energy agreed to buy interests in 53 producing wells plus undeveloped acreage in the core Wattenberg Field from Swan Exploration for about $7.1 million total, funded by drawing on its new Heartland Bank credit line - a real accretive acquisition even as the company's Nasdaq compliance troubles continued.
26 Feb 2015listing compliance notice▼ BadMajor
Nasdaq issued a formal delisting determination after Lilis Energy blew through the 180-day cure period for its still-late Q3 2014 10-Q; the company filed the report just one day before the deadline, narrowly avoiding delisting for now.
6 Feb 2015financial restatement▼ BadMajor
Lilis Energy disclosed a second restatement, this time because its valuation of the convertible-debenture conversion derivative going back to 2011 had only priced in the anti-dilution feature and omitted the conversion option itself - understating net losses by as much as $10.3 million in a single quarter once corrected.
13 Jan 2015debt financing▲ GoodMajor
Lilis Energy lined up a fresh $3 million senior secured term loan (expandable to $50 million) from Heartland Bank to fund asset purchases and development - its first new lending relationship since settling out of the Hexagon debt, though tied to leverage-ratio and debt-coverage covenants.
30 Dec 2014listing compliance notice▼ BadMajor
Nasdaq cited Lilis Energy for a separate governance failure - its board no longer had a majority of independent directors, and its audit and compensation committees fell below required independent-member counts, following recent director departures during the company's crisis.
25 Nov 2014listing compliance notice▼ BadMajor
Lilis Energy's filing delinquency spread further: its Q3 2014 10-Q also missed deadline, on top of the already-late 10-K and prior quarterlies, forcing another compliance-plan update to Nasdaq and a push to find a new auditor.
13 Nov 2014auditor change▼ BadMajor
Lilis Energy's auditor Hein & Associates declined to stand for re-election, and the company disclosed a material weakness in internal controls over officers' travel and entertainment expense documentation spanning late 2013 through 2014. Nasdaq granted a compliance exception requiring all delinquent reports filed by January 2, 2015.
8 Sept 2014material agreement● Neutral
New CEO Abraham Mirman signed Lilis Energy up with consulting firm Bristol Capital for strategic advice, paying with warrants/options for 1 million shares at $2.00.
3 Sept 2014asset acquisition disposition▼ BadMajor
Lilis Energy resolved its Hexagon default by surrendering all the mortgaged oil and gas properties that had secured the original 2010 loans, plus issuing Hexagon $2 million in new preferred stock, in exchange for full extinguishment of the roughly $14.1 million still owed - trading away the founding-era asset base that Hexagon's financing had originally built to finally clear the debt, under new CEO Abraham Mirman.
21 Aug 2014debt default or forbearance▼ BadMajor
Lilis could not make the second $5 million payment owed to Hexagon by 15 August 2014, so the May settlement lapsed and the original Hexagon credit agreements (originally $25.5 million, about $14 million still outstanding) went into payment default at a 15% rate, leaving Hexagon free to foreclose on the mortgaged oil and gas properties. That cross-defaulted the remaining $6.73 million of 8% secured convertible debentures, whose holders could raise their rate to 18%, and Nasdaq separately cited the company for not filing its June-quarter 10-Q.
4 June 2014capital raising announcement▼ BadMajor
Lilis Energy raised $7.5 million in new convertible preferred stock, and used part of the proceeds to strike a settlement with senior lender Hexagon over the roughly $18.8 million owed on its founding-era term loans - paying $5 million immediately, owing another $5 million by June 30, and rolling the rest into a new $6 million unsecured note plus stock, with escalating penalties if either payment slipped. The restructuring effectively admitted the original Hexagon debt could not be repaid on its own terms.
22 May 2014listing compliance notice▼ BadMajor
Lilis Energy's Nasdaq compliance problem deepened: it still hadn't filed its 2013 10-K and had now also missed its Q1 2014 10-Q deadline, with a new interim CFO (Eric Ulwelling, replacing Bradley Gabbard) now signing its filings.
21 Apr 2014listing compliance notice▼ BadMajor
Lilis Energy fell out of Nasdaq compliance for failing to file its 2013 annual report on time, with until mid-June 2014 to catch up - the first sign the company's own financial reporting was slipping.
1 Apr 2014material agreement termination▼ BadMajor
Lilis Energy walked away from its proposed merger with Shoreline Energy Corp, terminating the letter of intent less than two months after signing it.
11 Feb 2014material agreement● NeutralMajor
Lilis Energy signed a binding letter of intent to merge with Alberta-based Shoreline Energy Corp in a share-for-share plan of arrangement, with Shoreline shareholders to receive 6.67 million Lilis shares and Shoreline becoming a wholly owned subsidiary - contingent on a definitive agreement, court and Nasdaq approval, and each side completing its own refinancing.
6 Feb 2014capital raising announcement▼ BadMajor
Lilis Energy converted $9 million of its roughly $15.6 million in convertible debentures into stock at just $2.00/share - a steep cut from the $4.25 conversion price set in 2011 - with the remaining $6.6 million convertible pending shareholder approval, trading balance-sheet relief for heavy dilution.
28 Jan 2014capital raising announcement▲ GoodMajor
Newly renamed Lilis Energy, Inc. (formerly Recovery Energy) closed a $7.5 million private placement of stock and warrants, with insiders committing $1.4 million of it, and said the raise resolved the stockholders'-equity shortfall Nasdaq had flagged the previous August - though Nasdaq would keep monitoring compliance going forward.
7 Oct 2013material agreement● Neutral
Recovery Energy finished collecting the $2.2 million from its June debenture sale, again noting company officers and directors among the investors.
20 Aug 2013listing compliance notice▼ BadMajor
Nasdaq warned Recovery Energy that its stockholders' equity had fallen to $8.27 million, below the $10 million minimum for its Global Market listing, giving it 45 days to propose a fix or fall back to the junior Nasdaq Capital Market.
21 June 2013capital raising announcement▼ BadMajor
Recovery Energy sold $2.2 million more of its 8% convertible debentures on the same $4.25 conversion terms as its existing $13.4 million, to fund Wattenberg and Laramie County drilling - with the company's own officers and directors among the buyers, a sign outside capital was getting harder to attract.
10 Oct 2012listing compliance notice▲ Good
Nasdaq closed out the shareholder-approval violation with a letter of reprimand rather than delisting action, after shareholders retroactively approved the TRW share issuance at a September 2012 special meeting.
12 Sept 2012capital raising announcement● Neutral
Recovery Energy paid for financial advisory services with a three-year warrant for 600,000 shares at $5.00, vesting over several months.
21 Aug 2012listing compliance notice▼ Bad
Nasdaq separately flagged that Recovery Energy's December 2011 buyout of TRW Exploration's stake had skipped a required shareholder vote, because TRW turned out to be majority-owned by several of the company's own shareholders - meaning the JV termination a year earlier had, in fact, been a related-party transaction. A special meeting to ratify it after the fact was already planned.
9 Feb 2012listing compliance notice▼ Bad
Nasdaq notified Recovery Energy it was out of compliance with audit-committee independence rules after a board member's resignation left only two of the required three independent directors, giving it until mid-2012 to fill the seat.
19 Dec 2011capital raising announcement▼ BadMajor
With its stock price well below the debentures' original $9.40 conversion price, Recovery Energy was forced to reprice its 8% convertible debentures down to $4.25/share and swap loan collateral to keep the debt in compliance. In the same filing it terminated its Chugwater joint venture with TRW Exploration - which had put in $9.1 million for a stake in two wells - buying out TRW's interest for 1.5 million shares just eight months after the partnership began.
1 Nov 2011listing compliance notice▲ GoodMajor
Nasdaq certified LILIS ENERGY, INC.'s securities for listing, clearing them to begin trading.
26 July 2011financial restatement▼ BadMajor
Recovery Energy was forced to restate its 2010 annual and two 2010/2011 quarterly financial statements after the SEC flagged its accounting for replacement warrants issued in a 2010 exercise; the fix widened the 2010 net loss from $16.8 million to $19.7 million.
