Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-11596 | |
Entity Registrant Name | PERMA-FIX ENVIRONMENTAL SERVICES, INC. | |
Entity Central Index Key | 0000891532 | |
Entity Tax Identification Number | 58-1954497 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 8302 Dunwoody Place | |
Entity Address, Address Line Two | Suite 250 | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30350 | |
City Area Code | 770 | |
Local Phone Number | 587-9898 | |
Title of 12(b) Security | Common Stock, $.001 Par Value | |
Trading Symbol | PESI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,196,623 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 7,312 | $ 7,924 |
Accounts receivable, net of allowance for doubtful accounts of $27 and $404, respectively | 9,244 | 9,659 |
Unbilled receivables | 7,332 | 14,453 |
Inventories | 701 | 610 |
Prepaid and other assets | 2,926 | 3,967 |
Current assets related to discontinued operations | 17 | 22 |
Total current assets | 27,532 | 36,635 |
Property and equipment: | ||
Buildings and land | 20,123 | 20,139 |
Equipment | 22,132 | 22,090 |
Vehicles | 454 | 457 |
Leasehold improvements | 23 | 23 |
Office furniture and equipment | 1,425 | 1,413 |
Construction-in-progress | 2,227 | 1,569 |
Total property and equipment | 46,384 | 45,691 |
Less accumulated depreciation | (28,574) | (27,908) |
Net property and equipment | 17,810 | 17,783 |
Property and equipment related to discontinued operations | 81 | 81 |
Operating lease right-of-use assets | 2,317 | 2,287 |
Intangibles and other long term assets: | ||
Permits | 9,118 | 8,922 |
Other intangible assets - net | 885 | 875 |
Finite risk sinking fund (restricted cash) | 11,467 | 11,446 |
Other assets | 849 | 890 |
Total assets | 70,059 | 78,919 |
Current liabilities: | ||
Accounts payable | 11,511 | 15,382 |
Accrued expenses | 5,637 | 6,381 |
Disposal/transportation accrual | 1,055 | 1,220 |
Deferred revenue | 3,932 | 4,614 |
Accrued closure costs - current | 74 | 75 |
Current portion of long-term debt | 404 | 3,595 |
Current portion of operating lease liabilities | 275 | 273 |
Current portion of finance lease liabilities | 433 | 525 |
Current liabilities related to discontinued operations | 817 | 898 |
Total current liabilities | 24,138 | 32,963 |
Accrued closure costs | 6,465 | 6,290 |
Deferred tax liabilities | 474 | 471 |
Long-term debt, less current portion | 819 | 3,134 |
Long-term operating lease liabilities, less current portion | 2,119 | 2,070 |
Long-term finance lease liabilities, less current portion | 555 | 662 |
Other long-term liabilities | 626 | 626 |
Long-term liabilities related to discontinued operations | 256 | 252 |
Total long-term liabilities | 11,314 | 13,505 |
Total liabilities | 35,452 | 46,468 |
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;12,188,256 and 12,161,539 shares issued, respectively;12,180,614 and 12,153,897 shares outstanding, respectively | 12 | 12 |
Additional paid-in capital | 109,206 | 108,931 |
Accumulated deficit | (72,555) | (74,455) |
Accumulated other comprehensive loss | (167) | (207) |
Less Common Stock in treasury, at cost; 7,642 shares | (88) | (88) |
Total Perma-Fix Environmental Services, Inc. stockholders’ equity | 36,408 | 34,193 |
Non-controlling interest | (1,801) | (1,742) |
Total stockholders’ equity | 34,607 | 32,451 |
Total liabilities and stockholders’ equity | $ 70,059 | $ 78,919 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 27 | $ 404 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 12,188,256 | 12,180,614 |
Common stock, shares outstanding | 12,161,539 | 12,153,897 |
Treasury stock, shares | 7,642 | 7,642 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net revenues | $ 16,145 | $ 22,047 | $ 39,278 | $ 46,907 |
Cost of goods sold | 15,179 | 18,737 | 35,956 | 38,957 |
Gross profit | 966 | 3,310 | 3,322 | 7,950 |
Selling, general and administrative expenses | 2,997 | 2,700 | 6,202 | 5,627 |
Research and development | 144 | 209 | 295 | 441 |
(Gain) loss on disposal of property and equipment | (4) | 27 | ||
(Loss) income from operations | (2,175) | 405 | (3,175) | 1,855 |
Other income (expense): | ||||
Interest income | 2 | 28 | 21 | 84 |
Interest expense | (65) | (99) | (132) | (219) |
Interest expense-financing fees | (9) | (60) | (17) | (129) |
Other | 4 | 1 | 9 | |
Gain (loss) on extinguishment of debt | 5,381 | (27) | 5,381 | (27) |
Income from continuing operations before taxes | 3,134 | 251 | 2,079 | 1,573 |
Income tax expense (benefit) | 13 | (9) | (4) | 5 |
Income from continuing operations, net of taxes | 3,121 | 260 | 2,083 | 1,568 |
Loss from discontinued operations (net of taxes of $0) | (127) | (85) | (242) | (199) |
Net income | 2,994 | 175 | 1,841 | 1,369 |
Net loss attributable to non-controlling interest | (29) | (29) | (59) | (55) |
Net income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ 3,023 | $ 204 | $ 1,900 | $ 1,424 |
Net income (loss) per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - diluted: | ||||
Continuing operations | $ 0.26 | $ 0.02 | $ 0.18 | $ 0.13 |
Discontinued operations | (0.01) | (0.02) | (0.01) | |
Net income per common share | 0.25 | 0.02 | 0.16 | 0.12 |
Continuing operations | 0.25 | 0.02 | 0.17 | 0.13 |
Discontinued operations | (0.01) | (0.02) | (0.01) | |
Net income per common share | $ 0.24 | $ 0.02 | $ 0.15 | $ 0.12 |
Number of common shares used in computing net income per share: | ||||
Basic | 12,180 | 12,135 | 12,173 | 12,129 |
Diluted | 12,440 | 12,286 | 12,420 | 12,320 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Loss from discontinued operations, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net income | $ 2,994 | $ 175 | $ 1,841 | $ 1,369 |
Other comprehensive income (loss): | ||||
Foreign currency translation gain (loss) | 20 | 28 | 40 | (51) |
Comprehensive income | 3,014 | 203 | 1,881 | 1,318 |
Comprehensive loss attributable to non-controlling interest | (29) | (29) | (59) | (55) |
Comprehensive income attributable to Perma-Fix Environmental Services, Inc. stockholders | $ 3,043 | $ 232 | $ 1,940 | $ 1,373 |
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] | AOCI Attributable to Parent [Member] | Non-controlling Interest in Subsidiary [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 12 | $ 108,457 | $ (88) | $ (211) | $ (1,619) | $ (77,315) | $ 29,236 |
Beginning balance, shares at Dec. 31, 2019 | 12,123,520 | ||||||
Net Income (loss) | (26) | 1,220 | 1,194 | ||||
Foreign currency translation | (79) | (79) | |||||
Issuance of Common Stock for services | 48 | 48 | |||||
Issuance of Common Stock for services, shares | 5,128 | ||||||
Stock-Based Compensation | 44 | 44 | |||||
Issuance of Common Stock upon exercise of options | 6 | 6 | |||||
Issuance of Common Stock upon exercise of options, shares | 3,643 | ||||||
Ending balance, value at Mar. 31, 2020 | $ 12 | 108,555 | (88) | (290) | (1,645) | (76,095) | 30,449 |
Ending balance, shares at Mar. 31, 2020 | 12,132,291 | ||||||
Beginning balance, value at Dec. 31, 2019 | $ 12 | 108,457 | (88) | (211) | (1,619) | (77,315) | 29,236 |
Beginning balance, shares at Dec. 31, 2019 | 12,123,520 | ||||||
Net Income (loss) | 1,369 | ||||||
Foreign currency translation | (51) | ||||||
Ending balance, value at Jun. 30, 2020 | $ 12 | 108,659 | (88) | (262) | (1,674) | (75,891) | 30,756 |
Ending balance, shares at Jun. 30, 2020 | 12,142,771 | ||||||
Beginning balance, value at Mar. 31, 2020 | $ 12 | 108,555 | (88) | (290) | (1,645) | (76,095) | 30,449 |
Beginning balance, shares at Mar. 31, 2020 | 12,132,291 | ||||||
Net Income (loss) | (29) | 204 | 175 | ||||
Foreign currency translation | 28 | 28 | |||||
Issuance of Common Stock for services | 56 | 56 | |||||
Issuance of Common Stock for services, shares | 10,239 | ||||||
Stock-Based Compensation | 48 | 48 | |||||
Issuance of Common Stock upon exercise of options | |||||||
Issuance of Common Stock upon exercise of options, shares | 241 | ||||||
Ending balance, value at Jun. 30, 2020 | $ 12 | 108,659 | (88) | (262) | (1,674) | (75,891) | 30,756 |
Ending balance, shares at Jun. 30, 2020 | 12,142,771 | ||||||
Beginning balance, value at Dec. 31, 2020 | $ 12 | 108,931 | (88) | (207) | (1,742) | (74,455) | 32,451 |
Beginning balance, shares at Dec. 31, 2020 | 12,161,539 | ||||||
Net Income (loss) | (30) | (1,123) | (1,153) | ||||
Foreign currency translation | 20 | 20 | |||||
Issuance of Common Stock for services | 79 | 79 | |||||
Issuance of Common Stock for services, shares | 11,837 | ||||||
Stock-Based Compensation | 45 | 45 | |||||
Ending balance, value at Mar. 31, 2021 | $ 12 | 109,055 | (88) | (187) | (1,772) | (75,578) | 31,442 |
Ending balance, shares at Mar. 31, 2021 | 12,173,376 | ||||||
Beginning balance, value at Dec. 31, 2020 | $ 12 | 108,931 | (88) | (207) | (1,742) | (74,455) | 32,451 |
Beginning balance, shares at Dec. 31, 2020 | 12,161,539 | ||||||
Net Income (loss) | 1,841 | ||||||
Foreign currency translation | 40 | ||||||
Ending balance, value at Jun. 30, 2021 | $ 12 | 109,206 | (88) | (167) | (1,801) | (72,555) | 34,607 |
Ending balance, shares at Jun. 30, 2021 | 12,188,256 | ||||||
Beginning balance, value at Mar. 31, 2021 | $ 12 | 109,055 | (88) | (187) | (1,772) | (75,578) | 31,442 |
Beginning balance, shares at Mar. 31, 2021 | 12,173,376 | ||||||
Net Income (loss) | (29) | 3,023 | 2,994 | ||||
Foreign currency translation | 20 | 20 | |||||
Issuance of Common Stock for services | 109 | 109 | |||||
Issuance of Common Stock for services, shares | 14,590 | ||||||
Stock-Based Compensation | 42 | 42 | |||||
Issuance of Common Stock upon exercise of options | |||||||
Issuance of Common Stock upon exercise of options, shares | 290 | ||||||
Ending balance, value at Jun. 30, 2021 | $ 12 | $ 109,206 | $ (88) | $ (167) | $ (1,801) | $ (72,555) | $ 34,607 |
Ending balance, shares at Jun. 30, 2021 | 12,188,256 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | |||
Cash flows from operating activities: | ||||
Net income | $ 1,841,000 | $ 1,369,000 | ||
Less: loss from discontinued operations, net of taxes of $0 | (242,000) | (199,000) | ||
Income from continuing operations, net of taxes | 2,083,000 | 1,568,000 | ||
Adjustments to reconcile income from continuing operations to cash provided by operating activities: | ||||
Depreciation and amortization | 799,000 | 711,000 | ||
Interest on finance lease with purchase option | 4,000 | 4,000 | ||
(Gain) loss on extinguishment of debt | (5,381,000) | 27,000 | ||
Amortization of debt discount/debt issuance costs | 17,000 | 129,000 | ||
Deferred tax expense | 3,000 | 5,000 | ||
Recovery of bad debt reserves | (17,000) | (107,000) | ||
Loss on disposal of property and equipment | 27,000 | |||
Issuance of common stock for services | 188,000 | 104,000 | ||
Stock-based compensation | 87,000 | 92,000 | ||
Changes in operating assets and liabilities of continuing operations | ||||
Accounts receivable | 432,000 | 2,479,000 | ||
Unbilled receivables | 7,121,000 | (3,085,000) | ||
Prepaid expenses, inventories and other assets | 1,076,000 | 714,000 | ||
Accounts payable, accrued expenses and unearned revenue | (5,609,000) | 289,000 | ||
Cash provided by continuing operations | 803,000 | 2,957,000 | ||
Cash used in discontinued operations | (315,000) | (259,000) | ||
Cash provided by operating activities | 488,000 | 2,698,000 | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | (650,000) | [1] | (1,366,000) | [2] |
Proceeds from sale of property and equipment | 1,000 | 4,000 | ||
Cash used in investing activities of continuing operations | (649,000) | (1,362,000) | ||
Cash provided by investing activities of dicontinued operations | 13,000 | |||
Cash used in investing activities | (649,000) | (1,349,000) | ||
Cash flows from financing activities: | ||||
Repayments of revolving credit borrowings | (41,834,000) | (47,058,000) | ||
Borrowing on revolving credit | 41,834,000 | 46,737,000 | ||
Proceeds from issuance of long-term debt | 5,666,000 | |||
Principal repayments of finance lease liabilities | (205,000) | (229,000) | ||
Principal repayments of long term debt | (219,000) | (1,045,000) | ||
Payment of debt issuance costs | (15,000) | (85,000) | ||
Proceeds from issuance of common stock upon exercise of options | 6,000 | |||
Cash (used in) provided by financing activities of continuing operations | (439,000) | 3,992,000 | ||
Effect of exchange rate changes on cash | 9,000 | (18,000) | ||
(Decrease) increase in cash and finite risk sinking fund (restricted cash) | (591,000) | 5,323,000 | ||
Cash and finite risk sinking fund (restricted cash) at beginning of period | 19,370,000 | 11,697,000 | ||
Cash and finite risk sinking fund (restricted cash) at end of period | 18,779,000 | 17,020,000 | ||
Supplemental disclosure: | ||||
Interest paid | 106,000 | 207,000 | ||
Income taxes paid | 15,000 | 30,000 | ||
Non-cash financing activities: | ||||
Equipment purchase subject to finance lease | 132,000 | |||
Equipment purchase subject to finance | $ 29,000 | |||
[1] | Net of financed amount of $ 0 29,000 | |||
[2] | Net of financed amount of $ 51,000 132,000 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||||
Loss from discontinued operations, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [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 six months ended June 30, 2021 are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2021. 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, 2020. The consolidated financial statements include our accounts, those of our wholly-owned subsidiaries, and our majority-owned Polish subsidiary, Perma-Fix Medical. Additionally, the Company’s financial statements include the account of a variable interest entity (“VIE”), Perma-Fix ERRG for which we are the primary beneficiary (See “Note 13 - VIE” for a discussion of this VIE). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020 consolidated financial statements referred to above. Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The adoption of ASU No. 2019-12 by the Company effective January 1, 2021 did not have a material impact on the Company’s financial statements. In January 2020, the FASB issued ASU 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” This guidance addresses accounting for the transition into and out of the equity method and provides clarification of the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities. This standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020. Early adoption is permitted. The adoption of ASU No. 2020-01 by the Company effective January 1, 2021 did not have a material impact on the Company’s financial statements. In October 2020, the FASB issued ASU No 2020-10, “Codification Improvements.” ASU 2020-10 updates various codification topics by clarifying or improving disclosure requirements. ASU 2020-10 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of ASU No. 2020-01 by the Company effective January 1, 2021 did not have a material impact on the Company’s financial statements or disclosures. Recently Issued Accounting Standards – Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments,” and various subsequent amendments to the initial guidance (collectively, “Topic 326”). Topic 326 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. In November 2019, FASB issued ASU 2019-10, “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842),” which defers the effective date of ASU 2016-13 for public companies that are considered smaller reporting companies as defined by the Commission to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. These ASUs are effective January 1, 2023 for the Company as a smaller reporting company (“SRC”). Under new guidance issued by the Commission in March 2020, the Company will continue to qualify as a smaller reporting company but will also be an accelerated filer for all filings with the Commission after January 1, 2022. The Company is currently evaluating the impact of these ASU on its consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity.” ASU 2020-06 simplifies the accounting for convertible instruments by removing major separation models and removing certain settlement condition qualifiers for the derivatives scope exception for contracts in an entity’s own equity, and simplifies the related diluted net income per share calculation for both Subtopics. ASU 2020-06 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, for the Company as a smaller reporting company. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and disclosures. In May 2021, the FASB issued ASU No. 2021-04, “Earnings Per Share (Topic 206), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force).” ASU 2021-04 addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. This ASU is effective for all entities, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2021 | |
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: Schedule of Disaggregation of Revenue Revenue by Contract Type (In thousands) Three Months Ended Three Months Ended June 30, 2021 June 30, 2020 Treatment Services Total Treatment Services Total Fixed price $ 7,706 $ 1,482 $ 9,188 $ 7,840 $ 2,329 $ 10,169 Time and materials — 6,957 6,957 — 11,878 11,878 Total $ 7,706 $ 8,439 $ 16,145 $ 7,840 $ 14,207 $ 22,047 Revenue by Contract Type (In thousands) Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 Treatment Services Total Treatment Services Total Fixed price $ 15,201 $ 4,063 $ 19,264 $ 17,403 $ 3,721 $ 21,124 Time and materials — 20,014 20,014 — 25,783 25,783 Total $ 15,201 $ 24,077 $ 39,278 $ 17,403 $ 29,504 $ 46,907 Revenue by generator (In thousands) Three Months Ended Three Months Ended June 30, 2021 June 30, 2020 Treatment Services Total Treatment Services Total Domestic government $ 5,639 $ 6,764 $ 12,403 $ 6,055 $ 12,791 $ 18,846 Domestic commercial 2,060 391 2,451 1,785 431 2,216 Foreign government 7 1,261 1,268 — 965 965 Foreign commercial — 23 23 — 20 20 Total $ 7,706 $ 8,439 $ 16,145 $ 7,840 $ 14,207 $ 22,047 Revenue by generator (In thousands) Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 Treatment Services Total Treatment Services Total Domestic government $ 10,237 $ 19,425 $ 29,662 $ 13,745 $ 26,589 $ 40,334 Domestic commercial 4,328 981 5,309 3,658 893 4,551 Foreign government 541 3,625 4,166 — 1,979 1,979 Foreign commercial 95 46 141 — 43 43 Total $ 15,201 $ 24,077 $ 39,278 $ 17,403 $ 29,504 $ 46,907 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: Schedule of Contract Assets and Liabilities June 30, December 31, Year-to-date Year-to-date (In thousands) 2021 2020 Change ($) Change (%) Contract assets Account receivables, net of allowance $ 9,244 $ 9,659 $ (415 ) (4.3 )% Unbilled receivables - current 7,332 14,453 (7,121 ) (49.3 )% Contract liabilities Deferred revenue $ 3,932 $ 4,614 $ (682 ) (14.8 )% During the three and six months ended June 30, 2021, the Company recognized revenue of $ 1,763,000 6,074,000 2,516,000 6,539,000 Remaining Performance Obligations The Company applies the practical expedient in ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Within our Services Segment, there are service contracts which provide that the Company has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date. For those contracts, the Company has utilized the practical expedient in ASC 606-10-55-18, which allows the Company to recognize revenue in the amount for which we have the right to invoice; accordingly, the Company does not disclose the value of remaining performance obligations for those contracts. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases | |
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 right-of-use (“ROU”) assets and operating lease liabilities represent primarily leases for office and warehouse spaces used to conduct our business. Finance leases consist primarily of processing and transport equipment used by our facilities’ operations and also include a building with land for our waste treatment operations. The components of lease cost for the Company’s leases for the three and six months ended June 30, 2021 and 2020 were as follows (in thousands): Schedule of Components of Lease Cost Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Operating Leases: Lease cost $ 115 $ 114 $ 226 $ 228 Finance Leases: Amortization of ROU assets 58 26 117 52 Interest on lease liability 18 29 37 50 Finance Leases 76 55 154 102 Short-term lease rent expense 3 1 6 4 Total lease cost 194 170 386 334 The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at June 30, 2021 were: Schedule of Weighted Average Lease Operating Leases Finance Leases Weighted average remaining lease terms (years) 7.6 3.2 Weighted average discount rate 7.7 % 6.2 % The following table reconciles the undiscounted cash flows for the operating and finance leases at June 30, 2021 to the operating and finance lease liabilities recorded on the balance sheet (in thousands): Schedule of Operating and Finance Lease Liability Maturity Operating Leases Finance Leases 2021 (Remaining) $ 211 $ 353 2022 478 271 2023 486 150 2024 419 146 2025 327 146 2025 and thereafter 1,260 18 Total undiscounted lease payments 3,181 1,084 Less: Imputed interest (787 ) (96 ) Present value of lease payments $ 2,394 $ 988 Current portion of operating lease obligations $ 275 $ — Long-term operating lease obligations, less current portion $ 2,119 $ — Current portion of finance lease obligations $ — $ 433 Long-term finance lease obligations, less current portion $ — $ 555 Supplemental cash flow and other information related to our leases were as follows for the three and six months ended June 30, 2021 and 2020 (in thousands): Schedule of Supplemental Cash Flow and Other Information Related to Leases Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow used in operating leases $ 103 $ 110 $ 204 $ 220 Operating cash flow used in finance leases $ 18 $ 29 $ 37 $ 50 Financing cash flow used in finance leases $ 91 $ 128 $ 205 $ 229 ROU assets obtained in exchange for lease obligations for: Finance liabilities $ — $ 41 $ — $ 123 Operating liabilities $ 166 — 166 — |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
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: Schedule of Finite-Lived Intangible Assets June 30, 2021 December 31, 2020 Weighted Average Amortization Gross Net Gross Net Period Carrying Accumulated Carrying Carrying Accumulated Carrying (Years) Amount Amortization Amount Amount Amortization Amount Intangibles (amount in thousands) Patent 12.5 $ 746 $ (343 ) $ 403 $ 742 $ (334 ) $ 408 Software 3 524 (413 ) 111 418 (411 ) 7 Customer relationships 10 3,370 (2,999 ) 371 3,370 (2,910 ) 460 Total $ 4,640 $ (3,755 ) $ 885 $ 4,530 $ (3,655 ) $ 875 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 following table summarizes the expected amortization over the next five years for our definite-lived intangible assets: Schedule of Finite-Lived Intangible Assets, Future Amortization Expense Year (In thousands) 2021 (remaining) $ 123 2022 198 2023 158 2024 37 2025 14 Amortization expenses relating to the definite-lived intangible assets as discussed above were $ 50,000 100,000 55,000 109,000 |
Capital Stock, Stock Plans and
Capital Stock, Stock Plans and Stock Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
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 award incentive stock options (“ISOs”) and/or non-qualified stock options (“NQSOs”) to employees, officers, outside directors, and outside consultants. On May 4, 2021, the Company granted 6,000 7.50 The Company granted a NQSO to Robert Ferguson on July 27, 2017 from the Company’s 2017 Stock Option Plan (“2017 Plan”) for the purchase of up to 100,000 3.65 10,000 30,000 60,000 262,000 90,000 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 May 4, 2021 as discussed above and the related assumptions used in the Black-Scholes option model used to value the options granted were as follows: Schedule of Stock Options Valuation Assumptions Outside Director Stock Options Granted May 4, 2021 Weighted-average fair value per option $ 4.97 Risk -free interest rate (1) 1.61 % Expected volatility of stock (2) 55.91 % Dividend yield None Expected option life (3) 10 (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. The following table summarizes stock-based compensation recognized for the three and six months ended June 30, 2021 and 2020 for our employee and director stock options. Schedule of Share-based Compensation, Allocation of Recognized Period Costs 2021 2020 2021 2020 Three Months Ended Six Months Ended Stock Options June 30, June 30, 2021 2020 2021 2020 Employee Stock Options $ 33,000 $ 33,000 $ 66,000 $ 65,000 Director Stock Options 9,000 15,000 21,000 27,000 Total $ 42,000 $ 48,000 $ 87,000 $ 92,000 Stock-based compensation $ 42,000 $ 48,000 $ 87,000 $ 92,000 At June 30, 2021, the Company has approximately $ 215,000 1.6 The summary of the Company’s total Stock Option Plans as of June 30, 2021 and June 30, 2020, and changes during the periods then ended, are presented below. The Company’s Plans consist of the 2010 Stock Option Plan, the 2017 Plans and the 2003 Plan: Schedule of Stock Options Roll Forward Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (4) Options outstanding January 1, 2021 658,400 $ 3.87 Granted 6,000 $ 7.50 Exercised (500 ) $ 3.15 $ 2,175 Forfeited/expired (1,500 ) $ 3.15 Options outstanding end of period (1) 662,400 $ 3.90 3.1 $ 2,153,595 Options exercisable at June 30, 2021 (2) 391,900 $ 4.08 3.1 $ 1,202,495 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (4) Options outstanding January 1, 2020 681,300 $ 3.84 Granted 6,000 $ 7.00 16,060 Exercised (12,500 ) $ 3.47 Forfeited/expired (20,000 ) $ 3.45 Options outstanding end of period (3) 654,800 $ 3.88 3.7 $ 1,685,031 Options exercisable as of June 30, 2020 (3) 306,800 $ 4.20 3.6 $ 711,306 (1) Options with exercise prices ranging from $ 2.79 7.50 (2) Options with exercise prices ranging from $ 2.79 7.29 (3) Options with exercise prices ranging from $ 2.79 8.40 (4) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price. During the six months ended June 30, 2021, the Company issued a total of 26,427 221 During the six months ended June 30, 2021, the Company issued 290 500 3.15 |
Income Per Share
Income Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Income Per Share | 7. Income Per Share Basic income per share is calculated based on the weighted-average number of outstanding common shares during the applicable period. Diluted 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 share. The following table reconciles the income and average share amounts used to compute both basic and diluted income per share: Schedule of Earnings Per Share, Basic and Diluted Three Months Ended Six Months Ended June 30, June 30, (Unaudited) (Unaudited) (Amounts in Thousands, Except for Per Share Amounts) 2021 2020 2021 2020 Net income (loss) attributable to Perma-Fix Environmental Services,Inc., common stockholders: Income from continuing operations, net of taxes $ 3,121 $ 260 $ 2,083 $ 1,568 Net loss attributable to non-controlling interest (29 ) (29 ) (59 ) (55 ) Income from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders 3,150 289 2,142 1,623 Loss from discontinuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders (127 ) (85 ) (242 ) (199 ) Net income attributable to Perma-Fix Environmental Services, Inc. common stockholders $ 3,023 $ 204 $ 1,900 $ 1,424 Basic income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ .25 $ .02 $ .16 $ .12 Diluted income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ .24 $ .02 $ .15 $ .12 Weighted average shares outstanding: Basic weighted average shares outstanding 12,180 12,135 12,173 12,129 Add: dilutive effect of stock options 229 134 217 171 Add: dilutive effect of warrants 31 17 30 20 Diluted weighted average shares outstanding 12,440 12,286 12,420 12,320 Potential shares excluded from above weighted average share calcualtions due to their anti-dilutive effect include: Stock options 12 38 36 38 Warrant — — — — Stock Options and Warrants |
Long Term Debt
Long Term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long Term Debt | 8. Long Term Debt Long-term debt consists of the following: Schedule of Long term Debt (Amounts in Thousands) June 30,2021 December 31, 2020 Total debt 1,223 6,729 Revolving Credit May 15, 2024. Effective interest rate for the first six month of 2021 was 5.3% (1) $ — $ — Term Loan due on May 15, 2024 4.4% (1) 1,177 1,388 Promissory Note accrues at annual rate of 1.0% (3) — 5,318 (4) Notes Payable to 2023 and 2025, annual interest rate of 5.6% 9.1% 46 23 Total debt 1,223 6,729 Less current portion of long-term debt 404 3,595 Long-term debt $ 819 $ 3,134 (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 ($ 103,000 105,000 (3) Uncollateralized note. (4) Entered into with the Company’s credit facility lender under the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (see “PPP Loan” below for information regarding forgiveness on the entire loan balance, along with accrued interest, effective June 15, 2021). Revolving Credit and Term Loan Agreement The Company entered into a Second Amended and Restated Revolving Credit, Term Loan and Security Agreement, dated May 8, 2020 (“Loan Agreement”), with PNC National Association (“PNC”), acting as agent and lender. The Loan Agreement provides the Company with the following credit facility with a maturity date of March 15, 2024: (a) up to $ 18,000,000 1,742,000 35,547 On May 4, 2021, the Company entered into an amendment to the Loan Agreement with its lender which provided the following, among other things: ● revised the Company’s fixed charge coverage ratio (“FCCR”) calculation requirement which allows for the add-back of approximately $ 5,318,000 in eligible expenses that were incurred and covered by the PPP Loan that the Company received in 2020. The add-back is to be applied retroactively to the second and third quarters of 2020. (see below for a discussion of the PPP Loan); and ● a capital expenditure line of up to $ 1,000,000 with advances on the line, subject to certain limitations, permitted for up to twelve months starting May 4, 2021 (the “Borrowing Period”). Only interest is payable on advances during the Borrowing Period (see annual rate of interest below on the capital expenditure line). At the end of the Borrowing Period, the total amount advanced under the line will amortize equally based on a five -year amortization schedule with principal payment due monthly plus interest. At the maturity date of the Loan Agreement, any unpaid principal balance plus interest, if any, will become due. No advance on the capital line has been made as of June 30, 2021. In connection with the amendment, the Company paid its lender a fee of $ 15 Pursuant to the Loan Agreement, as amended, payment of annual rate of interest due on the revolving credit is at prime ( 3.25% 2% 3.00% 2.50% 3.50% 0.75% The Company may terminate its Loan Agreement upon 90 days’ prior written notice upon payment in full of our obligations under the Loan Agreement. The Company agreed to pay PNC 1.0% 0.5% At June 30, 2021, the borrowing availability under the Company’s revolving credit was approximately $ 9,550,000 3,020,000 The Company’s credit facility under its Loan Agreement, as amended, 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 the 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 met its financial covenant requirements in the first quarter of 2021. The Company’s FCCR calculation in the first quarter of 2021 included the add-back of approximately $ 5,318,000 PPP Loan On April 14, 2020, the Company entered into a promissory note under the PPP with PNC, our credit facility lender, which had a balance of approximately $ 5,318,000 1.0% On October 5, 2020, the Company applied for forgiveness on repayment of the PPP Loan as permitted under the Flexibility Act. On July 1, 2021, the Company was notified by PNC that the entire balance of the PPP Loan of approximately $ 5,318,000 63,000 5,381 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Hazardous Waste In connection with our waste management services, the Company processes 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 at the disposal site, the Company 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 could would have a material adverse effect on our financial position, liquidity or results of future operations. During July 2020, Tetra Tech EC, Inc. (“Tetra Tech”) filed a complaint in the United States District Court for the Northern District of California (the “Court”) against CH2M Hill, Inc. (“CH2M”) and four subcontractors of CH2M, including the Company (“Defendants”). The complaint alleges claims for negligence, negligent misrepresentation and equitable indemnification against all defendants related to alleged damages suffered by Tetra Tech in respect of certain draft reports prepared by defendants at the request of the U.S. Navy as part of an investigation and review of certain whistleblower complaints about Tetra Tech’s environmental restoration at the Hunter’s Point Naval Shipyard in San Francisco. CH2M was hired by the Navy in 2016 to review Tetra Tech’s work. CH2M subcontracted with environmental consulting and cleanup firms Battelle Memorial Institute, Cabrera Services, Inc., SC&A, Inc. and the Company to assist with the review, according to the complaint. The complaint alleges that the subject draft reports were prepared negligently and in a biased manner, made public, and caused damage to Tetra Tech’s reputation; triggering related lawsuits and costing it opportunities for both government and commercial contracts. The Company has provided notice of this lawsuit to our insurance carrier. Our insurance carrier is providing a defense on our behalf in connection with this lawsuit, subject to a $ 100,000 On January 7, 2021, Defendants’ motion to dismiss the complaint in its entirety was granted without prejudice, with leave to amend. Tetra Tech subsequently filed a First Amended Complaint (“FAC”) and Defendants filed a motion to dismiss Tetra Tech’s FAC. Tetra Tech filed an opposition to Defendant’s motion to dismiss Tetra Tech’s FAC. Defendants, subsequently filed a joint reply to Tetra Tech’s motion in opposition. A decision and Order on Defendants’ motion to dismiss is pending from the Court. At this time, the Company continues to believe it does not have any liability to Tetra Tech. Insurance The Company has a 25 28,177,000 19,898,000 11,467,000 11,446,000 1,996,000 1,975,000 2,000 21,000 27,000 83,000 100% 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 June 30, 2021, the total amount of standby letters of credit outstanding was approximately $ 3,020,000 43,561,000 |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 10. Discontinued Operations The Company’s discontinued operations consist of all our subsidiaries included in our previous Industrial Segment which encompasses subsidiaries divested in 2011 and prior and three previously closed locations. The Company’s discontinued operations had net losses of $ 127 85 0 242 199 0 The following table presents the major class of assets of discontinued operations as of June 30, 2021 and December 31, 2020. No assets and liabilities were held for sale at each of the periods noted. Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet June 30, December 31, (Amounts in Thousands) 2021 2020 Current assets Other assets $ 17 $ 22 Total current assets 17 22 Long-term assets Property, plant and equipment, net (1) 81 81 Other assets — — Total long-term assets 81 81 Total assets $ 98 $ 103 Current liabilities Accounts payable $ 4 $ 4 Accrued expenses and other liabilities 142 150 Environmental liabilities 671 744 Total current liabilities 817 898 Long-term liabilities Closure liabilities 146 142 Environmental liabilities 110 110 Total long-term liabilities 256 252 Total liabilities $ 1,073 $ 1,150 (1) net of accumulated depreciation of $ 10,000 |
Operating Segments
Operating Segments | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Operating Segments | 11. 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 four uniquely licensed and permitted treatment and storage facilities; and - Research & Development (“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; ○ health physics services including health physicists, radiological engineers, nuclear engineers and health physics technicians support to government and private radioactive materials licensees; ○ integrated Occupational Safety and Health services including industrial hygiene (“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 Occupational Safety and Health Administration (“OSHA”) citation assistance; ○ global technical services providing consulting, engineering (civil, nuclear, mechanical, chemical, radiological and environmental), project management, waste management, environmental, and decontamination and decommissioning field, technical, and management personnel and services to commercial and government customers; and ○ waste management services to commercial and governmental customers. - Nuclear services, which include: ○ decontamination and decommissioning (“D&D”) of government and commercial facilities impacted with radioactive material and hazardous constituents including engineering, technology applications, specialty services, logistics, transportation, processing and disposal; ○ license termination support of radioactive material licensed and federal facilities over the entire cycle of the termination process: project management, planning, characterization, waste stream identification and delineation, remediation/demo, final status survey, compliance demonstration, reporting, transportation, disposal and emergency response. - A company owned equipment calibration and maintenance laboratory that services, maintains, calibrates, and sources (i.e., rental) health physics, IH and customized nuclear, environmental, and occupational safety and health (“NEOSH”) instrumentation. - A company owned gamma spectroscopy laboratory for the analysis of oil and gas industry solids and liquids. MEDICAL SEGMENT, which is currently involved on a limited basis in the R&D of the Company’s medical isotope production technology, has not generated any revenue and has substantially reduced its R&D costs and 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. Our reporting segments exclude our corporate headquarters and our discontinued operations (see “Note 10 – Discontinued Operations”) which do not generate revenues. The table below presents certain financial information of our operating segments for the three and six months ended June 30, 2021 and 2020 (in thousands): Schedule of Segment Reporting Information Segment Reporting for the Quarter Ended June 30, 2021 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 7,706 $ 8,439 — $ 16,145 $ — $ 16,145 Intercompany revenues 319 32 — 351 — — Gross profit (negative gross profit) 1,433 (467 ) — 966 — 966 Research and development 43 19 72 134 10 144 Interest income — — — — 2 2 Interest expense (18 ) — — (18 ) (47 ) (65 ) Interest expense-financing fees — — — — (9 ) (9 ) Depreciation and amortization 310 85 — 395 5 400 Segment income (loss) before income taxes 471 (1,292 ) (72 ) (893 ) 4,027 (2) 3,134 Income tax expense 3 10 — 13 — 13 Segment income (loss) 468 (1,302 ) (72 ) (906 ) 4,027 3,121 Expenditures for segment assets 270 10 — 280 9 289 (3) Segment Reporting for the Quarter Ended June 30, 2020 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 7,840 $ 14,207 — $ 22,047 $ — $ 22,047 Intercompany revenues 446 5 — 451 — — Gross profit 1,695 1,615 — 3,310 — 3,310 Research and development 52 46 74 172 37 209 Interest income 1 — — 1 27 28 Interest expense (28 ) (4 ) — (32 ) (67 ) (99 ) Interest expense-financing fees — — — — (60 ) (60 ) Depreciation and amortization 275 84 — 359 5 364 Segment income (loss) before income taxes 750 1,031 (74 ) 1,707 (1,456 ) 251 Income tax benefit (9 ) — — (9 ) — (9 ) Segment income (loss) 759 1,031 (74 ) 1,716 (1,456 ) 260 Expenditures for segment assets 320 146 — 466 2 468 (4) Segment Reporting for the Six Months Ended June 30, 2021 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 15,201 $ 24,077 — $ 39,278 $ — $ 39,278 Intercompany revenues 979 39 — 1,018 — — Gross profit 2,358 964 — 3,322 — 3,322 Research and development 90 32 149 271 24 295 Interest income — — — — 21 21 Interest expense (37 ) (8 ) — (45 ) (87 ) (132 ) Interest expense-financing fees — — — — (17 ) (17 ) Depreciation and amortization 620 170 — 790 9 799 Segment income (loss) before income taxes 352 (737 ) (149 ) (534 ) 2,613 (2) 2,079 Income tax (benefit) expense (14 ) 10 — (4 ) — (4 ) Segment income (loss) 366 (747 ) (149 ) (530 ) 2,613 2,083 Expenditures for segment assets 627 14 — 641 9 650 (3) Segment Reporting for the Six Months Ended June 30, 2020 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 17,403 $ 29,504 — $ 46,907 $ — $ 46,907 Intercompany revenues 653 13 — 666 — — Gross profit 4,440 3,510 — 7,950 — 7,950 Research and development 145 112 140 397 44 441 Interest income 1 — — 1 83 84 Interest expense (46 ) (10 ) — (56 ) (163 ) (219 ) Interest expense-financing fees — — — — (129 ) (129 ) Depreciation and amortization 539 162 — 701 10 711 Segment income (loss) before income taxes 2,297 2,349 (140 ) 4,506 (2,933 ) 1,573 Income tax expense 5 — — 5 — 5 Segment income (loss) 2,292 2,349 (140 ) 4,501 (2,933 ) 1,568 Expenditures for segment assets 1,000 361 — 1,361 5 1,366 (4) (1) Amounts reflect the activity for corporate headquarters not included in the segment information. (2) Amounts includes approximately $ 5,381 (3) Net of financed amount of $ 0 29,000 (4) Net of financed amount of $ 51,000 132,000 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. 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. The Company had income tax expense of $ 13 4 9 5 0.4% 0.2% 3.6% 0.3% |
Variable Interest Entities (_VI
Variable Interest Entities (“VIE”) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities (“VIE”) | 13. Variable Interest Entities (“VIE”) The Company and Engineering/Remediation Resources Group, Inc. (“ERRG”) previously entered into an unpopulated joint venture agreement for project work bids within the Company’s Services Segment with the joint venture doing business as Perma-Fix ERRG, a general partnership. The Company has a 51% 49% The Company determines whether joint ventures in which it has invested meet the criteria of a VIE at the start of each new venture and when a reconsideration event has occurred. A VIE is a legal entity that satisfies any of the following characteristics: (a) the legal entity does not have sufficient equity investment at risk; (b) the equity investors at risk as a group, lack the characteristics of a controlling financial interest; or (c) the legal entity is structured with disproportionate voting rights. The Company consolidates a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s evaluation of Perma-Fix ERRG and related agreements with Perma-Fix ERRG, the Company determined that Perma-Fix ERRG continues to be a VIE in which the Company is the primary beneficiary. At June 30, 2021, Perma-Fix ERRG had total assets of $ 2,528 2,528 |
Deferral of Employment Tax Depo
Deferral of Employment Tax Deposits | 6 Months Ended |
Jun. 30, 2021 | |
Deferral Of Employment Tax Deposits | |
Deferral of Employment Tax Deposits | 14. Deferral of Employment Tax Deposits The Flexibility Act provides employers the option to defer the payment of an employer’s share of social security taxes beginning on March 27, 2020 through December 31, 2020 with 50% 50% 1,252,000 626 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events Management evaluated events occurring subsequent to June 30, 2021 through August 11, 2021, the date these consolidated financial statements were available for issuance, and other than as noted below determined that no material recognizable subsequent events occurred. 2003 Plan During April 2021, the Company’s Board approved an amendment to the 2003 Plan which was approved by the Company’s Shareholders at the Company’s Annual Meeting of Stockholders held on July 20, 2021 (the “Meeting”). The amendment provides, among other things, the following: ● The number of shares of Common Stock available for issuance under the 2003 Plan was increased by an additional 500,000 ● Each outside director is to be granted an option to purchase up to 10,000 ● Each newly-elected outside director is to be granted an option to purchase up to 20,000 ● Changes to the vesting schedule of each option granted under the 2003 Plan to outside directors. Upon the approval of the amendment to the 2003 Plan as discussed above and upon the reelection of the Company’s seven outside directors at the Meeting, the Company issued a NQSO to each of the Company’s seven reelected outside directors for the purchase of up to 10,000 5.93 Credit Facility On August 10, 2021, the Company entered into an amendment to its Loan Agreement with its lender which provided, among other things, the following: ● waived the Company’s failure to meet the minimum quarterly FCCR requirement for the second quarter of 2021; ● removes the quarterly FCCR testing requirement for the third quarter of 2021; ● reinstates the quarterly FCCR testing requirement starting for the fourth quarter of 2021 and revises the methodology to be used in calculating the FCCR for the quarters ending December 31, 2021, March 31, 2022, and June 30, 2022 (with no change to the minimum 1.15:1 ratio requirement for each quarter) ● requires maintenance of a minimum $ 3,000,000 In connection with the amendment, the Company paid its lender a fee of $ 15,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The adoption of ASU No. 2019-12 by the Company effective January 1, 2021 did not have a material impact on the Company’s financial statements. In January 2020, the FASB issued ASU 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” This guidance addresses accounting for the transition into and out of the equity method and provides clarification of the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities. This standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020. Early adoption is permitted. The adoption of ASU No. 2020-01 by the Company effective January 1, 2021 did not have a material impact on the Company’s financial statements. In October 2020, the FASB issued ASU No 2020-10, “Codification Improvements.” ASU 2020-10 updates various codification topics by clarifying or improving disclosure requirements. ASU 2020-10 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of ASU No. 2020-01 by the Company effective January 1, 2021 did not have a material impact on the Company’s financial statements or disclosures. |
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 (Topic 326) - Measurement of Credit Losses on Financial Instruments,” and various subsequent amendments to the initial guidance (collectively, “Topic 326”). Topic 326 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. In November 2019, FASB issued ASU 2019-10, “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842),” which defers the effective date of ASU 2016-13 for public companies that are considered smaller reporting companies as defined by the Commission to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. These ASUs are effective January 1, 2023 for the Company as a smaller reporting company (“SRC”). Under new guidance issued by the Commission in March 2020, the Company will continue to qualify as a smaller reporting company but will also be an accelerated filer for all filings with the Commission after January 1, 2022. The Company is currently evaluating the impact of these ASU on its consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity.” ASU 2020-06 simplifies the accounting for convertible instruments by removing major separation models and removing certain settlement condition qualifiers for the derivatives scope exception for contracts in an entity’s own equity, and simplifies the related diluted net income per share calculation for both Subtopics. ASU 2020-06 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, for the Company as a smaller reporting company. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and disclosures. In May 2021, the FASB issued ASU No. 2021-04, “Earnings Per Share (Topic 206), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force).” ASU 2021-04 addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. This ASU is effective for all entities, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of 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: Schedule of Disaggregation of Revenue Revenue by Contract Type (In thousands) Three Months Ended Three Months Ended June 30, 2021 June 30, 2020 Treatment Services Total Treatment Services Total Fixed price $ 7,706 $ 1,482 $ 9,188 $ 7,840 $ 2,329 $ 10,169 Time and materials — 6,957 6,957 — 11,878 11,878 Total $ 7,706 $ 8,439 $ 16,145 $ 7,840 $ 14,207 $ 22,047 Revenue by Contract Type (In thousands) Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 Treatment Services Total Treatment Services Total Fixed price $ 15,201 $ 4,063 $ 19,264 $ 17,403 $ 3,721 $ 21,124 Time and materials — 20,014 20,014 — 25,783 25,783 Total $ 15,201 $ 24,077 $ 39,278 $ 17,403 $ 29,504 $ 46,907 Revenue by generator (In thousands) Three Months Ended Three Months Ended June 30, 2021 June 30, 2020 Treatment Services Total Treatment Services Total Domestic government $ 5,639 $ 6,764 $ 12,403 $ 6,055 $ 12,791 $ 18,846 Domestic commercial 2,060 391 2,451 1,785 431 2,216 Foreign government 7 1,261 1,268 — 965 965 Foreign commercial — 23 23 — 20 20 Total $ 7,706 $ 8,439 $ 16,145 $ 7,840 $ 14,207 $ 22,047 Revenue by generator (In thousands) Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 Treatment Services Total Treatment Services Total Domestic government $ 10,237 $ 19,425 $ 29,662 $ 13,745 $ 26,589 $ 40,334 Domestic commercial 4,328 981 5,309 3,658 893 4,551 Foreign government 541 3,625 4,166 — 1,979 1,979 Foreign commercial 95 46 141 — 43 43 Total $ 15,201 $ 24,077 $ 39,278 $ 17,403 $ 29,504 $ 46,907 |
Schedule of Contract Assets and Liabilities | The following table represents changes in our contract assets and contract liabilities balances: Schedule of Contract Assets and Liabilities June 30, December 31, Year-to-date Year-to-date (In thousands) 2021 2020 Change ($) Change (%) Contract assets Account receivables, net of allowance $ 9,244 $ 9,659 $ (415 ) (4.3 )% Unbilled receivables - current 7,332 14,453 (7,121 ) (49.3 )% Contract liabilities Deferred revenue $ 3,932 $ 4,614 $ (682 ) (14.8 )% |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases | |
Schedule of Components of Lease Cost | The components of lease cost for the Company’s leases for the three and six months ended June 30, 2021 and 2020 were as follows (in thousands): Schedule of Components of Lease Cost Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Operating Leases: Lease cost $ 115 $ 114 $ 226 $ 228 Finance Leases: Amortization of ROU assets 58 26 117 52 Interest on lease liability 18 29 37 50 Finance Leases 76 55 154 102 Short-term lease rent expense 3 1 6 4 Total lease cost 194 170 386 334 |
Schedule of Weighted Average Lease | The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at June 30, 2021 were: Schedule of Weighted Average Lease Operating Leases Finance Leases Weighted average remaining lease terms (years) 7.6 3.2 Weighted average discount rate 7.7 % 6.2 % |
Schedule of Operating and Finance Lease Liability Maturity | The following table reconciles the undiscounted cash flows for the operating and finance leases at June 30, 2021 to the operating and finance lease liabilities recorded on the balance sheet (in thousands): Schedule of Operating and Finance Lease Liability Maturity Operating Leases Finance Leases 2021 (Remaining) $ 211 $ 353 2022 478 271 2023 486 150 2024 419 146 2025 327 146 2025 and thereafter 1,260 18 Total undiscounted lease payments 3,181 1,084 Less: Imputed interest (787 ) (96 ) Present value of lease payments $ 2,394 $ 988 Current portion of operating lease obligations $ 275 $ — Long-term operating lease obligations, less current portion $ 2,119 $ — Current portion of finance lease obligations $ — $ 433 Long-term finance lease obligations, less current portion $ — $ 555 |
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 three and six months ended June 30, 2021 and 2020 (in thousands): Schedule of Supplemental Cash Flow and Other Information Related to Leases Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow used in operating leases $ 103 $ 110 $ 204 $ 220 Operating cash flow used in finance leases $ 18 $ 29 $ 37 $ 50 Financing cash flow used in finance leases $ 91 $ 128 $ 205 $ 229 ROU assets obtained in exchange for lease obligations for: Finance liabilities $ — $ 41 $ — $ 123 Operating liabilities $ 166 — 166 — |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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: Schedule of Finite-Lived Intangible Assets June 30, 2021 December 31, 2020 Weighted Average Amortization Gross Net Gross Net Period Carrying Accumulated Carrying Carrying Accumulated Carrying (Years) Amount Amortization Amount Amount Amortization Amount Intangibles (amount in thousands) Patent 12.5 $ 746 $ (343 ) $ 403 $ 742 $ (334 ) $ 408 Software 3 524 (413 ) 111 418 (411 ) 7 Customer relationships 10 3,370 (2,999 ) 371 3,370 (2,910 ) 460 Total $ 4,640 $ (3,755 ) $ 885 $ 4,530 $ (3,655 ) $ 875 |
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: Schedule of Finite-Lived Intangible Assets, Future Amortization Expense Year (In thousands) 2021 (remaining) $ 123 2022 198 2023 158 2024 37 2025 14 |
Capital Stock, Stock Plans an_2
Capital Stock, Stock Plans and Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Options Valuation Assumptions | Schedule of Stock Options Valuation Assumptions Outside Director Stock Options Granted May 4, 2021 Weighted-average fair value per option $ 4.97 Risk -free interest rate (1) 1.61 % Expected volatility of stock (2) 55.91 % Dividend yield None Expected option life (3) 10 (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. |
Schedule of Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes stock-based compensation recognized for the three and six months ended June 30, 2021 and 2020 for our employee and director stock options. Schedule of Share-based Compensation, Allocation of Recognized Period Costs 2021 2020 2021 2020 Three Months Ended Six Months Ended Stock Options June 30, June 30, 2021 2020 2021 2020 Employee Stock Options $ 33,000 $ 33,000 $ 66,000 $ 65,000 Director Stock Options 9,000 15,000 21,000 27,000 Total $ 42,000 $ 48,000 $ 87,000 $ 92,000 Stock-based compensation $ 42,000 $ 48,000 $ 87,000 $ 92,000 |
Schedule of Stock Options Roll Forward | The summary of the Company’s total Stock Option Plans as of June 30, 2021 and June 30, 2020, and changes during the periods then ended, are presented below. The Company’s Plans consist of the 2010 Stock Option Plan, the 2017 Plans and the 2003 Plan: Schedule of Stock Options Roll Forward Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (4) Options outstanding January 1, 2021 658,400 $ 3.87 Granted 6,000 $ 7.50 Exercised (500 ) $ 3.15 $ 2,175 Forfeited/expired (1,500 ) $ 3.15 Options outstanding end of period (1) 662,400 $ 3.90 3.1 $ 2,153,595 Options exercisable at June 30, 2021 (2) 391,900 $ 4.08 3.1 $ 1,202,495 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (4) Options outstanding January 1, 2020 681,300 $ 3.84 Granted 6,000 $ 7.00 16,060 Exercised (12,500 ) $ 3.47 Forfeited/expired (20,000 ) $ 3.45 Options outstanding end of period (3) 654,800 $ 3.88 3.7 $ 1,685,031 Options exercisable as of June 30, 2020 (3) 306,800 $ 4.20 3.6 $ 711,306 (1) Options with exercise prices ranging from $ 2.79 7.50 (2) Options with exercise prices ranging from $ 2.79 7.29 (3) Options with exercise prices ranging from $ 2.79 8.40 (4) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price. |
Income Per Share (Tables)
Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Schedule of Earnings Per Share, Basic and Diluted Three Months Ended Six Months Ended June 30, June 30, (Unaudited) (Unaudited) (Amounts in Thousands, Except for Per Share Amounts) 2021 2020 2021 2020 Net income (loss) attributable to Perma-Fix Environmental Services,Inc., common stockholders: Income from continuing operations, net of taxes $ 3,121 $ 260 $ 2,083 $ 1,568 Net loss attributable to non-controlling interest (29 ) (29 ) (59 ) (55 ) Income from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders 3,150 289 2,142 1,623 Loss from discontinuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders (127 ) (85 ) (242 ) (199 ) Net income attributable to Perma-Fix Environmental Services, Inc. common stockholders $ 3,023 $ 204 $ 1,900 $ 1,424 Basic income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ .25 $ .02 $ .16 $ .12 Diluted income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ .24 $ .02 $ .15 $ .12 Weighted average shares outstanding: Basic weighted average shares outstanding 12,180 12,135 12,173 12,129 Add: dilutive effect of stock options 229 134 217 171 Add: dilutive effect of warrants 31 17 30 20 Diluted weighted average shares outstanding 12,440 12,286 12,420 12,320 Potential shares excluded from above weighted average share calcualtions due to their anti-dilutive effect include: Stock options 12 38 36 38 Warrant — — — — Stock Options and Warrants |
Long Term Debt (Tables)
Long Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long term Debt | Long-term debt consists of the following: Schedule of Long term Debt (Amounts in Thousands) June 30,2021 December 31, 2020 Total debt 1,223 6,729 Revolving Credit May 15, 2024. Effective interest rate for the first six month of 2021 was 5.3% (1) $ — $ — Term Loan due on May 15, 2024 4.4% (1) 1,177 1,388 Promissory Note accrues at annual rate of 1.0% (3) — 5,318 (4) Notes Payable to 2023 and 2025, annual interest rate of 5.6% 9.1% 46 23 Total debt 1,223 6,729 Less current portion of long-term debt 404 3,595 Long-term debt $ 819 $ 3,134 (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 ($ 103,000 105,000 (3) Uncollateralized note. (4) Entered into with the Company’s credit facility lender under the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (see “PPP Loan” below for information regarding forgiveness on the entire loan balance, along with accrued interest, effective June 15, 2021). |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020. No assets and liabilities were held for sale at each of the periods noted. Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet June 30, December 31, (Amounts in Thousands) 2021 2020 Current assets Other assets $ 17 $ 22 Total current assets 17 22 Long-term assets Property, plant and equipment, net (1) 81 81 Other assets — — Total long-term assets 81 81 Total assets $ 98 $ 103 Current liabilities Accounts payable $ 4 $ 4 Accrued expenses and other liabilities 142 150 Environmental liabilities 671 744 Total current liabilities 817 898 Long-term liabilities Closure liabilities 146 142 Environmental liabilities 110 110 Total long-term liabilities 256 252 Total liabilities $ 1,073 $ 1,150 (1) net of accumulated depreciation of $ 10,000 |
Operating Segments (Tables)
Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The table below presents certain financial information of our operating segments for the three and six months ended June 30, 2021 and 2020 (in thousands): Schedule of Segment Reporting Information Segment Reporting for the Quarter Ended June 30, 2021 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 7,706 $ 8,439 — $ 16,145 $ — $ 16,145 Intercompany revenues 319 32 — 351 — — Gross profit (negative gross profit) 1,433 (467 ) — 966 — 966 Research and development 43 19 72 134 10 144 Interest income — — — — 2 2 Interest expense (18 ) — — (18 ) (47 ) (65 ) Interest expense-financing fees — — — — (9 ) (9 ) Depreciation and amortization 310 85 — 395 5 400 Segment income (loss) before income taxes 471 (1,292 ) (72 ) (893 ) 4,027 (2) 3,134 Income tax expense 3 10 — 13 — 13 Segment income (loss) 468 (1,302 ) (72 ) (906 ) 4,027 3,121 Expenditures for segment assets 270 10 — 280 9 289 (3) Segment Reporting for the Quarter Ended June 30, 2020 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 7,840 $ 14,207 — $ 22,047 $ — $ 22,047 Intercompany revenues 446 5 — 451 — — Gross profit 1,695 1,615 — 3,310 — 3,310 Research and development 52 46 74 172 37 209 Interest income 1 — — 1 27 28 Interest expense (28 ) (4 ) — (32 ) (67 ) (99 ) Interest expense-financing fees — — — — (60 ) (60 ) Depreciation and amortization 275 84 — 359 5 364 Segment income (loss) before income taxes 750 1,031 (74 ) 1,707 (1,456 ) 251 Income tax benefit (9 ) — — (9 ) — (9 ) Segment income (loss) 759 1,031 (74 ) 1,716 (1,456 ) 260 Expenditures for segment assets 320 146 — 466 2 468 (4) Segment Reporting for the Six Months Ended June 30, 2021 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 15,201 $ 24,077 — $ 39,278 $ — $ 39,278 Intercompany revenues 979 39 — 1,018 — — Gross profit 2,358 964 — 3,322 — 3,322 Research and development 90 32 149 271 24 295 Interest income — — — — 21 21 Interest expense (37 ) (8 ) — (45 ) (87 ) (132 ) Interest expense-financing fees — — — — (17 ) (17 ) Depreciation and amortization 620 170 — 790 9 799 Segment income (loss) before income taxes 352 (737 ) (149 ) (534 ) 2,613 (2) 2,079 Income tax (benefit) expense (14 ) 10 — (4 ) — (4 ) Segment income (loss) 366 (747 ) (149 ) (530 ) 2,613 2,083 Expenditures for segment assets 627 14 — 641 9 650 (3) Segment Reporting for the Six Months Ended June 30, 2020 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 17,403 $ 29,504 — $ 46,907 $ — $ 46,907 Intercompany revenues 653 13 — 666 — — Gross profit 4,440 3,510 — 7,950 — 7,950 Research and development 145 112 140 397 44 441 Interest income 1 — — 1 83 84 Interest expense (46 ) (10 ) — (56 ) (163 ) (219 ) Interest expense-financing fees — — — — (129 ) (129 ) Depreciation and amortization 539 162 — 701 10 711 Segment income (loss) before income taxes 2,297 2,349 (140 ) 4,506 (2,933 ) 1,573 Income tax expense 5 — — 5 — 5 Segment income (loss) 2,292 2,349 (140 ) 4,501 (2,933 ) 1,568 Expenditures for segment assets 1,000 361 — 1,361 5 1,366 (4) (1) Amounts reflect the activity for corporate headquarters not included in the segment information. (2) Amounts includes approximately $ 5,381 (3) Net of financed amount of $ 0 29,000 (4) Net of financed amount of $ 51,000 132,000 |
Schedule of Disaggregation of R
Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 16,145 | $ 22,047 | $ 39,278 | $ 46,907 |
Domestic Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 12,403 | 18,846 | 29,662 | 40,334 |
Domestic Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 2,451 | 2,216 | 5,309 | 4,551 |
Foreign Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 1,268 | 965 | 4,166 | 1,979 |
Foreign Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 23 | 20 | 141 | 43 |
Treatment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 7,706 | 7,840 | 15,201 | 17,403 |
Treatment [Member] | Domestic Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 5,639 | 6,055 | 10,237 | 13,745 |
Treatment [Member] | Domestic Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 2,060 | 1,785 | 4,328 | 3,658 |
Treatment [Member] | Foreign Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 7 | 541 | ||
Treatment [Member] | Foreign Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 95 | |||
Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 8,439 | 14,207 | 24,077 | 29,504 |
Services [Member] | Domestic Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 6,764 | 12,791 | 19,425 | 26,589 |
Services [Member] | Domestic Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 391 | 431 | 981 | 893 |
Services [Member] | Foreign Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 1,261 | 965 | 3,625 | 1,979 |
Services [Member] | Foreign Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 23 | 20 | 46 | 43 |
Fixed Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 9,188 | 10,169 | 19,264 | 21,124 |
Fixed Price [Member] | Treatment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 7,706 | 7,840 | 15,201 | 17,403 |
Fixed Price [Member] | Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 1,482 | 2,329 | 4,063 | 3,721 |
Time and Materials [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 6,957 | 11,878 | 20,014 | 25,783 |
Time and Materials [Member] | Treatment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | ||||
Time and Materials [Member] | Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 6,957 | $ 11,878 | $ 20,014 | $ 25,783 |
Schedule of Contract Assets and
Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Account receivables, net of allowance | $ 9,244 | $ 9,659 | |
Unbilled receivables - current | 7,332 | 14,453 | |
Unbilled receivables - current | (7,121) | $ 3,085 | |
Deferred revenue | 3,932 | $ 4,614 | |
Year-to-date Change [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Change in account receivable, net the change in allowance | $ (415) | ||
Changes in Account receivables, net of allowance, percentage | (4.30%) | ||
Unbilled receivables - current | $ (7,121) | ||
Changes in Unbilled receivables - current, percentage | (49.30%) | ||
Deferred revenue | $ (682) | ||
Changes in Deferred revenue, percentage | (14.80%) |
Revenue (Details Narrative)
Revenue (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Revenue recognized | $ 1,763,000 | $ 2,516,000 | $ 6,074,000 | $ 6,539,000 |
Schedule of Components of Lease
Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Leases: | ||||
Lease cost | $ 115 | $ 114 | $ 226 | $ 228 |
Finance Leases: | ||||
Amortization of ROU assets | 58 | 26 | 117 | 52 |
Interest on lease liability | 18 | 29 | 37 | 50 |
Finance Leases | 76 | 55 | 154 | 102 |
Short-term lease rent expense | 3 | 1 | 6 | 4 |
Total lease cost | $ 194 | $ 170 | $ 386 | $ 334 |
Schedule of Weighted Average Le
Schedule of Weighted Average Lease (Details) | Jun. 30, 2021 |
Leases | |
Operating Leases, Weighted average remaining lease terms (years) | 7 years 7 months 6 days |
Finance Leases, Weighted average remaining lease terms (years) | 3 years 2 months 12 days |
Operating Leases, Weighted average discount rate | 7.70% |
Finance Leases, Weighted average discount rate | 6.20% |
Schedule of Operating and Finan
Schedule of Operating and Finance Lease Liability Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Leases | ||
Operating Leases 2021 (Remaining) | $ 211 | |
Finance Leases 2021 (Remaining) | 353 | |
Operating Leases 2022 | 478 | |
Finance Leases 2022 | 271 | |
Operating Leases 2023 | 486 | |
Finance Leases 2023 | 150 | |
Operating Leases 2024 | 419 | |
Finance Leases 2024 | 146 | |
Operating Leases 2025 | 327 | |
Finance Leases 2025 | 146 | |
Operating Leases 2025 and thereafter | 1,260 | |
Finance Leases 2025 and thereafter | 18 | |
Operating Leases Total undiscounted lease payments | 3,181 | |
Finance Leases Total undiscounted lease payments | 1,084 | |
Operating Leases Less: Imputed interest | (787) | |
Finance Leases Less: Imputed interest | (96) | |
Operating Leases Present value of lease payments | 2,394 | |
Finance Leases Present value of lease payments | 988 | |
Current portion of operating lease obligations | 275 | $ 273 |
Long-term operating lease obligations, less current portion | 2,119 | 2,070 |
Current portion of finance lease obligations | 433 | 525 |
Long-term finance lease obligations, less current portion | $ 555 | $ 662 |
Schedule of Supplemental Cash F
Schedule of Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases | ||||
Operating cash flow used in operating leases | $ 103 | $ 110 | $ 204 | $ 220 |
Operating cash flow used in finance leases | 18 | 29 | 37 | 50 |
Financing cash flow used in finance leases | 91 | 128 | 205 | 229 |
Finance liabilities | 41 | 123 | ||
Operating liabilities | $ 166 | $ 166 |
Schedule of Finite-Lived Intang
Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,640 | $ 4,530 |
Accumulated Amortization | (3,755) | (3,655) |
Finite-Lived Intangible Assets, Net | $ 885 | 875 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 12 years 6 months | |
Gross Carrying Amount | $ 746 | 742 |
Accumulated Amortization | (343) | (334) |
Finite-Lived Intangible Assets, Net | $ 403 | 408 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 3 years | |
Gross Carrying Amount | $ 524 | 418 |
Accumulated Amortization | (413) | (411) |
Finite-Lived Intangible Assets, Net | $ 111 | 7 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 10 years | |
Gross Carrying Amount | $ 3,370 | 3,370 |
Accumulated Amortization | (2,999) | (2,910) |
Finite-Lived Intangible Assets, Net | $ 371 | $ 460 |
Schedule of Finite-Lived Inta_2
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - Finite-Lived Intangible Assets [Member] $ in Thousands | Jun. 30, 2021USD ($) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
2021 (Remaining) | $ 123 |
2022 | 198 |
2023 | 158 |
2024 | 37 |
2025 | $ 14 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense of intangible asset | $ 50,000 | $ 55,000 | $ 100,000 | $ 109,000 |
Schedule of Stock Options Valua
Schedule of Stock Options Valuation Assumptions (Details) - Outside Director Stock Options Granted [Member] | May 04, 2021$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value per option | $ 4.97 | |
Risk -free interest rate | 1.61% | [1] |
Expected volatility of stock | 55.91% | [2] |
Dividend yield | 0.00% | |
Expected option life | 10 years | [3] |
[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. |
Schedule of Share-based Compens
Schedule of Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 42,000 | $ 48,000 | $ 87,000 | $ 92,000 |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 33,000 | 33,000 | 66,000 | 65,000 |
Director Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 9,000 | $ 15,000 | $ 21,000 | $ 27,000 |
Schedule of Stock Options Roll
Schedule of Stock Options Roll Forward (Details) - Equity Option [Member] - USD ($) | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Shares Options Outstanding Beginning | 658,400 | 681,300 | ||
Weighted Average Exercise Price Options Outstanding Beginning | $ 3.87 | $ 3.84 | ||
Shares Options Granted | 6,000 | 6,000 | ||
Weighted Average Exercise Price Options Granted | $ 7.50 | $ 7 | ||
Shares Options Exercised | (500) | (12,500) | ||
Weighted Average Exercise Price Options Exercised | $ 3.15 | $ 3.47 | ||
Aggregate Intrinsic Value Options Exercised | $ 2,175 | $ 16,060 | [1] | |
Shares Options Forfeited/expired | (1,500) | (20,000) | ||
Weighted Average Exercise Price Options Forfeited/expired | $ 3.15 | $ 3.45 | ||
Shares Options Outstanding Ending | 662,400 | [2] | 654,800 | [3] |
Weighted Average Exercise Price Options Outstanding Ending | $ 3.90 | [2] | $ 3.88 | [3] |
Weighted Average Remaining Contractual Term (years) Outstanding | 3 years 1 month 6 days | [2] | 3 years 8 months 12 days | [3] |
Aggregate Intrinsic Value Options Outstanding | $ 2,153,595 | [2] | $ 1,685,031 | [1],[3] |
Shares Options Exercisable | 391,900 | [4] | 306,800 | [3] |
Weighted Average Exercise Price Options Exercisable | $ 4.08 | [4] | $ 4.20 | [3] |
Weighted Average Remaining Contractual Term (years) Exercisable | 3 years 1 month 6 days | [4] | 3 years 7 months 6 days | [3] |
Aggregate Intrinsic Value Options Exercisable | $ 1,202,495 | [4] | $ 711,306 | [1],[3] |
[1] | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price. | |||
[2] | Options with exercise prices ranging from $ 2.79 7.50 | |||
[3] | Options with exercise prices ranging from $ 2.79 8.40 | |||
[4] | Options with exercise prices ranging from $ 2.79 7.29 |
Schedule of Stock Options Rol_2
Schedule of Stock Options Roll Forward (Details) (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Stock Option Outstanding [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Stock option exercise price per share lower limit | $ 2.79 | $ 2.79 |
Stock option exercise price per share upper limit | 7.50 | $ 8.40 |
Stock Option Exercisable [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Stock option exercise price per share lower limit | 2.79 | |
Stock option exercise price per share upper limit | $ 7.29 |
Capital Stock, Stock Plans an_3
Capital Stock, Stock Plans and Stock Based Compensation (Details Narrative) - USD ($) | May 04, 2021 | Jul. 27, 2017 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted average term for unrecognized and unvested option to be recognized | 1 year 7 months 6 days | ||||||||
Shares issued | $ 109,000 | $ 79,000 | $ 56,000 | $ 48,000 | |||||
Selling, General and Administrative Expense | 2,997,000 | $ 2,700,000 | $ 6,202,000 | $ 5,627,000 | |||||
Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock options, exercise price | $ 3.15 | ||||||||
Issuance of common stock upon exercise of options | 290 | ||||||||
Selling, General and Administrative Expense | $ 221,000 | ||||||||
Number of stock option purchased | 500 | ||||||||
Ferguson Stock Option [Member] | Second Milestone [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Options to purchase shares of common stock | 30,000 | ||||||||
Ferguson Stock Option [Member] | Third Milestone [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Options to purchase shares of common stock | 60,000 | ||||||||
Robert Ferguson [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Issuance of common stock upon exercise of options | 10,000 | ||||||||
Unrecognized compensation cost related to unvested options consultant | $ 262,000 | $ 262,000 | |||||||
Remaining stock option | 90,000 | 90,000 | |||||||
Employee and Directors [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized compensation cost related to unvested options consultant | $ 215,000 | $ 215,000 | |||||||
2003 Stock Option Plan [Member] | Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares issued | $ 26,427 | ||||||||
2003 Stock Option Plan [Member] | Board of Directors Chairman [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of stock option shares granted | 6,000 | ||||||||
Stock options, exercise price | $ 7.50 | ||||||||
2017 Stock Option Plan [Member] | Consultant [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of stock option shares granted | 100,000 | ||||||||
Stock options, exercise price | $ 3.65 |
Schedule of Earnings Per Share,
Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income (loss) attributable to Perma-Fix Environmental Services,Inc., common stockholders: | ||||
Income from continuing operations, net of taxes | $ 3,121 | $ 260 | $ 2,083 | $ 1,568 |
Net loss attributable to non-controlling interest | (29) | (29) | (59) | (55) |
Income from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | 3,150 | 289 | 2,142 | 1,623 |
Loss from discontinuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | (127) | (85) | (242) | (199) |
Net income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ 3,023 | $ 204 | $ 1,900 | $ 1,424 |
Basic income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ 0.25 | $ 0.02 | $ 0.16 | $ 0.12 |
Diluted income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ 0.24 | $ 0.02 | $ 0.15 | $ 0.12 |
Weighted average shares outstanding: | ||||
Basic weighted average shares outstanding | 12,180 | 12,135 | 12,173 | 12,129 |
Add: dilutive effect of stock options | 229 | 134 | 217 | 171 |
Add: dilutive effect of warrants | 31 | 17 | 30 | 20 |
Diluted weighted average shares outstanding | 12,440 | 12,286 | 12,420 | 12,320 |
Stock Options [Member] | ||||
Potential shares excluded from above weighted average share calcualtions due to their anti-dilutive effect include: | ||||
Stock Options and Warrants | 12 | 38 | 36 | 38 |
Warrant [Member] | ||||
Potential shares excluded from above weighted average share calcualtions due to their anti-dilutive effect include: | ||||
Stock Options and Warrants |
Schedule of Long term Debt (Det
Schedule of Long term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Total debt | $ 1,223 | $ 6,729 | |
Less current portion of long-term debt | 404 | 3,595 | |
Long-term debt | 819 | 3,134 | |
Revolving Credit [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | [1] | ||
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | [1],[2] | 1,177 | 1,388 |
Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | [3],[4] | 5,318 | |
Note Payable [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $ 46 | $ 23 | |
[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 ($ 103,000 105,000 | ||
[3] | Entered into with the Company’s credit facility lender under the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (see “PPP Loan” below for information regarding forgiveness on the entire loan balance, along with accrued interest, effective June 15, 2021). | ||
[4] | Uncollateralized note. |
Schedule of Long term Debt (D_2
Schedule of Long term Debt (Details) (Parenthetical) - USD ($) | May 08, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Apr. 14, 2020 |
Debt Instrument [Line Items] | ||||
Debt issuance costs net | $ 103,000 | $ 105,000 | ||
Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 1.00% | |||
Note Payable to 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 5.60% | |||
Note Payable to 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 9.10% | |||
Revolving Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt due date | May 15, 2024 | |||
Effective interest rate | 5.30% | |||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt due date | May 15, 2024 | |||
Effective interest rate | 4.40% |
Long Term Debt (Details Narrati
Long Term Debt (Details Narrative) - USD ($) | Jun. 15, 2021 | May 04, 2021 | May 08, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Apr. 14, 2021 | Dec. 31, 2020 | Apr. 14, 2020 | |
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | $ 1,223,000 | $ 1,223,000 | $ 6,729,000 | ||||||||
Letters of credit outstanding, amount | 3,020,000 | 3,020,000 | |||||||||
Gain (Loss) on Extinguishment of Debt | 5,381,000 | $ (27,000) | 5,381,000 | $ (27,000) | |||||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, basis spread on variable rate | 0.75% | ||||||||||
Capital Expenditure [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, equipment line | $ 1,000,000 | ||||||||||
Loan Agreement [Member] | Lender [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument fees | 15,000 | ||||||||||
Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | [1],[2] | 1,177,000 | 1,177,000 | $ 1,388,000 | |||||||
PNC Bank [Member] | Loan Agreement [Member] | On or Before May 7, 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Financing fee percentage | 1.00% | ||||||||||
PNC Bank [Member] | Loan Agreement [Member] | After May 7, 2021 But Prior to or On May 7, 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Financing fee percentage | 0.50% | ||||||||||
Revised Loan Agreement [Member] | PNC Bank [Member] | Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | $ 1,742,000 | ||||||||||
Paycheck Protection Program Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | $ 5,318,000 | ||||||||||
Expenses incurred | $ 5,318,000 | ||||||||||
Debt instrument, interest rate | 1.00% | ||||||||||
Debt Instrument, Decrease, Forgiveness | $ 5,318,000 | ||||||||||
Interest forgiveness | $ 63,000 | ||||||||||
Gain (Loss) on Extinguishment of Debt | 5,381,000 | ||||||||||
Term Loan and Capital Line Agreement [Member] | Prime Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, basis spread on variable rate | 2.50% | ||||||||||
Term Loan and Capital Line Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, basis spread on variable rate | 3.50% | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, remaining borrowing capacity | 9,550,000 | 9,550,000 | |||||||||
Letters of credit outstanding, amount | $ 3,020,000 | $ 3,020,000 | |||||||||
Revolving Credit Facility [Member] | Prime Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Effective interest rate | 3.25% | 3.25% | |||||||||
Debt Instrument, basis spread on variable rate | 2.00% | ||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, basis spread on variable rate | 3.00% | ||||||||||
Revolving Credit Facility [Member] | Revised Loan Agreement [Member] | PNC Bank [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 18,000,000 | ||||||||||
Revolving Credit Facility [Member] | Term Loan Agreement [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Monthly installments | $ 35,547 | ||||||||||
Annual rate of interest description | payment of annual rate of interest due on the revolving credit is at prime (3.25% at June 30, 2021) plus 2% or London InterBank Offer Rate (“LIBOR”) plus 3.00% and the term loan and the capital expenditure line at prime plus 2.50% | ||||||||||
[1] | Net of debt issuance costs of ($ 103,000 105,000 | ||||||||||
[2] | Our revolving credit facility is collateralized by our accounts receivable and our term loan is collateralized by our property, plant, and equipment. |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2003 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Repurchase Agreement Counterparty [Line Items] | ||||||
Self-insured retention | $ 100,000 | |||||
Finite risk sinking fund | $ 11,467,000 | 11,467,000 | $ 11,446,000 | |||
Interest Income | 2,000 | $ 28,000 | 21,000 | $ 84,000 | ||
Letters of credit outstanding, amount | 3,020,000 | 3,020,000 | ||||
Bond outstanding | 43,561,000 | 43,561,000 | ||||
American International Group, Inc [Member] | ||||||
Repurchase Agreement Counterparty [Line Items] | ||||||
Period of finite risk insurance policy | 25 years | |||||
Maximum allowable coverage of insurance policy | 28,177,000 | 28,177,000 | ||||
Coverage amount under the policy | 19,898,000 | 19,898,000 | ||||
Interest Income | $ 2,000 | $ 27,000 | $ 21,000 | $ 83,000 | ||
Insurers obligation to entity on termination of contract | 100.00% | 100.00% | ||||
American International Group, Inc [Member] | 2003 Closure Policy [Member] | ||||||
Repurchase Agreement Counterparty [Line Items] | ||||||
Finite risk sinking fund | $ 11,467,000 | $ 11,467,000 | 11,446,000 | |||
Interest Income | $ 1,996,000 | $ 1,975,000 |
Schedule of Disposal Groups, In
Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Other assets | $ 17 | $ 22 | |
Total current assets | 17 | 22 | |
Property, plant and equipment, net | [1] | 81 | 81 |
Other assets | |||
Total long-term assets | 81 | 81 | |
Total assets | 98 | 103 | |
Accounts payable | 4 | 4 | |
Accrued expenses and other liabilities | 142 | 150 | |
Environmental liabilities | 671 | 744 | |
Total current liabilities | 817 | 898 | |
Closure liabilities | 146 | 142 | |
Environmental liabilities | 110 | 110 | |
Total long-term liabilities | 256 | 252 | |
Total liabilities | $ 1,073 | $ 1,150 | |
[1] | net of accumulated depreciation of $ 10,000 |
Schedule of Disposal Groups, _2
Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet (Details) (Parenthetical) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Accumulated depreciation | $ 10,000 | $ 10,000 |
Discontinued Operations (Detail
Discontinued Operations (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Loss from discontinued operations (net of taxes of $0) | $ 127 | $ 85 | $ 242 | $ 199 |
Tax effect of discontinued operation | $ 0 | $ 0 | $ 0 | $ 0 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from external customers | $ 16,145 | $ 22,047 | $ 39,278 | $ 46,907 | ||||
Intercompany revenues | ||||||||
Gross profit (negative gross profit) | 966 | 3,310 | 3,322 | 7,950 | ||||
Research and development | 144 | 209 | 295 | 441 | ||||
Interest income | 2 | 28 | 21 | 84 | ||||
Interest expense | (65) | (99) | (132) | (219) | ||||
Interest expense-financing fees | (9) | (60) | (17) | (129) | ||||
Depreciation and amortization | 400 | 364 | 799 | 711 | ||||
Segment income (loss) before income taxes | 3,134 | 251 | 2,079 | 1,573 | ||||
Income tax expense | 13 | (9) | (4) | 5 | ||||
Segment income (loss) | 3,121 | 260 | 2,083 | 1,568 | ||||
Expenditures for segment assets | 289 | 468 | [1] | 650 | [2] | 1,366 | [1] | |
Treatment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from external customers | 7,706 | 7,840 | 15,201 | 17,403 | ||||
Intercompany revenues | 319 | 446 | 979 | 653 | ||||
Gross profit (negative gross profit) | 1,433 | 1,695 | 2,358 | 4,440 | ||||
Research and development | 43 | 52 | 90 | 145 | ||||
Interest income | 1 | 1 | ||||||
Interest expense | (18) | (28) | (37) | (46) | ||||
Interest expense-financing fees | ||||||||
Depreciation and amortization | 310 | 275 | 620 | 539 | ||||
Segment income (loss) before income taxes | 471 | 750 | 352 | 2,297 | ||||
Income tax expense | 3 | (9) | (14) | 5 | ||||
Segment income (loss) | 468 | 759 | 366 | 2,292 | ||||
Expenditures for segment assets | 270 | 320 | 627 | 1,000 | ||||
Services [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from external customers | 8,439 | 14,207 | 24,077 | 29,504 | ||||
Intercompany revenues | 32 | 5 | 39 | 13 | ||||
Gross profit (negative gross profit) | (467) | 1,615 | 964 | 3,510 | ||||
Research and development | 19 | 46 | 32 | 112 | ||||
Interest income | ||||||||
Interest expense | (4) | (8) | (10) | |||||
Interest expense-financing fees | ||||||||
Depreciation and amortization | 85 | 84 | 170 | 162 | ||||
Segment income (loss) before income taxes | (1,292) | 1,031 | (737) | 2,349 | ||||
Income tax expense | 10 | 10 | ||||||
Segment income (loss) | (1,302) | 1,031 | (747) | 2,349 | ||||
Expenditures for segment assets | 10 | 146 | 14 | 361 | ||||
Medical [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from external customers | ||||||||
Intercompany revenues | ||||||||
Gross profit (negative gross profit) | ||||||||
Research and development | 72 | 74 | 149 | 140 | ||||
Interest income | ||||||||
Interest expense | ||||||||
Interest expense-financing fees | ||||||||
Depreciation and amortization | ||||||||
Segment income (loss) before income taxes | (72) | (74) | (149) | (140) | ||||
Income tax expense | ||||||||
Segment income (loss) | (72) | (74) | (149) | (140) | ||||
Expenditures for segment assets | ||||||||
Segments Total [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from external customers | 16,145 | 22,047 | 39,278 | 46,907 | ||||
Intercompany revenues | 351 | 451 | 1,018 | 666 | ||||
Gross profit (negative gross profit) | 966 | 3,310 | 3,322 | 7,950 | ||||
Research and development | 134 | 172 | 271 | 397 | ||||
Interest income | 1 | 1 | ||||||
Interest expense | (18) | (32) | (45) | (56) | ||||
Interest expense-financing fees | ||||||||
Depreciation and amortization | 395 | 359 | 790 | 701 | ||||
Segment income (loss) before income taxes | (893) | 1,707 | (534) | 4,506 | ||||
Income tax expense | 13 | (9) | (4) | 5 | ||||
Segment income (loss) | (906) | 1,716 | (530) | 4,501 | ||||
Expenditures for segment assets | 280 | 466 | 641 | 1,361 | ||||
Corporate Segment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from external customers | [3] | [3] | [3] | |||||
Intercompany revenues | [3] | |||||||
Gross profit (negative gross profit) | [3] | [3] | [3] | |||||
Research and development | 10 | 37 | [3] | 24 | [3] | 44 | [3] | |
Interest income | 2 | 27 | [3] | 21 | [3] | 83 | [3] | |
Interest expense | (47) | (67) | [3] | (87) | [3] | (163) | [3] | |
Interest expense-financing fees | (9) | (60) | [3] | (17) | [3] | (129) | [3] | |
Depreciation and amortization | 5 | 5 | [3] | 9 | [3] | 10 | [3] | |
Segment income (loss) before income taxes | 4,027 | (1,456) | [3] | 2,613 | [3],[4] | (2,933) | [3] | |
Income tax expense | [3] | [3] | [3] | |||||
Segment income (loss) | 4,027 | (1,456) | [3] | 2,613 | [3] | (2,933) | [3] | |
Expenditures for segment assets | $ 9 | $ 2 | [3] | $ 9 | [3] | $ 5 | [3] | |
[1] | Net of financed amount of $ 51,000 132,000 | |||||||
[2] | Net of financed amount of $ 0 29,000 | |||||||
[3] | Amounts reflect the activity for corporate headquarters not included in the segment information. | |||||||
[4] | Amounts includes approximately $ 5,381 |
Schedule of Segment Reporting_2
Schedule of Segment Reporting Information (Details) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of Capitalization, Long-term Debt [Line Items] | ||||
Gain (Loss) on Extinguishment of Debt | $ 5,381 | $ (27) | $ 5,381 | $ (27) |
Financed portion amount in the purchase of capital expenditure | $ 0 | $ 51,000 | 29,000 | $ 132,000 |
Paycheck Protection Program Loan [Member] | ||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||
Gain (Loss) on Extinguishment of Debt | $ 5,381 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ 13 | $ (9) | $ (4) | $ 5 |
Income Tax Expense (Benefit) | $ (13) | $ 9 | $ 4 | $ (5) |
Effective income tax rate reconciliation, percent | (0.40%) | (3.60%) | (0.20%) | (0.30%) |
Variable Interest Entities (__2
Variable Interest Entities (“VIE”) (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Entity Listings [Line Items] | ||
Partnership interest rate | 51.00% | |
Total assets | $ 70,059 | $ 78,919 |
Total liabilities | $ 35,452 | $ 46,468 |
Engineering/Remediation Resources Group, Inc [Member] | ||
Entity Listings [Line Items] | ||
Partnership interest rate | 49.00% | |
Perma-Fix ERRG [Member] | ||
Entity Listings [Line Items] | ||
Total assets | $ 2,528 | |
Total liabilities | $ 2,528 |
Deferral of Employment Tax De_2
Deferral of Employment Tax Deposits (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Other Liabilities, Noncurrent | $ 626,000 | $ 626,000 |
Deferral of Employment Tax Deposits [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Social security taxes deferred description | The Flexibility Act provides employers the option to defer the payment of an employer’s share of social security taxes beginning on March 27, 2020 through December 31, 2020 with 50% of the amount of social security taxes deferred to become due on December 31, 2021 with the remaining 50% due on December 31, 2022. The Company elected to defer such taxes starting in mid-April 2020. At June 30, 2021, the Company has deferred payment of approximately $1,252,000 in its share of social security taxes, of which approximately $626,000 is included in “Other long-term liabilities,” with the remaining balance included in “Accrued expenses” within current liabilities in the Company’s Consolidated Balance Sheets. | |
Remaining payment of social security taxes amount | $ 1,252,000 | |
Deferral of Employment Tax Deposits [Member] | December 31, 2021 [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Percentage of social security taxes deferred payable | 50.00% | |
Deferral of Employment Tax Deposits [Member] | December 31, 2022 [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Percentage of social security taxes deferred payable | 50.00% |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Aug. 10, 2021 | Jul. 20, 2021 |
Forecast [Member] | Revolving Credit Facility [Member] | ||
Subsequent Event [Line Items] | ||
Line of credit facility, revolving credit | $ 3,000,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Credit facility, description | the quarterly FCCR testing requirement starting for the fourth quarter of 2021 and revises the methodology to be used in calculating the FCCR for the quarters ending December 31, 2021, March 31, 2022, and June 30, 2022 (with no change to the minimum 1.15:1 ratio requirement for each quarter) | |
Subsequent Event [Member] | Lender [Member] | ||
Subsequent Event [Line Items] | ||
Debt instrument fees amount | $ 15,000 | |
Subsequent Event [Member] | 2003 Stock Option Plan [Member] | ||
Subsequent Event [Line Items] | ||
Additional number of shares available | 500,000 | |
Subsequent Event [Member] | 2003 Stock Option Plan [Member] | Outside Reelected Director [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Number of stock option shares granted | 10,000 | |
Subsequent Event [Member] | 2003 Stock Option Plan [Member] | New Director [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Number of stock option shares granted | 20,000 | |
Subsequent Event [Member] | 2003 Stock Option Plan [Member] | Outside Director [Member] | ||
Subsequent Event [Line Items] | ||
Stock options, exercise price | $ 5.93 |