Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 10, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-40364 | |
Entity Registrant Name | STABILIS SOLUTIONS, INC. | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 59-3410234 | |
Entity Address, Address Line One | 11750 Katy Freeway | |
Entity Address, Address Line Two | Suite 900 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77079 | |
City Area Code | 832 | |
Local Phone Number | 456-6500 | |
Title of 12(b) Security | Common Stock, $.001 par value | |
Trading Symbol | SLNG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,691,268 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001043186 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 2,938 | $ 1,814 |
Accounts receivable, net | 7,328 | 5,620 |
Inventories, net | 424 | 226 |
Prepaid expenses and other current assets | 4,298 | 3,111 |
Due from related parties | 0 | 42 |
Total current assets | 14,988 | 10,813 |
Property, plant and equipment: | ||
Cost | 100,758 | 90,422 |
Less accumulated depreciation | (44,900) | (38,384) |
Property, plant and equipment, net | 55,858 | 52,038 |
Right-of-use assets | 128 | 786 |
Goodwill | 4,453 | 4,453 |
Investments in foreign joint ventures | 11,923 | 11,897 |
Other noncurrent assets | 319 | 326 |
Total assets | 87,669 | 80,313 |
Current liabilities: | ||
Current portion of notes payable | 1,379 | 1,112 |
Current portion of notes payable - related parties | 2,580 | 3,351 |
Current portion of finance lease obligation | 16 | 0 |
Current portion of finance lease obligation - related parties | 0 | 648 |
Current portion of operating lease obligations | 206 | 362 |
Accrued liabilities | 7,432 | 4,361 |
Accounts payable | 5,163 | 4,395 |
Total current liabilities | 16,776 | 14,229 |
Long-term notes payable, net of current portion | 6,772 | 682 |
Long-term notes payable, net of current portion - related parties | 919 | 2,726 |
Long-term portion of finance lease obligations | 68 | 0 |
Long-term portion of operating lease obligations | 314 | 490 |
Other noncurrent liabilities | 98 | 156 |
Total liabilities | 24,947 | 18,283 |
Commitments and contingencies (Note 12) | ||
Stockholders’ Equity: | ||
Preferred Stock; $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 0 | 0 |
Common stock; $0.001 par value, 37,500,000 shares authorized, 17,691,268 and 16,896,626 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 18 | 17 |
Additional paid-in capital | 97,373 | 91,278 |
Accumulated other comprehensive income | 172 | 122 |
Accumulated deficit | (34,841) | (29,387) |
Total stockholders’ equity | 62,722 | 62,030 |
Total liabilities and stockholders’ equity | $ 87,669 | $ 80,313 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 37,500,000 | 37,500,000 |
Common stock, shares issued (in shares) | 17,691,268 | 16,896,626 |
Common stock, shares, outstanding (in shares) | 17,691,268 | 16,896,626 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | ||||
Total revenues | $ 19,704 | $ 9,019 | $ 53,420 | $ 27,860 |
Operating expenses: | ||||
Selling, general and administrative expenses | 6,155 | 2,338 | 13,195 | 7,892 |
Gain from disposal of fixed assets | 0 | 0 | (24) | (11) |
Depreciation expense | 2,324 | 2,266 | 6,767 | 6,802 |
Impairment of right-of-use lease asset | 376 | 0 | 376 | 0 |
Total operating expenses | 24,302 | 11,452 | 60,111 | 34,887 |
Loss from operations before equity income | (4,598) | (2,433) | (6,691) | (7,027) |
Net equity income from foreign joint ventures' operations: | ||||
Income from equity investments in foreign joint ventures | 308 | 642 | 1,267 | 1,529 |
Foreign joint ventures' operations related expenses | (62) | (69) | (192) | (182) |
Net equity income from foreign joint ventures' operations | 246 | 573 | 1,075 | 1,347 |
Loss from operations | (4,352) | (1,860) | (5,616) | (5,680) |
Other income (expense): | ||||
Interest expense, net | (130) | (2) | (224) | (28) |
Interest expense, net - related parties | (120) | (199) | (441) | (681) |
Other income (loss) | 70 | (31) | 1,183 | (6) |
Total other income (expense) | (180) | (232) | 518 | (715) |
Loss before income tax expense | (4,532) | (2,092) | (5,098) | (6,395) |
Income tax expense | 93 | 41 | 356 | 251 |
Net loss | $ (4,625) | $ (2,133) | $ (5,454) | $ (6,646) |
Net loss per common share: | ||||
Net income (loss) per common share, basic (in usd per share) | $ (0.26) | $ (0.13) | $ (0.32) | $ (0.39) |
Net income (loss) per common share, diluted (in usd per share) | $ (0.26) | $ (0.13) | $ (0.32) | $ (0.39) |
Weighted average number of common shares outstanding: | ||||
Weighted average number of shares outstanding, basic (in shares) | 17,578,653 | 16,896,626 | 17,202,631 | 16,867,939 |
Weighted average number of shares outstanding, diluted (in shares) | 17,578,653 | 16,896,626 | 17,202,631 | 16,867,939 |
LNG Product | ||||
Revenue | ||||
Total revenues | $ 14,420 | $ 6,594 | $ 37,927 | $ 18,609 |
Operating expenses: | ||||
Cost of revenue | 11,988 | 5,044 | 30,154 | 13,692 |
Rental, service and other | ||||
Revenue | ||||
Total revenues | 3,359 | 1,073 | 10,364 | 5,613 |
Operating expenses: | ||||
Cost of revenue | 1,917 | 808 | 5,649 | 3,381 |
Power delivery | ||||
Revenue | ||||
Total revenues | 1,925 | 1,352 | 5,129 | 3,638 |
Operating expenses: | ||||
Cost of revenue | $ 1,542 | $ 996 | $ 3,994 | $ 3,131 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (4,625) | $ (2,133) | $ (5,454) | $ (6,646) |
Foreign currency translation adjustment | (150) | 424 | 50 | (111) |
Total comprehensive loss | $ (4,775) | $ (1,709) | $ (5,404) | $ (6,757) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance, beginning (in shares) at Dec. 31, 2019 | 16,800,612 | ||||
Balance, beginning at Dec. 31, 2019 | $ 67,843 | $ 17 | $ 90,748 | $ (291) | $ (22,631) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued (in shares) | 34,706 | ||||
Stock-based compensation | 19 | 19 | |||
Net loss | (1,050) | (1,050) | |||
Other comprehensive income (loss) | (619) | (619) | |||
Balance, ending (in shares) at Mar. 31, 2020 | 16,835,318 | ||||
Balance, ending at Mar. 31, 2020 | 66,193 | $ 17 | 90,767 | (910) | (23,681) |
Balance, beginning (in shares) at Dec. 31, 2019 | 16,800,612 | ||||
Balance, beginning at Dec. 31, 2019 | 67,843 | $ 17 | 90,748 | (291) | (22,631) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (6,646) | ||||
Other comprehensive income (loss) | (111) | ||||
Balance, ending (in shares) at Sep. 30, 2020 | 16,896,626 | ||||
Balance, ending at Sep. 30, 2020 | 61,430 | $ 17 | 91,092 | (402) | (29,277) |
Balance, beginning (in shares) at Mar. 31, 2020 | 16,835,318 | ||||
Balance, beginning at Mar. 31, 2020 | 66,193 | $ 17 | 90,767 | (910) | (23,681) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued (in shares) | 61,308 | ||||
Stock-based compensation | 139 | 139 | |||
Net loss | (3,463) | (3,463) | |||
Other comprehensive income (loss) | 84 | 84 | |||
Balance, ending (in shares) at Jun. 30, 2020 | 16,896,626 | ||||
Balance, ending at Jun. 30, 2020 | 62,953 | $ 17 | 90,906 | (826) | (27,144) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 186 | 186 | |||
Net loss | (2,133) | (2,133) | |||
Other comprehensive income (loss) | 424 | 424 | |||
Balance, ending (in shares) at Sep. 30, 2020 | 16,896,626 | ||||
Balance, ending at Sep. 30, 2020 | 61,430 | $ 17 | 91,092 | (402) | (29,277) |
Balance, beginning (in shares) at Dec. 31, 2020 | 16,896,626 | ||||
Balance, beginning at Dec. 31, 2020 | 62,030 | $ 17 | 91,278 | 122 | (29,387) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 162 | 162 | |||
Net loss | 175 | 175 | |||
Other comprehensive income (loss) | (202) | (202) | |||
Balance, ending (in shares) at Mar. 31, 2021 | 16,896,626 | ||||
Balance, ending at Mar. 31, 2021 | 62,165 | $ 17 | 91,440 | (80) | (29,212) |
Balance, beginning (in shares) at Dec. 31, 2020 | 16,896,626 | ||||
Balance, beginning at Dec. 31, 2020 | $ 62,030 | $ 17 | 91,278 | 122 | (29,387) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares issued in acquisition of new assets (in shares) | 500,000 | ||||
Shares issued in asset acquisition | $ 3,800 | ||||
Net loss | (5,454) | ||||
Other comprehensive income (loss) | 50 | ||||
Balance, ending (in shares) at Sep. 30, 2021 | 17,691,268 | ||||
Balance, ending at Sep. 30, 2021 | 62,722 | $ 18 | 97,373 | 172 | (34,841) |
Balance, beginning (in shares) at Mar. 31, 2021 | 16,896,626 | ||||
Balance, beginning at Mar. 31, 2021 | 62,165 | $ 17 | 91,440 | (80) | (29,212) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued (in shares) | 101,284 | ||||
Stock-based compensation | 122 | 122 | |||
Shares issued in acquisition of new assets (in shares) | 500,000 | ||||
Shares issued in asset acquisition | 3,795 | $ 1 | 3,794 | ||
Net loss | (1,004) | (1,004) | |||
Other comprehensive income (loss) | 402 | 402 | |||
Balance, ending (in shares) at Jun. 30, 2021 | 17,497,910 | ||||
Balance, ending at Jun. 30, 2021 | 65,480 | $ 18 | 95,356 | 322 | (30,216) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued (in shares) | 250,000 | ||||
Stock-based compensation | 2,447 | 2,447 | |||
Employee tax payments from restricted stock with holdings (in shares) | (56,642) | ||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (430) | (430) | |||
Net loss | (4,625) | (4,625) | |||
Other comprehensive income (loss) | (150) | (150) | |||
Balance, ending (in shares) at Sep. 30, 2021 | 17,691,268 | ||||
Balance, ending at Sep. 30, 2021 | $ 62,722 | $ 18 | $ 97,373 | $ 172 | $ (34,841) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||||||
Net loss | $ (4,625) | $ 175 | $ (2,133) | $ (1,050) | $ (5,454) | $ (6,646) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation | 2,324 | 2,266 | 6,767 | 6,802 | |||
Stock-based compensation expense | 2,731 | 344 | |||||
Bad debt expense | 0 | 144 | |||||
Gain on disposal of fixed assets | (24) | (11) | |||||
Gain on extinguishment of debt | (1,086) | 0 | |||||
Income from equity investment in joint venture | (308) | (642) | (1,267) | (1,529) | |||
Distributions from equity investment in joint venture | 1,387 | 2,054 | |||||
Impairment of right-of-use lease asset | 376 | 0 | 376 | 0 | |||
Change in operating assets and liabilities, net of acquisitions: | |||||||
Accounts receivable | (1,708) | 3,629 | |||||
Due to (from) related parties | 42 | 0 | |||||
Inventories | (173) | 48 | |||||
Prepaid expenses and other current assets | 91 | (396) | |||||
Accounts payable and accrued liabilities | 3,878 | (2,085) | |||||
Other | (82) | 113 | |||||
Net cash provided by operating activities | 5,478 | 2,467 | |||||
Cash flows from investing activities: | |||||||
Acquisition of fixed assets | (6,948) | (327) | |||||
Proceeds on sales of fixed assets | 258 | 12 | |||||
Net cash used in investing activities | (6,690) | (315) | |||||
Cash flows from financing activities: | |||||||
Proceeds from borrowings on short- and long-term notes payable | 7,228 | 1,856 | |||||
Payments on short- and long-term notes payable | (650) | (644) | |||||
Payments on notes payable and financed leases from related parties | (3,277) | (3,776) | |||||
Payment of debt issuance costs | (420) | 0 | |||||
Employee tax payments from restricted stock withholdings | (430) | 0 | |||||
Net cash provided by (used in) financing activities | 2,451 | (2,564) | |||||
Effect of exchange rate changes on cash | (115) | (157) | |||||
Net increase (decrease) in cash and cash equivalents | 1,124 | (569) | |||||
Cash and cash equivalents, beginning of period | $ 1,814 | $ 3,979 | 1,814 | 3,979 | $ 3,979 | ||
Cash and cash equivalents, end of period | $ 2,938 | $ 3,410 | 2,938 | 3,410 | $ 1,814 | ||
Supplemental disclosure of cash flow information: | |||||||
Interest paid | 645 | 834 | |||||
Income taxes paid | 228 | 210 | |||||
Non-cash investing and financing activities: | |||||||
Common stock issued to acquire fixed assets | 3,795 | 0 | |||||
Insurance premium financing | 1,278 | 0 | |||||
Equipment acquired under capital leases | $ 104 | $ 0 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Overview and Basis of Presentation | Overview and Basis of Presentation Overview Stabilis Solutions, Inc. and its subsidiaries (the “Company”, “Stabilis”, “our”, “us” or “we”) produce, provide turnkey clean energy production, storage, transportation and fueling solutions using liquefied natural gas (“LNG”) and hydrogen to multiple end markets across North America. The Company also distributes LNG and hydrogen from third parties and provides services, transportation, and equipment to customers. The Company is a supplier of LNG and hydrogen solutions to customers in diverse end markets, including aerospace, agriculture, industrial, utility, pipeline, mining, energy, remote clean power, and high horsepower transportation markets in North America and provides turnkey fuel solutions to help industrial users of propane, diesel and other crude-based fuel products convert to LNG, which may result in reduced fuel costs and an improved environmental footprint. Stabilis is vertically integrated from LNG production through distribution including cryogenic equipment rental and field services. Stabilis opened its 100,000 gallons per day (“gpd”) LNG production facility in George West, Texas in January 2015 to service industrial and oilfield customers in Texas and the greater Gulf Coast region. The Company owns a second liquefaction plant capable of producing 25,000 gpd that is currently not in operation. On June 1, 2021 the Company acquired a third LNG production facility in Port Allen, Louisiana. The plant is capable of producing 30,000 gpd. The Company also provides power delivery equipment and services through its subsidiary in Brazil, M&I Electric Brazil Sistemas e Servicios em Energia LTDA (“M&I Brazil”) and its 40% interest in a joint venture in China, BOMAY Electric Industries Co., Ltd. (“BOMAY”). Basis of Presentation The accompanying unaudited, interim condensed consolidated financial statements ("Condensed Consolidated Financial Statements") include our accounts and those of our subsidiaries and, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures normally included in the notes to consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted. We believe that the presentation and disclosures herein are adequate to prevent the information presented herein from being misleading. The Condensed Consolidated Financial Statements reflect all adjustments (consisting of normal recurring adjustments) for a fair presentation of the interim periods. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full year. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2020 included in the Company's Annual Report on Form 10-K, as filed on March 16, 2021. All intercompany accounts and transactions have been eliminated in consolidation. In the Notes to Condensed Consolidated Financial Statements, all dollar amounts in tabulations are in thousands, unless otherwise indicated. The accompanying Condensed Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is required to make certain disclosures if it concludes that there is substantial doubt about the entity’s ability to continue as a going concern within one year from the date of the issuance of these financial statements. The Company has incurred recurring operating losses, and the Company is subject to business risks and uncertainties inherent in the current LNG industry. There is no assurance that the Company will be able to generate sufficient revenues in the future to sustain itself or to support future growth. The Company's working capital and business risks within the LNG industry were reviewed by management to determine if there was substantial doubt as to the Company’s ability to continue as a going concern. Management concluded that its plan to address the Company’s liquidity issues would allow it to continue as a going concern. The Company has recently experienced its highest ever year-to-date revenue, including a resumption of activity with existing customers as well as new revenue opportunities, particularly in Mexico and with power generation customers. On April 8, 2021, the Company obtained a new advancing loan facility, pursuant to the United States Department of Agriculture, Business & Industry Loan Program, in the aggregate principal amount of up to $10.0 million, of which $7.0 million was drawn and outstanding as of September 30, 2021. The Company's management believes that current working capital, access to its advancing loan facility and revenue growth of the business will generate sufficient cash flows to fund the business for the next 12 months. Reclassifications Presentation of certain prior year amounts have been condensed on the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows herein to conform to current period presentation. Such reclassifications had no impact on the consolidated financial position, results of operations or cash flows. Use of Estimates The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates include the carrying amount of contingencies, valuation allowances for receivables, inventories, and deferred income tax assets, valuations assigned to assets and liabilities in business combinations, and impairments of long-lived assets. Actual results could differ from those estimates, and these differences could be material to the Condensed Consolidated Financial Statements. Income Taxes The Company records income taxes for interim periods based on an estimated annual effective tax rate. The estimated annual effective tax rate is recomputed on a quarterly basis and may fluctuate due to changes in forecasted annual operating income, positive or negative changes to the valuation allowance for net deferred tax assets, the timing of distributions on foreign investments from which foreign taxes are withheld, and changes to actual or forecasted permanent book to tax differences. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, “Simplifying the Accounting for Income Taxes” (“ASU No. 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, Income Taxes and also improves consistent application by clarifying and amending existing guidance. ASU No. 2019-12 was adopted by the Company effective January 1, 2021. The adoption of this standard had no impact on our unaudited interim condensed consolidated financial position or results of operations. Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU No. 2020-04”), which provides guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying generally accepted accounting principles to contract modifications, hedging relationships, and other transactions impacted by reference rate reform. The provisions of ASU No. 2020-04 apply only to those transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. Adoption of the provisions of ASU No. 2020-04 are optional and are effective from March 12, 2020 through December 31, 2022. We are currently evaluating the impact of ASU No. 2020-04 on our consolidated financial position and results of operations. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregated Revenues The table below presents revenue disaggregated by source, for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended Revenues 2021 2020 2021 2020 LNG Product $ 14,420 $ 6,594 $ 37,927 $ 18,609 Rental 2,712 737 8,039 4,012 Service 334 187 957 593 Power Delivery 1,925 1,352 5,129 3,638 Other 313 149 1,368 1,008 $ 19,704 $ 9,019 $ 53,420 $ 27,860 The table below presents revenue disaggregated by geographic location, for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended Revenues 2021 2020 2021 2020 Brazil $ 1,925 $ 1,352 $ 5,129 $ 3,638 Mexico 3,501 2,729 7,198 2,778 United States 14,278 4,938 41,093 21,444 $ 19,704 $ 9,019 $ 53,420 $ 27,860 See Note 4—Business Segments, below, for additional disaggregation of revenue. Contract Liabilities The Company recognizes contract liabilities upon receipt of payments for which the performance obligations have not been fulfilled at the reporting date, resulting in deferred revenue. Contract liabilities are included in accrued liabilities in the accompanying unaudited condensed consolidated balance sheets. The table below presents the changes in the Company’s contract liabilities for the nine months ended September 30, 2021 and December 31, 2020 (in thousands): September 30, December 31, Balance at beginning of period $ 357 $ 185 Cash received, excluding amounts recognized as revenue 283 777 Amounts recognized as revenue (352) (605) Balance at end of period $ 288 $ 357 The Company has no other material contract assets or liabilities and contract costs. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | Business SegmentsThe Company’s revenues are derived from two operating segments: LNG and Power Delivery. The LNG segment supplies LNG to multiple end markets in North America and provides turnkey fuel solutions to help users of propane, diesel and other crude-based fuel products convert to LNG. The Power Delivery segment provides power delivery equipment and services in Brazil and through our BOMAY joint venture in China. The tables below present operating results by segment for the three and nine months ended September 30, 2021 and 2020 as well as their respective total assets at September 30, 2021 and December 31, 2020 (in thousands): Three Months Ended Nine Months Ended LNG Power Delivery Total LNG Power Delivery Total Revenues $ 17,779 $ 1,925 $ 19,704 $ 48,291 $ 5,129 $ 53,420 Depreciation 2,284 40 2,324 6,653 114 6,767 Loss from operations before equity income (4,441) (157) (4,598) (6,013) (678) (6,691) Net equity income from foreign joint ventures' operations — 246 246 — 1,075 1,075 Income (loss) from operations (4,441) 89 (4,352) (6,013) 397 (5,616) Interest expense, net 118 12 130 188 36 224 Interest expense, net - related parties 120 — 120 441 — 441 Income tax expense 93 — 93 356 — 356 Net income (loss) (4,735) 110 (4,625) (5,967) 513 (5,454) September 30, 2021 LNG Power Delivery Total Total assets $ 71,450 $ 16,219 $ 87,669 Three Months Ended Nine Months Ended LNG Power Delivery Total LNG Power Delivery Total Revenues $ 7,667 $ 1,352 $ 9,019 $ 24,222 $ 3,638 $ 27,860 Depreciation 2,237 29 2,266 6,706 96 6,802 Loss from operations before equity income (2,179) (254) (2,433) (5,898) (1,129) (7,027) Net equity income from foreign joint ventures' operations — 573 573 — 1,347 1,347 Income (loss) from operations (2,179) 319 (1,860) (5,898) 218 (5,680) Interest expense, net 11 (9) 2 16 12 28 Interest expense, net - related parties 199 — 199 681 — 681 Income tax expense 41 — 41 41 210 251 Net income (loss) (2,458) 325 (2,133) (6,678) 32 (6,646) December 31, 2020 LNG Power Delivery Total Total assets $ 64,757 $ 15,556 $ 80,313 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 9 Months Ended |
Sep. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets The Company’s prepaid expenses and other current assets at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, December 31, Prepaid LNG $ 51 $ 90 Prepaid insurance 1,385 734 Prepaid supplier expenses 326 299 Other receivables 1,923 1,521 Deposits 360 285 Other 253 182 Total prepaid expenses and other current assets $ 4,298 $ 3,111 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The Company’s property, plant and equipment at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, December 31, Liquefaction plants and systems $ 47,225 $ 40,841 Real property and buildings 2,373 1,649 Vehicles and tanker trailers and equipment 49,556 47,179 Computer and office equipment 609 532 Construction in progress 964 191 Leasehold improvements 31 30 100,758 90,422 Less: accumulated depreciation (44,900) (38,384) $ 55,858 $ 52,038 Depreciation expense for the nine months ended September 30, 2021 and 2020 both totaled $6.8 million respectively, of which all is included in the unaudited Condensed Consolidated Statements of Operations as its own and separate line item. On June 1, 2021 the Company closed on the purchase of an LNG production facility in Port Allen, Louisiana. The acquisition included the LNG liquefaction facility, the related assets and real property. The Company paid consideration of $5.0 million in cash and 500,000 shares of Company common stock, subject to a registration rights agreement, which shares were valued at $3.8 million. |
Investments in Foreign Joint Ve
Investments in Foreign Joint Ventures | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Foreign Joint Ventures | Investments in Foreign Joint Ventures The Company holds a 40% interest in BOMAY Electric Industries Company, Ltd. (“BOMAY”), which builds electrical systems for sale in China. The majority partner in this foreign joint venture is Baoji Oilfield Machinery Co., Ltd. (a subsidiary of China National Petroleum Corporation), which owns 51%. The remaining 9% is owned by AA Energies, Inc. The Company made no sales to its joint venture during the three and nine months ended September 30, 2021 and 2020. The Company accounts for its investment in BOMAY using the equity method of accounting. Under the equity method, the Company’s share of the joint venture operations earnings or losses is recognized in the condensed consolidated statements of operations as equity income (loss) from foreign joint venture operations. Joint venture income increases the carrying value of the joint venture and joint venture losses reduce the carrying value. Dividends received from the joint venture reduce the carrying value. The Company considers dividend distributions received from its equity method investments which do not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and classifies these distributions as operating activities in the accompanying Condensed Consolidated Statements of Cash flows. The tables below present a summary of BOMAY's assets and liabilities and equity at September 30, 2021 and December 31, 2020, and its operational results for the three and nine months ended September 30, 2021 and 2020 in U.S. dollars (in thousands, unaudited): September 30, December 31, 2020 Assets: Total current assets $ 60,707 $ 51,811 Total non-current assets 6,690 7,136 Total assets $ 67,397 $ 58,947 Liabilities and equity: Total liabilities $ 34,779 $ 26,355 Total joint ventures’ equity 32,618 32,592 Total liabilities and equity $ 67,397 $ 58,947 Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue $ 10,040 $ 17,641 $ 43,261 $ 44,844 Gross Profit 3,420 3,224 8,111 7,456 Earnings 688 1,663 2,923 3,662 The table below presents a summary of activity in our investment in BOMAY for the periods ended September 30, 2021 and December 31, 2020 in U.S. dollars (in thousands, unaudited): September 30, December 31, 2020 Investment in BOMAY (1)(2) Initial investment $ 9,333 $ 9,333 Undistributed earnings: Balance at the beginning of the period 1,908 1,257 Equity in earnings 1,267 2,705 Dividend distributions (1,387) (2,054) Balance at end of period 1,788 1,908 Foreign currency translation: Balance at the beginning of the period 656 (69) Change during the period 146 725 Balance at end of period 802 656 Total investment in BOMAY at end of period $ 11,923 $ 11,897 (1) Accumulated statutory reserves in equity method investments of $2.66 million at September 30, 2021 and December 31, 2020 is included in our investment in BOMAY. In accordance with the People’s Republic of China, (“PRC”) regulations on enterprises with foreign ownership, an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. (2) The Company’s initial investment in BOMAY differed from the Company’s 40% share of BOMAY’s equity as a result of applying fair value accounting pursuant to ASC 805. The basis difference of approximately $1.2 million will be accreted over the remaining seven year life of the joint venture. The Company accreted $97 thousand for both the nine months ended September 30, 2021 and 2020, which is included in income from equity investments in foreign joint ventures in the accompanying unaudited interim condensed consolidated statements of operations. As of September 30, 2021 and December 31, 2020, accumulated accretion totaled $280 thousand and $183 thousand, respectively. |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities The Company’s accrued liabilities at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, December 31, Compensation and benefits $ 3,134 $ 1,745 Professional fees 623 408 LNG fuel and transportation 2,507 1,151 Accrued interest — 21 Contract liabilities 288 357 Other taxes payable 582 328 Other accrued liabilities 298 351 Total accrued liabilities $ 7,432 $ 4,361 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s carrying value of debt at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, December 31, Unsecured promissory note $ — $ 1,080 Secured term note, net of debt issuance costs 6,598 — Secured term note payable - related party — 1,077 Secured promissory note - related party 3,498 5,000 Insurance and other notes payable 1,554 714 Less: amounts due within one year (3,959) (4,463) Total long-term debt $ 7,691 $ 3,408 Unsecured Promissory Note During 2020, the Company received loan proceeds of $1.1 million (the “PPP Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Under the terms of the PPP, all or a portion of the principal may be forgiven if the PPP Loan proceeds are used for qualifying expenses as described in the CARES Act, such as payroll costs, benefits, rent, and utilities. In June 2021, the forgiveness of the PPP Loan was approved by the Small Business Administration in full and the PPP Loan has been forgiven. The Company recognized a gain on forgiveness of debt in the amount of $1.1 million which is included in other income (expense) in the accompanying unaudited interim condensed consolidated statements of operations. Secured Term Note On April 8, 2021, the Company entered into a loan agreement (the “Loan Agreement”) with AmeriState Bank (“Lender”), as lender, pursuant to the United States Department of Agriculture, Business & Industry Loan Program, to provide for an advancing loan facility in the aggregate principal amount of up to $10.0 million (the “AmeriState Loan”), of which $7.0 million was drawn and outstanding as of September 30, 2021. The AmeriState Loan, which is in the form of a term loan facility, matures on April 8, 2031 and bears interest at 5.75% per annum through April 8, 2026, and the U.S. prime lending rate plus 2.5% per annum thereafter. The AmeriState Loan provides that proceeds from borrowings may be used for working capital purposes at the Company’s liquefaction plant in George West, Texas and related fees and costs associated with the AmeriState Loan. Upon an Event of Default (as defined in the Loan Agreement), the Lender may (i) terminate its commitment, (ii) declare the outstanding principal amount of the Advancing Notes (as defined in the Loan Agreement) due and payable, or (iii) exercise all rights and remedies available to Lender under the Loan Agreement. On April 8, 2021, Mile High LNG LLC, Stabilis GDS, Inc., Stabilis LNG Eagle Ford LLC and Stabilis Energy Services, LLC, each a wholly owned subsidiary of the Company (collectively, “Debtor”), entered into a Security Agreement and Assignment (the “Security Agreement”) in favor of the Lender. The Security Agreement grants to Lender a first priority security interest in the collateral identified therein, which includes specific equipment collateral owned by the Company. Repayment of Secured Term Note Payable - Related Party The Company had a Secured Term Note Payable, as amended, with Chart Energy & Chemicals, Inc. (“Chart E&C”), who beneficially owns approximately 8.3% of our outstanding common stock. The note contained various covenants that limited the Company's ability to grant certain liens, incur additional indebtedness, guarantee or become contingently liable for obligations of any person except for those allowed by Chart E&C, 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, prepay indebtedness, and issue additional equity interests. Borrowings incurred interest on the outstanding principal at the rate of 3.0% plus the London interbank offered rate (3.15% at December 31, 2020). During the three months ended September 30, 2021, the Company repaid this debt in full totaling approximately $1.1 million. Amendment of Secured Promissory Note - Related Party On September 20, 2021, the Company amended its secured promissory note with M/G Finance Co., Ltd, a related party, to defer scheduled debt and interest payments for September through December 2021 for a period of one year, such payments to be included with the scheduled payments for September through December 2022. The secured promissory note is secured by certain equipment of the Company. During the nine months ended September 30, 2021 and 2020, the Company recorded interest expense on debt as follows (in thousands): September 30, September 30, Unsecured promissory note $ — $ 4 Secured term note $ 176 $ — Secured term note payable - related party 22 57 Secured promissory note - related party 409 224 Insurance and other notes payable 41 24 Total interest expense on debt $ 648 $ 309 Certain of the agreements governing our outstanding debt have certain covenants with which we must comply. As of September 30, 2021, we were in compliance with all of these covenants. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | LeasesOn July 30, 2021, the Company terminated its office lease with Millenium-Windfall Partners, Ltd for a fixed settlement of $0.4 million, payable in 43 monthly payments. In accordance with the termination, the Company was released from all future rights and obligations under the lease. In accordance with the termination of the lease, the Company recorded an impairment charge of $0.4 million related to its remaining right-of-use asset for this lease for the three and nine months ended September 30, 2021. The Company also remeasured the lease obligation as of July 30, 2021 and the remaining obligation of $0.4 million under the termination settlement is included in the Company's liabilities at September 30, 2021. The table below summarizes the supplemental balance sheet information related to lease assets and lease liabilities as of September 30, 2021 and December 31, 2020 (in thousands): Classification September 30, December 31, 2020 Assets Operating lease assets Right-of-use assets $ 128 $ 786 Finance lease assets Property and equipment, net of accumulated depreciation 90 6,781 Total lease assets $ 218 $ 7,567 Liabilities Current Operating Current portion of operating lease obligations $ 206 $ 362 Finance Current portion of finance lease obligation 16 — Finance Current portion of finance lease obligation - related parties — 648 Noncurrent Operating Long-term portion of operating lease obligation 314 490 Finance Long-term portion of finance lease obligations 68 — Total lease liabilities $ 604 $ 1,500 The table below summarizes the components of lease expense for the three and nine months ended September 30, 2021 and 2020 (in thousands, unaudited): Lease Cost Classification Three Months Ended Nine Months Ended 2021 2020 2021 2020 Operating lease cost Cost of sales $ 39 $ 42 $ 116 $ 122 Operating lease cost Selling, general and administrative expenses 75 4 198 185 Finance lease cost Amortization of leased assets Depreciation 5 294 14 879 Interest on lease liabilities Interest expense 2 104 17 400 Net lease cost $ 121 $ 444 $ 345 $ 1,586 On January 25, 2021, the Company entered into three finance lease agreements for vehicles. Under the terms of the lease agreements, the Company has total monthly principal and interest payments of $2 thousand for a 36-month period at an annual rate of 10.7%. The leases include purchase options, which are reasonably certain to occur. In December 2019, the Company refinanced its lease agreement with a subsidiary of The Modern Group, Ltd. (“The Modern Group”) for equipment purchases totaling approximately $3.2 million. Under the terms of the lease agreement, the Company exercised its purchase option and the remaining outstanding lease obligation of approximately $648 thousand became due on January 25, 2021. These assets are included in the Company's property, plant and equipment, net on the Condensed Consolidated Balance Sheets and the purchase had no effect on the net book value of these assets. The schedule below presents the future minimum lease payments for our operating and finance lease obligations at September 30, 2021 (in thousands): Operating Finance Total Remainder 2021 $ 85 $ 6 $ 91 2022 181 25 206 2023 147 25 172 2024 131 41 172 2025 21 — 21 Thereafter — — — Total lease payments 565 97 662 Less: Interest (45) (13) (58) Present value of lease liabilities $ 520 $ 84 $ 604 Lease term and discount rates for our operating and finance lease obligations are as follows: September 30, Weighted-average remaining lease term (years) Operating leases 2.7 Finance leases 2.3 Weighted-average discount rate Operating leases 7.2% Finance leases 10.7% The table below summarizes the supplemental cash flow information related to leases for the nine months ended September 30, 2021 and 2020 (in thousands): September 30, September 30, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 250 $ 287 Financing cash flows from finance leases 668 2,640 Interest paid 35 400 Noncash activities from right-of-use assets obtained in exchange for lease obligations: Operating leases $ — $ 1,163 |
Leases | LeasesOn July 30, 2021, the Company terminated its office lease with Millenium-Windfall Partners, Ltd for a fixed settlement of $0.4 million, payable in 43 monthly payments. In accordance with the termination, the Company was released from all future rights and obligations under the lease. In accordance with the termination of the lease, the Company recorded an impairment charge of $0.4 million related to its remaining right-of-use asset for this lease for the three and nine months ended September 30, 2021. The Company also remeasured the lease obligation as of July 30, 2021 and the remaining obligation of $0.4 million under the termination settlement is included in the Company's liabilities at September 30, 2021. The table below summarizes the supplemental balance sheet information related to lease assets and lease liabilities as of September 30, 2021 and December 31, 2020 (in thousands): Classification September 30, December 31, 2020 Assets Operating lease assets Right-of-use assets $ 128 $ 786 Finance lease assets Property and equipment, net of accumulated depreciation 90 6,781 Total lease assets $ 218 $ 7,567 Liabilities Current Operating Current portion of operating lease obligations $ 206 $ 362 Finance Current portion of finance lease obligation 16 — Finance Current portion of finance lease obligation - related parties — 648 Noncurrent Operating Long-term portion of operating lease obligation 314 490 Finance Long-term portion of finance lease obligations 68 — Total lease liabilities $ 604 $ 1,500 The table below summarizes the components of lease expense for the three and nine months ended September 30, 2021 and 2020 (in thousands, unaudited): Lease Cost Classification Three Months Ended Nine Months Ended 2021 2020 2021 2020 Operating lease cost Cost of sales $ 39 $ 42 $ 116 $ 122 Operating lease cost Selling, general and administrative expenses 75 4 198 185 Finance lease cost Amortization of leased assets Depreciation 5 294 14 879 Interest on lease liabilities Interest expense 2 104 17 400 Net lease cost $ 121 $ 444 $ 345 $ 1,586 On January 25, 2021, the Company entered into three finance lease agreements for vehicles. Under the terms of the lease agreements, the Company has total monthly principal and interest payments of $2 thousand for a 36-month period at an annual rate of 10.7%. The leases include purchase options, which are reasonably certain to occur. In December 2019, the Company refinanced its lease agreement with a subsidiary of The Modern Group, Ltd. (“The Modern Group”) for equipment purchases totaling approximately $3.2 million. Under the terms of the lease agreement, the Company exercised its purchase option and the remaining outstanding lease obligation of approximately $648 thousand became due on January 25, 2021. These assets are included in the Company's property, plant and equipment, net on the Condensed Consolidated Balance Sheets and the purchase had no effect on the net book value of these assets. The schedule below presents the future minimum lease payments for our operating and finance lease obligations at September 30, 2021 (in thousands): Operating Finance Total Remainder 2021 $ 85 $ 6 $ 91 2022 181 25 206 2023 147 25 172 2024 131 41 172 2025 21 — 21 Thereafter — — — Total lease payments 565 97 662 Less: Interest (45) (13) (58) Present value of lease liabilities $ 520 $ 84 $ 604 Lease term and discount rates for our operating and finance lease obligations are as follows: September 30, Weighted-average remaining lease term (years) Operating leases 2.7 Finance leases 2.3 Weighted-average discount rate Operating leases 7.2% Finance leases 10.7% The table below summarizes the supplemental cash flow information related to leases for the nine months ended September 30, 2021 and 2020 (in thousands): September 30, September 30, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 250 $ 287 Financing cash flows from finance leases 668 2,640 Interest paid 35 400 Noncash activities from right-of-use assets obtained in exchange for lease obligations: Operating leases $ — $ 1,163 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Other Purchases and Sales During the nine months ended September 30, 2021 and 2020, the Company paid Applied Cryo Technologies, Inc. (“ACT”), a company owned 51% by Crenshaw Family Holdings, LP (“Crenshaw Family Holdings”), $530 thousand and $109 thousand, respectively, for equipment, repairs and services. Casey Crenshaw, the Company's controlling shareholder, is the beneficial owner of 25% of Crenshaw Family Holdings and is deemed to jointly control Crenshaw Family Holdings with family members. During the three months ended September 30, 2021 and 2020, the Company paid ACT $32 thousand and $36 thousand, respectively, for equipment repairs and services. The Company had $30 thousand of sales to ACT during the three and nine months ended September 30, 2021. The Company had no sales to ACT during the three and nine months ended September 30, 2020. The Company had $30 thousand and $2 thousand due from ACT included in accounts receivable on the unaudited condensed consolidated balance sheets at September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 and December 31, 2020, the Company had $15 thousand and $121 thousand, respectively, due to ACT included in accounts payable on the unaudited condensed consolidated balance sheets. The Company purchases supplies and services from a subsidiary of The Modern Group. Casey Crenshaw is the beneficial owner of 25% of The Modern Group and is deemed to jointly control The Modern Group with family members. During the nine months ended September 30, 2021 and 2020, the Company made purchases of supplies and services from a subsidiary of The Modern Group totaling $848 thousand and $213 thousand, respectively. During the three months ended September 30, 2021 and 2020, the Company made purchases of supplies and services totaling $127 thousand and $18 thousand, respectively. The Company had $13 thousand of sales to The Modern Group during the three and nine months ended September 30, 2021 with no sales during the same period of 2020. The Company had an $11 thousand receivable due from The Modern Group at September 30, 2021. There was no receivable due from The Modern Group at December 31, 2020. As of September 30, 2021 and December 31, 2020, the Company had $548 thousand and $582 thousand, respectively, due to a subsidiary of The Modern Group included in accounts payable on the unaudited condensed consolidated balance sheets. Chart E&C beneficially owns 8.3% of our outstanding common stock and was party to a Secured Term Note Payable with the Company prior to its repayment by the Company during the three and nine months ended September 30, 2021. The Company purchases services from Chart E&C. During the nine months ended September 30, 2021 and 2020, purchases from Chart E&C totaled $137 thousand and $22 thousand, respectively. During the three months ended September 30, 2021 and 2020, purchases from Chart E&C totaled $59 thousand and $2 thousand. As of September 30, 2021 and December 31, 2020, the Company had $58 thousand and $14 thousand, respectively, due to Chart E&C included in accounts payable on the unaudited condensed consolidated balance sheets. Secured Promissory Note - Related Party |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental Matters The Company is subject to federal, state and local environmental laws and regulations. The Company does not anticipate any expenditures to comply with such laws and regulations that would have a material impact on the Company’s condensed consolidated financial position, results of operations or liquidity. The Company believes that its operations comply, in all material respects, with applicable federal, state and local environmental laws and regulations. Litigation, Claims and Contingencies The Company may become party to various legal actions that arise in the ordinary course of its business. The Company is also subject to audit by tax and other authorities for varying periods in various federal, state and local jurisdictions, and disputes may arise during the course of these audits. It is impossible to determine the ultimate liabilities that the Company may incur resulting from any of these lawsuits, claims, proceedings, audits, commitments, contingencies and related matters or the timing of these liabilities, if any. If these matters were to ultimately be resolved unfavorably, it is possible that such an outcome could have a material adverse effect upon the Company’s consolidated financial position, results of operations, or liquidity. The Company does not, however, anticipate such an outcome and it believes the ultimate resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or liquidity. Additionally, the Company currently expenses all legal costs as they are incurred. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Issuances of Common Stock The Company is authorized to issue up to 37,500,000 shares of common stock, $0.001 par value per share. During the nine months ended September 30, 2021, the Company issued 500,000 shares of common stock, valued at $3.8 million, as partial consideration for the purchase of an LNG production facility in Port Allen, Louisiana. See Note 6—Property, Plant and Equipment, above, for additional information. In addition, during the nine months ended September 30, 2021, the Company issued a net 294,642 shares of common stock upon vesting of the Restricted Stock Units under its 2019 Long Term Incentive Plan. See Note 14—Stock-Based Compensation, below, for additional information. Issuances of Warrants As of September 30, 2021, the Company had outstanding Warrants to purchase 62,500 shares of our common stock as follows: Date of Issuance No. of Warrants Exercise Price Expiration Date Nov. 13, 2017 62,500 $18.08 Nov. 13, 2022 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Amendment of the 2019 Long Term Incentive Plan In July 2021, the Company's Board of Directors approved the Amended and Restated 2019 Long Term Incentive Plan (the “Amended and Restated Plan”), which was subsequently approved by the Company's shareholders on September 14, 2021. Under the Amended and Restated Plan, the maximum number of shares of common stock available for issuance was increased from 1,675,000 shares to 4,000,000 shares. Awards under the Amended and Restated Plan may be granted to employees, officers and directors of the Company and affiliates, and any other person who provides services to the Company and its affiliates (including independent contractors and consultants of the Company and its subsidiaries). Awards may be granted in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, substitute awards, other stock-based awards, cash awards and/or any combination of the foregoing. No participant may receive a grant covering more than 2,000,000 shares of our common stock in any year and a non-employee member of the Board may not be granted more than 100,000 shares in any year. Restricted Stock Units The Company granted 500,000 Restricted Stock Units ("RSUs") under the 2019 Plan during the nine months ended September 30, 2021 as outlined below. On August 22, 2021, the Company entered into a separation and release agreement with James C. Reddinger (formerly the Company's chief executive officer) pursuant to which Mr. Reddinger voluntarily resigned from his employment with the Company and as a member of the Company’s Board of Directors. Under the separation and release agreement, the Company agreed that Mr. Reddinger’s 500,000 RSUs granted under the Company's 2019 Long Term Incentive Plan would fully vest as of August 22, 2021, subject to Mr. Reddinger agreeing to hold the shares through December 31, 2022, and his continued compliance with his obligations in his separation and release agreement. In accordance with the 2019 Long Term Incentive Plan, the RSUs will be settled upon the earlier of (i) Mr. Reddinger's death or (ii) the date that is six months after his separation from service. On August 23, 2021, the Company appointed Westervelt T. “Westy” Ballard, Jr., age 49, as its president and chief executive officer. In connection with Mr. Ballard's appointment, the Company granted Mr. Ballard 500,000 RSUs, of which 250,000 RSUs vested immediately on August 23, 2021. The remaining 250,000 will vest over a two-year period in two equal tranches on August 23, 2022, and August 23, 2023, conditioned on Mr. Ballard remaining continuously employed through each vesting date. Stock Options The Company also agreed to grant Mr. Ballard 1,300,000 options to purchase the Company’s common stock, subject to Board approval with a strike price equal to $10.00 per share, which will vest (i) 442,000 options on August 23, 2022, (ii) 429,000 options on August 23, 2023, and (iii) 429,000 options on August 23, 2024, conditioned on Mr. Ballard remaining continuously employed through each vesting date. The Company anticipates entering into an award agreement with Mr. Ballard with respect to such options during the fourth quarter of 2021. The Company includes stock compensation expense within general and administrative expenses in the unaudited interim condensed consolidated statements of operations. During the nine months ended September 30, 2021, the Company recognized $2.7 million of stock compensation expense which included $0.5 million and $1.7 million related to the immediate vesting of Mr. Reddinger's and Mr. Ballard's RSUs, respectively. During the nine months ended September 30, 2020, the Company recognized $249 thousand in stock-based compensation costs related to RSUs. The Company recognized $2.4 million and $148 thousand in stock-based compensation costs related to RSUs during the three months ended September 30, 2021 and 2020, respectively. During the nine months ended September 30, 2021, a net 294,642 share awards vested and were issued. As of September 30, 2021, the Company had $1.7 million of unrecognized compensation costs related to 430,688 outstanding RSUs, which is expected to be recognized over a weighted average period of less than two years. All units are expected to vest. Restricted Stock Awards In February 2020, independent directors received 50% of their retainer fee as Restricted Stock Awards (“RSAs”). The 34,706 RSAs were issued immediately upon grant and were subject to a one year vesting period and other restrictions under the Company's 2019 Long Term Incentive Plan (the “2019 Plan”). During the nine months ended September 30, 2021, the 34,706 RSAs vested. |
Concentration of Credit Risk
Concentration of Credit Risk | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit RiskAs of September 30, 2021 and December 31, 2020, two customers comprised 42% and 47% of our net accounts receivable balance, respectively. During the three months ended September 30, 2021, revenues from two customers represented 39% of total revenues. During the three months ended September 30, 2020, revenues from one customer represented 26% of total revenues. During the nine months ended September 30, 2021 revenues from two customers represented 38% of our total revenues. During the nine months ended September 30, 2020, revenues from one customer represented 12% of our total revenues.As of September 30, 2021, two vendors comprised 33% of our net accounts payable balance. As of December 31, 2020, one vendor comprised 15% of our net accounts payable balance. For the three months ended September 30, 2021 and September 30, 2020, cost of revenues from one vendor represented 17% and 23% of our total cost of revenues, respectively. During the nine months ended September 30, 2021, cost of revenues from one vendor represented 13% of our total cost of revenues. During the nine months ended September 30, 2020, cost of revenues from two vendors represented 23% of our total cost of revenues. |
Overview and Basis of Present_2
Overview and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Overview | OverviewStabilis Solutions, Inc. and its subsidiaries (the “Company”, “Stabilis”, “our”, “us” or “we”) produce, provide turnkey clean energy production, storage, transportation and fueling solutions using liquefied natural gas (“LNG”) and hydrogen to multiple end markets across North America. The Company also distributes LNG and hydrogen from third parties and provides services, transportation, and equipment to customers. |
Basis of Presentation | Basis of Presentation The accompanying unaudited, interim condensed consolidated financial statements ("Condensed Consolidated Financial Statements") include our accounts and those of our subsidiaries and, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures normally included in the notes to consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted. We believe that the presentation and disclosures herein are adequate to prevent the information presented herein from being misleading. The Condensed Consolidated Financial Statements reflect all adjustments (consisting of normal recurring adjustments) for a fair presentation of the interim periods. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full year. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2020 included in the Company's Annual Report on Form 10-K, as filed on March 16, 2021. All intercompany accounts and transactions have been eliminated in consolidation. In the Notes to Condensed Consolidated Financial Statements, all dollar amounts in tabulations are in thousands, unless otherwise indicated. The accompanying Condensed Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is required to make certain disclosures if it concludes that there is substantial doubt about the entity’s ability to continue as a going concern within one year from the date of the issuance of these financial statements. The Company has incurred recurring operating losses, and the Company is subject to business risks and uncertainties inherent in the current LNG industry. There is no assurance that the Company will be able to generate sufficient revenues in the future to sustain itself or to support future growth. The Company's working capital and business risks within the LNG industry were reviewed by management to determine if there was substantial doubt as to the Company’s ability to continue as a going concern. Management concluded that its plan to address the Company’s liquidity issues would allow it to continue as a going concern. The Company has recently experienced its highest ever year-to-date revenue, including a resumption of activity with existing customers as well as new revenue opportunities, particularly in Mexico and with power generation customers. On April 8, 2021, the Company obtained a new advancing loan facility, pursuant to the United States Department of Agriculture, Business & Industry Loan Program, in the aggregate principal amount of up to $10.0 million, of which $7.0 million was drawn and outstanding as of September 30, 2021. |
Use of Estimates | Use of Estimates The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates include the carrying amount of contingencies, valuation allowances for receivables, inventories, and deferred income tax assets, valuations assigned to assets and liabilities in business combinations, and impairments of long-lived assets. Actual results could differ from those estimates, and these differences could be material to the Condensed Consolidated Financial Statements. |
Income Taxes | Income TaxesThe Company records income taxes for interim periods based on an estimated annual effective tax rate. The estimated annual effective tax rate is recomputed on a quarterly basis and may fluctuate due to changes in forecasted annual operating income, positive or negative changes to the valuation allowance for net deferred tax assets, the timing of distributions on foreign investments from which foreign taxes are withheld, and changes to actual or forecasted permanent book to tax differences. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, “Simplifying the Accounting for Income Taxes” (“ASU No. 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, Income Taxes and also improves consistent application by clarifying and amending existing guidance. ASU No. 2019-12 was adopted by the Company effective January 1, 2021. The adoption of this standard had no impact on our unaudited interim condensed consolidated financial position or results of operations. Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU No. 2020-04”), which provides guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying generally accepted accounting principles to contract modifications, hedging relationships, and other transactions impacted by reference rate reform. The provisions of ASU No. 2020-04 apply only to those transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. Adoption of the provisions of ASU No. 2020-04 are optional and are effective from March 12, 2020 through December 31, 2022. We are currently evaluating the impact of ASU No. 2020-04 on our consolidated financial position and results of operations. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Disaggregated by Source | The table below presents revenue disaggregated by source, for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended Revenues 2021 2020 2021 2020 LNG Product $ 14,420 $ 6,594 $ 37,927 $ 18,609 Rental 2,712 737 8,039 4,012 Service 334 187 957 593 Power Delivery 1,925 1,352 5,129 3,638 Other 313 149 1,368 1,008 $ 19,704 $ 9,019 $ 53,420 $ 27,860 The table below presents revenue disaggregated by geographic location, for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended Revenues 2021 2020 2021 2020 Brazil $ 1,925 $ 1,352 $ 5,129 $ 3,638 Mexico 3,501 2,729 7,198 2,778 United States 14,278 4,938 41,093 21,444 $ 19,704 $ 9,019 $ 53,420 $ 27,860 |
Schedule of Contract Balances | The table below presents the changes in the Company’s contract liabilities for the nine months ended September 30, 2021 and December 31, 2020 (in thousands): September 30, December 31, Balance at beginning of period $ 357 $ 185 Cash received, excluding amounts recognized as revenue 283 777 Amounts recognized as revenue (352) (605) Balance at end of period $ 288 $ 357 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The tables below present operating results by segment for the three and nine months ended September 30, 2021 and 2020 as well as their respective total assets at September 30, 2021 and December 31, 2020 (in thousands): Three Months Ended Nine Months Ended LNG Power Delivery Total LNG Power Delivery Total Revenues $ 17,779 $ 1,925 $ 19,704 $ 48,291 $ 5,129 $ 53,420 Depreciation 2,284 40 2,324 6,653 114 6,767 Loss from operations before equity income (4,441) (157) (4,598) (6,013) (678) (6,691) Net equity income from foreign joint ventures' operations — 246 246 — 1,075 1,075 Income (loss) from operations (4,441) 89 (4,352) (6,013) 397 (5,616) Interest expense, net 118 12 130 188 36 224 Interest expense, net - related parties 120 — 120 441 — 441 Income tax expense 93 — 93 356 — 356 Net income (loss) (4,735) 110 (4,625) (5,967) 513 (5,454) September 30, 2021 LNG Power Delivery Total Total assets $ 71,450 $ 16,219 $ 87,669 Three Months Ended Nine Months Ended LNG Power Delivery Total LNG Power Delivery Total Revenues $ 7,667 $ 1,352 $ 9,019 $ 24,222 $ 3,638 $ 27,860 Depreciation 2,237 29 2,266 6,706 96 6,802 Loss from operations before equity income (2,179) (254) (2,433) (5,898) (1,129) (7,027) Net equity income from foreign joint ventures' operations — 573 573 — 1,347 1,347 Income (loss) from operations (2,179) 319 (1,860) (5,898) 218 (5,680) Interest expense, net 11 (9) 2 16 12 28 Interest expense, net - related parties 199 — 199 681 — 681 Income tax expense 41 — 41 41 210 251 Net income (loss) (2,458) 325 (2,133) (6,678) 32 (6,646) December 31, 2020 LNG Power Delivery Total Total assets $ 64,757 $ 15,556 $ 80,313 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | The Company’s prepaid expenses and other current assets at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, December 31, Prepaid LNG $ 51 $ 90 Prepaid insurance 1,385 734 Prepaid supplier expenses 326 299 Other receivables 1,923 1,521 Deposits 360 285 Other 253 182 Total prepaid expenses and other current assets $ 4,298 $ 3,111 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The Company’s property, plant and equipment at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, December 31, Liquefaction plants and systems $ 47,225 $ 40,841 Real property and buildings 2,373 1,649 Vehicles and tanker trailers and equipment 49,556 47,179 Computer and office equipment 609 532 Construction in progress 964 191 Leasehold improvements 31 30 100,758 90,422 Less: accumulated depreciation (44,900) (38,384) $ 55,858 $ 52,038 |
Investments in Foreign Joint _2
Investments in Foreign Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Financial Information of Foreign Joint Venture | The tables below present a summary of BOMAY's assets and liabilities and equity at September 30, 2021 and December 31, 2020, and its operational results for the three and nine months ended September 30, 2021 and 2020 in U.S. dollars (in thousands, unaudited): September 30, December 31, 2020 Assets: Total current assets $ 60,707 $ 51,811 Total non-current assets 6,690 7,136 Total assets $ 67,397 $ 58,947 Liabilities and equity: Total liabilities $ 34,779 $ 26,355 Total joint ventures’ equity 32,618 32,592 Total liabilities and equity $ 67,397 $ 58,947 Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue $ 10,040 $ 17,641 $ 43,261 $ 44,844 Gross Profit 3,420 3,224 8,111 7,456 Earnings 688 1,663 2,923 3,662 |
Schedule of Activity in Investment in Foreign Joint Ventures | The table below presents a summary of activity in our investment in BOMAY for the periods ended September 30, 2021 and December 31, 2020 in U.S. dollars (in thousands, unaudited): September 30, December 31, 2020 Investment in BOMAY (1)(2) Initial investment $ 9,333 $ 9,333 Undistributed earnings: Balance at the beginning of the period 1,908 1,257 Equity in earnings 1,267 2,705 Dividend distributions (1,387) (2,054) Balance at end of period 1,788 1,908 Foreign currency translation: Balance at the beginning of the period 656 (69) Change during the period 146 725 Balance at end of period 802 656 Total investment in BOMAY at end of period $ 11,923 $ 11,897 (1) Accumulated statutory reserves in equity method investments of $2.66 million at September 30, 2021 and December 31, 2020 is included in our investment in BOMAY. In accordance with the People’s Republic of China, (“PRC”) regulations on enterprises with foreign ownership, an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. (2) The Company’s initial investment in BOMAY differed from the Company’s 40% share of BOMAY’s equity as a result of applying fair value accounting pursuant to ASC 805. The basis difference of approximately $1.2 million will be accreted over the remaining seven year life of the joint venture. The Company accreted $97 thousand for both the nine months ended September 30, 2021 and 2020, which is included in income from equity investments in foreign joint ventures in the accompanying unaudited interim condensed consolidated statements of operations. As of September 30, 2021 and December 31, 2020, accumulated accretion totaled $280 thousand and $183 thousand, respectively. |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | The Company’s accrued liabilities at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, December 31, Compensation and benefits $ 3,134 $ 1,745 Professional fees 623 408 LNG fuel and transportation 2,507 1,151 Accrued interest — 21 Contract liabilities 288 357 Other taxes payable 582 328 Other accrued liabilities 298 351 Total accrued liabilities $ 7,432 $ 4,361 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Value of Debt | The Company’s carrying value of debt at September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, December 31, Unsecured promissory note $ — $ 1,080 Secured term note, net of debt issuance costs 6,598 — Secured term note payable - related party — 1,077 Secured promissory note - related party 3,498 5,000 Insurance and other notes payable 1,554 714 Less: amounts due within one year (3,959) (4,463) Total long-term debt $ 7,691 $ 3,408 |
Schedule Of Interest Expense On Debt | During the nine months ended September 30, 2021 and 2020, the Company recorded interest expense on debt as follows (in thousands): September 30, September 30, Unsecured promissory note $ — $ 4 Secured term note $ 176 $ — Secured term note payable - related party 22 57 Secured promissory note - related party 409 224 Insurance and other notes payable 41 24 Total interest expense on debt $ 648 $ 309 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Lease Assets and Liabilities Obligations | The table below summarizes the supplemental balance sheet information related to lease assets and lease liabilities as of September 30, 2021 and December 31, 2020 (in thousands): Classification September 30, December 31, 2020 Assets Operating lease assets Right-of-use assets $ 128 $ 786 Finance lease assets Property and equipment, net of accumulated depreciation 90 6,781 Total lease assets $ 218 $ 7,567 Liabilities Current Operating Current portion of operating lease obligations $ 206 $ 362 Finance Current portion of finance lease obligation 16 — Finance Current portion of finance lease obligation - related parties — 648 Noncurrent Operating Long-term portion of operating lease obligation 314 490 Finance Long-term portion of finance lease obligations 68 — Total lease liabilities $ 604 $ 1,500 |
Schedule of Lease Expenses | The table below summarizes the components of lease expense for the three and nine months ended September 30, 2021 and 2020 (in thousands, unaudited): Lease Cost Classification Three Months Ended Nine Months Ended 2021 2020 2021 2020 Operating lease cost Cost of sales $ 39 $ 42 $ 116 $ 122 Operating lease cost Selling, general and administrative expenses 75 4 198 185 Finance lease cost Amortization of leased assets Depreciation 5 294 14 879 Interest on lease liabilities Interest expense 2 104 17 400 Net lease cost $ 121 $ 444 $ 345 $ 1,586 |
Schedule of Future Minimum Lease Payments for Operating and Finance Obligation | The schedule below presents the future minimum lease payments for our operating and finance lease obligations at September 30, 2021 (in thousands): Operating Finance Total Remainder 2021 $ 85 $ 6 $ 91 2022 181 25 206 2023 147 25 172 2024 131 41 172 2025 21 — 21 Thereafter — — — Total lease payments 565 97 662 Less: Interest (45) (13) (58) Present value of lease liabilities $ 520 $ 84 $ 604 |
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: September 30, Weighted-average remaining lease term (years) Operating leases 2.7 Finance leases 2.3 Weighted-average discount rate Operating leases 7.2% Finance leases 10.7% |
Schedule of Supplemental Cash Flow Information Related To Leases | The table below summarizes the supplemental cash flow information related to leases for the nine months ended September 30, 2021 and 2020 (in thousands): September 30, September 30, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 250 $ 287 Financing cash flows from finance leases 668 2,640 Interest paid 35 400 Noncash activities from right-of-use assets obtained in exchange for lease obligations: Operating leases $ — $ 1,163 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Outstanding Warrants | As of September 30, 2021, the Company had outstanding Warrants to purchase 62,500 shares of our common stock as follows: Date of Issuance No. of Warrants Exercise Price Expiration Date Nov. 13, 2017 62,500 $18.08 Nov. 13, 2022 |
Overview and Basis of Present_3
Overview and Basis of Presentation (Details) gallon in Thousands | Jun. 01, 2021gallon | Apr. 08, 2021USD ($) | Sep. 30, 2021gallon | Sep. 30, 2020 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Effective tax rate | 7.00% | 3.90% | ||
Loan Agreement | AmeriState Bank | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ | $ 10,000,000 | |||
Proceeds from loan | $ | $ 7,000,000 | |||
Bomay | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Ownership percentage | 40.00% | |||
Texas | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Daily capacity of production facility in gallons | 100 | |||
Permian Basin | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Daily capacity of production facility in gallons | 25 | |||
Louisiana | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Daily capacity of production facility in gallons | 30 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Revenue Disaggregated by Source and Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 19,704 | $ 9,019 | $ 53,420 | $ 27,860 |
Brazil | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,925 | 1,352 | 5,129 | 3,638 |
Mexico | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3,501 | 2,729 | 7,198 | 2,778 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 14,278 | 4,938 | 41,093 | 21,444 |
LNG Product | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 14,420 | 6,594 | 37,927 | 18,609 |
Rental | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,712 | 737 | 8,039 | 4,012 |
Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 334 | 187 | 957 | 593 |
Power Delivery | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,925 | 1,352 | 5,129 | 3,638 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 313 | $ 149 | $ 1,368 | $ 1,008 |
Revenue Recognition - Contract
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Contract with Customer, Asset and Liability, Rollforward [Roll Forward] | ||
Balance at beginning of period | $ 357 | $ 185 |
Cash received, excluding amounts recognized as revenue | 283 | 777 |
Amounts recognized as revenue | (352) | (605) |
Balance at end of period | $ 288 | $ 357 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |||||||||
Number of operating segments | segment | 2 | ||||||||
Revenues | $ 19,704 | $ 9,019 | $ 53,420 | $ 27,860 | |||||
Depreciation | 2,324 | 2,266 | 6,767 | 6,802 | |||||
Loss from operations before equity income | (4,598) | (2,433) | (6,691) | (7,027) | |||||
Net equity income from foreign joint ventures' operations | 246 | 573 | 1,075 | 1,347 | |||||
Income (loss) from operations | (4,352) | (1,860) | (5,616) | (5,680) | |||||
Interest expense, net | 130 | 2 | 224 | 28 | |||||
Interest expense, net - related parties | 120 | 199 | 441 | 681 | |||||
Income tax expense | 93 | 41 | 356 | 251 | |||||
Net income (loss) | (4,625) | $ (1,004) | $ 175 | (2,133) | $ (3,463) | $ (1,050) | (5,454) | (6,646) | |
Total assets | 87,669 | 87,669 | $ 80,313 | ||||||
LNG | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | 17,779 | 7,667 | 48,291 | 24,222 | |||||
Depreciation | 2,284 | 2,237 | 6,653 | 6,706 | |||||
Loss from operations before equity income | (4,441) | (2,179) | (6,013) | (5,898) | |||||
Net equity income from foreign joint ventures' operations | 0 | 0 | 0 | 0 | |||||
Income (loss) from operations | (4,441) | (2,179) | (6,013) | (5,898) | |||||
Interest expense, net | 118 | 11 | 188 | 16 | |||||
Interest expense, net - related parties | 120 | 199 | 441 | 681 | |||||
Income tax expense | 93 | 41 | 356 | 41 | |||||
Net income (loss) | (4,735) | (2,458) | (5,967) | (6,678) | |||||
Total assets | 71,450 | 71,450 | 64,757 | ||||||
Power Delivery | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | 1,925 | 1,352 | 5,129 | 3,638 | |||||
Depreciation | 40 | 29 | 114 | 96 | |||||
Loss from operations before equity income | (157) | (254) | (678) | (1,129) | |||||
Net equity income from foreign joint ventures' operations | 246 | 573 | 1,075 | 1,347 | |||||
Income (loss) from operations | 89 | 319 | 397 | 218 | |||||
Interest expense, net | 12 | (9) | 36 | 12 | |||||
Interest expense, net - related parties | 0 | 0 | 0 | 0 | |||||
Income tax expense | 0 | 0 | 0 | 210 | |||||
Net income (loss) | 110 | $ 325 | 513 | $ 32 | |||||
Total assets | $ 16,219 | $ 16,219 | $ 15,556 | ||||||
Bomay | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Ownership percentage | 40.00% | 40.00% |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Prepaid expenses and other current assets | ||
Prepaid LNG | $ 51 | $ 90 |
Prepaid insurance | 1,385 | 734 |
Prepaid supplier expenses | 326 | 299 |
Other receivables | 1,923 | 1,521 |
Deposits | 360 | 285 |
Other | 253 | 182 |
Total prepaid expenses and other current assets | $ 4,298 | $ 3,111 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 100,758 | $ 90,422 |
Less accumulated depreciation | (44,900) | (38,384) |
Property, plant and equipment, net | 55,858 | 52,038 |
Liquefaction plants and systems | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 47,225 | 40,841 |
Real property and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 2,373 | 1,649 |
Vehicles and tanker trailers and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 49,556 | 47,179 |
Computer and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 609 | 532 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 964 | 191 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $ 31 | $ 30 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands | Jun. 01, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Property, Plant and Equipment [Abstract] | ||||||
Depreciation | $ 2,324 | $ 2,266 | $ 6,767 | $ 6,802 | ||
Purchase price | $ 5,000 | |||||
Number of shares of the combined company (in shares) | 500,000 | 500,000 | ||||
Value of Common Stock (in US Dollars) | $ 3,800 | $ 3,795 | $ 3,800 |
Investments in Foreign Joint _3
Investments in Foreign Joint Ventures - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | $ 19,704,000 | $ 9,019,000 | $ 53,420,000 | $ 27,860,000 |
Affiliated Entity | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Bomay | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 40.00% | 40.00% | ||
Bomay | Baoji Oilfield Machinery Co., Ltd. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 51.00% | 51.00% | ||
Bomay | AA Energies, Inc. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 9.00% | 9.00% |
Investments in Foreign Joint _4
Investments in Foreign Joint Ventures - Schedule of Financial Information of Foreign Joint Venture (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Assets | |||||||||
Total current assets | $ 14,988 | $ 14,988 | $ 10,813 | ||||||
Total assets | 87,669 | 87,669 | 80,313 | ||||||
Liabilities and Stockholders’ Equity | |||||||||
Total liabilities | 24,947 | 24,947 | 18,283 | ||||||
Total joint ventures’ equity | 62,722 | 62,722 | 62,030 | ||||||
Total liabilities and stockholders’ equity | 87,669 | 87,669 | 80,313 | ||||||
Earnings | (4,625) | $ (1,004) | $ 175 | $ (2,133) | $ (3,463) | $ (1,050) | (5,454) | $ (6,646) | |
Bomay | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||||||
Assets | |||||||||
Total current assets | 60,707 | 60,707 | 51,811 | ||||||
Total non-current assets | 6,690 | 6,690 | 7,136 | ||||||
Total assets | 67,397 | 67,397 | 58,947 | ||||||
Liabilities and Stockholders’ Equity | |||||||||
Total liabilities | 34,779 | 34,779 | 26,355 | ||||||
Total joint ventures’ equity | 32,618 | 32,618 | 32,592 | ||||||
Total liabilities and stockholders’ equity | 67,397 | 67,397 | $ 58,947 | ||||||
Revenue | 10,040 | 17,641 | 43,261 | 44,844 | |||||
Gross Profit | 3,420 | 3,224 | 8,111 | 7,456 | |||||
Earnings | $ 688 | $ 1,663 | $ 2,923 | $ 3,662 |
Investments in Foreign Joint _5
Investments in Foreign Joint Ventures - Schedule of Activity in Investment in Foreign Joint Ventures (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Undistributed earnings: | |||
Dividend distributions | $ (1,387) | $ (2,054) | |
Foreign currency translation: | |||
Total investment in BOMAY at end of period | 11,923 | $ 11,897 | |
Accretion of investment | 97 | ||
Accumulated accretion | 280 | 183 | |
Bomay | |||
Investment in BOMAY | |||
Initial investment | 9,333 | 9,333 | 9,333 |
Undistributed earnings: | |||
Balance at the beginning of the period | 1,908 | 1,257 | 1,257 |
Equity in earnings | 1,267 | 2,705 | |
Dividend distributions | (1,387) | (2,054) | |
Balance at end of period | 1,788 | 1,908 | |
Foreign currency translation: | |||
Balance at the beginning of the period | 656 | $ (69) | (69) |
Change during the period | 146 | 725 | |
Balance at end of period | 802 | 656 | |
Total investment in BOMAY at end of period | 11,923 | 11,897 | |
Accumulated statutory reserves in equity method investments | $ 2,660 | $ 2,660 | |
Ownership percentage | 40.00% | ||
Basis difference | $ 1,200 | ||
Remaining life of joint venture | 7 years |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued liabilities | ||
Compensation and benefits | $ 3,134 | $ 1,745 |
Professional fees | 623 | 408 |
LNG fuel and transportation | 2,507 | 1,151 |
Accrued interest | 0 | 21 |
Contract liabilities | 288 | 357 |
Other taxes payable | 582 | 328 |
Other accrued liabilities | 298 | 351 |
Total accrued liabilities | $ 7,432 | $ 4,361 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Unsecured promissory note | $ 0 | $ 1,080 |
Secured term note, net of debt issuance costs | 6,598 | 0 |
Secured term note payable - related party | 0 | 1,077 |
Secured promissory note - related party | 3,498 | 5,000 |
Insurance and other notes payable | 1,554 | 714 |
Less: amounts due within one year | (3,959) | (4,463) |
Total long-term debt | $ 7,691 | $ 3,408 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Sep. 20, 2021 | Apr. 08, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2014 |
Debt Instrument [Line Items] | ||||||||
Gain on extinguishment of debt | $ 1,100,000 | $ 1,086,000 | $ 0 | |||||
Affiliated Entity | Chart E&C | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of common stock owned | 8.30% | 8.30% | ||||||
Senior Secured Term Note Member | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Debt | $ 1,100,000 | |||||||
Senior Secured Term Note Member | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective interest rate | 3.15% | 3.00% | ||||||
Secured promissory note - related party | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferral period | 1 year | |||||||
AmeriState Bank | Loan Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 10,000,000 | |||||||
Proceeds from loan | $ 7,000,000 | |||||||
Interest rate | 5.75% | |||||||
AmeriState Bank | Loan Agreement | Prime Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate basis | 2.50% | |||||||
Promissory Note | Cadence Bank, N.A. | Loan Pursuant to CARES Act | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 1,100,000 |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | ||
Interest expense | $ 648 | $ 309 |
Unsecured promissory note | ||
Debt Instrument [Line Items] | ||
Interest expense | 0 | 4 |
Secured term note | ||
Debt Instrument [Line Items] | ||
Interest expense | 176 | 0 |
Secured term note payable - related party | ||
Debt Instrument [Line Items] | ||
Interest expense | 22 | 57 |
Secured promissory note - related party | ||
Debt Instrument [Line Items] | ||
Interest expense | 409 | 224 |
Insurance and other notes payable | ||
Debt Instrument [Line Items] | ||
Interest expense | $ 41 | $ 24 |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets and Liabilities, Lessee | ||
Operating lease assets | $ 128 | $ 786 |
Finance lease assets | $ 90 | $ 6,781 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization |
Total lease assets | $ 218 | $ 7,567 |
Operating lease liabilities current | 206 | 362 |
Finance lease liabilities current | 16 | 0 |
Current portion of finance lease obligation - related parties | 0 | 648 |
Operating lease liabilities non-current | 314 | 490 |
Finance lease liabilities non-current | 68 | 0 |
Present value of lease liabilities | $ 604 | $ 1,500 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessee, Lease, Description [Line Items] | ||||
Amortization of leased assets | $ 5 | $ 294 | $ 14 | $ 879 |
Interest on lease liabilities | 2 | 104 | 17 | 400 |
Net lease cost | 121 | 444 | 345 | 1,586 |
Cost of sales | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | 39 | 42 | 116 | 122 |
Selling, general and administrative expenses | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | $ 75 | $ 4 | $ 198 | $ 185 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | Jul. 30, 2021USD ($) | Jan. 25, 2021USD ($)agreement | Dec. 31, 2019USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) |
Leases [Abstract] | |||||||
Termination settlement payable | $ 400 | ||||||
Termination settlement payable, periods | 43 months | ||||||
Impairment of right-of-use lease asset | $ 400 | $ 376 | $ 0 | $ 376 | $ 0 | ||
Present value of lease liabilities | $ 400 | 520 | 520 | ||||
Number of finance lease agreements | agreement | 3 | ||||||
Finance lease, principal and interest payments | $ 2 | 668 | $ 2,640 | ||||
Lessee term | 36 months | ||||||
Annual rate | 10.70% | ||||||
Purchase of machinery and equipment | $ 3,200 | ||||||
Lease liability due | $ 648 | $ 97 | $ 97 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Operating and Finance Obligation (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jul. 30, 2021 | Jan. 25, 2021 | Dec. 31, 2020 |
Operating Leases | ||||
Remainder 2021 | $ 85 | |||
2022 | 181 | |||
2023 | 147 | |||
2024 | 131 | |||
2025 | 21 | |||
Thereafter | 0 | |||
Total lease payments | 565 | |||
Less: Interest | (45) | |||
Present value of lease liabilities | 520 | $ 400 | ||
Finance Leases | ||||
Remainder 2021 | 6 | |||
2022 | 25 | |||
2023 | 25 | |||
2024 | 41 | |||
2025 | 0 | |||
Thereafter | 0 | |||
Total lease payments | 97 | $ 648 | ||
Less: Interest | (13) | |||
Present value of lease liabilities | 84 | |||
Total | ||||
Remainder 2021 | 91 | |||
2022 | 206 | |||
2023 | 172 | |||
2024 | 172 | |||
2025 | 21 | |||
Thereafter | 0 | |||
Total lease payments | 662 | |||
Less: Interest | (58) | |||
Present value of lease liabilities | $ 604 | $ 1,500 |
Leases - Schedule of Lease Co_2
Leases - Schedule of Lease Costs and Terms for Operating and Finance Lease Obligations (Details) | Sep. 30, 2021 |
Leases [Abstract] | |
Operating leases, weighted-average remaining lease term (years) | 2 years 8 months 12 days |
Finance leases, weighted-average remaining lease term (years) | 2 years 3 months 18 days |
Operating leases, weighted-average discount rate | 7.20% |
Finance leases, weighted-average discount rate | 10.70% |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands | Jan. 25, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows from operating leases | $ 250 | $ 287 | |
Financing cash flows from finance leases | $ 2 | 668 | 2,640 |
Interest paid | 35 | 400 | |
Noncash activities from right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | $ 0 | $ 1,163 |
Related Party Transactions - Ot
Related Party Transactions - Other Purchases and Sales (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Due from related parties | $ 0 | $ 0 | $ 42,000 | ||
Secured term note payable - related party | $ 0 | $ 0 | 1,077,000 | ||
Applied Cryo Technologies | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 51.00% | 51.00% | 51.00% | 51.00% | |
Payment for equipment repairs and services | $ 32,000 | $ 36,000 | $ 530,000 | $ 109,000 | |
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related parties | 59,000 | 2,000 | 137,000 | 22,000 | |
Secured term note payable - related party | $ 58,000 | $ 58,000 | 14,000 | ||
Affiliated Entity | Crenshaw Family Holdings | Board of Directors Chairman | |||||
Related Party Transaction [Line Items] | |||||
Percentage of beneficial ownership | 25.00% | ||||
Affiliated Entity | Chart E&C | |||||
Related Party Transaction [Line Items] | |||||
Percentage of common stock owned | 8.30% | 8.30% | |||
Affiliated Entity | Applied Cryo Technologies | |||||
Related Party Transaction [Line Items] | |||||
Related party sales | $ 30,000 | 0 | $ 30,000 | 0 | |
Due from related parties | 30,000 | 30,000 | 2,000 | ||
Due to related parties | $ 15,000 | $ 15,000 | 121,000 | ||
Affiliated Entity | TMG | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 25.00% | 25.00% | |||
Related party sales | $ 13,000 | 0 | $ 13,000 | 0 | |
Due from related parties | 11,000 | 11,000 | 0 | ||
Due to related parties | 548,000 | 548,000 | $ 582,000 | ||
Purchase of supplies and services | $ 127,000 | $ 18,000 | $ 848,000 | $ 213,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 1 Months Ended |
Oct. 31, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Potential liability related to asset purchase agreement | $ 4.3 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 01, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||
Common stock, shares authorized (in shares) | 37,500,000 | 37,500,000 | ||
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 | ||
Number of shares of the combined company (in shares) | 500,000 | 500,000 | ||
Shares issued in asset acquisition | $ 3,800 | $ 3,795 | $ 3,800 | |
RSUs | 2019 Long Term Incentive Plan | ||||
Class of Stock [Line Items] | ||||
Outstanding vested (in shares) | 294,642 |
Stockholders' Equity - Issuance
Stockholders' Equity - Issuances of Warrants (Details) | Sep. 30, 2021$ / sharesshares |
Class of Stock [Line Items] | |
No. of Warrants (in shares) | 62,500 |
Warrant, November 13, 2022 Expiration | |
Class of Stock [Line Items] | |
No. of Warrants (in shares) | 62,500 |
Exercise Price (in usd per share) | $ / shares | $ 18.08 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) $ / shares in Units, $ in Thousands | Aug. 23, 2021USD ($)tranche$ / sharesshares | Aug. 22, 2021USD ($)shares | Jul. 31, 2021shares | Apr. 30, 2020shares | Feb. 29, 2020shares | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)shares | Sep. 30, 2020USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 1 year | ||||||||
Compensation costs | $ | $ 2,700 | ||||||||
Retainer fee, percentage | 50.00% | ||||||||
Participant | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grant limit (in shares) | 2,000,000 | ||||||||
Non-Employee Board Member | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grant limit (in shares) | 100,000 | ||||||||
Former Chief Executive Officer | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation costs | $ | $ 500 | ||||||||
Chief Executive Officer | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Options grant in period (in shares) | 1,300,000 | ||||||||
Strike price (in dollars per share) | $ / shares | $ 10 | ||||||||
Compensation costs | $ | $ 1,700 | ||||||||
Share-based Payment Arrangement, Tranche One | Chief Executive Officer | August 23, 2022 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares to be vested (in shares) | 442,000 | ||||||||
2019 Long Term Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock available for issuance (in shares) | 1,675,000 | ||||||||
Amended and Restated 2019 Long Term Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock available for issuance (in shares) | 4,000,000 | ||||||||
RSUs | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares granted (in shares) | 500,000 | ||||||||
Compensation costs | $ | $ 2,400 | $ 148 | $ 249 | ||||||
Unrecognized compensation costs | $ | 1,700 | $ 1,700 | |||||||
Outstanding RSUs (in shares) | 430,688 | ||||||||
Unrecognized compensation costs, weighted average period | 2 years | ||||||||
RSUs | Chief Executive Officer | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares granted (in shares) | 500,000 | ||||||||
Outstanding vested (in shares) | 250,000 | ||||||||
Vesting period | 2 years | ||||||||
Number of tranches | tranche | 2 | ||||||||
RSUs | Share-based Payment Arrangement, Tranche One | August 23, 2022 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Outstanding vested (in shares) | 250,000 | ||||||||
RSUs | Share-based Payment Arrangement, Tranche Two | August 23, 2023 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Outstanding vested (in shares) | 250,000 | ||||||||
Shares to be vested (in shares) | 429,000 | ||||||||
RSUs | Share-based Payment Arrangement, Tranche Three | August 23, 2024 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares to be vested (in shares) | 429,000 | ||||||||
RSUs | 2019 Long Term Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Outstanding vested (in shares) | 294,642 | ||||||||
RSUs | 2019 Long Term Incentive Plan | Former Chief Executive Officer | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Outstanding vested (in shares) | 500,000 | ||||||||
Separation of service, period | 6 months | ||||||||
RSA | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation costs | $ | $ 38 | $ 17 | $ 95 | ||||||
Unrecognized compensation costs | $ | $ 0 | $ 0 | |||||||
Number of shares vesting (in Shares) | 34,706 | 34,706 | |||||||
RSA | 2019 Long Term Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares granted (in shares) | 61,308 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Accounts Receivable | Customer Concentration Risk | Two Customer | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 42.00% | 47.00% | |||
Revenue Benchmark | Customer Concentration Risk | Two Customer | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 38.00% | 12.00% | |||
Revenue Benchmark | Customer Concentration Risk | Three Customer | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 39.00% | ||||
Revenue Benchmark | Customer Concentration Risk | One Customer | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 26.00% | ||||
Revenue Benchmark | Supplier Concentration Risk | One Vendor | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 17.00% | 23.00% | |||
Accounts Payable | Supplier Concentration Risk | One Vendor | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 15.00% | ||||
Accounts Payable | Supplier Concentration Risk | Two Vendors | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 33.00% | ||||
Cost of Goods and Service Benchmark | Supplier Concentration Risk | One Vendor | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 13.00% | ||||
Cost of Goods and Service Benchmark | Supplier Concentration Risk | Two Vendors | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 23.00% |