Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 28, 2021 | Jun. 30, 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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 30,228,951 | ||
Entity Public Float | $ 21,339,489 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 10,640 | $ 10,914 |
Restricted cash | 1,595 | 2,080 |
Accounts receivable, net | 6,548 | 6,473 |
Inventories, net | 97 | 264 |
Prepaid expenses and other current assets | 2,193 | 1,879 |
Total current assets | 21,073 | 21,610 |
Property and equipment, net | 5,220 | 5,662 |
Goodwill | 2,116 | 2,116 |
Other intangible assets, net | 553 | 906 |
Restricted cash | 371 | 507 |
Right-of-use operating lease assets | 394 | 362 |
Other assets | 361 | 443 |
Total assets | 30,088 | 31,606 |
Current liabilities: | ||
Accounts payable | 2,353 | 2,117 |
Accrued liabilities: | ||
Operating lease liabilities - current | 149 | 182 |
Employee compensation | 930 | 519 |
Other accrued liabilities | 2,099 | 1,976 |
Total current liabilities | 5,531 | 4,794 |
Operating lease liabilities - non-current | 237 | 180 |
Long-term borrowings | 1,556 | |
Deferred income taxes | 134 | 171 |
Other liabilities | 309 | 286 |
Total liabilities | 7,767 | 5,431 |
Stockholders’ equity: | ||
Common stock, $.01 par value, 40,000,000 shares authorized, 25,639,702 and 25,053,480 shares issued, and 25,228,951 and 24,592,578 outstanding in 2020 and 2019, respectively | 262 | 254 |
Additional paid-in capital | 140,138 | 139,560 |
Accumulated deficit | (114,603) | (110,325) |
Accumulated other comprehensive loss | (1,370) | (1,778) |
Nil coupon perpetual loan notes | 76 | 76 |
Treasury stock, at cost (Note 6) | (2,182) | (1,612) |
Total stockholders’ equity | 22,321 | 26,175 |
Total liabilities and stockholders’ equity | $ 30,088 | $ 31,606 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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) | 25,639,702 | 25,053,480 |
Common stock, shares outstanding (in shares) | 25,228,951 | 24,592,578 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 22,550 | $ 30,467 |
Costs and expenses: | ||
Cost of sales | 11,912 | 19,637 |
Selling, general and administrative | 13,600 | 17,191 |
Restructuring charge | 625 | |
Research and development | 1,177 | 1,127 |
Intangible assets abandonment and impairment | 197 | 127 |
Total Costs and Expenses | 26,886 | 38,707 |
Operating loss from continuing operations | (4,336) | (8,240) |
Interest (expense) | (4) | |
Interest income | 41 | |
Foreign exchange gain | 370 | |
Other income (loss) | 119 | (8) |
Loss from continuing operations before income taxes | (4,221) | (7,837) |
Income tax expense | (57) | (14) |
Net loss from continuing operations | (4,278) | (7,851) |
Loss from discontinued operations (net of income tax benefit of $0 in 2020 and 2019) | (1) | |
Net loss | $ (4,278) | $ (7,852) |
Net loss per common share: | ||
Continuing operations (in dollars per share) | $ (0.17) | $ (0.32) |
Discontinued operations (in dollars per share) | 0 | |
Basic net loss per common share (in dollars per share) | (0.17) | (0.32) |
Diluted | ||
Continuing operations (in dollars per share) | (0.17) | (0.32) |
Discontinued operations (in dollars per share) | ||
Diluted net loss per common share (in dollars per share) | $ (0.17) | $ (0.32) |
Weighted-average number of common shares outstanding: | ||
Basic weighted-average shares (in shares) | 24,691,000 | 24,202,000 |
Diluted (in shares) | 24,691,000 | 24,202,000 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income tax benefit on discontinued operations | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net loss | $ (4,278) | $ (7,852) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 408 | (493) |
Total other comprehensive income (loss) | 408 | (493) |
Comprehensive loss | $ (3,870) | $ (8,345) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [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 | 24,170,000 | ||||||||
Balance at Dec. 31, 2018 | $ 248 | $ 138,992 | $ (102,495) | $ (1,285) | $ 76 | $ (1,484) | $ 34,052 | ||
Net loss | (7,852) | (7,852) | |||||||
Foreign currency translation adjustments | (493) | (493) | |||||||
Stock compensation expense | 574 | 574 | |||||||
Common shares issued upon vesting of restricted stock units (in shares) | 563,000 | ||||||||
Common shares issued upon vesting of restricted stock units | $ 6 | (6) | |||||||
Treasury shares withheld (in shares) | (141,000) | (140,784) | |||||||
Treasury shares withheld | (128) | $ (128) | |||||||
Balance at Dec. 31, 2019 | $ 22 | $ 22 | $ 254 | 139,560 | (110,325) | (1,778) | 76 | (1,612) | $ 26,175 |
Exercise of stock Options (in shares) | |||||||||
Exercise of stock Options | $ 0 | ||||||||
Balance (in shares) at Dec. 31, 2019 | 24,592,000 | ||||||||
Net loss | (4,278) | (4,278) | |||||||
Foreign currency translation adjustments | 408 | 408 | |||||||
Stock compensation expense | 290 | 290 | |||||||
Common shares issued upon vesting of restricted stock units (in shares) | 606,000 | ||||||||
Common shares issued upon vesting of restricted stock units | $ 6 | (6) | |||||||
Treasury shares withheld (in shares) | (152,000) | (152,257) | |||||||
Treasury shares withheld | (570) | $ (570) | |||||||
Balance at Dec. 31, 2020 | $ 262 | 140,138 | $ (114,603) | $ (1,370) | $ 76 | $ (2,182) | $ 22,321 | ||
Exercise of stock Options (in shares) | 183,000 | 183,000 | |||||||
Exercise of stock Options | $ 2 | $ 294 | $ 296 | ||||||
Balance (in shares) at Dec. 31, 2020 | 25,229,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | ||
Net loss | $ (4,278,000) | $ (7,852,000) |
Loss from discontinued operations | 1,000 | |
Net loss from continuing operations | (4,278,000) | (7,851,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 663,000 | 810,000 |
Amortization | 185,000 | 186,000 |
Gain on disposal of equipment | (5,000) | (3,000) |
Provision for doubtful accounts, net of recoveries | (1,026,000) | 421,000 |
Deferred income taxes | (38,000) | |
Stock-based compensation, net of forfeitures | 290,000 | 574,000 |
Intangible assets abandonment | 197,000 | 127,000 |
Excess and obsolete inventory provision | (131,000) | |
Foreign exchange gain | 370,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,095,000 | 11,415,000 |
Inventories | 171,000 | 818,000 |
Prepaid expenses, other current assets and other non-current assets | (161,000) | 2,239,000 |
Accounts payable | 198,000 | (7,331,000) |
Accrued liabilities and other non-current liabilities | 2,000 | (5,010,000) |
Net cash used in operating activities - continuing operations | (2,707,000) | (3,366,000) |
Net cash used in operating activities - discontinued operations | (21,000) | |
Net cash used in operating activities | (2,707,000) | (3,387,000) |
INVESTING ACTIVITIES | ||
Purchases of equipment and patents | (247,000) | (550,000) |
Net cash used in investing activities - continued operations | (247,000) | (550,000) |
Net cash provided by investing activities - discontinued operations | 505,000 | |
Net cash used in investing activities | (247,000) | (45,000) |
FINANCING ACTIVITIES | ||
Proceeds from Borrowings | 1,556,000 | |
Proceeds from Option Exercises | 296,000 | 0 |
Taxes paid on behalf of equity award participants | (570,000) | (128,000) |
Net cash provided by (used in) financing activities | 1,282,000 | (128,000) |
Effect of exchange rate fluctuations on cash | 777,000 | (998,000) |
Net decrease in cash, cash equivalents and restricted cash | (895,000) | (4,558,000) |
Cash, cash equivalents and restricted cash at beginning of period | 13,501,000 | 18,059,000 |
Cash, cash equivalents and restricted cash at end of period | 12,606,000 | 13,501,000 |
Supplemental Cash Flow Information: | ||
Income taxes | $ 95,000 | $ 18,000 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES 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 Air Pollution Control (APC) 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. International revenues were $3,928 $4,585 December 31, 2020 2019 17% 15% not Basis of Presentation The consolidated financial statements include the accounts of Fuel Tech and its wholly-owned subsidiaries. All intercompany transactions have been eliminated. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The books and records of subsidiaries located in foreign countries are maintained according to generally accepted accounting principles in those countries. Upon consolidation, the Company evaluates the differences in accounting principles and determines whether adjustments are necessary to convert the foreign financial statements to the accounting principles upon which the consolidated financial statements are based. All intercompany transactions have been eliminated. COVID- 19 The emergence of the coronavirus (COVID- 19 not 19 twelve December 31, 2020, may may third Management cannot predict the full impact of the COVID- 19 19 Liquidity 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 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. On February 11, 2021, 5,000,000 2,500,000 2,500,000 $5.10 $5.1625 $25.8 12 Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company uses estimates in accounting for, among other items, revenue recognition, allowance for doubtful accounts, income tax provisions, excess and obsolete inventory reserve, impairment of long-lived assets, and warranty expenses. Actual results could differ from those estimates. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable, accounts payable and long-term borrowings are reasonable estimates of their fair value due to their short-term nature. Cash, cash equivalents and restricted cash We include cash and investments having an original maturity of three December 31, 2020 $858 may $1,111 December 31, 2020 $314 December 31, 2020 Restricted cash as of December 31, 2020 $1,966 1,595 no December 31, 2020 371 February 1, 2023) 11 Restricted cash as of December 31, 2019 September 25, 2019. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheet that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: December 31, 2020 December 31, 2019 Cash and cash equivalents $ 10,640 $ 10,914 Restricted cash included in current assets 1,595 2,080 Restricted cash included in long-term assets 371 507 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows $ 12,606 $ 13,501 Foreign Currency Risk Management Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates. We do not Accounts Receivable Accounts receivable consist of amounts due to us in the normal course of our business, are not not 606 Revenue from Contracts with Customers December 31, 2020 2019 2,348 1,857 3 Allowance for Doubtful Accounts The allowance for doubtful accounts is our management's best estimate of the amount of credit losses in accounts receivable. In order to control and monitor the credit risk associated with our customer base, we review the credit worthiness of customers on a recurring basis. Factors influencing the level of scrutiny include the level of business the customer has with Fuel Tech, the customer's payment history, and the customer's financial stability. Receivables are considered past due if payment is not 30 not December 31. Year Balance at January 1 Provision charged to expense Write-offs / Recoveries Balance at December 31 2019 $ 1,411 $ 573 $ (168 ) $ 1,816 2020 $ 1,816 $ (498 ) $ (483 ) $ 835 Prepaid expenses and other current assets Prepaid expenses and other current assets includes Chinese banker acceptances of $549 $43 December 31, 2020 2019 three six Inventories Inventories consist primarily of spare parts and are stated at the lower of cost or net realizable value, using the weighted-average cost method. Usage is recorded in cost of sales in the period that parts were issued to a project or used to service equipment. Inventories are periodically evaluated to identify obsolete or otherwise impaired parts and are written off when management determines usage is not December 31. Year Balance at January 1 Provision charged to expense Write-offs / Recoveries Balance at December 31 2019 1,131 — (131 ) 1,000 2020 1,000 — (93 ) 907 Foreign Currency Translation and Transactions Assets and liabilities of consolidated foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at year end. Revenues and expenses are translated at average exchange rates prevailing during the year. Gains or losses on foreign currency transactions and the related tax effects are reflected in net income. The resulting translation adjustments are included in stockholders' equity as part of accumulated other comprehensive loss. During 2020 $408 . Accumulated Other Comprehensive Loss December 31, 2020 2019 Foreign currency translation Balance at beginning of period $ (1,778 ) $ (1,285 ) Other comprehensive loss: Foreign currency translation adjustments (1) 408 (493 ) Balance at end of period $ (1,370 ) $ (1,778 ) Total accumulated other comprehensive loss $ (1,370 ) $ (1,778 ) ( 1 In all periods presented, there were no 2019. 2019 fourth 2019. Research and Development Research and development costs are expensed as incurred. Research and development projects funded by customer contracts are reported as part of cost of goods sold. Internally funded research and development expenses are reported as operating expenses. Product/System Warranty We typically warrant our air pollution control products and systems against defects in design, materials and workmanship for one two Goodwill Goodwill is tested for impairment at least annually as of the first fourth may not first not may two may October 1, 2020 no Goodwill is allocated to each of our reporting units, which is defined as an operating segment or one two no The Company utilizes ASU 2017 04, 350 fourth The entire goodwill balance of $2,116 December 31, 2020 2019 not December 31, 2020 2019 Other Intangible Assets Management reviews other finite-lived intangible assets, patent assets, trade names, and lease assets for impairment when events or changes in circumstances indicate the carrying amount of an asset or asset group may not may During the year ended December 31, 2020 197 no no December 31, 2020 During the year ended December 31, 2019 127 not December 31, 2019 Third-party costs related to the development of patents are included within other intangible assets on the consolidated balance sheets. As of December 31, 2020 2019 553 906 third December 31, 2020 2019 $0 $56, Our intellectual property portfolio has been a significant building block for the Air Pollution Control and FUEL CHEM technology segments. The patents are essential to the generation of revenue for our businesses and are essential to protect us from competition in the markets in which we serve. These costs are being amortized on the straight-line method over the period beginning with the patent issuance date and ending on the patent expiration date. Patent maintenance fees are charged to operations as incurred. Amortization expense from continuing operations for intangible assets was $185 $186 December 31, 2020 2019 December 31, 2020 2019 2020 2019 Description of Other Intangibles Amortization Period (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patent assets 1 20 1,310 (757 ) 553 1,897 (991 ) 906 Total $ 1,310 $ (757 ) $ 553 $ 1,897 $ (991 ) $ 906 The table below shows the estimated future amortization expense for intangible assets: Year Estimated Amortization Expense 2021 $ 145 2022 52 2023 51 2024 44 2025 43 Thereafter 218 Total $ 553 Property and Equipment Property and equipment is stated at historical cost and does not $663 $810 December 31, 2020 2019 December 31, 2020 2019 Description of Property and Equipment Depreciable Life (years) 2020 2019 Land $ 1,050 $ 1,050 Building 39 3,950 3,950 Building and leasehold improvements 3 39 2,886 2,886 Field equipment 3 4 19,748 19,507 Computer equipment and software 2 3 2,954 2,936 Furniture and fixtures 3 10 1,477 1,475 Vehicles 5 32 32 Construction in process 12 — Total cost 32,109 31,836 Less accumulated depreciation (26,889 ) (26,174 ) Total net book value $ 5,220 $ 5,662 Property and equipment is reviewed for impairment when events and circumstances indicate that the carrying amount of the assets (or asset group) may not Revenue Recognition 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 represent single performance obligations, which are not 606. not not 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 has installed over 1,200 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 projects where control transfers over time, revenue is recognized based on the extent of progress towards completion of the single performance obligation. For projects containing multiple performance obligations, the Company allocates the transaction price based on the estimated standalone selling price. The Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company utilizes key assumptions to determine the stand-alone selling price, which may one The consideration allocated to each performance obligation is recognized as revenue when control is transferred for the related goods or services. For performance obligations which consist of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The Company receives payments from its customers based on billing schedules established in each contract. Up-front payments and fees are recorded as deferred revenue upon receipt or when due until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the Company's right to consideration is unconditional. Cost of Sales Cost of sales includes all internal and external engineering costs, equipment and chemical 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). Certain depreciation and amortization expenses related to tangible and intangible assets, respectively, are allocated to cost of sales. We classify shipping and handling costs in cost of sales in the consolidated statements of operations. Selling, General and Administrative Expenses Selling, general and administrative expenses primarily include the following categories except where an allocation to the cost of sales line item is warranted due to the project- or product-line nature of a portion of the expense category: salaries and wages, employee benefits, non-project travel, insurance, legal, rent, accounting and auditing, recruiting, telephony, employee training, Board of Directors' fees, auto rental, office supplies, dues and subscriptions, utilities, real estate taxes, commissions and bonuses, marketing materials, postage and business taxes. Departments comprising the selling, general and administrative line item primarily include the functions of executive management, finance and accounting, investor relations, regulatory affairs, marketing, business development, information technology, human resources, sales, legal and general administration. Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision for income taxes represents income taxes paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid, and result from differences between the financial and tax bases of our assets and liabilities and are adjusted for changes in tax rates and tax laws when enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not not not no may not Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not Leases On January 1, 2019, 842 2018 11, 842 10 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 ended 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 not not December 31, 2019. As Previously Reported Year Ended December 31, 2019 Revision As Revised Year Ended December 31, 2019 Right of Use Operating Lease Asset 980 (618 ) 362 Operating Lease Liability - Current 300 (118 ) 182 Operating Lease Liability - Non Current 680 (500 ) 180 Stock-Based Compensation Our stock-based employee compensation plan, referred to as the Fuel Tech, Inc. 2014 May 2014 may 5,600,676 may December 31, 2020 2,533,639 December 31, 2020 Basic and Diluted Earnings per Common Share Basic earnings per share excludes the antidilutive effects of stock options, restricted stock units (RSUs) and the nil 7 nil December 31, 2020 2019 584,505 913,000, December 31, 2020 2019 547,000 728,000 The table below sets forth the weighted-average shares used at December 31 2020 2019 Basic weighted-average shares 24,691,000 24,202,000 Conversion of unsecured loan notes — — Unexercised options and unvested restricted stock units — — Diluted weighted-average shares 24,691,000 24,202,000 Risk Concentrations Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. However, management believes the Company is not For the year ended December 31, 2020 two 10% 28% no 10% December 31, 2020 For the year ended December 31, 2019 three 10% 19% two 11% no 10% December 31, 2019 We control credit risk through requiring milestone payments on long-term contracts, performing ongoing credit evaluations of its customers, and in some cases obtaining security for payment through bank guarantees and letters of credit. Treasury Stock We use the cost method to account for common stock repurchases. During the years ended December 31, 2020 2019 152,257 140,784 $570 $128, 6, Recently Issued Accounting Pronouncements In December 2019, 2019 12, 740 not first 2021, In June 2016, 2016 13, 326 December 15, 2022, not |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2. During 2017, December 31, 2019 $505, $20 2019, no The activity of the Fuel Conversion discontinued operations consisted of Research and Development, severance, an impairment charge and other costs for the years ended December 31, 2020 2019 $0 $1, third $21 December 31, 2019 $20 |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Disaggregated Revenue by Product Technology The following table presents our revenues disaggregated by product technology: Twelve Months Ended December 31, 2020 2019 Air Pollution Control Technology solutions $ 5,668 $ 10,640 Spare parts 906 1,031 Ancillary revenue 1,983 2,411 Total Air Pollution Control Technology 8,557 14,082 FUEL CHEM FUEL CHEM technology solutions 13,993 16,385 Total Revenues $ 22,550 $ 30,467 Disaggregated Revenue by Geography The following table presents our revenues disaggregated by geography, based on the billing addresses of our customers: Twelve Months Ended December 31, 2020 2019 United States $ 18,622 $ 25,882 Foreign Revenues Americas 549 777 Europe 1,656 2,322 Asia 1,723 1,486 Total Foreign Revenues 3,928 4,585 Total Revenues $ 22,550 $ 30,467 Timing of Revenue Recognition The following table presents the timing of our revenue recognition: Twelve Months Ended December 31, 2020 2019 Products transferred at a point in time $ 15,787 $ 19,827 Products and services transferred over time 6,763 10,640 Total Revenues $ 22,550 $ 30,467 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 December 31, 2020 2019 $2,348 $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 $850 $712 December 31, 2020 2019 As of December 31, 2020 one $176 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 December 31, 2020 $5,268. $2,981 12 Practical Expedients and Exemptions We generally expense sales commissions on a ratable basis when incurred because the amortization period would have been one not 606. Accounts Receivable The components of accounts receivable are as follows: As of December 31, 2020 December 31, 2019 Trade receivables $ 5,015 $ 6,425 Unbilled receivables 2,348 1,857 Other short-term receivables 20 7 Allowance for doubtful accounts (835 ) (1,816 ) Total accounts receivable $ 6,548 $ 6,473 |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4. Within the calculation of the Company's annual effective tax rate, the Company has used assumptions and estimates that may On March 27, 2020 ● Amended federal tax laws to permit 100% December 31, 2017 January 1, 2023. ● Eliminated the 80% 2018, 2019 2020. 80% 2020. ● Increased the net interest expense deduction limit to 50% 30% January 1, 2019 2020. ● Allowed taxpayers with alternative minimum tax credits to claim a refund in 2020 2017. ● Allowed taxpayers the carryback of Net Operating Losses (NOL) as a result of tax years beginning after December 31, 2017, January 1, 2021 five The components of loss before taxes for the years ended December 31 Origin of income before taxes 2020 2019 United States $ (3,411 ) $ (5,803 ) Foreign (810 ) (2,034 ) Loss before income taxes $ (4,221 ) $ (7,837 ) Significant components of income tax benefit (expense) for the years ended December 31 2020 2019 Current: Federal $ — $ — State (7 ) (14 ) Foreign (88 ) — Total current (95 ) (14 ) Deferred: Federal 22 — State 16 — Total deferred 38 — Income tax expense $ (57 ) $ (14 ) A reconciliation between the provision for income taxes calculated at the U.S. federal statutory income tax rate and the consolidated income tax expense in the consolidated statements of operations for the years ended December 31 2020 2019 Provision at the U.S. federal statutory rate 21.0 % 21.0 % State taxes, net of federal benefit 1.5 % 2.7 % Foreign tax rate differential 0.5 % — % China Enterprise Tax (2.1 )% — % Valuation allowance (13.9 )% (29.2 )% Share based compensation shortfall (2.0 )% — % Other true up (2.7 )% 1.6 % Intangible assets impairment and other non-deductibles 1.8 % 2.3 % State rate change (6.5 )% — % Other 1.0 % 1.8 % Income tax (expense) benefit effective rate (1.4 )% 0.2 % The deferred tax assets and liabilities at December 31 2020 2019 Deferred tax assets: Stock compensation expense $ 1,240 $ 1,882 Goodwill 986 1,490 Royalty accruals 560 560 Bad debt allowance 338 466 Net operating loss carryforwards 10,959 9,146 Credit carry-forwards 841 814 Inventory reserve 206 243 Depreciation 499 502 Other 334 340 Total deferred tax assets 15,963 15,443 Deferred tax liabilities: Intangible assets (126 ) (220 ) Total deferred tax liabilities (126 ) (220 ) Net deferred tax asset before valuation allowance 15,837 15,223 Valuation allowances for deferred tax assets (15,971 ) (15,394 ) Net deferred tax liability $ (134 ) $ (171 ) The change in the valuation allowance for deferred tax assets for the years ended December 31 Year Balance at January 1 Charged to costs and expenses (Deductions)/Other Balance at December 31 2019 $ 13,044 2,350 — $ 15,394 2020 $ 15,394 577 $ 15,971 For the years ended December 31, 2020 2019, $296 $0, As required by ASC 740, not not 50% We recognize interest and penalties related to unrecognized tax benefits in income tax expense for all periods presented. There were no December 31, 2020 2019 no December 31, 2020 2019 We are subject to taxation in the U.S., various states, and in non-U.S. jurisdictions. Our U.S. income tax returns are primarily subject to examination from 2017 2019; 2012 2019 On April 3, 2019, December 31, 2016 May 2020, no Management periodically estimates our probable tax obligations using historical experience in tax jurisdictions and informed judgments. There are inherent uncertainties related to the interpretation of tax regulations in the jurisdictions in which we transact business. The judgments and estimates made at a point in time may may The investment in foreign subsidiaries other than Fuel Tech S.p.A (Chile) and Beijing Fuel Tech is considered to be indefinite in duration and therefore we have not not not As required by ASC 740, not not $25,486 December 31, 2020. December 31, 2017 $10,733 2034. $6,246 December 31, 2020. no $12,763 December 31, 2020. 2022. As of December 31, 2019, no $155 December 31, 2020, $15 $170. $170 |
Note 5 - Common Shares
Note 5 - Common Shares | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. At December 31, 2020 2019 25,639,702 25,053,480 25,228,951 24,592,578 6,715 nil 7 December 31, 2020 5,600,676 484,500 8 |
Note 6 - Treasury Stock
Note 6 - Treasury Stock | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 6. Common shares held in treasury totaled 948,347 796,090 $2,182 $1,612 December 31, 2020 2019 |
Note 7 - Nil Coupon Non-redeema
Note 7 - Nil Coupon Non-redeemable Convertible Unsecured Loan Notes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. On June 19, 2019, 105% 250 no December 31, 2020 $1,873 December 31, 2020 $1,966 In connection with the transition to BMO Harris Bank N.A., the Company canceled its U.S. Domestic credit facility (the Facility) with JPMorgan Chase Bank, N.A. (JPM Chase) effective on September 25, 2019. The Company was previously obligated under the Facility with JPM Chase which provided for maximum revolving credit borrowings of $5,500. $5,500 300 no 2019 2018, June 19, 2019, 0.25% Beijing Fuel Tech Environmental Technologies Company, Ltd. (Beijing Fuel Tech), was previously obligated under a revolving credit facility (the China Facility) agreement, as most recently amended on October 19, 2018, 2.625 $382 June 30, 2019. $520 not June 30, 2019. On April 17, 2020, $1,556 2.5 eight eight two 1%, first six January 8, 2021, December 31, 2020. |
NIL Coupon Non-redeemable Convertible Unsecured Loan Notes [Member] | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. NIL At December 31, 2020 2019 $76 nil $6.50 $11.43 December 31, 2020 nil 6,715 $3.88 December 31, 2020 $26, no no not not For the years ended December 31, 2020 2019 no |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 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 1,200,000 May 2018. December 31, 2020 2,533,639 Stock-based compensation is included in selling, general and administrative costs in our consolidated statements of operations. The components of stock-based compensation from continuing operations for the years ended December 31, 2020 2019 For the Year Ended December 31, 2020 2019 Stock options $ — $ — Restricted stock units 290 574 Total stock-based compensation expense 290 574 Tax benefit of stock-based compensation expense — — After-tax effect of stock based compensation $ 290 $ 574 As of December 31, 2020 $100 1.2 Stock Options The stock options granted to employees under the Incentive Plan 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 There were no December 31, 2020 2019 The following table presents a summary of our stock option activity and related information for the years ended December 31: 2020 2019 Number of Options Weighted-Average Exercise Price Number of Options Weighted-Average Exercise Price Outstanding at beginning of year 747,500 $ 3.33 932,500 $ 4.68 Exercised (183,000 ) 1.61 — — Expired or forfeited (80,000 ) 5.79 (185,000 ) 10.14 Outstanding at end of year 484,500 $ 3.57 747,500 $ 3.33 Exercisable at end of year 484,500 $ 3.57 747,500 $ 3.33 Weighted-average fair value of options granted during the year $ — $ — Weighted-Average Remaining Contractual Life (years) 3.70 4.73 Aggregate Intrinsic Value $ — $ — The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on our closing stock price of $3.88 December 31, 2020 The following table summarizes information about stock options outstanding at December 31, 2020 Options Outstanding and Exercisable Range of Exercise Prices Number of Options Weighted-Average Remaining Contractual Life (years) Weighted-Average Exercise Price 0.966 -1.2727 88,000 6.9 $ 0.97 1.288 -3.0000 132,000 4.6 2.26 3.011 -4.5454 120,000 2.0 3.72 4.555 -8.1616 144,500 2.4 6.24 484,500 3.7 $ 3.57 As of and for the 12 months ended December 31, 2020 no $0 $296 December 31, 2020 $0 2019 not not 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 During the years ended December 31, 2020 2019 605,630 562,777 $658 $554, A summary of restricted stock unit activity for the years ended December 31, 2020 2019 Shares Weighted Average Grant Date Fair Value Unvested restricted stock units at December 31, 2018 1,110,277 1.21 Granted 228,135 1.52 Vested (562,777 ) 0.98 Unvested restricted stock units at December 31, 2019 775,635 1.47 Forfeited (70,000 ) 1.03 Vested (605,630 ) 1.09 Unvested restricted stock units at December 31, 2020 100,005 4.08 Deferred Directors Fees In addition to the Incentive Plan, 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, 2020 2019 no |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. 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 third 2020, December 31, 2020 $176 2018, second 2020 $1,150 $499 December 31, 2020 December 31, 2019, $176 $146 third 2020, $2,589. October 2020. Performance Guarantees The majority of Fuel Tech's long-term equipment construction contracts contain language guaranteeing that the performance of the system that is being sold to the customer will meet specific criteria. On occasion, performance surety bonds and bank performance guarantees/letters of credit are issued to the customer in support of the construction contracts as follows: • in support of the warranty period defined in the contract; or • in support of the system performance criteria that are defined in the contract. As of December 31, 2020 $1,873 not December 2020 February 2023. December 31, 2020, $1,134 may not no Product Warranties We issue a standard product warranty with the sale of our products to customers. Our recognition of warranty liability is based primarily on analyses of warranty claims experience 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 were no 2020 2019 $159 December 31, 2020 2019 |
Note 10 - Leases
Note 10 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 10. Adoption of ASC 842, On January 1, 2019, 842 2018 11 842 January 1, 2019 842, not 840: 840 842 We have elected the package of practical expedients permitted under the transition guidance, which among other things, allow us to carry forward the historical accounting relating to lease identification and classification for existing leases upon adoption. We have also elected the practical expedient to not 12 The cumulative effect of the changes made to our January 1, 2019 842 Balance at December 31, 2018 Adjustments Upon Adoption of ASC 842 Balance at January 1, 2019 Assets Right-of-use operating lease assets $ — $ 832 $ 832 Liabilities Other accrued liabilities 6,099 (22 ) 6,077 Operating lease liabilities - current — 522 522 Operating lease liabilities - non-current — 310 310 Equity Accumulated deficit (102,495 ) 22 (102,473 ) The adjustment made to the January 1, 2019 840 842. Leases The terms of the Company's three • The Gallarate, Italy building lease, for approximately 1,335 May 1, 2019 April 30, 2025. • The Aurora, IL warehouse lease, for approximately 11,000 September 1, 2013 December 31, 2020. January 30, 2020, three December 31, 2023. • The Overland Park, KS lease, for approximately 600 October 16, 2018 October 15, 2021. The Company also has four 1 4 not no no 842. Total operating lease expense for the years ended December 31, 2020 2020 2019 Operating lease cost $ 205 $ 555 Short-term lease cost 20 136 Total lease cost $ 225 $ 691 The weighted average remaining lease term was 3.04 December 31, 2020 4.68% December 31, 2020 5.25% 2.67% Remaining maturities of our existing lease liabilities as of December 31, 2020 Year Ending December 31, Operating Leases 2021 177 2022 123 2023 116 2024 27 Thereafter 10 Total lease payments $ 453 Less imputed interest (67 ) Total $ 386 The following is the balance sheet classification of our existing lease liabilities: 2020 2019 Operating lease liabilities - current $ 149 $ 182 Operating lease liabilities - non-current 237 180 Total operating lease liabilities $ 386 $ 362 Supplemental cash flow information related to leases was as follows: For the Twelve Months ended December 31, 2020 For the twelve months ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 192 $ 541 Leased assets obtained in exchange for operating lease liabilities 179 520 |
Note 11 - Debt Financing
Note 11 - Debt Financing | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. On June 19, 2019, 105% 250 no December 31, 2020 $1,873 December 31, 2020 $1,966 In connection with the transition to BMO Harris Bank N.A., the Company canceled its U.S. Domestic credit facility (the Facility) with JPMorgan Chase Bank, N.A. (JPM Chase) effective on September 25, 2019. The Company was previously obligated under the Facility with JPM Chase which provided for maximum revolving credit borrowings of $5,500. $5,500 300 no 2019 2018, June 19, 2019, 0.25% Beijing Fuel Tech Environmental Technologies Company, Ltd. (Beijing Fuel Tech), was previously obligated under a revolving credit facility (the China Facility) agreement, as most recently amended on October 19, 2018, 2.625 $382 June 30, 2019. $520 not June 30, 2019. On April 17, 2020, $1,556 2.5 eight eight two 1%, first six January 8, 2021, December 31, 2020. |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12. There are no 10 2019 December 31, 2019. As of December 31, 2019, 27% February 1, 2010 December 31, 2019. not December 31, 2019. December 31, 2019 $165. $27 December 31, 2019. |
Note 13 - Defined Contribution
Note 13 - Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 13. We have a retirement savings plan available for all our U.S. employees who have met minimum length-of-service requirements. Our contributions are determined based upon amounts contributed by the employees with additional contributions made at the discretion of the Board of Directors. Costs related to this plan were $222 $262 2020 2019 |
Note 14 - Business Segment, Geo
Note 14 - Business Segment, Geographic and Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. 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 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. We do not Information about reporting segment net sales and gross margin from continuing operations are provided below: For the year ended December 31, 2020 Air Pollution Control Segment FUEL CHEM Segment Other Total Revenues from external customers $ 8,557 $ 13,993 $ — $ 22,550 Cost of sales (4,583 ) (7,329 ) — (11,912 ) Gross margin 3,974 6,664 — 10,638 Selling, general and administrative — — (13,600 ) (13,600 ) Restructuring charge — — — — Research and development — — (1,177 ) (1,177 ) Intangible assets abandonment — — (197 ) (197 ) Operating income (loss) from continuing operations $ 3,974 $ 6,664 $ (14,974 ) $ (4,336 ) For the year ended December 31, 2019 Air Pollution Control Segment FUEL CHEM Segment Other Total Revenues from external customers $ 14,082 $ 16,385 $ — $ 30,467 Cost of sales (11,256 ) (8,381 ) — (19,637 ) Gross margin 2,826 8,004 — 10,830 Selling, general and administrative — — (17,191 ) (17,191 ) Restructuring charge (625 ) — — (625 ) Research and development — — (1,127 ) (1,127 ) Intangible assets abandonment — — (127 ) (127 ) Operating income (loss) from continuing operations $ 2,201 $ 8,004 $ (18,445 ) $ (8,240 ) 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. For the years ended December 31, 2020 2019 Revenues: United States $ 18,622 $ 25,882 Foreign 3,928 4,585 $ 22,550 $ 30,467 As of December 31, 2020 2019 Assets: United States $ 24,524 $ 23,460 Foreign 5,564 8,764 $ 30,088 $ 32,224 |
Note 15 - Fair Value Measuremen
Note 15 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 15. We apply authoritative accounting guidance for fair value measurements of financial and non-financial assets and liabilities. This guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis and clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a three • Level 1 • Level 2 • Level 3 no Transfers between levels of the fair value hierarchy are recognized based on the actual date of the event or change in circumstances that caused the transfer. We had no 2 3 no December 31, 2020 2019 |
Note 16 - Restructuring Activit
Note 16 - Restructuring Activities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 16. On January 18, 2019, $24 The following table presents our revenues and net loss in China for the years ended December 31, 2020 2019 2020 2019 Total revenues $ 25 $ 329 Net loss (281 ) (1,767 ) The following table presents net assets in China for the years ended December 31, 2020 2019 2020 2019 Total assets $ 2,463 $ 4,249 Total liabilities 396 399 Total net assets 2,067 3,850 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 Company recorded restructuring charges $625 twelve December 31, 2019 one $562 $63 January 23, 2019, July 22, 2019 The Company recorded no twelve December 31, 2020. Twelve Months Ended 2020 2019 Restructuring liability at January 1, $ — $ 65 Amounts expensed — 625 Amounts expensed - discontinued operations — — Amounts paid — (690 ) Restructuring liability at December 31, $ — $ — |
Note 17 - Unaudited Quarterly F
Note 17 - Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 17. Set forth below are the unaudited quarterly financial data for the fiscal years ended December 31, 2020 2019 For the quarters ended March 31, June 30, September 30, December 31, 2020 Revenues $ 3,778 $ 4,401 $ 8,155 $ 6,216 Cost of sales 2,251 3,799 2,249 3,613 Net (loss) income from continuing operations (2,567 ) (2,544 ) 2,376 (1,543 ) Income (loss) from discontinued operations — — — — Net (loss) income (2,567 ) (2,544 ) 2,376 (1,543 ) Basic net (loss) income per common share: Continuing operations (0.10 ) (0.10 ) 0.10 (0.07 ) Discontinued operations — — — — Basic net (loss) income per common share: $ (0.10 ) $ (0.10 ) $ 0.10 $ (0.07 ) Diluted net (loss) income per common share: Continuing operations (0.10 ) (0.10 ) 0.09 (0.07 ) Discontinued operations — — — — Diluted net (loss) income per common share: $ (0.10 ) $ (0.10 ) $ 0.09 $ (0.07 ) 2019 Revenues $ 10,155 $ 8,948 $ 6,452 $ 4,912 Cost of sales 6,141 5,050 3,563 4,883 Net loss from continuing operations (1,279 ) (936 ) (1,296 ) (4,340 ) Loss from discontinued operations (10 ) (9 ) 18 — Net loss (1,289 ) (945 ) (1,278 ) (4,340 ) Basic net loss per common share: Continuing operations (0.05 ) (0.04 ) (0.05 ) (0.18 ) Discontinued operations — — — — Basic net loss per common share: $ (0.05 ) $ (0.04 ) $ (0.05 ) $ (0.18 ) Diluted net loss per common share: Continuing operations (0.05 ) (0.04 ) (0.05 ) (0.18 ) Discontinued operations — — — — Diluted net loss per common share: $ (0.05 ) $ (0.04 ) $ (0.05 ) $ (0.18 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of Fuel Tech and its wholly-owned subsidiaries. All intercompany transactions have been eliminated. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The books and records of subsidiaries located in foreign countries are maintained according to generally accepted accounting principles in those countries. Upon consolidation, the Company evaluates the differences in accounting principles and determines whether adjustments are necessary to convert the foreign financial statements to the accounting principles upon which the consolidated financial statements are based. All intercompany transactions have been eliminated. |
COVID-19 Pandemic [Policy Text Block] | COVID- 19 The emergence of the coronavirus (COVID- 19 not 19 twelve December 31, 2020, may may third Management cannot predict the full impact of the COVID- 19 19 |
Liquidity, Policy [Policy Text Block] | Liquidity 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 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. On February 11, 2021, 5,000,000 2,500,000 2,500,000 $5.10 $5.1625 $25.8 12 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company uses estimates in accounting for, among other items, revenue recognition, allowance for doubtful accounts, income tax provisions, excess and obsolete inventory reserve, impairment of long-lived assets, and warranty expenses. Actual results could differ from those estimates. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable, accounts payable and long-term borrowings are reasonable estimates of their fair value due to their short-term nature. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, cash equivalents and restricted cash We include cash and investments having an original maturity of three December 31, 2020 $858 may $1,111 December 31, 2020 $314 December 31, 2020 Restricted cash as of December 31, 2020 $1,966 1,595 no December 31, 2020 371 February 1, 2023) 11 Restricted cash as of December 31, 2019 September 25, 2019. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheet that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: December 31, 2020 December 31, 2019 Cash and cash equivalents $ 10,640 $ 10,914 Restricted cash included in current assets 1,595 2,080 Restricted cash included in long-term assets 371 507 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows $ 12,606 $ 13,501 |
Foreign Currency Risk Management [Policy Text Block] | Foreign Currency Risk Management Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates. We do not |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable consist of amounts due to us in the normal course of our business, are not not 606 Revenue from Contracts with Customers December 31, 2020 2019 2,348 1,857 3 |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts The allowance for doubtful accounts is our management's best estimate of the amount of credit losses in accounts receivable. In order to control and monitor the credit risk associated with our customer base, we review the credit worthiness of customers on a recurring basis. Factors influencing the level of scrutiny include the level of business the customer has with Fuel Tech, the customer's payment history, and the customer's financial stability. Receivables are considered past due if payment is not 30 not December 31. Year Balance at January 1 Provision charged to expense Write-offs / Recoveries Balance at December 31 2019 $ 1,411 $ 573 $ (168 ) $ 1,816 2020 $ 1,816 $ (498 ) $ (483 ) $ 835 |
Prepaid Expenses and Other Current Assets [Policy Text Block] | Prepaid expenses and other current assets Prepaid expenses and other current assets includes Chinese banker acceptances of $549 $43 December 31, 2020 2019 three six |
Inventory, Policy [Policy Text Block] | Inventories Inventories consist primarily of spare parts and are stated at the lower of cost or net realizable value, using the weighted-average cost method. Usage is recorded in cost of sales in the period that parts were issued to a project or used to service equipment. Inventories are periodically evaluated to identify obsolete or otherwise impaired parts and are written off when management determines usage is not December 31. Year Balance at January 1 Provision charged to expense Write-offs / Recoveries Balance at December 31 2019 1,131 — (131 ) 1,000 2020 1,000 — (93 ) 907 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation and Transactions Assets and liabilities of consolidated foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at year end. Revenues and expenses are translated at average exchange rates prevailing during the year. Gains or losses on foreign currency transactions and the related tax effects are reflected in net income. The resulting translation adjustments are included in stockholders' equity as part of accumulated other comprehensive loss. During 2020 $408 . |
Accumulated Other Comprehensive Income (Loss), Policy [Policy Text Block] | Accumulated Other Comprehensive Loss December 31, 2020 2019 Foreign currency translation Balance at beginning of period $ (1,778 ) $ (1,285 ) Other comprehensive loss: Foreign currency translation adjustments (1) 408 (493 ) Balance at end of period $ (1,370 ) $ (1,778 ) Total accumulated other comprehensive loss $ (1,370 ) $ (1,778 ) ( 1 In all periods presented, there were no 2019. 2019 fourth 2019. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs are expensed as incurred. Research and development projects funded by customer contracts are reported as part of cost of goods sold. Internally funded research and development expenses are reported as operating expenses. |
Standard Product Warranty, Policy [Policy Text Block] | Product/System Warranty We typically warrant our air pollution control products and systems against defects in design, materials and workmanship for one two |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill Goodwill is tested for impairment at least annually as of the first fourth may not first not may two may October 1, 2020 no Goodwill is allocated to each of our reporting units, which is defined as an operating segment or one two no The Company utilizes ASU 2017 04, 350 fourth The entire goodwill balance of $2,116 December 31, 2020 2019 not December 31, 2020 2019 Other Intangible Assets Management reviews other finite-lived intangible assets, patent assets, trade names, and lease assets for impairment when events or changes in circumstances indicate the carrying amount of an asset or asset group may not may During the year ended December 31, 2020 197 no no December 31, 2020 During the year ended December 31, 2019 127 not December 31, 2019 Third-party costs related to the development of patents are included within other intangible assets on the consolidated balance sheets. As of December 31, 2020 2019 553 906 third December 31, 2020 2019 $0 $56, Our intellectual property portfolio has been a significant building block for the Air Pollution Control and FUEL CHEM technology segments. The patents are essential to the generation of revenue for our businesses and are essential to protect us from competition in the markets in which we serve. These costs are being amortized on the straight-line method over the period beginning with the patent issuance date and ending on the patent expiration date. Patent maintenance fees are charged to operations as incurred. Amortization expense from continuing operations for intangible assets was $185 $186 December 31, 2020 2019 December 31, 2020 2019 2020 2019 Description of Other Intangibles Amortization Period (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patent assets 1 20 1,310 (757 ) 553 1,897 (991 ) 906 Total $ 1,310 $ (757 ) $ 553 $ 1,897 $ (991 ) $ 906 The table below shows the estimated future amortization expense for intangible assets: Year Estimated Amortization Expense 2021 $ 145 2022 52 2023 51 2024 44 2025 43 Thereafter 218 Total $ 553 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is stated at historical cost and does not $663 $810 December 31, 2020 2019 December 31, 2020 2019 Description of Property and Equipment Depreciable Life (years) 2020 2019 Land $ 1,050 $ 1,050 Building 39 3,950 3,950 Building and leasehold improvements 3 39 2,886 2,886 Field equipment 3 4 19,748 19,507 Computer equipment and software 2 3 2,954 2,936 Furniture and fixtures 3 10 1,477 1,475 Vehicles 5 32 32 Construction in process 12 — Total cost 32,109 31,836 Less accumulated depreciation (26,889 ) (26,174 ) Total net book value $ 5,220 $ 5,662 Property and equipment is reviewed for impairment when events and circumstances indicate that the carrying amount of the assets (or asset group) may not |
Revenue [Policy Text Block] | Revenue Recognition 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 represent single performance obligations, which are not 606. not not 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 has installed over 1,200 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 projects where control transfers over time, revenue is recognized based on the extent of progress towards completion of the single performance obligation. For projects containing multiple performance obligations, the Company allocates the transaction price based on the estimated standalone selling price. The Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company utilizes key assumptions to determine the stand-alone selling price, which may one The consideration allocated to each performance obligation is recognized as revenue when control is transferred for the related goods or services. For performance obligations which consist of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The Company receives payments from its customers based on billing schedules established in each contract. Up-front payments and fees are recorded as deferred revenue upon receipt or when due until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the Company's right to consideration is unconditional. Cost of Sales Cost of sales includes all internal and external engineering costs, equipment and chemical 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). Certain depreciation and amortization expenses related to tangible and intangible assets, respectively, are allocated to cost of sales. We classify shipping and handling costs in cost of sales in the consolidated statements of operations. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative Expenses Selling, general and administrative expenses primarily include the following categories except where an allocation to the cost of sales line item is warranted due to the project- or product-line nature of a portion of the expense category: salaries and wages, employee benefits, non-project travel, insurance, legal, rent, accounting and auditing, recruiting, telephony, employee training, Board of Directors' fees, auto rental, office supplies, dues and subscriptions, utilities, real estate taxes, commissions and bonuses, marketing materials, postage and business taxes. Departments comprising the selling, general and administrative line item primarily include the functions of executive management, finance and accounting, investor relations, regulatory affairs, marketing, business development, information technology, human resources, sales, legal and general administration. |
Income Tax, Policy [Policy Text Block] | Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision for income taxes represents income taxes paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid, and result from differences between the financial and tax bases of our assets and liabilities and are adjusted for changes in tax rates and tax laws when enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not not not no may not Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not |
Lessee, Leases [Policy Text Block] | Leases On January 1, 2019, 842 2018 11, 842 10 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 ended 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 not not December 31, 2019. As Previously Reported Year Ended December 31, 2019 Revision As Revised Year Ended December 31, 2019 Right of Use Operating Lease Asset 980 (618 ) 362 Operating Lease Liability - Current 300 (118 ) 182 Operating Lease Liability - Non Current 680 (500 ) 180 |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Our stock-based employee compensation plan, referred to as the Fuel Tech, Inc. 2014 May 2014 may 5,600,676 may December 31, 2020 2,533,639 December 31, 2020 |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Earnings per Common Share Basic earnings per share excludes the antidilutive effects of stock options, restricted stock units (RSUs) and the nil 7 nil December 31, 2020 2019 584,505 913,000, December 31, 2020 2019 547,000 728,000 The table below sets forth the weighted-average shares used at December 31 2020 2019 Basic weighted-average shares 24,691,000 24,202,000 Conversion of unsecured loan notes — — Unexercised options and unvested restricted stock units — — Diluted weighted-average shares 24,691,000 24,202,000 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Risk Concentrations Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. However, management believes the Company is not For the year ended December 31, 2020 two 10% 28% no 10% December 31, 2020 For the year ended December 31, 2019 three 10% 19% two 11% no 10% December 31, 2019 We control credit risk through requiring milestone payments on long-term contracts, performing ongoing credit evaluations of its customers, and in some cases obtaining security for payment through bank guarantees and letters of credit. |
Stockholders' Equity, Policy [Policy Text Block] | Treasury Stock We use the cost method to account for common stock repurchases. During the years ended December 31, 2020 2019 152,257 140,784 $570 $128, 6, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In December 2019, 2019 12, 740 not first 2021, In June 2016, 2016 13, 326 December 15, 2022, not |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | December 31, 2020 December 31, 2019 Cash and cash equivalents $ 10,640 $ 10,914 Restricted cash included in current assets 1,595 2,080 Restricted cash included in long-term assets 371 507 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows $ 12,606 $ 13,501 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Year Balance at January 1 Provision charged to expense Write-offs / Recoveries Balance at December 31 2019 $ 1,411 $ 573 $ (168 ) $ 1,816 2020 $ 1,816 $ (498 ) $ (483 ) $ 835 |
Schedule of Excess and Obsolete Inventory Reserve [Table Text Block] | Year Balance at January 1 Provision charged to expense Write-offs / Recoveries Balance at December 31 2019 1,131 — (131 ) 1,000 2020 1,000 — (93 ) 907 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2020 2019 Foreign currency translation Balance at beginning of period $ (1,778 ) $ (1,285 ) Other comprehensive loss: Foreign currency translation adjustments (1) 408 (493 ) Balance at end of period $ (1,370 ) $ (1,778 ) Total accumulated other comprehensive loss $ (1,370 ) $ (1,778 ) |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2020 2019 Description of Other Intangibles Amortization Period (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patent assets 1 20 1,310 (757 ) 553 1,897 (991 ) 906 Total $ 1,310 $ (757 ) $ 553 $ 1,897 $ (991 ) $ 906 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Estimated Amortization Expense 2021 $ 145 2022 52 2023 51 2024 44 2025 43 Thereafter 218 Total $ 553 |
Property, Plant and Equipment [Table Text Block] | Description of Property and Equipment Depreciable Life (years) 2020 2019 Land $ 1,050 $ 1,050 Building 39 3,950 3,950 Building and leasehold improvements 3 39 2,886 2,886 Field equipment 3 4 19,748 19,507 Computer equipment and software 2 3 2,954 2,936 Furniture and fixtures 3 10 1,477 1,475 Vehicles 5 32 32 Construction in process 12 — Total cost 32,109 31,836 Less accumulated depreciation (26,889 ) (26,174 ) Total net book value $ 5,220 $ 5,662 |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | As Previously Reported Year Ended December 31, 2019 Revision As Revised Year Ended December 31, 2019 Right of Use Operating Lease Asset 980 (618 ) 362 Operating Lease Liability - Current 300 (118 ) 182 Operating Lease Liability - Non Current 680 (500 ) 180 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2020 2019 Basic weighted-average shares 24,691,000 24,202,000 Conversion of unsecured loan notes — — Unexercised options and unvested restricted stock units — — Diluted weighted-average shares 24,691,000 24,202,000 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Twelve Months Ended December 31, 2020 2019 Air Pollution Control Technology solutions $ 5,668 $ 10,640 Spare parts 906 1,031 Ancillary revenue 1,983 2,411 Total Air Pollution Control Technology 8,557 14,082 FUEL CHEM FUEL CHEM technology solutions 13,993 16,385 Total Revenues $ 22,550 $ 30,467 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Twelve Months Ended December 31, 2020 2019 United States $ 18,622 $ 25,882 Foreign Revenues Americas 549 777 Europe 1,656 2,322 Asia 1,723 1,486 Total Foreign Revenues 3,928 4,585 Total Revenues $ 22,550 $ 30,467 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Twelve Months Ended December 31, 2020 2019 Products transferred at a point in time $ 15,787 $ 19,827 Products and services transferred over time 6,763 10,640 Total Revenues $ 22,550 $ 30,467 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of December 31, 2020 December 31, 2019 Trade receivables $ 5,015 $ 6,425 Unbilled receivables 2,348 1,857 Other short-term receivables 20 7 Allowance for doubtful accounts (835 ) (1,816 ) Total accounts receivable $ 6,548 $ 6,473 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Origin of income before taxes 2020 2019 United States $ (3,411 ) $ (5,803 ) Foreign (810 ) (2,034 ) Loss before income taxes $ (4,221 ) $ (7,837 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2020 2019 Current: Federal $ — $ — State (7 ) (14 ) Foreign (88 ) — Total current (95 ) (14 ) Deferred: Federal 22 — State 16 — Total deferred 38 — Income tax expense $ (57 ) $ (14 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 Provision at the U.S. federal statutory rate 21.0 % 21.0 % State taxes, net of federal benefit 1.5 % 2.7 % Foreign tax rate differential 0.5 % — % China Enterprise Tax (2.1 )% — % Valuation allowance (13.9 )% (29.2 )% Share based compensation shortfall (2.0 )% — % Other true up (2.7 )% 1.6 % Intangible assets impairment and other non-deductibles 1.8 % 2.3 % State rate change (6.5 )% — % Other 1.0 % 1.8 % Income tax (expense) benefit effective rate (1.4 )% 0.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 Deferred tax assets: Stock compensation expense $ 1,240 $ 1,882 Goodwill 986 1,490 Royalty accruals 560 560 Bad debt allowance 338 466 Net operating loss carryforwards 10,959 9,146 Credit carry-forwards 841 814 Inventory reserve 206 243 Depreciation 499 502 Other 334 340 Total deferred tax assets 15,963 15,443 Deferred tax liabilities: Intangible assets (126 ) (220 ) Total deferred tax liabilities (126 ) (220 ) Net deferred tax asset before valuation allowance 15,837 15,223 Valuation allowances for deferred tax assets (15,971 ) (15,394 ) Net deferred tax liability $ (134 ) $ (171 ) |
Summary of Valuation Allowance [Table Text Block] | Year Balance at January 1 Charged to costs and expenses (Deductions)/Other Balance at December 31 2019 $ 13,044 2,350 — $ 15,394 2020 $ 15,394 577 $ 15,971 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the Year Ended December 31, 2020 2019 Stock options $ — $ — Restricted stock units 290 574 Total stock-based compensation expense 290 574 Tax benefit of stock-based compensation expense — — After-tax effect of stock based compensation $ 290 $ 574 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2020 2019 Number of Options Weighted-Average Exercise Price Number of Options Weighted-Average Exercise Price Outstanding at beginning of year 747,500 $ 3.33 932,500 $ 4.68 Exercised (183,000 ) 1.61 — — Expired or forfeited (80,000 ) 5.79 (185,000 ) 10.14 Outstanding at end of year 484,500 $ 3.57 747,500 $ 3.33 Exercisable at end of year 484,500 $ 3.57 747,500 $ 3.33 Weighted-average fair value of options granted during the year $ — $ — Weighted-Average Remaining Contractual Life (years) 3.70 4.73 Aggregate Intrinsic Value $ — $ — |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding and Exercisable Range of Exercise Prices Number of Options Weighted-Average Remaining Contractual Life (years) Weighted-Average Exercise Price 0.966 -1.2727 88,000 6.9 $ 0.97 1.288 -3.0000 132,000 4.6 2.26 3.011 -4.5454 120,000 2.0 3.72 4.555 -8.1616 144,500 2.4 6.24 484,500 3.7 $ 3.57 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Unvested restricted stock units at December 31, 2018 1,110,277 1.21 Granted 228,135 1.52 Vested (562,777 ) 0.98 Unvested restricted stock units at December 31, 2019 775,635 1.47 Forfeited (70,000 ) 1.03 Vested (605,630 ) 1.09 Unvested restricted stock units at December 31, 2020 100,005 4.08 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | Balance at December 31, 2018 Adjustments Upon Adoption of ASC 842 Balance at January 1, 2019 Assets Right-of-use operating lease assets $ — $ 832 $ 832 Liabilities Other accrued liabilities 6,099 (22 ) 6,077 Operating lease liabilities - current — 522 522 Operating lease liabilities - non-current — 310 310 Equity Accumulated deficit (102,495 ) 22 (102,473 ) |
Lease, Cost [Table Text Block] | 2020 2019 Operating lease cost $ 205 $ 555 Short-term lease cost 20 136 Total lease cost $ 225 $ 691 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, Operating Leases 2021 177 2022 123 2023 116 2024 27 Thereafter 10 Total lease payments $ 453 Less imputed interest (67 ) Total $ 386 |
Operating Lease Liabilities [Table Text Block] | 2020 2019 Operating lease liabilities - current $ 149 $ 182 Operating lease liabilities - non-current 237 180 Total operating lease liabilities $ 386 $ 362 |
Lessee, Operating Leases, Supplemental Cash Flow Information [Table Text Block] | For the Twelve Months ended December 31, 2020 For the twelve months ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 192 $ 541 Leased assets obtained in exchange for operating lease liabilities 179 520 |
Note 14 - Business Segment, G_2
Note 14 - Business Segment, Geographic and Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the year ended December 31, 2020 Air Pollution Control Segment FUEL CHEM Segment Other Total Revenues from external customers $ 8,557 $ 13,993 $ — $ 22,550 Cost of sales (4,583 ) (7,329 ) — (11,912 ) Gross margin 3,974 6,664 — 10,638 Selling, general and administrative — — (13,600 ) (13,600 ) Restructuring charge — — — — Research and development — — (1,177 ) (1,177 ) Intangible assets abandonment — — (197 ) (197 ) Operating income (loss) from continuing operations $ 3,974 $ 6,664 $ (14,974 ) $ (4,336 ) For the year ended December 31, 2019 Air Pollution Control Segment FUEL CHEM Segment Other Total Revenues from external customers $ 14,082 $ 16,385 $ — $ 30,467 Cost of sales (11,256 ) (8,381 ) — (19,637 ) Gross margin 2,826 8,004 — 10,830 Selling, general and administrative — — (17,191 ) (17,191 ) Restructuring charge (625 ) — — (625 ) Research and development — — (1,127 ) (1,127 ) Intangible assets abandonment — — (127 ) (127 ) Operating income (loss) from continuing operations $ 2,201 $ 8,004 $ (18,445 ) $ (8,240 ) |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | For the years ended December 31, 2020 2019 Revenues: United States $ 18,622 $ 25,882 Foreign 3,928 4,585 $ 22,550 $ 30,467 As of December 31, 2020 2019 Assets: United States $ 24,524 $ 23,460 Foreign 5,564 8,764 $ 30,088 $ 32,224 |
Note 16 - Restructuring Activ_2
Note 16 - Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | 2020 2019 Total revenues $ 25 $ 329 Net loss (281 ) (1,767 ) 2020 2019 Total assets $ 2,463 $ 4,249 Total liabilities 396 399 Total net assets 2,067 3,850 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Twelve Months Ended 2020 2019 Restructuring liability at January 1, $ — $ 65 Amounts expensed — 625 Amounts expensed - discontinued operations — — Amounts paid — (690 ) Restructuring liability at December 31, $ — $ — |
Note 17 - Unaudited Quarterly_2
Note 17 - Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | For the quarters ended March 31, June 30, September 30, December 31, 2020 Revenues $ 3,778 $ 4,401 $ 8,155 $ 6,216 Cost of sales 2,251 3,799 2,249 3,613 Net (loss) income from continuing operations (2,567 ) (2,544 ) 2,376 (1,543 ) Income (loss) from discontinued operations — — — — Net (loss) income (2,567 ) (2,544 ) 2,376 (1,543 ) Basic net (loss) income per common share: Continuing operations (0.10 ) (0.10 ) 0.10 (0.07 ) Discontinued operations — — — — Basic net (loss) income per common share: $ (0.10 ) $ (0.10 ) $ 0.10 $ (0.07 ) Diluted net (loss) income per common share: Continuing operations (0.10 ) (0.10 ) 0.09 (0.07 ) Discontinued operations — — — — Diluted net (loss) income per common share: $ (0.10 ) $ (0.10 ) $ 0.09 $ (0.07 ) 2019 Revenues $ 10,155 $ 8,948 $ 6,452 $ 4,912 Cost of sales 6,141 5,050 3,563 4,883 Net loss from continuing operations (1,279 ) (936 ) (1,296 ) (4,340 ) Loss from discontinued operations (10 ) (9 ) 18 — Net loss (1,289 ) (945 ) (1,278 ) (4,340 ) Basic net loss per common share: Continuing operations (0.05 ) (0.04 ) (0.05 ) (0.18 ) Discontinued operations — — — — Basic net loss per common share: $ (0.05 ) $ (0.04 ) $ (0.05 ) $ (0.18 ) Diluted net loss per common share: Continuing operations (0.05 ) (0.04 ) (0.05 ) (0.18 ) Discontinued operations — — — — Diluted net loss per common share: $ (0.05 ) $ (0.04 ) $ (0.05 ) $ (0.18 ) |
Note 1 - Organization and Sig_3
Note 1 - Organization and Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | Feb. 11, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018shares |
Restricted Cash, Total | $ 1,966 | |||
Restricted Cash, Current | 1,595 | |||
Restricted Cash, Noncurrent | 371 | |||
Unbilled Contracts Receivable | 2,348 | $ 1,857 | ||
Due from Customer Acceptances | 549 | 43 | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance | $ 408 | |||
Number of Reporting Units | 2 | |||
Goodwill, Ending Balance | $ 2,116 | 2,116 | ||
Goodwill, Impairment Loss | 0 | 0 | ||
Impairment of Intangible Assets (Excluding Goodwill), Total | 197 | 127 | ||
Finite-Lived Patents, Gross | 553 | 906 | ||
Amortization of Intangible Assets, Total | 185 | 186 | ||
Depreciation, Total | $ 663 | $ 810 | ||
Number of Units with APC Technology | 1,200 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | shares | 484,500 | 747,500 | 932,500 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 547,000 | 728,000 | ||
Treasury Stock, Shares, Acquired (in shares) | shares | 152,257 | 140,784 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 570 | $ 128 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Number of Major Customers | 2 | 3 | ||
Antidilutive [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | shares | 584,505 | 913,000 | ||
Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares | 5,600,676 | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares | 2,533,639 | |||
APC Technology [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] | ||||
Concentration Risk, Percentage | 19.00% | |||
FUEL CHEM Technology Segment [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | ||||
Concentration Risk, Percentage | 28.00% | |||
FUEL CHEM [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | ||||
Number of Major Customers | 2 | |||
FUEL CHEM [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | ||||
Concentration Risk, Percentage | 11.00% | |||
FUEL CHEM [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Three [Member] | ||||
Concentration Risk, Percentage | 11.00% | |||
Capitalized Third-party Costs [Member] | ||||
Finite-Lived Patents, Gross | $ 0 | $ 56 | ||
Minimum [Member] | ||||
Standard Product Warranty Period (Year) | 1 year | |||
Minimum [Member] | APC Technology [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 180 days | |||
Maximum [Member] | ||||
Standard Product Warranty Period (Year) | 2 years | |||
Maximum [Member] | APC Technology [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 1 year 180 days | |||
Chinese Subsidiary [Member] | ||||
Restricted Cash and Cash Equivalents, Total | $ 858 | |||
Italian Subsidiary [Member] | ||||
Cash, Ending Balance | 1,111 | |||
Chilean Subsidiary [Member] | ||||
Cash, Ending Balance | 314 | |||
Private Placement [Member] | Subsequent Event [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 5,000,000 | |||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 5.1625 | |||
Proceeds from Issuance of Private Placement | $ 25,800 | |||
Private Placement [Member] | Subsequent Event [Member] | Warrants Issued in Connection with Private Placement [Member] | ||||
Class of Warrant or Right, Number of Warrants Issued (in shares) | shares | 2,500,000 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 2,500,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 5.10 | |||
Non-US [Member] | ||||
Revenues, Total | $ 3,928 | $ 4,585 | ||
Percentage of Revenue | 17.00% | 15.00% |
Note 1 - Organization and Sig_4
Note 1 - Organization and Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 10,640 | $ 10,914 |
Restricted cash included in current assets | 1,595 | 2,080 |
Restricted cash included in long-term assets | 371 | 507 |
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows | $ 12,606 | $ 13,501 |
Note 1 - Organization and Sig_5
Note 1 - Organization and Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at January 1 | $ 1,816 | $ 1,411 |
Provision charged to expense | (498) | 573 |
Write-offs / Recoveries | (483) | (168) |
Balance at December 31 | $ 835 | $ 1,816 |
Note 1 - Organization and Sig_6
Note 1 - Organization and Significant Accounting Policies - Excess and Obsolete Inventory Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Excess and obsolete inventory reserve, beginning balance | $ 1,000 | $ 1,131 |
Provision charged to expense | ||
Write-offs / Recoveries | (93) | (131) |
Excess and obsolete inventory reserve, ending balance | $ 907 | $ 1,000 |
Note 1 - Organization and Sig_7
Note 1 - Organization and Significant Accounting Policies - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Balance | $ 26,175 | $ 34,052 | |
Balance | 22,321 | 26,175 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | (1,778) | (1,285) | |
Foreign currency translation adjustments (1) | [1] | 408 | (493) |
Balance | $ (1,370) | $ (1,778) | |
[1] | In all periods presented, there were no tax impacts related to rate changes and certain foreign currency translation adjustments were reclassified to earnings in 2019. The adjustments reclassified to earnings in 2019 relate to the substantial completion of the liquidation of Fuel Tech S.p.A (Chile) during the fourth quarter of 2019. |
Note 1 - Organization and Sig_8
Note 1 - Organization and Significant Accounting Policies - Summary of Intangible Asset Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Gross Carrying Amount | $ 1,310 | $ 1,897 |
Accumulated Amortization | (757) | (991) |
Net Carrying Amount | 553 | 906 |
Patents [Member] | ||
Gross Carrying Amount | 1,310 | 1,897 |
Accumulated Amortization | (757) | (991) |
Net Carrying Amount | $ 553 | $ 906 |
Patents [Member] | Minimum [Member] | ||
Amortization Period (Year) | 1 year | |
Patents [Member] | Maximum [Member] | ||
Amortization Period (Year) | 20 years |
Note 1 - Organization and Sig_9
Note 1 - Organization and Significant Accounting Policies - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 145 | |
2022 | 52 | |
2023 | 51 | |
2024 | 44 | |
2025 | 43 | |
Thereafter | 218 | |
Total | $ 553 | $ 906 |
Note 1 - Organization and Si_10
Note 1 - Organization and Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Total cost | $ 32,109 | $ 31,836 |
Less accumulated depreciation | (26,889) | (26,174) |
Total net book value | 5,220 | 5,662 |
Land [Member] | ||
Total cost | 1,050 | 1,050 |
Building [Member] | ||
Total cost | $ 3,950 | 3,950 |
Depreciable Life (Year) | 39 years | |
Building and Leasehold Improvements [Member] | ||
Total cost | $ 2,886 | 2,886 |
Building and Leasehold Improvements [Member] | Minimum [Member] | ||
Depreciable Life (Year) | 3 years | |
Building and Leasehold Improvements [Member] | Maximum [Member] | ||
Depreciable Life (Year) | 39 years | |
Field Equipment [Member] | ||
Total cost | $ 19,748 | 19,507 |
Field Equipment [Member] | Minimum [Member] | ||
Depreciable Life (Year) | 3 years | |
Field Equipment [Member] | Maximum [Member] | ||
Depreciable Life (Year) | 4 years | |
Computer Equipment and Software [Member] | ||
Total cost | $ 2,954 | 2,936 |
Computer Equipment and Software [Member] | Minimum [Member] | ||
Depreciable Life (Year) | 2 years | |
Computer Equipment and Software [Member] | Maximum [Member] | ||
Depreciable Life (Year) | 3 years | |
Furniture and Fixtures [Member] | ||
Total cost | $ 1,477 | 1,475 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Depreciable Life (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Depreciable Life (Year) | 10 years | |
Vehicles [Member] | ||
Total cost | $ 32 | 32 |
Depreciable Life (Year) | 5 years | |
Construction in Progress [Member] | ||
Total cost | $ 12 |
Note 1 - Organization and Si_11
Note 1 - Organization and Significant Accounting Policies - Revision of Error (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Right of Use Operating Lease Asset | $ 394 | $ 362 | $ 832 | |
Operating Lease Liability - Current | 149 | 182 | 522 | |
Operating Lease Liability - Non Current | $ 237 | 180 | $ 310 | |
Previously Reported [Member] | ||||
Right of Use Operating Lease Asset | 980 | |||
Operating Lease Liability - Current | 300 | |||
Operating Lease Liability - Non Current | 680 | |||
Revision of Prior Period, Error Correction, Adjustment [Member] | ||||
Right of Use Operating Lease Asset | (618) | |||
Operating Lease Liability - Current | (118) | |||
Operating Lease Liability - Non Current | $ (500) |
Note 1 - Organization and Si_12
Note 1 - Organization and Significant Accounting Policies - Summary of Earnings (Loss) Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Basic weighted-average shares (in shares) | 24,691,000 | 24,202,000 |
Conversion of unsecured loan notes (in shares) | ||
Unexercised options and unvested restricted stock units (in shares) | ||
Diluted weighted-average shares (in shares) | 24,691,000 | 24,202,000 |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent, Total | $ 18 | $ (9) | $ (10) | $ (1) | ||||||
Short-term Lease, Cost | 20 | 136 | ||||||||
Fuel Conversion Segment [Member] | Discontinued Operations [Member] | ||||||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | 505 | |||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | 20 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent, Total | $ 0 | (1) | ||||||||
Fuel Conversion Segment [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||||
Short-term Lease, Cost | $ 21 |
Note 3 - Revenue Recognition 1
Note 3 - Revenue Recognition 1 (Details Textual) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Unbilled Receivables, Current | $ 2,348 | $ 1,857 |
Contract with Customer, Liability, Current | $ 850 | $ 712 |
Contract with Customer, Contracts in Progress, Number of Contracts Identified as Loss Contracts | 1 | 3 |
Provision for Loss on Contracts | $ 176 | $ 26 |
Revenue, Remaining Performance Obligation, Amount | $ 5,268 |
Note 3 - Revenue Recognition 2
Note 3 - Revenue Recognition 2 (Details Textual) $ in Thousands | Dec. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 5,268 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 2,981 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 1 year |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Revenues Disaggregated by Product Technology (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 6,216 | $ 8,155 | $ 4,401 | $ 3,778 | $ 4,912 | $ 6,452 | $ 8,948 | $ 10,155 | $ 22,550 | $ 30,467 |
Air Pollution Control [Member] | ||||||||||
Revenues | 8,557 | 14,082 | ||||||||
Air Pollution Control [Member] | Technology Solutions [Member] | ||||||||||
Revenues | 5,668 | 10,640 | ||||||||
Air Pollution Control [Member] | Spare Parts [Member] | ||||||||||
Revenues | 906 | 1,031 | ||||||||
Air Pollution Control [Member] | Ancillary Revenue [Member] | ||||||||||
Revenues | 1,983 | 2,411 | ||||||||
FUEL CHEM [Member] | ||||||||||
Revenues | 13,993 | 16,385 | ||||||||
FUEL CHEM [Member] | Technology Solutions [Member] | ||||||||||
Revenues | $ 13,993 | $ 16,385 |
Note 3 - Revenue Recognition _2
Note 3 - Revenue Recognition - Revenues Disaggregated by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 6,216 | $ 8,155 | $ 4,401 | $ 3,778 | $ 4,912 | $ 6,452 | $ 8,948 | $ 10,155 | $ 22,550 | $ 30,467 |
UNITED STATES | ||||||||||
Revenues | 18,622 | 25,882 | ||||||||
Americas, Excluding United States [Member] | ||||||||||
Revenues | 549 | 777 | ||||||||
Europe [Member] | ||||||||||
Revenues | 1,656 | 2,322 | ||||||||
Asia [Member] | ||||||||||
Revenues | 1,723 | 1,486 | ||||||||
Non-US [Member] | ||||||||||
Revenues | $ 3,928 | $ 4,585 |
Note 3 - Revenue Recognition _3
Note 3 - Revenue Recognition - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 6,216 | $ 8,155 | $ 4,401 | $ 3,778 | $ 4,912 | $ 6,452 | $ 8,948 | $ 10,155 | $ 22,550 | $ 30,467 |
Transferred at Point in Time [Member] | ||||||||||
Revenues | 15,787 | 19,827 | ||||||||
Transferred over Time [Member] | ||||||||||
Revenues | $ 6,763 | $ 10,640 |
Note 3 - Revenue Recognition _4
Note 3 - Revenue Recognition - Components of Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Trade receivables | $ 5,015 | $ 6,425 | |
Unbilled receivables | 2,348 | 1,857 | |
Other short-term receivables | 20 | 7 | |
Allowance for doubtful accounts | (835) | (1,816) | $ (1,411) |
Total accounts receivable | $ 6,548 | $ 6,473 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Stock Issued During Period, Value, Stock Options Exercised | $ 296 | $ 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | 0 | |
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | |
Deferred Federal Income Tax Expense (Benefit) | 22 | ||
Fuel Tech S.p.A [Member] | |||
Deferred Federal Income Tax Expense (Benefit) | $ 155 | ||
Increase (Decrease) in Deferred Income Taxes | 15 | ||
Deferred Federal Income Tax Expense (Benefit), Net of Adjustment | 170 | ||
Deferred Income Tax Expense, Valuation Allowance | 170 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | 25,486 | $ 10,733 | |
Foreign Tax Authority [Member] | Ministry of Economic Affairs and Finance, Italy [Member] | |||
Operating Loss Carryforwards, Total | 6,246 | ||
Foreign Tax Authority [Member] | State Administration of Taxation, China [Member] | |||
Operating Loss Carryforwards, Total | $ 12,763 |
Note 4 - Income Taxes - Compone
Note 4 - Income Taxes - Components of Income (Loss) Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
United States | $ (3,411) | $ (5,803) |
Foreign | (810) | (2,034) |
Loss before income taxes | $ (4,221) | $ (7,837) |
Note 4 - Income Taxes - Compo_2
Note 4 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | ||
Federal | ||
State | (7) | (14) |
Foreign | (88) | |
Total current | (95) | (14) |
Deferred: | ||
Federal | 22 | |
State | 16 | |
Total deferred | 38 | |
Income tax expense | $ (57) | $ (14) |
Note 4 - Income Taxes - Income
Note 4 - Income Taxes - Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Provision at the U.S. federal statutory rate | 21.00% | 21.00% |
State taxes, net of federal benefit | 1.50% | 2.70% |
Foreign tax rate differential | 0.50% | |
China Enterprise Tax | (2.10%) | |
Valuation allowance | (13.90%) | (29.20%) |
Share based compensation shortfall | (2.00%) | |
Other true up | (2.70%) | 1.60% |
Intangible assets impairment and other non-deductibles | 1.80% | 2.30% |
State rate change | (6.50%) | |
Other | 1.00% | 1.80% |
Income tax (expense) benefit effective rate | (1.40%) | 0.20% |
Note 4 - Income Taxes - Summary
Note 4 - Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | |||
Stock compensation expense | $ 1,240 | $ 1,882 | |
Goodwill | 986 | 1,490 | |
Royalty accruals | 560 | 560 | |
Bad debt allowance | 338 | 466 | |
Net operating loss carryforwards | 10,959 | 9,146 | |
Credit carry-forwards | 841 | 814 | |
Inventory reserve | 206 | 243 | |
Depreciation | 499 | 502 | |
Other | 334 | 340 | |
Total deferred tax assets | 15,963 | 15,443 | |
Deferred tax liabilities: | |||
Intangible assets | (126) | (220) | |
Total deferred tax liabilities | (126) | (220) | |
Net deferred tax asset before valuation allowance | 15,837 | 15,223 | |
Valuation allowances for deferred tax assets | (15,971) | (15,394) | $ (13,044) |
Net deferred tax liability | $ (134) | $ (171) |
Note 4 - Income Taxes - Valuati
Note 4 - Income Taxes - Valuation Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at January 1 | $ 15,394 | $ 13,044 |
Charged to costs and expenses | 577 | 2,350 |
(Deductions)/Other | ||
Balance at December 31 | $ 15,971 | $ 15,394 |
Note 5 - Common Shares (Details
Note 5 - Common Shares (Details Textual) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Common Stock, Shares, Issued, Total (in shares) | 25,639,702 | 25,053,480 |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 25,228,951 | 24,592,578 |
Reserved For Issuance Upon Exercise Or Vesting Of Equity Awards [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 5,600,676 | |
Reserved For Issuance Upon Exercise Or Vesting Of Equity Awards [Member] | Share-based Payment Arrangement, Option [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 484,500 | |
NIL Coupon Non-redeemable Convertible Unsecured Loan Notes [Member] | Unsecured Debt [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 6,715 |
Note 6 - Treasury Stock (Detail
Note 6 - Treasury Stock (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Treasury Stock, Shares, Ending Balance (in shares) | 948,347 | 796,090 |
Treasury Stock, Value, Ending Balance | $ 2,182 | $ 1,612 |
Note 7 - Nil Coupon Non-redee_2
Note 7 - Nil Coupon Non-redeemable Convertible Unsecured Loan Notes (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | |
Share Price (in dollars per share) | $ 3.88 | |
Unsecured Debt [Member] | NIL Coupon Non-redeemable Convertible Unsecured Loan Notes [Member] | ||
Debt Instrument, Face Amount | $ | $ 76 | $ 76 |
Debt Instrument, Convertible, Number of Equity Instruments | 6,715 | |
Share Price (in dollars per share) | $ 3.88 | |
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ | $ 26 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |
Debt Instrument, Repurchase Amount | $ | $ 0 | $ 0 |
Unsecured Debt [Member] | NIL Coupon Non-redeemable Convertible Unsecured Loan Notes [Member] | Minimum [Member] | ||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 6.50 | |
Unsecured Debt [Member] | NIL Coupon Non-redeemable Convertible Unsecured Loan Notes [Member] | Maximum [Member] | ||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 11.43 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Price (in dollars per share) | $ 3.88 | ||
Proceeds from Stock Options Exercised | $ 296 | $ 0 | |
Deferred Compensation Plan for Directors [Member] | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 0 | $ 0 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 605,630 | 562,777 | |
The 2014 Long-term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 5,600,676 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 1,200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,533,639 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 100 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 73 days | ||
The 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 Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | ||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | ||
The 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% | ||
The 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% | ||
The 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% | ||
The 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 605,630 | 562,777 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 658 | $ 554 | |
The 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 | ||
The 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 |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Components of Stock-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Total stock-based compensation expense | $ 290 | $ 574 |
Tax benefit of stock-based compensation expense | ||
After-tax effect of stock based compensation | 290 | 574 |
Share-based Payment Arrangement, Option [Member] | ||
Total stock-based compensation expense | ||
Restricted Stock Units (RSUs) [Member] | ||
Total stock-based compensation expense | $ 290 | $ 574 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Outstanding, number of options (in shares) | 747,500 | 932,500 |
Outstanding, option, weighted average exercise price (in dollars per share) | $ 3.33 | $ 4.68 |
Exercised, options (in shares) | (183,000) | |
Exercised, option, weighted average exercise price (in dollars per share) | $ 1.61 | |
Expired or forfeited, options (in shares) | (80,000) | (185,000) |
Expired or forfeitedg, option, weighted average exercise price (in dollars per share) | $ 5.79 | $ 10.14 |
Outstanding, number of options (in shares) | 484,500 | 747,500 |
Outstanding, option, weighted average exercise price (in dollars per share) | $ 3.57 | $ 3.33 |
Exercisable, options (in shares) | 484,500 | 747,500 |
Exercisableg, option, weighted average exercise price (in dollars per share) | $ 3.57 | $ 3.33 |
Weighted-Average Remaining Contractual Life (years) (Year) | 3 years 255 days | 4 years 266 days |
Note 8 - Stock-based Compensa_6
Note 8 - Stock-based Compensation - Summary of Outstanding Stock Options by Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Number of Options (in shares) | shares | 484,500 |
Weighted- Average Remaining Contractual Life (Year) | 3 years 255 days |
Weighted-Average Exercise Price (in dollars per share) | $ 3.57 |
Range One [Member] | |
Lower Range Limit (in dollars per share) | 0.966 |
Upper Range Limit (in dollars per share) | $ 1.2727 |
Number of Options (in shares) | shares | 88,000 |
Weighted- Average Remaining Contractual Life (Year) | 6 years 328 days |
Weighted-Average Exercise Price (in dollars per share) | $ 0.97 |
Range Two [Member] | |
Lower Range Limit (in dollars per share) | 1.288 |
Upper Range Limit (in dollars per share) | $ 3 |
Number of Options (in shares) | shares | 132,000 |
Weighted- Average Remaining Contractual Life (Year) | 4 years 219 days |
Weighted-Average Exercise Price (in dollars per share) | $ 2.26 |
Range Three [Member] | |
Lower Range Limit (in dollars per share) | 3.011 |
Upper Range Limit (in dollars per share) | $ 4.5454 |
Number of Options (in shares) | shares | 120,000 |
Weighted- Average Remaining Contractual Life (Year) | 2 years |
Weighted-Average Exercise Price (in dollars per share) | $ 3.72 |
Range Four [Member] | |
Lower Range Limit (in dollars per share) | 4.555 |
Upper Range Limit (in dollars per share) | $ 8.1616 |
Number of Options (in shares) | shares | 144,500 |
Weighted- Average Remaining Contractual Life (Year) | 2 years 146 days |
Weighted-Average Exercise Price (in dollars per share) | $ 6.24 |
Note 8 - Stock-based Compensa_7
Note 8 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Unvested restricted stock units, shares (in shares) | 775,635 | 1,110,277 |
Unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ 1.47 | $ 1.21 |
Granted, restricted stock units, shares (in shares) | 228,135 | |
Granted, restricted stock units, weighted average grant date fair value (in dollars per share) | $ 1.52 | |
Vested, restricted stock units, shares (in shares) | (605,630) | (562,777) |
Vested, restricted stock units, weighted average grant date fair value (in dollars per share) | $ 1.09 | $ 0.98 |
Forfeited, restricted stock units, shares (in shares) | (70,000) | |
Forfeited, restricted stock units, weighted average grant date fair value (in dollars per share) | $ 1.03 | |
Unvested restricted stock units, shares (in shares) | 100,005 | 775,635 |
Unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ 4.08 | $ 1.47 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss Contingency Accrual, Provision | $ 1,150,000 | ||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 499,000 | $ (1,026,000) | $ 421,000 |
Standard Product Warranty Accrual, Period Increase (Decrease), Total | 0 | 0 | |
Standard Product Warranty Accrual, Ending Balance | 159,000 | 159,000 | |
Performance Guarantees [Member] | |||
Debt Instrument, Face Amount | 1,134 | ||
Standby Letters of Credit [Member] | Cash Collateral Security Agreement [Member] | |||
Letters of Credit Outstanding, Amount | 1,873,000 | ||
Receivables [Member] | |||
Loss Contingency, Receivable, Ending Balance | 2,589,000 | ||
Failure of Equipment to Be Remedied Under Warranty Provision [Member] | |||
Loss Contingency Accrual, Ending Balance | 176,000 | ||
Failure of Equipment to Be Remedied Under Warranty Provision [Member] | Other Accrued Liabilities [Member] | |||
Loss Contingency Accrual, Ending Balance | $ 176,000 | $ 146,000 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) | Dec. 31, 2020ft² | Jan. 30, 2020 |
Additional Number of Leases | 4 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 3 years 14 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.68% | |
UNITED STATES | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.25% | |
ITALY | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.67% | |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 4 years | |
Office Building [Member] | Gallarate Italy [Member] | ||
Area of Real Estate Property (Square Foot) | 1,335 | |
Office Building [Member] | Aurora Illinois [Member]] | ||
Area of Real Estate Property (Square Foot) | 11,000 | |
Lessee, Operating Lease, Term of Contract (Year) | 3 years | |
Office Building [Member] | Overland Park [Member] | ||
Area of Real Estate Property (Square Foot) | 600 |
Note 10 - Leases - Cumulative E
Note 10 - Leases - Cumulative Effect of Changes for Adoption of New ASU (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Right of Use Operating Lease Asset | $ 394 | $ 362 | $ 832 | |
Other accrued liabilities | 2,099 | 1,976 | 6,077 | 6,099 |
Operating Lease Liability - Current | 149 | 182 | 522 | |
Operating Lease Liability - Non Current | 237 | 180 | 310 | |
Accumulated deficit | $ (114,603) | $ (110,325) | (102,473) | $ (102,495) |
Accounting Standards Update 2018-11 [Member] | ||||
Right of Use Operating Lease Asset | 832 | |||
Other accrued liabilities | (22) | |||
Operating Lease Liability - Current | 522 | |||
Operating Lease Liability - Non Current | 310 | |||
Accumulated deficit | $ 22 |
Note 10 - Leases - Operating Le
Note 10 - Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease cost | $ 205 | $ 555 |
Short-term lease cost | 20 | 136 |
Total lease cost | $ 225 | $ 691 |
Note 10 - Leases - Remaining Ma
Note 10 - Leases - Remaining Maturities of Existing Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 177 | |
2022 | 123 | |
2023 | 116 | |
2024 | 27 | |
Thereafter | 10 | |
Total lease payments | 453 | |
Less imputed interest | (67) | |
Total | $ 386 | $ 362 |
Note 10 - Leases - Lease Liabil
Note 10 - Leases - Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating lease liabilities - current | $ 149 | $ 182 | $ 522 | |
Operating lease liabilities - non-current | 237 | 180 | $ 310 | |
Total operating lease liabilities | $ 386 | $ 362 |
Note 10 - Leases - Supplemental
Note 10 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 192 | $ 541 |
Leased assets obtained in exchange for operating lease liabilities | $ 179 | $ 520 |
Note 11 - Debt Financing (Detai
Note 11 - Debt Financing (Details Textual) ¥ in Thousands | Jan. 08, 2021USD ($) | Apr. 17, 2020USD ($) | Jun. 19, 2019USD ($) | Dec. 31, 2020USD ($) | Oct. 19, 2018USD ($) | Oct. 19, 2018CNY (¥) |
Restricted Cash, Total | $ 1,966,000 | |||||
Revolving Credit Facility [Member] | JPM Chase [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,500,000 | |||||
Cash Collateral for Borrowed Securities | $ 5,500,000 | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||||
Revolving Credit Facility [Member] | JPM Chase [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||
The BMO Harris Agreement [Member] | ||||||
Debt Instrument, Cash Collateral, Percentage Of Face Amount Of Outstanding Debt | 105.00% | |||||
Letters of Credit Outstanding, Amount | 1,873,000 | |||||
Restricted Cash, Total | $ 1,966,000 | |||||
The BMO Harris Agreement [Member] | Standby Letters of Credit [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | |||||
The China Facility [Member] | ||||||
Cash Collateral for Borrowed Securities | $ 520,000 | |||||
The China Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 382,000 | ¥ 2,625 | ||||
Paycheck Protection Program CARES Act [Member] | ||||||
Proceeds from Issuance of Long-term Debt, Total | $ 1,556 | |||||
Paycheck Protection Program CARES Act [Member] | Subsequent Event [Member] | ||||||
Debt Instrument, Decrease, Forgiveness | $ 1,556 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
American Bailey Corporation (ABC) [Member] | |
Sublease Income | $ 165 |
Lessor, Operating Lease, Payments to be Received, Total | $ 27 |
American Bailey Corporation (ABC) [Member] | Fuel Tech, Inc. [Member] | |
Equity Method Investment, Ownership Percentage | 27.00% |
Note 13 - Defined Contributio_2
Note 13 - Defined Contribution Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan, Cost | $ 222 | $ 262 |
Note 14 - Business Segment, G_3
Note 14 - Business Segment, Geographic and Quarterly Financial Data (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Number of Reportable Segments | 2 |
Note 14 - Business Segment, G_4
Note 14 - Business Segment, Geographic and Quarterly Financial Data - Reporting Segment Net Sales and Gross Margin (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from external customers | $ 6,216 | $ 8,155 | $ 4,401 | $ 3,778 | $ 4,912 | $ 6,452 | $ 8,948 | $ 10,155 | $ 22,550 | $ 30,467 |
Cost of sales | $ (3,613) | $ (2,249) | $ (3,799) | $ (2,251) | $ (4,883) | $ (3,563) | $ (5,050) | $ (6,141) | (11,912) | (19,637) |
Gross margin | 10,638 | 10,830 | ||||||||
Selling, general and administrative | (13,600) | (17,191) | ||||||||
Restructuring charge | (625) | |||||||||
Research and development | (1,177) | (1,127) | ||||||||
Intangible assets abandonment | (197) | (127) | ||||||||
Operating income (loss) from continuing operations | (4,336) | (8,240) | ||||||||
Air Pollution Control [Member] | ||||||||||
Revenues from external customers | 8,557 | 14,082 | ||||||||
Cost of sales | (4,583) | (11,256) | ||||||||
Gross margin | 3,974 | 2,826 | ||||||||
Selling, general and administrative | ||||||||||
Restructuring charge | (625) | |||||||||
Research and development | ||||||||||
Intangible assets abandonment | ||||||||||
Operating income (loss) from continuing operations | 3,974 | 2,201 | ||||||||
FUEL CHEM [Member] | ||||||||||
Revenues from external customers | 13,993 | 16,385 | ||||||||
Cost of sales | (7,329) | (8,381) | ||||||||
Gross margin | 6,664 | 8,004 | ||||||||
Selling, general and administrative | ||||||||||
Restructuring charge | ||||||||||
Research and development | ||||||||||
Intangible assets abandonment | ||||||||||
Operating income (loss) from continuing operations | 6,664 | 8,004 | ||||||||
Other Segments [Member] | ||||||||||
Revenues from external customers | ||||||||||
Cost of sales | ||||||||||
Gross margin | ||||||||||
Selling, general and administrative | (13,600) | (17,191) | ||||||||
Restructuring charge | ||||||||||
Research and development | (1,177) | (1,127) | ||||||||
Intangible assets abandonment | (197) | (127) | ||||||||
Operating income (loss) from continuing operations | $ (14,974) | $ (18,445) |
Note 14 - Business Segment, G_5
Note 14 - Business Segment, Geographic and Quarterly Financial Data - Geographic Segment Financial Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 6,216 | $ 8,155 | $ 4,401 | $ 3,778 | $ 4,912 | $ 6,452 | $ 8,948 | $ 10,155 | $ 22,550 | $ 30,467 |
Assets | 30,088 | 32,224 | 30,088 | 32,224 | ||||||
UNITED STATES | ||||||||||
Revenues | 18,622 | 25,882 | ||||||||
Assets | 24,524 | 23,460 | 24,524 | 23,460 | ||||||
Non-US [Member] | ||||||||||
Revenues | 3,928 | 4,585 | ||||||||
Assets | $ 5,564 | $ 8,764 | $ 5,564 | $ 8,764 |
Note 16 - Restructuring Activ_3
Note 16 - Restructuring Activities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Charges, Total | $ 625 | ||
Restructuring Reserve, Ending Balance | 0 | $ 65 | |
CHINA | |||
Discontinued Operations, Revenue, Remaining Performance Obligation, Amount | 24 | ||
Restructuring Charges, Total | 625 | ||
CHINA | Employee Severance [Member] | |||
Restructuring Charges, Total | 562 | ||
CHINA | Facility Closing [Member] | |||
Restructuring Charges, Total | $ 63 |
Note 16 - Restructuring Activ_4
Note 16 - Restructuring Activities - Charges and Net Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from external customers | $ 6,216 | $ 8,155 | $ 4,401 | $ 3,778 | $ 4,912 | $ 6,452 | $ 8,948 | $ 10,155 | $ 22,550 | $ 30,467 |
Net loss | (1,543) | $ 2,376 | $ (2,544) | $ (2,567) | (4,340) | $ (1,278) | $ (945) | $ (1,289) | (4,278) | (7,852) |
Total assets | 7,767 | 5,431 | 7,767 | 5,431 | ||||||
Total net assets | 30,088 | 31,606 | 30,088 | 31,606 | ||||||
CHINA | ||||||||||
Revenues from external customers | 25 | 329 | ||||||||
Net loss | (281) | (1,767) | ||||||||
Total assets | 2,463 | 4,249 | 2,463 | 4,249 | ||||||
Total liabilities | 396 | 399 | 396 | 399 | ||||||
Total net assets | $ 2,067 | $ 3,850 | $ 2,067 | $ 3,850 |
Note 16 - Restructuring Activ_5
Note 16 - Restructuring Activities - Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring liability at January 1, | $ 65 | |
Restructuring charge | 625 | |
Amounts expensed - discontinued operations | ||
Amounts paid | (690) | |
Restructuring liability at December 31, | $ 0 |
Note 17 - Unaudited Quarterly_3
Note 17 - Unaudited Quarterly Financial Data - Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 6,216 | $ 8,155 | $ 4,401 | $ 3,778 | $ 4,912 | $ 6,452 | $ 8,948 | $ 10,155 | $ 22,550 | $ 30,467 |
Cost of sales | 3,613 | 2,249 | 3,799 | 2,251 | 4,883 | 3,563 | 5,050 | 6,141 | 11,912 | 19,637 |
Net (loss) income from continuing operations | (1,543) | 2,376 | (2,544) | (2,567) | (4,340) | (1,296) | (936) | (1,279) | (4,278) | (7,851) |
Loss from discontinued operations (net of income tax benefit of $0 in 2020 and 2019) | 18 | (9) | (10) | (1) | ||||||
Net loss | $ (1,543) | $ 2,376 | $ (2,544) | $ (2,567) | $ (4,340) | $ (1,278) | $ (945) | $ (1,289) | $ (4,278) | $ (7,852) |
Continuing operations (in dollars per share) | $ (0.07) | $ 0.10 | $ (0.10) | $ (0.10) | $ (0.18) | $ (0.05) | $ (0.04) | $ (0.05) | $ (0.17) | $ (0.32) |
Discontinued operations (in dollars per share) | 0 | |||||||||
Basic net (loss) income per common share: (in dollars per share) | (0.07) | 0.10 | (0.10) | (0.10) | (0.18) | (0.05) | (0.04) | (0.05) | (0.17) | (0.32) |
Continuing operations (in dollars per share) | (0.07) | 0.09 | (0.10) | (0.10) | (0.18) | (0.05) | (0.04) | (0.05) | (0.17) | (0.32) |
Discontinued operations (in dollars per share) | ||||||||||
Diluted net (loss) income per common share: (in dollars per share) | $ (0.07) | $ 0.09 | $ (0.10) | $ (0.10) | $ (0.18) | $ (0.05) | $ (0.04) | $ (0.05) | $ (0.17) | $ (0.32) |