Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2019 | |
Document And Entity Information [Abstract] | |
Document Type | S-1 |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2019 |
Entity Registrant Name | Stabilis Energy, Inc. |
Entity Central Index Key | 0001043186 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | |||
Cash and cash equivalents | $ 2,917 | $ 1,247 | $ 1,489 |
Accounts receivable-trade | 4,960 | 4,359 | 3,800 |
Inventory | 47 | 106 | 76 |
Prepaid expenses and other current expenses | 1,406 | 2,115 | 954 |
Due from related parties | 6 | 22 | 19 |
Total current assets | 9,336 | 7,849 | 6,338 |
Property, plant and equipment, net | 63,605 | 66,606 | 73,711 |
Loan to employee | 500 | ||
Operating right-of-use assets | 497 | ||
Other noncurrent assets | 250 | 250 | 250 |
Total assets | 73,688 | 74,705 | 80,799 |
Current liabilities: | |||
Current portion of long-term debt | 2,500 | 2,500 | 2,500 |
Current portion of capital lease obligations-related parties | 5,089 | 3,879 | 3,007 |
Current portion of operating lease obligations | 276 | ||
Short-term notes payable | 161 | 121 | 257 |
Deferred revenue | 779 | 93 | 14 |
Due to related parties | 724 | 1,866 | |
Customer deposits | 29 | 30 | |
Accounts payable | 2,418 | 1,838 | 1,167 |
Accrued liabilities | 4,110 | 2,913 | 1,730 |
Total current liabilities | 15,333 | 12,097 | 10,571 |
Notes payable to related parties | 41,519 | ||
Long-term debt, net of current portion | 6,577 | 6,577 | 4,705 |
Operating lease obligations, net of current portion | 226 | ||
Finance leases,-related parties, net of current portion | 485 | 3,367 | 8,997 |
Total liabilities | 22,621 | 22,041 | 65,792 |
Commitments and contingencies (Note 14) | |||
Members' capital: | |||
Members' capital | 68,257 | 68,257 | 19,514 |
Accumulated deficit | (18,720) | (16,916) | (5,872) |
Total members' capital | 49,537 | 51,341 | 13,642 |
Non-controlling interest in Stabilis Energy, LLC | 1,530 | 1,323 | 1,365 |
Total capital | 51,067 | 52,664 | 15,007 |
Total liabilities and members' capital | $ 73,688 | $ 74,705 | $ 80,799 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue: | ||||||
Total revenues | $ 11,095 | $ 8,691 | $ 24,070 | $ 18,565 | $ 37,342 | $ 20,447 |
Costs of revenue (excludes depreciation as reported separately) | ||||||
Selling, general and administrative expenses | 2,211 | 1,515 | 4,203 | 3,060 | 7,350 | 4,653 |
Depreciation expense | 2,294 | 2,215 | 4,585 | 4,383 | 8,822 | 6,992 |
Total operating expenses | 11,816 | 10,791 | 24,995 | 21,746 | 44,624 | 29,426 |
Other Operating Income (Loss): | ||||||
Gain on bargain purchase | 27,067 | |||||
Loss from equity methods investments | (1,098) | |||||
Total other operating income | 25,969 | |||||
Income (loss) from operations | (722) | (2,100) | (926) | (3,180) | (7,282) | 16,990 |
Other Income (Expense): | ||||||
Interest income | 12 | 4 | ||||
Interest expense | (296) | (1,170) | (608) | (2,280) | (4,433) | (3,380) |
Gain (loss) on disposal of fixed assets | (327) | 162 | 319 | (1,643) | ||
Other income | (19) | 154 | (63) | 352 | 298 | 97 |
Total other expense | (315) | (1,343) | (671) | (1,765) | (3,804) | (4,922) |
Net income (loss) | (1,037) | (3,444) | (1,597) | (4,946) | (11,086) | 12,068 |
Net income (loss) attributable to noncontrolling interests | 28 | (157) | 207 | 46 | (42) | (716) |
Net income (loss) attributable to parent | (1,066) | (3,287) | (1,804) | (4,991) | (11,044) | 12,784 |
LNG Product [Member] | ||||||
Revenue: | ||||||
Total revenues | 8,699 | 7,047 | 18,953 | 14,898 | 30,200 | 15,534 |
Costs of revenue (excludes depreciation as reported separately) | ||||||
Cost of revenue | 5,616 | 5,762 | 13,098 | 11,948 | 23,804 | 14,245 |
Rental Service And Other [Member] | ||||||
Revenue: | ||||||
Total revenues | 2,396 | 1,644 | 5,117 | 3,667 | 7,142 | 4,913 |
Costs of revenue (excludes depreciation as reported separately) | ||||||
Cost of revenue | $ 1,696 | $ 1,299 | $ 3,110 | $ 2,355 | $ 4,648 | $ 3,536 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Changes in Members Capital - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Beginning Balance | $ 52,104 | $ 52,664 | $ 13,505 | $ 15,007 | $ 52,664 | $ 15,007 | $ 15,007 | $ 1,344 |
Net income (loss) | (1,037) | (560) | (3,444) | (1,502) | (1,597) | (4,946) | (11,086) | 12,068 |
Assignment of interest in Prometheus Energy by Member | 1,595 | |||||||
Contribution in common control transaction | 48,743 | |||||||
Ending Balance | 51,067 | 52,104 | 10,061 | 13,505 | 51,067 | 10,061 | 52,664 | 15,007 |
Member's Capital [Member] | ||||||||
Beginning Balance | $ 68,257 | $ 68,257 | $ 19,514 | $ 19,514 | $ 68,257 | $ 19,514 | $ 19,514 | $ 20,000 |
Beginning Balance, shares | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
Contribution in common control transaction | $ 48,743 | $ (486) | ||||||
Ending Balance | $ 68,257 | $ 68,257 | $ 19,514 | $ 19,514 | $ 68,257 | $ 19,514 | $ 68,257 | $ 19,514 |
Ending Balance, shares | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
Accumulated Deficit [Member] | ||||||||
Beginning Balance | $ (17,654) | $ (16,916) | $ (7,576) | $ (5,872) | $ (16,916) | $ (5,872) | $ (5,872) | $ (18,656) |
Net income (loss) | (1,066) | (738) | (3,287) | (1,704) | (11,044) | 12,784 | ||
Ending Balance | (18,720) | (17,654) | (10,863) | (7,576) | (18,720) | (10,863) | (16,916) | (5,872) |
Parent [Member] | ||||||||
Beginning Balance | 50,603 | 51,341 | 11,938 | 13,642 | 51,341 | 13,642 | 13,642 | 1,344 |
Net income (loss) | (1,066) | (738) | (3,287) | (1,704) | (11,044) | 12,784 | ||
Contribution in common control transaction | 48,743 | (486) | ||||||
Ending Balance | 49,537 | 50,603 | 8,651 | 11,938 | 49,537 | 8,651 | 51,341 | 13,642 |
Noncontrolling Interest [Member] | ||||||||
Beginning Balance | 1,502 | 1,323 | 1,567 | 1,365 | 1,323 | 1,365 | 1,365 | |
Net income (loss) | 28 | 179 | (157) | 202 | (42) | (716) | ||
Assignment of interest in Prometheus Energy by Member | 1,595 | |||||||
Contribution in common control transaction | 486 | |||||||
Ending Balance | $ 1,530 | $ 1,502 | $ 1,410 | $ 1,567 | $ 1,530 | $ 1,410 | $ 1,323 | $ 1,365 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||||
Net income (loss) | $ (1,597) | $ (4,946) | $ (11,086) | $ 12,068 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||
Depreciation expense | 4,585 | 4,383 | 8,822 | 6,992 |
Loss from equity methods investments | 1,098 | |||
(Gain) loss on disposal of fixed assets | (319) | 1,643 | ||
Gain on bargain purchase | (27,067) | |||
Interest capitalized to notes payable to related parties | 3,121 | 2,480 | ||
Change in operating assets and liabilities, net of acquisitions: | ||||
Accounts receivable | (601) | (1,565) | (559) | (1,299) |
Due from/to related parties | (708) | 1,483 | (1,145) | 1,054 |
Inventory | 59 | (17) | (30) | 15 |
Prepaid expenses and other assets | 709 | (618) | (1,588) | (121) |
Accounts payable | 580 | 988 | 737 | (199) |
Accrued liabilities | 1,544 | (277) | ||
Accrued liabilities and other current liabilities | 1,852 | 125 | ||
Deferred revenue | 79 | (99) | ||
Customer deposits | (1) | 30 | ||
Net cash used/received in operating activities | 4,879 | (167) | (425) | (3,682) |
Cash flows from investing activities: | ||||
Acquisition of fixed assets | (1,577) | (819) | (833) | (32) |
Proceeds on sales of fixed assets | 800 | 902 | 2,412 | |
Acquisition of Prometheus Energy, net of cash received | 969 | |||
Investments in limited liabilities companies, net of cash received | (1,879) | |||
Net cash provided by investing activities | (1,577) | (19) | 69 | 1,470 |
Cash flows from financing activities: | ||||
Payments on long-term borrowings | (2,412) | (3,580) | ||
Proceeds from long-term borrowings from related parties | 4,603 | 9,337 | ||
Payments on long-term borrowings from related parties | (1,672) | (19) | (1,933) | (2,657) |
Proceeds from short-term notes payable | 216 | 408 | 425 | 569 |
Payments on short-term notes payable | (176) | (244) | (569) | (619) |
Net cash provided by or used in financing activities | (1,632) | 145 | 114 | 3,050 |
Net increase (decrease) in cash and cash equivalents | 1,670 | (41) | (242) | 838 |
Cash and cash equivalents, beginning of period | 1,247 | 1,489 | 1,489 | 651 |
Cash and cash equivalents, end of period | $ 2,917 | $ 1,448 | 1,247 | 1,489 |
Supplemental disclosure of cash flow information: | ||||
Interest paid | 1,387 | 1,417 | ||
Income taxes paid | 0 | $ 0 | ||
Non-cash investing and financing activities: | ||||
Restructure of long-term debt | 49,243 | |||
Note receivable applied to long-term debt | (500) | |||
Equipment acquired under capital leases | $ 1,467 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | (1) Basis of Presentation and Summary of Significant Accounting Policies (a) Description of Business Stabilis Energy, LLC is a Texas Limited liability company (“the Company”) formed in 2013 to produce, market, and sell liquefied natural gas (“LNG”). The Company also resells liquefied natural gas from third parties and provides services, transportation, and equipment to customers. The Company is a supplier of LNG to the industrial, midstream, and oilfield sectors in North America and provides turnkey fuel solutions to help industrial users of diesel and other crude-based fuel products convert to LNG, resulting in reduced fuel costs and improved environmental footprint. The Company opened a 120,000 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 being relocated to the Permian Basin to support LNG demand in this region. The Company is vertically integrated from LNG production through distribution and cryogenic equipment rental. On February 28, 2017, the Company acquired Prometheus Energy Group Incorporated (“Prometheus”) in a transaction between entities under common control and Prometheus became an 80% owned subsidiary of the Company. Because the entities are under common control, the assets and liabilities of Prometheus were transferred to the Company at their historic cost (see Note (4) Acquisition of PEG Partners, LLC Prometheus markets and distributes LNG for off road, high horsepower applications. Prometheus provides LNG and service solutions to users in the oil and gas, mining, remote and temporary power, utility, mobile on-site low-cost on-site off-pipeline On November 28, 2018, the Company’s members and related party creditors entered into a two-step Note (11) Members Equity On December 17, 2018, the Company entered into a definitive share exchange agreement with American Electric Technologies, Inc. (“AETI”) to enter into a business combination transaction. At the closing, the Company’s owners will contribute 100% of their outstanding membership units to AETI in exchange for AETI common stock resulting in the Company and its subsidiaries becoming a wholly-owned subsidiary of AETI. The proposed transaction has been approved by the board of directors of AETI and the Company’s owners, and will be submitted to the shareholders of AETI for approval of the issuance of AETI common stock in connection with the transaction and other transaction-related matters at a Special Meeting of Shareholders. The transaction is expected to close during the second quarter of 2019, subject to customary closing conditions. (b) Basis of Presentation and Consolidation The consolidated financial statements of the Company are prepared on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries Stabilis Energy Services, LLC, and Stabilis Oilfield Investment Company, LLC as of and for the years ended December 31, 2018 and 2017. In 2014, the Company acquired a 50% beneficial interest in Stabilis LNG Eagle Ford, LLC (“LNG EF”) and Stabilis FHR Oilfield LNG, LLC (“FHR”). Management determined that the 50% beneficial interest provided the Company significant influence but not a controlling financial interest. Through May 19, 2017, the Company reported its share of income or loss from its 50% interest in LNG EF and FHR using the equity method of accounting. On May 19, 2017, the Company acquired the remaining 50% interests in LNG EF and FHR. Accordingly, after the purchase date all income and expense items from the date of purchase forward have been consolidated (see Note (3) Step Acquisition of Equity Interests On March 1, 2018, JCH Crenshaw Holdings, LLC (“JCH”) assigned its membership interest in PEG Partners, LLC, (“PEG”) to the Company. PEG, a Delaware Limited Liability Company, owns Prometheus. Management determined that JCH (which, along with its affiliates, controls Stabilis) gained control of PEG on February 28, 2017, when it obtained a non-voting non-voting All significant intercompany transactions and balances have been eliminated in consolidation. The accompanying 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 adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-15, 205-40), 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. Those plans include projected positive cash flows from operations, the conversion of the majority of its existing debt to equity, and the majority member’s intent and ability to support operations if required. Cash flows from operations have continued to improve due to sales volumes and reduced operating costs. Management believes that its business will continue to grow and will generate sufficient cash flows to fund future operations. On November 30, 2018, related party debt holders converted $48.7 million of debt to equity to improve the Company’s financial position and reduce its future debt service requirements. Additionally, in August 2017 the Company negotiated an amendment to its promissory note to Chart Industries. This amendment reduced and extended its mandatory debt service payments to provide future payments that management believes are sustainable based on current and projected operating performance. (c) Use of Estimates in the Preparation of the Consolidated Financial Statements The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States (“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, and valuation allowances for receivables, inventories, and deferred income tax assets. Actual results could differ from those estimates, and these differences could be material to the consolidated financial statements. (d) Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. Cash equivalents consist principally of money market accounts held with major financial institutions. The Company is exposed to credit risk from its deposits of cash and cash equivalents in excess of amounts insured by the Federal Deposit Insurance Corporation. The company has not experienced any losses on its deposits of cash and cash equivalents. (e) Accounts Receivable Accounts receivable are recognized when products are sold. The Company extends credit to many of its customers in the ordinary course of business. Generally, these sales are unsecured. Accounts receivable are stated at cost, net of any allowance for doubtful accounts. The Company maintains allowances for doubtful accounts for estimated losses resulting from the failure of customers to make required payments. The Company reviews the accounts receivables on a periodic basis and makes allowances where there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, the customer’s payment history, its current credit-worthiness and current economic trends. At December 31, 2018 and 2017, management believed all balances were fully collectible such that no allowance for doubtful accounts was deemed necessary. (f) Inventories Inventory consists of LNG produced that is either (1) in a storage container at our plant or (2) in a storage trailer that is in transit to a customer. Inventory quantities are measured at each reporting period and are valued at the lower of cost or market, determined on a first-in, first-out (g) Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Significant additions, renewals, and capital improvements are capitalized, whereas expenditures for maintenance and repairs are charged to expense as incurred. Leasehold improvements are amortized over the shorter of the applicable remaining lease term or the estimated useful life of the related assets. The cost and related accumulated depreciation of assets retired or sold are removed from the appropriate asset and depreciation accounts, and the resulting gain or loss is reflected in income. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets as follows: Liquefaction plants and systems 10 – 20 years Real property and buildings 10 – 15 years Vehicles and tanker trailers and equipment 5 – 15 years Computer and office equipment 3 – 10 years Leasehold improvements 3 – 5 years (h) Long-Lived Assets Long lived assets, such as property, plant, and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flows basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flows models, quoted market values and third-party independent appraisals, as considered necessary. (i) Asset Retirement Obligations The Company recognizes the fair value of the liability associated with an asset retirement obligation in the period in which the liability is incurred or becomes reasonably estimable and if there is a legal obligation to restore or remediate the property at the end of a lease term. Asset retirement obligations are based upon future retirement cost estimates and incorporate certain assumptions, such as costs to restore the property and any salvage value. Management does not believe the Company had any material asset retirement obligations at December 31, 2018 or 2017. (j) Revenue Recognition The Company recognizes revenue associated with the sale of LNG at the point in time when the customer obtains control of the asset. In evaluating when a customer has control of the asset, the Company primarily considers whether the transfer of legal title and physical delivery has occurred, whether the customer has significant risks and rewards of ownership, and whether the customer accepted delivery and a right of payment exists. Revenues from the providing of services, transportation and equipment to customers is recognized as the service is performed (see Note (2) Revenue Recognition (k) Income Taxes The Company, with the consent of all of its members, elected to be treated as a corporation for federal income tax reporting purposes. Deferred income taxes are accounted for under the asset-and-liability The Company recognizes the tax benefit or obligation from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based not only on the technical merits of the tax position based on tax law, but also past administrative practices and precedents of the taxing authority. The tax benefits or obligations are recognized in the financial statements if there is a greater than 50% likelihood of the tax benefit or obligation being realized upon ultimate resolution. As of December 31, 2018 and 2017, the Company had no uncertain tax positions that required recognition. The Company files income tax returns in the United States of America and in the state of Texas. With few exceptions, the Company is subject to examination by the applicable taxing authorities for years after 2014. (l) Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. (m) Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in the fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels in accordance with U.S. GAAP: Level 1 Inputs—Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs—Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs—Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby, allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The carrying value of cash and cash equivalents, accounts receivable, inventory, accounts payable and accrued liabilities approximate their respective fair values due to their relative short maturities. The carrying value of the Company’s notes payable and capital lease obligations approximates fair value because the related interest rates approximate rates currently available to the Company. Nonfinancial assets and liabilities measured at fair value on a nonrecurring basis include certain nonfinancial assets and liabilities acquired in a business combination. In determining fair value, the Company uses quoted market prices or, to the extent that there are no available quoted market prices, market prices for similar assets or liabilities. (o) Recent Accounting Pronouncements In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements No. 2018-11 No. 2018-11 non-lease non-lease non-lease No. 2018-11 No. 2016-02 In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business No. 2017-01 2017-01 No. 2017-01 In February 2016, the FASB issued ASU No. 2016-02, Leases right-of- No. 2016-02, No. 2016-02 No. 2016-02. In May 2014, the FASB ASU No. 2014-09, Revenue from Contracts with Customers No. 2014-09 No. 2014-09 |
Revenue Recognition
Revenue Recognition | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue Recognition | (3) Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Revenue is measured as consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Amounts are billed upon completion of service or transfer of a product and are generally due within 30 days. Revenues from contracts with customers are disaggregated into (1) LNG product and (2) Rental, service, and other. LNG Product revenue generated includes the revenue from the product and delivery of the LNG to our customer’s location. Product contracts are established by agreeing on a sales price or transaction price for the related item. Revenue is recognized when the customer has taken control of the product. Payment terms for product contracts are generally within thirty days from the receipt of the invoice. Product revenue is recognized upon delivery of the related item to the customer, at which point the customer controls the product and the Company has an unconditional right to payment. Rental and Service revenue generated by the Company includes equipment and people provided to the customer to support the use of LNG in their application. Rental contracts are established by agreeing on a rental price or transaction price for the related piece of equipment and the rental period which is generally daily or monthly. The Company maintains control of the equipment that the customer uses and can replace the rented equipment with similar equipment should the rented equipment become inoperable or the Company chooses to replace the equipment for maintenance purposes. Revenue is recognized as the rental period is completed and for periods that cross month end, revenue is recognized for the portion of the rental period that has been completed to date. Payment terms for rental contracts are generally within thirty days from the receipt of the invoice. Performance obligations for rental revenue are considered to be satisfied as the rental period is completed based upon the terms of the related contract. Service revenue generated by the Company consists of mobilization and demobilization of equipment and onsite technical support while customers are consuming LNG in their applications. Service revenue is billed based on contractual terms that can be based on an event (i.e. mobilization or demobilization) or an hourly rate. Revenue is recognized as the event is completed or work is done. Payment terms for service contracts are generally within thirty days from the receipt of the invoice. Performance obligations for service revenue are considered to be satisfied as the event is completed or work is done per the terms of the related contract. All outstanding accounts receivable, net of allowance, on the consolidated balance sheet are typically due and collected within the next 30 days. The table below presents the Company’s revenue disaggregated by sources for the six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, LNG Product $ 8,699 $ 7,047 $ 18,953 $ 14,898 Rental, services and other 2,396 1,644 5,117 3,667 $ 11,095 $ 8,691 $ 24,070 $ 18,565 | (2) Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Revenue is measured as consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Amounts are billed upon completion of service or transfer of a product and are generally due within 30 days. Revenues from contracts with customers are disaggregated into (1) LNG product and (2) Rental, service, and other. LNG product revenue generated includes the revenue from the product and delivery of the LNG to the customer’s location. Product contracts are established by agreeing on a sales price or transaction price for the related item. Revenue is recognized when the customer has taken control of the product. Payment terms for product contracts are generally within thirty days from the receipt of the invoice. Product revenue is recognized upon delivery of the related item to the customer, at which point the customer controls the product and the Company has an unconditional right to payment. Rental and service revenue generated by the Company includes equipment and people provided to the customer to support the use of LNG in their application. Rental contracts are established by agreeing on a rental price or transaction price for the related piece of equipment and the rental period which is generally daily or monthly. The Company maintains control of the equipment that the customer uses and can replace the rented equipment with similar equipment should the rented equipment become inoperable or the Company chooses to replace the equipment for maintenance purposes. Revenue is recognized as the rental period is completed and for periods that cross month end, revenue is recognized for the portion of the rental period that has been completed to date. Payment terms for rental contracts are generally within thirty days from the receipt of the invoice. Performance obligations for rental revenue are considered to be satisfied as the rental period is completed based upon the terms of the related contract. Service revenue generated by the Company consist of mobilization and demobilization of equipment and onsite technical support while customers are consuming LNG in their applications. Service revenue is billed based on contractual terms that can be based on an event (i.e. mobilization or demobilization) or an hourly rate. Revenue is recognized as the event is completed or work is done. Payment terms for service contracts are generally within thirty days from the receipt of the invoice. Performance obligations for service revenue are considered to be satisfied as the event is completed or work is done per the terms of the related contract. All outstanding accounts receivable, net of allowance, on the consolidated balance sheet are typically due and collected within the next 30 days. The table below presents the Company’s revenue disaggregated by sources for the years ended December 31, 2018 and 2017 (in thousands): 2018 2017 LNG Product $ 30,200 $ 15,534 Rental, services and other 7,142 4,913 $ 37,342 $ 20,447 |
Step Acquisition of Equity Inte
Step Acquisition of Equity Interests | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Step Acquisition of Equity Interests | (3) Step Acquisition of Equity Interests Prior to May 19, 2017, the Company, through its wholly-owned subsidiary, Stabilis Oilfield Investment Co, LLC, held a 49% membership interest in LNG EF, which was organized in September 2013. The Company also held a 50% interest in FHR, a related entity holding a 2% membership interest in LNG EF. The Company’s combined 50% beneficial interest in LNG EF was initially recognized at cost, with the carrying amount subsequently increased or decreased by the Company’s proportionate share of the entities’ profits or losses using the equity method of accounting. On May 19, 2017, the Company purchased the remaining 49% ownership of LNG EF and 50% ownership of FHR for a combined $4.0 million. The acquisition resulted in the Company now owning a 100% controlling interest requiring consolidation. By eliminating the outside investor, the Company now believes it will be able to operate the business more efficiently and focus on additional growth opportunities. The Company has accounted for the acquisition as a business combination whereby the purchase price was allocated to the identifiable assets acquired and liabilities assumed based on their fair values. The acquisition resulted in bargain purchase gain of approximately $13.9 million which represents the fair value of the net assets acquired over the cash paid. The joint venture partner invested in LNG EF as an opportunity to explore the small scale domestic LNG market. In 2017, the joint venture party decided not to increase its investment in this market and to reallocate its resources to more significant projects. The joint venture party’s ability to sell to a third-party entity was limited due to the non-controlling The following presents the fair value of LNG EF as of the acquisition date (in thousands): Current assets $ 3,064 Property, plant and equipment 48,083 Total assets 51,147 Current liabilities 5,409 Long-term debt 9,858 Total liabilities 15,267 Members equity at fair value 35,880 Total liabilities and members’ equity $ 51,147 50% equity interest at fair value $ 17,940 Consideration transferred 4,000 Bargain purchase gain $ 13,940 In connection with the acquisition, a third-party appraisal was obtained to determine the appropriate fair value of the equity interests. As a result, it was determined that the current book value of the net assets approximated fair value and no remeasurement gain or loss was recognized. |
Acquisition of PEG Partners, LL
Acquisition of PEG Partners, LLC | 12 Months Ended |
Dec. 31, 2018 | |
PEG Partners LLC [Member] | |
Acquisition of PEG Partners, LLC | (4) Acquisition of PEG Partners, LLC On February 28, 2017 (the “acquisition date”), JCH, the Company’s majority member, acquired a non-voting non-voting The Company recorded a bargain purchase gain of $13.1 million related to the acquisition of PEG, which represents the difference between the fair value of the net assets acquired over the cash paid. The prior controlling interest holder in PEG was a foreign private equity fund in the final stages of liquidating its investments in the United States oil and gas markets, resulting in a bargain purchase gain. The following table summarizes the estimated fair values of the assets acquired, liabilities assumed and non-controlling Cash $ 969 Accounts receivable 1,584 Other current assets 500 Property, plant and equipment 24,122 Liabilities assumed (12,454 ) Non-controlling (1,595 ) Net assets acquired 13,126 Consideration transferred — Bargain purchase gain $ 13,126 The fair value and gross amount of accounts receivable acquired was $1.6 million and the Company expects to collect the entire amount. The Company obtained an 80% controlling interest in PEG at the acquisition date and certain members of PEG’s management group own a 20% non-controlling Consolidation non-controlling non-controlling In connection with the acquisition, a third-party appraisal was obtained to determine the appropriate fair value of the assets acquired and liabilities assumed. The fair value of the non-controlling During the years ended December 31, 2018 and 2017, the accompanying consolidated statements of operations includes revenues and net income from PEG as follows (in thousands): 2018 2017 Revenue $ 24,028 $ 12,411 Net loss (209 ) (3,582 ) Net loss attributable to non-controlling (42 ) (716 ) Net loss attributable to Stabilis Energy, LLC $ (168 ) $ (2,866 ) |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | (5) Equity Method Investments The Company’s subsidiary, Stabilis Oilfield Investment Co, LLC, invested capital, equipment and engineering services valued at approximately $8.0 million for a 49% membership interest in LNG EF which was organized in 2013. The Company also invested capital and engineering services valued at approximately $250 thousand for a 50% membership interest in FHR, a related entity holding a 2% interest in LNG EF. The Company’s combined 50% interest in LNG EF resulted in the Company having significant influence over the entity’s operations but not control. Accordingly, the investment was recorded at cost and the carrying amount is increased or decreased based on the Company’s proportionate share of the entity’s earnings or losses, using the equity method of accounting. As further discussed in Note (3) Step Acquisition of Equity Interest The following table summarizes the changes in the Company’s recorded amount of equity method investments for the year ended December 31, 2017 (in thousands): LNG EF FHR Total Carrying value at January 1, 2017 $ 18,554 $ 484 $ 19,038 Equity loss (1,095 ) (3 ) (1,098 ) Change to consolidation (17,459 ) (481 ) (17,940 ) Carrying value at December 31, 2017 $ — $ — $ — |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Text Block [Abstract] | ||
Prepaid Expenses and Other Current Assets | (4) Prepaid Expenses and Other Current Assets The Company’s prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, Prepaid LNG $ 227 $ 367 Prepaid insurance 199 174 Other Receivables 79 672 Deposits 573 578 Other 328 324 $ 1,406 $ 2,115 | (6) Prepaid Expenses and Other Current Assets The Company’s prepaid expenses and other current assets consisted of the following (in thousands): December 31, 2018 2017 Prepaid LNG $ 367 $ 155 Prepaid insurance 174 310 Other receivables 672 148 Deposits 578 269 Other 324 72 $ 2,115 $ 954 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Property, Plant and Equipment | (5) Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following (in thousands): June 30, December 31, Liquefaction plants and systems $ 40,573 $ 39,679 Real property and buildings 1,396 1,396 Vehicles and tanker trailers and equipment 45,274 44,878 Computer and office equipment 250 238 Construction in progress 1,353 1,071 Leasehold improvements 1 1 88,847 87,263 Less: accumulated depreciation (25,242 ) (20,657 ) $ 63,605 $ 66,606 Depreciation expense for the six months ended June 30, 2019 and 2018 totaled $4,585 thousand and $4,383 thousand respectively, of which all is included in the consolidated statements of operations as its own and separate line item. | (7) Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following (in thousands): December 31, 2018 2017 Liquefaction plants and systems $ 39,679 $ 39,679 Real property and buildings 1,396 1,396 Vehicles and tanker trailers and equipment 44,878 43,407 Computer and office equipment 238 216 Construction in progress 1,071 880 Leasehold improvements 1 101 87,263 85,680 Less: accumulated depreciation (20,657 ) (11,969 ) $ 66,606 $ 73,711 Depreciation expense for the years ended December 31, 2018 and 2017 totaled $8.8 million and $7.0 million, respectively, of which all is included in the consolidated statements of operations as its own and separate line item. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Payables and Accruals [Abstract] | ||
Accrued Liabilities | (6) Accrued Liabilities The Company’s accrued liabilities consisted of the following (in thousands): June 30, December 31, Compensation and benefits $ 965 $ 907 Professional fees 1,049 827 LNG fuel and transportation 730 612 Accrued interest 478 220 Other taxes payable 107 100 Other operating expenses 781 247 $ 4,110 $ 2,913 | (8) Accrued Liabilities The Company’s accrued liabilities consisted of the following (in thousands): December 31, 2018 2017 Compensation and benefits $ 907 $ 712 Professional fees 827 20 LNG fuel and transportation 612 450 Accrued interest 220 220 Other taxes payable 100 34 Other operating expenses 247 294 $ 2,913 $ 1,730 |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Notes Payable | (9) Notes Payable Short-term Notes Payable The Company finances its annual commercial insurance premiums. The unpaid principal balance on the premium finance notes as of December 31, 2018 and 2017 were approximately $121,000 and $257,000, respectively. The Company makes equal monthly payments of principal and interest over the term of the notes which is generally 11 months. The annual interest rate for the policy renewal period in 2018 was approximately 5.4%. Notes Payable to Related Party Notes payable to related party consisted of the following at December 31, 2018 and 2017 (in thousands): 2018 2017 Note payable to JCH Crenshaw Holdings, LLC (related party see Note 10), dated December 31, 2017, in the amount of $9.3 million with payment of principal and interest at 8% due March 2021 $ — $ 9,303 Note payable to Casey and Stacey Crenshaw (related party see Note 10), dated December 31, 2017, in the amount of $5.8 million with payment of principal and interest at 8% due March 2021 — 5,814 Note payable to Crenshaw Family Holdings, LP (related party see Note 10), dated December 31, 2017, in the amount of $12.0 million with payment of principal and interest at 8% due March 2021 — 11,983 Note payable to The Modern Group, Ltd (related party see Note 10), dated December 31, 2017, in the amount of $14.4 million with payment of principal and interest at 8% due March 2021 — 14,419 $ — $ 41,519 Effective November 30, 2018, the holders of the Company’s related party notes payable converted the outstanding principal balance, plus accrued and unpaid interest, totaling $48.7 million into members’ equity (see Note 11 Members Equity for further discussion). Notes Payable Notes payable consisted of the following at December 31, 2018 and 2017 (in thousands): 2018 2017 Notes payable to finance company, dated September 30, 2013, in the amount of $19.0 million, with payments of principal and accrued interest due in incremental amounts annually. Interest is adjusted monthly and is calculated at LIBOR plus 3% at the end of each month. Note is secured by $20 million equity interest and first lien on plant assets and matures August 2024. $ 9,077 $ 11,497 Less current maturities (2,500 ) (2,500 ) $ 6,577 $ 8,997 The following schedule presents the future maturities of notes payable for each of the next five years as of December 31, 2018 (in thousands): December 31, 2019 2,500 2020 1,500 2021 1,500 2022 1,500 2023 1,500 Thereafter, 577 $ 9,077 |
Related Party Transactions
Related Party Transactions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | (8) Related Party Transactions Financing Lease Obligations During 2017, the Company refinanced its’ lease agreement with a subsidiary of TMG for equipment purchases totaling approximately $10.1 million. Under the terms of the lease agreement, the Company’s monthly payments are interest-only for the first 12 months at an annual rate of 6%. The Company will then repay 80% of the outstanding lease obligation over the remaining term of 36 months at an annual interest rate of 10%. The Company has accounted for the lease as a finance lease. During 2018, the Company entered into lease agreements with a subsidiary of TMG to finance vehicles and machinery and equipment totaling approximately $1.5 million. Under the terms of the leases, the balance is due in equal monthly installments over 24 months at annual interest rate of 10%. The Company has accounted for the lease as a finance lease. The Company’s carrying value of finance lease obligations to related parties consisted of the following (in thousands): June 30, December 31, Finance Lease Obligations with subsidiary of The Modern Group, Ltd $ 5,574 $ 7,246 Less: Amounts due within one year (5,089 ) (3,879 ) Total Finance lease Obligations to Related Parties $ 485 $ 3,367 Operating Leases The Company subleases land in Fort Lupton, Colorado to a subsidiary of TMG. During the six months ended June 30, 2019 and 2018, amounts billed to TMG under the agreement totaled $6 thousand and $6 thousand, respectively. During the three months ended June 30, 2019 and 2018, amounts billed to TMG under the agreement totaled $3 thousand and $3 thousand, respectively. The Company subleases space in Denver, Colorado to a subsidiary of TMG. During the six months ended June 30, 2019 and 2018, the Company billed $12 thousand and $25 thousand, respectively, to TMG under the agreement. During the three months ended June 30, 2019 and 2018, the Company billed $6 thousand and $15 thousand, respectively, to TMG under the agreement. Payroll and Benefits The Company utilizes payroll and benefit resources from TMG. During the six months ended June 30, 2019 and 2018, the Company incurred expenses of $4 thousand and $6 thousand for processing and administrative charges associated with payroll processing. During the three months ended June 30, 2019 and 2018, the Company incurred expenses of $1 thousand and $3 thousand for processing and administrative charges associated with payroll processing. Other Purchases The Company issued a purchase order to Applied Cryo Technologies, Inc, (ACT) a company owned 51% by Crenshaw Family Holdings International, Inc., for equipment totaling $302 thousand. The company expects to take delivery of equipment late in 2019. The Company also paid ACT $65 thousand for equipment repairs and services. The Company purchases supplies and services from a subsidiary of TMG. During the six months ended June 30, 2019 and 2018, purchases from TMG totaled $44 thousand and $35 thousand, respectively. During the three months ended June 30, 2019 and 2018, purchases from TMG totaled $44 thousand and $15 thousand, respectively. | (10) Related Party Transactions Operating and Administration Charges to Affiliated Companies The Company had entered into a cost sharing agreement with LNG EF, one of its limited liability company investments, requiring the Company to pay for costs related to the operations of the entity. The Company submitted requests for reimbursements of these expenses on a monthly basis. At December 31, 2018 and 2017, LNG EF owed the Company $6.4 million and $1.6 million, respectively, for these expenses. On May 19, 2017, the Company obtained a controlling financial interest in LNG EF requiring consolidation (see Note (3) Step Acquisition of Equity Interests Loans with Related Parties During 2016, the Company loaned the chief operating officer amounts of $200 thousand and $300 thousand, respectively, bearing an interest rate based on the equivalent to the mid-term In November 2018, the Company distributed the notes receivable together with all accrued but unpaid interest as a partial payment of outstanding indebtedness owed to JCH Crenshaw Holdings, LLC. Operating Leases The Company subleases land in Fort Lupton, Colorado to a subsidiary of TMG. During the years ended December 31, 2018 and 2017, amounts billed to TMG under the agreement totaled $12 thousand and $22 thousand, respectively. The Company subleases space in Denver, Colorado to a subsidiary of TMG. During the year ended December 31, 2018, the Company billed $55 thousand to TMG under the agreement. Payroll and Benefits The Company utilizes payroll and benefit resources from TMG. During the years ended December 31, 2018 and 2017, the Company incurred expenses of $13 thousand each year for processing and administrative charges associated with payroll processing. In addition, the Company’s employees participated in the medical plan of TMG. The Company’s share of costs for participating in the medical plan during 2018 and 2017 totaled $563 thousand and $503 thousand, respectively. The Company also billed $29 thousand and $50 thousand for employees providing sales support to TMG during the years ended December 31, 2018 and 2017, respectively. The Company participates in TMG’s established savings plan (“Savings Plan”) which is qualified under Section 401(k) of the Internal Revenue Code. Fixed Assets During the year ended December 31, 2017 the Company sold an automobile and trailers to subsidiaries of TMG for $149 thousand and incurred a loss on sale of $34 thousand. Other Purchases The Company purchased $47 thousand and $15 thousand of equipment and services from TMG or its affiliates during the years ended December 31, 2018 and 2017, respectively. The Company purchased $63 thousand and $56 thousand of equipment repairs and inspection services from Applied Cryo Technologies, Inc., a company owned 51% by Crenshaw Family Holdings International, Inc., during the years ended December 31, 2018 and 2017, respectively. Beginning in July of 2018, TMG provided certain underutilized rig and/or synthetic mats on consignment to the Company for assessment in operations. As part of the agreement and in exchange, the Company provided a refundable deposit in the amount of $48 thousand. As of December 31, 2018, the mats are still in assessment and are recorded as prepaid expenses and other current assets on the balance sheet. |
Members Equity
Members Equity | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | ||
Members Equity | (9) Members Equity On February 11, 2013, JCH and TMG. (the “Initial Members”) of Stabilis Energy, LLC entered into a Company Agreement of Stabilis Energy, LLC (“the Agreement”) in order to regulate the Company’s affairs, conduct its business and establish the relations of its members. Under the Agreement, the Company was authorized to issue up to 1,000 membership interests. On February 11, 2013, the Company issued 1,000 membership units ($1 par value) to the Initial Members in proportion to their respective equal ownership interests, receiving $1,000 of capital contributions. The net income, net loss or capital gains of the Company for each fiscal year is allocated to the Initial Members, pro rata in accordance with their percentage interest. The Initial Members may authorize the creation of one or more series of members and membership interests and, additionally, may authorize the division of existing members and membership interests into series and the division of any existing or new series into two or more classes. On September 1, 2015, CFH purchased all of TMG’s membership interest in Stabilis Energy, LLC. On February 28, 2017, JCH acquired an 80% controlling membership interest in PEG. On March 1, 2018, JCH assigned its membership interest in PEG to the Company. The acquisition was accounted for as a transaction between entities under common control and the assets and the liabilities of PEG were transferred to the Company at their historic cost to JCH and consolidated accordingly. All assets and liabilities associated with the transfer are included in the accompanying consolidated balance sheets along with non-controlling On November 28, 2018, JCH, CFH, TMG and the Crenshaw’s entered into a two-step On November 29, 2018, the Company contributed its two notes receivable due from its chief operating officer, totaling $500 thousand as partial settlement of its outstanding indebtedness to JCH. The aggregate net carrying amount settled was $500 thousand. On November 30, 2018, JCH and CFH, the sole members of the Company, each contributed 500 membership units in the Company having a carrying amount of $10.0 million to LNG Investment in exchange for 1,000 Class B units having a carrying amount of $10.0 million in LNG Investment. An aggregate of 2,000 Class B units were issued by LNG Investment to the Company having a carrying amount of $20.0 million. The contribution and exchange of units resulted in the Company becoming a wholly owned subsidiary of LNG Investment. Subsequently, JCH, CFH, TMG and the Crenshaw’s, the related party creditors of the Company and holders of an aggregate net carrying amount of $48.7 million of indebtedness, each contributed their individual indebtedness to LNG Investment in exchange for Class A units in proportion to their percentage of indebtedness in total. An aggregate of 4,874.28 Class A units were issued by LNG Investment to the related party creditors of the Company having a carrying amount of $48.7 million. On December 17, 2018, the Company entered into a definitive share exchange agreement with American Electric Technologies, Inc. (“AETI”) to enter into a business combination transaction. At the closing, the Company’s owners will contribute 100% of their outstanding membership units to AETI in exchange for AETI common stock resulting in the Company and its subsidiaries becoming a wholly-owned subsidiary of AETI. On July 26, 2019 (the “Effective Date”), we completed the business combination transaction (the “Share Exchange”) by which American Electric Technologies, Inc., a Florida corporation (“American Electric”) acquired 100% of the outstanding limited liability company interests of Stabilis Energy, LLC from LNG Investment Company, LLC, a Texas limited liability company (“Holdings”) and 20% of the outstanding limited liability company interests of PEG Partners, LLC, a Delaware limited liability company (“PEG”) from AEGIS NG LLC, a Texas limited liability company (“AEGIS”). The remaining 80% of the outstanding limited liability company interests of PEG were owned directly by Stabilis Energy, LLC. As a result, Stabilis Energy, LLC became the 100% directly-owned subsidiary and Prometheus became the 100% indirectly-owned subsidiary of American Electric. Under the Share Exchange Agreement entered into on December 17, 2018 and amended on May 8, 2019, (as amended, the “Share Exchange Agreement”), American Electric issued 105,558,606 shares of common stock to acquire Stabilis Energy, LLC, which represented 90% of the total amount of the common stock of American Electric which was issued and outstanding as of the Effective Date. The proposed transaction was approved by the shareholders of American Electric at a Special Meeting of Stockholders. The transaction closed on July 26, 2019. The Share Exchange resulted in a change of control of American Electric to control by Casey Crenshaw by virtue of his beneficial ownership of 88.4% of the common stock of American Electric to be outstanding as of the Effective Date. | (11) Members Equity On February 11, 2013, JCH and TMG. (the “Initial Members”) of Stabilis Energy, LLC entered into a Company Agreement of Stabilis Energy, LLC (“the Agreement”) in order to regulate the Company’s affairs, conduct its business and establish the relations of its members. Under the Agreement, the Company was authorized to issue up to 1,000 membership interests. On February 11, 2013, the Company issued 1,000 membership units ($1 par value) to the Initial Members in proportion to their respective equal ownership interests, receiving $1,000 of capital contributions. The net income, net loss or capital gains of the Company for each fiscal year is allocated to the Initial Members, pro rata in accordance with their percentage interest. The Initial Members may authorize the creation of one or more series of members and membership interests and, additionally, may authorize the division of existing members and membership interests into series and the division of any existing or new series into two or more classes. On September 1, 2015, CFH purchased all of TMG’s membership interest in Stabilis Energy, LLC. On February 28, 2017, JCH acquired an 80% controlling membership interest in PEG as further described in Note (4) Acquisition of PEG Partners, LLC non-controlling On November 28, 2018, JCH, CFH, TMG and the Crenshaw’s entered into a two-step On November 29, 2018, the Company contributed its two notes receivable due from its chief operating officer, totaling $500 thousand as partial settlement of its outstanding indebtedness to JCH. The aggregate net carrying amount settled was $500 thousand. On November 30, 2018, JCH and CFH, the sole members of the Company, each contributed 500 membership units in the Company having a carrying amount of $10.0 million to LNG Investment in exchange for 1,000 Class B units having a carrying amount of $10.0 million in LNG Investment. An aggregate of 2,000 Class B units were issued by LNG Investment to the Company having a carrying amount of $20.0 million. The contribution and exchange of units resulted in the Company becoming a wholly owned subsidiary of LNG Investment. Subsequently, JCH, CFH, TMG and the Crenshaw’s, the related party creditors of the Company and holders of an aggregate net carrying amount of $48.7 million of indebtedness, each contributed their individual indebtedness to LNG Investment in exchange for Class A units in proportion to their percentage of indebtedness in total. An aggregate of 4,874.28 Class A units were issued by LNG Investment to the related party creditors of the Company having a carrying amount of $48.7 million. On December 17, 2018, the Company entered into a definitive share exchange agreement with American Electric Technologies, Inc. (“AETI”) to enter into a business combination transaction. At the closing, the Company’s owners will contribute 100% of their outstanding membership units to AETI in exchange for AETI common stock resulting in the Company and its subsidiaries becoming a wholly-owned subsidiary of AETI. The proposed transaction has been approved by the board of directors of AETI and the Company’s owners, and will be submitted to the shareholders of AETI for approval of the issuance of AETI common stock in connection with the transaction and other transaction-related matters at a Special Meeting of Shareholders. The transaction is expected to close during the second quarter of 2019, subject to customary closing conditions. The Share Exchange Agreement contains certain termination rights for each owner, including in the event that (i) the Share Exchange is not consummated on or before June 30, 2019, and (ii) the requisite approval of the stockholders of AETI to the issuance of shares in the Share Exchange or the related amendments to AETI’s articles of incorporation is not obtained. |
Employee Benefits
Employee Benefits | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | ||
Employee Benefits | (10) Employee Benefits The Company has established a savings plan (“Savings Plan”) which is qualified under Section 401(k) of the Internal Revenue Code. Eligible employees may elect to make contributions to the Savings Plan through salary deferrals of up to 90% of their base pay, subject to Internal Revenue Code limitations. The Company may also makes discretionary contributions to the Savings Plans, subject to limitations. For the six months ended June 30, 2019 and 2018 the Company contributed $55 and $25 thousand in matching contributions to the Savings Plan. For the three months ended June 30, 2019 and 2018 the Company contributed $28 and $13 thousand in matching contributions to the Savings Plan. | (12) Employee Benefits The Company has established a savings plan (“Savings Plan”) which is qualified under Section 401(k) of the Internal Revenue Code. Eligible employees may elect to make contributions to the Savings Plan through salary deferrals of up to 90% of their base pay, subject to Internal Revenue Code limitations. The Company may also make discretionary contributions to the Savings Plans, subject to limitations. For the year ended December 31, 2018 and 2017 the Company contributed $57 thousand and $62 thousand of matching contributions to the Savings Plan, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (13) Income Taxes A reconciliation of income taxes computed using the 21% U.S. federal statutory rate to the amount reflected in the accompanying consolidated statements of operations for the years ended December 31, 2018 and 2017 is as follows (in thousands): 2018 2017 Income tax benefit (expense) at federal statutory rate $ 2,328 $ (2,535 ) Non-deductible 17 5 Impact of change in statutory rate — (345 ) Change in valuation allowance (2,311 ) 28,384 Section 382 limitation — (25,509 ) Other (35 ) — Provision for income taxes $ — $ — The Company accounts for income taxes whereby deferred taxes are provided on temporary differences arising from assets and liabilities whose basis are different for financial reporting and income tax purposes. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2018 and 2017 are as follows (in thousands): 2018 2017 Federal net operating loss carryforward $ 10,876 $ 9,075 Accrued interest to related parties, not deductible until paid 335 60 Accrued expenses — 19 Basis of intangible assets 221 266 Valuation allowance (3,950 ) (1,639 ) Total deferred tax assets 7,481 7,781 Basis of property, plant and equipment 7,447 7,741 Prepaid expenses 34 40 Total deferred tax liabilities 7,481 7,781 Net deferred taxes $ — $ — In December 2017, the U.S. congress passed the Tax Cuts and Jobs Act of 2017 (the “TCJA”). This legislation makes significant changes in U.S. tax law including a reduction in the corporate rates, changes to net operating loss carryforwards and carrybacks, and a repeal of the corporate alternative minimum tax. The legislation reduced the U.S. corporate tax rate from 35% to 21%. At December 31, 2018, the Company has net operating loss carryforwards of approximately $51.8 million which may be used to offset future taxable income. The net operating loss carryforwards include $42.3 million of losses arising prior to December 31, 2017 that expire in 2028 through 2033. Those arising in tax years after 2017 can be carried forward indefinitely. Since the Company has not yet generated significant taxable income, a valuation allowance has been established to fully reserve the Company’s net deferred tax assets at December 31, 2018. A change in ownership eliminated substantially all net operating loss carryforwards of an acquired subsidiary at February 28, 2017. The elimination of those loss carryforwards is shown above as a section 382 limitation. The Company recognizes the tax benefit or obligation from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based not only on the technical merits of the tax position based on tax law, but also past administrative practices and precedents of the taxing authority. The tax benefits or obligations are recognized in our financial statements if there is a greater than 50% likelihood of the tax benefit or obligation being realized upon ultimate resolution. As of December 31, 2018 and 2017, the Company had no uncertain tax positions that required recognition. As of December 31, 2018, the Company’s tax returns for years 2014 to 2018 remain subject to examination for both federal and state filings. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | (11) 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 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. | (14) 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 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. Operating Leases In 2014, the Company entered into a five year noncancelable operating lease for an office in Denver, Colorado. The total rent expense incurred under the lease for the years ended December 31, 2018 and 2017 totaled $231 thousand and $209 thousand, respectively. In February of 2018, the Company began to sublease a portion of the office space to a subsidiary of TMG for $5 thousand a month (see Note (10) Related Party Transactions In 2016, the Company entered into a two-year Note (10) Related Party Transactions The Company leases certain buildings and facilities, including office space in Bellevue, Washington; Houston, Texas; and land for its LNG liquefaction plants in Lisbon, Utah; and certain equipment under non-cancellable The following schedule presents the future minimum lease obligations for all non-cancelable Year ending December 31, 2019 $ 320 2020 143 2021 97 2022 34 2023 & thereafter — $ 594 Rent expense totaled approximately $872 thousand and $1.3 million for the years ended December 31, 2018 and 2017, respectively. |
Concentration of Risks
Concentration of Risks | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risks | (15) Concentration of Risks Significant Customers A material part of the Company’s business is dependent on a few customers, the loss of which could have a material adverse effect on the Company. The following table presents customers representing greater than 10% of total revenues and/or outstanding receivable as of and for the years ended December 31, 2018 and 2017 (in thousands): Revenue % Accounts % 2018: Customer 1 $ 9,710 26 % $ 998 23 % Customer 2 4,451 12 % 113 3 % $ 14,161 38 % $ 1,111 26 % 2017: Customer 1 $ 8,561 42 % $ 1,126 30 % Customer 2 2,249 11 % 290 8 % $ 10,810 53 % $ 1,416 38 % |
Subsequent Events
Subsequent Events | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Subsequent Events [Abstract] | ||
Subsequent Events | (13) Subsequent Events On August 5, 2019, we announced that Chart Industries, Inc. (“Chart”) invested $7.0 million for 1.5 million shares of common stock in Stabilis through extinguishment of existing debt. This transaction closed on August 30, 2019. The investment by Chart will reduce our financial leverage and enable us to be in a better position to pursue North American small-scale LNG growth. On August 16, 2019, the Company secured a $5.0 million loan from a subsidiary of TMG. The Company paid a $125 thousand loan origination fee and will incur a 6% per annum interest rate through December 10, 2020 and 12% per annum thereafter. The debt payments are interest only through December 2020 followed by monthly principal and interest payments through December of 2022. The debt is secured by certain pieces of the Company’s equipment valued at $5 million. On August 21, 2019, we announced that the Company has completed the acquisition of privately held Diversenergy, LLC and the formation of a joint venture with CryoMex Investment Group LLC (“CryoMex”) to pursue investments in LNG and compressed natural gas (CNG) assets in Mexico. CryoMex is led by Grupo CLISA, a Monterrey, Mexico-based developer and operator of businesses in multiple end markets including energy. The transaction was structured as an equity purchase with Diversenergy’s owners receiving cash and Stabilis common stock consideration. | (16) Subsequent Events Company management has evaluated the effects of subsequent events on the Company’s financial statements through March 29, 2019, the date the financial statements were issued, and has determined that there were no other significant events to be reported. |
General and Basis of Presentati
General and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General and Basis of Presentation | (1) General and Basis of Presentation (a) General Stabilis Energy, LLC is a Texas Limited liability company (“the Company”) formed in 2013 to produce, market, and sell liquefied natural gas (“LNG”). The Company also resells liquefied natural gas from third parties and provides services, transportation, and equipment to customers. The Company is a supplier of LNG to the industrial, midstream, and oilfield sectors in North America and provides turnkey fuel solutions to help industrial users of diesel and other crude-based fuel products convert to LNG, resulting in reduced fuel costs and improved environmental footprint. The Company opened a 120,000 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 being relocated. The Company is vertically integrated from LNG production through distribution and cryogenic equipment rental. On February 28, 2017, the Company acquired Prometheus Energy Group Incorporated (“Prometheus”) in a transaction between entities under common control and Prometheus became an 80% owned subsidiary of the Company. Because the entities are under common control, the assets and liabilities of Prometheus were transferred to the Company at their historic cost. Prometheus markets and distributes LNG for off road, high horsepower applications. Prometheus provides LNG and service solutions to users in the oil and gas, mining, remote and temporary power, mobile on-site low-cost on-site off-pipeline On November 28, 2018, the Company’s members and related party creditors entered into a two-step On December 17, 2018, the Company entered into a definitive share exchange agreement with American Electric Technologies, Inc. (“AETI”) to enter into a business combination transaction. At the closing, the Company’s owners contributed 100% of their outstanding membership units to AETI in exchange for AETI common stock resulting in the Company and its subsidiaries becoming a wholly-owned subsidiary of AETI. On July 26, 2019 (the “Effective Date”), we completed the business combination transaction (the “Share Exchange”) by which American Electric Technologies, Inc., a Florida corporation (“American Electric”) acquired 100% of the outstanding limited liability company interests of Stabilis Energy, LLC from LNG Investment Company, LLC, a Texas limited liability company (“Holdings”) and 20% of the outstanding limited liability company interests of PEG Partners, LLC, a Delaware limited liability company (“PEG”) from AEGIS NG LLC, a Texas limited liability company (“AEGIS”). The remaining 80% of the outstanding limited liability company interests of PEG were owned directly by Stabilis Energy, LLC. As a result, Stabilis Energy, LLC became the 100% directly-owned subsidiary and Prometheus became the 100% indirectly-owned subsidiary of American Electric. Under the Share Exchange Agreement entered into on December 17, 2018 and amended on May 8, 2019, (as amended, the “Share Exchange Agreement”), American Electric issued 105,558,606 shares of common stock to acquire Stabilis Energy, LLC, which represented 90% of the total amount of the common stock of American Electric which was issued and outstanding as of the Effective Date. The proposed transaction was approved by the shareholders of American Electric at a Special Meeting of Stockholders. The transaction closed on July 26, 2019. The Share Exchange resulted in a change of control of American Electric to control by Casey Crenshaw by virtue of his beneficial ownership of 88.4% of the common stock of American Electric outstanding as of the Effective Date. (b) Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned and majority-owned subsidiaries Stabilis Energy Services, LLC, and Stabilis Oilfield Investment Company, LLC and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s consolidated financial position as of June 30, 2019, and results of operations for the six months ended June 30, 2019 and 2018, and cash flows for the six months ended June 30 , 2019 and 2018. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the six month periods ended June 30, 2019 and 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or for any other interim period or for any future year. Certain information and disclosures normally included in the notes to consolidated financial statements have been condensed or omitted, but the resultant disclosures contained herein are in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as they apply to interim reporting. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2018. 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 adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-15, 205-40), 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. Those plans include projected positive cash flows from operations and the majority member’s intent and ability to support operations if required. Cash flows from operations have continued to improve due to sales volumes and reduced operating costs. Management believes that its business will continue to grow and will generate sufficient cash flows to fund future operations. On November 30, 2018, related party debt holders converted $48.7 million of debt to equity to improve the Company’s financial position and reduce its future debt service requirements. Additionally, in August 2017 the Company negotiated and amended to its promissory note to Chart Industries. This amendment reduced and extended its mandatory debt service payments to provide future payments that management believes are sustainable based on current and projected operating performance. The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States (“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, and valuation allowances for receivables, inventories, and deferred income tax assets. Actual results could differ from those estimates, and these differences could be material to the consolidated financial statements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | (2) Recent Accounting Pronouncements In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities No. 2018-17 In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements No. 2018-11 No. 2018-11 non-lease non-lease non-lease No. 2018-11 No. 2016-02 In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business No. 2017-01 No. 2017-01 No. 2017-01 In February 2016, the FASB issued ASU No. 2016-02, Leases right-of- In May 2014, the FASB ASU No. 2014-09, Revenue from Contracts with Customers No. 2014-09 No. 2014-09 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | (7) Debt The Company’s carrying value of debt consisted of the following (in thousands): June 30, December 31, Secured Term Note Payable $ 9,077 $ 9,077 Insurance and Other Notes Payable 161 121 Less: Amounts due within one year (2,661 ) (2,621 ) Total Debt $ 6,577 $ 6,577 Secured Term Note Payable On September 30, 2013 Stabilis LNG Eagle Ford LLC entered into a Secured Term Note Payable with Chart Energy & Chemicals, Inc. (the “Lender”) in connection with a Master Sales Agreement whereby the Lender agreed to sell Stabilis LNG Eagle Ford LLC certain equipment for its liquefaction plant. The total value of the agreement was not to exceed $20.5 million and was billed in advances based on a “Milestone Payment Schedule”. The note contained various covenants that limit the Stabilis LNG Eagle Ford LLC’s ability to grant certain lines, incur additional indebtedness, guarantee or become contingently liable for obligations of any person except for those allowed by the lender, merge or consolidate into or with a third party or engage in certain asset dispositions and acquisitions, pay dividends or make distributions, transact with affiliates, prepayment of indebtedness, and issue additional equity interests. Further, the Master Sales Agreement is secured by $20.0 million equity interest and first lien on all plant assets including land. Borrowings bear interest on the outstanding principal at the rate of 3.0% plus the London interbank offered rate. On May 19, 2017, the Company, purchased the remaining 49% ownership of Stabilis LNG Eagle Ford LLC and 50% ownership of FHR resulting in the ownership of 100% controlling interest therefore requiring consolidation and assumption of the related debt. Accordingly, the Secured Term Note Payable was amended on August 21, 2017 whereby only the payment terms of principal and interest were modified to be payable in eight installments as follows: (i) $2.5 million plus accrued interest due on August, 24, 2017, (ii) $2.5 million plus accrued interest due on August 24, 2018, (iii) $2.5 million plus accrued interest due on August 24, 2019, (iv) four equal payments of $1.5 million plus accrued interest on each anniversary date of August 24, 2019 thereafter, (v) and $0.6 million plus accrued interest on the remaining unpaid balance of the Amended Secured Term Note Payable on August 24, 2024. In the event all principal and interest is paid in full by August 24, 2023, an additional payment of $2.2 million is to be forgiven. Insurance Notes Payable The Company finances its annual commercial insurance premiums for its business and operations with a finance company. The dollar amount financed was $0.4 million for the 2018 to 2019 policy. The outstanding principal balance on the premium finance note was $0.1 million at December 31, 2018 and $0.1 million at June 30, 2019. The renewal will occur in August 2019. The Company makes equal monthly payments of principal and interest over the term of the notes which are generally 10 months in term. The interest rate for the 2018 to 2019 insurance policy was 5.4%. The note was unsecured. |
Lease Obligations
Lease Obligations | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease Obligations | (12) Lease Obligations We determine if an arrangement is a lease at inception. Leases with an initial term of 12 months or less are not recorded in our condensed consolidated balance sheet unless it is reasonably certain we will renew the lease. All leases with an initial term greater than 12 months, whether classified as operating or finance, are recorded to our condensed consolidated balance sheet based on present value of lease payments over the lease term, determined at lease commencement. Determination of the present value of lease payments requires discount rate. We use the implicit rate in the lease agreement when available. Most of our leases do not provide an implicit interest rate: therefore, we use a weighted average borrowing rate based on the information available at the commencement date. Our lease portfolio primarily consists of operating leases for certain, facilities, office spaces and equipment. Our leases have remaining terms of 1 year to 5 years and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The operating lease asset also includes any upfront lease payments made and excludes lease incentives and initial direct cost incurred. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The following table summarized the supplemental balance sheet information related to lease assets and lease liability obligations as of June 30, 2019 (in thousands, unaudited): Classification Assets Operating lease assets Operating lease right-of-use assets $ 497 Finance lease assets Property and equipment, net of accum depreciation 9,550 Total lease assets 10,047 Liabilities Current Operating Current portion of operating lease obligations 276 Finance Current portion of finance lease obligation 5,089 Noncurrent Operating Operating lease liabilities 226 Finance Finance lease obligations,—related parties, net of current portion 485 Total lease liabilities $ 6,076 The following table summarizes the components of lease expenses for the three and six months ended June 30, 2019 (in thousands, unaudited): Classification Three Months Six Months Lease Cost 2019 2018 2019 2018 Operating lease cost Cost of sales and Selling, general and administrative expenses $ 95 — $ 95 — Finance lease cost Amortization of leased assets Cost of operations 292 249 584 498 Interest on lease liabilities Interest expense 166 179 340 366 Net lease cost $ 553 428 $ 1,019 864 In 2014, the Company entered into a five year non-cancelable Note 8) Related Party Transactions In December 2018, the Company entered into a one year lease for equipment used at our liquefaction plant in George West, Texas. The lease called for monthly payments of $13 thousand through December 31, 2019. In January 2019, the Company extended its lease for one year for yard space from an unrelated party in Fort Lupton, Colorado. The lease called for monthly payments of $2,000 through December 31, 2019. The Company subleased the yard space to a subsidiary of TMG during 2018 (see Note 8) Related Party Transactions The Company leases certain buildings and facilities, including office space in Bellevue, Washington; Houston, Texas; and certain equipment under non-cancellable The following schedule presents the future minimum lease payments for our operating and finance obligations at June 30, 2019 (in thousands): Operating Finance Total Remainder 2019 $ 158 $ 2,282 $ 2,440 2020 189 3,950 4,139 2021 138 — 138 2022 17 — 17 Total lease payments 502 6,232 6,734 Less: Interest — (658 ) (658 ) Present value of lease liabilities $ 502 $ 5,574 $ 6,076 Lease term and discount rates for our operating and finance lease obligations are as follows: Lease Term and Discount Rate June 30, 2019 Weighted-average remaining lease term (years) Operating leases 1.5 Finance leases 1 Weighted-average discount rate Operating leases 7.3 % Finance leases 9.9 % The following table summarizes the supplemental cash flow information related to leases as of June 30, 2019: Other information June 30, 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 95 Financing cash flows from finance leases 1,672 Interest paid 340 Noncash activities from right-of-use assets obtained in exchange for lease obligations: Operating leases $ 497 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Description of Business | (a) Description of Business Stabilis Energy, LLC is a Texas Limited liability company (“the Company”) formed in 2013 to produce, market, and sell liquefied natural gas (“LNG”). The Company also resells liquefied natural gas from third parties and provides services, transportation, and equipment to customers. The Company is a supplier of LNG to the industrial, midstream, and oilfield sectors in North America and provides turnkey fuel solutions to help industrial users of diesel and other crude-based fuel products convert to LNG, resulting in reduced fuel costs and improved environmental footprint. The Company opened a 120,000 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 being relocated to the Permian Basin to support LNG demand in this region. The Company is vertically integrated from LNG production through distribution and cryogenic equipment rental. On February 28, 2017, the Company acquired Prometheus Energy Group Incorporated (“Prometheus”) in a transaction between entities under common control and Prometheus became an 80% owned subsidiary of the Company. Because the entities are under common control, the assets and liabilities of Prometheus were transferred to the Company at their historic cost (see Note (4) Acquisition of PEG Partners, LLC Prometheus markets and distributes LNG for off road, high horsepower applications. Prometheus provides LNG and service solutions to users in the oil and gas, mining, remote and temporary power, utility, mobile on-site low-cost on-site off-pipeline On November 28, 2018, the Company’s members and related party creditors entered into a two-step Note (11) Members Equity On December 17, 2018, the Company entered into a definitive share exchange agreement with American Electric Technologies, Inc. (“AETI”) to enter into a business combination transaction. At the closing, the Company’s owners will contribute 100% of their outstanding membership units to AETI in exchange for AETI common stock resulting in the Company and its subsidiaries becoming a wholly-owned subsidiary of AETI. The proposed transaction has been approved by the board of directors of AETI and the Company’s owners, and will be submitted to the shareholders of AETI for approval of the issuance of AETI common stock in connection with the transaction and other transaction-related matters at a Special Meeting of Shareholders. The transaction is expected to close during the second quarter of 2019, subject to customary closing conditions. |
Basis of Presentation and Consolidation | (b) Basis of Presentation and Consolidation The consolidated financial statements of the Company are prepared on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries Stabilis Energy Services, LLC, and Stabilis Oilfield Investment Company, LLC as of and for the years ended December 31, 2018 and 2017. In 2014, the Company acquired a 50% beneficial interest in Stabilis LNG Eagle Ford, LLC (“LNG EF”) and Stabilis FHR Oilfield LNG, LLC (“FHR”). Management determined that the 50% beneficial interest provided the Company significant influence but not a controlling financial interest. Through May 19, 2017, the Company reported its share of income or loss from its 50% interest in LNG EF and FHR using the equity method of accounting. On May 19, 2017, the Company acquired the remaining 50% interests in LNG EF and FHR. Accordingly, after the purchase date all income and expense items from the date of purchase forward have been consolidated (see Note (3) Step Acquisition of Equity Interests On March 1, 2018, JCH Crenshaw Holdings, LLC (“JCH”) assigned its membership interest in PEG Partners, LLC, (“PEG”) to the Company. PEG, a Delaware Limited Liability Company, owns Prometheus. Management determined that JCH (which, along with its affiliates, controls Stabilis) gained control of PEG on February 28, 2017, when it obtained a non-voting non-voting All significant intercompany transactions and balances have been eliminated in consolidation. The accompanying 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 adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-15, 205-40), 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. Those plans include projected positive cash flows from operations, the conversion of the majority of its existing debt to equity, and the majority member’s intent and ability to support operations if required. Cash flows from operations have continued to improve due to sales volumes and reduced operating costs. Management believes that its business will continue to grow and will generate sufficient cash flows to fund future operations. On November 30, 2018, related party debt holders converted $48.7 million of debt to equity to improve the Company’s financial position and reduce its future debt service requirements. Additionally, in August 2017 the Company negotiated an amendment to its promissory note to Chart Industries. This amendment reduced and extended its mandatory debt service payments to provide future payments that management believes are sustainable based on current and projected operating performance. |
Use of Estimates in the Preparation of the Consolidated Financial Statements | (c) Use of Estimates in the Preparation of the Consolidated Financial Statements The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States (“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, and valuation allowances for receivables, inventories, and deferred income tax assets. Actual results could differ from those estimates, and these differences could be material to the consolidated financial statements. |
Cash and Cash Equivalents | (d) Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. Cash equivalents consist principally of money market accounts held with major financial institutions. The Company is exposed to credit risk from its deposits of cash and cash equivalents in excess of amounts insured by the Federal Deposit Insurance Corporation. The company has not experienced any losses on its deposits of cash and cash equivalents. |
Accounts Receivable | (e) Accounts Receivable Accounts receivable are recognized when products are sold. The Company extends credit to many of its customers in the ordinary course of business. Generally, these sales are unsecured. Accounts receivable are stated at cost, net of any allowance for doubtful accounts. The Company maintains allowances for doubtful accounts for estimated losses resulting from the failure of customers to make required payments. The Company reviews the accounts receivables on a periodic basis and makes allowances where there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, the customer’s payment history, its current credit-worthiness and current economic trends. At December 31, 2018 and 2017, management believed all balances were fully collectible such that no allowance for doubtful accounts was deemed necessary. |
Inventories | (f) Inventories Inventory consists of LNG produced that is either (1) in a storage container at our plant or (2) in a storage trailer that is in transit to a customer. Inventory quantities are measured at each reporting period and are valued at the lower of cost or market, determined on a first-in, first-out |
Property, Plant and Equipment | (g) Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Significant additions, renewals, and capital improvements are capitalized, whereas expenditures for maintenance and repairs are charged to expense as incurred. Leasehold improvements are amortized over the shorter of the applicable remaining lease term or the estimated useful life of the related assets. The cost and related accumulated depreciation of assets retired or sold are removed from the appropriate asset and depreciation accounts, and the resulting gain or loss is reflected in income. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets as follows: Liquefaction plants and systems 10 – 20 years Real property and buildings 10 – 15 years Vehicles and tanker trailers and equipment 5 – 15 years Computer and office equipment 3 – 10 years Leasehold improvements 3 – 5 years |
Long-Lived Assets | (h) Long-Lived Assets Long lived assets, such as property, plant, and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flows basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flows models, quoted market values and third-party independent appraisals, as considered necessary. |
Asset Retirement Obligations | (i) Asset Retirement Obligations The Company recognizes the fair value of the liability associated with an asset retirement obligation in the period in which the liability is incurred or becomes reasonably estimable and if there is a legal obligation to restore or remediate the property at the end of a lease term. Asset retirement obligations are based upon future retirement cost estimates and incorporate certain assumptions, such as costs to restore the property and any salvage value. Management does not believe the Company had any material asset retirement obligations at December 31, 2018 or 2017. |
Revenue Recognition | (j) Revenue Recognition The Company recognizes revenue associated with the sale of LNG at the point in time when the customer obtains control of the asset. In evaluating when a customer has control of the asset, the Company primarily considers whether the transfer of legal title and physical delivery has occurred, whether the customer has significant risks and rewards of ownership, and whether the customer accepted delivery and a right of payment exists. Revenues from the providing of services, transportation and equipment to customers is recognized as the service is performed (see Note (2) Revenue Recognition |
Income Taxes | (k) Income Taxes The Company, with the consent of all of its members, elected to be treated as a corporation for federal income tax reporting purposes. Deferred income taxes are accounted for under the asset-and-liability The Company recognizes the tax benefit or obligation from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based not only on the technical merits of the tax position based on tax law, but also past administrative practices and precedents of the taxing authority. The tax benefits or obligations are recognized in the financial statements if there is a greater than 50% likelihood of the tax benefit or obligation being realized upon ultimate resolution. As of December 31, 2018 and 2017, the Company had no uncertain tax positions that required recognition. The Company files income tax returns in the United States of America and in the state of Texas. With few exceptions, the Company is subject to examination by the applicable taxing authorities for years after 2014. |
Commitments and Contingencies | (l) Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. |
Fair Value Measurements | (m) Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in the fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels in accordance with U.S. GAAP: Level 1 Inputs—Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs—Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs—Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby, allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The carrying value of cash and cash equivalents, accounts receivable, inventory, accounts payable and accrued liabilities approximate their respective fair values due to their relative short maturities. The carrying value of the Company’s notes payable and capital lease obligations approximates fair value because the related interest rates approximate rates currently available to the Company. Nonfinancial assets and liabilities measured at fair value on a nonrecurring basis include certain nonfinancial assets and liabilities acquired in a business combination. In determining fair value, the Company uses quoted market prices or, to the extent that there are no available quoted market prices, market prices for similar assets or liabilities. |
Recent Accounting Pronouncements | (o) Recent Accounting Pronouncements In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements No. 2018-11 No. 2018-11 non-lease non-lease non-lease No. 2018-11 No. 2016-02 In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business No. 2017-01 2017-01 No. 2017-01 In February 2016, the FASB issued ASU No. 2016-02, Leases right-of- No. 2016-02, No. 2016-02 No. 2016-02. In May 2014, the FASB ASU No. 2014-09, Revenue from Contracts with Customers No. 2014-09 No. 2014-09 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Depreciation and Amortization Computed Using Straight Line Method Over Estimated Useful Lives of Assets | Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets as follows: Liquefaction plants and systems 10 – 20 years Real property and buildings 10 – 15 years Vehicles and tanker trailers and equipment 5 – 15 years Computer and office equipment 3 – 10 years Leasehold improvements 3 – 5 years |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Schedule of Revenue Disaggregated by Source | The table below presents the Company’s revenue disaggregated by sources for the six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, LNG Product $ 8,699 $ 7,047 $ 18,953 $ 14,898 Rental, services and other 2,396 1,644 5,117 3,667 $ 11,095 $ 8,691 $ 24,070 $ 18,565 | The table below presents the Company’s revenue disaggregated by sources for the years ended December 31, 2018 and 2017 (in thousands): 2018 2017 LNG Product $ 30,200 $ 15,534 Rental, services and other 7,142 4,913 $ 37,342 $ 20,447 |
Step Acquisition of Equity In_2
Step Acquisition of Equity Interests (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed from Step Acquisition | The following presents the fair value of LNG EF as of the acquisition date (in thousands): Current assets $ 3,064 Property, plant and equipment 48,083 Total assets 51,147 Current liabilities 5,409 Long-term debt 9,858 Total liabilities 15,267 Members equity at fair value 35,880 Total liabilities and members’ equity $ 51,147 50% equity interest at fair value $ 17,940 Consideration transferred 4,000 Bargain purchase gain $ 13,940 |
Acquisition of PEG Partners, _2
Acquisition of PEG Partners, LLC (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
PEG Partners LLC [Member] | |
Schedule of Consolidated Statements of Operations includes Revenues and Net Income from PEG | During the years ended December 31, 2018 and 2017, the accompanying consolidated statements of operations includes revenues and net income from PEG as follows (in thousands): 2018 2017 Revenue $ 24,028 $ 12,411 Net loss (209 ) (3,582 ) Net loss attributable to non-controlling (42 ) (716 ) Net loss attributable to Stabilis Energy, LLC $ (168 ) $ (2,866 ) |
PEG Partners LLC [Member] | |
Schedule of Fair Value of Assets Acquired, Liabilities Assumed and Non Controlling Interests | The following table summarizes the estimated fair values of the assets acquired, liabilities assumed and non-controlling Cash $ 969 Accounts receivable 1,584 Other current assets 500 Property, plant and equipment 24,122 Liabilities assumed (12,454 ) Non-controlling (1,595 ) Net assets acquired 13,126 Consideration transferred — Bargain purchase gain $ 13,126 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of equity method investments | The following table summarizes the changes in the Company’s recorded amount of equity method investments for the year ended December 31, 2017 (in thousands): LNG EF FHR Total Carrying value at January 1, 2017 $ 18,554 $ 484 $ 19,038 Equity loss (1,095 ) (3 ) (1,098 ) Change to consolidation (17,459 ) (481 ) (17,940 ) Carrying value at December 31, 2017 $ — $ — $ — |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Text Block [Abstract] | ||
Prepaid Expenses and Other Current Assets | The Company’s prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, Prepaid LNG $ 227 $ 367 Prepaid insurance 199 174 Other Receivables 79 672 Deposits 573 578 Other 328 324 $ 1,406 $ 2,115 | The Company’s prepaid expenses and other current assets consisted of the following (in thousands): December 31, 2018 2017 Prepaid LNG $ 367 $ 155 Prepaid insurance 174 310 Other receivables 672 148 Deposits 578 269 Other 324 72 $ 2,115 $ 954 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of Property, Plant and Equipment | The Company’s property, plant and equipment consisted of the following (in thousands): June 30, December 31, Liquefaction plants and systems $ 40,573 $ 39,679 Real property and buildings 1,396 1,396 Vehicles and tanker trailers and equipment 45,274 44,878 Computer and office equipment 250 238 Construction in progress 1,353 1,071 Leasehold improvements 1 1 88,847 87,263 Less: accumulated depreciation (25,242 ) (20,657 ) $ 63,605 $ 66,606 | The Company’s property, plant and equipment consisted of the following (in thousands): December 31, 2018 2017 Liquefaction plants and systems $ 39,679 $ 39,679 Real property and buildings 1,396 1,396 Vehicles and tanker trailers and equipment 44,878 43,407 Computer and office equipment 238 216 Construction in progress 1,071 880 Leasehold improvements 1 101 87,263 85,680 Less: accumulated depreciation (20,657 ) (11,969 ) $ 66,606 $ 73,711 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Payables and Accruals [Abstract] | ||
Schedule of Accrued Liabilities | The Company’s accrued liabilities consisted of the following (in thousands): June 30, December 31, Compensation and benefits $ 965 $ 907 Professional fees 1,049 827 LNG fuel and transportation 730 612 Accrued interest 478 220 Other taxes payable 107 100 Other operating expenses 781 247 $ 4,110 $ 2,913 | The Company’s accrued liabilities consisted of the following (in thousands): December 31, 2018 2017 Compensation and benefits $ 907 $ 712 Professional fees 827 20 LNG fuel and transportation 612 450 Accrued interest 220 220 Other taxes payable 100 34 Other operating expenses 247 294 $ 2,913 $ 1,730 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Notes Payable Related Parties | Notes payable to related party consisted of the following at December 31, 2018 and 2017 (in thousands): 2018 2017 Note payable to JCH Crenshaw Holdings, LLC (related party see Note 10), dated December 31, 2017, in the amount of $9.3 million with payment of principal and interest at 8% due March 2021 $ — $ 9,303 Note payable to Casey and Stacey Crenshaw (related party see Note 10), dated December 31, 2017, in the amount of $5.8 million with payment of principal and interest at 8% due March 2021 — 5,814 Note payable to Crenshaw Family Holdings, LP (related party see Note 10), dated December 31, 2017, in the amount of $12.0 million with payment of principal and interest at 8% due March 2021 — 11,983 Note payable to The Modern Group, Ltd (related party see Note 10), dated December 31, 2017, in the amount of $14.4 million with payment of principal and interest at 8% due March 2021 — 14,419 $ — $ 41,519 |
Schedule Notes Payable | Notes payable consisted of the following at December 31, 2018 and 2017 (in thousands): 2018 2017 Notes payable to finance company, dated September 30, 2013, in the amount of $19.0 million, with payments of principal and accrued interest due in incremental amounts annually. Interest is adjusted monthly and is calculated at LIBOR plus 3% at the end of each month. Note is secured by $20 million equity interest and first lien on plant assets and matures August 2024. $ 9,077 $ 11,497 Less current maturities (2,500 ) (2,500 ) $ 6,577 $ 8,997 |
Schedule of Future Maturities of Notes Payable | The following schedule presents the future maturities of notes payable for each of the next five years as of December 31, 2018 (in thousands): December 31, 2019 2,500 2020 1,500 2021 1,500 2022 1,500 2023 1,500 Thereafter, 577 $ 9,077 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Income Taxes Computed Using U.S. Federal Statutory Rate to Amount Reflected in the Accompanying Consolidated Statement of Operations | A reconciliation of income taxes computed using the 21% U.S. federal statutory rate to the amount reflected in the accompanying consolidated statements of operations for the years ended December 31, 2018 and 2017 is as follows (in thousands): 2018 2017 Income tax benefit (expense) at federal statutory rate $ 2,328 $ (2,535 ) Non-deductible 17 5 Impact of change in statutory rate — (345 ) Change in valuation allowance (2,311 ) 28,384 Section 382 limitation — (25,509 ) Other (35 ) — Provision for income taxes $ — $ — |
Effects of Temporary Differences and Carryforwards that Give Rise to Deferred Tax Assets (Liabilities) | The Company accounts for income taxes whereby deferred taxes are provided on temporary differences arising from assets and liabilities whose basis are different for financial reporting and income tax purposes. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2018 and 2017 are as follows (in thousands): 2018 2017 Federal net operating loss carryforward $ 10,876 $ 9,075 Accrued interest to related parties, not deductible until paid 335 60 Accrued expenses — 19 Basis of intangible assets 221 266 Valuation allowance (3,950 ) (1,639 ) Total deferred tax assets 7,481 7,781 Basis of property, plant and equipment 7,447 7,741 Prepaid expenses 34 40 Total deferred tax liabilities 7,481 7,781 Net deferred taxes $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Commitments and Contingencies | The following schedule presents the future minimum lease obligations for all non-cancelable Year ending December 31, 2019 $ 320 2020 143 2021 97 2022 34 2023 & thereafter — $ 594 |
Concentration of Risks (Tables)
Concentration of Risks (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Summary of Concentration of Risk | The following table presents customers representing greater than 10% of total revenues and/or outstanding receivable as of and for the years ended December 31, 2018 and 2017 (in thousands): Revenue % Accounts % 2018: Customer 1 $ 9,710 26 % $ 998 23 % Customer 2 4,451 12 % 113 3 % $ 14,161 38 % $ 1,111 26 % 2017: Customer 1 $ 8,561 42 % $ 1,126 30 % Customer 2 2,249 11 % 290 8 % $ 10,810 53 % $ 1,416 38 % |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Value of Debt | The Company’s carrying value of debt consisted of the following (in thousands): June 30, December 31, Secured Term Note Payable $ 9,077 $ 9,077 Insurance and Other Notes Payable 161 121 Less: Amounts due within one year (2,661 ) (2,621 ) Total Debt $ 6,577 $ 6,577 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Carrying Value of Capital Lease Obligations to Related Parties | The Company’s carrying value of finance lease obligations to related parties consisted of the following (in thousands): June 30, December 31, Finance Lease Obligations with subsidiary of The Modern Group, Ltd $ 5,574 $ 7,246 Less: Amounts due within one year (5,089 ) (3,879 ) Total Finance lease Obligations to Related Parties $ 485 $ 3,367 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Lease Assets and Liabilities Obligations | The following table summarized the supplemental balance sheet information related to lease assets and lease liability obligations as of June 30, 2019 (in thousands, unaudited): Classification Assets Operating lease assets Operating lease right-of-use assets $ 497 Finance lease assets Property and equipment, net of accum depreciation 9,550 Total lease assets 10,047 Liabilities Current Operating Current portion of operating lease obligations 276 Finance Current portion of finance lease obligation 5,089 Noncurrent Operating Operating lease liabilities 226 Finance Finance lease obligations,—related parties, net of current portion 485 Total lease liabilities $ 6,076 |
Schedule of Lease Expenses | The following table summarizes the components of lease expenses for the three and six months ended June 30, 2019 (in thousands, unaudited): Classification Three Months Six Months Lease Cost 2019 2018 2019 2018 Operating lease cost Cost of sales and Selling, general and administrative expenses $ 95 — $ 95 — Finance lease cost Amortization of leased assets Cost of operations 292 249 584 498 Interest on lease liabilities Interest expense 166 179 340 366 Net lease cost $ 553 428 $ 1,019 864 |
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 June 30, 2019 (in thousands): Operating Finance Total Remainder 2019 $ 158 $ 2,282 $ 2,440 2020 189 3,950 4,139 2021 138 — 138 2022 17 — 17 Total lease payments 502 6,232 6,734 Less: Interest — (658 ) (658 ) Present value of lease liabilities $ 502 $ 5,574 $ 6,076 |
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 June 30, 2019 Weighted-average remaining lease term (years) Operating leases 1.5 Finance leases 1 Weighted-average discount rate Operating leases 7.3 % Finance leases 9.9 % |
Schedule of Supplemental Cash Flow Information Related To Leases | The following table summarizes the supplemental cash flow information related to leases as of June 30, 2019: Other information June 30, 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 95 Financing cash flows from finance leases 1,672 Interest paid 340 Noncash activities from right-of-use assets obtained in exchange for lease obligations: Operating leases $ 497 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | Nov. 30, 2018USD ($)shares | May 19, 2017 | Dec. 31, 2018GPD | Dec. 17, 2018 | Feb. 28, 2017 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Members contribution | 1,000 | ||||
Convertible debt | $ | $ 48.7 | ||||
Stabilis LNG Eagle Ford LLC [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage of beneficial interest acquired during period | 50.00% | ||||
Stabilis FHR Oilfield LNG LLC [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage of beneficial interest acquired during period | 50.00% | ||||
Capital Unit, Class B [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Exchange of units | 2,000 | ||||
Capital Unit, Class A [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Exchange of units | 4,874.28 | ||||
Prometheus Energy Group Inc. [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Business acquisition, percentage of voting interests acquired | 80.00% | ||||
American Electric Technologies Inc [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage of outstanding units exchanged | 100.00% | ||||
TEXAS | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Daily capacity of production facility in gallons | GPD | 120,000 | ||||
Permian Basin [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Daily capacity of production facility in gallons | GPD | 25,000 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Depreciation and Amortization Computed Using Straight Line Method Over Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum [Member] | Liquefaction Plants And Systems [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 10 years |
Minimum [Member] | Real property and buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 10 years |
Minimum [Member] | Vehicles and tanker trailers and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 5 years |
Minimum [Member] | Computer and office equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 3 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 3 years |
Maximum [Member] | Liquefaction Plants And Systems [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 20 years |
Maximum [Member] | Real property and buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 15 years |
Maximum [Member] | Vehicles and tanker trailers and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 15 years |
Maximum [Member] | Computer and office equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 10 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 5 years |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Revenue Disaggregated by Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||||||
Total revenues | $ 11,095 | $ 8,691 | $ 24,070 | $ 18,565 | $ 37,342 | $ 20,447 |
LNG Product [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenues | 8,699 | 7,047 | 18,953 | 14,898 | 30,200 | 15,534 |
Rental Service And Other [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenues | $ 2,396 | $ 1,644 | $ 5,117 | $ 3,667 | $ 7,142 | $ 4,913 |
Step Acquisition of Equity In_3
Step Acquisition of Equity Interests - Additional Information (Detail) - USD ($) | May 19, 2017 | Dec. 31, 2017 | May 18, 2017 |
Business Acquisition [Line Items] | |||
Bargain purchase gain | $ 27,067,000 | ||
Revaluation gain/loss on equity Interest Acquired | $ 0 | ||
Stabilis LNG Eagle Ford LLC [Member] | |||
Business Acquisition [Line Items] | |||
Bargain purchase gain | $ 13,940,000 | ||
Stabilis Oilfield Investment Co LLC [Member] | |||
Business Acquisition [Line Items] | |||
Ownership interest in subsidiary, percent | 100.00% | ||
Amount paid on acquisition | $ 4,000,000 | ||
Stabilis Oilfield Investment Co LLC [Member] | Stabilis LNG Eagle Ford LLC [Member] | |||
Business Acquisition [Line Items] | |||
Ownership interest in subsidiary, percent | 49.00% | ||
Ownership interest in subsidiary, percent | 49.00% | ||
Stabilis Oilfield Investment Co LLC [Member] | Stabilis FHR Oilfield LNG LLC [Member] | |||
Business Acquisition [Line Items] | |||
Ownership interest in subsidiary, percent | 50.00% | ||
Ownership interest in subsidiary, percent | 50.00% | ||
Stabilis Oilfield Investment Co LLC [Member] | Related Entity [Member] | |||
Business Acquisition [Line Items] | |||
Ownership interest in subsidiary, percent | 2.00% |
Step Acquisition of Equity In_4
Step Acquisition of Equity Interests - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | May 19, 2017 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||
Bargain purchase gain | $ 27,067 | |
Stabilis LNG Eagle Ford LLC [Member] | ||
Business Acquisition [Line Items] | ||
Current assets | $ 3,064 | |
Property, plant and equipment | 48,083 | |
Total assets | 51,147 | |
Current liabilities | 5,409 | |
Long-term debt | 9,858 | |
Total liabilities | 15,267 | |
Members equity at fair value | 35,880 | |
Total liabilities and members' equity | 51,147 | |
50% equity interest at fair value | 17,940 | |
Consideration transferred | 4,000 | |
Bargain purchase gain | $ 13,940 |
Acquisition of PEG Partners, _3
Acquisition of PEG Partners, LLC -Additional Information (Detail) - USD ($) $ in Thousands | Feb. 28, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Gain related to the acquisition | $ 27,067 | ||
Fair value of the non-controlling interestFair value of the assets acquired and liabilities of non-controlling interest of appraised value | 20.00% | ||
Fair value of the assets acquired and liabilities of non-controlling interest of lack of marketability | 20.00% | ||
Fair value of the assets acquired and liabilities of non-controlling interest for lack of control | 20.00% | ||
Fair value of the assets acquired and liabilities of non-controlling interest in combined effective discount | 36.00% | ||
PEG Partners LLC [Member] | |||
Percentage of Voting Interests Acquired | 80.00% | ||
Liabilities assumed | $ 12,454 | ||
Gain related to the acquisition | 13,126 | ||
Gross amount of accounts receivable | $ 1,584 | ||
Ownership Percentage by Noncontrolling Owners | 20.00% |
Acquisition of PEG Partners, _4
Acquisition of PEG Partners, LLC - Schedule of Fair Value of Assets Acquired, Liabilities Assumed and Non Controlling Interests (Detail) - USD ($) $ in Thousands | Feb. 28, 2017 | Dec. 31, 2017 |
Acquisition Date [Line Items] | ||
Bargain purchase gain | $ 27,067 | |
PEG Partners LLC [Member] | ||
Acquisition Date [Line Items] | ||
Cash | $ 969 | |
Accounts receivable | 1,584 | |
Other current assets | 500 | |
Property, plant and equipment | 24,122 | |
Liabilities assumed | (12,454) | |
Non-controllinginterest | (1,595) | |
Net assets acquired | 13,126 | |
Consideration transferred | 0 | |
Bargain purchase gain | $ 13,126 |
Acquisition of PEG Partners, _5
Acquisition of PEG Partners, LLC - Schedule of consolidated statements of operations includes revenues and net income from PEG (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | ||||||||
Net income (loss) | $ (1,037) | $ (560) | $ (3,444) | $ (1,502) | $ (1,597) | $ (4,946) | $ (11,086) | $ 12,068 |
Net loss attributable to non-controlling interests | 28 | (157) | 207 | 46 | (42) | (716) | ||
Net loss attributable to parent | $ (1,066) | $ (3,287) | $ (1,804) | $ (4,991) | (11,044) | 12,784 | ||
PEG Partners LLC [Member] | ||||||||
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | ||||||||
Revenue | 24,028 | 12,411 | ||||||
Net income (loss) | (209) | (3,582) | ||||||
Net loss attributable to non-controlling interests | (42) | (716) | ||||||
Net loss attributable to parent | $ (168) | $ (2,866) |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Detail) - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended | |
May 19, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | |
Income Statement Equity Method Investments [Line Items] | |||
Loss from equity methods investments | $ 1,100 | $ 1,098 | |
Stabilis LNG Eagle Ford LLC [Member] | |||
Income Statement Equity Method Investments [Line Items] | |||
Investments in subsidiaries | $ 8,000 | ||
Subsidiary ownership percentage | 49.00% | ||
Loss from equity methods investments | 1,095 | ||
Stabilis FHR Oilfield LNG LLC [Member] | |||
Income Statement Equity Method Investments [Line Items] | |||
Investments in subsidiaries | $ 250 | ||
Subsidiary ownership percentage | 50.00% | ||
Loss from equity methods investments | $ 3 | ||
Related Entity [Member] | |||
Income Statement Equity Method Investments [Line Items] | |||
Subsidiary ownership percentage | 2.00% | ||
Stabilis Oilfield Investment Co LLC [Member] | |||
Income Statement Equity Method Investments [Line Items] | |||
Subsidiary ownership percentage | 50.00% |
Equity Method Investments - Sch
Equity Method Investments - Schedule of equity method investments (Detail) - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended |
May 19, 2017 | Dec. 31, 2017 | |
Income Statement Equity Method Investments [Line Items] | ||
Carrying value at January 1, 2017 | $ 19,038 | $ 19,038 |
Equity loss | (1,100) | (1,098) |
Change to consolidation | (17,940) | |
Stabilis LNG Eagle Ford LLC [Member] | ||
Income Statement Equity Method Investments [Line Items] | ||
Carrying value at January 1, 2017 | 18,554 | 18,554 |
Equity loss | (1,095) | |
Change to consolidation | (17,459) | |
Stabilis FHR Oilfield LNG LLC [Member] | ||
Income Statement Equity Method Investments [Line Items] | ||
Carrying value at January 1, 2017 | $ 484 | 484 |
Equity loss | (3) | |
Change to consolidation | $ (481) |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Prepaid expenses and other current assets | |||
Prepaid LNG | $ 227 | $ 367 | $ 155 |
Prepaid insurance | 199 | 174 | 310 |
Other receivables | 79 | 672 | 148 |
Deposits | 573 | 578 | 269 |
Other | 328 | 324 | 72 |
Prepaid expenses and other current expenses | $ 1,406 | $ 2,115 | $ 954 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 88,847 | $ 87,263 | $ 85,680 |
Less: accumulated depreciation | (25,242) | (20,657) | (11,969) |
Property, plant and equipment, net | 63,605 | 66,606 | 73,711 |
Liquefaction Plants And Systems [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 40,573 | 39,679 | 39,679 |
Real Property And Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,396 | 1,396 | 1,396 |
Vehicles and tanker trailers and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 45,274 | 44,878 | 43,407 |
Computer And Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 250 | 238 | 216 |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,353 | 1,071 | 880 |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1 | $ 1 | $ 101 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment Capitalized Interest Costs [Abstract] | ||||||
Depreciation expense | $ 2,294 | $ 2,215 | $ 4,585 | $ 4,383 | $ 8,822 | $ 6,992 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued liabilities | |||
Compensation and benefits | $ 965 | $ 907 | $ 712 |
Professional fees | 1,049 | 827 | 20 |
LNG fuel and transportation | 730 | 612 | 450 |
Accrued interest | 478 | 220 | 220 |
Other taxes payable | 107 | 100 | 34 |
Other operating expenses | 781 | 247 | 294 |
Accrued liabilities | $ 4,110 | $ 2,913 | $ 1,730 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2018 | |
Debt Securities [Abstract] | |||
Unpaid principal balance on the premium finance notes | $ 121,000 | $ 257,000 | |
Interest rate for policy renewal | 5.40% | ||
Notes payable converted to equity | $ 48,700,000 |
Notes Payable - Notes Payable R
Notes Payable - Notes Payable Related Parties (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
Note payable | $ 41,519 |
JCH Crenshaw Holdings LLC [Member] | |
Debt Instrument [Line Items] | |
Note payable | 9,303 |
Casey and Stacey Crenshaw [member] | |
Debt Instrument [Line Items] | |
Note payable | 5,814 |
Crenshaw Family Holdings LP [member] | |
Debt Instrument [Line Items] | |
Note payable | 11,983 |
The Modern Group Ltd [member] | |
Debt Instrument [Line Items] | |
Note payable | $ 14,419 |
Notes Payable - Notes Payable_2
Notes Payable - Notes Payable Related Parties (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
JCH Crenshaw Holdings LLC [Member] | |
Debt Instrument [Line Items] | |
Note payable amount | $ 9.3 |
Stated interest rate | 8.00% |
Maturity date | 2021-03 |
Casey and Stacey Crenshaw [member] | |
Debt Instrument [Line Items] | |
Note payable amount | $ 5.8 |
Stated interest rate | 8.00% |
Maturity date | 2021-03 |
Crenshaw Family Holdings LP [member] | |
Debt Instrument [Line Items] | |
Note payable amount | $ 12 |
Stated interest rate | 8.00% |
Maturity date | 2021-03 |
The Modern Group Ltd [member] | |
Debt Instrument [Line Items] | |
Note payable amount | $ 14.4 |
Stated interest rate | 8.00% |
Maturity date | 2021-03 |
Notes Payable - Schedule Notes
Notes Payable - Schedule Notes Payable (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Securities [Abstract] | |||
Notes payable to finance company | $ 9,077 | $ 9,077 | $ 11,497 |
Less current maturities | $ (2,500) | (2,500) | (2,500) |
long term debt excluding current maturities | $ 6,577 | $ 8,997 |
Notes Payable - Schedule Note_2
Notes Payable - Schedule Notes Payable (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |
Debt instrument maturity Date | Aug. 31, 2024 |
Secured Variable Rate One Month Libor Plus Three Percent At The End Of Each Month [member] | |
Debt Instrument [Line Items] | |
Long term debt, basis spread on variable rate | 3.00% |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument principal payment | $ 19 |
Equity interest on secure debt | $ 20 |
Notes Payable - Schedule of Fut
Notes Payable - Schedule of Future Maturities of Notes Payable (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Securities [Abstract] | |
2019 | $ 2,500 |
2020 | 1,500 |
2021 | 1,500 |
2022 | 1,500 |
2023 | 1,500 |
Thereafter, | 577 |
Total | $ 9,077 |
Related Party Transaction - Add
Related Party Transaction - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | May 18, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Other Related Party Transactions [Line Items] | |||||||||
Long-term employee advances | $ 500 | ||||||||
Refundable deposit | $ 48 | ||||||||
Capital lease obligation | $ 1,500 | ||||||||
Capital lease obligation, lease term | 24 months | ||||||||
Capital lease obligation, interest rate | 10.00% | ||||||||
Real Property And Buildings [Member] | |||||||||
Schedule of Other Related Party Transactions [Line Items] | |||||||||
Sub lease income | $ 6 | $ 15 | $ 12 | $ 25 | |||||
Chief Operating Officer [Member] | |||||||||
Schedule of Other Related Party Transactions [Line Items] | |||||||||
Related party transaction, amount | 300 | $ 200 | |||||||
Long-term employee advances | 500 | ||||||||
TMG [Member] | |||||||||
Schedule of Other Related Party Transactions [Line Items] | |||||||||
Payroll related expenses | 1 | 3 | 4 | 6 | $ 13 | 13 | |||
Costs incurred for participating in medical plan | 563 | 503 | |||||||
Payment made for providing sales support | 29 | 50 | |||||||
Sale of automobile and trailers to subsidiaries | 149 | ||||||||
Gain (loss) on sale of vehicles | 34 | ||||||||
Purchase of equipment and services | 47 | 15 | |||||||
Purchase of supplies and services | 44 | 15 | 44 | 35 | |||||
TMG [Member] | Operating Leases Related Party [Member] | Subleased Office Space [Member] | |||||||||
Schedule of Other Related Party Transactions [Line Items] | |||||||||
Sub lease income | 55 | ||||||||
TMG [Member] | Operating Leases Related Party [Member] | Land [Member] | |||||||||
Schedule of Other Related Party Transactions [Line Items] | |||||||||
Sub lease income | $ 3 | $ 3 | $ 6 | $ 6 | 12 | 22 | |||
Applied Cryo Technologies [Member] | |||||||||
Schedule of Other Related Party Transactions [Line Items] | |||||||||
Purchase of equipment and services | $ 302 | ||||||||
Purchase of equipment repairs and inspection services | $ 63 | $ 56 | |||||||
Ownership percentage | 51.00% | 51.00% | 51.00% | ||||||
Payment for equipment repairs and services | $ 65 | ||||||||
TMG [Member] | |||||||||
Schedule of Other Related Party Transactions [Line Items] | |||||||||
Capital lease obligation | $ 10,100 | ||||||||
Capital lease obligation, description | Under the terms of the lease agreement, the Company’s monthly payments are interest-only for the first 12 months at an annual rate of 6%. The Company will then repay 80% of the outstanding lease obligation over the remaining term of 36 months at an annual interest rate of 10%. The Company has accounted for the lease as a finance lease. | ||||||||
Cost Sharing Agreement [Member] | LNG EF [Member] | |||||||||
Schedule of Other Related Party Transactions [Line Items] | |||||||||
Amount owed by related party | $ 6,400 | $ 1,600 | |||||||
Related party transaction, amount | $ 856 |
Members Equity - Additional Inf
Members Equity - Additional Information (Detail) - USD ($) | Jul. 26, 2019 | Nov. 30, 2018 | Nov. 29, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 17, 2018 | Feb. 28, 2017 | Feb. 11, 2013 |
Members Equity [Line Items] | ||||||||||
Membership units issued | 1,000 | |||||||||
Membership units issued, par value | $ 1 | |||||||||
Membership units issued, capital contribution value | $ 1,000 | |||||||||
Minority interest | $ 1,530,000 | $ 1,323,000 | $ 1,365,000 | |||||||
Notes receivable due from chief operating officer, settled | $ 708,000 | $ (1,483,000) | 1,145,000 | $ (1,054,000) | ||||||
Members contribution, units | 1,000 | |||||||||
Members contribution, value | $ 48,743,000 | |||||||||
Convertible debt, exchanged | $ 48,700,000 | |||||||||
American Electric Technologies Inc [Member] | ||||||||||
Members Equity [Line Items] | ||||||||||
Percentage of outstanding units exchanged | 100.00% | |||||||||
Capital Unit, Class B [Member] | LNG Investments [Member] | ||||||||||
Members Equity [Line Items] | ||||||||||
Members contribution, units | 2,000 | |||||||||
Members contribution, value | $ 20,000,000 | |||||||||
Capital Unit, Class A [Member] | LNG Investments [Member] | ||||||||||
Members Equity [Line Items] | ||||||||||
Aggregate number of common units issued in exchange for indebtedness | $ 4,874.28 | |||||||||
JCH Crenshaw Holdings LLC [Member] | ||||||||||
Members Equity [Line Items] | ||||||||||
Members contribution, units | 500 | |||||||||
Members contribution, value | $ 10,000,000 | |||||||||
JCH Crenshaw Holdings LLC [Member] | Capital Unit, Class B [Member] | LNG Investments [Member] | ||||||||||
Members Equity [Line Items] | ||||||||||
Members contribution, units | 1,000 | |||||||||
Members contribution, value | $ 10,000,000 | |||||||||
Crenshaw Family Holdings LP [member] | ||||||||||
Members Equity [Line Items] | ||||||||||
Members contribution, units | 500 | |||||||||
Members contribution, value | $ 10,000,000 | |||||||||
Crenshaw Family Holdings LP [member] | Capital Unit, Class B [Member] | LNG Investments [Member] | ||||||||||
Members Equity [Line Items] | ||||||||||
Members contribution, units | 1,000 | |||||||||
Members contribution, value | $ 10,000,000 | |||||||||
Chief Executive Officer [Member] | ||||||||||
Members Equity [Line Items] | ||||||||||
Notes receivable due from chief operating officer, settled | $ (500,000) | |||||||||
Maximum [Member] | ||||||||||
Members Equity [Line Items] | ||||||||||
Units authorized | 1,000 | |||||||||
Subsequent Event [Member] | Share Exchange Agreement [Member] | ||||||||||
Members Equity [Line Items] | ||||||||||
Business combination share exchange resultant description | $ 0 | |||||||||
Number of common stock issued under share exchange agreement | 105,558,606 | |||||||||
Percentage of number of common stock issued and outstanding under share exchange agreement | 90.00% | |||||||||
Subsequent Event [Member] | Parent Company [Member] | Share Exchange Agreement [Member] | ||||||||||
Members Equity [Line Items] | ||||||||||
Ownership interest acquired | 100.00% | |||||||||
Subsequent Event [Member] | Board of Directors Chairman [Member] | Share Exchange Agreement [Member] | ||||||||||
Members Equity [Line Items] | ||||||||||
Percentage of beneficial ownership | 88.40% | |||||||||
PEG Partners LLC [Member] | ||||||||||
Members Equity [Line Items] | ||||||||||
Ownership interest acquired | 80.00% | |||||||||
Minority interest | $ 1,600,000 | |||||||||
Minority interest percentage | 20.00% | |||||||||
PEG Partners LLC [Member] | Subsequent Event [Member] | Share Exchange Agreement [Member] | ||||||||||
Members Equity [Line Items] | ||||||||||
Percentage of outstanding limited liability owned | 80.00% | |||||||||
PEG Partners LLC [Member] | Subsequent Event [Member] | Parent Company [Member] | Share Exchange Agreement [Member] | ||||||||||
Members Equity [Line Items] | ||||||||||
Ownership interest acquired | 20.00% | |||||||||
Percentage of outstanding limited liability owned | 100.00% | |||||||||
American Electric Technologies Inc [Member] | Subsequent Event [Member] | Parent Company [Member] | Share Exchange Agreement [Member] | ||||||||||
Members Equity [Line Items] | ||||||||||
Percentage of outstanding limited liability owned | 100.00% |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | ||||||
Maximum contribution percentage by employee | 90.00% | 90.00% | ||||
Discretionary contribution by employer | $ 28 | $ 13 | $ 55 | $ 25 | $ 57 | $ 62 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
U.S. federal statutory rate | 21.00% | 35.00% |
Net operating loss carryforwards | $ 51,800,000 | $ 42,313,000 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Effective Income Tax Amount (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Income tax benefit (expense) at federal statutory rate | $ 2,328 | $ (2,535) |
Non-deductible expenses | 17 | 5 |
Impact of change in statutory rate | (345) | |
Change in valuation allowance | (2,311) | 28,384 |
Section 382 limitation | (25,509) | |
Other | (35) | |
Provision for income taxes | $ 0 | $ 0 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Federal net operating loss carryforward | $ 10,876 | $ 9,075 |
Accrued interest to related parties, not deductible until paid | 335 | 60 |
Accrued expenses | 19 | |
Basis of intangible assets | 221 | 266 |
Valuation allowance | (3,950) | (1,639) |
Total deferred tax assets | 7,481 | 7,781 |
Basis of property, plant and equipment | 7,447 | 7,741 |
Prepaid expenses | 34 | 40 |
Total deferred tax liabilities | 7,481 | 7,781 |
Net deferred taxes | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jan. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | |
Commitments And Contingencies [Line Items] | |||||||
Operating lease, rent expense | $ 872,000 | $ 1,300,000 | |||||
Denver, Colorado [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Lease term | 5 years | ||||||
Operating lease, rent expense | $ 60,000 | $ 120,000 | $ 231,000 | $ 209,000 | |||
Denver, Colorado [Member] | TMG [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Sublease arrangement, description | In February of 2018, the Company began to sublease a portion of the office space to a subsidiary of TMG for $5 thousand a month through December 2018 and $2 thousand a month beginning January 2019 | In February of 2018, the Company began to sublease a portion of the office space to a subsidiary of TMG for $5 thousand a month | |||||
Fort Lupton, Colorado [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Lease term | 1 year | 2 years | |||||
Lease, description | In January 2019, the Company extended its lease for one year for yard space from an unrelated party in Fort Lupton, Colorado. The lease called for monthly payments of $2,000 through December 31, 2019. | In 2016, the Company entered into a two-year operating lease for yard space from an unrelated party in Fort Lupton, Colorado. The lease called for monthly payments of $2,000 through May 2018. |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Rental Payments Required under Operating Leases (Detail) | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | $ 320 |
2020 | 143 |
2021 | 97 |
2022 | 34 |
2023 & thereafter | 0 |
Total | $ 594 |
Concentration of Risks - Summar
Concentration of Risks - Summary of Concentration of Risk (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue [Member] | ||
Market Risk, Credit Risk And Liquidity Risk [Line Items] | ||
Concentration risk amount | $ 14,161 | $ 10,810 |
Concentration risk percentage | 38.00% | 53.00% |
Revenue [Member] | Customer 1 [Member] | ||
Market Risk, Credit Risk And Liquidity Risk [Line Items] | ||
Concentration risk amount | $ 9,710 | $ 8,561 |
Concentration risk percentage | 26.00% | 42.00% |
Revenue [Member] | Customer 2 [Member] | ||
Market Risk, Credit Risk And Liquidity Risk [Line Items] | ||
Concentration risk amount | $ 4,451 | $ 2,249 |
Concentration risk percentage | 12.00% | 11.00% |
Accounts Receivable [Member] | ||
Market Risk, Credit Risk And Liquidity Risk [Line Items] | ||
Concentration risk amount | $ 1,111 | $ 1,416 |
Concentration risk percentage | 26.00% | 38.00% |
Accounts Receivable [Member] | Customer 1 [Member] | ||
Market Risk, Credit Risk And Liquidity Risk [Line Items] | ||
Concentration risk amount | $ 998 | $ 1,126 |
Concentration risk percentage | 23.00% | 30.00% |
Accounts Receivable [Member] | Customer 2 [Member] | ||
Market Risk, Credit Risk And Liquidity Risk [Line Items] | ||
Concentration risk amount | $ 113 | $ 290 |
Concentration risk percentage | 3.00% | 8.00% |
General and Basis of Presenta_2
General and Basis of Presentation - Additional Information (Detail) - USD ($) | Jul. 26, 2019 | Nov. 30, 2018 | Dec. 17, 2018 | Feb. 28, 2017 |
Organization And Basis Of Presentation [Line Items] | ||||
Members contribution | 1,000 | |||
Convertible debt | $ 48,700,000 | |||
Share Exchange Agreement [Member] | Subsequent Event [Member] | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Business combination share exchange resultant description | $ 0 | |||
American Electric Technologies Inc [Member] | Share Exchange Agreement [Member] | Subsequent Event [Member] | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Percentage of outstanding limited liability interest acquired | 100.00% | |||
Number of common stock issued under share exchange agreement | $ 105,558,606 | |||
Percentage of number of common stock issued under share exchange agreement | 90.00% | |||
Percentage of beneficial ownership | 88.40% | |||
PEG Partners LLC [Member] | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Business acquisition, percentage of voting interests acquired | 80.00% | |||
PEG Partners LLC [Member] | Share Exchange Agreement [Member] | Subsequent Event [Member] | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Percentage of outstanding limited liability interest acquired | 20.00% | |||
PEG Partners LLC [Member] | Parent Company [Member] | Share Exchange Agreement [Member] | Subsequent Event [Member] | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Percentage of outstanding limited liability interest acquired | 80.00% | |||
Capital Unit, Class B [Member] | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Exchange of units | 2,000 | |||
Capital Unit, Class A [Member] | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Exchange of units | 4,874.28 | |||
Prometheus Energy Group Inc. [Member] | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Business acquisition, percentage of voting interests acquired | 80.00% | |||
American Electric Technologies Inc [Member] | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Percentage of outstanding units exchanged | 100.00% |
Prepaid Expenses and Other Cu_4
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Prepaid expenses and other current assets | |||
Prepaid LNG | $ 227 | $ 367 | $ 155 |
Prepaid insurance | 199 | 174 | 310 |
Other receivables | 79 | 672 | 148 |
Deposits | 573 | 578 | 269 |
Other | 328 | 324 | 72 |
Prepaid expenses and other current assets | $ 1,406 | $ 2,115 | $ 954 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | |||
Secured Term Note Payable | $ 9,077 | $ 9,077 | $ 11,497 |
Insurance and Other Notes Payable | 161 | 121 | |
Less: Amounts due within one year | (2,661) | (2,621) | |
Total Debt | $ 6,577 | $ 6,577 | $ 4,705 |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Millions | Aug. 21, 2017USD ($)Installment | May 19, 2017 | Sep. 30, 2013USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |||||
Annual commercial insurance premiums | $ 0.4 | ||||
Outstanding principal amount of premium financed | $ 0.1 | $ 0.1 | |||
Insurance terms | 10 months | ||||
Insurance notes interest rate | 5.40% | 5.40% | |||
Plus accrued interest due on August, 24, 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Payment terms of principal and interest | $ 2.5 | ||||
Plus accrued interest due on August 24, 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Payment terms of principal and interest | 2.5 | ||||
Plus accrued interest due on August 24, 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Payment terms of principal and interest | 2.5 | ||||
Plus accrued interest on each anniversary date of August 24, 2019 thereafter [Member] | |||||
Debt Instrument [Line Items] | |||||
Payment terms of principal and interest | $ 1.5 | ||||
Debt instrument number of installment | Installment | 4 | ||||
Plus accrued interest on the remaining unpaid balance of the Amended Secured Term Note Payable on August 24, 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Payment terms of principal and interest | $ 0.6 | ||||
Event all principal and interest is paid in full by August 24, 2023 to be forgiven [Member] | |||||
Debt Instrument [Line Items] | |||||
Payment terms of principal and interest | $ 2.2 | ||||
Stabilis LNG Eagle Ford LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of purchased remaining ownership | 49.00% | ||||
Stabilis FHR Oilfield LNG LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of purchased remaining ownership | 50.00% | ||||
Stabilis Oilfield Investment Co LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Ownership interest | 100.00% | ||||
Senior Secured Term Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 20.5 | ||||
Debt instrument, collateral amount | $ 20 | ||||
Senior Secured Term Note [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate basis | 3.00% |
Related Party Transaction - Sch
Related Party Transaction - Schedule of Carrying Value of Finance Lease Obligations to Related Parties (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Related Party [Line Items] | |||
Finance Lease Obligations with subsidiary of The Modern Group, Ltd | $ 5,574 | ||
Less: Amounts due within one year | (5,089) | $ (3,879) | $ (3,007) |
Total Finance lease Obligations to Related Parties | 485 | 3,367 | $ 8,997 |
The Modern Group Ltd [member] | |||
Schedule Of Related Party [Line Items] | |||
Finance Lease Obligations with subsidiary of The Modern Group, Ltd | $ 5,574 | $ 7,246 |
Lease Obligations - Additional
Lease Obligations - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Jan. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 |
Lessee, Lease, Description [Line Items] | ||||||||
Total rent expense | $ 872,000 | $ 1,300,000 | ||||||
Liquefaction Plants And Systems [Member] | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Equipment lease, description | In December 2018, the Company entered into a one year lease for equipment used at our liquefaction plant in George West, Texas. The lease called for monthly payments of $13 thousand through December 31, 2019. | |||||||
Equipment lease, term of contract | 1 year | |||||||
Fort Lupton, Colorado [Member] | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Equipment lease, description | In January 2019, the Company extended its lease for one year for yard space from an unrelated party in Fort Lupton, Colorado. The lease called for monthly payments of $2,000 through December 31, 2019. | In 2016, the Company entered into a two-year operating lease for yard space from an unrelated party in Fort Lupton, Colorado. The lease called for monthly payments of $2,000 through May 2018. | ||||||
Equipment lease, term of contract | 1 year | 2 years | ||||||
Denver, Colorado [Member] | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Non-cancelable operating leases term | 5 years | |||||||
Total rent expense | $ 60,000 | $ 120,000 | $ 231,000 | $ 209,000 | ||||
Equipment lease, term of contract | 5 years | |||||||
Denver, Colorado [Member] | TMG [Member] | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Sublease arrangement, description | In February of 2018, the Company began to sublease a portion of the office space to a subsidiary of TMG for $5 thousand a month through December 2018 and $2 thousand a month beginning January 2019 | In February of 2018, the Company began to sublease a portion of the office space to a subsidiary of TMG for $5 thousand a month | ||||||
Minimum [Member] | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Remaining operating lease term | 1 year | |||||||
Maximum [Member] | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Remaining operating lease term | 5 years |
Lease Obligations - Schedule of
Lease Obligations - Schedule of Lease Assets and LIabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets and Liabilities, Lessee [Abstract] | |||
Operating lease assets | $ 497 | ||
Finance lease assets | 9,550 | ||
Total lease assets | 10,047 | ||
Operating lease liabilities current | 276 | ||
Finance lease liabilities current | 5,089 | $ 3,879 | $ 3,007 |
Operating lease liabilities non-current | 226 | ||
Finance lease liabilities non-current | 485 | $ 3,367 | $ 8,997 |
Total lease liabilities | $ 6,076 |
Lease Obligations - Schedule _2
Lease Obligations - Schedule of lease costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Leases [Abstract] | ||||
Operating lease cost | $ 95 | $ 95 | ||
Amortization of leased assets | 292 | $ 249 | 584 | $ 498 |
Interest on lease liabilities | 166 | 179 | 340 | 366 |
Net lease cost | $ 553 | $ 428 | $ 1,019 | $ 864 |
Lease Obligations - Schedule _3
Lease Obligations - Schedule of Future Minimum Lease Payments for Operating and Finance Obligation (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Lease Liabilities, Payments Due [Abstract] | |
Remainder 2019 | $ 158 |
2020 | 189 |
2021 | 138 |
2022 | 17 |
Total lease payments | 502 |
Less: Interest | 0 |
Present value of lease liabilities | 502 |
Total lease payments | 502 |
Finance Lease Liabilities, Payments, Due [Abstract] | |
Remainder 2019 | 2,282 |
2020 | 3,950 |
2021 | 0 |
2022 | 0 |
Total lease payments | 6,232 |
Less: Interest | (658) |
Present value of lease liabilities | 5,574 |
Total lease payments | 6,232 |
Lease liabilities [Abstract | |
Remainder 2019 | 2,440 |
2020 | 4,139 |
2021 | 138 |
2022 | 17 |
Total lease payments | 6,734 |
Less: Interest | (658) |
Present value of lease liabilities | 6,076 |
Total lease payments | $ 6,734 |
Lease Obligations - Schedule _4
Lease Obligations - Schedule of Lease Costs and Terms for Operating and Finance Lease Obligations (Detail) | Jun. 30, 2019 |
Leases [Abstract] | |
Operating leases, weighted-average remaining lease term (years) | 1 year 6 months |
Finance leases, weighted-average remaining lease term (years) | 1 year |
Operating leases, weighted-average discount rate | 7.30% |
Finance leases, weighted-average discount rate Weighted-average discount rate | 9.90% |
Lease Obligations - Schedule _5
Lease Obligations - Schedule of Supplemental Cash Flow Information Related To Leases (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities | |
Operating cash flows from operating leases | $ 95 |
Financing cash flows from finance leases | 1,672 |
Interest paid | 340 |
Noncash activities from right-of-use assets obtained in exchange for lease obligations: | |
Operating leases | $ 497 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($) $ in Thousands, shares in Millions | Aug. 16, 2019 | Aug. 05, 2019 |
Subsequent Event [Line Items] | ||
Loan secured from subsidiary | $ 5,000 | |
Payment of loan origination fee | $ 125 | |
Percentage of interest rate on loan | The Company paid a $125 thousand loan origination fee and will incur a 6% per annum interest rate through December 10, 2020 and 12% per annum thereafter. | |
Debt instrument, stated percentage | 6.00% | |
Description of debt instrument payment | The debt payments are interest only through December 2020 followed by monthly principal and interest payments through December of 2022. | |
Debt instrument collateral amount | $ 5,000 | |
Chart Energy And Chemicals Inc Member [Member] | ||
Subsequent Event [Line Items] | ||
Exchange of indebtedness | $ 7,000 | |
Common stock, shares issued | 1.5 |