Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 04, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | PERMA FIX ENVIRONMENTAL SERVICES INC | |
Entity Central Index Key | 0000891532 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 12,054,439 | |
Trading Symbol | PESI | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash | $ 345 | $ 810 |
Accounts receivable, net of allowance for doubtful accounts of $136 and $105, respectively | 7,341 | 7,735 |
Unbilled receivables - current | 3,316 | 3,105 |
Inventories | 362 | 449 |
Prepaid and other assets | 2,765 | 2,552 |
Current assets related to discontinued operations | 99 | 107 |
Total current assets | 14,228 | 14,758 |
Property and equipment: | ||
Buildings and land | 19,782 | 19,782 |
Equipment | 19,267 | 19,157 |
Vehicles | 369 | 369 |
Leasehold improvements | 23 | 23 |
Office furniture and equipment | 1,554 | 1,551 |
Construction-in-progress | 1,449 | 1,389 |
Total property and equipment | 42,444 | 42,271 |
Less accumulated depreciation | (26,728) | (26,532) |
Net property and equipment | 15,716 | 15,739 |
Property and equipment related to discontinued operations | 81 | 81 |
Operating lease right-of-use assets | 2,550 | |
Intangibles and other long term assets: | ||
Permits | 8,632 | 8,443 |
Other intangible assets - net | 1,223 | 1,278 |
Finite risk sinking fund (restricted cash) | 16,052 | 15,971 |
Other assets | 1,154 | 1,054 |
Other assets related to discontinued operations | 98 | 118 |
Total assets | 59,734 | 57,442 |
Current liabilities: | ||
Accounts payable | 7,206 | 5,497 |
Accrued expenses | 5,001 | 5,014 |
Disposal/transportation accrual | 1,920 | 1,542 |
Deferred revenue | 5,443 | 6,595 |
Accrued closure costs - current | 281 | 1,142 |
Current portion of long-term debt | 1,184 | 1,184 |
Current portion of operating lease liabilities | 199 | |
Current portion of finance lease liabilities | 239 | 181 |
Current liabilities related to discontinued operations | 322 | 356 |
Total current liabilities | 21,795 | 21,511 |
Accrued closure costs | 5,720 | 5,608 |
Other long-term liabilities | 260 | 255 |
Deferred tax liabilities | 604 | 586 |
Long-term debt, less current portion | 2,187 | 2,118 |
Long-term operating lease liabilities, less current portion | 2,377 | |
Long-term finance lease liabilities, less current portion | 276 | 268 |
Long-term liabilities related to discontinued operations | 964 | 963 |
Total long-term liabilities | 12,388 | 9,798 |
Total liabilities | 34,183 | 31,309 |
Commitments and Contingencies (Note 10) | ||
Stockholders' Equity: | ||
Preferred Stock, $.001 par value; 2,000,000 shares authorized, no shares issued and outstanding | ||
Common Stock, $.001 par value; 30,000,000 shares authorized; 11,969,179 and 11,944,215 shares issued, respectively; 11,961,537 and 11,936,573 shares outstanding, respectively | 12 | 12 |
Additional paid-in capital | 107,656 | 107,548 |
Accumulated deficit | (80,302) | (79,630) |
Accumulated other comprehensive loss | (202) | (214) |
Less Common Stock in treasury, at cost; 7,642 shares | (88) | (88) |
Total Perma-Fix Environmental Services, Inc. stockholders' equity | 27,076 | 27,628 |
Non-controlling interest | (1,525) | (1,495) |
Total stockholders' equity | 25,551 | 26,133 |
Total liabilities and stockholders' equity | $ 59,734 | $ 57,442 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 136 | $ 105 |
Preferred stock, par value | $ 0.001 | $ .001 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 11,969,179 | 11,944,215 |
Common stock, shares outstanding | 11,961,537 | 11,936,573 |
Treasury stock, shares | 7,642 | 7,642 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Revenues | $ 11,708 | $ 12,658 |
Cost of goods sold | 9,207 | 9,337 |
Gross profit | 2,501 | 3,321 |
Selling, general and administrative expenses | 2,898 | 2,780 |
Research and development | 227 | 232 |
Gain on disposal of property and equipment | (8) | |
(Loss) income from operations | (624) | 317 |
Other income (expense): | ||
Interest income | 81 | 49 |
Interest expense | (87) | (53) |
Interest expense-financing fees | (10) | (9) |
Other | 129 | |
(Loss) income from continuing operations before taxes | (511) | 304 |
Income tax expense | (39) | (51) |
(Loss) income from continuing operations, net of taxes | (550) | 253 |
Loss from discontinued operations (net of taxes of $0) | (152) | (157) |
Net (loss) income | (702) | 96 |
Net loss attributable to non-controlling interest | (30) | (40) |
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ (672) | $ 136 |
Net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic and diluted: | ||
Continuing operations | $ (0.05) | $ 0.02 |
Discontinued operations | (0.01) | (0.01) |
Net (loss) income per common share | $ (0.06) | $ 0.01 |
Number of common shares used in computing net (loss) income per share: | ||
Basic | 11,961 | 11,747 |
Diluted | 11,961 | 11,773 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Loss from discontinued operations, tax | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (702) | $ 96 |
Other comprehensive income (loss): | ||
Foreign currency translation gain (loss) | 12 | (8) |
Total other comprehensive income (loss) | 12 | (8) |
Comprehensive (loss) income | (690) | 88 |
Comprehensive loss attributable to non-controlling interest | (30) | (40) |
Comprehensive (loss) income attributable to Perma-Fix Environmental Services, Inc. stockholders | $ (660) | $ 128 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Common Stock Held In Treasury [Member] | Accumulated Other Comprehensive Loss [Member] | Non-controlling Interest in Subsidiary [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2017 | $ 12 | $ 106,417 | $ (88) | $ (112) | $ (1,175) | $ (77,893) | $ 27,161 |
Balance, shares at Dec. 31, 2017 | 11,738,623 | ||||||
Foreign currency translation | (8) | (8) | |||||
Issuance of Common Stock for services | 60 | 60 | |||||
Issuance of Common Stock for services, shares | 16,074 | ||||||
Stock-Based Compensation | 46 | 46 | |||||
Adoption of accounting standards updates | (317) | (317) | |||||
Net income (loss) | (40) | 136 | 96 | ||||
Balance at Mar. 31, 2018 | $ 12 | 106,523 | (88) | (120) | (1,215) | (78,074) | 27,038 |
Balance, shares at Mar. 31, 2018 | 11,754,697 | ||||||
Balance at Dec. 31, 2018 | $ 12 | 107,548 | (88) | (214) | (1,495) | (79,630) | 26,133 |
Balance, shares at Dec. 31, 2018 | 11,944,215 | ||||||
Foreign currency translation | 12 | 12 | |||||
Issuance of Common Stock for services | 60 | 60 | |||||
Issuance of Common Stock for services, shares | 24,964 | ||||||
Stock-Based Compensation | 48 | 48 | |||||
Net income (loss) | (30) | (672) | (702) | ||||
Balance at Mar. 31, 2019 | $ 12 | $ 107,656 | $ (88) | $ (202) | $ (1,525) | $ (80,302) | $ 25,551 |
Balance, shares at Mar. 31, 2019 | 11,969,179 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (702) | $ 96 |
Less: loss from discontinued operations, net of taxes of $0 | (152) | (157) |
(Loss) income from continuing operations, net of taxes | (550) | 253 |
Adjustments to reconcile (loss) income from continuing operations to cash provided by operating activities : | ||
Depreciation and amortization | 323 | 372 |
Amortization of debt issuance costs | 8 | 8 |
Deferred tax expense | 18 | 22 |
Provision for bad debt reserves | 31 | 13 |
Gain on disposal of plant, property, and equipment | (8) | |
Issuance of common stock for services | 60 | 60 |
Stock-based compensation | 48 | 46 |
Changes in operating assets and liabilities of continuing operations | ||
Accounts receivable | 363 | 3,165 |
Unbilled receivables | (211) | 65 |
Prepaid expenses, inventories and other assets | (132) | 348 |
Accounts payable, accrued expenses and unearned revenue | (105) | (1,729) |
Cash (used in) provided by continuing operations | (147) | 2,615 |
Cash used in discontinued operations | (182) | (181) |
Cash (used in) provided by operating activities | (329) | 2,434 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (224) | (248) |
Proceeds from sale of plant, property, and equipment | 1 | 8 |
Cash used in investing activities of continuing operations | (223) | (240) |
Cash provided by investing activities of discontinued operations | 25 | 17 |
Cash used in investing activities | (198) | (223) |
Cash flows from financing activities: | ||
Repayments of revolving credit borrowings | (11,161) | (14,033) |
Borrowing on revolving credit | 11,526 | 14,033 |
Proceeds from finance leases | 120 | |
Principal repayments of finance lease liabilities | (44) | |
Principal repayments of long term debt | (304) | (304) |
Cash provided by (used in) financing activities | 137 | (304) |
Effect of exchange rate changes on cash | 6 | (4) |
(Decrease) increase in cash and finite risk sinking fund (restricted cash) | (384) | 1,903 |
Cash and finite risk sinking fund (restricted cash) at beginning of period | 16,781 | 16,739 |
Cash and finite risk sinking fund (restricted cash) at end of period | 16,397 | 18,642 |
Supplemental disclosure: | ||
Interest paid | 88 | 54 |
Income taxes paid | 96 | 96 |
Non-cash investing and financing activities: | ||
Equipment purchase subject to capital lease | $ 4 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Cash Flows [Abstract] | ||
Loss from discontinued operations, tax | $ 0 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The consolidated financial statements included herein have been prepared by the Company (which may be referred to as we, us or our), without an audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“the Commission”). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures which are made are adequate to make the information presented not misleading. Further, the consolidated financial statements reflect, in the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position and results of operations as of and for the periods indicated. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2019. The Company suggests that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Reclassification Certain prior year amounts have been reclassified to conform with the current year presentation. The Company has included finite risk sinking funds (included in other long term assets of the Company’s Consolidated Balance Sheets) of $15,726,000 at March 31, 2018, as well as previously reported cash, when reconciling the beginning-of-period and end-of-period cash and restricted cash on the accompanying Company’s Consolidated Statements of Cash Flows for three months ended March 31, 2018. The Company’s finite risk sinking funds represents cash held as collateral under the Company’s financial assurance policy (see “Note 10 – Commitment and Contingencies – Insurance” for a discussion of the Company’s finite risk sinking funds). This reclassification did not have a material impact to the Company’s financial position and results of operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Our accounting policies are as set forth in the notes to the December 31, 2018 consolidated financial statements referred to above. Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842),” which requires the recognition of right-of-use (“ROU”) lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The original guidance required application on a modified retrospective basis with the earliest period presented. In July 2018, the FASB issued ASU 2018-11, “Targeted Improvements,” to Topic 842 which included an option to not restate comparative periods in transition and elect to use the effective date of Topic 842 as the date of initial application of transition, which the Company elected. As permitted under Topic 842, the Company adopted several practical expedients that permit us to not reassess (1) whether any expired or existing contract as of the adoption date is or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date, and (3) initial direct costs for any existing leases as of the adoption date. As a result of the adoption of Topic 842 on January 1, 2019, the Company recorded both operating lease right-of-use (“ROU”) assets of $2,602,000 and operating lease liabilities of $2,622,000. The cumulative-effect adjustment is immaterial to its beginning accumulated deficit upon adoption of ASU 2016-02 as the adjustment was considered immaterial. The adoption of Topic 842 had an immaterial impact on our Consolidated Statements of Operations and Cash Flows for the three months ended March 31, 2019. The Company’s accounting for finance leases remained substantially unchanged. The Company has expanded its consolidated financial statement disclosure upon adoption of this standard (see “Note 4 – Leases”). In February 2018, FASB issued ASU 2018-02 , “ Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This ASU allows for the reclassification of certain income tax effects related to the new Tax Cuts and Jobs Act legislation between “Accumulated other comprehensive income” and “Retained earnings.” This ASU relates to the requirement that adjustments to deferred tax liabilities and assets related to a change in tax laws or rates be included in “Income from continuing operations”, even in situations where the related items were originally recognized in “Other comprehensive income” (rather than in “Income from continuing operations”). ASU 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. Adoption of this ASU is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the tax laws or rates were recognized. The adoption of ASU 2018-09 by the Company effective January 1, 2019 did not have a material impact on the Company’s financial statements. In June 2018, the FASB issued ASU No. 2018-07, “Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which expands the scope of Topic 718 to include all share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which the grantor acquires goods and services to be used or consumed in its own operations by issuing share-based payment awards. ASU 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC 606. ASU 2018-07 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. The adoption of ASU 2018-09 by the Company effective January 1, 2019 did not have a material impact on the Company’s financial statements. Recently Issued Accounting Standards – Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASC 326”).” The standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables and loans. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is currently assessing the impact that this standard will have on its financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 improves the disclosure requirements on fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any removed or modified disclosures. The Company is currently assessing the impact that this standard will have on its financial statements. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 3. Revenue Disaggregation of Revenue In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of our services and provides meaningful disaggregation of each business segment’s results of operations. The nature of the Company’s performance obligations within our Treatment and Services Segments result in the recognition of our revenue primarily over time. The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments: Revenue by Contract Type (In thousands) Three Months Ended Three Months Ended March 31, 2019 March 31, 2018 Treatment Services Total Treatment Services Total Fixed price $ 9,905 $ 428 $ 10,333 $ 8,959 $ 90 $ 9,049 Time and materials ― 1,375 1,375 ― 3,609 3,609 Total $ 9,905 $ 1,803 $ 11,708 $ 8,959 $ 3,699 $ 12,658 Revenue by generator (In thousands) Three Months Ended Three Months Ended March 31, 2019 March 31, 2018 Treatment Services Total Treatment Services Total Domestic government $ 7,913 $ 686 $ 8,599 $ 6,536 $ 3,118 $ 9,654 Domestic commercial 1,879 758 2,637 2,423 402 2,825 Foreign government 57 337 394 ― 153 153 Foreign commercial 56 22 78 ― 26 26 Total $ 9,905 $ 1,803 $ 11,708 $ 8,959 $ 3,699 $ 12,658 Contract Balances The timing of revenue recognition, billings, and cash collections results in accounts receivable and unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represents advance payment from customers in advance of the completion of our performance obligation. The following table represents changes in our contract assets and contract liabilities balances: (In thousands) March 31, 2019 December 31, 2018 Year-to-date Change ($) Year-to-date Change (%) Contract assets Account receivables, net of allowance $ 7,341 $ 7,735 $ (394 ) (5.1 )% Unbilled receivables - current 3,316 3,105 211 6.8 % Contract liabilities Deferred revenue $ 5,443 $ 6,595 $ (1,152 ) (17.5 )% Revenue recognized for the three months ended March 31, 2019 and 2018 that was included in the contract liability balance at the beginning of each year was $5,066,000 and $3,811,000, respectively. All revenue recognized in each period related to performance obligations satisfied within the respective period. Remaining Performance Obligations The Company applies the practical expedient in paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 4. Leases At the inception of an arrangement, the Company determines if an arrangement is, or contains, a lease based on facts and circumstances present in that arrangement. Lease classifications, recognition, and measurement are then determined at the lease commencement date. The Company’s operating lease ROU assets and operating lease liabilities represent primarily leases for office spaces used to conduct our business. These leases have remaining terms of approximately 5 to 11 years which include one or more options to renew, with renewal terms from 3 years to 8 years. Based on the Company’s reasonable certainty to exercise these renewal options, the renewal to extend the lease terms are included in valuing our ROU assets and liabilities. As most of our operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate when determining the present value of the lease payments. The incremental borrowing rate is determined based on the Company’s secured borrowing rate, lease terms and current economic environment. Some of our operating leases include both lease (rent payments) and non-lease components (maintenance costs such as cleaning and landscaping services). The Company has elected the practical expedient to account for lease component and non-lease component as a single component for all leases. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Finance leases primarily consist of processing and lab equipment for our facilities. The Company’s finance leases generally have terms between two to three years and some of the leases include options to purchase the underlying assets at fair market value at the conclusion of the lease term. At March 31, 2019, assets recorded under finance leases were $655,000 less accumulated depreciation of $18,000, resulting in net fixed assets under finance leases of $637,000, which is recorded within net property and equipment on the Consolidated Balance Sheets. The Company adopted the policy to not recognize ROU assets and liabilities for short term leases. The components of lease cost for the Company’s leases for the three months ended March 31, 2019 were (in thousands): Operating Leases: Lease cost $ 104 Finance Leases: Amortization of ROU assets 9 Interest on lease liablity 12 21 Short-term lease rent expense 49 Total lease cost $ 174 The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at March 31, 2019 was: Operating Leases Finance Leases Weighted average remaining lease terms (years) 9.7 1.8 Weighted average discount rate 8.0 % 11.1 % The following table reconciles the undiscounted cash flows for the operating and finance leases at March 31, 2019 to the operating and finance lease liabilities recorded on the balance sheet (in thousands): Operating Leases Finance Leases 2019 Remainder $ 298 $ 213 2020 403 336 2021 411 27 2022 418 ― 2023 425 ― 2024 and thereafter 1,768 ― Total undiscounted lease payments 3,723 576 Less: Imputed interest (1,147 ) (61 ) Present value of lease payments $ 2,576 $ 515 Current portion of operating lease obligations $ 199 $ ― Long-term operating lease obligations, less current portion $ 2,377 $ ― Current portion of finance lease obligations $ ― $ 239 Long-term finance lease obligations, less current portion $ ― $ 276 Supplemental cash flow and other information related to our leases were as follows for the period ended March 31, 2019 (in thousands): Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating leases $ 98 Operating cash flow from finance leases $ 12 Financing cash flow from finance leases $ 44 ROU assets obtained in exchange for lease obligations for: Finance liabilities $ 138 Operating liabilities $ ― |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets The following table summarizes information relating to the Company’s definite-lived intangible assets: March 31, 2019 December 31, 2018 Useful Gross Net Gross Net Intangibles (amount Lives Carrying Accumulated Carrying Carrying Accumulated Carrying in thousands) (Years) Amount Amortization Amount Amount Amortization Amount Patent 1-17 $ 735 $ (344 ) $ 391 $ 728 $ (336 ) $ 392 Software 3 412 (404 ) 8 410 (403 ) 7 Customer relationships 10 3,370 (2,546 ) 824 3,370 (2,491 ) 879 Permit 10 545 (545 ) - 545 (538 ) 7 Total $ 5,062 $ (3,839 ) $ 1,223 $ 5,053 $ (3,768 ) $ 1,285 The intangible assets noted above are amortized on a straight-line basis over their useful lives with the exception of customer relationships which are being amortized using an accelerated method. The Company had only one definite-lived permit that was subject to amortization. This definite-lived permit was fully amortized in the first quarter of 2019. The following table summarizes the expected amortization over the next five years for our definite-lived intangible assets: Year Amount (In thousands) 2019 (remaining) $ 183 2020 219 2121 198 2022 172 2023 132 Amortization expenses relating to the definite-lived intangible assets as discussed above were $73,000 and $84,000 for the three months ended March 31, 2019 and 2018, respectively. |
Capital Stock, Stock Plans and
Capital Stock, Stock Plans and Stock Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Capital Stock, Stock Plans, and Stock Based Compensation | 6. Capital Stock, Stock Plans and Stock Based Compensation The Company has certain stock option plans under which it may awards incentive stock options (“ISOs”) and/or non-qualified stock options (“NQSOs”) to employees, officers, outside directors, and outside consultants. On January 17, 2019 the Company granted 105,000 ISOs from the 2017 Stock Option Plan to certain employees, which included our named executive officers as follows: 25,000 ISOs to our Chief Executive Officer (“CEO”), Mark Duff; 15,000 ISOs to our Chief Financial Officer (“CFO”), Ben Naccarato; and 15,000 ISOs to our Executive Vice President (“EVP”) of Strategic Initiatives, Dr. Louis Centofanti. The ISOs granted were for a contractual term of six years with one-fifth vesting annually over a five year period. The exercise price of the ISO was $3.15 per share, which was equal to the fair market value of the Company’s Common Stock on the date of grant. On January 18, 2018, the Company granted 6,000 NQSOs from the Company’s 2003 Outside Directors Stock Plan to a new director elected by the Company’s Board of Directors (“Board”) to fill a vacancy on the Board. The NQSOs granted were for a contractual term of ten years with a vesting period of six months. The exercise price of the options was $4.05 per share, which was equal to our closing stock price the day preceding the grant date, pursuant to the 2003 Outside Directors Stock Plan. The Company granted a NQSO to Robert Ferguson on July 27, 2017 from the Company’s 2017 Stock Option Plan for the purchase of up to 100,000 shares of the Company’s Common Stock (“Ferguson Stock Option”) in connection with his work as a consultant to the Company’s Test Bed Initiative (“TBI”) at our Perma-Fix Northwest Richland, Inc. (“PFNWR”) facility. The vesting of the Ferguson Stock Option is subject to the achievement of three separate milestones by certain dates. On January 17, 2019, the Company’s Compensation and Stock Option Committee (“Compensation Committee”) and Board of Director (“Board”) approved an amendment to the Ferguson Stock Option whereby the vesting date for the second milestone was extended to March 31, 2020 from January 27, 2019. The 10,000 options under the first milestone were vested and exercised by Robert Ferguson in May 2018. The Company has not recorded expenses for the remaining 90,000 Ferguson Stock Option under the remaining two milestones since achievement of the performance obligation under each of the two remaining milestones is uncertain at March 31, 2019. All other terms of the Ferguson Stock Option remain unchanged. The Company estimates fair value of stock options using the Black-Scholes valuation model. Assumptions used to estimate the fair value of stock options granted include the exercise price of the award, the expected term, the expected volatility of the Company’s stock over the option’s expected term, the risk-free interest rate over the option’s expected term, and the expected annual dividend yield. The fair value of the options granted on January 17, 2019 and January 18, 2018 as discussed above and the related assumptions used in the Black-Scholes option model used to value the options granted were as follows: Employee Stock Option Granted Outside Director Stock Options Granted January 17, 2019 January 18, 2018 Weighted-average fair value per option $ 1.42 $ 2.55 Risk -free interest rate (1) 2.58 % 2.62 % Expected volatility of stock (2) 48.67 % 57.29 % Dividend yield None None Expected option life (3) 5.0 years 10.0 years (1) (2) (3) The following table summarizes stock-based compensation recognized for the three months ended March 31, 2019 and 2018 for our employee and director stock options. Three Months Ended March 31, Stock Options 2019 2018 Employee Stock Options $ 43,000 $ 10,000 Director Stock Options 5,000 36,000 Total $ 48,000 $ 46,000 At March 31, 2019, the Company has approximately $534,000 of total unrecognized compensation cost related to unvested options, of which $112,000 is expected to be recognized in remaining 2019, $144,000 in 2020, $144,000 in 2021, $104,000 in 2022, $29,000 in 2023, with the remaining $1,000 in 2024. The summary of the Company’s total Stock Option Plans as of March 31, 2019 and March 31, 2018, and changes during the periods then ended, are presented below. The Company’s Plans consist of the 2010 and 2017 Stock Option Plans and the 2003 Outside Directors Stock Plan: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (2) Options outstanding January 1, 2019 616,000 $ 4.23 Granted 105,000 3.15 Exercised ─ ─ Forfeited/expired ─ ─ Options outstanding end of period (1) 721,000 $ 4.07 4.7 $ 48,360 Options exercisable at March 31, 2019 (1) 261,333 $ 5.00 4.4 $ 10,560 Options exercisable and expected to be vested as of March 31, 2019 721,000 $ 4.07 4.7 $ 48,360 13 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (2) Options outstanding January 1, 2018 624,800 $ 4.42 Granted 6,000 4.05 Exercised ─ ─ Forfeited/expired ─ ─ Options outstanding end of period (1) 630,800 $ 4.41 5.3 $ 259,070 Options exercisable at March 31, 2018 (1) 191,467 $ 6.13 4.7 $ 46,970 Options exercisable and expected to be vested as of March 31, 2018 630,800 $ 4.41 5.3 $ 259,070 (1) (2) During the three months ended March 31, 2018, the Company issued a total of 24,964 shares of its Common Stock under the 2003 Outside Directors Stock Plan to its outside directors as compensation for serving on our Board. The Company has recorded approximately $63,000 in compensation expenses (included in selling, general and administration (“SG&A”) expenses) in connection with the issuance of shares of its common stock to outside directors. |
(Loss) Income Per Share
(Loss) Income Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
(Loss) Income Per Share | 7. (Loss) Income Per Share Basic (loss) income per share is calculated based on the weighted-average number of outstanding common shares during the applicable period. Diluted (loss) income per share is based on the weighted-average number of outstanding common shares plus the weighted-average number of potential outstanding common shares. In periods where they are anti-dilutive, such amounts are excluded from the calculations of dilutive earnings per shares. The following table reconciles the (loss) income and average share amounts used to compute both basic and diluted (loss) income per share: Three Months Ended (Unaudited) March 31, (Amounts in Thousands, Except for Per Share Amounts) 2019 2018 Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders: (Loss) income from continuing operations, net of taxes $ (550 ) $ 253 Net loss attributable to non-controlling interest (30 ) (40 ) (Loss) income from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders (520 ) 293 Loss from discontinuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders (152 ) (157 ) Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (672 ) $ 136 Basic (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (.06 ) $ .01 Diluted (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (.06 ) $ .01 Weighted average shares outstanding: Basic weighted average shares outstanding 11,961 11,747 Add: dilutive effect of stock options — 26 Diluted weighted average shares outstanding 11,961 11,773 Potential shares excluded from above weighted average share calcualtions due to their anti-dilutive effect include: Stock options 598 168 |
Long Term Debt
Long Term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long Term Debt | 8. Long Term Debt Long-term debt consists of the following at March 31, 2019 and December 31, 2018: (Amounts in Thousands) March 31, 2019 December 31, 2018 Revolving Credit (1) $ 1,004 $ 639 Term Loan (1) 2,367 (2) 2,663 (2) Total debt 3,371 3,302 Less current portion of long-term debt 1,184 1,184 Long-term debt $ 2,187 $ 2,118 (1) (2) Revolving Credit and Term Loan Agreement The Company entered into an Amended and Restated Revolving Credit, Term Loan and Security Agreement, dated October 31, 2011 (“Amended Loan Agreement”), with PNC National Association (“PNC”), acting as agent and lender. The Amended Loan Agreement has been amended from time to time since the execution of the Amended Loan Agreement. The Amended Loan Agreement, as subsequently amended (“Revised Loan Agreement”), provides the Company with the following credit facility with a maturity date of March 24, 2021: (a) up to $12,000,000 revolving credit (“revolving credit”) and (b) a term loan (“term loan”) of approximately $6,100,000, which requires monthly installments of approximately $101,600 (based on a seven-year amortization). The maximum that we can borrow under the revolving credit is based on a percentage of eligible receivables (as defined) at any one time reduced by outstanding standby letters of credit and borrowing reductions that our lender may impose from time to time. On March 29, 2019, the Company entered into an amendment to its Revised Loan Agreement with its lender under the credit facility which provided the following: ● waived the Company’s failure to meet the minimum quarterly fixed charge coverage ratio (“FCCR”) requirement for the fourth quarter of 2018; ● waived the quarterly FCCR testing requirement for the first quarter of 2019; ● revised the methodology to be used in calculating the FCCR in each of the second and third quarters of 2019 (with continued requirement to maintain a minimum 1.15:1 ratio in each of the quarters); ● revised the minimum Tangible Adjusted Net Worth requirement (as defined in the Revised Loan Agreement) from $26,000,000 to $25,000,000; ● eliminated the London InterBank Offer Rate (“LIBOR”) interest payment option of paying annual rate of interest due on our term loan and revolving credit until the Company becomes compliant with its FCCR requirement again. Prior to this amendment, the Company had the option of paying annual rate of interest due on the revolving credit at prime (5.50% at March 31, 2019) plus 2% or LIBOR plus 3% and the term loan at prime plus 2.5% or LIBOR plus 3.5%; ● provided consent for the $2,500,000 loan that the Company entered into with Robert Ferguson on April 1, 2019 (see “Note 15 – Subsequent Events – Loan and Securities Purchase Agreement, Promissory Note and Subordinate Agreement” for a discussion of this loan). The Company is not allowed to make any principal prepayment on this loan until it receives the restricted finite risk sinking funds of approximately $5,000,000 held as collateral by American International Group, Inc. (“AIG”) under our financial assurance policy. The Company expects to receive this restricted funds resulting from the closure of our M&EC facility by the end of the second quarter of 2019 (see “Note 10 – Commitments and Contingencies – Insurance” for a discussion of restricted sinking funds held by AIG under our financial assurance policy); and ● revised the annual rate used to calculate the Facility Fee (as defined in the Revised Loan Agreement) (unused revolving credit line fee) from 0.250% to 0.375%. Most of the other terms of the Revised Loan Agreement remain principally unchanged. In connection with this amendment, the Company paid its lender a fee of $20,000. Pursuant to the Revised Loan Agreement, as amended, the Company may terminate the Revised Loan Agreement, upon 90 days’ prior written notice upon payment in full of its obligations under the Revised Loan Agreement. No early termination fee shall apply if the Company pays off its obligations after March 23, 2019. At March 31, 2019, the borrowing availability under our revolving credit was approximately $1,860,000, based on our eligible receivables and includes an indefinite reduction of borrowing availability of $1,000,000 that the Company’s lender has imposed. Our borrowing availability under our revolving credit was also reduced by outstanding standby letters of credit totaling approximately $2,639,000. The Company’s credit facility with PNC contains certain financial covenants, along with customary representations and warranties. A breach of any of these financial covenants, unless waived by PNC, could result in a default under our credit facility allowing our lender to immediately require the repayment of all outstanding debt under our credit facility and terminate all commitments to extend further credit. The Company’s lender waived the fixed charge coverage ratio testing requirement for the first quarter of 2019. The Company met all of its other financial covenants in the first quarter of 2019 and expects to meet its financial covenants in each of the remaining quarters of 2019 and into the first half of 2020. |
East Tennessee Materials and En
East Tennessee Materials and Energy Corporation (''M&EC'') | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
East Tennessee Materials and Energy Corporation ("M&EC") | 9. East Tennessee Materials and Energy Corporation (“M&EC”) The Company has completed the physical on-site closure and decommissioning activities at its M&EC facility (in closure status) in accordance with M&EC’s license and permit requirements, with final closure of the facility subject to completion of final surveys and regulatory approvals. At March 31, 2019, total accrued closure liabilities for our M&EC subsidiary totaled approximately $281,000 which are recorded as current liabilities. The Company recorded an additional $165,000 in closure costs and current closure liabilities due to finalization of closure requirements. The following reflects changes to the closure liabilities for the M&EC facility from year end 2018: Amounts in thousands Balance as of December 31, 2018 $ 1,142 Adjustment to closure liability 165 Spending (1,026 ) Balance as of March 31, 2019 $ 281 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Hazardous Waste In connection with our waste management services, we process both hazardous and non-hazardous waste, which we transport to our own, or other, facilities for destruction or disposal. As a result of disposing of hazardous substances, in the event any cleanup is required, we could be a potentially responsible party for the costs of the cleanup notwithstanding any absence of fault on our part. Legal Matters In the normal course of conducting our business, we are involved in various litigation. We are not a party to any litigation or governmental proceeding which our management believes could result in any judgments or fines against us that would have a material adverse effect on our financial position, liquidity or results of future operations. Insurance The Company has a 25-year finite risk insurance policy entered into in June 2003 (“2003 Closure Policy”) with AIG, which provides financial assurance to the applicable states for our permitted facilities in the event of unforeseen closure. The 2003 Closure Policy, as amended, provides for a maximum allowable coverage of $39,000,000 and has available capacity to allow for annual inflation and other performance and surety bond requirements. At March 31, 2019, our financial assurance coverage amount under this 2003 Closure Policy totaled approximately $30,549,000. The Company has contributed $16,052,000 and $15,971,000 in sinking fund related to this policy in other long term assets on the accompanying Consolidated Balance Sheets at March 31, 2019 and December 31, 2018, respectively, which includes interest earned of $1,581,000 and $1,500,000 on the sinking fund as of March 31, 2019 and December 31, 2018, respectively. Interest income for the three months ended March 31, 2019 and 2018 was approximately $81,000 and $50,000, respectively. If the Company so elects, AIG is obligated to pay the Company an amount equal to 100% of the sinking fund account balance in return for complete release of liability from both us and any applicable regulatory agency using this policy as an instrument to comply with financial assurance requirements. Letter of Credits and Bonding Requirements From time to time, the Company is required to post standby letters of credit and various bonds to support contractual obligations to customers and other obligations, including facility closures. At March 31, 2019, the total amount of standby letters of credit outstanding totaled approximately $2,639,000 and the total amount of bonds outstanding totaled approximately $18,782,000. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | The Company’s discontinued operations consist of all our subsidiaries included in our Industrial Segment: (1) subsidiaries divested in 2011 and prior, (2) two previously closed locations, and (3) our PFSG facility is in closure status, which final closure is subject to regulatory approval of necessary plans and permits. The Company’s discontinued operations had net losses of $152,000 and $157,000 for the three months ended March 31, 2019 and 2018 (net of taxes of $0 for each period). The losses were primarily due to costs incurred in the administration and continued monitoring of our discontinued operations. The Company’s discontinued operations had no revenues for each of the periods noted above. The following table presents the major class of assets of discontinued operations as of March 31, 2019 and December 31, 2018. No assets and liabilities were held for sale at each of the periods noted. March 31, December 31, (Amounts in Thousands) 2019 2018 Current assets Other assets $ 99 $ 107 Total current assets 99 107 Long-term assets Property, plant and equipment, net (1) 81 81 Other assets 98 118 Total long-term assets 179 199 Total assets $ 278 $ 306 Current liabilities Accounts payable $ 26 $ 10 Accrued expenses and other liabilities 256 296 Environmental liabilities 40 50 Total current liabilities 322 356 Long-term liabilities Closure liabilities 127 126 Environmental liabilities 837 837 Total long-term liabilities 964 963 Total liabilities $ 1,286 $ 1,319 (1) The Company’s discontinued operations included a note receivable in the original amount of approximately $375,000 recorded in May 2016 resulting from the sale of property at our Perma-Fix of Michigan, Inc. subsidiary. This note requires 60 equal monthly installment payments by the buyer of approximately $7,250 (which includes interest). At March 31, 2019, the outstanding amount on this note receivable totaled approximately $176,000, of which approximately $78,000 is included in “Current assets related to discontinued operations” and approximately $98,000 is included in “Other assets related to discontinued operations” in the accompanying Consolidated Balance Sheets. |
Operating Segments
Operating Segments | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Operating Segments | 12. Operating Segments In accordance with ASC 280, “Segment Reporting”, the Company defines an operating segment as a business activity: (1) from which we may earn revenue and incur expenses; (2) whose operating results are regularly reviewed by the chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance; and (3) for which discrete financial information is available. Our reporting segments are defined as below: TREATMENT SEGMENT, which includes: - nuclear, low-level radioactive, mixed waste (containing both hazardous and low-level radioactive constituents), hazardous and non-hazardous waste treatment, processing and disposal services primarily through three uniquely licensed and permitted treatment and storage facilities; and - R&D activities to identify, develop and implement innovative waste processing techniques for problematic waste streams. SERVICES SEGMENT, which includes: - Technical services, which include: ○ professional radiological measurement and site survey of large government and commercial installations using advanced methods, technology and engineering; ○ integrated Occupational Safety and Health services including IH assessments; hazardous materials surveys, e.g., exposure monitoring; lead and asbestos management/abatement oversight; indoor air quality evaluations; health risk and exposure assessments; health & safety plan/program development, compliance auditing and training services; and OSHA citation assistance; ○ global technical services providing consulting, engineering, project management, waste management, environmental, and decontamination and decommissioning field, technical, and management personnel and services to commercial and government customers; and ○ on-site waste management services to commercial and governmental customers. - Nuclear services, which include: ○ technology-based services including engineering, decontamination and decommissioning (“D&D”), specialty services and construction, logistics, transportation, processing and disposal; ○ remediation of nuclear licensed and federal facilities and the remediation cleanup of nuclear legacy sites. Such services capability includes: project investigation; radiological engineering; partial and total plant D&D; facility decontamination, dismantling, demolition, and planning; site restoration; logistics; transportation; and emergency response; and - A company owned equipment calibration and maintenance laboratory that services, maintains, calibrates, and sources (i.e., rental) health physics, IH and customized NIOSH instrumentation. - A company owned gamma spectroscopy laboratory for the analysis of oil and gas industry solids and liquids. MEDICAL SEGMENT, which includes: Research and Development (“R&D”) of the Company’s medical isotope production technology by our majority-owned Polish subsidiary, Perma-Fix Medical S.A. and its wholly-owned subsidiary Perma-Fix Medical Corporation (“PFM Corporation”) (together known as “PF Medical” or the Medical Segment). The Company’s Medical Segment has not generated any revenue as it remains in the R&D stage. The Medical Segment has substantially reduced its R&D activities due to the need for capital to fund these activities. The Company anticipates that the Medical Segment will not resume full R&D activities until the necessary capital is obtained through its own credit facility or additional equity raise or obtains partners willing to provide funding for its R&D. All costs incurred by the Medical Segment are reflected within R&D in the accompanying consolidated financial statements. Our reporting segments exclude our corporate headquarters and our discontinued operations (see “Note 11 – Discontinued Operations”) which do not generate revenues. The table below presents certain financial information of our operating segments for the three months ended March 31, 2019 and 2018 (in thousands): Segment Reporting for the Quarter Ended March 31, 2019 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 9,905 $ 1,803 — $ 11,708 $ — $ 11,708 Intercompany revenues 2 21 — 23 — — (Negative) gross profit 2,957 (456 ) — 2,501 — 2,501 Research and development 147 — 74 221 6 227 Interest income — — — — 81 81 Interest expense (17 ) (9 ) — (26 ) (61 ) (87 ) Interest expense-financing fees — — — — (10 ) (10 ) Depreciation and amortization 237 78 — 315 8 323 Segment income (loss) before income taxes 1,875 (1,012 ) (74 ) 789 (1,300 ) (511 ) Income tax expense (39 ) — — (39 ) — (39 ) Segment income (loss) 1,836 (1,012 ) (74 ) 750 (1,300 ) (550 ) Expenditures for segment assets 222 2 — 224 — 224 Segment Reporting for the Quarter Ended March 31, 2018 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 8,959 $ 3,699 — $ 12,658 $ — $ 12,658 Intercompany revenues 213 14 — 227 — — Gross profit 2,780 541 — 3,321 — 3,321 Research and development 114 — 100 214 18 232 Interest income — — — — 49 49 Interest expense — (1 ) — (1 ) (52 ) (53 ) Interest expense-financing fees — — — — (9 ) (9 ) Depreciation and amortization 240 123 — 363 9 372 Segment income (loss) before income taxes 1,744 (86 ) (100 ) 1,558 (1,254 ) 304 Income tax expense (51 ) — — (51 ) — (51 ) Segment income (loss) 1,693 (86 ) (100 ) 1,507 (1,254 ) 253 Expenditures for segment assets 220 25 — 245 3 248 (1) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates, to determine its quarterly provision for income taxes. Income tax expenses were $39,000 and $51,000 for continuing operations for the three months ended March 31, 2019 and the corresponding period of 2018, respectively. The Company’s effective tax rate was approximately 7.6% and 16.8% for the three months ended March 31, 2019 and the corresponding period of 2018, respectively. The Company’s tax rate for each of the periods discussed above was impacted by the Company’s full valuation on its net deferred tax assets. |
Management Incentive Plans (''M
Management Incentive Plans (''MIPs'') | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Management Incentive Plans ("MIPs") | 14. Management Incentive Plans (“MIPs”) On January 17, 2019, the Company’s Board and Compensation Committee approved individual MIPs for the CEO, CFO, and EVP of Strategic Initiatives. Each MIP is effective January 1, 2019 and applicable for the year ended December 31, 2019. Each MIP provides guidelines for the calculation of annual cash incentive based compensation, subject to Compensation Committee oversight and modification. Each MIP awards cash compensation based on achievement of performance thresholds, with the amount of such compensation established as a percentage of the executive’s annual 2019 base salary on the approval date of the MIP. The potential target performance compensation ranges from 5% to 150% of the 2019 base salary for the CEO ($14,350 to $430,500), 5% to 100% of the 2019 base salary for the CFO ($11,762 to $235,231), and 5% to 100% of the 2019 base salary for the EVP of Strategic Initiatives ($11,449 to $228,985). |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events Loan and Securities Purchase Agreement, Promissory Note and Subordination Agreement On April 1, 2019, the Company completed a lending transaction with Robert Ferguson (the “Lender”), whereby the Company borrowed from the Lender the sum of $2,500,000 pursuant to the terms of a Loan and Security Purchase Agreement and promissory note (the “Loan”). The Lender is a shareholder of the Company. The Lender also currently serves as a consultant to the Company in connection with the TBI at its PFNWR subsidiary. The proceeds from the Loan are to be used for general working capital purposes. The Loan is unsecured, with a term of two years with interest payable at a fixed interest rate of 4.00% per annum. The Loan provides for monthly payments of accrued interest only during the first year of the Loan, with the first interest payment due May 1, 2019 and monthly payments of approximately $208,333 in principal plus accrued interest starting in the second year of the Loan. The Loan also allows for prepayment of principal payments over the term of the Loan without penalty. In connection with the above Loan, the Lender agreed under the terms of the Loan and a Subordination Agreement with our credit facility lender, to subordinate payment under the Loan, and agreed that the Loan will be junior in right of payment to the credit facility in the event of default or bankruptcy or other insolvency proceeding by us. In connection with this capital raise transaction described above and consideration for us receiving the Loan, the Company issued a Warrant (the “Warrant”) to the Lender to purchase up to 60,000 shares of our Common Stock at an exercise price of $3.51 per share, which was the closing bid price for a share of our Common Stock on NASDAQ.com immediately preceding the execution of the Loan and Warrant. The Warrant is exercisable six months from April 1, 2019 and expires on April 1, 2024. As further consideration for this capital raise transaction relating to the Loan, the Company issued 75,000 shares of our Common Stock to the Lender. The 75,000 shares of Common Stock, the Warrant and the 60,000 shares of Common Stock that may be purchased under the Warrant will be and was issued in a private placement that was exempt from registration under Rule 506 and/or Sections 4(a)(2) and 4(a)(5) of the Securities Act of 1933, as amended (the “Act”) and bear a restrictive legend against resale except in a transaction registered under the Act or in a transaction exempt from registration thereunder. Upon default, the Lender will have the right to elect to receive in full and complete satisfaction of the Company’s obligations under the Loan either: (a) the cash amount equal to the sum of the unpaid principal balance owing under the loan and all accrued and unpaid interest thereon (the “Payoff Amount”) or (b) upon meeting certain conditions, the number of whole shares of the Company’s Common Stock (the “Payoff Shares”) determined by dividing the Payoff Amount by the dollar amount equal to the closing bid price of our Common Stock on the date immediately prior to the date of default, as reported or quoted on the primary nationally recognized exchange or automated quotation system on which our Common Stock is listed; provided however, that the dollar amount of such closing bid price shall not be less than $3.51, the closing bid price for our Common Stock as disclosed on NASDAQ.com immediately preceding the signing of this loan agreement. If issued, the Payoff Shares will not be registered and the Lender will not be entitled to registration rights with respect to the Payoff Shares. The aggregate number of shares, warrant shares, and Payoff Shares that are or will be issued to the Lender pursuant to the Loan, together with the aggregate shares of the Company’s Common Stock and other voting securities owned by the Lender or which may be acquired by the Lender as of the date of issuance of the Payoff Shares, shall not exceed the number of shares of the Company’s Common Stock equal to 14.9% of the number of shares of the Company’s Common Stock issued and outstanding as of the date immediately prior to the default, less the number of shares of the Company’s Common Stock owned by the Lender immediately prior to the date of such default plus the number of shares of our Common Stock that may be acquired by the Lender under warrants and/or options outstanding immediately prior to the date of such default. The Company is currently evaluating the accounting treatment of this transaction and the impact to our financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842),” which requires the recognition of right-of-use (“ROU”) lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The original guidance required application on a modified retrospective basis with the earliest period presented. In July 2018, the FASB issued ASU 2018-11, “Targeted Improvements,” to Topic 842 which included an option to not restate comparative periods in transition and elect to use the effective date of Topic 842 as the date of initial application of transition, which the Company elected. As permitted under Topic 842, the Company adopted several practical expedients that permit us to not reassess (1) whether any expired or existing contract as of the adoption date is or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date, and (3) initial direct costs for any existing leases as of the adoption date. As a result of the adoption of Topic 842 on January 1, 2019, the Company recorded both operating lease right-of-use (“ROU”) assets of $2,602,000 and operating lease liabilities of $2,622,000. The cumulative-effect adjustment is immaterial to its beginning accumulated deficit upon adoption of ASU 2016-02 as the adjustment was considered immaterial. The adoption of Topic 842 had an immaterial impact on our Consolidated Statements of Operations and Cash Flows for the three months ended March 31, 2019. The Company’s accounting for finance leases remained substantially unchanged. The Company has expanded its consolidated financial statement disclosure upon adoption of this standard (see “Note 4 – Leases”). In February 2018, FASB issued ASU 2018-02 , “ Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This ASU allows for the reclassification of certain income tax effects related to the new Tax Cuts and Jobs Act legislation between “Accumulated other comprehensive income” and “Retained earnings.” This ASU relates to the requirement that adjustments to deferred tax liabilities and assets related to a change in tax laws or rates be included in “Income from continuing operations”, even in situations where the related items were originally recognized in “Other comprehensive income” (rather than in “Income from continuing operations”). ASU 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. Adoption of this ASU is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the tax laws or rates were recognized. The adoption of ASU 2018-09 by the Company effective January 1, 2019 did not have a material impact on the Company’s financial statements. In June 2018, the FASB issued ASU No. 2018-07, “Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which expands the scope of Topic 718 to include all share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which the grantor acquires goods and services to be used or consumed in its own operations by issuing share-based payment awards. ASU 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC 606. ASU 2018-07 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. The adoption of ASU 2018-09 by the Company effective January 1, 2019 did not have a material impact on the Company’s financial statements. |
Recently Issued Accounting Standards - Not Yet Adopted | Recently Issued Accounting Standards – Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASC 326”).” The standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables and loans. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is currently assessing the impact that this standard will have on its financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 improves the disclosure requirements on fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any removed or modified disclosures. The Company is currently assessing the impact that this standard will have on its financial statements. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments: Revenue by Contract Type (In thousands) Three Months Ended Three Months Ended March 31, 2019 March 31, 2018 Treatment Services Total Treatment Services Total Fixed price $ 9,905 $ 428 $ 10,333 $ 8,959 $ 90 $ 9,049 Time and materials ― 1,375 1,375 ― 3,609 3,609 Total $ 9,905 $ 1,803 $ 11,708 $ 8,959 $ 3,699 $ 12,658 Revenue by generator (In thousands) Three Months Ended Three Months Ended March 31, 2019 March 31, 2018 Treatment Services Total Treatment Services Total Domestic government $ 7,913 $ 686 $ 8,599 $ 6,536 $ 3,118 $ 9,654 Domestic commercial 1,879 758 2,637 2,423 402 2,825 Foreign government 57 337 394 ― 153 153 Foreign commercial 56 22 78 ― 26 26 Total $ 9,905 $ 1,803 $ 11,708 $ 8,959 $ 3,699 $ 12,658 |
Schedule of Contract Assets and Liabilities | The following table represents changes in our contract assets and contract liabilities balances: (In thousands) March 31, 2019 December 31, 2018 Year-to-date Change ($) Year-to-date Change (%) Contract assets Account receivables, net of allowance $ 7,341 $ 7,735 $ (394 ) (5.1 )% Unbilled receivables - current 3,316 3,105 211 6.8 % Contract liabilities Deferred revenue $ 5,443 $ 6,595 $ (1,152 ) (17.5 )% |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of Components of Lease Cost | The components of lease cost for the Company’s leases for the three months ended March 31, 2019 were (in thousands): Operating Leases: Lease cost $ 104 Finance Leases: Amortization of ROU assets 9 Interest on lease liablity 12 21 Short-term lease rent expense 49 Total lease cost $ 174 |
Schedule of Weighted Average Lease | The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at March 31, 2019 was: Operating Leases Finance Leases Weighted average remaining lease terms (years) 9.7 1.8 Weighted average discount rate 8.0 % 11.1 % |
Schedule of Operating Lease Liability Maturity | The following table reconciles the undiscounted cash flows for the operating and finance leases at March 31, 2019 to the operating and finance lease liabilities recorded on the balance sheet (in thousands): Operating Leases Finance Leases 2019 Remainder $ 298 $ 213 2020 403 336 2021 411 27 2022 418 ― 2023 425 ― 2024 and thereafter 1,768 ― Total undiscounted lease payments 3,723 576 Less: Imputed interest (1,147 ) (61 ) Present value of lease payments $ 2,576 $ 515 Current portion of operating lease obligations $ 199 $ ― Long-term operating lease obligations, less current portion $ 2,377 $ ― Current portion of finance lease obligations $ ― $ 239 Long-term finance lease obligations, less current portion $ ― $ 276 |
Schedule of Finance Lease Liability Maturity | The following table reconciles the undiscounted cash flows for the operating and finance leases at March 31, 2019 to the operating and finance lease liabilities recorded on the balance sheet (in thousands): Operating Leases Finance Leases 2019 Remainder $ 298 $ 213 2020 403 336 2021 411 27 2022 418 ― 2023 425 ― 2024 and thereafter 1,768 ― Total undiscounted lease payments 3,723 576 Less: Imputed interest (1,147 ) (61 ) Present value of lease payments $ 2,576 $ 515 Current portion of operating lease obligations $ 199 $ ― Long-term operating lease obligations, less current portion $ 2,377 $ ― Current portion of finance lease obligations $ ― $ 239 Long-term finance lease obligations, less current portion $ ― $ 276 |
Schedule of Supplemental Cash Flow and Other Information Related to Leases | Supplemental cash flow and other information related to our leases were as follows for the period ended March 31, 2019 (in thousands): Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating leases $ 98 Operating cash flow from finance leases $ 12 Financing cash flow from finance leases $ 44 ROU assets obtained in exchange for lease obligations for: Finance liabilities $ 138 Operating liabilities $ ― |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table summarizes information relating to the Company’s definite-lived intangible assets: March 31, 2019 December 31, 2018 Useful Gross Net Gross Net Intangibles (amount Lives Carrying Accumulated Carrying Carrying Accumulated Carrying in thousands) (Years) Amount Amortization Amount Amount Amortization Amount Patent 1-17 $ 735 $ (344 ) $ 391 $ 728 $ (336 ) $ 392 Software 3 412 (404 ) 8 410 (403 ) 7 Customer relationships 10 3,370 (2,546 ) 824 3,370 (2,491 ) 879 Permit 10 545 (545 ) - 545 (538 ) 7 Total $ 5,062 $ (3,839 ) $ 1,223 $ 5,053 $ (3,768 ) $ 1,285 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table summarizes the expected amortization over the next five years for our definite-lived intangible assets: Year Amount (In thousands) 2019 (remaining) $ 183 2020 219 2121 198 2022 172 2023 132 |
Capital Stock, Stock Plans an_2
Capital Stock, Stock Plans and Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of the options granted on January 17, 2019 and January 18, 2018 as discussed above and the related assumptions used in the Black-Scholes option model used to value the options granted were as follows: Employee Stock Option Granted Outside Director Stock Options Granted January 17, 2019 January 18, 2018 Weighted-average fair value per option $ 1.42 $ 2.55 Risk -free interest rate (1) 2.58 % 2.62 % Expected volatility of stock (2) 48.67 % 57.29 % Dividend yield None None Expected option life (3) 5.0 years 10.0 years (1) (2) (3) |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes stock-based compensation recognized for the three months ended March 31, 2019 and 2018 for our employee and director stock options. Three Months Ended March 31, Stock Options 2019 2018 Employee Stock Options $ 43,000 $ 10,000 Director Stock Options 5,000 36,000 Total $ 48,000 $ 46,000 |
Schedule of Stock Options Roll Forward | The Company’s Plans consist of the 2010 and 2017 Stock Option Plans and the 2003 Outside Directors Stock Plan: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (2) Options outstanding January 1, 2019 616,000 $ 4.23 Granted 105,000 3.15 Exercised ─ ─ Forfeited/expired ─ ─ Options outstanding end of period (1) 721,000 $ 4.07 4.7 $ 48,360 Options exercisable at March 31, 2019 (1) 261,333 $ 5.00 4.4 $ 10,560 Options exercisable and expected to be vested as of March 31, 2019 721,000 $ 4.07 4.7 $ 48,360 13 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (2) Options outstanding January 1, 2018 624,800 $ 4.42 Granted 6,000 4.05 Exercised ─ ─ Forfeited/expired ─ ─ Options outstanding end of period (1) 630,800 $ 4.41 5.3 $ 259,070 Options exercisable at March 31, 2018 (1) 191,467 $ 6.13 4.7 $ 46,970 Options exercisable and expected to be vested as of March 31, 2018 630,800 $ 4.41 5.3 $ 259,070 (1) (2) |
(Loss) Income Per Share (Tables
(Loss) Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles the (loss) income and average share amounts used to compute both basic and diluted (loss) income per share: Three Months Ended (Unaudited) March 31, (Amounts in Thousands, Except for Per Share Amounts) 2019 2018 Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders: (Loss) income from continuing operations, net of taxes $ (550 ) $ 253 Net loss attributable to non-controlling interest (30 ) (40 ) (Loss) income from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders (520 ) 293 Loss from discontinuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders (152 ) (157 ) Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (672 ) $ 136 Basic (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (.06 ) $ .01 Diluted (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (.06 ) $ .01 Weighted average shares outstanding: Basic weighted average shares outstanding 11,961 11,747 Add: dilutive effect of stock options — 26 Diluted weighted average shares outstanding 11,961 11,773 Potential shares excluded from above weighted average share calcualtions due to their anti-dilutive effect include: Stock options 598 168 |
Long Term Debt (Tables)
Long Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of the following at March 31, 2019 and December 31, 2018: (Amounts in Thousands) March 31, 2019 December 31, 2018 Revolving Credit (1) $ 1,004 $ 639 Term Loan (1) 2,367 (2) 2,663 (2) Total debt 3,371 3,302 Less current portion of long-term debt 1,184 1,184 Long-term debt $ 2,187 $ 2,118 (1) (2) |
East Tennessee Materials and _2
East Tennessee Materials and Energy Corporation (''M&EC'') (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Change in Asset Retirement Obligation | The following reflects changes to the closure liabilities for the M&EC facility from year end 2018: Amounts in thousands Balance as of December 31, 2018 $ 1,142 Adjustment to closure liability 165 Spending (1,026 ) Balance as of March 31, 2019 $ 281 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet | The following table presents the major class of assets of discontinued operations as of March 31, 2019 and December 31, 2018. No assets and liabilities were held for sale at each of the periods noted. March 31, December 31, (Amounts in Thousands) 2019 2018 Current assets Other assets $ 99 $ 107 Total current assets 99 107 Long-term assets Property, plant and equipment, net (1) 81 81 Other assets 98 118 Total long-term assets 179 199 Total assets $ 278 $ 306 Current liabilities Accounts payable $ 26 $ 10 Accrued expenses and other liabilities 256 296 Environmental liabilities 40 50 Total current liabilities 322 356 Long-term liabilities Closure liabilities 127 126 Environmental liabilities 837 837 Total long-term liabilities 964 963 Total liabilities $ 1,286 $ 1,319 (1) |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The table below presents certain financial information of our operating segments for the three months ended March 31, 2019 and 2018 (in thousands): Segment Reporting for the Quarter Ended March 31, 2019 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 9,905 $ 1,803 — $ 11,708 $ — $ 11,708 Intercompany revenues 2 21 — 23 — — (Negative) gross profit 2,957 (456 ) — 2,501 — 2,501 Research and development 147 — 74 221 6 227 Interest income — — — — 81 81 Interest expense (17 ) (9 ) — (26 ) (61 ) (87 ) Interest expense-financing fees — — — — (10 ) (10 ) Depreciation and amortization 237 78 — 315 8 323 Segment income (loss) before income taxes 1,875 (1,012 ) (74 ) 789 (1,300 ) (511 ) Income tax expense (39 ) — — (39 ) — (39 ) Segment income (loss) 1,836 (1,012 ) (74 ) 750 (1,300 ) (550 ) Expenditures for segment assets 222 2 — 224 — 224 Segment Reporting for the Quarter Ended March 31, 2018 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 8,959 $ 3,699 — $ 12,658 $ — $ 12,658 Intercompany revenues 213 14 — 227 — — Gross profit 2,780 541 — 3,321 — 3,321 Research and development 114 — 100 214 18 232 Interest income — — — — 49 49 Interest expense — (1 ) — (1 ) (52 ) (53 ) Interest expense-financing fees — — — — (9 ) (9 ) Depreciation and amortization 240 123 — 363 9 372 Segment income (loss) before income taxes 1,744 (86 ) (100 ) 1,558 (1,254 ) 304 Income tax expense (51 ) — — (51 ) — (51 ) Segment income (loss) 1,693 (86 ) (100 ) 1,507 (1,254 ) 253 Expenditures for segment assets 220 25 — 245 3 248 (1) |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Finite risk sinking fund | $ 16,052 | $ 15,971 | $ 15,726 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Operating lease right-of-use assets | $ 2,550 | |
Adoption of Topic 842 [Member] | ||
Operating lease right-of-use assets | 2,602 | |
Operating lease liabilities | $ 2,622 |
Revenue (Details Narrative)
Revenue (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized | $ 5,066 | $ 3,811 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net revenues | $ 11,708 | $ 12,658 |
Fixed Price [Member] | ||
Net revenues | 10,333 | 9,049 |
Time and Materials [Member] | ||
Net revenues | 1,375 | 3,609 |
Treatment [Member] | ||
Net revenues | 9,905 | 8,959 |
Treatment [Member] | Fixed Price [Member] | ||
Net revenues | 9,905 | 8,959 |
Treatment [Member] | Time and Materials [Member] | ||
Net revenues | ||
Services [Member] | ||
Net revenues | 1,803 | 3,699 |
Services [Member] | Fixed Price [Member] | ||
Net revenues | 428 | 90 |
Services [Member] | Time and Materials [Member] | ||
Net revenues | 1,375 | 3,609 |
Domestic Government [Member] | ||
Net revenues | 8,599 | 9,654 |
Domestic Government [Member] | Treatment [Member] | ||
Net revenues | 7,913 | 6,536 |
Domestic Government [Member] | Services [Member] | ||
Net revenues | 686 | 3,118 |
Domestic Commercial [Member] | ||
Net revenues | 2,637 | 2,825 |
Domestic Commercial [Member] | Treatment [Member] | ||
Net revenues | 1,879 | 2,423 |
Domestic Commercial [Member] | Services [Member] | ||
Net revenues | 758 | 402 |
Foreign Government [Member] | ||
Net revenues | 394 | 153 |
Foreign Government [Member] | Treatment [Member] | ||
Net revenues | 57 | |
Foreign Government [Member] | Services [Member] | ||
Net revenues | 337 | 153 |
Foreign Commercial [Member] | ||
Net revenues | 78 | 26 |
Foreign Commercial [Member] | Treatment [Member] | ||
Net revenues | 56 | |
Foreign Commercial [Member] | Services [Member] | ||
Net revenues | $ 22 | $ 26 |
Revenue - Schedule of Contract
Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Mar. 31, 2019 | |
Account receivables, net of allowance | $ 7,735 | $ 7,341 |
Unbilled receivables - current | 3,105 | 3,316 |
Deferred revenue | 6,595 | $ 5,443 |
Year-to-date Change [Member] | ||
Account receivables, net of allowance | (394) | |
Unbilled receivables - current | 211 | |
Deferred revenue | $ (1,152) | |
Changes in Account receivables, net of allowance, percentage | (5.10%) | |
Changes in Unbilled receivables - current, percentage | 6.80% | |
Changes in Deferred revenue, percentage | (17.50%) |
Leases (Details Narrative)
Leases (Details Narrative) $ in Thousands | Mar. 31, 2019USD ($) |
Finance leases assets | $ 655 |
Finance lease of asset accumulated depreciation | 18 |
Net fixed assets under finance leases | $ 637 |
Minimum [Member] | |
Operating leases remaining term | 5 years |
Operating lease term | 3 years |
Maximum [Member] | |
Operating leases remaining term | 11 years |
Operating lease term | 8 years |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Cost (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease Cost | $ 104 |
Finance Leases: Amortization of ROU assets | 9 |
Interest on lease liability | 12 |
Finance Leases | 21 |
Short-term lease rent expense | 49 |
Total lease cost | $ 174 |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Lease (Details) | Mar. 31, 2019 |
Leases [Abstract] | |
Operating Leases, Weighted average remaining lease terms (years) | 9 years 8 months 12 days |
Operating Leases, Weighted average discount rate | 8.00% |
Finance Leases, Weighted average remaining lease terms (years) | 1 year 9 months 18 days |
Finance Leases, Weighted average discount rate | 11.10% |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Liability Maturity (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Operating Leases 2019 Remainder | $ 298 |
Operating Leases 2020 | 403 |
Operating Leases 2021 | 411 |
Operating Leases 2022 | 418 |
Operating Leases 2023 | 425 |
Operating Leases 2024 and thereafter | 1,768 |
Operating Leases Total undiscounted lease payments | 3,723 |
Operating Leases Less: Imputed interest | (1,147) |
Operating Leases Present value of lease payments | 2,576 |
Current portion of operating lease obligations | 199 |
Long-term operating lease obligations, less current portion | $ 2,377 |
Leases - Schedule of Financing
Leases - Schedule of Financing Lease Liability Maturity (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Finance Leases 2019 Remainder | $ 213 |
Finance Leases 2020 | 336 |
Finance Leases 2021 | 27 |
Finance Leases 2022 | |
Finance Leases 2023 | |
Finance Leases 2024 and thereafter | |
Finance Leases Total undiscounted lease payments | 576 |
Finance Leases Less: Imputed interest | (61) |
Finance Leases Present value of lease payments | 515 |
Current portion of finance lease obligations | 239 |
Long-term finance lease obligations, less current portion | $ 276 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Leases [Abstract] | ||
Operating cash flow from operating leases | $ 98 | |
Operating cash flow from finance leases | 12 | |
Financing cash flow from finance leases | 44 | |
Finance liabilities | 138 | |
Operating liabilities |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense of intangible asset | $ 73 | $ 84 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Gross Carrying Amount | $ 5,062 | $ 5,053 |
Accumulated Amortization | (3,839) | (3,768) |
Finite-Lived Intangible Assets, Net | 1,223 | 1,285 |
Patent [Member] | ||
Gross Carrying Amount | 735 | 728 |
Accumulated Amortization | (344) | (336) |
Finite-Lived Intangible Assets, Net | $ 391 | 392 |
Patent [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 1 year | |
Patent [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 17 years | |
Software [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | |
Gross Carrying Amount | $ 412 | 410 |
Accumulated Amortization | (404) | (403) |
Finite-Lived Intangible Assets, Net | $ 8 | 7 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Gross Carrying Amount | $ 3,370 | 3,370 |
Accumulated Amortization | (2,546) | (2,491) |
Finite-Lived Intangible Assets, Net | $ 824 | 879 |
Permit [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Gross Carrying Amount | $ 545 | 545 |
Accumulated Amortization | (545) | (538) |
Finite-Lived Intangible Assets, Net | $ 7 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - Intangible Assets [Member] $ in Thousands | Mar. 31, 2019USD ($) |
2019 (remaining) | $ 183 |
2020 | 219 |
2021 | 198 |
2022 | 172 |
2023 | $ 132 |
Capital Stock, Stock Plans an_3
Capital Stock, Stock Plans and Stock Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jan. 17, 2019 | Jan. 18, 2018 | Jul. 27, 2017 | May 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | |
Number of stock option shares granted | 105,000 | 6,000 | ||||||||
Stock options, grants in period, exercise price | $ 3.15 | $ 4.05 | ||||||||
Number of options exercised | ||||||||||
Remaining stock option | 721,000 | 630,800 | [1] | 616,000 | 624,800 | |||||
Unrecognized compensation cost related to unvested options | $ 534 | |||||||||
Employee and director service share-based compensation nonvested awards, compensation not yet recognized, stock options, remaining of fiscal years | 112 | |||||||||
Employee and director service share-based compensation nonvested awards, compensation not yet recognized, stock options, next twelve months | 144 | |||||||||
Employee and director service share-based compensation nonvested awards, compensation not yet recognized, stock options, year two | 144 | |||||||||
Employee and director service share-based compensation nonvested awards, compensation not yet recognized, stock options, year three | 104 | |||||||||
Employee and director service share-based compensation nonvested awards, compensation not yet recognized, stock options, year four | 29 | |||||||||
Employee and director service share-based compensation nonvested awards, compensation not yet recognized, stock options, year five | 1 | |||||||||
Allocated share-based compensation expense | 48 | $ 46 | ||||||||
Employee Stock Options [Member] | ||||||||||
Allocated share-based compensation expense | $ 43 | $ 10 | ||||||||
Robert Ferguson [Member] | ||||||||||
Number of options exercised | 10,000 | |||||||||
Shares purchased from exercise of stock options | 10,000 | |||||||||
Remaining stock option | 90,000 | |||||||||
2017 Stock Option Plan [Member] | ||||||||||
Number of stock option shares granted | 105,000 | |||||||||
Stock options granted contractual term | 6 years | |||||||||
Stock options, grants in period, exercise price | $ 3.15 | |||||||||
2017 Stock Option Plan [Member] | One-Fifth Vesting [Member] | ||||||||||
Stock options granted vesting period | 5 years | |||||||||
2017 Stock Option Plan [Member] | CEO [Member] | ||||||||||
Number of stock option shares granted | 25,000 | |||||||||
2017 Stock Option Plan [Member] | CFO [Member] | ||||||||||
Number of stock option shares granted | 15,000 | |||||||||
2017 Stock Option Plan [Member] | EVP of Strategic Initiatives [Member] | ||||||||||
Number of stock option shares granted | 15,000 | |||||||||
2017 Stock Option Plan [Member] | Consultant [Member] | Employee Stock Options [Member] | ||||||||||
Number of stock option shares granted | 100,000 | |||||||||
2003 Outside Directors Stock Plan [Member] | New Director [Member] | Non-qualified Stock Options [Member] | ||||||||||
Number of stock option shares granted | 6,000 | |||||||||
Stock options granted contractual term | 10 years | |||||||||
Stock options granted vesting period | 6 months | |||||||||
Stock options, grants in period, exercise price | $ 4.05 | |||||||||
The 2003 Outside Directors Stock Plan [Member] | ||||||||||
Stock issued during period, shares, issued for services | 24,964 | |||||||||
Allocated share-based compensation expense | $ 63 | |||||||||
[1] | Options with exercise prices ranging from $2.79 to $13.35 |
Capital Stock, Stock Plans, War
Capital Stock, Stock Plans, Warrants, and Stock Based Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - $ / shares | Jan. 17, 2019 | Jan. 18, 2018 | |
Employee Stock Option Granted [Member] | |||
Weighted-average fair value per option | $ 1.42 | ||
Risk -free interest rate | [1] | 2.58% | |
Expected volatility of stock | [2] | 48.67% | |
Dividend yield | 0.00% | ||
Expected option life | [3] | 5 years | |
Outside Director Stock Options Granted [Member] | |||
Weighted-average fair value per option | $ 2.55 | ||
Risk -free interest rate | [1] | 2.62% | |
Expected volatility of stock | [2] | 57.29% | |
Dividend yield | 0.00% | ||
Expected option life | [3] | 10 years | |
[1] | The risk-free interest rate is based on the U.S. Treasury yield in effect at the grant date over the expected term of the option. | ||
[2] | The expected volatility is based on historical volatility from our traded Common Stock over the expected term of the option. | ||
[3] | The expected option life is based on historical exercises and post-vesting data. |
Capital Stock, Stock Plans, W_2
Capital Stock, Stock Plans, Warrants, and Stock Based Compensation - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Allocated stock-based compensation | $ 48 | $ 46 |
Employee Stock Options [Member] | ||
Allocated stock-based compensation | 43 | 10 |
Director Stock Options [Member] | ||
Allocated stock-based compensation | $ 5 | $ 36 |
Capital Stock, Stock Plans an_4
Capital Stock, Stock Plans and Stock Based Compensation - Schedule of Stock Options Roll Forward (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | |||
Share-based Payment Arrangement [Abstract] | ||||
Shares options outstanding beginning | 616,000 | 624,800 | [1] | |
Shares options granted | 105,000 | 6,000 | ||
Shares options exercised | ||||
Shares options forfeited/expired | ||||
Shares options outstanding ending | 721,000 | 630,800 | [1] | |
Shares options exercisable | 261,333 | 191,467 | [1] | |
Options exercisable and expected to be vested ending | 721,000 | 630,800 | ||
Weighted average exercise price options outstanding beginning | $ 4.23 | $ 4.42 | [1] | |
Weighted average exercise price options granted | 3.15 | 4.05 | ||
Weighted average exercise price options exercised | ||||
Weighted average exercise price options forfeited/expired | ||||
Weighted average exercise price options outstanding ending | 4.07 | 4.41 | [1] | |
Weighted average exercise price options exercisable | 5 | 6.13 | [1] | |
Weighted average exercise price options exercisable and expected to be vested | $ 4.07 | $ 4.41 | ||
Weighted average remaining contractual term outstanding | [1] | 4 years 8 months 12 days | 5 years 3 months 19 days | |
Weighted average remaining contractual term exercisable | [1] | 4 years 4 months 24 days | 4 years 8 months 12 days | |
Weighted average remaining contractual term options exercisable and expected to be vested | 4 years 8 months 12 days | 5 years 3 months 19 days | ||
Aggregate intrinsic value options outstanding | $ 48,630 | $ 259,070 | [2] | |
Aggregate intrinsic value options exercisable | 10,560 | 46,970 | [2] | |
Aggregate intrinsic value options exercisable and expected to be vested | [2] | $ 48,360 | $ 259,070 | |
[1] | Options with exercise prices ranging from $2.79 to $13.35 | |||
[2] | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. |
Capital Stock, Stock Plans an_5
Capital Stock, Stock Plans and Stock Based Compensation - Schedule of Stock Options Roll Forward (Details) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | ||
Stock option exercise price per share lower limit | $ 2.79 | $ 2.79 |
Stock option exercise price per share upper limit | $ 13.35 | $ 13.35 |
(Loss) Income Per Share - Sched
(Loss) Income Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
(Loss) income from continuing operations, net of taxes | $ (550) | $ 253 |
Net loss attributable to non-controlling interest | (30) | (40) |
(Loss) income from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | (520) | 293 |
Loss from discontinuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | (152) | (157) |
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ (672) | $ 136 |
Basic (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ (0.06) | $ 0.01 |
Diluted (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ (0.06) | $ 0.01 |
Basic weighted average shares outstanding | 11,961 | 11,747 |
Add: dilutive effect of stock options | 26 | |
Diluted weighted average shares outstanding | 11,961 | 11,773 |
Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: Stock options | 598 | 168 |
Long Term Debt (Details Narrati
Long Term Debt (Details Narrative) - USD ($) | Mar. 29, 2019 | Oct. 31, 2011 | Mar. 31, 2019 | Dec. 31, 2018 | |
Long-term debt | $ 3,371,000 | $ 3,302,000 | |||
Tangible adjusted net worth requirement | $ 26,000,000 | ||||
Letters of credit outstanding, amount | 2,639,000 | ||||
Revised Loan Agreement [Member] | |||||
Tangible adjusted net worth requirement | $ 25,000,000 | ||||
Second and Third Quarters of 2019 [Member] | |||||
Fixed charge coverage ratio description | revised the methodology to be used in calculating the FCCR in each of the second and third quarters of 2019 (with continued requirement to maintain a minimum 1.15:1 ratio in each of the quarters) | ||||
Term Loan [Member] | |||||
Long-term debt | [1],[2] | 2,367,000 | $ 2,663,000 | ||
PNC Bank [Member] | Term Loan [Member] | |||||
Number of years used to determine monthly payment on term loan | 7 years | ||||
Revised Loan Agreement [Member] | PNC Bank [Member] | Term Loan [Member] | |||||
Long-term debt | $ 6,100,000 | ||||
Debt instrument, periodic payment, principal | $ 101,600 | ||||
Revised Loan Agreement [Member] | PNC Bank [Member] | Term Loan [Member] | Prime Plus [Member] | |||||
Debt instrument, basis spread on variable rate | 2.50% | ||||
Revised Loan Agreement [Member] | PNC Bank [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt instrument, basis spread on variable rate | 3.50% | ||||
Revolving Credit and Term Loan Agreement [Member] | |||||
Facility fee line of credit percentage | 0.25% | ||||
Lender fee | $ 20,000 | ||||
Revolving Credit and Term Loan Agreement [Member] | April 1, 2019 [Member] | |||||
Debt outstanding | 2,500,000 | ||||
Revolving Credit and Term Loan Agreement [Member] | April 1, 2019 [Member] | American International Group [Member] | |||||
Release of sinking fund related to insurance policy | 5,000,000 | ||||
Revolving Credit and Term Loan Agreement [Member] | Revised Loan Agreement [Member] | |||||
Facility fee line of credit percentage | 0.375% | ||||
Revolving Credit Facility [Member] | PNC Bank [Member] | |||||
Line of credit facility, remaining borrowing capacity | 1,860,000 | ||||
Indefinite reduction of borrowing availability | 1,000,000 | ||||
Letters of credit outstanding, amount | $ 2,639,000 | ||||
Revolving Credit Facility [Member] | Revised Loan Agreement [Member] | PNC Bank [Member] | |||||
Debt maturity date | Mar. 24, 2021 | ||||
Line of credit facility, maximum borrowing capacity | $ 12,000,000 | ||||
Revolving Credit Facility [Member] | Revised Loan Agreement [Member] | PNC Bank [Member] | Prime Plus [Member] | |||||
Debt instrument, basis spread on variable rate | 2.00% | 5.50% | |||
Revolving Credit Facility [Member] | Revised Loan Agreement [Member] | PNC Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt instrument, basis spread on variable rate | 3.00% | ||||
[1] | Net of debt issuance costs of ($72,000) and ($80,000) at March 31, 2019 and December 31, 2018, respectively. | ||||
[2] | Our revolving credit facility is collateralized by our accounts receivable and our term loan is collateralized by our property, plant, and equipment. |
Long Term Debt - Schedule of Lo
Long Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Total debt | $ 3,371 | $ 3,302 | |
Less current portion of long-term debt | 1,184 | 1,184 | |
Long-term debt | 2,187 | 2,118 | |
Revolving Credit [Member] | |||
Total debt | [1] | 1,004 | 639 |
Term Loan [Member] | |||
Total debt | [1],[2] | $ 2,367 | $ 2,663 |
[1] | Our revolving credit facility is collateralized by our accounts receivable and our term loan is collateralized by our property, plant, and equipment. | ||
[2] | Net of debt issuance costs of ($72,000) and ($80,000) at March 31, 2019 and December 31, 2018, respectively. |
Long Term Debt - Schedule of _2
Long Term Debt - Schedule of Long-term Debt (Details) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Debt issuance costs net | $ (72) | $ (80) |
Revolving Credit [Member] | ||
Debt due date | Mar. 24, 2021 | |
Effective interest rate | 7.60% | |
Term Loan [Member] | ||
Debt due date | Mar. 24, 2021 | |
Effective interest rate | 5.70% | |
Principal amount | $ 102 |
East Tennessee Materials and _3
East Tennessee Materials and Energy Corporation (''M&EC'') (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Accrued liabilities | $ 281 | $ 1,142 |
Increase (Decrease) in asset retirement obligation | $ 165 |
East Tennessee Materials and _4
East Tennessee Materials and Energy Corporation (''M&EC'') - Schedule of Change in Asset Retirement Obligation (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | |
Balance at beginning | $ 1,142 |
Adjustment to closure liability | 165 |
Spending | (1,026) |
Balance at end | $ 281 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Jun. 30, 2003 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Interest income, other | $ 81 | $ 49 | ||
Letters of credit outstanding, amount | 2,639 | |||
Bond outstanding | 18,782 | |||
American International Group, Inc [Member] | ||||
Period of finite risk insurance policy | 25 years | |||
Maximum allowable coverage of insurance policy | 39,000 | |||
Financial assurance coverage amount under insurance policy | 30,549 | |||
Sinking fund related to insurance policy | 16,052 | $ 15,971 | ||
Interest earned on sinking fund | 1,581 | $ 1,500 | ||
Interest income, other | $ 81 | $ 50 | ||
Insurers obligation to entity on termination of contract | 100.00% |
Discontinued Operations (Detail
Discontinued Operations (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
May 31, 2016 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Loss from discontinued operations (net of taxes of $0) | $ (152,000) | $ (157,000) | ||
Tax effect of discontinued operation | 0 | $ 0 | ||
Current assets related to discontinued operations | 99,000 | $ 107,000 | ||
Other assets related to discontinued operations | 98,000 | $ 118,000 | ||
Perma-Fix of Michigan, Inc. [Member] | ||||
Disposal group, including discontinued operation, consideration, after closing | $ 375,000 | |||
Disposal group, including discontinued operation, consideration, installment payment | $ 7,250 | |||
Disposal group, including discontinued operation, consideration, remaining balance | 176,000 | |||
Current assets related to discontinued operations | 78,000 | |||
Other assets related to discontinued operations | $ 98,000 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Other assets | $ 99 | $ 107 | |
Total current assets | 99 | 107 | |
Property, plant and equipment, net | [1] | 81 | 81 |
Other assets | 98 | 118 | |
Total long-term assets | 179 | 199 | |
Total assets | 278 | 306 | |
Accounts payable | 26 | 10 | |
Accrued expenses and other liabilities | 256 | 296 | |
Environmental liabilities | 40 | 50 | |
Total current liabilities | 322 | 356 | |
Closure liabilities | 127 | 126 | |
Environmental liabilities | 837 | 837 | |
Total long-term liabilities | 964 | 963 | |
Total liabilities | $ 1,286 | $ 1,319 | |
[1] | Net of accumulated depreciation of $10,000 for each period presented. |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet (Details) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Accumulated depreciation | $ 10 | $ 10 |
Operating Segments (Details Nar
Operating Segments (Details Narrative) | 3 Months Ended |
Mar. 31, 2019Integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Operating Segments - Schedule o
Operating Segments - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Revenue from external customers | $ 11,708 | $ 12,658 | |
Intercompany revenues | |||
Gross profit | 2,501 | 3,321 | |
Research and development | 227 | 232 | |
Interest income | 81 | 49 | |
Interest expense | (87) | (53) | |
Interest expense-financing fees | (10) | (9) | |
Depreciation and amortization | 323 | 372 | |
Segment income (loss) before income taxes | (511) | 304 | |
Income tax expense | (39) | (51) | |
Segment income (loss) | (550) | 253 | |
Expenditures for segment assets | 224 | 248 | |
Treatment [Member] | |||
Revenue from external customers | 9,905 | 8,959 | |
Intercompany revenues | 2 | 213 | |
Gross profit | 2,957 | 2,780 | |
Research and development | 147 | 114 | |
Interest income | |||
Interest expense | (17) | ||
Interest expense-financing fees | |||
Depreciation and amortization | 237 | 240 | |
Segment income (loss) before income taxes | 1,875 | 1,744 | |
Income tax expense | (39) | (51) | |
Segment income (loss) | 1,836 | 1,693 | |
Expenditures for segment assets | 222 | 220 | |
Services [Member] | |||
Revenue from external customers | 1,803 | 3,699 | |
Intercompany revenues | 21 | 14 | |
Gross profit | (456) | 541 | |
Research and development | |||
Interest income | |||
Interest expense | (9) | (1) | |
Interest expense-financing fees | |||
Depreciation and amortization | 78 | 123 | |
Segment income (loss) before income taxes | (1,012) | (86) | |
Income tax expense | |||
Segment income (loss) | (1,012) | (86) | |
Expenditures for segment assets | 2 | 25 | |
Medical [Member] | |||
Revenue from external customers | |||
Intercompany revenues | |||
Gross profit | |||
Research and development | 74 | 100 | |
Interest income | |||
Interest expense | |||
Interest expense-financing fees | |||
Depreciation and amortization | |||
Segment income (loss) before income taxes | (74) | (100) | |
Income tax expense | |||
Segment income (loss) | (74) | (100) | |
Expenditures for segment assets | |||
Segments Total [Member] | |||
Revenue from external customers | 11,708 | 12,658 | |
Intercompany revenues | 23 | 227 | |
Gross profit | 2,501 | 3,321 | |
Research and development | 221 | 214 | |
Interest income | |||
Interest expense | (26) | (1) | |
Interest expense-financing fees | |||
Depreciation and amortization | 315 | 363 | |
Segment income (loss) before income taxes | 789 | 1,558 | |
Income tax expense | (39) | (51) | |
Segment income (loss) | 750 | 1,507 | |
Expenditures for segment assets | 224 | 245 | |
Corporate [Member] | |||
Revenue from external customers | [1] | ||
Intercompany revenues | [1] | ||
Gross profit | [1] | ||
Research and development | [1] | 6 | 18 |
Interest income | [1] | 81 | 49 |
Interest expense | [1] | (61) | (52) |
Interest expense-financing fees | [1] | (10) | (9) |
Depreciation and amortization | [1] | 8 | 9 |
Segment income (loss) before income taxes | [1] | (1,300) | (1,254) |
Income tax expense | [1] | ||
Segment income (loss) | [1] | (1,300) | (1,254) |
Expenditures for segment assets | [1] | $ 3 | |
[1] | Amounts reflect the activity for corporate headquarters not included in the segment information. |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax (benefit) expense | $ 39 | $ 51 |
Effective income tax rate reconciliation, percent | 7.60% | 16.80% |
Management Incentive Plans ('_2
Management Incentive Plans (''MIPs'') (Details Narrative) | Jan. 17, 2019USD ($) |
CEO [Member] | |
Deferred compensation arrangement with individual, cash awards granted, minimum, percentage | 5.00% |
Deferred compensation arrangement with individual, cash awards granted, maximum, percentage | 150.00% |
Deferred compensation arrangement with individual, cash awards granted, minimum, amount | $ 14,350 |
Deferred compensation arrangement with individual, cash awards granted, maximum, amount | $ 430,500 |
CFO [Member] | |
Deferred compensation arrangement with individual, cash awards granted, minimum, percentage | 5.00% |
Deferred compensation arrangement with individual, cash awards granted, maximum, percentage | 100.00% |
Deferred compensation arrangement with individual, cash awards granted, minimum, amount | $ 11,762 |
Deferred compensation arrangement with individual, cash awards granted, maximum, amount | $ 235,231 |
EVP [Member] | |
Deferred compensation arrangement with individual, cash awards granted, minimum, percentage | 5.00% |
Deferred compensation arrangement with individual, cash awards granted, maximum, percentage | 100.00% |
Deferred compensation arrangement with individual, cash awards granted, minimum, amount | $ 11,449 |
Deferred compensation arrangement with individual, cash awards granted, maximum, amount | $ 228,985 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] | Apr. 01, 2019USD ($)$ / sharesshares |
Warrant [Member] | |
Warrants to purchase share of common stock | 60,000 |
Warrants exercise price | $ / shares | $ 3.51 |
Warrants, maturity date | Apr. 1, 2024 |
Warrant [Member] | Private Placement [Member] | |
Warrants to purchase share of common stock | 60,000 |
Common Stock [Member] | |
Shares issued to lender | 75,000 |
Common stock closing bid price per share | $ / shares | $ 3.51 |
Common stock issued percentage | 14.90% |
Common Stock [Member] | Private Placement [Member] | |
Shares issued to lender | 75,000 |
Loan and Securities Purchase Agreement, Promissory Note and Subordination Agreement [Member] | |
Debt outstanding | $ | $ 2,500,000 |
Debt instrument, interest rate, stated percentage | 4.00% |
Debt instrument periodic payment, principal | $ | $ 208,333 |
Debt instrument, first required interest payment | May 1, 2019 |