Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 13, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SLNG | |
Entity Registrant Name | Stabilis Energy, Inc. | |
Entity Central Index Key | 0001043186 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 14,644,842 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity File Number | 000-24575 | |
Entity Tax Identification Number | 593410234 | |
Entity Address, Address Line One | 10375 Richmond Avenue | |
Entity Address, Address Line Two | Suite 700 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77042 | |
City Area Code | 832 | |
Local Phone Number | 456-6500 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 1,080 | $ 2,124 |
Accounts receivable, net | 1,217 | 911 |
Inventories, net | 63 | 69 |
Contract assets | 1,161 | 344 |
Prepaid expenses and other current assets | 436 | 433 |
Total current assets | 3,957 | 3,881 |
Property, plant and equipment, net | 532 | 552 |
Investments in foreign joint venture | 9,889 | 9,980 |
Right-of-use assets | 145 | |
Other assets | 51 | 146 |
Total assets | 14,574 | 14,559 |
Current liabilities: | ||
Short-term note payable | 338 | 202 |
Accounts payable and accrued liabilities | 2,805 | 2,478 |
Lease liabilities, current portion | 63 | |
Total current liabilities | 3,206 | 2,680 |
Deferred compensation | 138 | 163 |
Lease liabilities, long-term portion | 84 | |
Total liabilities | 3,428 | 2,843 |
Commitments and contingencies (Note 8) | ||
Convertible preferred stock: | ||
Redeemable convertible preferred stock, Series A, net of discount of $470 at June 30, 2019 and $502 at December 31, 2018; $0.001 par value, 1,000,000 shares authorized, issued and outstanding at June 30, 2019 and December 31, 2018, respectively (Note 9) | 4,530 | 4,498 |
Stockholders’ equity: | ||
Common stock; $0.001 par value, 6,250,000 shares authorized, 1,202,115 and 1,180,610 shares issued and 1,173,914 and 1,152,409 shares outstanding at June 30, 2019 and December 31, 2018, respectively (Note 11) | 1 | 1 |
Treasury stock, at cost, 28,201 shares at both June 30, 2019 and December 31, 2018 | (965) | (965) |
Additional paid-in capital | 14,172 | 14,022 |
Accumulated other comprehensive loss | (475) | (417) |
Accumulated deficit; including accumulated statutory reserves in equity method investments of $2,809 at June 30, 2019 and December 31, 2018 | (6,117) | (5,423) |
Total stockholders’ equity | 6,616 | 7,218 |
Total liabilities, convertible preferred stock and stockholders’ equity | $ 14,574 | $ 14,559 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Redeemable convertible preferred stock, Series A, discount | $ 470 | $ 502 |
Redeemable convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Redeemable convertible preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Redeemable convertible preferred stock, shares issued | 1,000,000 | 1,000,000 |
Redeemable convertible preferred stock, shares outstanding | 1,000,000 | 1,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 6,250,000 | 6,250,000 |
Common stock, shares issued | 1,202,115 | 1,180,610 |
Common stock, shares outstanding | 1,173,914 | 1,152,409 |
Treasury stock, shares | 28,201 | 28,201 |
Equity Method Investments | ||
Accumulated Deficit; accumulated statutory reserves in equity method investments | $ 2,809 | $ 2,809 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Net Revenues | $ 1,955 | $ 2,075 | $ 3,171 | $ 3,951 |
Cost of revenue | 1,537 | 1,566 | 2,583 | 3,114 |
Gross profit | 418 | 509 | 588 | 837 |
Operating expenses: | ||||
General and administrative | 784 | 469 | 1,562 | 936 |
Selling | 140 | 98 | 275 | 190 |
Total operating expenses | 924 | 567 | 1,837 | 1,126 |
Foreign joint venture: | ||||
Equity income from joint venture | 437 | 284 | 703 | 455 |
Joint venture operation's related expenses | (41) | (50) | (95) | (110) |
Net equity income from foreign joint venture operations | 396 | 234 | 608 | 345 |
Income (loss) from continuing operations | (110) | 176 | (641) | 56 |
Other income (expense): | ||||
Interest income (expense) | 17 | (6) | (4) | 68 |
Other income | 149 | 207 | ||
Total other income (expense) | 166 | (6) | 203 | 68 |
Income (loss) from continuing operations before income tax expense | 56 | 170 | (438) | 124 |
Provision for income taxes on continuing operations | 73 | 129 | 73 | 189 |
Net income (loss) from continuing operations | (17) | 41 | (511) | (65) |
Loss from discontinued operations | (1,979) | (4,838) | ||
Net loss | (17) | (1,938) | (511) | (4,903) |
Dividend and accretion of discount on redeemable convertible preferred stock | (91) | (90) | (182) | (179) |
Net loss attributable to common stockholders | $ (108) | $ (2,028) | $ (693) | $ (5,082) |
Loss per common share - basic and diluted: | ||||
Continuing operations | $ (0.09) | $ (0.04) | $ (0.59) | $ (0.22) |
Discontinued operations | (1.80) | (4.37) | ||
Consolidated operations | $ (0.09) | $ (1.84) | $ (0.59) | $ (4.59) |
Weighted average number of common shares outstanding: | ||||
Basic and diluted | 1,171,420 | 1,100,207 | 1,165,866 | 1,106,931 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (17) | $ (1,938) | $ (511) | $ (4,903) |
Foreign currency translation adjustment | (262) | (866) | (58) | (491) |
Total comprehensive loss | $ (279) | $ (2,804) | $ (569) | $ (5,394) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance at Dec. 31, 2017 | $ 10,083 | $ 9 | $ (916) | $ 13,811 | $ 401 | $ (3,222) |
Balance, shares at Dec. 31, 2017 | 1,083,706 | |||||
Common stock issued as dividends on preferred stock | 75 | (75) | ||||
Common stock issued as dividend on preferred stock, shares | 6,350 | |||||
Accretion of discount on preferred stock | (15) | (15) | ||||
Treasury stock purchase | (18) | (18) | ||||
Restricted stock units | 166 | 166 | ||||
Restricted stock units, shares | 3,873 | |||||
Net loss | (2,964) | (2,964) | ||||
Other comprehensive income (loss) | 375 | 375 | ||||
Balance at Mar. 31, 2018 | 7,627 | $ 9 | (934) | 14,052 | 776 | (6,276) |
Balance, shares at Mar. 31, 2018 | 1,093,929 | |||||
Balance at Dec. 31, 2017 | 10,083 | $ 9 | (916) | 13,811 | 401 | (3,222) |
Balance, shares at Dec. 31, 2017 | 1,083,706 | |||||
Net loss | (4,903) | |||||
Balance at Jun. 30, 2018 | 5,012 | $ 9 | (934) | 14,331 | (90) | (8,304) |
Balance, shares at Jun. 30, 2018 | 1,110,608 | |||||
Balance at Mar. 31, 2018 | 7,627 | $ 9 | (934) | 14,052 | 776 | (6,276) |
Balance, shares at Mar. 31, 2018 | 1,093,929 | |||||
Common stock issued as dividends on preferred stock | 75 | 150 | (75) | |||
Common stock issued as dividend on preferred stock, shares | 16,403 | |||||
Accretion of discount on preferred stock | (15) | (15) | ||||
Restricted stock units | 129 | 129 | ||||
Restricted stock units, shares | 276 | |||||
Net loss | (1,938) | (1,938) | ||||
Other comprehensive income (loss) | (866) | (866) | ||||
Balance at Jun. 30, 2018 | 5,012 | $ 9 | (934) | 14,331 | (90) | (8,304) |
Balance, shares at Jun. 30, 2018 | 1,110,608 | |||||
Balance at Dec. 31, 2018 | 7,218 | $ 9 | (965) | 14,014 | (417) | (5,423) |
Balance, shares at Dec. 31, 2018 | 1,152,409 | |||||
Common stock issued as dividends on preferred stock | 75 | (75) | ||||
Common stock issued as dividend on preferred stock, shares | 10,695 | |||||
Accretion of discount on preferred stock | (16) | (16) | ||||
Net loss | (495) | (495) | ||||
Other comprehensive income (loss) | 204 | 204 | ||||
Balance at Mar. 31, 2019 | 6,911 | $ 9 | (965) | 14,089 | (213) | (6,009) |
Balance, shares at Mar. 31, 2019 | 1,163,104 | |||||
Balance at Dec. 31, 2018 | 7,218 | $ 9 | (965) | 14,014 | (417) | (5,423) |
Balance, shares at Dec. 31, 2018 | 1,152,409 | |||||
Net loss | (511) | |||||
Balance at Jun. 30, 2019 | 6,616 | $ 9 | (965) | 14,164 | (475) | (6,117) |
Balance, shares at Jun. 30, 2019 | 1,173,914 | |||||
Balance at Mar. 31, 2019 | 6,911 | $ 9 | (965) | 14,089 | (213) | (6,009) |
Balance, shares at Mar. 31, 2019 | 1,163,104 | |||||
Common stock issued as dividends on preferred stock | 75 | (75) | ||||
Common stock issued as dividend on preferred stock, shares | 10,810 | |||||
Accretion of discount on preferred stock | (16) | (16) | ||||
Net loss | (17) | (17) | ||||
Other comprehensive income (loss) | (262) | (262) | ||||
Balance at Jun. 30, 2019 | $ 6,616 | $ 9 | $ (965) | $ 14,164 | $ (475) | $ (6,117) |
Balance, shares at Jun. 30, 2019 | 1,173,914 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (511) | $ (4,903) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Distributions in excess of equity income from foreign joint venture operations | 96 | 672 |
Depreciation and amortization | 50 | 377 |
Stock-based compensation | 284 | |
Bad debt expense | 30 | |
Deferred compensation costs | (25) | (25) |
Amortization of debt issuance costs | 55 | |
Change in operating assets and liabilities: | ||
Accounts receivable | (201) | 268 |
Inventories | 7 | (107) |
Contract assets | (817) | 3,247 |
Prepaid expenses and other current assets | 13 | 48 |
Accounts payable and accrued liabilities | 340 | (478) |
Contract liabilities | 2,009 | |
Net cash used in (provided by) operating activities | (1,048) | 1,477 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment and other assets | (117) | (165) |
Net cash provided by investing activities | (117) | (165) |
Cash flows from financing activities: | ||
Proceeds from sale of common stock, preferred stock and warrants | 8 | |
Treasury stocks purchase | (18) | |
Proceeds from short-term notes payable | 175 | |
Payments on short-term notes payable | (48) | (60) |
Other financing activities, net | (146) | |
Net cash provided by (used in) financing activities | 127 | (216) |
Effect of exchange rate changes on cash | (6) | (50) |
Net decrease in cash and cash equivalents | (1,044) | 1,046 |
Cash and cash equivalents, beginning of period | 2,124 | 2,289 |
Cash and cash equivalents, end of period | $ 1,080 | $ 3,335 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Overview and Basis of Presentation | 1. Overview and Basis of Presentation American Electric Technologies, Inc. and its subsidiaries (the “Company”, “AETI”, “our”, “us” or “we”) consists of American Electric Technologies, Inc., which owns 100% of M&I Electric Industries, Inc., The operations of AETI consisted of our Brazilian subsidiary, our interest in our Chinese joint venture and our corporate office in Bellaire, Texas. As previously announced, on July 26, 2019, the proposed share exchange transaction (the “Transaction”) with Stabilis Energy LLC (“Stabilis”) and its subsidiaries was completed. The Transaction and its related proposals, which included a company name change and a reverse stock split, were approved by our stockholders at a Special Meeting of Stockholders on July 17, 2019. On July 29, 2019, the company began operating under the name Stabilis Energy, Inc. and our common stock began trading on the Nasdaq Capital Market under the ticker symbol “SLNG”. In addition, the company’s shares outstanding now reflect a one-for-eight reverse split. Unless otherwise noted, any share or per share amounts in the accompanying unaudited condensed consolidated financial statements and related notes give retroactive effect to the reverse stock split. These financial statements reflect AETI’s operations prior to the Transaction because the Transaction was consummated after the period covered by these financial statements. Accordingly, the historical financial information included in this Form 10-Q is that of AETI prior to the Transaction. All subsequent quarterly and annual filings will present the current and historical financial statements of Stabilis’ operations post-transaction . The accompanying unaudited condensed consolidated financial statements of AETI have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules of the Securities and Exchange Commission (“SEC”) for interim financial information and include all adjustments which, in the opinion of management, are necessary for fair financial statement presentation. All adjustments are of a normal recurring nature. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations and cash flows with respect to the interim condensed consolidated financial statements have been included. The results of operations for the interim periods are not necessarily indicative of the results for the entire fiscal year. We believe that these financial statements contain all adjustments necessary so that they are not misleading. These unaudited condensed financial statements should be read in conjunction with the Company’s consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018, which was filed on April 16, 2019. |
Summary of Certain Significant
Summary of Certain Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Certain Significant Accounting Policies | 2. Summary of Certain Significant Accounting Policies For a detailed list of our critical accounting policies, please see our Annual Report on Form 10-K for the year ended December 31, 2018, which was filed on April 16, 2019. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying footnotes. The most significant estimates used in our condensed consolidated financial statements affect revenue recognition and estimated cost recognition on our customer contracts and income taxes. The amounts recorded for warranties, legal, income taxes, impairment of long-lived assets (when applicable) and other contingent liabilities require judgments regarding the amount of expenses that will ultimately be incurred. We base our estimates on historical experience and on various other assumptions, as well as the specific circumstances surrounding these contingent liabilities, in evaluating the amount of liability that should be recorded. Additionally, the recognition of deferred tax assets requires estimates related to future income and other assumptions regarding timing and future profitability because the ultimate realization of net deferred tax assets is dependent on the generation of future taxable income during the periods in which temporary differences become deductible. Estimates routinely change as new events occur, additional information becomes available or operating environments change. Actual results may differ from our prior estimates. New Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases, which requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under ASU No. 2016-02, lessor accounting is largely unchanged. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018 with early application permitted. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases expiring before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. ASU 2016-02 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842; ASU No. 2018-11, Leases (Topic 842) - Targeted Improvements; ASU No. 2018-20, Narrow-Scope Improvements for Lessors; and ASU No. 2019-01, Leases (Topic 842) - Codification Improvements. ASU No. 2018-11 provides an additional transition method allowing entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We adopted the new standard effective January 1, 2019 using the optional transition method in ASU No. 2018-11. Under this method, we have not adjusted our comparative period financial statements for the effects of the new standard or made the new, expanded required disclosures for periods prior to the effective date. We elected the package of practical expedients permitted under the transition guidance in ASU 2016-02 to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. We also elected the practical expedient not to separate the non-lease components of a contract from the lease component to which they relate. The adoption of the new lease standard resulted in the recognition of lease liabilities and corresponding right-of-use assets of $0.2 million, on the condensed consolidated balance sheet as of January 1, 2019 for real and personal property operating leases. The adoption of ASU 2016-02 did not have a material impact on our consolidated results of operations and cash flows. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU No. 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of a business or as acquisitions (or disposals) of assets. ASU No. 2017-01 is effective for annual periods beginning after December 15, 2018, with early adoption permitted under certain circumstances. The amendments of ASU No. 2017-01 should be applied prospectively as of the beginning of the period of adoption. The Company adopted ASU No. 2017-01 on January 1, 2019. The adoption of this standard had no impact on our consolidated financial position or results of operations, as the adoption is applied on a prospective basis. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. Such reclassifications had no effect on the Company’s financial position, results of operations or cashflows. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Disaggregation Of Revenue [Abstract] | |
Revenue Recognition | 3 . Revenue Recognition 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 the following primary sources: services and products. Service revenue is generated from time and material projects and consulting services. The Company generally establishes a master services agreement with each customer and provides associated services on a work order basis, generally by the hour for services performed. The majority of the Company’s contracts with customers are short-term in nature and are recognized as the services are performed, as the transfer of control to the customer and the Company’s right to payment corresponds directly to the services performed to date, at all times throughout completion of the contract. Product revenue is generated from the resale of electrical and instrumentation equipment. Product contracts are established by agreeing on a sales price or transaction price for the related item. Payment terms for product contracts are generally 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. All outstanding accounts receivable, net of allowance, on the consolidated balance sheet are typically due and collected within the next 12 months. Additionally, each month end the Company records unbilled revenue (a contract asset) based upon completed and partially completed performance obligations through month end providing the Company an unconditional right to payment for the services performed or products sold for the related period. The Company has no other material contract assets or liabilities and contract costs. Taxes assessed by a governmental authority that are directly imposed on revenue-producing transactions between the Company and its customers, such as sales, use and value-added taxes, are excluded from revenue. The table below presents revenue disaggregated by source, for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Services 1,317 1,720 2,430 3,578 Products 638 355 741 373 $ 1,955 $ 2,075 $ 3,171 $ 3,951 |
Investments in Foreign Joint Ve
Investments in Foreign Joint Venture | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Foreign Joint Venture | 4. Investments in Foreign Joint Venture The Company holds a 40% interest in BOMAY Electric Industries Company, Ltd. (“BOMAY”) which builds electrical systems for sale in China. The majority partner in this foreign joint venture is Baoji Oilfield Machinery Co., Ltd. (a subsidiary of China National Petroleum Corporation). The Company made an initial investment of $1.0 million in 2006 when BOMAY was formed, then a second investment of $1.0 million in 2007. The Company made no sales to its joint venture in the six months ended June 30, 2019 and 2018. Below is summary financial information for BOMAY at June 30, 2019 and December 31, 2018 and operational results for the three and six months ended June 30, 2019 and 2018 in U.S. dollars (in thousands, unaudited): June 30, 2019 December 31, 2018 Assets: Total current assets $ 67,322 $ 59,124 Total non-current assets 3,337 5,742 Total assets $ 70,659 $ 64,866 Liabilities and equity: Total liabilities $ 44,685 $ 38,732 Total joint ventures’ equity 25,974 26,134 Total liabilities and equity $ 70,659 $ 64,866 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenue $ 17,284 $ 12,231 $ 28,784 $ 20,309 Gross Profit $ 2,479 $ 1,912 $ 4,440 $ 3,697 Earnings $ 1,097 $ 710 $ 1,759 $ 1,137 The following is a summary of activity in investments in foreign joint ventures for the six months ended June 30, 2019 in U.S. dollars (in thousands, unaudited): June 30, 2019 Investments in BOMAY* Balance at the beginning of the year $ 2,033 Undistributed earnings: Balance at beginning of year 7,793 Equity in earnings 703 Dividend distributions (799 ) Balance at end of period 7,697 Foreign currency translation: Balance at beginning of year 154 Change during the period 5 Balance at end of period 159 Total investment in BOMAY at June 30, 2019 $ 9,889 * Accumulated statutory reserves in equity method investments of $2.81 million at June 30, 2019 and December 31, 2018, respectively, are included in AETI’s consolidated retained earnings. In accordance with the People’s Republic of China, (“PRC”), regulations on enterprises with foreign ownership, an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The Company accounts for its investment in BOMAY using the equity method of accounting. Under the equity method, the Company’s share of the joint venture operations earnings or losses is recognized in the consolidated statements of operations as equity income (loss) from foreign joint ventures operations. Joint venture income increases the carrying value of the joint ventures and joint venture losses reduce the carrying value. Dividends received from the joint venture reduce the carrying value. In accordance with our long-lived asset policy, when events or circumstances indicate the carrying amount of an asset may not be recoverable, management tests long-lived assets for impairment. If the estimated future cash flows are projected to be less than the carrying amount, an impairment write-down (representing the carrying amount of the long-lived asset which exceeds the present value of estimated expected future cash flows) would be recorded as a period expense. In making this evaluation, a variety of quantitative and qualitative factors are considered including national and local economic, political and market conditions, industry trends and prospects, liquidity and capital resources and other pertinent factors. Based on this evaluation for this reporting period, the Company does not believe an impairment adjustment is necessary at June 30, 2019. |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Notes Payable | 5 . Notes Payable On June 6, 2017, the Company’s subsidiary, M&I Brazil, entered into a Loan Agreement with the former chairman of AETI. The Loan Agreement provides the Company with a $0.30 million loan facility of which $0.20 million is drawn and is outstanding as of June 30, 2019. All outstanding amounts, including accrued but unpaid interested, are due in June 2020. Under the loan agreement, the interest rate on the loan facility is 10.0%, per annum, payable each quarter. The loan facility is secured by the assets held by M&I Brazil. In March 2019, Brazil financed project expenditures with short-term financing of approximately $0.2 million from Santander bank. The loan is due March 2020, with an interest rate of 11.88%. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 6 . Leases M&I Brazil leases offices and facilities in three cities in Brazil that are under operating lease agreements. The leases expire at various dates through January 2022. Our operating leases are included in right-of-use assets, current and long-term liabilities in the accompanying Condensed Consolidated Balance Sheet. The assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments based on Brazil’s General Market Price Index rate. Brazil also has multiple short-term equipment leases which are less than twelve months and have no cancellation penalties, therefore they are not recorded in the balance sheet. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Lease expense is recognized in the period for which the obligation for those payments is incurred and is included in general and administrative expense in the Condensed Consolidated Statement of Operations. An initial right-of-use asset of approximately $0.2 million was recognized as a non-cash asset addition with the adoption of the new lease standard. Operating lease costs were less than $50,000 for the three and six months ended June 30, 2019. The weighted-average remaining lease term is 2 years and the weighted-average discount rate is 6.75%. Maturities of our operating lease liabilities as of June 30, 2019 are as follows (in thousands): 2019 $ 36 2020 67 2021 49 2022 4 Total undiscounted operating lease payments 156 Less: imputed interest (9 ) Present value of operating lease liabilities $ 147 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The tax provision for the three and six months ended June 30, 2019 and 2018 reflects the provision from taxes on our earnings from our Brazilian subsidiary and dividends received from BOMAY. The Company has established a valuation allowance on its deferred tax assets due to uncertainty regarding future realization. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies The Company received notification of a potential liability of $4.3 million associated with the asset purchase agreement completed in August 2018. Please see Note 10 for further explanation of this possible obligation. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2019 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | 9 . Redeemable Convertible Preferred Stock In conjunction with the issuance of 1,000,000 shares of Redeemable Convertible Preferred Stock, Series A in May 2012, warrants to purchase 325,000 shares of our common stock (the “Warrants”) were issued. Discount accretion was approximately $30,000 for both the six months ended June 30, 2019 and 2018. The Series A Convertible Preferred Stock accrued cumulative dividends at a rate of 6% per annum payable quarterly in cash or in shares of Common Stock, at the option of the Company. At June 30, 2019 and December 31, 2018, the company had accrued but unpaid dividends totaling $0.08 million which is included in accounts payable and other accrued expenses in the condensed consolidated balance sheets. During the six months ended June 30, 2019 and 2018, the Company issued 21,506 and 22,753 shares of common stock as payment of dividends, respectively. Prior to the completion of the Share Exchange discussed in Note 11, the holders of the Series A Convertible Preferred Stock elected to convert all 1,000,000 shares outstanding into 276,549 shares of common stock (includes effect of 1-for-8 stock split) . |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 10. Discontinued Operations On August 12, 2018 the Company sold substantially all of the U.S. business assets and operations of M&I Electric (“M&I) to a newly formed subsidiary of Myers Power Products, Inc. (“Buyer”). The newly formed subsidiary was established by the Buyer to acquire the assets of M&I pursuant to the Asset Purchase Agreement (the “Transaction”) between the Company and the Buyer. The Transaction included a total purchase price of approximately $18.5 million based on $10.1 million of cash consideration plus debt assumed by the buyer of $8.4 million The contractual terms of the Transaction include a provision for true-up of the net working capital, estimated as of the date of closing, to actual working capital as calculated by the Buyer and agreed to by the Seller. Any difference in the actual (conclusive) net working capital in relation to the estimated working capital at closing results in an adjustment to the purchase price. In October 2018, the Company received notification from the Buyer of their actual working capital calculation. In the notification, the Buyer has communicated a decrease of approximately $4.3 million dollars in net working capital, in comparison to the estimated working capital used at contract closing. The contractual terms of the Transaction provide that in the event the Buyer and Seller cannot agree to a conclusive net working capital adjustment, then all items remaining in dispute shall be submitted by either one of the parties within thirty (30) calendar days after the expiration of the resolution period to a national or regional independent accounting firm mutually acceptable to Buyer and Seller (the "Neutral Arbitrator"). The Neutral Arbitrator shall act as an arbitrator to determine the conclusive net working capital. The conclusive net working capital, once determined, may result in a purchase price adjustment due to the Buyer or to the Company as Seller. The Company and the Buyer of M&I Electric currently have a significant disagreement with regard to the working capital adjustment calculation and the Company has not received documentation sufficient to support the Buyer’s position. As such, no adjustments have been made in determining the gain on the sale of assets reported at December 31, 2018. Any purchase price adjustment related to the conclusive determination of the net working capital adjustment, if any, will be reflected at the date of such determination. Any legal fees incurred related to this disagreement will be expensed as incurred. At June 30, 2018, the related operating results were reflected as discontinued operations in the Company’s Condensed Statement of Operations. Summary financial results for the three and six months ended June 30, 2018 are as follows (in thousands, except per share data): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Net sales $ 7,750 $ 14,163 Loss from discontinued operations $ (1,979 ) $ (4,838 ) Loss per share, basic and diluted $ (1.80 ) $ (4.37 ) Cash provided by operating activities of discontinued operations for the six months ended June 30, 2018 was $0.4 million. Cash used in investing activities of discontinued operations for the six months ended June 30, 2018 was $0.2 million. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events On July 26, 2019, the share exchange transaction (the “Transaction”) with Stabilis Energy LLC (“Stabilis”) and its subsidiaries was completed. The Transaction and its related proposals, including a company name change and a reverse stock split, were approved by our stockholders at a Special Meeting of Stockholders on July 17, 2019. On July 29, 2019, the company began operating under the name Stabilis Energy, Inc. and our common stock began trading on the Nasdaq Capital Market under the ticker symbol “SLNG”. In addition, the company’s shares outstanding will reflect a one-for-eight reverse split. As a result of the reverse stock split, every eight shares of American Electric common stock outstanding immediately prior to the reverse stock split were combined into one share of Stabilis Energy, Inc. common stock. No fractional shares were issued. In lieu of fractional shares, cash was issued based on the closing price of American Electric common stock on the Nasdaq Capital Market on July 26, 2019. Unless otherwise noted, any share or per share amounts in the accompanying unaudited condensed consolidated financial statements and related notes give retroactive effect to both the transaction and the reverse stock split. As a result of the completion of the share exchange, the former holders of Stabilis and its subsidiaries own 90% of the combined company and the former American Electric stockholders own 10% of the combined company. Approximately 14,645,917 shares of Stabilis Energy, Inc. common stock were issued and outstanding as a result of the completion of the share exchange and reverse stock split. Stabilis is a vertically integrated provider of small-scale liquefied natural gas (“LNG”) production, distribution and fueling services to multiple end markets in North America. Stabilis has safely delivered over 200 million gallons of LNG through more than 20,000 truck deliveries during its 15-year operating history, which it believes makes it one of the largest and most experienced small-scale LNG providers in North America. Stabilis’ customers use LNG as a fuel source in a variety of applications in the industrial, energy, mining, utilities and pipelines, commercial, and high horsepower transportation markets. Stabilis’ customers use LNG as an alternative to traditional fuel sources, such as distillate fuel oil and propane, to lower fuel costs and reduce harmful environmental emissions. Stabilis’ customers also use LNG as a “virtual pipeline” solution when natural gas pipelines are not available or are curtailed. Stabilis is headquartered in Houston, Texas. On August 5, 2019, the Company entered into an exchange agreement with Chart Energy & Chemicals, Inc., a Delaware corporation and subsidiary of Chart Industries, Inc. for the exchange of indebtedness of Stabilis LNG, a Company subsidiary, to Chart E&C in the principal amount of up to $7.0 million This transaction is expected to close within 30 days, subject to both parties meeting certain closing conditions. |
Summary of Certain Significan_2
Summary of Certain Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying footnotes. The most significant estimates used in our condensed consolidated financial statements affect revenue recognition and estimated cost recognition on our customer contracts and income taxes. The amounts recorded for warranties, legal, income taxes, impairment of long-lived assets (when applicable) and other contingent liabilities require judgments regarding the amount of expenses that will ultimately be incurred. We base our estimates on historical experience and on various other assumptions, as well as the specific circumstances surrounding these contingent liabilities, in evaluating the amount of liability that should be recorded. Additionally, the recognition of deferred tax assets requires estimates related to future income and other assumptions regarding timing and future profitability because the ultimate realization of net deferred tax assets is dependent on the generation of future taxable income during the periods in which temporary differences become deductible. Estimates routinely change as new events occur, additional information becomes available or operating environments change. Actual results may differ from our prior estimates. |
New Accounting Standards | New Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases, which requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under ASU No. 2016-02, lessor accounting is largely unchanged. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018 with early application permitted. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases expiring before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. ASU 2016-02 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842; ASU No. 2018-11, Leases (Topic 842) - Targeted Improvements; ASU No. 2018-20, Narrow-Scope Improvements for Lessors; and ASU No. 2019-01, Leases (Topic 842) - Codification Improvements. ASU No. 2018-11 provides an additional transition method allowing entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We adopted the new standard effective January 1, 2019 using the optional transition method in ASU No. 2018-11. Under this method, we have not adjusted our comparative period financial statements for the effects of the new standard or made the new, expanded required disclosures for periods prior to the effective date. We elected the package of practical expedients permitted under the transition guidance in ASU 2016-02 to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. We also elected the practical expedient not to separate the non-lease components of a contract from the lease component to which they relate. The adoption of the new lease standard resulted in the recognition of lease liabilities and corresponding right-of-use assets of $0.2 million, on the condensed consolidated balance sheet as of January 1, 2019 for real and personal property operating leases. The adoption of ASU 2016-02 did not have a material impact on our consolidated results of operations and cash flows. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU No. 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of a business or as acquisitions (or disposals) of assets. ASU No. 2017-01 is effective for annual periods beginning after December 15, 2018, with early adoption permitted under certain circumstances. The amendments of ASU No. 2017-01 should be applied prospectively as of the beginning of the period of adoption. The Company adopted ASU No. 2017-01 on January 1, 2019. The adoption of this standard had no impact on our consolidated financial position or results of operations, as the adoption is applied on a prospective basis. |
Reclassifications | Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. Such reclassifications had no effect on the Company’s financial position, results of operations or cashflows. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disaggregation Of Revenue [Abstract] | |
Schedule of Revenue Disaggregated by Source | The table below presents revenue disaggregated by source, for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Services 1,317 1,720 2,430 3,578 Products 638 355 741 373 $ 1,955 $ 2,075 $ 3,171 $ 3,951 |
Investments in Foreign Joint _2
Investments in Foreign Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Financial Information of Foreign Joint Venture | Below is summary financial information for BOMAY at June 30, 2019 and December 31, 2018 and operational results for the three and six months ended June 30, 2019 and 2018 in U.S. dollars (in thousands, unaudited): June 30, 2019 December 31, 2018 Assets: Total current assets $ 67,322 $ 59,124 Total non-current assets 3,337 5,742 Total assets $ 70,659 $ 64,866 Liabilities and equity: Total liabilities $ 44,685 $ 38,732 Total joint ventures’ equity 25,974 26,134 Total liabilities and equity $ 70,659 $ 64,866 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenue $ 17,284 $ 12,231 $ 28,784 $ 20,309 Gross Profit $ 2,479 $ 1,912 $ 4,440 $ 3,697 Earnings $ 1,097 $ 710 $ 1,759 $ 1,137 |
Schedule of Activity in Investment in Foreign Joint Ventures | The following is a summary of activity in investments in foreign joint ventures for the six months ended June 30, 2019 in U.S. dollars (in thousands, unaudited): June 30, 2019 Investments in BOMAY* Balance at the beginning of the year $ 2,033 Undistributed earnings: Balance at beginning of year 7,793 Equity in earnings 703 Dividend distributions (799 ) Balance at end of period 7,697 Foreign currency translation: Balance at beginning of year 154 Change during the period 5 Balance at end of period 159 Total investment in BOMAY at June 30, 2019 $ 9,889 * Accumulated statutory reserves in equity method investments of $2.81 million at June 30, 2019 and December 31, 2018, respectively, are included in AETI’s consolidated retained earnings. In accordance with the People’s Republic of China, (“PRC”), regulations on enterprises with foreign ownership, an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Maturities of Operating Lease Liabilities | Maturities of our operating lease liabilities as of June 30, 2019 are as follows (in thousands): 2019 $ 36 2020 67 2021 49 2022 4 Total undiscounted operating lease payments 156 Less: imputed interest (9 ) Present value of operating lease liabilities $ 147 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Financial Results | At June 30, 2018, the related operating results were reflected as discontinued operations in the Company’s Condensed Statement of Operations. Summary financial results for the three and six months ended June 30, 2018 are as follows (in thousands, except per share data): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Net sales $ 7,750 $ 14,163 Loss from discontinued operations $ (1,979 ) $ (4,838 ) Loss per share, basic and diluted $ (1.80 ) $ (4.37 ) |
Overview and Basis of Present_2
Overview and Basis of Presentation - Additional Information (Detail) | Jul. 29, 2019 | Jun. 30, 2019 |
Subsequent Event | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Reverse stock split | one-for-eight | |
Reverse stock split, ratio | 0.125 | |
M&I Electric Industries, Inc. | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Ownership interest in wholly-owned subsidiary | 100.00% |
Summary of Certain Significan_3
Summary of Certain Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Accounting Policies [Abstract] | ||
Right-of-use assets | $ 145 | $ 200 |
Operating lease, liabilities | $ 147 | $ 200 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Revenue Disaggregated by Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 1,955 | $ 2,075 | $ 3,171 | $ 3,951 |
Services | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 1,317 | 1,720 | 2,430 | 3,578 |
Products | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 638 | $ 355 | $ 741 | $ 373 |
Investments in Foreign Joint _3
Investments in Foreign Joint Venture - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2007 | Dec. 31, 2006 | |
Schedule Of Equity Method Investments [Line Items] | ||||||
Net sales | $ 1,955,000 | $ 2,075,000 | $ 3,171,000 | $ 3,951,000 | ||
Affiliated Entity | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Net sales | $ 0 | $ 0 | ||||
BOMAY | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Equity method investment, ownership percentage | 40.00% | 40.00% | ||||
Investment in joint ventures | $ 1,000,000 | $ 1,000,000 |
Investments in Foreign Joint _4
Investments in Foreign Joint Venture - Schedule of Financial Information of Foreign Joint Venture (Detail) - BOMAY - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Assets: | |||||
Total current assets | $ 67,322 | $ 67,322 | $ 59,124 | ||
Total non-current assets | 3,337 | 3,337 | 5,742 | ||
Total assets | 70,659 | 70,659 | 64,866 | ||
Liabilities and equity: | |||||
Total liabilities | 44,685 | 44,685 | 38,732 | ||
Total joint ventures’ equity | 25,974 | 25,974 | 26,134 | ||
Total liabilities and equity | 70,659 | 70,659 | $ 64,866 | ||
Revenue | 17,284 | $ 12,231 | 28,784 | $ 20,309 | |
Gross Profit | 2,479 | 1,912 | 4,440 | 3,697 | |
Earnings | $ 1,097 | $ 710 | $ 1,759 | $ 1,137 |
Investments in Foreign Joint _5
Investments in Foreign Joint Venture - Schedule of Activity in Investment in Foreign Joint Ventures (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Undistributed earnings: | ||
Dividend distributions | $ (96) | $ (672) |
Foreign currency translation: | ||
Total investment in BOMAY at June 30, 2019 | 9,889 | |
BOMAY | ||
Investments in BOMAY* | ||
Balance at the beginning of the year | 2,033 | |
Undistributed earnings: | ||
Balance at beginning of year | 7,793 | |
Equity in earnings | 703 | |
Dividend distributions | (799) | |
Balance at end of period | 7,697 | |
Foreign currency translation: | ||
Balance at beginning of year | 154 | |
Change during the period | 5 | |
Balance at end of period | 159 | |
Total investment in BOMAY at June 30, 2019 | $ 9,889 |
Investments in Foreign Joint _6
Investments in Foreign Joint Venture - Schedule of Activity in Investment in Foreign Joint Ventures (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
BOMAY | ||
Schedule Of Equity Method Investments [Line Items] | ||
Accumulated statutory reserves in equity method investments | $ 2,810 | $ 2,810 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) - USD ($) | Jun. 06, 2017 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Short-term financing | $ 338,000 | $ 202,000 | ||
Santander bank | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 11.88% | |||
Debt instrument, maturity date | Mar. 31, 2020 | |||
Short-term financing | $ 200,000 | |||
Senior Secured Term Note | Loan Agreement | M&I Brazil | Former Chairman of AETI | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, agreement date | Jun. 6, 2017 | |||
Line of credit facility, maximum borrowing capacity | $ 300,000 | |||
Loan facility drawn and outstanding | $ 200,000 | |||
Interest rate | 10.00% | |||
Debt instrument, interest rate terms | the interest rate on the loan facility is 10.0%, per annum, payable each quarter. | |||
Debt instrument, maturity date | Jun. 30, 2020 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($)City | Jan. 01, 2019USD ($) | |
Operating Leased Assets [Line Items] | |||
Right-of-use asset | $ 145,000 | $ 145,000 | $ 200,000 |
Weighted-average remaining lease term | 2 years | 2 years | |
Weighted-average discount rate | 6.75% | 6.75% | |
Maximum | |||
Operating Leased Assets [Line Items] | |||
Operating lease costs | $ 50,000 | $ 50,000 | |
M&I Brazil | |||
Operating Leased Assets [Line Items] | |||
Number of cities in which offices and facilities were leased | City | 3 | ||
Lease expiration year month | 2022-01 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2019 | $ 36 | |
2020 | 67 | |
2021 | 49 | |
2022 | 4 | |
Total undiscounted operating lease payments | 156 | |
Less: imputed interest | (9) | |
Present value of operating lease liabilities | $ 147 | $ 200 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | |
Potential liability related to asset purchase agreement | $ 4.3 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock - Additional Information (Detail) | Jul. 29, 2019shares | Jun. 30, 2019USD ($)shares | Mar. 31, 2019USD ($)shares | Jun. 30, 2018USD ($)shares | Mar. 31, 2018USD ($)shares | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($)shares | Dec. 31, 2018USD ($)shares | May 31, 2012shares |
Temporary Equity [Line Items] | |||||||||
Redeemable convertible preferred stock, shares issued | 1,000,000 | 1,000,000 | 1,000,000 | ||||||
Accretion amount | $ | $ 16,000 | $ 16,000 | $ 15,000 | $ 15,000 | |||||
Series A convertible preferred stock, outstanding shares elected for conversion | 1,000,000 | 1,000,000 | 1,000,000 | ||||||
Common Stock | |||||||||
Temporary Equity [Line Items] | |||||||||
Common stock issued as payment of preferred stock, shares | 10,810 | 10,695 | 16,403 | 6,350 | |||||
Subsequent Event | |||||||||
Temporary Equity [Line Items] | |||||||||
Reverse stock split, ratio | 0.125 | ||||||||
Subsequent Event | Common Stock | |||||||||
Temporary Equity [Line Items] | |||||||||
Conversion of convertible preferred stock into common stock | 276,549 | ||||||||
Maximum | |||||||||
Temporary Equity [Line Items] | |||||||||
Accretion amount | $ | $ 30,000 | $ 30,000 | |||||||
Series A Convertible Preferred Stock | |||||||||
Temporary Equity [Line Items] | |||||||||
Redeemable convertible preferred stock, shares issued | 1,000,000 | ||||||||
Warrants to purchase common stock | 325,000 | ||||||||
Cumulative dividends at a rate | 6.00% | ||||||||
Common stock issued as payment of preferred stock, shares | 21,506 | 22,753 | |||||||
Series A Convertible Preferred Stock | Accounts Payable and Other Accrued Expenses | |||||||||
Temporary Equity [Line Items] | |||||||||
Total accrued but unpaid dividends | $ | $ 80,000 | $ 80,000 | $ 80,000 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - M&I Electric US Operations - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions | Aug. 12, 2018 | Oct. 31, 2018 | Jun. 30, 2018 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total purchase price | $ 18.5 | ||
Cash consideration | 10.1 | ||
Assumed indebtedness | $ 8.4 | ||
Decrease in net working capital | $ (4.3) | ||
Cash provided by operating activities of discontinued operations | $ 0.4 | ||
Cash used in investing activities of discontinued operations | $ 0.2 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Financial Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | ||
Discontinued Operation, Name of Segment [Extensible List] | slng:MAndIElectricUSOperationsMember | slng:MAndIElectricUSOperationsMember |
Net sales | $ 7,750 | $ 14,163 |
Loss from discontinued operations | $ (1,979) | $ (4,838) |
Loss per share, basic and diluted | $ (1.80) | $ (4.37) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) gal in Millions | Aug. 05, 2019USD ($) | Jul. 29, 2019Trucksharesgal | Jun. 30, 2019shares | Dec. 31, 2018shares |
Subsequent Event [Line Items] | ||||
Common stock, shares issued | 1,202,115 | 1,180,610 | ||
Common stock, shares outstanding | 1,173,914 | 1,152,409 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Reverse stock split | one-for-eight | |||
Reverse stock split, description | As a result of the reverse stock split, every eight shares of American Electric common stock outstanding immediately prior to the reverse stock split were combined into one share of Stabilis Energy, Inc. common stock. | |||
Fractional shares | 0 | |||
Delivery of LNG | gal | 200 | |||
Subsequent Event | Maximum | Chart Energy & Chemicals, Inc. | ||||
Subsequent Event [Line Items] | ||||
Exchange of indebtedness | $ | $ 7,000,000 | |||
Debt transaction closing period | 30 days | |||
Subsequent Event | Minimum [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of truck deliveries | Truck | 20,000 | |||
Subsequent Event | Stabilis and its Subsidiaries | ||||
Subsequent Event [Line Items] | ||||
Ownership percentage | 90.00% | |||
Subsequent Event | Former American Electric Stockholders | ||||
Subsequent Event [Line Items] | ||||
Ownership percentage | 10.00% | |||
Subsequent Event | Stabilis Energy LLC | ||||
Subsequent Event [Line Items] | ||||
Common stock, shares issued | 14,645,917 | |||
Common stock, shares outstanding | 14,645,917 |