Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 22, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001621832 | |
Entity Registrant Name | Aqua Metals, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-37515 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-1169572 | |
Entity Address, Address Line One | 2500 Peru Dr. | |
Entity Address, City or Town | McCarran | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89437 | |
City Area Code | 775 | |
Local Phone Number | 525-1936 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | AQMS | |
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 | 68,042,841 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 11,727 | $ 6,533 |
Accounts receivable | 0 | 32 |
Inventory | 1,091 | 1,091 |
Prepaid expenses and other current assets | 641 | 702 |
Total current assets | 13,459 | 8,358 |
Non-current assets | ||
Property and equipment, net | 24,722 | 24,883 |
Intellectual property, net | 775 | 819 |
Investment in LiNiCo | 1,500 | 0 |
Other assets | 1,108 | 1,078 |
Total non-current assets | 28,105 | 26,780 |
Total assets | 41,564 | 35,138 |
Current liabilities | ||
Accounts payable | 1,697 | 1,552 |
Accrued expenses | 1,709 | 1,253 |
Lease liability, current portion | 606 | 620 |
Notes payable, current portion | 31 | 29 |
Total current liabilities | 4,043 | 3,454 |
Lease liability, non-current portion | 108 | 242 |
Notes payable, non-current portion | 170 | 303 |
Total liabilities | 4,321 | 3,999 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Common stock; $0.001 par value; 100,000,000 shares authorized; 67,755,336 and 64,461,065 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 68 | 64 |
Additional paid-in capital | 206,914 | 196,728 |
Accumulated deficit | (169,739) | (165,653) |
Total stockholders’ equity | 37,243 | 31,139 |
Total liabilities and stockholders’ equity | $ 41,564 | $ 35,138 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 67,755,336 | 64,461,065 |
Common stock, shares outstanding (in shares) | 67,755,336 | 64,461,065 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Product sales | $ 0 | $ 18 |
Operating cost and expense | ||
Cost of product sales | 1,610 | 1,454 |
Research and development cost | 289 | 242 |
General and administrative expense | 2,299 | 2,385 |
Total operating expense | 4,198 | 4,081 |
Loss from operations | (4,198) | (4,063) |
Other income and (expense) | ||
Insurance proceeds net of related expenses | (12) | (203) |
PPP loan forgiveness | 131 | 0 |
Interest expense | (5) | (183) |
Interest and other income | 0 | 22 |
Total income (expense), net | 114 | (364) |
Loss before income tax expense | (4,084) | (4,427) |
Income tax expense | (2) | 0 |
Net loss | $ (4,086) | $ (4,427) |
Weighted average shares outstanding, basic and diluted (in shares) | 66,877,948 | 59,582,603 |
Basic and diluted net loss per share (in dollars per share) | $ (0.06) | $ (0.07) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 57,997,780 | |||
Balance at Dec. 31, 2019 | $ 58 | $ 189,422 | $ (139,891) | $ 49,589 |
Stock-based compensation | $ 0 | 956 | 0 | 956 |
Common stock issued to employees, includes RSUs vesting (in shares) | 1,816,039 | |||
Common stock issued to employees, includes RSUs vesting | $ 2 | 0 | 0 | 2 |
Net loss | $ 0 | 0 | (4,427) | (4,427) |
Common stock issued for consulting services (in shares) | 23,078 | |||
Common stock issued for consulting services | $ 0 | 24 | 0 | 24 |
Balance (in shares) at Mar. 31, 2020 | 59,836,897 | |||
Balance at Mar. 31, 2020 | $ 60 | 190,402 | (144,318) | 46,144 |
Balance (in shares) at Dec. 31, 2020 | 64,461,065 | |||
Balance at Dec. 31, 2020 | $ 64 | 196,728 | (165,653) | 31,139 |
Stock-based compensation | 0 | 678 | 0 | 678 |
RSUs issued for consulting services | $ 0 | 34 | 0 | 34 |
Common stock issued to employees, includes RSUs vesting (in shares) | 584,249 | |||
Common stock issued to employees, includes RSUs vesting | $ 1 | 0 | 0 | $ 1 |
Common stock issued upon exercise of employee stock options (in shares) | 345,818 | 345,818 | ||
Common stock issued upon exercise of employee stock options | $ 0 | 724 | 0 | $ 724 |
Common stock issued upon warrant exercise (in shares) | 65,590 | |||
Common stock issued upon warrant exercise | $ 0 | 0 | 0 | 0 |
Common stock issued for ATM share sales, net of $244 transaction costs (in shares) | 1,923,614 | |||
Common stock issued for ATM share sales, net of $244 transaction costs | $ 2 | 7,483 | 0 | 7,485 |
Common stock issued related to LiNiCo investment (in shares) | 375,000 | |||
Common stock issued related to LiNiCo investment | $ 1 | 1,267 | 0 | 1,268 |
Net loss | $ 0 | 0 | (4,086) | (4,086) |
Balance (in shares) at Mar. 31, 2021 | 67,755,336 | |||
Balance at Mar. 31, 2021 | $ 68 | $ 206,914 | $ (169,739) | $ 37,243 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Common stock issued, transaction costs | $ 244 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (4,086) | $ (4,427) |
Reconciliation of net loss to net cash used in operating activities | ||
Depreciation | 454 | 612 |
Amortization of intellectual property | 45 | 45 |
Accretion of asset retirement obligation | 0 | 12 |
Fair value of RSUs issued for consulting services | 34 | 24 |
Stock-based compensation | 679 | 956 |
Amortization of deferred financing costs | 0 | 9 |
Forgiveness of PPP Loan | (131) | 0 |
Changes in operating assets and liabilities | ||
Accounts receivable | 32 | 244 |
Inventory | 0 | 48 |
Prepaid expenses and other current assets | 61 | 558 |
Accounts payable | 447 | (740) |
Accrued expenses | 457 | (1,522) |
Other assets and liabilities | (148) | (81) |
Net cash used in operating activities | (2,156) | (4,262) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (469) | (1,563) |
Equipment deposits and other assets | (158) | (36) |
Insurance proceeds | 0 | 4,748 |
Investment in LiNiCo | (232) | 0 |
Net cash (used in) provided by investing activities | (859) | 3,149 |
Cash flows from financing activities: | ||
Payments on notes payable | 0 | (76) |
Stock option exercise | 724 | 0 |
Proceeds from ATM | 7,485 | 0 |
Net cash provided by (used in) financing activities | 8,209 | (76) |
Net increase (decrease) in cash and cash equivalents | 5,194 | (1,189) |
Cash and cash equivalents at beginning of period | 6,533 | 7,575 |
Cash and cash equivalents at end of period | 11,727 | 6,386 |
Supplemental disclosure of cash flows information | ||
Cash paid for income taxes | 2 | 0 |
Cash paid for interest | 0 | 161 |
Supplemental disclosure of non-cash transactions | ||
Change in accounts receivable resulting from insurance funds held in escrow | 0 | 2,750 |
Change in property and equipment resulting from change in accounts payable | 303 | (973) |
Change in property and equipment resulting from change in accrued expenses | 0 | (189) |
Change in equity resulting from change in accrued expenses | 0 | 24 |
Change in investing activity resulting from issuance of equity | $ (1,268) | $ 0 |
Note 1 - Organization
Note 1 - Organization | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Aqua Metals, Inc. (the “Company”) was incorporated in Delaware and commenced operations on June 20, 2014 ( January 27, 2015, two ™ November 29, 2019, November 29, 2019, Unlike smelting, AquaRefining is a room temperature, water-based process that emits less pollution than smelting, the traditional method of lead recycling. The Company built its first April 2017, March 31, 2018 April 2018, July 2018, two October 2018, November 2018, December 2018, 2019, 35,000 24 seven 100 six 16 17 one On the evening of November 29, 2019, 16 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. The significant accounting policies and estimates used in preparation of the condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2020 10 December 31, 2020 February 25, 2021. no three March 31, 2021 Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as found in the Accounting Standards Codification (“ASC”) and ASU of the Financial Accounting Standards Board (“FASB”) and pursuant to the rules and regulations of the SEC. Accordingly, they do not March 31, 2021 three March 31, 2021 March 31, 2020 three March 31, 2021 March 31, 2020 three March 31, 2021 March 31, 2020 December 31, 2020 not December 31, 2020 10 February 25, 2021. The results of operations for the three March 31, 2021 not may December 31, 2021 Principles of consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its Subsidiaries, both of which are wholly-owned subsidiaries. Significant inter-company accounts and transactions have been eliminated in consolidation. Use of estimates The preparation of the condensed consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the period. Significant items subject to such estimates and assumptions include the carrying amount and valuation of long-lived assets, the valuation of conversion features of convertible debt, valuation allowances for deferred tax assets, the determination of fair value of estimated asset retirement obligations, the determination of stock option expense and the determination of the fair value of stock warrants issued. Actual results could differ from those estimates. Net loss per share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method or the if-converted method, as applicable. For purposes of this calculation, stock options, restricted stock units (RSUs) and warrants to purchase common stock are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following shares underlying outstanding convertible notes, stock options, RSUs and warrants to purchase common stock were antidilutive due to a net loss in the periods presented and, therefore, were excluded from the dilutive securities computation for the three March 31 March 31, Excluded potentially dilutive securities (1): 2021 2020 Options to purchase common stock 1,040,522 1,709,106 Unvested restricted stock units 4,771,537 2,397,299 Financing warrants to purchase common stock 6,372 805,747 Total potential dilutive securities 5,818,431 4,912,152 ( 1 The number of shares is based on the maximum number of shares issuable on exercise or conversion of the related securities as of the period end. Such amounts have not Segment and geographic information Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker views its operations and manages its business in one one Concentration of credit risk Revenues from the following customer represented at least 10% three March 31, 2021 March 31, 2020 not March 31, 2021 December 31, 2020 Revenue Three Months Ended March 31, 2021 2020 Clarios (successor of Johnson Controls Battery Group, Inc.) — % 100 % Recent accounting pronouncements There were no three March 31, 2021 Insurance Proceeds On November 29, 2019, March 31, 2021 first 2021 first 2021, |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. The Company has historically generated revenues by recycling lead acid batteries (“LABs”) and selling the recovered lead to its customers. Primary components of the recycling process include sales of recycled lead consisting of lead compounds, ingoted hard lead and ingoted AquaRefined lead as well as plastics. The Company commenced the shipment of products for sale, consisting of lead compounds and plastics, in April 2017, March 31, 2018, April 2018, June 2018, The Company was not three March 31, 2021 three March 31, 2020 three March 31, 2020 |
Note 4 - Inventory
Note 4 - Inventory | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventory consisted of the following (in thousands): March 31, 2021 December 31, 2020 Finished goods $ 2 $ 2 Work in process 247 247 Raw materials 842 842 Total inventory $ 1,091 $ 1,091 |
Note 5 - Investments
Note 5 - Investments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Investment [Text Block] | 5. On February 15, 2021, three 1,500 The Company accounted for the LiNiCo investment under ASC 321, The LiNiCo Series A Preferred Stock is senior to all other capital stock of LiNiCo with regard to dividends and distributions upon liquidation, dissolution and sale of the company. Each share of LiNiCo Series A Preferred Stock is entitled to one $1,000 The Series A Preferred Stock Purchase Agreement includes customary representations, warranties, and covenants by LiNiCo and the Company. As LiNiCo’s sale of the 375,000 of Aqua Shares resulted in net proceeds to LiNiCo that were less than $1,500,000, the Company was required to pay LiNiCo the difference of $232,000 in cash. In connection with the investment transactions, the Company also entered into an Investors Rights Agreement and a Voting Agreement, each dated February 15, 2021, one 10% Comstock Mining Inc., a Nevada corporation (NYSE-MKT: LODE), is the beneficial owner of approximately 50% of the common shares of LiNiCo. The Company's Chief Financial Officer, Judd Merrill, is a member of the board of directors of Comstock Mining. |
Note 6 - Property and Equipment
Note 6 - Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property and equipment, net, consisted of the following (in thousands): Useful Life Asset Class (Years) March 31, 2021 December 31, 2020 Operational equipment 3 - 10 $ 12,126 $ 12,126 Lab equipment 5 524 524 Computer equipment 3 222 222 Office furniture and equipment 3 221 221 Land - 1,047 1,047 Building 39 19,508 19,508 Equipment under construction 3,762 3,597 37,410 37,245 Less: accumulated depreciation (12,688 ) (12,362 ) Total property and equipment, net $ 24,722 $ 24,883 Property and equipment depreciation expense was $0.3 million and $0.6 million for the three March 31, 2021 three March 31, 2020 The Company has entered into an Industrial Lease Agreement with LiNiCo, dated February 15, 2021 April 1, 2021 March 31, 2023. 11 |
Note 7 - Notes Payable
Note 7 - Notes Payable | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. On May 7, 2020, The unforgiven portion of the PPP loans are now payable over five 1%, September 2021. three March 31, 2021 one two no Notes payable is comprised of the following (in thousands): March 31, 2021 December 31, 2020 Notes payable, current portion Paycheck Protection Program $ 31 $ 29 Total notes payable, current portion $ 31 $ 29 Notes payable, non-current portion Paycheck Protection Program $ 170 $ 303 Total notes payable, non-current portion $ 170 $ 303 |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 8. The Company currently maintains one two one three March 31, 2021 March 31, 2020 Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, as of March 31, 2021 March 31, 2020 Information related to the Company's right-of-use assets and related lease liabilities were as follows (in thousands): Three Months Ended March 31, 2021 2020 Cash paid for operating lease liabilities $ 163 $ 158 Operating lease cost $ 144 $ 144 March 31, 2021 Weighted-average remaining lease term (in years) 1.0 Weighted-average discount rate 9.66 % Future maturities of lease liabilities as of March 31, 2021 Due in 12-month period ended March 31, 2022 $ 634 2023 $ 91 $ 725 Less imputed interest $ (35 ) Total lease liabilities $ 690 Current operating lease liabilities $ 600 Non-current operating lease liabilities $ 90 $ 690 Note: Excludes a finance lease with a current liability of $6 and a non-current liability of $18. |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Shares issued During the three March 31, 2021 During the three March 31, 2021 five During the three March 31, 2021 five During the three March 31, 2021 During the three March 31, 2021 February 15, 2021. During the three March 31, 2021 During the three March 31, 2021 Stock-based compensation The stock-based compensation expense was allocated as follows: Three Months Ended March 31, 2021 2020 Cost of product sales $ 31 $ 22 Research and development cost 42 105 General and administrative expense 606 829 Total $ 679 $ 956 There were no options issued during the three March 31, 2021 three March 31, 2020 Restricted stock units In February 2021, three 1 2 3 three March 31, 2021 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Legal proceedings See Item 1. |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. The Company has evaluated subsequent events through the date which the condensed consolidated financial statements were available to be issued. Industrial Lease and Option to Purchase Agreement The Company has entered into an Industrial Lease Agreement with LINICO Corporation, a Nevada corporation, or LiNiCo, dated February 15, 2021 April 1, 2021 March 31, 2023. October 1, 2022 October 1, 2022 March 31, 2023. October 15, 2021 second November 22, 2022, six With respect to the portion of the facility that was damaged in the November 2019 July 31, 2021 November 15, 2021. first Insurance Payment Subsequent to the quarter ended March 31, 2021 November 2019 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as found in the Accounting Standards Codification (“ASC”) and ASU of the Financial Accounting Standards Board (“FASB”) and pursuant to the rules and regulations of the SEC. Accordingly, they do not March 31, 2021 three March 31, 2021 March 31, 2020 three March 31, 2021 March 31, 2020 three March 31, 2021 March 31, 2020 December 31, 2020 not December 31, 2020 10 February 25, 2021. The results of operations for the three March 31, 2021 not may December 31, 2021 |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its Subsidiaries, both of which are wholly-owned subsidiaries. Significant inter-company accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of the condensed consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the period. Significant items subject to such estimates and assumptions include the carrying amount and valuation of long-lived assets, the valuation of conversion features of convertible debt, valuation allowances for deferred tax assets, the determination of fair value of estimated asset retirement obligations, the determination of stock option expense and the determination of the fair value of stock warrants issued. Actual results could differ from those estimates. |
Earnings Per Share, Policy [Policy Text Block] | Net loss per share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method or the if-converted method, as applicable. For purposes of this calculation, stock options, restricted stock units (RSUs) and warrants to purchase common stock are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following shares underlying outstanding convertible notes, stock options, RSUs and warrants to purchase common stock were antidilutive due to a net loss in the periods presented and, therefore, were excluded from the dilutive securities computation for the three March 31 March 31, Excluded potentially dilutive securities (1): 2021 2020 Options to purchase common stock 1,040,522 1,709,106 Unvested restricted stock units 4,771,537 2,397,299 Financing warrants to purchase common stock 6,372 805,747 Total potential dilutive securities 5,818,431 4,912,152 ( 1 The number of shares is based on the maximum number of shares issuable on exercise or conversion of the related securities as of the period end. Such amounts have not |
Segment Reporting, Policy [Policy Text Block] | Segment and geographic information Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker views its operations and manages its business in one one |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Revenues from the following customer represented at least 10% three March 31, 2021 March 31, 2020 not March 31, 2021 December 31, 2020 Revenue Three Months Ended March 31, 2021 2020 Clarios (successor of Johnson Controls Battery Group, Inc.) — % 100 % |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements There were no three March 31, 2021 |
Insurance Proceeds [Policy Text Block] | Insurance Proceeds On November 29, 2019, March 31, 2021 first 2021 first 2021, |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, Excluded potentially dilutive securities (1): 2021 2020 Options to purchase common stock 1,040,522 1,709,106 Unvested restricted stock units 4,771,537 2,397,299 Financing warrants to purchase common stock 6,372 805,747 Total potential dilutive securities 5,818,431 4,912,152 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Revenue Three Months Ended March 31, 2021 2020 Clarios (successor of Johnson Controls Battery Group, Inc.) — % 100 % |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2021 December 31, 2020 Finished goods $ 2 $ 2 Work in process 247 247 Raw materials 842 842 Total inventory $ 1,091 $ 1,091 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful Life Asset Class (Years) March 31, 2021 December 31, 2020 Operational equipment 3 - 10 $ 12,126 $ 12,126 Lab equipment 5 524 524 Computer equipment 3 222 222 Office furniture and equipment 3 221 221 Land - 1,047 1,047 Building 39 19,508 19,508 Equipment under construction 3,762 3,597 37,410 37,245 Less: accumulated depreciation (12,688 ) (12,362 ) Total property and equipment, net $ 24,722 $ 24,883 |
Note 7 - Notes Payable (Tables)
Note 7 - Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, 2021 December 31, 2020 Notes payable, current portion Paycheck Protection Program $ 31 $ 29 Total notes payable, current portion $ 31 $ 29 Notes payable, non-current portion Paycheck Protection Program $ 170 $ 303 Total notes payable, non-current portion $ 170 $ 303 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2021 2020 Cash paid for operating lease liabilities $ 163 $ 158 Operating lease cost $ 144 $ 144 March 31, 2021 Weighted-average remaining lease term (in years) 1.0 Weighted-average discount rate 9.66 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Due in 12-month period ended March 31, 2022 $ 634 2023 $ 91 $ 725 Less imputed interest $ (35 ) Total lease liabilities $ 690 Current operating lease liabilities $ 600 Non-current operating lease liabilities $ 90 $ 690 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2021 2020 Cost of product sales $ 31 $ 22 Research and development cost 42 105 General and administrative expense 606 829 Total $ 679 $ 956 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) | Jan. 27, 2015 |
Number of Subsidiaries | 2 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Number of Operating Segments | 1 | ||
Number of Geographic Segments | 1 | ||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 0 | $ 32 | |
Proceeds from Insurance Settlement, Investing Activities | 0 | $ 4,748 | |
Insurance Recoveries, Net of Related Expenses | (12) | $ (203) | |
AquaRefining Fire [Member] | |||
Proceeds from Insurance Settlement, Investing Activities | 23,600 | ||
Insurance Recoveries, Net of Related Expenses | 200 | ||
Escrow Deposit | 1,400 | ||
Trade Accounts Receivable [Member] | |||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 0 | $ 0 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Total potential dilutive securities (in shares) | [1] | 5,818,431 | 4,912,152 |
Share-based Payment Arrangement, Option [Member] | |||
Total potential dilutive securities (in shares) | [1] | 1,040,522 | 1,709,106 |
Restricted Stock Units (RSUs) [Member] | |||
Total potential dilutive securities (in shares) | 4,771,537 | 2,397,299 | |
Warrant [Member] | |||
Total potential dilutive securities (in shares) | [1] | 6,372 | 805,747 |
[1] | The number of shares is based on the maximum number of shares issuable on exercise or conversion of the related securities as of the period end. Such amounts have not been adjusted for the treasury stock method or weighted average outstanding calculations as required if the securities were dilutive. |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Clarios [Member] | ||
Concentration risk | 0.00% | 100.00% |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Percentage of Revenue From Products Transferred at Point in Time | 100.00% |
Note 4 - Inventory - Inventory
Note 4 - Inventory - Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finished goods | $ 2 | $ 2 |
Work in process | 247 | 247 |
Raw materials | 842 | 842 |
Total inventory | $ 1,091 | $ 1,091 |
Note 5 - Investments (Details T
Note 5 - Investments (Details Textual) - USD ($) | Feb. 15, 2021 | Mar. 31, 2021 |
LiNiCo [Member] | ||
Series A Preferred Stock Purchase Agreement, Initial Sale of Stock (in shares) | 375,000 | |
Series A Preferred Stock Purchase Agreement, Approximate Proceeds from Initial Sale of Stock | $ 1,500,000 | |
Series A Preferred Stock Purchase Agreement, Approximate Proceeds from Aggregate Sale of Stock | $ 232,000 | |
LiNiCo [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 9.00% | |
LiNiCo [Member] | Comstock Mining Inc. [Member] | ||
Ownership Percentage | 50.00% | |
Series A Preferred Stock [Member] | LiNiCo [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 8.00% | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 1,000 | |
LiNiCo [Member] | ||
Stock Issued During Period, Shares, Equity Method Invesment (in shares) | 375,000 | 375,000 |
LiNiCo [Member] | Series A Warrant [Member] | ||
Investment Warrant, Term (Year) | 3 years | |
Investment Warrant, Number of Securities Called by Warrants or Rights (in shares) | 500 | |
Investment Warrant, Exercise Price (in dollars per share) | $ 1,000 | |
LiNiCo [Member] | Series A Preferred Stock [Member] | ||
Shares Received in Exchange of Common Stock Issued (in shares) | 1,500 | |
Value of Shares Received in Exchange of Common Stock Issued | $ 1,500,000 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment, Net (Details Textual) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Feb. 15, 2021ft² | |
Depreciation, Total | $ | $ 0.3 | $ 0.6 | |
Recycling Facility at TRIC [Member] | |||
Area of Real Estate Property (Square Foot) | ft² | 136,750 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Property and equipment, gross | $ 37,410 | $ 37,245 |
Less: accumulated depreciation | (12,688) | (12,362) |
Total property and equipment, net | 24,722 | 24,883 |
Operational Equipment [Member] | ||
Property and equipment, gross | $ 12,126 | 12,126 |
Operational Equipment [Member] | Minimum [Member] | ||
Property and equipment, net, useful life (Year) | 3 years | |
Operational Equipment [Member] | Maximum [Member] | ||
Property and equipment, net, useful life (Year) | 10 years | |
Laboratory Equipment [Member] | ||
Property and equipment, net, useful life (Year) | 5 years | |
Property and equipment, gross | $ 524 | 524 |
Computer Equipment [Member] | ||
Property and equipment, net, useful life (Year) | 3 years | |
Property and equipment, gross | $ 222 | 222 |
Office Furniture and Equipment [Member] | ||
Property and equipment, net, useful life (Year) | 3 years | |
Property and equipment, gross | $ 221 | 221 |
Land [Member] | ||
Property and equipment, gross | $ 1,047 | 1,047 |
Building [Member] | ||
Property and equipment, net, useful life (Year) | 39 years | |
Property and equipment, gross | $ 19,508 | 19,508 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 3,762 | $ 3,597 |
Note 7 - Notes Payable (Details
Note 7 - Notes Payable (Details Textual) - Paycheck Protection Program, CARES Act [Member] - USD ($) | May 07, 2020 | Mar. 31, 2021 |
Proceeds from Issuance of Debt | $ 332,000 | |
Debt Instrument, Decrease, Forgiveness | $ 131,000 |
Note 7 - Notes Payable - Schedu
Note 7 - Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Notes payable, current portion | $ 31 | $ 29 |
Notes payable, non-current portion | 170 | 303 |
Paycheck Protection Program, CARES Act [Member] | ||
Notes payable, current portion | 31 | 29 |
Notes payable, non-current portion | $ 170 | $ 303 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Lessee, Finance Lease, Number of Leases | 1 | |
Lessee, Operating Lease, Number of Leases | 2 | |
Sublease Income | $ 132,000 | $ 108,000 |
Operating Lease, Right-of-Use Asset | 590,000 | 1,080,000 |
Operating Lease, Liability, Total | 690,000 | $ 1,250,000 |
Finance Lease, Liability, Current | 6,000 | |
Finance Lease, Liability, Noncurrent | $ 18,000 | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Month) | 76 months | |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract (Month) | 42 months |
Note 8 - Leases - Right-of-Use
Note 8 - Leases - Right-of-Use Assets and Related Lease Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash paid for operating lease liabilities | $ 163 | $ 158 |
Operating lease cost | $ 144 | $ 144 |
Weighted-average remaining lease term (in years) (Year) | 1 year | |
Weighted-average discount rate | 9.66% |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
2022 | $ 634 | |
2023 | 91 | |
Lessee, Operating Lease, Liability, to be Paid, Total | 725 | |
Less imputed interest | (35) | |
Total lease liabilities | 690 | $ 1,250 |
Operating Lease, Liability, Total | 690 | $ 1,250 |
Lease Liability, Current and Noncurrent Portion [Member] | ||
Total lease liabilities | 690 | |
Operating Lease, Liability, Total | 690 | |
Lease Liability, Current Portion [Member] | ||
Current operating lease liabilities | 600 | |
Lease Liability, Noncurrent Portion [Member] | ||
Non-current operating lease liabilities | $ 90 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) - USD ($) | Feb. 15, 2021 | Feb. 28, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 543,040 | |||
Stock Issued During Period, Value, Warrant Exercised | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 345,818 | |||
Proceeds from Issuance of Common Stock | $ 7,485,000 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 25,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value | $ 151,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 0 | |||
LiNiCo [Member] | ||||
Stock Issued During Period, Shares, Equity Method Invesment (in shares) | 375,000 | 375,000 | ||
Board Members [Member] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | 41,209 | |||
First Cashless Exercise of Warrant [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 10,350 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.90 | |||
Second Cashless Exercise of Warrant [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 86,778 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.90 | |||
First Set of Common Stock Pursuant to Cashless Exercise of Warrant [Member] | ||||
Share Price (in dollars per share) | $ 3.95 | |||
Stock Issued During Period, Value, Warrant Exercised | $ 5,371 | |||
Second Set of Common Stock Pursuant to Cashless Exercise of Warrant [Member] | ||||
Share Price (in dollars per share) | $ 6.20 | |||
Stock Issued During Period, Value, Warrant Exercised | $ 60,219 | |||
ATM [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,923,614 | |||
Proceeds from Issuance of Common Stock | $ 7.5 |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock-based compensation expense | $ 679 | $ 956 |
Cost of Sales [Member] | ||
Stock-based compensation expense | 31 | 22 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 42 | 105 |
General and Administrative Expense [Member] | ||
Stock-based compensation expense | $ 606 | $ 829 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) | 1 Months Ended | 3 Months Ended | ||
Apr. 29, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Feb. 15, 2021USD ($)ft² | |
Area of Land Damaged by Fire (Square Foot) | ft² | 30,000 | |||
Proceeds from Insurance Settlement, Investing Activities | $ 0 | $ 4,748,000 | ||
AquaRefining Fire [Member] | ||||
Proceeds from Insurance Settlement, Investing Activities | $ 23,600,000 | |||
AquaRefining Fire [Member] | Subsequent Event [Member] | ||||
Proceeds from Insurance Settlement, Investing Activities | $ 1,400,000 | |||
Recycling Facility at TRIC [Member] | ||||
Area of Real Estate Property (Square Foot) | ft² | 136,750 | |||
Lessor, Operating Lease, Lessee's First Option to Purchase | $ 14,250,000 | |||
Lessor, Operating Lease, Lessee's Second Option to Purchase | 15,250,000 | |||
First Nonrefundable Deposit Subject to Purchase Option | 1,250,000 | |||
Second Nonrefundable Deposit Subject to Purchase Option | 2,000,000 | |||
Lessor, Operating Lease, Monthly Payments to be Received | 68,000 | |||
Lessor, Operating Lease, Monthly Payments to be Received in Last Six Months of Lease Term | $ 100,640 |