Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | FUEL TECH, INC. | |
Entity Central Index Key | 0000846913 | |
Trading Symbol | ftek | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 24,701,159 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 9,418 | $ 10,914 |
Restricted cash included in current assets | 2,025 | 2,080 |
Accounts receivable, net | 5,989 | 6,473 |
Insurance Receivable | 2,589 | |
Inventories, net | 337 | 264 |
Prepaid expenses and other current assets | 1,678 | 1,879 |
Income taxes receivable | 69 | |
Total current assets | 22,105 | 21,610 |
Property and equipment, net of accumulated depreciation of $26,692 and $26,174, respectively | 5,347 | 5,662 |
Goodwill | 2,116 | 2,116 |
Other intangible assets, net of accumulated amortization of $6,810 and $6,671, respectively | 794 | 906 |
Restricted cash included in long-term assets | 367 | 507 |
Right-of-use operating lease assets | 430 | 362 |
Other assets | 366 | 443 |
Total assets | 31,525 | 31,606 |
Current liabilities: | ||
Accounts payable | 2,963 | 2,117 |
Current portion of long-term borrowings | 945 | |
Accrued liabilities: | ||
Operating lease liabilities - current | 175 | 182 |
Employee compensation | 687 | 519 |
Income taxes payable | 36 | |
Other accrued liabilities | 1,566 | 1,976 |
Total current liabilities | 6,372 | 4,794 |
Operating lease liabilities - non-current | 247 | 180 |
Long-term borrowings, net of current portion | 611 | |
Deferred income taxes, net | 172 | 171 |
Other liabilities | 292 | 286 |
Total liabilities | 7,694 | 5,431 |
COMMITMENTS AND CONTINGENCIES (Note 13) | ||
Stockholders’ equity: | ||
Common stock, $.01 par value, 40,000,000 shares authorized, 25,509,298 and 25,053,480 shares issued, and 24,701,159 and 24,592,578 shares outstanding, respectively | 255 | 254 |
Additional paid-in capital | 139,767 | 139,560 |
Accumulated deficit | (113,060) | (110,325) |
Accumulated other comprehensive loss | (1,589) | (1,778) |
Nil coupon perpetual loan notes | 76 | 76 |
Treasury stock, at cost | (1,618) | (1,612) |
Total stockholders’ equity | 23,831 | 26,175 |
Total liabilities and stockholders’ equity | $ 31,525 | $ 31,606 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accumulated depreciation | $ 26,692 | $ 26,174 |
Accumulated amortization | $ 6,810 | $ 6,671 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 25,509,298 | 25,053,480 |
Common stock, shares outstanding (in shares) | 24,701,159 | 24,592,578 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues from external customers | $ 8,155 | $ 6,452 | $ 16,334 | $ 25,555 |
Costs and expenses: | ||||
Cost of sales | 2,249 | 3,563 | 8,299 | 14,754 |
Selling, general and administrative | 3,184 | 3,822 | 9,825 | 12,735 |
Restructuring charge | 0 | 0 | 0 | 625 |
Research and development | 285 | 352 | 880 | 823 |
Intangible assets abandonment | 76 | 127 | ||
Costs and Expenses, Total | 5,718 | 7,813 | 19,004 | 29,064 |
Operating income (loss) from continuing operations | 2,437 | (1,361) | (2,670) | (3,509) |
Interest expense | (9) | (4) | (15) | (8) |
Interest income | 3 | 19 | 16 | 30 |
Other income (expense), net | (55) | 71 | 83 | (1) |
Income (loss) from continuing operations before income taxes | 2,376 | (1,275) | (2,586) | (3,488) |
Income tax expense | (21) | (149) | (23) | |
Net income (loss) from continuing operations | 2,376 | (1,296) | (2,735) | (3,511) |
Income (Loss) from discontinued operations | 18 | (1) | ||
Net loss | $ 2,376 | $ (1,278) | $ (2,735) | $ (3,512) |
Basic | ||||
Continuing operations (in dollars per share) | $ 0.10 | $ (0.05) | $ (0.11) | $ (0.15) |
Discontinued operations (in dollars per share) | ||||
Basic net income (loss) per common share (in dollars per share) | 0.10 | (0.05) | (0.11) | (0.15) |
Diluted | ||||
Continuing operations (in dollars per share) | 0.09 | (0.05) | (0.11) | (0.15) |
Discontinued operations (in dollars per share) | ||||
Diluted net income (loss) per common share (in dollars per share) | $ 0.09 | $ (0.05) | $ (0.11) | $ (0.15) |
Weighted-average number of common shares outstanding: | ||||
Basic (in shares) | 24,701,000 | 24,187,000 | 24,656,000 | 24,183,000 |
Diluted (in shares) | 25,120,000 | 24,187,000 | 24,656,000 | 24,183,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income (loss) | $ 2,376 | $ (1,278) | $ (2,735) | $ (3,512) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 268 | (337) | 189 | (276) |
Comprehensive income (loss) | $ 2,644 | $ (1,615) | $ (2,546) | $ (3,788) |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Nil Coupon Perpetual Loan Notes [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Nil Coupon Perpetual Loan Notes [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 24,170 | |||||||||||||
Balance at Dec. 31, 2018 | $ 248 | $ 138,992 | $ (102,495) | $ (1,285) | $ 76 | $ (1,484) | $ 34,052 | |||||||
Net income (loss) | (1,289) | (1,289) | ||||||||||||
Foreign currency translation adjustments | 104 | 104 | ||||||||||||
Stock compensation expense | 96 | 96 | ||||||||||||
Common shares issued upon vesting of restricted stock units (in shares) | 18 | |||||||||||||
Common shares issued upon vesting of restricted stock units | ||||||||||||||
Treasury shares withheld (in shares) | (2) | |||||||||||||
Treasury shares withheld | (2) | (2) | ||||||||||||
Balance (in shares) at Mar. 31, 2019 | 24,186 | |||||||||||||
Balance at Mar. 31, 2019 | $ 22 | $ 22 | $ 248 | 139,088 | (103,762) | (1,181) | 76 | (1,486) | 32,983 | |||||
Balance (in shares) at Dec. 31, 2018 | 24,170 | |||||||||||||
Balance at Dec. 31, 2018 | $ 248 | 138,992 | (102,495) | (1,285) | 76 | (1,484) | 34,052 | |||||||
Net income (loss) | (3,512) | |||||||||||||
Foreign currency translation adjustments | (276) | |||||||||||||
Balance (in shares) at Sep. 30, 2019 | 24,186 | |||||||||||||
Balance at Sep. 30, 2019 | $ 248 | 139,349 | (105,985) | (1,561) | 76 | (1,486) | 30,641 | |||||||
Balance (in shares) at Mar. 31, 2019 | 24,186 | |||||||||||||
Balance at Mar. 31, 2019 | $ 22 | $ 22 | $ 248 | 139,088 | (103,762) | (1,181) | 76 | (1,486) | 32,983 | |||||
Net income (loss) | (945) | (945) | ||||||||||||
Foreign currency translation adjustments | (43) | (43) | ||||||||||||
Stock compensation expense | 123 | 123 | ||||||||||||
Balance (in shares) at Jun. 30, 2019 | 24,186 | |||||||||||||
Balance at Jun. 30, 2019 | $ 248 | 139,211 | (104,707) | (1,224) | 76 | (1,486) | 32,118 | |||||||
Net income (loss) | (1,278) | (1,278) | ||||||||||||
Foreign currency translation adjustments | (337) | (337) | ||||||||||||
Stock compensation expense | 138 | 138 | ||||||||||||
Balance (in shares) at Sep. 30, 2019 | 24,186 | |||||||||||||
Balance at Sep. 30, 2019 | $ 248 | 139,349 | (105,985) | (1,561) | 76 | (1,486) | 30,641 | |||||||
Balance (in shares) at Dec. 31, 2019 | 24,592 | |||||||||||||
Balance at Dec. 31, 2019 | $ 254 | 139,560 | (110,325) | (1,778) | 76 | (1,612) | 26,175 | |||||||
Net income (loss) | (2,567) | (2,567) | ||||||||||||
Foreign currency translation adjustments | (231) | (231) | ||||||||||||
Stock compensation expense | 81 | 81 | ||||||||||||
Common shares issued upon vesting of restricted stock units (in shares) | 55 | |||||||||||||
Common shares issued upon vesting of restricted stock units | ||||||||||||||
Treasury shares withheld (in shares) | (11) | |||||||||||||
Treasury shares withheld | (5) | (5) | ||||||||||||
Balance (in shares) at Mar. 31, 2020 | 24,636 | |||||||||||||
Balance at Mar. 31, 2020 | $ 254 | 139,641 | (112,892) | (2,009) | 76 | (1,617) | 23,453 | |||||||
Balance (in shares) at Dec. 31, 2019 | 24,592 | |||||||||||||
Balance at Dec. 31, 2019 | $ 254 | 139,560 | (110,325) | (1,778) | 76 | (1,612) | 26,175 | |||||||
Net income (loss) | (2,735) | |||||||||||||
Foreign currency translation adjustments | 189 | |||||||||||||
Balance (in shares) at Sep. 30, 2020 | 24,701 | |||||||||||||
Balance at Sep. 30, 2020 | $ 255 | 139,767 | (113,060) | (1,589) | 76 | (1,618) | 23,831 | |||||||
Balance (in shares) at Mar. 31, 2020 | 24,636 | |||||||||||||
Balance at Mar. 31, 2020 | $ 254 | 139,641 | (112,892) | (2,009) | 76 | (1,617) | 23,453 | |||||||
Net income (loss) | (2,544) | (2,544) | ||||||||||||
Foreign currency translation adjustments | 152 | 152 | ||||||||||||
Stock compensation expense | 69 | 69 | ||||||||||||
Common shares issued upon vesting of restricted stock units (in shares) | 66 | |||||||||||||
Common shares issued upon vesting of restricted stock units | $ 1 | (1) | ||||||||||||
Treasury shares withheld (in shares) | (1) | |||||||||||||
Treasury shares withheld | ||||||||||||||
Balance (in shares) at Jun. 30, 2020 | 24,701 | |||||||||||||
Balance at Jun. 30, 2020 | $ 255 | 139,710 | (115,436) | (1,857) | 76 | (1,618) | 21,130 | |||||||
Net income (loss) | 2,376 | 2,376 | ||||||||||||
Foreign currency translation adjustments | 268 | 268 | ||||||||||||
Stock compensation expense | 57 | 57 | ||||||||||||
Balance (in shares) at Sep. 30, 2020 | 24,701 | |||||||||||||
Balance at Sep. 30, 2020 | $ 255 | $ 139,767 | $ (113,060) | $ (1,589) | $ 76 | $ (1,618) | $ 23,831 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Activities | ||
Net loss | $ (2,735) | $ (3,512) |
Loss from discontinued operations | 1 | |
Net loss from continuing operations | (2,735) | (3,511) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 495 | 644 |
Amortization | 139 | 118 |
(Gain) loss on disposal of equipment | (3) | 4 |
Provision for doubtful accounts, net of recoveries | (1,144) | |
Adjustment for Operating Lease (Note 2) | (11) | |
Intangible assets abandonment | 127 | |
Stock-based compensation, net of forfeitures | 208 | 357 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (863) | 8,601 |
Inventories | (71) | 654 |
Prepaid expenses, other current assets and other non-current assets | 250 | 1,804 |
Accounts payable | 820 | (6,812) |
Accrued liabilities and other non-current liabilities | (376) | (4,306) |
Net cash used in operating activities - continuing operations | (3,291) | (2,320) |
Net cash used in operating activities - discontinued operations | (21) | |
Net cash used in operating activities | (3,291) | (2,341) |
Investing Activities | ||
Purchases of equipment and patents | (206) | (431) |
Net cash used in investing activities - continuing operations | (206) | (431) |
Net cash provided by investing activities - discontinued operations | 505 | |
Net cash (used in) provided by investing activities | (206) | 74 |
Financing Activities | ||
Proceeds from borrowings | 1,556 | |
Taxes paid on behalf of equity award participants | (6) | (2) |
Net cash provided by (used in) financing activities | 1,550 | (2) |
Effect of exchange rate fluctuations on cash | 256 | (458) |
Net decrease in cash, cash equivalents and restricted cash | (1,691) | (2,727) |
Cash, cash equivalents, and restricted cash at beginning of period (Note 2) | 13,501 | 18,059 |
Cash, cash equivalents and restricted cash at end of period (Note 2) | $ 11,810 | $ 15,332 |
Note 1 - General
Note 1 - General | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization Fuel Tech, Inc. and subsidiaries ("Fuel Tech", the "Company", "we", "us" or "our") provides advanced engineered solutions for the optimization of combustion systems in utility and industrial applications. Our primary focus is on the worldwide marketing and sale of NOx reduction technologies as well as our FUEL CHEM program. The Company's NOx reduction technologies reduce nitrogen oxide emissions from boilers, furnaces and other stationary combustion sources. Our FUEL CHEM program is based on proprietary TIFI ® Our business is materially dependent on the continued existence and enforcement of air quality regulations, particularly in the United States. We have expended significant resources in the research and development of new technologies in building our proprietary portfolio of air pollution control, fuel and boiler treatment chemicals, computer modeling and advanced visualization technologies. 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") for interim financial information and with the instructions to Form 10 10 X not three nine September 30, 2020 not December 31, 2020. 10 December 31, 2019 COVID- 19 The emergence of the coronavirus (COVID- 19 not 19 three nine September 30, 2020, may may third Management cannot predict the full impact of the COVID- 19 19 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Restricted cash Restricted cash as of September 30, 2020 $2,392 $2,025 no September 30, 2021 $367 February 1, 2023) 9 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: September 30, September 30, Cash and cash equivalents $ 9,418 $ 12,850 Restricted cash included in current assets 2,025 988 Restricted cash included in long-term assets 367 1,494 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows $ 11,810 $ 15,332 Leases The Company applies the provisions of Accounting Standards Codification ("ASC") 842, Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not may We have lease agreements with lease and non-lease components, and we elected the practical expedient to not 12 During the quarter ending September 30, 2020, 842. January 1, 2019. one not We evaluated the revision in accordance with Accounting Standards Codification (ASC) 250, No. 108, not not 250, not not December 31, 2019. As Previously Reported Year Ended December 31, 2019 Revision As Revised Right of Use Operating Lease Asset 980 (618 ) 362 Operating Lease Liabilities - current 300 (118 ) 182 Operating Lease Liabilities - non current 680 (500 ) 180 |
Note 3 - Revenue
Note 3 - Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. The Company recognizes revenue when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Fuel Tech's sales of products to customers generally represent single performance obligations. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not not We generally expense sales commissions on a ratable basis when incurred because the amortization period would have been one Air Pollution Control Technology Fuel Tech's APC contracts are typically six eighteen three four As part of most of its contractual APC project agreements, Fuel Tech will agree to customer-specific acceptance criteria that relate to the operational performance of the system that is being sold. These criteria are determined based on modeling that is performed by Fuel Tech personnel, which is based on operational inputs that are provided by the customer. The customer will warrant that these operational inputs are accurate as they are specified in the binding contractual agreement. Further, the customer is solely responsible for the accuracy of the operating condition information; typically all performance guarantees and equipment warranties granted by us are voidable if the operating condition information is inaccurate or is not Since control transfers over time, revenue is recognized based on the extent of progress towards completion of the single performance obligation. Fuel Tech uses the cost-to-cost input measure of progress for our contracts since it best depicts the transfer of assets to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost input measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. Costs to fulfill include all internal and external engineering costs, equipment charges, inbound and outbound freight expenses, internal and site transfer costs, installation charges, purchasing and receiving costs, inspection costs, warehousing costs, project personnel travel expenses and other direct and indirect expenses specifically identified as project- or product-line related, as appropriate (e.g. test equipment depreciation and certain insurance expenses). Fuel Tech's APC product line also includes ancillary revenue for post contractual goods and services. Revenue associated with these activities are recognized at point in time when delivery of goods or completion of the service obligation is performed. Fuel Tech has installed over 1,100 FUEL CHEM Revenues from the sale of chemical products are recognized when control transfers to customer upon shipment or delivery of the product based on the applicable shipping terms. We generally recognize revenue for these arrangements at a point in time based on our evaluation of when the customer obtains control of the promised goods or services. On occasion, Fuel Tech will engineer and sell its chemical pumping equipment. These projects are similar in nature to the APC projects described above and for those project where control transfers over time, revenue is recognized based on the extent of progress towards completion of the single performance obligation. Disaggregated Revenue by Product Technology The following table presents our revenues disaggregated by product technology: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Air Pollution Control Technology solutions $ 2,326 $ 1,191 $ 4,524 $ 9,727 Spare parts 254 299 667 832 Ancillary revenue 306 326 828 1,849 Total Air Pollution Control Technology revenues 2,886 1,816 6,019 12,408 FUEL CHEM FUEL CHEM technology solutions 5,269 4,636 10,315 13,147 Total Revenues $ 8,155 $ 6,452 $ 16,334 $ 25,555 Disaggregated Revenue by Geography The following table presents our revenues disaggregated by geography, based on the billing addresses of our customers: Three Months Ended Nine Months Ended 2020 2019 2020 2019 United States $ 6,473 $ 5,727 $ 12,880 $ 22,104 Foreign Revenues Latin America 195 282 400 474 Europe 904 283 1,494 1,568 Asia 583 160 1,560 1,409 Total Foreign Revenues 1,682 725 3,454 3,451 Total Revenues $ 8,155 $ 6,452 $ 16,334 $ 25,555 Timing of Revenue Recognition The following table presents the timing of our revenue recognition: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Products transferred at a point in time $ 5,108 $ 5,261 $ 11,089 $ 15,828 Products and services transferred over time 3,047 1,191 5,245 9,727 Total Revenues $ 8,155 $ 6,452 $ 16,334 $ 25,555 Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the consolidated balance sheets. In our Air Pollution Control Technology segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. These assets are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. At September 30, 2020 December 31, 2019, $1,929 $1,857, However, the Company will periodically bill in advance of costs incurred before revenue is recognized, resulting in contract liabilities. These liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. Contract liabilities were $357 $712, September 30, 2020 December 31, 2019, Changes in the contract asset and liability balances during the nine September 30, 2020, not $97 $555 three nine September 30, 2020, $302 $1,059 three nine September 30, 2019, As of September 30, 2020, three $3 13 December 31, 2019, three $26 Remaining Performance Obligations Remaining performance obligations, represents the transaction price of Air Pollution Control technology booked orders for which work has not September 30, 2020, $6,417. $4,130 12 Accounts Receivable The components of accounts receivable are as follows: As of September 30, 2020 December 31, 2019 Trade receivables $ 4,731 $ 6,425 Unbilled receivables 1,929 1,857 Other short-term receivables 29 7 Allowance for doubtful accounts (700 ) (1,816 ) Total accounts receivable $ 5,989 $ 6,473 |
Note 4 - Restructuring Activiti
Note 4 - Restructuring Activities | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 4. On January 18, 2019, September 30, 2020 $25 The following table presents our revenues and net loss which includes the Restructuring charge line item within the Condensed Statements of Operations for 2020 2019 Three Months Ended Nine Months Ended 2020 2019 2020 2019 Total revenues $ 6 $ — $ 11 $ 311 Net loss $ (73 ) $ (80 ) $ (31 ) $ (1,469 ) Total assets primarily consist of cash, accounts receivable, contract assets, prepaid expenses and other current assets. Total liabilities consist of accounts payable and certain accrued liabilities. The following table presents net assets in China as follows: As of September 30, 2020 December 31, 2019 Total assets $ 3,134 $ 4,249 Total liabilities 380 399 Total net assets $ 2,754 $ 3,850 The Company incurred $0 three nine September 30, 2020 $0 $625 three nine September 30, 2019 There is no three nine September 30, 2020. three nine September 30, 2020 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Restructuring liability at beginning of period $ — $ 155 $ — $ 65 Amounts expensed — — — 625 Amounts paid — (155 ) — (690 ) Restructuring liability at end of period $ — $ — $ — $ — |
Note 5 - Accumulated Other Comp
Note 5 - Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 5. The changes in accumulated other comprehensive loss by component were as follows: Three months ended September 30, Nine Months Ended 2020 2019 2020 2019 Foreign currency translation Balance at beginning of period $ (1,857 ) $ (1,224 ) $ (1,778 ) $ (1,285 ) Other comprehensive loss: Foreign currency translation adjustments (1) 268 (337 ) 189 (276 ) Total accumulated other comprehensive loss $ (1,589 ) $ (1,561 ) $ (1,589 ) $ (1,561 ) ( 1 In all periods presented, there were no no |
Note 6 - Treasury Stock
Note 6 - Treasury Stock | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 6. Common stock held in treasury totaled 808,139 796,090 $1,618 $1,612 September 30, 2020 December 31, 2019, |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. Basic earnings per share excludes the dilutive effects of stock options, restricted stock units (RSUs), and the nil nil nine September 30, 2020 2019, three nine September 30, 2020 2019. Three Months Ended Nine Months Ended 2020 2019 2020 2019 Basic weighted-average shares 24,701,000 24,187,000 24,656,000 24,183,000 Conversion of unsecured loan notes — — — — Unexercised options and unvested RSUs 419,000 — — — Diluted weighted-average shares 25,120,000 24,187,000 24,656,000 24,183,000 For the three September 30, 2020, 110,000 |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 8. Under our stock-based employee compensation plan, referred to as the Fuel Tech, Inc. 2014 may may 5,600,676 may September 30, 2020, 2,359,333 2014 We did not three nine September 30, 2020. no three nine September 30, 2020. no Stock-based compensation is included in selling, general, and administrative costs in our Consolidated Statements of Operations. The components of stock-based compensation for the three nine September 30, 2020 2019 Three Months Ended Nine Months Ended September 30, 2020 2019 2020 2019 Stock options and restricted stock units, net of forfeited $ 57 $ 138 $ 207 $ 357 Tax benefit of stock-based compensation expense — — — — After-tax effect of stock-based compensation $ 57 $ 138 $ 207 $ 357 Stock Options Stock options granted to employees under the Incentive Plans have a 10 50% second 25% third 25% fourth four Fuel Tech uses the Black-Scholes option pricing model to estimate the grant date fair value of employee stock options. The principal variable assumptions utilized in valuing options and the methodology for estimating such model inputs include: ( 1 2 3 Stock option activity for Fuel Tech's Incentive Plans for the nine September 30, 2020 Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding on January 1, 2020 747,500 $ 3.33 Granted — — Exercised — — Expired or forfeited (80,000 ) 5.79 Outstanding on September 30, 2020 667,500 $ 3.04 4.48 $ — Exercisable on September 30, 2020 667,500 $ 3.04 4.48 $ — As of September 30, 2020, no Restricted Stock Units Restricted stock units (RSUs) granted to employees vest over time based on continued service (typically vesting over a period between two four In addition to the time vested RSUs, the Company entered into a 2020 “2020 2020 2020 no $1 2020. i.e., 1/3, 1/3 1/3 three one At September 30, 2020, $151 1.22 A summary of restricted stock unit activity for the nine September 30, 2020 Shares Weighted Average Grant Date Fair Value Unvested restricted stock units at January 1, 2020 775,635 $ 1.47 Granted — — Forfeited (60,000 ) 0.97 Vested (120,630 ) 1.57 Unvested restricted stock units at September 30, 2020 595,005 $ 1.50 The fair value of restricted stock that vested during the nine September 30, 2020 $190. Deferred Directors Fees In addition to the Incentive Plans, Fuel Tech has a Deferred Compensation Plan for Directors (Deferred Plan). Under the terms of the Deferred Plan, Directors can elect to defer Directors' fees for shares of Fuel Tech Common Stock that are issuable at a future date as defined in the agreement. In accordance with ASC 718, nine September 30, 2020 2019, no |
Note 9 - Debt Financing
Note 9 - Debt Financing | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. On April 17, 2020, $1,556 April 15, 2020 ( $1,556, Under the terms of the Note, interest will accrue on the outstanding principal at the rate of 1.0% two may not seven As of September 30, 2020 On June 19, 2019, 105% 250 no September 30, 2020 December 31, 2019, $2,278 $2,461 September 30, 2020 December 31, 2019 $2,392 $2,587 In connection with the transition to BMO Harris Bank N.A., the Company canceled its U.S. credit facility with JPMorgan Chase Bank, N.A. effective on September 25, 2019. |
Note 10 - Business Segment and
Note 10 - Business Segment and Geographic Financial Data | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10. Business Segment Financial Data We segregate our financial results into two two • The Air Pollution Control technology segment includes technologies to reduce NOx emissions in flue gas from boilers, incinerators, furnaces and other stationary combustion sources. These include Low and Ultra Low NOx Burners (LNB and ULNB), Over-Fire Air (OFA) systems, NOxOUT ® ™ ® ® • The FUEL CHEM ® ® The “Other” classification includes those profit and loss items not no We evaluate performance and allocate resources based on reviewing gross margin by reportable segment. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies (Note 1 10 not Information about reporting segment net sales and gross margin from continuing operations are provided below: Three months ended September 30, 2020 Air Pollution FUEL CHEM Other Total Revenues from external customers $ 2,886 $ 5,269 $ — $ 8,155 Cost of sales 304 (2,553 ) — (2,249 ) Gross margin 3,190 2,716 — 5,906 Selling, general and administrative — — (3,184 ) (3,184 ) Research and development — — (285 ) (285 ) Operating income (loss) from continuing operations $ 3,190 $ 2,716 $ (3,469 ) $ 2,437 Three months ended September 30, 2019 Air Pollution FUEL CHEM Other Total Revenues from external customers $ 1,816 $ 4,636 $ — $ 6,452 Cost of sales (1,197 ) (2,366 ) — (3,563 ) Gross margin 619 2,270 — 2,889 Selling, general and administrative — — (3,822 ) (3,822 ) Restructuring Charge — — — — Research and development — — (352 ) (352 ) Intangible assets abandonment — — (76 ) (76 ) Operating income (loss) from continuing operations $ 619 $ 2,270 $ (4,250 ) $ (1,361 ) Nine months ended September 30, 2020 Air Pollution FUEL CHEM Other Total Revenues from external customers $ 6,019 $ 10,315 $ — $ 16,334 Cost of sales (2,782 ) (5,517 ) — (8,299 ) Gross margin 3,237 4,798 — 8,035 Selling, general and administrative — — (9,825 ) (9,825 ) Research and development — — (880 ) (880 ) Operating income (loss) from continuing operations $ 3,237 $ 4,798 $ (10,705 ) $ (2,670 ) Nine months ended September 30, 2019 Air Pollution FUEL CHEM Other Total Revenues from external customers $ 12,408 $ 13,147 $ — $ 25,555 Cost of sales (8,061 ) (6,693 ) — (14,754 ) Gross margin 4,347 6,454 — 10,801 Selling, general and administrative — — (12,735 ) (12,735 ) Restructuring Charge — — (625 ) (625 ) Research and development — — (823 ) (823 ) Intangible assets abandonment — — (127 ) (127 ) Operating income (loss) from continuing operations $ 4,347 $ 6,454 $ (14,310 ) $ (3,509 ) Geographic Segment Financial Data Information concerning our operations by geographic area is provided below. Revenues are attributed to countries based on the location of the customer. Assets are those directly associated with operations of the geographic area. Three Months Ended Nine Months Ended September 30, 2020 2019 2020 2019 Revenues: United States $ 6,473 $ 5,727 $ 12,880 $ 22,104 Foreign 1,682 725 3,454 3,451 $ 8,155 $ 6,452 $ 16,334 $ 25,555 September 30, December 31, Assets: United States $ 25,008 $ 23,460 Foreign 6,517 8,146 $ 31,525 $ 31,606 |
Note 11 - Leases
Note 11 - Leases | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 11. Leases We have seven 8 5 not no no 842. Total operating lease expense for the three nine September 30, 2020 2019, 2, Three Months Ended Nine Months Ended 2020 2019 2020 2019 Operating lease cost $ 47 $ 136 $ 157 $ 419 Short-term lease cost 5 1 12 135 Total lease cost $ 52 $ 137 $ 169 $ 554 The weighted average remaining lease term was 3.23 September 30, 2020. 4.72% September 30, 2020. Remaining maturities of our existing lease liabilities as of September 30, 2020 Year Ending December 31, Operating Leases 2020 (excluding the nine months ended September 30, 2020) 44 2021 176 2022 121 2023 115 2024 26 Thereafter 10 Total lease payments $ 492 Less imputed interest (70 ) Total $ 422 The following is the balance sheet classification of our existing lease liabilities as of September 30, 2020: As of September 30, 2020 December 31, 2019 Operating lease liabilities - current $ 175 $ 182 Operating lease liabilities - non-current 247 180 Total operating lease liabilities $ 422 $ 362 Supplemental cash flow information related to leases, adjusted for correction referenced in Note 2, Three Months Ended Nine Months Ended 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities $ 45 $ 133 $ 148 $ 411 Leased assets obtained in exchange for operating lease liabilities 41 127 137 395 |
Note 12 - Accrued Liabilities
Note 12 - Accrued Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 12. The components of other accrued liabilities are as follows: As of September 30, 2020 December 31, 2019 Contract liabilities (Note 3) $ 357 $ 712 Accrued remediation contingency (Note 13) 238 146 Other accrued liabilities 971 1,118 Total other accrued liabilities $ 1,566 $ 1,976 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. Fuel Tech is subject to various claims and contingencies related to, among other things, workers compensation, general liability (including product liability), and lawsuits. The Company records liabilities where a contingent loss is probable and can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no not not may From time to time we are involved in litigation with respect to matters arising from the ordinary conduct of our business. In the opinion of management, based upon presently available information, either adequate provision for anticipated costs have been accrued or the ultimate anticipated costs will not not During the fourth 2018, second 2020 $1,150 $499 September 30, 2020 December 31, 2019, $0 $146 third 2020, $2,589. October 2020. During the third 2020, September 30, 2020 $238 Fuel Tech issues a standard product warranty with the sale of its products to customers. Our recognition of warranty liability is based primarily on analyses of warranty claims experienced in the preceding years as the nature of our historical product sales for which we offer a warranty are substantially unchanged. This approach provides an aggregate warranty accrual that is historically aligned with actual warranty claims experienced. There was no nine September 30, 2020 2019. $159 September 30, 2020 2019. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. The Company's effective tax rate is approximately 5.8% 0.7% nine September 30, 2020 2019, 21% nine September 30, 2020 no nine September 30, 2020 2019. Fuel Tech had no September 30, 2020 December 31, 2019. On March 27, 2020, 748 2017 100 not |
Note 15 - Goodwill and Other In
Note 15 - Goodwill and Other Intangibles | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 15. Goodwill is allocated among and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one two ® no September 30, 2020 December 31, 2019, $2,116 ® Goodwill is allocated to each of our reporting units after considering the nature of the net assets giving rise to the goodwill and how each reporting unit would enjoy the benefits and synergies of the net assets acquired. There were no nine September 30, 2020 2019. Fuel Tech reviews other intangible assets, which include patent assets, for impairment on a recurring basis or when events or changes in circumstances indicate the carrying amount of an asset may not may There were no nine September 30, 2020 2019. |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10 no |
Note 17 - Liquidity
Note 17 - Liquidity | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 17. We continue to monitor our liquidity needs and in response to our continued losses have taken measures to reduce expenses and restructure operations which we feel are necessary to ensure we maintain sufficient working capital and liquidity to operate the business and invest in our future. We have experienced continued declines in revenues and recurring losses. As a result, we have evaluated our ongoing business needs, and considered the cash requirements of our base business of Air Pollution Control (APC) and Fuel Chem businesses. This evaluation included consideration of the following: a) customer and revenue trends in our APC and Fuel Chem business segments, b) current operating structure and expenditure levels, c) current availability of working capital, and d) support for our research and development initiatives. We continue to monitor our liquidity needs and have taken measures to reduce expenses and restructure operations which we feel are necessary to ensure we maintain sufficient working capital and liquidity to operate the business and invest in our future. We believe our current cash position and net cash flows expected to be generated from operations are adequate to fund planned operations of the Company for the next 12 may may may not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash Restricted cash as of September 30, 2020 $2,392 $2,025 no September 30, 2021 $367 February 1, 2023) 9 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: September 30, September 30, Cash and cash equivalents $ 9,418 $ 12,850 Restricted cash included in current assets 2,025 988 Restricted cash included in long-term assets 367 1,494 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows $ 11,810 $ 15,332 |
Lessee, Leases [Policy Text Block] | Leases The Company applies the provisions of Accounting Standards Codification ("ASC") 842, Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not may We have lease agreements with lease and non-lease components, and we elected the practical expedient to not 12 During the quarter ending September 30, 2020, 842. January 1, 2019. one not We evaluated the revision in accordance with Accounting Standards Codification (ASC) 250, No. 108, not not 250, not not December 31, 2019. As Previously Reported Year Ended December 31, 2019 Revision As Revised Right of Use Operating Lease Asset 980 (618 ) 362 Operating Lease Liabilities - current 300 (118 ) 182 Operating Lease Liabilities - non current 680 (500 ) 180 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | September 30, September 30, Cash and cash equivalents $ 9,418 $ 12,850 Restricted cash included in current assets 2,025 988 Restricted cash included in long-term assets 367 1,494 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows $ 11,810 $ 15,332 |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | As Previously Reported Year Ended December 31, 2019 Revision As Revised Right of Use Operating Lease Asset 980 (618 ) 362 Operating Lease Liabilities - current 300 (118 ) 182 Operating Lease Liabilities - non current 680 (500 ) 180 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended 2020 2019 2020 2019 Air Pollution Control Technology solutions $ 2,326 $ 1,191 $ 4,524 $ 9,727 Spare parts 254 299 667 832 Ancillary revenue 306 326 828 1,849 Total Air Pollution Control Technology revenues 2,886 1,816 6,019 12,408 FUEL CHEM FUEL CHEM technology solutions 5,269 4,636 10,315 13,147 Total Revenues $ 8,155 $ 6,452 $ 16,334 $ 25,555 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended Nine Months Ended 2020 2019 2020 2019 United States $ 6,473 $ 5,727 $ 12,880 $ 22,104 Foreign Revenues Latin America 195 282 400 474 Europe 904 283 1,494 1,568 Asia 583 160 1,560 1,409 Total Foreign Revenues 1,682 725 3,454 3,451 Total Revenues $ 8,155 $ 6,452 $ 16,334 $ 25,555 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Three Months Ended Nine Months Ended 2020 2019 2020 2019 Products transferred at a point in time $ 5,108 $ 5,261 $ 11,089 $ 15,828 Products and services transferred over time 3,047 1,191 5,245 9,727 Total Revenues $ 8,155 $ 6,452 $ 16,334 $ 25,555 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of September 30, 2020 December 31, 2019 Trade receivables $ 4,731 $ 6,425 Unbilled receivables 1,929 1,857 Other short-term receivables 29 7 Allowance for doubtful accounts (700 ) (1,816 ) Total accounts receivable $ 5,989 $ 6,473 |
Note 4 - Restructuring Activi_2
Note 4 - Restructuring Activities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Nine Months Ended 2020 2019 2020 2019 Total revenues $ 6 $ — $ 11 $ 311 Net loss $ (73 ) $ (80 ) $ (31 ) $ (1,469 ) As of September 30, 2020 December 31, 2019 Total assets $ 3,134 $ 4,249 Total liabilities 380 399 Total net assets $ 2,754 $ 3,850 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Restructuring liability at beginning of period $ — $ 155 $ — $ 65 Amounts expensed — — — 625 Amounts paid — (155 ) — (690 ) Restructuring liability at end of period $ — $ — $ — $ — |
Note 5 - Accumulated Other Co_2
Note 5 - Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three months ended September 30, Nine Months Ended 2020 2019 2020 2019 Foreign currency translation Balance at beginning of period $ (1,857 ) $ (1,224 ) $ (1,778 ) $ (1,285 ) Other comprehensive loss: Foreign currency translation adjustments (1) 268 (337 ) 189 (276 ) Total accumulated other comprehensive loss $ (1,589 ) $ (1,561 ) $ (1,589 ) $ (1,561 ) |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended 2020 2019 2020 2019 Basic weighted-average shares 24,701,000 24,187,000 24,656,000 24,183,000 Conversion of unsecured loan notes — — — — Unexercised options and unvested RSUs 419,000 — — — Diluted weighted-average shares 25,120,000 24,187,000 24,656,000 24,183,000 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2020 2019 2020 2019 Stock options and restricted stock units, net of forfeited $ 57 $ 138 $ 207 $ 357 Tax benefit of stock-based compensation expense — — — — After-tax effect of stock-based compensation $ 57 $ 138 $ 207 $ 357 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding on January 1, 2020 747,500 $ 3.33 Granted — — Exercised — — Expired or forfeited (80,000 ) 5.79 Outstanding on September 30, 2020 667,500 $ 3.04 4.48 $ — Exercisable on September 30, 2020 667,500 $ 3.04 4.48 $ — |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Unvested restricted stock units at January 1, 2020 775,635 $ 1.47 Granted — — Forfeited (60,000 ) 0.97 Vested (120,630 ) 1.57 Unvested restricted stock units at September 30, 2020 595,005 $ 1.50 |
Note 10 - Business Segment an_2
Note 10 - Business Segment and Geographic Financial Data (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended September 30, 2020 Air Pollution FUEL CHEM Other Total Revenues from external customers $ 2,886 $ 5,269 $ — $ 8,155 Cost of sales 304 (2,553 ) — (2,249 ) Gross margin 3,190 2,716 — 5,906 Selling, general and administrative — — (3,184 ) (3,184 ) Research and development — — (285 ) (285 ) Operating income (loss) from continuing operations $ 3,190 $ 2,716 $ (3,469 ) $ 2,437 Three months ended September 30, 2019 Air Pollution FUEL CHEM Other Total Revenues from external customers $ 1,816 $ 4,636 $ — $ 6,452 Cost of sales (1,197 ) (2,366 ) — (3,563 ) Gross margin 619 2,270 — 2,889 Selling, general and administrative — — (3,822 ) (3,822 ) Restructuring Charge — — — — Research and development — — (352 ) (352 ) Intangible assets abandonment — — (76 ) (76 ) Operating income (loss) from continuing operations $ 619 $ 2,270 $ (4,250 ) $ (1,361 ) Nine months ended September 30, 2020 Air Pollution FUEL CHEM Other Total Revenues from external customers $ 6,019 $ 10,315 $ — $ 16,334 Cost of sales (2,782 ) (5,517 ) — (8,299 ) Gross margin 3,237 4,798 — 8,035 Selling, general and administrative — — (9,825 ) (9,825 ) Research and development — — (880 ) (880 ) Operating income (loss) from continuing operations $ 3,237 $ 4,798 $ (10,705 ) $ (2,670 ) Nine months ended September 30, 2019 Air Pollution FUEL CHEM Other Total Revenues from external customers $ 12,408 $ 13,147 $ — $ 25,555 Cost of sales (8,061 ) (6,693 ) — (14,754 ) Gross margin 4,347 6,454 — 10,801 Selling, general and administrative — — (12,735 ) (12,735 ) Restructuring Charge — — (625 ) (625 ) Research and development — — (823 ) (823 ) Intangible assets abandonment — — (127 ) (127 ) Operating income (loss) from continuing operations $ 4,347 $ 6,454 $ (14,310 ) $ (3,509 ) |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2020 2019 2020 2019 Revenues: United States $ 6,473 $ 5,727 $ 12,880 $ 22,104 Foreign 1,682 725 3,454 3,451 $ 8,155 $ 6,452 $ 16,334 $ 25,555 September 30, December 31, Assets: United States $ 25,008 $ 23,460 Foreign 6,517 8,146 $ 31,525 $ 31,606 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended 2020 2019 2020 2019 Operating lease cost $ 47 $ 136 $ 157 $ 419 Short-term lease cost 5 1 12 135 Total lease cost $ 52 $ 137 $ 169 $ 554 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, Operating Leases 2020 (excluding the nine months ended September 30, 2020) 44 2021 176 2022 121 2023 115 2024 26 Thereafter 10 Total lease payments $ 492 Less imputed interest (70 ) Total $ 422 |
Operating Lease Liabilities [Table Text Block] | As of September 30, 2020 December 31, 2019 Operating lease liabilities - current $ 175 $ 182 Operating lease liabilities - non-current 247 180 Total operating lease liabilities $ 422 $ 362 |
Lessee, Operating Leases, Supplemental Cash Flow Information [Table Text Block] | Three Months Ended Nine Months Ended 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities $ 45 $ 133 $ 148 $ 411 Leased assets obtained in exchange for operating lease liabilities 41 127 137 395 |
Note 12 - Accrued Liabilities (
Note 12 - Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Other Current Liabilities [Table Text Block] | As of September 30, 2020 December 31, 2019 Contract liabilities (Note 3) $ 357 $ 712 Accrued remediation contingency (Note 13) 238 146 Other accrued liabilities 971 1,118 Total other accrued liabilities $ 1,566 $ 1,976 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Restricted Cash and Cash Equivalents, Total | $ 2,392 | ||
Restricted Cash and Cash Equivalents, Current, Total | 2,025 | $ 2,080 | $ 988 |
Restricted Cash and Cash Equivalents, Noncurrent, Total | $ 367 | $ 507 | $ 1,494 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Cash and cash equivalents | $ 9,418 | $ 10,914 | $ 12,850 |
Restricted cash included in current assets | 2,025 | 2,080 | 988 |
Restricted cash included in long-term assets | 367 | $ 507 | 1,494 |
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows | $ 11,810 | $ 15,332 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Revision of Error (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Right of Use Operating Lease Asset | $ 430 | $ 362 | $ 362 |
Operating Lease Liabilities - current | 175 | 182 | 182 |
Operating Lease Liabilities - non current | $ 247 | 180 | 180 |
Previously Reported [Member] | |||
Right of Use Operating Lease Asset | 980 | ||
Operating Lease Liabilities - current | 300 | ||
Operating Lease Liabilities - non current | $ 680 | ||
Revision of Prior Period, Error Correction, Adjustment [Member] | |||
Right of Use Operating Lease Asset | (618) | ||
Operating Lease Liabilities - current | (118) | ||
Operating Lease Liabilities - non current | $ (500) |
Note 3 - Revenue 1 (Details Tex
Note 3 - Revenue 1 (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Number Of Units Installed | 1,100 | 1,100 | |||
Unbilled Receivables, Current | $ 1,929 | $ 1,929 | $ 1,857 | ||
Contract with Customer, Liability, Current | 357 | 357 | $ 712 | ||
Contract with Customer, Liability, Revenue Recognized | $ 97 | $ 302 | $ 555 | $ 1,059 | |
Contract with Customer, Contracts in Progress, Number of Contracts Identified as Loss Contracts | 3 | 3 | 3 | ||
Provision for Loss on Contracts | $ 3 | $ 3 | $ 26 | ||
Revenue, Remaining Performance Obligation, Amount | $ 6,417 | $ 6,417 | |||
Minimum [Member] | |||||
Contract Term (Month) | 180 days | ||||
Maximum [Member] | |||||
Contract Term (Month) | 1 year 180 days |
Note 3 - Revenue 2 (Details Tex
Note 3 - Revenue 2 (Details Textual) $ in Thousands | Sep. 30, 2020USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 6,417 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 4,130 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 1 year |
Note 3 - Revenue - Revenues Dis
Note 3 - Revenue - Revenues Disaggregated by Product Technology (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues from external customers | $ 8,155 | $ 6,452 | $ 16,334 | $ 25,555 |
Air Pollution Control [Member] | ||||
Revenues from external customers | 2,886 | 1,816 | 6,019 | 12,408 |
Air Pollution Control [Member] | Technology Solutions [Member] | ||||
Revenues from external customers | 2,326 | 1,191 | 4,524 | 9,727 |
Air Pollution Control [Member] | Spare Parts [Member] | ||||
Revenues from external customers | 254 | 299 | 667 | 832 |
Air Pollution Control [Member] | Ancillary Revenue [Member] | ||||
Revenues from external customers | 306 | 326 | 828 | 1,849 |
FUEL CHEM [Member] | ||||
Revenues from external customers | 5,269 | 4,636 | 10,315 | 13,147 |
FUEL CHEM [Member] | Technology Solutions [Member] | ||||
Revenues from external customers | $ 5,269 | $ 4,636 | $ 10,315 | $ 13,147 |
Note 3 - Revenue - Revenues D_2
Note 3 - Revenue - Revenues Disaggregated by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues from external customers | $ 8,155 | $ 6,452 | $ 16,334 | $ 25,555 |
UNITED STATES | ||||
Revenues from external customers | 6,473 | 5,727 | 12,880 | 22,104 |
Latin America [Member] | ||||
Revenues from external customers | 195 | 282 | 400 | 474 |
Europe [Member] | ||||
Revenues from external customers | 904 | 283 | 1,494 | 1,568 |
Asia [Member] | ||||
Revenues from external customers | 583 | 160 | 1,560 | 1,409 |
Non-US [Member] | ||||
Revenues from external customers | $ 1,682 | $ 725 | $ 3,454 | $ 3,451 |
Note 3 - Revenue - Timing of Re
Note 3 - Revenue - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues from external customers | $ 8,155 | $ 6,452 | $ 16,334 | $ 25,555 |
Transferred at Point in Time [Member] | ||||
Revenues from external customers | 5,108 | 5,261 | 11,089 | 15,828 |
Transferred over Time [Member] | ||||
Revenues from external customers | $ 3,047 | $ 1,191 | $ 5,245 | $ 9,727 |
Note 3 - Revenue - Components o
Note 3 - Revenue - Components of Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Trade receivables | $ 4,731 | $ 6,425 |
Unbilled receivables | 1,929 | 1,857 |
Other short-term receivables | 29 | 7 |
Allowance for doubtful accounts | (700) | (1,816) |
Total accounts receivable | $ 5,989 | $ 6,473 |
Note 4 - Restructuring Activi_3
Note 4 - Restructuring Activities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Restructuring Charges, Total | $ 0 | $ 0 | $ 0 | $ 625 | ||||
Restructuring Reserve, Ending Balance | 0 | 0 | $ 155 | $ 65 | ||||
CHINA | ||||||||
Discontinued Operations, Revenue, Remaining Performance Obligation, Amount | $ 25 | $ 25 |
Note 4 - Restructuring Activi_4
Note 4 - Restructuring Activities - Charges and Net Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Total revenues | $ 8,155 | $ 6,452 | $ 16,334 | $ 25,555 | |||||
Net loss | 2,376 | $ (2,544) | $ (2,567) | (1,278) | $ (945) | $ (1,289) | (2,735) | (3,512) | |
Total assets | 31,525 | 31,525 | $ 31,606 | ||||||
Total liabilities | 7,694 | 7,694 | 5,431 | ||||||
CHINA | |||||||||
Total revenues | 6 | 11 | 311 | ||||||
Net loss | (73) | $ (80) | (31) | $ (1,469) | |||||
Total assets | 3,134 | 3,134 | 4,249 | ||||||
Total liabilities | 380 | 380 | 399 | ||||||
Total net assets | $ 2,754 | $ 2,754 | $ 3,850 |
Note 4 - Restructuring Activi_5
Note 4 - Restructuring Activities - Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restructuring liability at beginning of period | $ 155 | $ 65 | ||
Restructuring charge | 0 | 0 | 0 | 625 |
Amounts paid | (155) | (690) | ||
Restructuring liability at end of period | $ 0 | $ 0 |
Note 5 - Accumulated Other Co_3
Note 5 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Balance | $ 21,130 | $ 32,118 | $ 26,175 | $ 34,052 | |
Balance | 23,831 | 30,641 | 23,831 | 30,641 | |
AOCI Attributable to Parent [Member] | |||||
Balance | (1,857) | (1,224) | (1,778) | (1,285) | |
Foreign currency translation adjustments (1) | [1] | 268 | (337) | 189 | (276) |
Balance | $ (1,589) | $ (1,561) | $ (1,589) | $ (1,561) | |
[1] | In all periods presented, there were no tax impacts related to rate changes and no amounts were reclassified to earnings. |
Note 6 - Treasury Stock (Detail
Note 6 - Treasury Stock (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Treasury Stock, Shares, Ending Balance (in shares) | 808,139 | 796,090 |
Treasury Stock, Value, Ending Balance | $ 1,618 | $ 1,612 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) | 3 Months Ended |
Sep. 30, 2020shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 110,000 |
Note 7 - Earnings Per Share - E
Note 7 - Earnings Per Share - Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Basic weighted-average shares (in shares) | 24,701,000 | 24,187,000 | 24,656,000 | 24,183,000 |
Conversion of unsecured loan notes (in shares) | ||||
Unexercised options and unvested RSUs (in shares) | 419,000 | |||
Diluted weighted-average shares (in shares) | 25,120,000 | 24,187,000 | 24,656,000 | 24,183,000 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement, Expense, Tax Benefit | |||||
Deferred Compensation Plan for Directors [Member] | |||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 0 | $ 0 | |||
A 2014 Long-term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 5,600,676 | 5,600,676 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,359,333 | 2,359,333 | |||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0 | $ 0 | |||
A 2014 Long-term Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 0 | $ 0 | |||
A 2014 Long-term Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||
A 2014 Long-term Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
A 2014 Long-term Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
A 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement By Share-based Payment Award, Performance Threshold, Operating Income | $ 1,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 151 | $ 151 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 80 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 190 | ||||
A 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||||
A 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||
A 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.33% | ||||
A 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.33% | ||||
A 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.33% |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Stock-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Stock options and restricted stock units, net of forfeited | $ 57 | $ 138 | $ 207 | $ 357 |
Tax benefit of stock-based compensation expense | ||||
After-tax effect of stock-based compensation | $ 57 | $ 138 | $ 207 | $ 357 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Stock Option Activity (Details) | 9 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | |
Outstanding, number of options (in shares) | shares | 747,500 |
Outstanding, option, weighted average exercise price (in dollars per share) | $ / shares | $ 3.33 |
Granted, options (in shares) | shares | |
Grantedg, option, weighted average exercise price (in dollars per share) | $ / shares | |
Exercised, options (in shares) | shares | |
Exercisedg, option, weighted average exercise price (in dollars per share) | $ / shares | |
Expired or forfeited, options (in shares) | shares | (80,000) |
Expired or forfeitedg, option, weighted average exercise price (in dollars per share) | $ / shares | $ 5.79 |
Outstanding, number of options (in shares) | shares | 667,500 |
Outstandingg, option, weighted average exercise price (in dollars per share) | $ / shares | $ 3.04 |
Outstanding, weighted average remaining contractual term (Year) | 4 years 175 days |
Outstanding, aggregate intrinsic value | $ | |
Exercisable, options (in shares) | shares | 667,500 |
Exercisableg, option, weighted average exercise price (in dollars per share) | $ / shares | $ 3.04 |
Exercisable, weighted average remaining contractual term (Year) | 4 years 175 days |
Exercisable, aggregate intrinsic value | $ |
Note 8 - Stock-based Compensa_6
Note 8 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Unvested restricted stock units, shares (in shares) | shares | 775,635 |
Unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.47 |
Granted, restricted stock units, shares (in shares) | shares | |
Granted, restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | |
Forfeited, restricted stock units, shares (in shares) | shares | (60,000) |
Forfeited, restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.97 |
Vested, restricted stock units, shares (in shares) | shares | (120,630) |
Vested, restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.57 |
Unvested restricted stock units, shares (in shares) | shares | 595,005 |
Unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.50 |
Note 9 - Debt Financing (Detail
Note 9 - Debt Financing (Details Textual) - USD ($) $ in Thousands | Apr. 17, 2020 | Sep. 30, 2020 | Apr. 15, 2020 | Dec. 31, 2019 | Jun. 19, 2019 |
Paycheck Protection Program CARES Act [Member] | |||||
Proceeds from Issuance of Long-term Debt, Total | $ 1,556 | ||||
Debt Instrument, Face Amount | $ 1,556 | ||||
The BMO Harris Agreement [Member] | |||||
Debt Instrument, Cash Collateral, Percentage Of Face Amount Of Outstanding Debt | 105.00% | ||||
Letters of Credit Outstanding, Amount | $ 2,278 | $ 2,461 | |||
Restricted Cash, Total | $ 2,392 | $ 2,587 | |||
The BMO Harris Agreement [Member] | Standby Letters of Credit [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% |
Note 10 - Business Segment an_3
Note 10 - Business Segment and Geographic Financial Data (Details Textual) | 9 Months Ended |
Sep. 30, 2020 | |
Number of Reportable Segments | 2 |
Note 10 - Business Segment an_4
Note 10 - Business Segment and Geographic Financial Data - Reporting Segment Net Sales and Gross Margin (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues from external customers | $ 8,155 | $ 6,452 | $ 16,334 | $ 25,555 |
Cost of sales | (2,249) | |||
Gross margin | 5,906 | 2,889 | 8,035 | 10,801 |
Selling, general and administrative | (3,184) | (3,822) | (9,825) | (12,735) |
Research and development | (285) | (352) | (880) | (823) |
Operating income (loss) from continuing operations | 2,437 | (1,361) | (2,670) | (3,509) |
Cost of sales | (2,249) | (3,563) | (8,299) | (14,754) |
Restructuring Charge | 0 | 0 | 0 | (625) |
Intangible assets abandonment | (76) | (127) | ||
Air Pollution Control [Member] | ||||
Revenues from external customers | 2,886 | 1,816 | 6,019 | 12,408 |
Cost of sales | 304 | |||
Gross margin | 3,190 | 619 | 3,237 | 4,347 |
Selling, general and administrative | ||||
Research and development | ||||
Operating income (loss) from continuing operations | 3,190 | 619 | 3,237 | 4,347 |
Cost of sales | (1,197) | (2,782) | (8,061) | |
Restructuring Charge | ||||
Intangible assets abandonment | ||||
FUEL CHEM [Member] | ||||
Revenues from external customers | 5,269 | 4,636 | 10,315 | 13,147 |
Cost of sales | (2,553) | |||
Gross margin | 2,716 | 2,270 | 4,798 | 6,454 |
Selling, general and administrative | ||||
Research and development | ||||
Operating income (loss) from continuing operations | 2,716 | 2,270 | 4,798 | 6,454 |
Cost of sales | (2,366) | (5,517) | (6,693) | |
Restructuring Charge | ||||
Intangible assets abandonment | ||||
Other Segments [Member] | ||||
Revenues from external customers | ||||
Cost of sales | ||||
Gross margin | ||||
Selling, general and administrative | (3,184) | (3,822) | (9,825) | (12,735) |
Research and development | (285) | (352) | (880) | (823) |
Operating income (loss) from continuing operations | $ (3,469) | (4,250) | (10,705) | (14,310) |
Cost of sales | ||||
Restructuring Charge | (625) | |||
Intangible assets abandonment | $ (76) | $ (127) |
Note 10 - Business Segment an_5
Note 10 - Business Segment and Geographic Financial Data - Geographic Segment Financial Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Revenues | $ 8,155 | $ 6,452 | $ 16,334 | $ 25,555 | |
Assets | 31,525 | 31,525 | $ 31,606 | ||
UNITED STATES | |||||
Revenues | 6,473 | 5,727 | 12,880 | 22,104 | |
Assets | 25,008 | 25,008 | 23,460 | ||
Non-US [Member] | |||||
Revenues | 1,682 | $ 725 | 3,454 | $ 3,451 | |
Assets | $ 6,517 | $ 6,517 | $ 8,146 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Number of Operating Leases | 7 |
Finance Lease, Liability, Total | $ 0 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 3 years 83 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.72% |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Month) | 240 days |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Month) | 5 years |
Note 11 - Leases - Operating Le
Note 11 - Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating lease cost | $ 47 | $ 136 | $ 157 | $ 419 |
Short-term lease cost | 5 | 1 | 12 | 135 |
Total lease cost | $ 52 | $ 137 | $ 169 | $ 554 |
Note 11 - Leases - Remaining Ma
Note 11 - Leases - Remaining Maturities of Existing Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
2020 (excluding the nine months ended September 30, 2020) | $ 44 | |
2021 | 176 | |
2022 | 121 | |
2023 | 115 | |
2024 | 26 | |
Thereafter | 10 | |
Total lease payments | 492 | |
Less imputed interest | (70) | |
Total | $ 422 | $ 362 |
Note 11 - Leases - Lease Liabil
Note 11 - Leases - Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Operating lease liabilities - current | $ 175 | $ 182 | $ 182 |
Operating lease liabilities - non-current | 247 | $ 180 | 180 |
Total operating lease liabilities | $ 422 | $ 362 |
Note 11 - Leases - Supplemental
Note 11 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 45 | $ 133 | $ 148 | $ 411 |
Leased assets obtained in exchange for operating lease liabilities | $ 41 | $ 127 | $ 137 | $ 395 |
Note 12 - Accrued Liabilities -
Note 12 - Accrued Liabilities - Components of Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Contract liabilities (Note 3) | $ 357 | $ 712 |
Accrued remediation contingency (Note 13) | 238 | 146 |
Other accrued liabilities | 971 | 1,118 |
Total other accrued liabilities | $ 1,566 | $ 1,976 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Loss Contingency Accrual, Provision | $ 1,150 | |||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 499 | $ (1,144) | ||
Standard Product Warranty Accrual, Period Increase (Decrease), Total | 0 | 0 | ||
Standard Product Warranty Accrual, Ending Balance | 159 | $ 159 | ||
Receivables [Member] | ||||
Loss Contingency, Receivable, Ending Balance | 2,589 | |||
Failure of Equipment to Be Remedied Under Warranty Provision [Member] | ||||
Loss Contingency Accrual, Ending Balance | 238 | |||
Failure of Equipment to Be Remedied Under Warranty Provision [Member] | Other Accrued Liabilities [Member] | ||||
Loss Contingency Accrual, Ending Balance | $ 0 | $ 146 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 5.80% | 0.70% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Note 15 - Goodwill and Other _2
Note 15 - Goodwill and Other Intangibles (Details Textual) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Number of Reporting Units | 2 | ||
Goodwill, Ending Balance | $ 2,116 | $ 2,116 | |
Goodwill, Impairment Loss | 0 | $ 0 | |
Impairment of Intangible Assets, Finite-lived | 0 | $ 0 | |
Air Pollution Control [Member] | |||
Goodwill, Ending Balance | 0 | ||
FUEL CHEM [Member] | |||
Goodwill, Ending Balance | $ 2,116 | $ 2,116 |