Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-24575 | |
Entity Registrant Name | STABILIS SOLUTIONS, INC. | |
Entity Central Index Key | 0001043186 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 59-3410234 | |
Entity Address, Address Line One | 11750 Katy Freeway | |
Entity Address, Address Line Two | Suite 900 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77079 | |
City Area Code | 832 | |
Local Phone Number | 456-6500 | |
Title of 12(b) Security | Common Stock, $.001 par value | |
Trading Symbol | SLNG | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,896,626 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 3,062 | $ 1,814 |
Accounts receivable | 6,327 | 5,620 |
Inventories, net | 158 | 226 |
Prepaid expenses and other current assets | 3,336 | 3,111 |
Due from related parties | 2 | 42 |
Total current assets | 12,885 | 10,813 |
Cost | 90,763 | 90,422 |
Less accumulated depreciation | (40,560) | (38,384) |
Property, plant and equipment, net | 50,203 | 52,038 |
Right-of-use assets | 678 | 786 |
Goodwill | 4,453 | 4,453 |
Investments in foreign joint ventures | 12,256 | 11,897 |
Other noncurrent assets | 320 | 326 |
Total assets | 80,795 | 80,313 |
Current liabilities: | ||
Current portion of long-term notes payable | 641 | 680 |
Current portion of long-term notes payable - related parties | 3,422 | 3,351 |
Current portion of finance lease obligation | 17 | 0 |
Current portion of finance lease obligation - related parties | 0 | 648 |
Current portion of operating lease obligations | 306 | 362 |
Short-term notes payable | 190 | 432 |
Accrued liabilities | 5,232 | 4,361 |
Accounts payable | 5,401 | 4,395 |
Total current liabilities | 15,209 | 14,229 |
Long-term notes payable, net of current portion | 667 | 682 |
Long-term notes payable, net of current portion - related parties | 2,093 | 2,726 |
Finance lease obligations, net of current portion | 75 | 0 |
Long-term portion of operating lease obligations | 436 | 490 |
Deferred compensation | 44 | 59 |
Deferred income taxes | 106 | 97 |
Total liabilities | 18,630 | 18,283 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Preferred Stock; $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at March 31, 2021 and December 31, 2020 | 0 | 0 |
Common stock; $0.001 par value, 37,500,000 shares authorized, 16,896,626 shares issued and outstanding at March 31, 2021 and December 31, 2020 (Note 13) | 17 | 17 |
Additional paid-in capital | 91,440 | 91,278 |
Accumulated other comprehensive income (loss) | (80) | 122 |
Accumulated deficit | (29,212) | (29,387) |
Total stockholders’ equity | 62,165 | 62,030 |
Total liabilities and stockholders’ equity | $ 80,795 | $ 80,313 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 37,500,000 | 37,500,000 |
Common stock, shares issued (in shares) | 16,896,626 | |
Common stock, shares, outstanding (in shares) | 16,896,626 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | ||
Total revenues | $ 17,664 | $ 13,838 |
Operating expenses: | ||
Selling, general and administrative expenses | 3,225 | 3,186 |
Depreciation expense | 2,225 | 2,270 |
Total operating expenses | 17,663 | 14,471 |
Income (loss) from operations before equity income | 1 | (633) |
Net equity income (loss) from foreign joint ventures' operations: | ||
Income (loss) from equity investments in foreign joint ventures | 421 | (114) |
Foreign joint ventures' operations related expenses | (67) | (60) |
Net equity income (loss) from foreign joint ventures' operations | 354 | (174) |
Income (loss) from operations | 355 | (807) |
Other income (expense): | ||
Interest expense, net | (17) | (11) |
Interest expense, net - related parties | (173) | (240) |
Other income | 90 | 38 |
Gain from disposal of fixed assets | 0 | 11 |
Total other income (expense) | (100) | (202) |
Income (loss) before income tax expense | 255 | (1,009) |
Income tax expense | 80 | 41 |
Net income (loss) | $ 175 | $ (1,050) |
Net income (loss) per common share: | ||
Net loss per common share, basic and diluted (in usd per share) | $ 0.01 | $ (0.06) |
Weighted average number of common shares outstanding: | ||
Weighted average number of common shares outstanding, basic and diluted (in shares) | 16,896,626 | 16,819,681 |
LNG Product | ||
Revenue | ||
Total revenues | $ 11,695 | $ 9,131 |
Operating expenses: | ||
Cost of revenue | 8,812 | 6,097 |
Rental, service and other | ||
Revenue | ||
Total revenues | 4,425 | 3,397 |
Operating expenses: | ||
Cost of revenue | 2,241 | 1,671 |
Power delivery | ||
Revenue | ||
Total revenues | 1,544 | 1,310 |
Operating expenses: | ||
Cost of revenue | $ 1,160 | $ 1,247 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 175 | $ (1,050) |
Foreign currency translation adjustment | (202) | (619) |
Total comprehensive income (loss) | $ (27) | $ (1,669) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance, beginning at Dec. 31, 2019 | $ 67,843 | $ 17 | $ 90,748 | $ (291) | $ (22,631) |
Balance, beginning (in shares) at Dec. 31, 2019 | 16,800,612 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued (in shares) | 34,706 | ||||
Stock-based compensation | 19 | 19 | |||
Net income (loss) | (1,050) | (1,050) | |||
Other comprehensive income (loss) | (619) | (619) | |||
Balance, ending at Mar. 31, 2020 | 66,193 | $ 17 | 90,767 | (910) | (23,681) |
Balance, ending (in shares) at Mar. 31, 2020 | 16,835,318 | ||||
Balance, beginning at Dec. 31, 2020 | 62,030 | $ 17 | 91,278 | 122 | (29,387) |
Balance, beginning (in shares) at Dec. 31, 2020 | 16,896,626 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 162 | 162 | |||
Net income (loss) | 175 | 175 | |||
Other comprehensive income (loss) | (202) | (202) | |||
Balance, ending at Mar. 31, 2021 | $ 62,165 | $ 17 | $ 91,440 | $ (80) | $ (29,212) |
Balance, ending (in shares) at Mar. 31, 2021 | 16,896,626 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 175 | $ (1,050) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation expense | 2,225 | 2,270 |
Deferred income tax expense | (11) | 41 |
Stock-based compensation expense | 162 | 19 |
Bad debt expense | 0 | 144 |
Gain on disposal of fixed assets | 0 | (11) |
Income (loss) from equity investment in joint venture | (421) | 114 |
Deferred compensation costs | (15) | 0 |
Change in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | (707) | (356) |
Due to (from) related parties | 15 | (19) |
Inventories | 68 | 82 |
Prepaid expenses and other current assets | (200) | 991 |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 1,268 | (1,902) |
Other | 4 | 26 |
Net cash provided by operating activities | 2,563 | 349 |
Cash flows from investing activities: | ||
Acquisition of fixed assets | (298) | (112) |
Proceeds on sales of fixed assets | 0 | 11 |
Net cash used in investing activities | (298) | (101) |
Cash flows from financing activities: | ||
Proceeds on long-term borrowings | 0 | 0 |
Payments on long-term borrowings | 0 | 0 |
Payments on long-term borrowings from related parties | (783) | (768) |
Proceeds from short-term notes payable | 0 | 0 |
Payments on short-term notes payable | (296) | (237) |
Net cash used in financing activities | (1,079) | (1,005) |
Effect of exchange rate changes on cash | 62 | (60) |
Net increase (decrease) in cash and cash equivalents | 1,248 | (817) |
Cash and cash equivalents, beginning of period | 1,814 | 3,979 |
Cash and cash equivalents, end of period | 3,062 | 3,162 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 162 | 251 |
Income taxes paid | 5 | 0 |
Non-cash investing and financing activities: | ||
Equipment acquired under capital leases | $ 104 | $ 0 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Overview and Basis of Presentation | Overview and Basis of Presentation Overview Stabilis Solutions, Inc. and its subsidiaries (the “Company”, “Stabilis”, “our”, “us” or “we”) produce, provide turnkey clean energy production, storage, transportation and fueling solutions using liquefied natural gas (“LNG”) and hydrogen to multiple end markets across North America. The Company also distributes LNG and hydrogen from third parties and provides services, transportation, and equipment to customers. The Company is a supplier of LNG and hydrogen solutions to customers in diverse end markets, including aerospace, agriculture, industrial, utility, pipeline, mining, energy, remote clean power, and high horsepower transportation markets in North America and provides turnkey fuel solutions to help industrial users of propane, diesel and other crude-based fuel products convert to LNG, which may result in reduced fuel costs and improved environmental footprint. Stabilis opened its 100,000 gallons per day (“gpd”) LNG production facility in George West, Texas in January 2015 to service industrial and oilfield customers in Texas and the greater Gulf Coast region. The Company owns a second liquefaction plant capable of producing 25,000 gpd that is currently not in operation. Stabilis is vertically integrated from LNG production through distribution including cryogenic equipment rental and field services. The Company also provides power delivery equipment and services through its subsidiary in Brazil, M&I Electric Brazil Sistemas e Servicios em Energia LTDA (“M&I Brazil”) and its 40% interest in a joint venture in China, BOMAY Electric Industries Co., Ltd. (“BOMAY”). Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements include our accounts and those of our subsidiaries and, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures normally included in the notes to condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. We believe that the presentation and disclosures herein are adequate to make the information not misleading. The unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) for a fair presentation of the interim periods. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for the full year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2020 included in the Company's Annual Report on Form 10-K, as filed on March 16, 2021. All intercompany accounts and transactions have been eliminated in consolidation. In the Notes to Condensed Consolidated Financial Statements (Unaudited), all dollar amounts in tabulations are in thousands, unless otherwise indicated. The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is required to make certain disclosures if it concludes that there is substantial doubt about the entity’s ability to continue as a going concern within one year from the date of the issuance of these financial statements. The Company has incurred recurring operating losses and has negative working capital. The Company is subject to business risks and uncertainties inherent in the current LNG industry. Furthermore, the impact of the COVID-19 pandemic has created additional uncertainties regarding the future demand for LNG from our customers. There is no assurance that the Company will be able to generate sufficient revenues in the future to sustain itself or to support future growth. These factors were reviewed by management to determine if there was substantial doubt as to the Company’s ability to continue as a going concern. Management concluded that its plan to address the Company’s liquidity issues would allow it to continue as a going concern. The Company has recently experienced its highest ever quarterly revenue, including a resumption of activity with existing customers as well as new revenue opportunities, particularly in Mexico and with power generation customers. Accordingly, management believes the business will generate sufficient cash flows from its operations to fund the business for the next 12 months. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates include the carrying amount of contingencies, valuation allowances for receivables, inventories, and deferred income tax assets, valuations assigned to assets and liabilities in business combinations, and impairments of long-lived assets. Actual results could differ from those estimates, and these differences could be material to the condensed consolidated financial statements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, “Simplifying the Accounting for Income Taxes” (“ASU No. 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, Income Taxes and also improves consistent application by clarifying and amending existing guidance. ASU No. 2019-12 was adopted by the Company effective January 1, 2021. The adoption of this standard had no impact on our unaudited condensed consolidated financial position or results of operations. Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU No. 2020-04”), which provides guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying generally accepted accounting principles to contract modifications, hedging relationships, and other transactions impacted by reference rate reform. The provisions of ASU No. 2020-04 apply only to those transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. Adoption of the provisions of ASU No. 2020-04 are optional and are effective from March 12, 2020 through December 31, 2022. We are currently evaluating the impact of ASU No. 2020-04 on our unaudited condensed consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregated Revenues The table below presents revenue disaggregated by source, for the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 LNG Product $ 11,695 $ 9,131 Rental 3,387 2,890 Service 242 93 Power Delivery 1,544 1,310 Other 796 414 $ 17,664 $ 13,838 The table below presents revenue disaggregated by geographic location, for the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Revenues Brazil $ 1,544 $ 1,310 Mexico 1,616 33 United States 14,504 12,495 $ 17,664 $ 13,838 See Note 4—Business Segments, below, for additional disaggregation of revenue. Contract Liabilities The Company recognizes contract liabilities upon receipt of payments for which the performance obligations have not been fulfilled at the reporting date, resulting in deferred revenue. Contract liabilities are included in accrued liabilities in the accompanying unaudited condensed consolidated balance sheets. The following table presents the changes in the Company’s contract liabilities for the periods ended March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Balance at beginning of period $ 357 $ 185 Cash received, excluding amounts recognized as revenue 31 777 Amounts recognized as revenue (344) (605) Balance at end of period $ 44 $ 357 The Company has no other material contract assets or liabilities and contract costs. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company’s revenues are derived from two operating segments: LNG and Power Delivery. The LNG segment supplies LNG to multiple end markets in North America and provides turnkey fuel solutions to help users of propane, diesel and other crude-based fuel products convert to LNG. The Power Delivery segment provides power delivery equipment and services through our subsidiary in Brazil and in China through our 40% interest in BOMAY. Three Months Ended March 31, 2021 (in thousands) LNG Power Delivery Total Revenues $ 16,120 $ 1,544 $ 17,664 Depreciation 2,188 37 2,225 Income (loss) from operations before equity income 268 (267) 1 Net equity income from foreign joint ventures' operations — 354 354 Income from operations 268 87 355 Interest expense, net 7 10 17 Interest expense, net - related parties 173 — 173 Income tax expense 44 36 80 Net income 15 160 175 March 31, 2021 (in thousands) LNG Power Delivery Total Total assets $ 65,233 $ 15,562 $ 80,795 Three Months Ended March 31, 2020 (in thousands) LNG Power Delivery Total Revenues $ 12,528 $ 1,310 $ 13,838 Depreciation 2,235 35 2,270 Loss from operations before equity income (199) (434) (633) Net equity income from foreign joint ventures' operations — (174) (174) Loss from operations (199) (608) (807) Interest expense, net 4 7 11 Interest expense, net - related parties 240 — 240 Income tax expense 35 6 41 Net loss (480) (570) (1,050) December 31, 2020 (in thousands) LNG Power Delivery Total Total assets $ 64,757 $ 15,556 $ 80,313 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets The Company’s prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, Prepaid LNG $ 93 $ 90 Prepaid insurance 501 734 Prepaid supplier expenses 311 299 Other receivables 1,969 1,521 Deposits 310 285 Other 152 182 Total prepaid expenses and other current assets $ 3,336 $ 3,111 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following (in thousands): March 31, December 31, Liquefaction plants and systems $ 40,850 $ 40,841 Real property and buildings 1,611 1,649 Vehicles and tanker trailers and equipment 47,567 47,179 Computer and office equipment 513 532 Construction in progress 191 191 Leasehold improvements 31 30 90,763 90,422 Less: accumulated depreciation (40,560) (38,384) $ 50,203 $ 52,038 |
Investments in Foreign Joint Ve
Investments in Foreign Joint Ventures | 3 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Foreign Joint Ventures | Investments in Foreign Joint Ventures BOMAY. The Company holds a 40% interest in BOMAY Electric Industries Company, Ltd. (“BOMAY”), which builds electrical systems for sale in China. The majority partner in this foreign joint venture is Baoji Oilfield Machinery Co., Ltd. (a subsidiary of China National Petroleum Corporation), which owns 51%. The remaining 9% is owned by AA Energies, Inc. The Company made no sales to its joint venture in the three months ended March 31, 2021 and 2020. Below is summary financial information for BOMAY at March 31, 2021 and December 31, 2020, and operational results for the three months ended March 31, 2021 and 2020 in U.S. dollars (in thousands, unaudited): March 31, December 31, 2020 Assets: Total current assets $ 52,096 $ 51,811 Total non-current assets 7,042 7,136 Total assets $ 59,138 $ 58,947 Liabilities and equity: Total liabilities $ 25,636 $ 26,355 Total joint ventures’ equity 33,502 32,592 Total liabilities and equity $ 59,138 $ 58,947 Three Months Ended 2021 2020 Revenue $ 14,216 $ 8,556 Gross Profit 2,233 896 Earnings 970 (284) The following is a summary of activity in our investment in BOMAY for the periods ended March 31, 2021 and December 31, 2020 in U.S. dollars (in thousands, unaudited): March 31, 2021 December 31, 2020 Investments in BOMAY (1)(2) Initial investment $ 9,333 $ 9,333 Undistributed earnings: Balance at the beginning of the period 1,908 1,257 Equity in earnings 421 2,705 Dividend distributions — (2,054) Balance at end of period 2,329 1,908 Foreign currency translation: Balance at the beginning of the period 656 (69) Change during the period (62) 725 Balance at end of period 594 656 Total investment in BOMAY at end of period $ 12,256 $ 11,897 ________ (1) Accumulated statutory reserves in equity method investments of $2.66 million at March 31, 2021 and December 31, 2020 is included in our investment in BOMAY. In accordance with the People’s Republic of China, (“PRC”) regulations on enterprises with foreign ownership, an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. (2) The Company’s initial investment in BOMAY differed from the Company’s 40% share of BOMAY’s equity as a result of applying fair value accounting pursuant to ASC 805. The basis difference of approximately $1.2 million will be accreted over the remaining eight year life of the joint venture. The Company accreted $32 thousand and $43 thousand during the three months ended March 31, 2021 and 2020, respectively, which is included in income from equity investments in foreign joint ventures in the accompanying condensed consolidated statement of operations. As of March 31, 2021 and December 31, 2020, accumulated accretion totaled $215 thousand and $183 thousand, respectively. The Company accounts for its investment in BOMAY using the equity method of accounting. Under the equity method, the Company’s share of the joint venture operations earnings or losses is recognized in the condensed consolidated statements of operations as equity income (loss) from foreign joint venture operations. Joint venture income increases the carrying value of the joint venture and joint venture losses reduce the carrying value. Dividends received from the joint venture reduce the carrying value. The Company considers dividend distributions received from its equity method investments which do not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and classifies these distributions as operating activities in the accompanying consolidated statements of cash flows. In accordance with our long-lived asset policy, when events or circumstances indicate the carrying amount of an asset may not be recoverable, management tests long-lived assets for impairment. If the estimated future cash flows are projected to be less than the carrying amount, an impairment write-down (representing the carrying amount of the long-lived asset which exceeds the present value of estimated expected future cash flows) would be recorded as a period expense. In making this evaluation, a variety of quantitative and qualitative factors are considered including national and local economic, political and market conditions, industry trends and prospects, liquidity and capital resources and other pertinent factors. Based on this evaluation for this reporting period, the Company does not believe an impairment adjustment is necessary at March 31, 2021. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities The Company’s accrued liabilities consisted of the following (in thousands): March 31, December 31, Compensation and benefits $ 1,957 $ 1,745 Professional fees 390 408 LNG fuel and transportation 2,016 1,151 Accrued interest 31 21 Contract liabilities 44 357 Other taxes payable 454 328 Other accrued liabilities 340 351 Total accrued liabilities $ 5,232 $ 4,361 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s carrying value of debt consisted of the following (in thousands): March 31, December 31, Unsecured promissory note $ 1,080 $ 1,080 Secured term note payable - related party 1,077 1,077 Secured promissory note - related party 4,438 5,000 Insurance and other notes payable 418 714 Less: amounts due within one year (4,253) (4,463) Total long-term debt $ 2,760 $ 3,408 Unsecured Promissory Note During 2020, the Company received loan proceeds of $1.1 million (the “Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Under the terms of the PPP, all or a portion of the principal may be forgiven if the Loan proceeds are used for qualifying expenses as described in the CARES Act, such as payroll costs, benefits, rent, and utilities. While no assurance is provided that the Company will obtain forgiveness of the Loan in whole or in part, management believes we currently meet the requirements. The Company has applied for forgiveness under the terms of the Loan and is currently awaiting a response. With respect to any portion of the Loan that is not forgiven, the Loan will be subject to customary provisions for a loan of this type, including customary events of default relating to, among other things, payment defaults and breaches of the provisions of the Note. During the three months ended March 31, 2021 and 2020, the Company recorded interest expense on debt as follows (in thousands): March 31, March 31, Unsecured promissory note $ — $ — Secured term note payable - related party 10 25 Secured promissory note - related party 154 215 Insurance and other notes payable 14 11 Total interest expense $ 178 $ 251 Certain of the agreements governing our outstanding debt have certain covenants with which we must comply. As of March 31, 2021, we were in compliance with all of these covenants. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The following table summarizes the supplemental balance sheet information related to lease assets and lease liabilities as of March 31, 2021 and December 31, 2020 (in thousands): Classification March 31, 2021 December 31, 2020 Assets Operating lease assets Right-of-use assets $ 678 $ 786 Finance lease assets Property and equipment, net of accumulated depreciation 101 6,781 Total lease assets $ 779 $ 7,567 Liabilities Current Operating Current portion of operating lease obligations $ 306 $ 362 Finance Current portion of finance lease obligation 17 — Finance Current portion of finance lease obligation - related parties — 648 Noncurrent Operating Long-term portion of operating lease obligation 436 490 Finance Finance lease obligations, net of current portion 75 — Total lease liabilities $ 834 $ 1,500 The following table summarizes the components of lease expense for the three months ended March 31, 2021 and 2020 (in thousands, unaudited): Lease Cost Classification Three Months Ended 2021 2020 Operating lease cost Cost of sales $ 43 $ 39 Operating lease cost Selling, general and administrative expenses 77 91 Finance lease cost Amortization of leased assets Depreciation 3 293 Interest on lease liabilities Interest expense 12 161 Net lease cost $ 135 $ 584 On January 25, 2021, the Company entered into three finance lease agreements for vehicles. Under the terms of the lease agreements, the Company's total monthly principal and interest payments are $2 thousand for a 36-month period at an annual rate of 10.7%. The leases include purchase options, which are reasonably certain to occur. In December 2019, the Company refinanced its lease agreement with a subsidiary of The Modern Group, Ltd. (“The Modern Group”) for equipment purchases totaling approximately $3.2 million. Under the terms of the lease agreement, the Company exercised its purchase option and the remaining outstanding lease obligation of approximately $648 thousand became due on January 25, 2021. The assets are now owned outright. These assets are included in the Company's property, plant and equipment, net on the consolidated balance sheets and the purchase had no effect on the net book value of these assets. During 2018, Stabilis LLC entered into lease agreements with a subsidiary of The Modern Group to finance vehicles and machinery and equipment totaling approximately $1.5 million. During 2020, the Company exercised its purchase options under the terms of the lease agreements, which included remaining outstanding lease obligations of $413 thousand. The assets are now owned outright. These assets are included in the Company's property, plant and equipment, net on the consolidated balance sheets and the purchase had no effect on the net book value of these assets. The following schedule presents the future minimum lease payments for our operating and finance obligations at March 31, 2021 (in thousands): Operating Finance Total Remainder 2021 $ 295 $ 19 $ 314 2022 211 25 236 2023 145 25 170 2024 149 43 192 2025 25 — 25 Thereafter — — — Total lease payments 825 112 937 Less: Interest (83) (20) (103) Present value of lease liabilities $ 742 $ 92 $ 834 Lease term and discount rates for our operating and finance lease obligations are as follows: Lease Term and Discount Rate March 31, 2021 Weighted-average remaining lease term (years) Operating leases 2.9 Finance leases 2.8 Weighted-average discount rate Operating leases 7.3% Finance leases 10.7% The following table summarizes the supplemental cash flow information related to leases for the three months ended March 31, 2021 and 2020: Other information March 31, 2021 March 31, 2020 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 123 $ 109 Financing cash flows from finance leases 164 768 Interest paid 3 131 Noncash activities from right-of-use assets obtained in exchange for lease obligations: Operating leases $ — $ — |
Leases | Leases The following table summarizes the supplemental balance sheet information related to lease assets and lease liabilities as of March 31, 2021 and December 31, 2020 (in thousands): Classification March 31, 2021 December 31, 2020 Assets Operating lease assets Right-of-use assets $ 678 $ 786 Finance lease assets Property and equipment, net of accumulated depreciation 101 6,781 Total lease assets $ 779 $ 7,567 Liabilities Current Operating Current portion of operating lease obligations $ 306 $ 362 Finance Current portion of finance lease obligation 17 — Finance Current portion of finance lease obligation - related parties — 648 Noncurrent Operating Long-term portion of operating lease obligation 436 490 Finance Finance lease obligations, net of current portion 75 — Total lease liabilities $ 834 $ 1,500 The following table summarizes the components of lease expense for the three months ended March 31, 2021 and 2020 (in thousands, unaudited): Lease Cost Classification Three Months Ended 2021 2020 Operating lease cost Cost of sales $ 43 $ 39 Operating lease cost Selling, general and administrative expenses 77 91 Finance lease cost Amortization of leased assets Depreciation 3 293 Interest on lease liabilities Interest expense 12 161 Net lease cost $ 135 $ 584 On January 25, 2021, the Company entered into three finance lease agreements for vehicles. Under the terms of the lease agreements, the Company's total monthly principal and interest payments are $2 thousand for a 36-month period at an annual rate of 10.7%. The leases include purchase options, which are reasonably certain to occur. In December 2019, the Company refinanced its lease agreement with a subsidiary of The Modern Group, Ltd. (“The Modern Group”) for equipment purchases totaling approximately $3.2 million. Under the terms of the lease agreement, the Company exercised its purchase option and the remaining outstanding lease obligation of approximately $648 thousand became due on January 25, 2021. The assets are now owned outright. These assets are included in the Company's property, plant and equipment, net on the consolidated balance sheets and the purchase had no effect on the net book value of these assets. During 2018, Stabilis LLC entered into lease agreements with a subsidiary of The Modern Group to finance vehicles and machinery and equipment totaling approximately $1.5 million. During 2020, the Company exercised its purchase options under the terms of the lease agreements, which included remaining outstanding lease obligations of $413 thousand. The assets are now owned outright. These assets are included in the Company's property, plant and equipment, net on the consolidated balance sheets and the purchase had no effect on the net book value of these assets. The following schedule presents the future minimum lease payments for our operating and finance obligations at March 31, 2021 (in thousands): Operating Finance Total Remainder 2021 $ 295 $ 19 $ 314 2022 211 25 236 2023 145 25 170 2024 149 43 192 2025 25 — 25 Thereafter — — — Total lease payments 825 112 937 Less: Interest (83) (20) (103) Present value of lease liabilities $ 742 $ 92 $ 834 Lease term and discount rates for our operating and finance lease obligations are as follows: Lease Term and Discount Rate March 31, 2021 Weighted-average remaining lease term (years) Operating leases 2.9 Finance leases 2.8 Weighted-average discount rate Operating leases 7.3% Finance leases 10.7% The following table summarizes the supplemental cash flow information related to leases for the three months ended March 31, 2021 and 2020: Other information March 31, 2021 March 31, 2020 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 123 $ 109 Financing cash flows from finance leases 164 768 Interest paid 3 131 Noncash activities from right-of-use assets obtained in exchange for lease obligations: Operating leases $ — $ — |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Other Purchases and Sales During the three months ended March 31, 2021 and 2020, the Company paid Applied Cryo Technologies, Inc. (“ACT”), a company owned 51% by Crenshaw Family Holdings, LP (“Crenshaw Family Holdings”), $366 thousand and $33 thousand, respectively, for equipment, repairs and services. Casey Crenshaw is the beneficial owner of 25% of Crenshaw Family Holdings and is deemed to jointly control Crenshaw Family Holdings with family members. The Company had no sales to ACT during three months ended March 31, 2021 and 2020. The Company had $2 thousand due from ACT included in accounts receivable on the unaudited condensed consolidated balance sheets at both March 31, 2021 and December 31, 2020. As of March 31, 2021 and December 31, 2020, the Company had $353 thousand and $121 thousand, respectively, due to ACT included in accounts payable on the unaudited condensed consolidated balance sheets. The Company purchases supplies and services from a subsidiary of The Modern Group. Casey Crenshaw is the beneficial owner of 25% of the Modern Group and is deemed to jointly control The Modern Group with family members. During the three months ended March 31, 2021 and 2020, the Company made purchases of supplies and services from a subsidiary of The Modern Group totaling $530 thousand and $33 thousand, respectively. There was no receivable due from The Modern Group as of March 31, 2021 and December 31, 2020. As of March 31, 2021 and December 31, 2020, the Company had $902 thousand and $582 thousand, respectively, due to The Modern Group included in accounts payable on the unaudited condensed consolidated balance sheets. Chart Energy & Chemicals, Inc. (“Chart E&C”) beneficially owns 8.7% of our outstanding common stock and is party to a Secured Term Note Payable with the Company. The Company purchases services from Chart E&C. During the three months ended March 31, 2021 and 2020, purchases from Chart E&C totaled $43 thousand and $10 thousand, respectively. As of March 31, 2021 and December 31, 2020, the Company had $19 thousand and $14 thousand, respectively, due to Chart E&C included in accounts payable on the unaudited condensed consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental Matters The Company is subject to federal, state and local environmental laws and regulations. The Company does not anticipate any expenditures to comply with such laws and regulations that would have a material impact on the Company’s condensed consolidated financial position, results of operations or liquidity. The Company believes that its operations comply, in all material respects, with applicable federal, state and local environmental laws and regulations. Litigation, Claims and Contingencies The Company may become party to various legal actions that arise in the ordinary course of its business. The Company is also subject to audit by tax and other authorities for varying periods in various federal, state and local jurisdictions, and disputes may arise during the course of these audits. It is impossible to determine the ultimate liabilities that the Company may incur resulting from any of these lawsuits, claims, proceedings, audits, commitments, contingencies and related matters or the timing of these liabilities, if any. If these matters were to ultimately be resolved unfavorably, it is possible that such an outcome could have a material adverse effect upon the Company’s consolidated financial position, results of operations, or liquidity. The Company does not, however, anticipate such an outcome and it believes the ultimate resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or liquidity. Additionally, the Company currently expenses all legal costs as they are incurred. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Issuances of Common Stock The Company is authorized to issue up to 37,500,000 shares of common stock, $0.001 par value per share. Issuances of Warrants As of March 31, 2021, the Company had outstanding Warrants to purchase 62,500 shares of our common stock as follows: Date of Issuance No. of Warrants Exercise Price Expiration Date Nov. 13, 2017 62,500 $18.08 Nov. 13, 2022 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Restricted Stock Awards In February 2020, independent directors received 50% of their retainer fee as Restricted Stock Awards (“RSAs”). The 34,706 RSAs were issued immediately upon grant and were subject to a one year vesting period and other restrictions under the Company's 2019 Long Term Incentive Plan (the “2019 Plan”). During the three months ended March 31, 2021, the 34,706 RSAs vested. The Company did not grant RSAs to independent directors during the three months ended March 31, 2021. The Company recognized $17 thousand and $19 thousand in stock-based compensation costs for the three months ended March 31, 2021 and 2020, respectively, which is included in general and administrative expenses in the unaudited condensed consolidated statements of operations. As of March 31, 2021, the Company had no unrecognized compensation costs related to grants of restricted stock awards. Restricted Stock Units The Company did not grant Restricted Stock Units (“RSUs”) to employees under the 2019 Plan during the three months ended March 31, 2021. The Company recognized $145 thousand in stock-based compensation costs for the three months ended March 31, 2021, which is included in general and administrative expenses in the unaudited condensed consolidated statements of operations. The Company did not recognize stock-based compensation costs related to RSUs during the three months ended March 31, 2020. The Company recognized 500 forfeitures, at a weighted average grant date fair value of $1.75 per share, as a reduction of expense previously recorded as general and administrative expenses in the unaudited condensed consolidated statements of operations during the three months ended March 31, 2021. No awards vested during the three months ended March 31, 2021. As of March 31, 2021, the Company had $820 thousand of unrecognized compensation costs related to 778,000 outstanding RSUs, which is expected to be recognized over a weighted average period of two years. All units are expected to vest. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company records income taxes for interim periods based on an estimated annual effective tax rate. The estimated annual effective tax rate is recomputed on a quarterly basis and may fluctuate due to changes in forecasted annual operating income, positive or negative changes to the valuation allowance for net deferred tax assets, the timing of distributions on foreign investments from which foreign taxes are withheld, and changes to actual or forecasted permanent book to tax differences. The Company’s effective tax rate for the three months ended March 31, 2021 and 2020 was 23.6% and 4.1%, respectively. The 2021 rate reflects state and foreign income taxes and the Company’s deferred federal income tax expense generated from an expected net operating income, offset by a change in the valuation allowance on net deferred tax assets. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On April 8, 2021, the Company entered into a Loan Agreement (the “Loan Agreement”) with AmeriState Bank (“Lender”), as lender, pursuant to the United States Department of Agriculture, Business & Industry Loan Program, to provide for an advancing loan facility in the aggregate principal amount of up to $10.0 million (the “Loan”), of which $2.0 million was drawn and outstanding as of the filing date of this report. The Loan, which is in the form of a term loan facility, matures on April 8, 2031 and bears interest at 5.75% per annum through April 8, 2026, and the U.S. prime lending rate plus 2.5% per annum thereafter. The Loan provides that proceeds from borrowings may be used for working capital purposes at the Company’s liquefaction plant in George West, Texas and related fees and costs associated with the Loan. Upon an Event of Default (as defined in the Loan Agreement), Lender may (i) terminate its commitment, (ii) declare the outstanding principal amount of the Advancing Notes (as defined in the Loan Agreement) under the Loan due and payable, or (iii) exercise all rights and remedies available to Lender under the Loan Agreement. On April 8, 2021, Mile High LNG LLC, Stabilis GDS, Inc., Stabilis LNG Eagle Ford LLC and Stabilis Energy Services, LLC, each a wholly owned subsidiary of the Company (collectively, “Debtor”), entered into a Security Agreement and Assignment (the “Security Agreement”) in favor of Lender. The Security Agreement grants to Lender a first priority security interest in the collateral identified therein, which includes specific equipment collateral held by Debtor. On April 29, 2021, the Company announced it has commenced trading on The Nasdaq Market LLC under the Company's existing ticker symbol, “SLNG”. |
Overview and Basis of Present_2
Overview and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Overview | OverviewStabilis Solutions, Inc. and its subsidiaries (the “Company”, “Stabilis”, “our”, “us” or “we”) produce, provide turnkey clean energy production, storage, transportation and fueling solutions using liquefied natural gas (“LNG”) and hydrogen to multiple end markets across North America. The Company also distributes LNG and hydrogen from third parties and provides services, transportation, and equipment to customers. |
Basis of Presentation | Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements include our accounts and those of our subsidiaries and, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures normally included in the notes to condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. We believe that the presentation and disclosures herein are adequate to make the information not misleading. The unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) for a fair presentation of the interim periods. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for the full year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2020 included in the Company's Annual Report on Form 10-K, as filed on March 16, 2021. All intercompany accounts and transactions have been eliminated in consolidation. In the Notes to Condensed Consolidated Financial Statements (Unaudited), all dollar amounts in tabulations are in thousands, unless otherwise indicated. The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is required to make certain disclosures if it concludes that there is substantial doubt about the entity’s ability to continue as a going concern within one year from the date of the issuance of these financial statements. The Company has incurred recurring operating losses and has negative working capital. The Company is subject to business risks and uncertainties inherent in the current LNG industry. Furthermore, the impact of the COVID-19 pandemic has created additional uncertainties regarding the future demand for LNG from our customers. There is no assurance that the Company will be able to generate sufficient revenues in the future to sustain itself or to support future growth. These factors were reviewed by management to determine if there was substantial doubt as to the Company’s ability to continue as a going concern. Management concluded that its plan to address the Company’s liquidity issues would allow it to continue as a going concern. The Company has recently experienced its highest ever quarterly revenue, including a resumption of activity with existing customers as well as new revenue opportunities, particularly in Mexico and with power generation customers. Accordingly, management believes the business will generate sufficient cash flows from its operations to fund the business for the next 12 months. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates include the carrying amount of contingencies, valuation allowances for receivables, inventories, and deferred income tax assets, valuations assigned to assets and liabilities in business combinations, and impairments of long-lived assets. Actual results could differ from those estimates, and these differences could be material to the condensed consolidated financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, “Simplifying the Accounting for Income Taxes” (“ASU No. 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, Income Taxes and also improves consistent application by clarifying and amending existing guidance. ASU No. 2019-12 was adopted by the Company effective January 1, 2021. The adoption of this standard had no impact on our unaudited condensed consolidated financial position or results of operations. Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU No. 2020-04”), which provides guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying generally accepted accounting principles to contract modifications, hedging relationships, and other transactions impacted by reference rate reform. The provisions of ASU No. 2020-04 apply only to those transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. Adoption of the provisions of ASU No. 2020-04 are optional and are effective from March 12, 2020 through December 31, 2022. We are currently evaluating the impact of ASU No. 2020-04 on our unaudited condensed consolidated financial statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Disaggregated by Source | The table below presents revenue disaggregated by source, for the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 LNG Product $ 11,695 $ 9,131 Rental 3,387 2,890 Service 242 93 Power Delivery 1,544 1,310 Other 796 414 $ 17,664 $ 13,838 The table below presents revenue disaggregated by geographic location, for the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Revenues Brazil $ 1,544 $ 1,310 Mexico 1,616 33 United States 14,504 12,495 $ 17,664 $ 13,838 |
Schedule of Contract Balances | The following table presents the changes in the Company’s contract liabilities for the periods ended March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Balance at beginning of period $ 357 $ 185 Cash received, excluding amounts recognized as revenue 31 777 Amounts recognized as revenue (344) (605) Balance at end of period $ 44 $ 357 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Three Months Ended March 31, 2021 (in thousands) LNG Power Delivery Total Revenues $ 16,120 $ 1,544 $ 17,664 Depreciation 2,188 37 2,225 Income (loss) from operations before equity income 268 (267) 1 Net equity income from foreign joint ventures' operations — 354 354 Income from operations 268 87 355 Interest expense, net 7 10 17 Interest expense, net - related parties 173 — 173 Income tax expense 44 36 80 Net income 15 160 175 March 31, 2021 (in thousands) LNG Power Delivery Total Total assets $ 65,233 $ 15,562 $ 80,795 Three Months Ended March 31, 2020 (in thousands) LNG Power Delivery Total Revenues $ 12,528 $ 1,310 $ 13,838 Depreciation 2,235 35 2,270 Loss from operations before equity income (199) (434) (633) Net equity income from foreign joint ventures' operations — (174) (174) Loss from operations (199) (608) (807) Interest expense, net 4 7 11 Interest expense, net - related parties 240 — 240 Income tax expense 35 6 41 Net loss (480) (570) (1,050) December 31, 2020 (in thousands) LNG Power Delivery Total Total assets $ 64,757 $ 15,556 $ 80,313 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | The Company’s prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, Prepaid LNG $ 93 $ 90 Prepaid insurance 501 734 Prepaid supplier expenses 311 299 Other receivables 1,969 1,521 Deposits 310 285 Other 152 182 Total prepaid expenses and other current assets $ 3,336 $ 3,111 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The Company’s property, plant and equipment consisted of the following (in thousands): March 31, December 31, Liquefaction plants and systems $ 40,850 $ 40,841 Real property and buildings 1,611 1,649 Vehicles and tanker trailers and equipment 47,567 47,179 Computer and office equipment 513 532 Construction in progress 191 191 Leasehold improvements 31 30 90,763 90,422 Less: accumulated depreciation (40,560) (38,384) $ 50,203 $ 52,038 |
Investments in Foreign Joint _2
Investments in Foreign Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Financial Information of Foreign Joint Venture | Below is summary financial information for BOMAY at March 31, 2021 and December 31, 2020, and operational results for the three months ended March 31, 2021 and 2020 in U.S. dollars (in thousands, unaudited): March 31, December 31, 2020 Assets: Total current assets $ 52,096 $ 51,811 Total non-current assets 7,042 7,136 Total assets $ 59,138 $ 58,947 Liabilities and equity: Total liabilities $ 25,636 $ 26,355 Total joint ventures’ equity 33,502 32,592 Total liabilities and equity $ 59,138 $ 58,947 Three Months Ended 2021 2020 Revenue $ 14,216 $ 8,556 Gross Profit 2,233 896 Earnings 970 (284) |
Schedule of Activity in Investment in Foreign Joint Ventures | The following is a summary of activity in our investment in BOMAY for the periods ended March 31, 2021 and December 31, 2020 in U.S. dollars (in thousands, unaudited): March 31, 2021 December 31, 2020 Investments in BOMAY (1)(2) Initial investment $ 9,333 $ 9,333 Undistributed earnings: Balance at the beginning of the period 1,908 1,257 Equity in earnings 421 2,705 Dividend distributions — (2,054) Balance at end of period 2,329 1,908 Foreign currency translation: Balance at the beginning of the period 656 (69) Change during the period (62) 725 Balance at end of period 594 656 Total investment in BOMAY at end of period $ 12,256 $ 11,897 ________ (1) Accumulated statutory reserves in equity method investments of $2.66 million at March 31, 2021 and December 31, 2020 is included in our investment in BOMAY. In accordance with the People’s Republic of China, (“PRC”) regulations on enterprises with foreign ownership, an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. (2) The Company’s initial investment in BOMAY differed from the Company’s 40% share of BOMAY’s equity as a result of applying fair value accounting pursuant to ASC 805. The basis difference of approximately $1.2 million will be accreted over the remaining eight year life of the joint venture. The Company accreted $32 thousand and $43 thousand during the three months ended March 31, 2021 and 2020, respectively, which is included in income from equity investments in foreign joint ventures in the accompanying condensed consolidated statement of operations. As of March 31, 2021 and December 31, 2020, accumulated accretion totaled $215 thousand and $183 thousand, respectively. |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | The Company’s accrued liabilities consisted of the following (in thousands): March 31, December 31, Compensation and benefits $ 1,957 $ 1,745 Professional fees 390 408 LNG fuel and transportation 2,016 1,151 Accrued interest 31 21 Contract liabilities 44 357 Other taxes payable 454 328 Other accrued liabilities 340 351 Total accrued liabilities $ 5,232 $ 4,361 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Value of Debt | The Company’s carrying value of debt consisted of the following (in thousands): March 31, December 31, Unsecured promissory note $ 1,080 $ 1,080 Secured term note payable - related party 1,077 1,077 Secured promissory note - related party 4,438 5,000 Insurance and other notes payable 418 714 Less: amounts due within one year (4,253) (4,463) Total long-term debt $ 2,760 $ 3,408 |
Schedule Of Interest Expense On Debt | During the three months ended March 31, 2021 and 2020, the Company recorded interest expense on debt as follows (in thousands): March 31, March 31, Unsecured promissory note $ — $ — Secured term note payable - related party 10 25 Secured promissory note - related party 154 215 Insurance and other notes payable 14 11 Total interest expense $ 178 $ 251 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Lease Assets and Liabilities Obligations | The following table summarizes the supplemental balance sheet information related to lease assets and lease liabilities as of March 31, 2021 and December 31, 2020 (in thousands): Classification March 31, 2021 December 31, 2020 Assets Operating lease assets Right-of-use assets $ 678 $ 786 Finance lease assets Property and equipment, net of accumulated depreciation 101 6,781 Total lease assets $ 779 $ 7,567 Liabilities Current Operating Current portion of operating lease obligations $ 306 $ 362 Finance Current portion of finance lease obligation 17 — Finance Current portion of finance lease obligation - related parties — 648 Noncurrent Operating Long-term portion of operating lease obligation 436 490 Finance Finance lease obligations, net of current portion 75 — Total lease liabilities $ 834 $ 1,500 |
Schedule of Lease Expenses | The following table summarizes the components of lease expense for the three months ended March 31, 2021 and 2020 (in thousands, unaudited): Lease Cost Classification Three Months Ended 2021 2020 Operating lease cost Cost of sales $ 43 $ 39 Operating lease cost Selling, general and administrative expenses 77 91 Finance lease cost Amortization of leased assets Depreciation 3 293 Interest on lease liabilities Interest expense 12 161 Net lease cost $ 135 $ 584 |
Schedule of Future Minimum Lease Payments for Operating and Finance Obligation | The following schedule presents the future minimum lease payments for our operating and finance obligations at March 31, 2021 (in thousands): Operating Finance Total Remainder 2021 $ 295 $ 19 $ 314 2022 211 25 236 2023 145 25 170 2024 149 43 192 2025 25 — 25 Thereafter — — — Total lease payments 825 112 937 Less: Interest (83) (20) (103) Present value of lease liabilities $ 742 $ 92 $ 834 |
Schedule of Lease Costs and Terms for Operating and Finance Lease Obligations | Lease term and discount rates for our operating and finance lease obligations are as follows: Lease Term and Discount Rate March 31, 2021 Weighted-average remaining lease term (years) Operating leases 2.9 Finance leases 2.8 Weighted-average discount rate Operating leases 7.3% Finance leases 10.7% |
Schedule of Supplemental Cash Flow Information Related To Leases | The following table summarizes the supplemental cash flow information related to leases for the three months ended March 31, 2021 and 2020: Other information March 31, 2021 March 31, 2020 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 123 $ 109 Financing cash flows from finance leases 164 768 Interest paid 3 131 Noncash activities from right-of-use assets obtained in exchange for lease obligations: Operating leases $ — $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Outstanding Warrants | As of March 31, 2021, the Company had outstanding Warrants to purchase 62,500 shares of our common stock as follows: Date of Issuance No. of Warrants Exercise Price Expiration Date Nov. 13, 2017 62,500 $18.08 Nov. 13, 2022 |
Overview and Basis of Present_3
Overview and Basis of Presentation (Details) gallon in Thousands | 3 Months Ended |
Mar. 31, 2021gallon | |
Bomay | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |
Ownership percentage | 40.00% |
Texas | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |
Daily capacity of production facility in gallons | 100 |
Permian Basin | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |
Daily capacity of production facility in gallons | 25 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Revenue Disaggregated by Source and Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 17,664 | $ 13,838 |
Brazil | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,544 | 1,310 |
Mexico | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,616 | 33 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 14,504 | 12,495 |
LNG Product | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 11,695 | 9,131 |
Rental | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 3,387 | 2,890 |
Service | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 242 | 93 |
Power Delivery | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,544 | 1,310 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 796 | $ 414 |
Revenue Recognition - Contract
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Contract with Customer, Asset and Liability, Rollforward [Roll Forward] | ||
Balance at beginning of period | $ 357 | $ 185 |
Cash received, excluding amounts recognized as revenue | 31 | 777 |
Amounts recognized as revenue | (344) | (605) |
Balance at end of period | $ 44 | $ 357 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | segment | 2 | ||
Revenues | $ 17,664 | $ 13,838 | |
Depreciation | 2,225 | 2,270 | |
Income (loss) from operations before equity income | 1 | (633) | |
Net equity income from foreign joint ventures' operations | 354 | (174) | |
Income from operations | 355 | (807) | |
Interest expense, net | 17 | 11 | |
Interest expense, net - related parties | 173 | 240 | |
Income tax expense | 80 | 41 | |
Net income (loss) | 175 | (1,050) | |
Total assets | 80,795 | $ 80,313 | |
LNG | |||
Segment Reporting Information [Line Items] | |||
Revenues | 16,120 | 12,528 | |
Depreciation | 2,188 | 2,235 | |
Income (loss) from operations before equity income | 268 | (199) | |
Net equity income from foreign joint ventures' operations | 0 | 0 | |
Income from operations | 268 | (199) | |
Interest expense, net | 7 | 4 | |
Interest expense, net - related parties | 173 | 240 | |
Income tax expense | 44 | 35 | |
Net income (loss) | 15 | (480) | |
Total assets | 65,233 | 64,757 | |
Power Delivery | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,544 | 1,310 | |
Depreciation | 37 | 35 | |
Income (loss) from operations before equity income | (267) | (434) | |
Net equity income from foreign joint ventures' operations | 354 | (174) | |
Income from operations | 87 | (608) | |
Interest expense, net | 10 | 7 | |
Interest expense, net - related parties | 0 | 0 | |
Income tax expense | 36 | 6 | |
Net income (loss) | 160 | $ (570) | |
Total assets | $ 15,562 | $ 15,556 | |
Bomay | |||
Segment Reporting Information [Line Items] | |||
Ownership percentage | 40.00% |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Prepaid expenses and other current assets | ||
Prepaid LNG | $ 93 | $ 90 |
Prepaid insurance | 501 | 734 |
Prepaid supplier expenses | 311 | 299 |
Other receivables | 1,969 | 1,521 |
Deposits | 310 | 285 |
Other | 152 | 182 |
Prepaid expenses and other current expenses | $ 3,336 | $ 3,111 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 90,763 | $ 90,422 |
Less: accumulated depreciation | (40,560) | (38,384) |
Property, plant and equipment, net | 50,203 | 52,038 |
Liquefaction plants and systems | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 40,850 | 40,841 |
Real property and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 1,611 | 1,649 |
Vehicles and tanker trailers and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 47,567 | 47,179 |
Computer and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 513 | 532 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 191 | 191 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $ 31 | $ 30 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 2,225 | $ 2,270 |
Investments in Foreign Joint _3
Investments in Foreign Joint Ventures - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||
Revenues | $ 17,664,000 | $ 13,838,000 |
Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | $ 0 | $ 0 |
Bomay | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 40.00% | |
Bomay | Baoji Oilfield Machinery Co., Ltd. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 51.00% | |
Bomay | AA Energies, Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 9.00% |
Investments in Foreign Joint _4
Investments in Foreign Joint Ventures - Schedule of Financial Information of Foreign Joint Venture (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Assets | |||
Total current assets | $ 12,885 | $ 10,813 | |
Total assets | 80,795 | 80,313 | |
Liabilities and Stockholders’ Equity | |||
Total liabilities | 18,630 | 18,283 | |
Total joint ventures’ equity | 62,165 | 62,030 | |
Total liabilities and stockholders’ equity | 80,795 | 80,313 | |
Net income (loss) | 175 | $ (1,050) | |
Bomay | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Assets | |||
Total current assets | 52,096 | 51,811 | |
Total non-current assets | 7,042 | 7,136 | |
Total assets | 59,138 | 58,947 | |
Liabilities and Stockholders’ Equity | |||
Total liabilities | 25,636 | 26,355 | |
Total joint ventures’ equity | 33,502 | 32,592 | |
Total liabilities and stockholders’ equity | 59,138 | $ 58,947 | |
Revenue | 14,216 | 8,556 | |
Gross Profit | 2,233 | 896 | |
Net income (loss) | $ 970 | $ (284) |
Investments in Foreign Joint _5
Investments in Foreign Joint Ventures - Schedule of Activity in Investment in Foreign Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Foreign currency translation: | |||
Investments in foreign joint ventures | $ 12,256 | $ 11,897 | |
Accumulated statutory reserves in equity method investments | 2,660 | 2,660 | |
Accretion of investment | 32 | $ 43 | |
Accumulated accretion | 215 | 183 | |
Bomay | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |||
Initial investment | 9,333 | 9,333 | 9,333 |
Undistributed earnings: | |||
Balance at the beginning of the period | 1,908 | 1,257 | 1,257 |
Equity in earnings | 421 | 2,705 | |
Dividend distributions | 0 | (2,054) | |
Balance at end of period | 2,329 | 1,908 | |
Foreign currency translation: | |||
Balance at the beginning of the period | 656 | $ (69) | (69) |
Change during the period | (62) | 725 | |
Balance at end of period | 594 | 656 | |
Investments in foreign joint ventures | $ 12,256 | $ 11,897 | |
Ownership percentage | 40.00% | ||
Basis difference | $ 1,200 | ||
Remaining life of joint venture | 8 years |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued liabilities | ||
Compensation and benefits | $ 1,957 | $ 1,745 |
Professional fees | 390 | 408 |
LNG fuel and transportation | 2,016 | 1,151 |
Accrued interest | 31 | 21 |
Contract liabilities | 44 | 357 |
Other taxes payable | 454 | 328 |
Other accrued liabilities | 340 | 351 |
Total accrued liabilities | $ 5,232 | $ 4,361 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Unsecured promissory note | $ 1,080 | $ 1,080 |
Secured term note payable - related party | 1,077 | 1,077 |
Secured promissory note - related party | 4,438 | 5,000 |
Insurance and other notes payable | 418 | 714 |
Less: amounts due within one year | (4,253) | (4,463) |
Total long-term debt | $ 2,760 | $ 3,408 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | Dec. 31, 2020USD ($) |
Promissory Note | Cadence Bank, N.A. | Loan Pursuant to CARES Act | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 1.1 |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | ||
Interest expense | $ 178 | $ 251 |
Unsecured promissory note | ||
Debt Instrument [Line Items] | ||
Interest expense | 0 | 0 |
Secured term note payable - related party | ||
Debt Instrument [Line Items] | ||
Interest expense | 10 | 25 |
Secured promissory note - related party | ||
Debt Instrument [Line Items] | ||
Interest expense | 154 | 215 |
Insurance and other notes payable | ||
Debt Instrument [Line Items] | ||
Interest expense | $ 14 | $ 11 |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets and Liabilities, Lessee | ||
Operating lease assets | $ 678 | $ 786 |
Finance lease assets | $ 101 | $ 6,781 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization |
Total lease assets | $ 779 | $ 7,567 |
Operating lease liabilities current | 306 | 362 |
Finance lease liabilities current | 17 | 0 |
Current portion of finance lease obligation - related parties | 0 | 648 |
Operating lease liabilities non-current | 436 | 490 |
Finance lease liabilities non-current | 75 | 0 |
Present value of lease liabilities | $ 834 | $ 1,500 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Amortization of leased assets | $ 3 | $ 293 |
Interest on lease liabilities | 12 | 161 |
Net lease cost | 135 | 584 |
Cost of sales | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | 43 | 39 |
Selling, general and administrative expenses | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | $ 77 | $ 91 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | Jan. 25, 2021USD ($)agreement | Dec. 31, 2019USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) |
Leases [Abstract] | ||||||
Number of finance lease agreements | agreement | 3 | |||||
Finance lease, principal and interest payments | $ 2 | $ 164 | $ 768 | |||
Lessee term | 36 months | |||||
Annual rate | 10.70% | |||||
Purchase of machinery and equipment | $ 3,200 | $ 1,500 | ||||
Lease liability due | $ 648 | $ 112 | $ 413 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Operating and Finance Obligation (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jan. 25, 2021 | Dec. 31, 2020 |
Operating Leases | |||
Remainder 2021 | $ 295 | ||
2022 | 211 | ||
2023 | 145 | ||
2024 | 149 | ||
2025 | 25 | ||
Thereafter | 0 | ||
Total lease payments | 825 | ||
Less: Interest | (83) | ||
Present value of lease liabilities | 742 | ||
Finance Leases | |||
Remainder 2021 | 19 | ||
2022 | 25 | ||
2023 | 25 | ||
2024 | 43 | ||
2025 | 0 | ||
Thereafter | 0 | ||
Total lease payments | 112 | $ 648 | $ 413 |
Less: Interest | (20) | ||
Present value of lease liabilities | 92 | ||
Total | |||
Remainder 2021 | 314 | ||
2022 | 236 | ||
2023 | 170 | ||
2024 | 192 | ||
2025 | 25 | ||
Thereafter | 0 | ||
Total lease payments | 937 | ||
Less: Interest | (103) | ||
Present value of lease liabilities | $ 834 | $ 1,500 |
Leases - Schedule of Lease Co_2
Leases - Schedule of Lease Costs and Terms for Operating and Finance Lease Obligations (Details) | Mar. 31, 2021 |
Leases [Abstract] | |
Operating leases, weighted-average remaining lease term (years) | 2 years 10 months 24 days |
Finance leases, weighted-average remaining lease term (years) | 2 years 9 months 18 days |
Operating leases, weighted-average discount rate | 7.30% |
Finance leases, weighted-average discount rate Weighted-average discount rate | 10.70% |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands | Jan. 25, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows from operating leases | $ 123 | $ 109 | |
Financing cash flows from finance leases | $ 2 | 164 | 768 |
Interest paid | 3 | 131 | |
Noncash activities from right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | $ 0 | $ 0 |
Related Party Transactions - Ot
Related Party Transactions - Other Purchases and Sales (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Due from related parties | $ 2,000 | $ 42,000 | |
Applied Cryo Technologies | |||
Related Party Transaction [Line Items] | |||
Equity method investment, ownership percentage | 51.00% | 51.00% | |
Payment for equipment repairs and services | $ 366,000 | $ 33,000 | |
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Purchases from related parties | 43,000 | 10,000 | |
Due to related parties | $ 19,000 | 14,000 | |
Affiliated Entity | TMG | Board of Directors Chairman | |||
Related Party Transaction [Line Items] | |||
Percentage of beneficial ownership | 25.00% | ||
Affiliated Entity | Chart E&C | |||
Related Party Transaction [Line Items] | |||
Percentage of common stock owned | 8.70% | ||
Affiliated Entity | Applied Cryo Technologies | |||
Related Party Transaction [Line Items] | |||
Related party sales | $ 0 | 0 | |
Due from related parties | 2,000 | 2,000 | |
Due to related parties | $ 353,000 | 121,000 | |
Affiliated Entity | TMG | |||
Related Party Transaction [Line Items] | |||
Equity method investment, ownership percentage | 25.00% | ||
Due from related parties | $ 0 | 0 | |
Due to related parties | 902,000 | $ 582,000 | |
Purchase of supplies and services | $ 530,000 | $ 33,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 1 Months Ended |
Oct. 31, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Potential liability related to asset purchase agreement | $ 4.3 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||
Common stock, shares authorized (in shares) | 37,500,000 | 37,500,000 |
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock issued to former directors (in shares) | 0 |
Stockholders' Equity - Issuance
Stockholders' Equity - Issuances of Warrants (Details) | Mar. 31, 2021$ / sharesshares |
Class of Stock [Line Items] | |
No. of Warrants (in shares) | 62,500 |
Warrant, November 13, 2022 Expiration | |
Class of Stock [Line Items] | |
No. of Warrants (in shares) | 62,500 |
Exercise Price (in usd per share) | $ / shares | $ 18.08 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Feb. 29, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested shares | 0 | ||
RSA | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Retainer fee, percentage | 50.00% | ||
Outstanding vested shares | 34,706 | ||
Vesting period | 1 year | ||
Number of shares granted | 0 | ||
Compensation costs | $ 17,000 | $ 19,000 | |
Compensation cost expected to be recognized | $ 0 | ||
Weighted-average grant date fair value (in dollars per share) | $ 1.75 | ||
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares granted | 0 | ||
Compensation costs | $ 145,000 | $ 0 | |
Compensation cost expected to be recognized | $ 820,000 | ||
Forfeitures (in shares) | 500 | ||
Outstanding RSUs | 778,000 | ||
Unrecognized compensation costs, weighted average period | 2 years |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 23.60% | 4.10% |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - AmeriState Bank - Loan Agreement | Apr. 08, 2021USD ($) |
Subsequent Event [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 10,000,000 |
Proceeds from loan | $ 2,000,000 |
Interest rate | 5.75% |
Prime Rate | |
Subsequent Event [Line Items] | |
Variable rate | 2.50% |