Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 14, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 1-11596 | ||
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 | #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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 64,147,134 | ||
Entity Common Stock, Shares Outstanding | 13,358,075 | ||
Documents Incorporated by Reference [Text Block] | None | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Atlanta, Georgia |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Current assets: | |||
Cash | $ 1,866 | $ 4,440 | |
Accounts receivable, net of allowance for credit losses of $57 and $85, respectively | 9,364 | 11,372 | |
Unbilled receivables | 6,062 | 8,995 | |
Inventories | 814 | 680 | |
Prepaid and other assets | 5,405 | 4,472 | |
Current assets related to discontinued operations | 15 | 15 | |
Total current assets | 23,526 | 29,974 | |
Property and equipment: | |||
Buildings and land | 24,021 | 20,631 | |
Equipment | 21,242 | 22,131 | |
Vehicles | 442 | 443 | |
Leasehold improvements | 23 | 23 | |
Office furniture and equipment | 1,299 | 1,316 | |
Construction-in-progress | 727 | 2,997 | |
Total property and equipment | 47,754 | 47,541 | |
Less accumulated depreciation | (28,797) | (28,932) | |
Net property and equipment | 18,957 | 18,609 | |
Property and equipment related to discontinued operations | [1] | 81 | 81 |
Operating lease right-of-use assets | 1,971 | 2,460 | |
Intangibles and other long term assets: | |||
Permits | 9,610 | 9,476 | |
Other intangible assets - net | 629 | 894 | |
Finite risk sinking fund (restricted cash) | 11,570 | 11,471 | |
Deferred tax assets | 4,116 | 3,527 | |
Other assets | 438 | 809 | |
Total assets | [2] | 70,898 | 77,301 |
Current liabilities: | |||
Accounts payable | 10,325 | 11,975 | |
Accrued expenses | 4,593 | 5,078 | |
Disposal/transportation accrual | 887 | 1,065 | |
Deferred revenue | 4,813 | 5,580 | |
Accrued closure costs - current | 682 | 578 | |
Current portion of long-term debt | 476 | 393 | |
Current portion of operating lease liabilities | 416 | 406 | |
Current portion of finance lease liabilities | 154 | 333 | |
Current liabilities related to discontinued operations | 362 | 506 | |
Total current liabilities | 22,708 | 25,914 | |
Accrued closure costs | 7,284 | 6,613 | |
Long-term debt, less current portion | 563 | 600 | |
Long-term operating lease liabilities, less current portion | 1,584 | 2,029 | |
Long-term finance lease liabilities, less current portion | 318 | 884 | |
Long-term liabilities related to discontinued operations | 908 | 677 | |
Total long-term liabilities | 10,657 | 10,803 | |
Total liabilities | 33,365 | 36,717 | |
Commitments and Contingencies (Note 16) | |||
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; 13,332,398 and 13,222,552 shares issued, respectively; 13,324,756 and 13,214,910 shares outstanding, respectively | 13 | 13 | |
Additional paid-in capital | 115,209 | 114,307 | |
Accumulated deficit | (77,436) | (73,620) | |
Accumulated other comprehensive loss | (165) | (28) | |
Less Common Stock in treasury, at cost; 7,642 shares | (88) | (88) | |
Total stockholders’ equity | 37,533 | 40,584 | |
Total liabilities and stockholders’ equity | $ 70,898 | $ 77,301 | |
[1]net of accumulated depreciation of $ 10,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 57 | $ 85 |
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 | 13,332,398 | 13,222,552 |
Common stock, shares outstanding | 13,324,756 | 13,214,910 |
Treasury stock, shares | 7,642 | 7,642 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Income Statement [Abstract] | ||||
Net revenues | $ 70,599 | $ 72,191 | ||
Cost of goods sold | 60,990 | 65,367 | ||
Gross profit | 9,609 | 6,824 | ||
Selling, general and administrative expenses | 14,652 | 12,845 | ||
Research and development | 336 | 746 | ||
Loss on disposal of property and equipment | 18 | 2 | ||
Loss from operations | (5,397) | (6,769) | ||
Other income (expense): | ||||
Interest income | 99 | 26 | ||
Interest expense | (175) | (247) | ||
Interest expense-financing fees | (61) | (41) | ||
Other (Note 11) | 1,945 | (86) | ||
Gain on extinguishment of debt (Note 11) | 5,381 | |||
Loss on deconsolidation of subsidiary (Note 15) | (1,062) | |||
Loss from continuing operations before taxes | (3,589) | [1] | (2,798) | |
Income tax benefit | (378) | (3,890) | [2] | |
(Loss) income from continuing operations, net of taxes | (3,211) | 1,092 | ||
Loss from discontinued operations (Note 9) | (605) | (421) | ||
Net (loss) income | (3,816) | 671 | ||
Net loss attributable to non-controlling interest | (164) | |||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ (3,816) | $ 835 | ||
Net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic and diluted: | ||||
Continuing operations | $ (0.24) | $ 0.10 | ||
Discontinued operations | (0.05) | (0.03) | ||
Net (loss) income per common share | $ (0.29) | $ 0.07 | ||
Number of common shares used in computing net (loss) income per share: | ||||
Basic | 13,280 | 12,433 | ||
Diluted | 13,280 | 12,673 | ||
[1]Includes approximately $ 1,975,000 2,351,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Net (loss) income | $ (3,816) | $ 671 |
Other comprehensive (loss) income: | ||
Foreign currency translation reclass to loss on deconsolidation of subsidiary (Note 15) | 148 | |
Foreign currency translation adjustments | (137) | 31 |
Total other comprehensive (loss) income | (137) | 179 |
Comprehensive (loss) income | (3,953) | 850 |
Comprehensive loss attributable to non-controlling interest | (164) | |
Comprehensive (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ (3,953) | $ 1,014 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock Held In Treasury [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest In Subsidiary [Member] | Retained Earnings [Member] | Total |
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 loss | (164) | 835 | 671 | ||||
Foreign currency translation | 31 | 31 | |||||
Deconsolidation of subsidiary (Note 15) | (1,004) | 148 | 1,906 | 1,050 | |||
Issuance of Common Stock for services | 427 | 427 | |||||
Issuance of Common Stock for services, shares | 60,723 | ||||||
Stock-Based Compensation | 250 | 250 | |||||
Issuance of Common Stock upon exercise of options | |||||||
Issuance of Common Stock upon exercise of options, shares | 290 | ||||||
Sale of Common Stock, net of offering costs (Note 7) | $ 1 | 5,703 | 5,704 | ||||
Sale of Common Stock, net of offering costs, shares | 1,000,000 | ||||||
Ending balance, value at Dec. 31, 2021 | $ 13 | 114,307 | (88) | (28) | (73,620) | 40,584 | |
Ending balance, shares at Dec. 31, 2021 | 13,222,552 | ||||||
Net loss | (3,816) | (3,816) | |||||
Foreign currency translation | (137) | (137) | |||||
Issuance of Common Stock for services | 481 | 481 | |||||
Issuance of Common Stock for services, shares | 90,920 | ||||||
Stock-Based Compensation | 408 | 408 | |||||
Issuance of Common Stock upon exercise of options | 13 | 13 | |||||
Issuance of Common Stock upon exercise of options, shares | 18,926 | ||||||
Ending balance, value at Dec. 31, 2022 | $ 13 | $ 115,209 | $ (88) | $ (165) | $ (77,436) | $ 37,533 | |
Ending balance, shares at Dec. 31, 2022 | 13,332,398 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash flows from operating activities: | |||
Net (loss) income | $ (3,816,000) | $ 671,000 | |
Less: loss on discontinued operations (Note 9) | (605,000) | (421,000) | |
(Loss) income from continuing operations, net of taxes | (3,211,000) | 1,092,000 | |
Adjustments to reconcile net (loss) income from continuing operations to cash provided by (used in) operating activities: | |||
Depreciation and amortization | 2,109,000 | 1,687,000 | |
Interest on finance lease with purchase option | 7,000 | ||
Loss on deconsolidation of subsidiary (Note 15) | 1,062,000 | ||
Gain on extinguishment of debt (Note 11) | (5,381,000) | ||
Amortization of debt issuance costs | 60,000 | 40,000 | |
Deferred tax benefit | (390,000) | (3,860,000) | |
(Recovery of) provision for credit losses on accounts receivable | (20,000) | 26,000 | |
Loss on disposal of property and equipment | 18,000 | 2,000 | |
Issuance of common stock for services | 481,000 | 427,000 | |
Stock-based compensation | 408,000 | 250,000 | |
Changes in operating assets and liabilities of continuing operations: | |||
Accounts receivable | 2,028,000 | (1,739,000) | |
Unbilled receivables | 2,933,000 | 5,458,000 | |
Prepaid expenses, inventories and other assets | 2,018,000 | 1,165,000 | |
Accounts payable, accrued expenses and unearned revenue | (6,270,000) | (6,552,000) | |
Cash provided by (used in) provided by continuing operations | 164,000 | (6,316,000) | |
Cash used in discontinued operations | (717,000) | (521,000) | |
Cash used in operating activities | (553,000) | (6,837,000) | |
Cash flows from investing activities: | |||
Purchases of property and equipment (net) | [1] | (1,023,000) | (1,577,000) |
Proceeds from sale of property and equipment | 26,000 | 17,000 | |
Deconsolidation of subsidiary - cash | (4,000) | ||
Cash used in investing activities of continuing operations | (997,000) | (1,564,000) | |
Cash flows from financing activities: | |||
Borrowing on revolving credit | 73,322,000 | 74,987,000 | |
Repayments of revolving credit borrowings | (73,322,000) | (74,987,000) | |
Proceeds from capital line | 524,000 | ||
Principal repayment of finance lease liabilities | (860,000) | (334,000) | |
Principal repayments of long term debt | (502,000) | (440,000) | |
Payment of debt issuance costs | (35,000) | (48,000) | |
(Offering costs paid)/ proceeds from sale of Common Stock, net of offering costs paid (Note 7) | (61,000) | 5,765,000 | |
Proceeds from issuance of Common Stock upon exercise of options | 13,000 | ||
Cash (used in) provided by financing activities of continuing operations | (921,000) | 4,943,000 | |
Effect of exchange rate changes on cash | (4,000) | (1,000) | |
Decrease in cash and finite risk sinking fund (restricted cash) (Note 2) | (2,475,000) | (3,459,000) | |
Cash and finite risk sinking fund (restricted cash) at beginning of period (Note 2) | 15,911,000 | 19,370,000 | |
Cash and finite risk sinking fund (restricted cash) at end of period (Note 2) | 13,436,000 | 15,911,000 | |
Supplemental disclosure: | |||
Interest paid | 173,000 | 230,000 | |
Income taxes paid | 6,000 | 47,000 | |
Non-cash investing and financing activities: | |||
Equipment purchase subject to finance lease | 114,000 | 556,000 | |
Equipment purchase subject to financing | $ 29,000 | ||
[1]Net of financed amount of $ 114,000 585,000 |
DESCRIPTION OF BUSINESS AND BAS
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | NOTE 1 DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Perma-Fix Environmental Services, Inc. (the Company, which may be referred to as we, us, or our), an environmental and technology know-how company, is a Delaware corporation, engaged through its subsidiaries, in three reportable segments: 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 - R&D activities to identify, develop and implement innovative waste processing techniques for problematic waste streams. SERVICES SEGMENT, which includes: - Technical services, which include: ◌ professional radiological measurement and site survey of large government and commercial installations using advanced methods, technology and engineering; ◌ integrated Occupational Safety and Health services including IH assessments; hazardous materials surveys, e.g., exposure monitoring; lead and asbestos management/abatement oversight; indoor air quality evaluations; health risk and exposure assessments; health & safety plan/program development, compliance auditing and training services; and OSHA citation assistance; ◌ global technical services providing consulting, engineering, project management, waste management, environmental, and D&D field, technical, and management personnel and services to commercial and government customers; and ◌ on-site waste management services to commercial and governmental customers. - Nuclear services, which include: ◌ technology-based services including engineering, D&D, specialty services and construction, logistics, transportation, processing and disposal; ◌ remediation of nuclear licensed and federal facilities and the remediation cleanup of nuclear legacy sites. Such services capability includes: project investigation; radiological engineering; partial and total plant D&D; facility decontamination, dismantling, demolition, and planning; site restoration; logistics; transportation; and emergency response; and - A company owned equipment calibration and maintenance laboratory that services, maintains, calibrates, and sources (i.e., rental) health physics, IH and customized NEOSH instrumentation. The Company’s continuing operations consist of the operations of our subsidiaries/facilities as follow: Diversified Scientific Services, Inc. (“DSSI”), Perma-Fix of Florida, Inc. (“PFF”), Perma-Fix of Northwest Richland, Inc. (“PFNWR”), Safety & Ecology Corporation (“SEC”), Perma-Fix Environmental Services UK Limited (“PF UK Limited”), Perma-Fix of Canada, Inc. (“PF Canada”) and Oak Ridge Environmental Waste Operations Center (“EWOC”). The Company’s continuing operations also consisted of Perma-Fix ERRG, a variable interest entity (“VIE”) for which we were the primary beneficiary. The VIE was an unpopulated joint venture (“JV”) entered between the Company and Engineering/Remediation Resources Group, Inc. (“ERRG”) for a specific project under the Services Segment in which the Company and ERRG had a 51% 49% 0 The Company’s discontinued operations (see “Note 9 – Discontinued Operations”) consist of operations of all our subsidiaries included in our Industrial Segment which encompasses subsidiaries divested in 2011 and prior and three previously closed locations. For 2021, the Company’s segment also included the Medical Segment. The Medical Segment entailed the R&D of the Company’s medical isotope production technology by the Company’s majority-owned Polish subsidiary, Perma-Fix Medical S.A (“PFM Poland”), and PFM Poland’s wholly-owned subsidiary, Perma-Fix Medical Corporation (“PFMC”). The Company’s Medical Segment (or “PF Medical”) had not generated any revenue. During the fourth quarter of 2021, the Company made the strategic decision to cease all R&D activities under the Medical Segment which resulted in the sale of 100% Financial Positions and Liquidity The Company’s 2022 financial results continued to be impacted by COVID-19, among other things. The Company’s Treatment Segment began to see steady improvements in waste receipts starting in the second quarter of 2022 from certain customers who had previously delayed waste shipments due, in part, from the impact of COVID-19. This positive trend was negatively impacted by occurrences of severe weather conditions which resulted in temporary delays in waste shipments from certain customers and a temporary shortage in skilled production personnel which peaked through the fourth quarter of 2022 at one of the Company’s facilities. In early part of 2022, the Company’s Services Segment continued to experience delays/curtailments in project work by certain customers since the award of projects to us late in the second quarter of 2021 due to COVID-19 impact and/or administrative delays. However, starting in the second quarter of 2022, work under these projects had resumed/increased as the pandemic impacts began to subside and has since reached full operational status. In 2022, the Company continued to realize delays in procurement and planning on behalf of our government clients that saw easing through the second half of the year. Heading into 2023, the Company expects to see continued improvements in waste receipts and continued increases in project work from contracts recently won and bids submitted in both segments that are awaiting awards, subject to potential impact of COVID-19 and economic impacts. The Company’s cash flow requirements during the twelve months ended December 31, 2022 were primarily financed by its operations, cash on hand and credit facility availability. The Company’s cash flow requirements for the next twelve months will consist primarily of general working capital needs, scheduled principal payments on its debt obligations, remediation projects, and planned capital expenditures. The Company plans to fund these requirements from its operations, credit facility availability, cash on hand and a refund that it expects to receive under the Employee Retention Credit program under the CARES Act (see a discussion of this expected refund in “Note 11 – The Coronavirus Aid, Relief, and Economic Security Act (“CARES ACT) – Employee Retention Credit (“ERC”)”). The Company continues to explore all sources of increasing its capital and/or liquidity and to improve its revenue and working capital, including either amending our existing lines of credit, obtaining new term loans or entering into equity transactions. There are no assurances that we will be successful in increasing our liquidity though these efforts. The Company is continually reviewing operating costs and reviewing the possibility of further reducing operating costs and non-essential expenditures to bring them in line with revenue levels, when necessary. At this time, the Company believes that its cash flows from operations, available liquidity from its credit facility, cash on hand and the expected refund from the ERC program should be sufficient to fund its operations for the next twelve months. The Company continues to closely monitor any potential impact from the countries’ economic conditions and COVID-19 pandemic on all aspects of our business. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The Company’s consolidated financial statements include our accounts, those of our wholly-owned subsidiaries, and Perma-Fix ERRG, a VIE for which we were the primary beneficiary as discussed above, after elimination of all significant intercompany accounts and transactions. The consolidated financial statements for 2021 also included the accounts of the Company’s Medical Segment which was divested in December 2021 as discussed above. Use of Estimates The Company prepares financial statements in conformity with accounting standards generally accepted in the United States (“U.S. GAAP”), which may require estimates of future cash flows and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as, the reported amounts of revenues and expenses during the reporting period. Due to the inherent uncertainty involved in making estimates, actual results could differ from those estimates. Cash and Finite Risk Sinking Fund (Restricted Cash) At December 31, 2022, the Company had cash on hand of approximately $ 1,866,000 4,440,000 11,570,000 11,471,000 Accounts Receivable During the fourth quarter of 2022, the Company adopted ASU 2016-13, “Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments.” This ASU replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including accounts receivable. Accounts receivable are customer obligations due under normal trade terms requiring payment within 30 or 60 days from the invoice date based on the customer type (government, broker, or commercial). The new standard requires entities to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivbles that are current or not yet due, which were not considered under the previous accounting guidance. In accordance with ASU 2016-13, the Company’s expected loss allowance methodology for receivables is developed using historical collection experience, current and future economic and market conditions that may affect customers’ ability to pay, and a review of the current status of customers’ accounts receivables. The Company does not apply a credit loss allowance to government related receivables due to our past successful experience in their collectability. The Company’s monitoring activities include routine follow-up on past due accounts and consideration of customers’ financial conditions. Once the Company has exhausted all options in the collection of a delinquent accounts receivable balance, which includes collection letters, demands for payment, collection agencies and attorneys, the account is deemed uncollectible and subsequently written off. The write off process involves approvals from senior management based on required approval thresholds. The following table sets forth the activity in the allowance for credit losses for the years ended December 31, 2022 and 2021 (in thousands): SCHEDULE OF CREDIT LOSSES FOR FINANCING RECEIVABLES, CURRENT Year Ended December 31, 2022 2021 Allowance for credit losses - beginning of year $ 85 $ 404 (Recovery of) provision charges (21 ) 41 Write-off (7 ) (360 ) Allowance for credit losses - end of year $ 57 $ 85 Unbilled Receivables Unbilled receivables are generated by differences between invoicing timing and our over time revenue recognition methodology used for revenue recognition purposes. As major processing and contract completion phases are completed and the costs are incurred, the Company recognizes the corresponding percentage of revenue. Within our Treatment Segment, the facilities experience delays in processing invoices due to the complexity of the documentation that is required for invoicing, as well as the difference between completion of revenue recognition milestones and agreed upon invoicing terms, which results in unbilled receivables. The timing differences occur for several reasons which include: partially from delays in the final processing of all wastes associated with certain work orders and partially from delays for analytical testing that is required after the facilities have processed waste but prior to our release of waste for disposal. The tasks relating to these delays can take months to complete but are generally completed within twelve months. Unbilled receivables within our Services Segment can result from work performed under contracts but invoice milestones have not yet been met and/or contract claims and pending change orders, including requests for equitable adjustments (“REA”) when work has been performed and collection of revenue is reasonably assured. Inventories Inventories consist of treatment chemicals, saleable used oils, and certain supplies. Additionally, the Company has replacement parts in inventory, which are deemed critical to the operating equipment and may also have extended lead times should the part fail and need to be replaced. Inventories are valued at the lower of cost or net realizable value with cost determined by the first-in, first-out method. Disposal and Transportation Costs The Company accrues for waste disposal based on the waste at each facility at the end of each accounting period. Current market prices for transportation and disposal costs are applied to the end of period waste inventories to calculate for the transportation and disposal accruals. Property and Equipment Property and equipment expenditures are capitalized and depreciated using the straight-line method over the estimated useful lives of the assets for financial statement purposes, while accelerated depreciation methods are principally used for income tax purposes. Generally, asset lives range from ten forty years three seven years Certain property and equipment expenditures are financed through leases. Amortization of financed leased assets is computed using the straight-line method over the estimated useful lives of the assets. At December 31, 2022, assets recorded under finance leases were $ 1,201,000 549,000 finance leases 652,000 2,409,000 475,000 finance leases 1,934,000 Long-lived assets, such as property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. Our depreciation expense totaled approximately $ 1,872,000 1,476,000 Leases The Company accounts for leases in accordance with FASB’s ASU 2016-02, “Leases (Topic 842).” 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. These leases have remaining terms of approximately one to seven years which include additional options to renew. The Company includes renewal options in valuing its ROU assets and liabilities when it determines that it is reasonably certain to exercise these renewal options. As most of our operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate when determining the present value of the lease payments. The incremental borrowing rate is determined based on the Company’s secured borrowing rate, lease terms and current economic environment. Some of our operating leases include both lease (rent payments) and non-lease components (maintenance costs such as cleaning and landscaping services). The Company has elected the practical expedient to account for lease component and non-lease component as a single component for all leases under ASU 2016-02. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Finance leases primarily consist of processing and transport equipment used by our facilities’ operations. The Company’s finance leases also included a building with land utilized for our waste treatment operations which included a purchase option. During the third quarter of 2021, the Company concluded that it was more likely than not that it would not exercise this purchase option but will continue to lease the property. Accordingly, a reassessment of this lease was performed which resulted in reclassification of this lease to an operating lease. The Company’s finance leases have remaining terms of approximately one to three years. See “Property and Equipment” above for assets recorded under financed leases. Borrowing rates for our finance leases are either explicitly stated in the lease agreements or implicitly determined from available terms in the lease agreements. The Company adopted the policy to not recognize ROU assets and liabilities for short term leases. Intangible Assets Intangible assets consist primarily of the recognized value of the permits required to operate our business. Indefinite-lived intangible assets are not amortized but are reviewed for impairment annually as of October 1, or when events or changes in the business environment indicate that the carrying value may be impaired. If the fair value of the asset is less than the carrying amount, a quantitative test is performed to determine the fair value. The impairment loss, if any, is measured as the excess of the carrying value of the asset over its fair value. Judgments and estimates are inherent in these analyses and include assumptions for, among other factors, forecasted revenue, gross margin, growth rate, operating income, timing of expected future cash flows, and the determination of appropriate long-term discount rates. Impairment testing of our indefinite-lived permits related to our Treatment reporting unit as of October 1, 2022 and 2021 resulted in no impairment charges. Intangible assets that have definite useful lives are amortized using the straight-line method over the estimated useful lives (with the exception of customer relationships which are amortized using an accelerated method) and are excluded from our annual intangible asset valuation review as of October 1. Definite-lived intangible assets are also tested for impairment whenever events or changes in circumstances suggest impairment might exist. R&D Operational innovation and technical know-how are very important to the success of our business. Our goal is to discover, develop, and bring to market innovative ways to process waste that address unmet environmental needs and to develop new company service offerings. The Company conducts research internally and also through collaborations with other third parties. R&D costs consist primarily of employee salaries and benefits, laboratory costs, third party fees, and other related costs associated with the development and enhancement of new potential waste treatment processes and new technology and are charged to expense when incurred in accordance with ASC Topic 730, “Research and Development.” Accrued Closure Costs and ARO Accrued closure costs represent our estimated environmental liability to clean up our facilities, as required by our permits, in the event of closure. ASC 410, “Asset Retirement and Environmental Obligations” requires that the discounted fair value of a liability for an ARO be recognized in the period in which it is incurred with the associated ARO capitalized as part of the carrying cost of the asset. The recognition of an ARO requires that management make numerous estimates, assumptions and judgments regarding such factors as estimated probabilities, timing of settlements, material and service costs, current technology, laws and regulations, and credit adjusted risk-free rate to be used. This estimate is inflated, using an inflation rate, to the expected time at which the closure will occur, and then discounted back, using a credit adjusted risk free rate, to the present value. ARO’s are included within buildings as part of property and equipment and are depreciated over the estimated useful life of the property. In periods subsequent to initial measurement of the ARO, the Company must recognize period-to-period changes in the liability resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows. Increases in the ARO liability due to passage of time impact net income as accretion expense, which is included in cost of goods sold. Changes in costs resulting from changes or expansion at the facilities require adjustment to the ARO liability and are capitalized and charged as depreciation expense, in accordance with the Company’s depreciation policy. Income Taxes Income taxes are accounted for in accordance with ASC 740, “Income Taxes.” Under ASC 740, the provision for income taxes is comprised of taxes that are currently payable and deferred taxes that relate to the temporary differences between financial reporting carrying values and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 requires that deferred income tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The Company regularly assesses the likelihood that the deferred tax asset will be recovered from future taxable income. The Company considers projected future taxable income and ongoing tax planning strategies, then records a valuation allowance to reduce the carrying value of the net deferred income taxes to an amount that is more likely than not to be realized. ASC 740 sets out a consistent framework for preparers to use to determine the appropriate recognition and measurement of uncertain tax positions. ASC 740 uses a two-step approach wherein a tax benefit is recognized if a position is more-likely-than-not to be sustained. The amount of the benefit is then measured to be the highest tax benefit which is greater than 50% likely to be realized. ASC 740 also sets out disclosure requirements to enhance transparency of an entity’s tax reserves. The Company recognizes accrued interest and income tax penalties related to unrecognized tax benefits as a component of income tax expense. The Company reassesses the validity of our conclusions regarding uncertain income tax positions on a quarterly basis to determine if facts or circumstances have arisen that might cause us to change our judgment regarding the likelihood of a tax position’s sustainability under audit. Foreign Currency The Company’s foreign subsidiaries include PF UK Limited and PF Canada and also included PF Medical. Assets and liabilities are translated to U.S. dollars at the exchange rate in effect at the balance sheet date and revenue and expenses at the average exchange rate for the period. Foreign currency translation adjustments for these subsidiaries are accumulated as a separate component of accumulated other comprehensive income (loss) in stockholders’ equity. Gains and losses resulting from foreign currency transactions are recognized in the Consolidated Statements of Operations. Concentration Risk The Company performed services relating to waste generated by government clients (domestic and foreign (primarily Canadian)), either indirectly for others as a subcontractor to government entities or directly as a prime contractor, representing approximately $ 60,030,000 85.0% 60,812,000 84.2% Our revenues are project/event based where the completion of one contract with a specific customer may be replaced by another contract with a different customer from year to year. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and accounts receivable. The Company maintains cash with high quality financial institutions, which may exceed Federal Deposit Insurance Corporation (“FDIC”) insured amounts from time to time. Concentration of credit risk with respect to accounts receivable is limited due to the Company’s large number of customers and their dispersion throughout the United States as well as with the significant amount of work that we perform for government entities. The Company had two government related customers whose total unbilled and net outstanding receivable balances represented 12.5% 23.0% 18.2% 23.5% Revenue Recognition and Related Policies The Company recognizes revenue in accordance with FASB’s ASC 606, “Revenue from Contracts with Customers.” ASC 606 provides a single, comprehensive revenue recognition model for all contracts with customers. Under ASC 606, a five-step process is utilized in order to determine revenue recognition, depicting the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Under ASC 606, a performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account. A contract transaction price is allocated to each distinct performance obligation and recognized as revenues as the performance obligation is satisfied. Treatment Segment Revenues: Contracts in our Treatment Segment primarily have a single performance obligation as the promise to receive, treat and dispose of waste is not separately identifiable in the contract and, therefore, not distinct. Performance obligations are generally satisfied over time using the input method. Under the input method, the Company uses a measure of progress divided into major phases which include receipt (ranging from 9.0% 33% 40% 79% 9.0% 27% The Company periodically enter into arrangements with customers for transportation of wastes to either our facility or to non-company owned disposal sites. Revenue from this arrangement is recognized at a point in time, upon the transfer of control. Control transfers when the wastes are picked up by the Company. Services Segment Revenues: Revenues for our Services Segment are generated from time and materials or fixed price arrangements: The Company’s primary obligation to customers in time and materials contracts relate to the provision of services to the customer at the direction of the customer. This provision of services at the request of the customer is the performance obligation, which is satisfied over time. Revenue earned from time and materials contracts is determined using the input method and is based on contractually defined billing rates applied to services performed and materials delivered. Under fixed price contracts, the objective of the project is not attained unless all scope items within the contract are completed and all of the services promised within fixed fee contracts constitute a single performance obligation. Transaction price is estimated based upon the estimated cost to complete the overall project. Revenue from fixed price contracts is recognized over time primarily using the input method. For the input method, revenue is recognized based on costs incurred on the project relative to the total estimated costs of the project. As discussed above for the Treatment and Services Segments, the Company’ revenue is generally recognized using the input method. This method of measuring progress provides a faithful depiction of the transfer to goods and services because the costs incurred are expected to be substantially proportionate to the Company’s satisfaction of the performance obligation. Contracts with our customers within our Treatment Segment are generally short term with an original expected length of one year or less. For the Services Segment, contracts with our customers generally have original terms ranging from one year or less to approximately twenty-four months. The Company’s contracts and subcontracts relating to activities at governmental sites generally allow for termination for convenience at any time at the government’s option without payment of a substantial penalty. Variable Consideration The Company’s contracts generally do not give rise to variable consideration. However, from time to time, the Company may submit requests for equitable adjustments under certain of its government contracts for price or other modifications that are determined to be variable consideration. The Company estimates the amount of variable consideration to include in the estimated transaction price based on historical experience with government contracts, anticipated performance and management’s best judgment at the time and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. These estimates are re-assessed each reporting period as required. Significant Payment Terms Invoicing is based on schedules established in customer contracts. Payment terms vary by customers but are generally established at 30 days from invoicing. Incremental Costs to Obtain a Contract Costs incurred to obtain contracts with our customers are immaterial and as a result, the Company expenses (within selling, general and administration expenses (“SG&A”)) incremental costs incurred in obtaining contracts with our customer as incurred. 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. The Company’s contracts and subcontracts relating to activities at governmental sites generally allow for termination for convenience at any time at the government’s option without payment of a substantial penalty. The Company does not disclose remaining performance obligations on these contracts. Stock-Based Compensation Stock-based compensation granted to employees are accounted for in accordance with ASC 718, “Compensation – Stock Compensation.” Stock-based payment transactions for acquiring goods and services from nonemployees are also accounted for under ASC 718. ASC 718 requires stock-based payments to employees and nonemployees, including grant of options, to be recognized in the Statement of Operations based on their fair values. The Company uses the Black-Scholes option-pricing model to determine the fair-value of stock-based awards which requires subjective assumptions. Assumptions used to estimate the fair value of stock-based awards include the exercise price of the award, the expected term, the expected volatility of our stock over the stock-based award’s expected term, the risk-free interest rate over the award’s expected term, and the expected annual dividend yield. The Company accounts for forfeitures when they occur. Comprehensive (Loss) Income The components of comprehensive (loss) income are net (loss) income and the effects of foreign currency translation adjustments. (Loss) Income Per Share Basic (loss) income per share is calculated based on the weighted-average number of outstanding common shares during the applicable period. Diluted (loss) income per share is based on the weighted-average number of outstanding common shares plus the weighted-average number of potential outstanding common shares. In periods where they are anti-dilutive, such amounts are excluded from the calculations of dilutive earnings per share. (Loss) income per share is computed separately for each period presented. Fair Value of Financial Instruments Certain assets and liabilities are required to be recorded at fair value on a recurring basis, while other assets and liabilities are recorded at fair value on a nonrecurring basis. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies, is: Level 1 — Level 2 — Level 3 — Financial instruments include cash (Level 1), accounts receivable, accounts payable, and debt obligations (Level 3). Credit is extended to customers based on an evaluation of a customer’s financial condition and, generally, collateral is not required. At December 31, 2022 and December 31, 2021, the fair value of the Company’s financial instruments approximated their carrying values. The fair value of the Company’s revolving credit and term loan approximate its carrying value due to the variable interest rate. Recently Adopted Accounting Standards In May 2021, the FASB issued Accounting Standards Update (“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 adoption of this ASU by the Company effective January 1, 2022 did not have a material impact on its financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued because of reference rate reform. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope,” which clarified the scope and application of the original guidance. The Company determined that only its obligations under its credit facility were impacted by these ASUs. During the third quarter of 2022, the Company entered into an amendment dated August 29, 2022 to its loan agreement which replaced the LIBOR option with the Secured Overnight Finance Rate (“SOFR”) option under its credit facility. The adoption of these aforementioned ASUs by the Company during the third quarter of 2022 did not have a material impact to its financial statements (see “Note 10 – Long Term Debt” for a discuss of the Company’s credit facility and the amendment dated August 29, 2022). On December 21, 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022 to December 31, 2024. 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 (“SRC”) as defined by the Commission to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of these ASUs by the Company during the fourth quarter of 2022 did not have a material impact to its financial statements. Recently Issued Accounting Standards – Not Yet Adopted 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 an SRC. 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. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | NOTE 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 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) Twelve Months Ended Twelve Months Ended December 31, 2022 December 31, 2021 Treatment Services Total Treatment Services Total Fixed price $ 33,358 $ 26,960 $ 60,318 $ 32,992 $ 11,236 $ 44,228 Time and materials — 10,281 10,281 — 27,963 27,963 Total $ 33,358 $ 37,241 $ 70,599 $ 32,992 $ 39,199 $ 72,191 Revenue $ 33,358 $ 37,241 $ 70,599 $ 32,992 $ 39,199 $ 72,191 Revenue by generator (In thousands) Twelve Months Ended Twelve Months Ended December 31, 2022 December 31, 2021 Treatment Services Total Treatment Services Total Domestic government $ 23,752 $ 35,906 $ 59,658 $ 22,538 $ 29,013 $ 51,551 Domestic commercial 8,307 1,408 9,715 9,294 1,412 10,706 Foreign government 574 (202 ) 372 577 8,684 9,261 Foreign commercial 725 129 854 583 90 673 Total $ 33,358 $ 37,241 $ 70,599 $ 32,992 $ 39,199 $ 72,191 Revenue $ 33,358 $ 37,241 $ 70,599 $ 32,992 $ 39,199 $ 72,191 Contract Balances The timing of revenue recognition and billings results in unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represent advance payment from customers in advance of the completion of our performance obligation. The following table represents changes in our contract asset and contract liabilities balances: SCHEDULE OF CONTRACT LIABILITIES Year-to-date Year-to-date (In thousands) December 31, 2022 December 31, 2021 Change ($) Change (%) Contract assets Unbilled receivables - current $ 6,062 $ 8,995 $ (2,933 ) (32.6 )% Contract liabilities Deferred revenue $ 4,813 $ 5,580 $ (767 ) (13.7 )% The decrease in unbilled receivables was primarily due to invoicing in connection with the Company’s Canadian projects within the Services Segment. The decrease in deferred revenue was attributed primarily to revenue recognized in connection with a Services Segment contract. During the twelve months ended December 31, 2022 and 2021, the Company recognized revenue of $ 6,576,000 7,196,000 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
LEASES | NOTE 4 LEASES The components of lease cost for the Company’s leases were as follows (in thousands): SCHEDULE OF COMPONENTS OF LEASE COST Twelve Months Ended 2022 2021 Operating Leases: Lease cost $ 627 $ 499 Finance Leases: Amortization of ROU assets 176 220 Interest on lease liability 37 97 Finance leases 213 317 Short-term lease rent expense 7 13 Total lease cost $ 847 $ 829 The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at December 31, 2022 were: SCHEDULE OF WEIGHTED AVERAGE LEASE Operating Leases Finance Leases Weighted average remaining lease terms (years) 6.2 3.0 Weighted average discount rate 7.8 % 5.3 % The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at December 31, 2021 were: Operating Leases Finance Leases Weighted average remaining lease terms (years) 6.9 4.0 Weighted average discount rate 7.6 % 6.2 % The following table reconciles the undiscounted cash flows for the operating and finance leases at December 31, 2022 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 2023 $ 556 $ 174 2024 416 170 2025 325 149 2026 301 18 2027 286 — 2028 and thereafter 656 — Total undiscounted lease payments 2,540 511 Less: Imputed interest (540 ) (39 ) Present value of lease payments $ 2,000 $ 472 Current portion of operating lease obligations $ 416 $ — Long-term operating lease obligations, less current portion $ 1,584 $ — Current portion of finance lease obligations $ — $ 154 Long-term finance lease obligations, less current portion $ — $ 318 Supplemental cash flow and other information related to our leases were as follows (in thousands): SCHEDULE OF SUPPLEMENTAL CASH FLOW AND OTHER INFORMATION RELATED TO LEASES Twelve Months Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating leases $ 573 $ 439 Operating cash flow from finance leases $ 37 $ 97 Financing cash flow from finance leases $ 860 $ 334 ROU assets obtained in exchange for lease obligations for: Finance liabilities $ 147 $ 577 Operating liabilities $ — $ 491 Reduction to ROU assets resulitng from reassessment for Finance liabilities $ — $ (364 ) |
PERMIT AND OTHER INTANGIBLE ASS
PERMIT AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
PERMIT AND OTHER INTANGIBLE ASSETS | NOTE 5 PERMIT AND OTHER INTANGIBLE ASSETS The following table summarizes changes in the carrying value of permits, which exist only in our Treatment Segment. SCHEDULE OF INTANGIBLE ASSETS Permit (amount in thousands) Treatment Balance as of December 31, 2020 $ 8,922 Permit renewal 121 Permit in progress 433 Balance as of December 31, 2021 $ 9,476 Permit in progress 134 Balance as of December 31, 2022 $ 9,610 The following table summarizes information relating to the Company’s definite-lived intangible assets: SCHEDULE OF DEFINITE LIVED INTANGIBLE ASSETS Weighted Average December 31, 2022 December 31, 2021 Amortization Gross Net Gross Net Other Intangibles Period Carrying Accumulated Carrying Carrying Accumulated Carrying (amount in thousands) (Years) Amount Amortization Amount Amount Amortization Amount Patent 8.3 $ 711 $ (374 ) $ 337 $ 787 $ (351 ) $ 436 Software 3 640 (468 ) 172 592 (415 ) 177 Customer relationships 10 3,370 (3,250 ) 120 3,370 (3,089 ) 281 Total $ 4,721 $ (4,092 ) $ 629 $ 4,749 $ (3,855 ) $ 894 The intangible assets noted above were amortized on a straight-line basis over their useful lives with the exception of customer relationships which were 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 Amount Year (In thousands) 2023 $ 195 2024 63 2025 26 2026 25 2026 22 Amortization expense recorded for definite-lived intangible assets was approximately $ 237,000 211,000 |
CAPITAL STOCK, STOCK PLANS, WAR
CAPITAL STOCK, STOCK PLANS, WARRANTS AND STOCK BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
CAPITAL STOCK, STOCK PLANS, WARRANTS AND STOCK BASED COMPENSATION | NOTE 6 CAPITAL STOCK, STOCK PLANS, WARRANTS AND STOCK BASED COMPENSATION Stock Option Plans The Company’s 2003 Outside Directors Stock Plan (the “2003 Plan”) provides for the grant of Non-Qualified Stock Options (“NQSOs”) to member of the Company’s Board of Directors (the “Board”) who is not an employee of the Company or its subsidiaries (“Eligible Director”). On July 20, 2021, the Company’s stockholders approved an amendment (the “Amendment”) to the 2003 Plan which provided the following, among other things: i) authorized an additional 500,000 6,000 20,000 2,400 10,000 six-month 25% The 2003 Plan continued to provide for the issuance to each Eligible Director a number of shares of the Company’s Common Stock in lieu of 65% or 100% (based on option elected by each director) of the fee payable to the Eligible Director for services rendered as a member of the Board. The number of shares issued is determined at 75% of the market value as defined in the 2003 Plan (the Company recognizes 100% of the market value of the shares issued). 1,600,000 448,534 The Company’s 2017 Stock Option Plan authorizes the grant of options to officers and employees of the Company, including any employee who is also a member of the Board, as well as to consultants of the Company. The 2017 Stock Option Plan, as amended (the “2017 Plan”), authorizes an aggregate grant of 1,140,000 The term of each stock option granted under the 2017 Plan shall be fixed by the Compensation and Stock Option Committee (the “Compensation Committee”), but no stock options will be exercisable more than ten years after the grant date, or in the case of an ISO granted to a 10% stockholder, five years after the grant date. The exercise price of any ISO granted under the 2017 Plan to an individual who is not a 10% stockholder at the time of the grant shall not be less than the fair market value of the shares at the time of the grant, and the exercise price of any ISO granted to a 10% stockholder shall not be less than 110% of the fair market value at the time of grant. 353,000 Stock Options to Employees and Outside Director On July 21, 2022, the Company issued a NQSO to each of the Company’s seven reelected outside directors for the purchase, under the Company’s 2003 Plan, of up to 10,000 ten years one-fourth vesting annually over a four-year period. 5.15 On July 21, 2022, the Company granted ISOs to certain employees for purchase under the Company’s 2017 Plan, of up to an aggregate of 24,000 six years one-fifth vesting annually over a five-year period. 5.34 On October 14, 2021, the Company granted ISOs to certain employees for the purchase, under the Company’s 2017 Plan, of up to an aggregate 305,000 50,000 25,000 20,000 25,000 25,000 six years one-fifth yearly vesting over a five-year period. 7.005 On July 20, 2021, the Company issued a NQSO to each of the Company’s seven reelected outside directors for the purchase, under the Company’s 2003 Plan, of up to 10,000 ten years one-fourth vesting annually over a four-year period. 5.93 On May 4, 2021, the Company issued a NQSO to a new director elected by the Company’s Board, for the purchase, under the Company’s 2003 Plan, of up to 6,000 ten years six months 7.50 During 2022, the Company issued 16,526 50,000 3.97 2,400 2,400 5.50 13,000 290 500 3.15 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 during 2022 and 2021 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 Employee Stock 2022 2021 Weighted-average fair value per share $ 2.71 3.51 Risk -free interest rate (1) 3.00 % 1.05 % Expected volatility of stock (2) 55.72 % 58.61 % Dividend yield None None Expected option life (3) 5.0 5.0 Outside Director Stock 2022 2021 Weighted-average fair value per share $ 3.61 $ 3.9 Risk -free interest rate (1) 2.91 % 1.23% 1.61% Expected volatility of stock (2) 55.04 % 55.84% 55.91% Dividend yield None None Expected option life (3) 10.0 10.0 (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 fiscal years 2022 and 2021. SCHEDULE OF SHARE-BASED COMPENSATION, ALLOCATION OF RECOGNIZED PERIOD COSTS Year Ended 2022 2021 Employee Stock Options $ 313,000 $ 178,000 Director Stock Options 95,000 72,000 Total $ 408,000 $ 250,000 At December 31, 2022, the Company has approximately $ 1,293,000 3.6 Stock Options to Consultant The Company granted a NQSO to Robert Ferguson on July 27, 2017 from the Company’s 2017 Plan for the purchase of up to 100,000 3.65 10,000 30,000 60,000 30,000 39,000 60,000 Summary of Stock Option Plans The summary of the Company’s total plans as of December 31, 2022 and 2021, and changes during the period then ended are presented as follows: SCHEDULE OF STOCK OPTIONS ROLL FORWARD Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (2) Options outstanding January 1, 2022 1,019,400 $ 4.91 - Granted 94,000 $ 5.20 Exercised (52,400 ) $ 4.04 $ 97,856 Forfeited/expired (42,600 ) $ 4.08 Options outstanding end of period (1) 1,018,400 $ 5.02 3.8 $ 44,262 Options exercisable at December 31, 2022 (1) 530,900 $ 4.27 2.4 $ 30,962 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (2) Options outstanding January 1, 2021 658,400 $ 3.87 - Granted 381,000 $ 6.82 Exercised (500 ) $ 3.15 $ 2,175 Forfeited/expired (19,500 ) $ 6.75 Options outstanding end of period (1) 1,019,400 $ 4.91 4.0 $ 1,669,687 Options exercisable at December 31, 2021 (1) 438,400 $ 3.95 2.7 $ 1,064,432 (1) Options with exercise prices ranging from $ 2.79 7.50 (2) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price The summary of the Company’s nonvested options as of December 31, 2022 and changes during the period then ended are presented as follows: SCHEDULE OF NON VESTED OPTIONS Weighted Average Grant-Date Shares Fair Value Non-vested options January 1, 2022 581,000 $ 3.13 Granted 94,000 3.39 Vested (154,500 ) 2.67 Forfeited (33,000 ) 3.08 Non-vested options at December 31, 2022 487,500 $ 3.32 Warrant In connection with a $ 2,500,000 60,000 3.51 The warrant expires on April 1, 2024 and remains outstanding at December 31, 2022. Upon Mr. Ferguson’s death, the warrant is now held by Mr. Ferguson’s estate. The Ferguson Loan was paid-in-full in December 2020. Common Stock Issued for Services The Company issued a total of 90,920 60,723 As a member of the Board, each director elects to receive either 65% or 100% of the director’s fee in shares of our Common Stock. The number of shares received is calculated based on 75% of the fair market value of our Common Stock determined on the business day immediately preceding the date that the quarterly fee is due. 477,000 467,000 Sale of Common Stock On September 30, 2021, the Company entered into subscription agreements with certain institutional and retail investors in a registered direct offering, for the sale and issuance of 1,000,000 Shares Reserved At December 31, 2022, the Company has reserved approximately 1,018,400 |
COMMON STOCK SUBSCRIPTION AGREE
COMMON STOCK SUBSCRIPTION AGREEMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
COMMON STOCK SUBSCRIPTION AGREEMENTS | NOTE 7 COMMON STOCK SUBSCRIPTION AGREEMENTS On September 30, 2021, the Company entered into subscription agreements (the “Subscription Agreements”) with certain institutional and retail investors (the “Purchasers”), pursuant to which the Company agreed to sell and issue, in a registered direct offering, an aggregate of 1,000,000 6.20 6,200,000 The Shares were offered and sold by the Company through a prospectus supplement pursuant to the Company’s “shelf” registration statement on Form S-3, which was previously filed with the Commission on May 13, 2019 and subsequently declared effective on May 22, 2019 (the “Registration Statement”). Wellington Shields & Co., LLC (“Wellington”) served as the exclusive placement agent in connection with the Offering, pursuant to a placement agency agreement dated as of September 23, 2021 (the “Placement Agency Agreement”), between the Company and Wellington. The Company paid Wellington a cash fee of 6.00% 372,000 50,000 496,000 5,704,000 61,000 The aggregate net proceeds from the offering were primarily used for working capital and general corporate purposes, including for certain facility expansion and upgrades. |
INCOME (LOSS) PER SHARE
INCOME (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
INCOME (LOSS) PER SHARE | NOTE 8 INCOME (LOSS) PER SHARE The following table reconciles the (loss) income and average share amounts used to compute both basic and diluted (loss) income per share: SCHEDULE OF EARNINGS PER SHARE Years Ended December 31, (Amounts in Thousands, Except for Per Share Amounts) 2022 2021 Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders: (Loss) income from continuing operations, net of taxes $ (3,211 ) $ 1,092 Net loss attributable to non-controlling interest — (164 ) (Loss) income from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (3,211 ) $ 1,256 Loss from discontinuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders (605 ) (421 ) Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (3,816 ) $ 835 Basic (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (.29 ) $ .07 Diluted (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (.29 ) $ .07 Weighted average shares outstanding: Basic weighted average shares outstanding 13,280 12,433 Add: dilutive effect of stock options — 211 Add: dilutive effect of warrants — 29 Diluted weighted average shares outstanding 13,280 12,673 Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: Stock options 499 323 Warrant — — |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 9 DISCONTINUED OPERATIONS The Company’s discontinued operations consist of all our subsidiaries included in our Industrial Segment which encompasses subsidiaries divested in 2011 and prior and three previously closed locations. The Company incurred losses from discontinued operations of $ 605,000 199,000 421,000 139,000 The following table presents the major class of assets of discontinued operations at December 31, 2022 and December 31, 2021. No assets and liabilities were held for sale at each of the periods noted. SCHEDULE OF DISPOSAL GROUPS, INCLUDING DISCONTINUED OPERATION BALANCE SHEET December 31, December 31, (Amounts in Thousands) 2022 2021 Current assets Other assets $ 15 $ 15 Total current assets 15 15 Long-term assets Property, plant and equipment, net (1) 81 81 Total long-term assets 81 81 Total assets $ 96 $ 96 Current liabilities Accounts payable $ 104 $ 3 Accrued expenses and other liabilities 146 154 Environmental liabilities 112 349 Total current liabilities 362 506 Long-term liabilities Closure liabilities 159 150 Environmental liabilities 749 527 Total long-term liabilities 908 677 Total liabilities $ 1,270 $ 1,183 (1) net of accumulated depreciation of $ 10,000 Environmental Liabilities The Company has three remediation projects, which are currently in progress relating to our PFD, PFM and PFSG (closed locations) subsidiaries, all within our discontinued operations. The Company divested PFD in 2008; however, the environmental liability of PFD was retained by the Company upon the divestiture of PFD. These remediation projects principally entail the removal/remediation of contaminated soil and, in most cases, the remediation of surrounding ground water. The remediation activities are closely reviewed and monitored by the applicable state regulators. At December 31, 2022, the Company had total accrued environmental remediation liabilities of $ 861,000 15,000 876,000 112,000 The current and long-term accrued environmental liabilities at December 31, 2022 are summarized as follows (in thousands). SCHEDULE OF CURRENT AND LONG TERM ACCRUED ENVIRONMENTAL LIABILITY Current Long-term Accrual Accrual Total PFD — $ 60 $ 60 PFM — 15 15 PFSG 112 674 786 Total liability $ 112 $ 749 $ 861 Total liability $ 112 $ 749 $ 861 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | NOTE 10 LONG-TERM DEBT Long-term debt consists of the following at December 31, 2022 and December 31, 2021: SCHEDULE OF LONG TERM DEBT (Amounts in Thousands) December 31, 2022 December 31, 2021 Revolving Credit (1) $ — $ — Revolving Credit May 15, 2024 8.9% 5.3% (1) $ — $ — Term Loan May 15, 2024 5.6% 4.5% (1) 552 (2) 954 (2) Capital Line May 15, 2024 6.2% (1) 463 — Notes Payable to 2023 and 2025, annual interest rate of 5.6% 9.1% 24 39 Total debt 1,039 993 Less current portion of long-term debt 476 393 Long-term debt $ 563 $ 600 (1) Our revolving credit facility is collateralized by our accounts receivable and our term loan and capital line are collateralized by our property, plant, and equipment. (2) Net of debt issuance costs of ($ 88,000 112,000 Revolving Credit, Term Loan and Capital Line 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 18,000,000 12,500,000 1,742,000 35,547 1,000,000 524,000 8,700 During 2022, the Company entered into further amendments to the Amended Loan Agreement with its lender, which provided the following, among other things (with the amended terms set forth in a Revised Loan Agreement): ● waived the Company’s failure to meet the minimum quarterly FCCR requirement for the fourth quarter of 2021 and second quarter of 2022; ● removed the quarterly FCCR testing requirement for the first and third quarters of 2022; ● reinstated the quarterly FCCR testing requirement starting for the fourth quarter of 2022 and revised the methodology in calculating the FCCR for the quarter ended December 31, 2022 and the methodology to be used in calculating the FCCR for the quarter ending March 31, 2023 (with no change to the minimum 1.15:1 ratio requirement for each quarter) ● required maintenance of a minimum of $ 3,000,000 ● revised the annual rate used to calculate the Facility Fee (as defined in the Loan Agreement) on the revolving credit, with addition of the capital expenditure line, from 0.375% 0.500% 0.375% ● added certain additional anti-terrorism provisions to the covenants; and ● replaced the LIBOR based interest rate benchmark with the SOFR. As a result of this new provision, payment of annual rate of interest due on the revolving credit is at prime (7.50% at December 31, 2022) plus 2% or Term SOFR Rate (as defined in the Revised Loan Agreement) plus 3.00% plus an SOFR Adjustment applicable for an interest period selected by us and payment of annual rate of interest due on the term loan and the capital expenditure line is at prime plus 2.50% or Term SOFR Rate plus 3.50% plus an SOFR Adjustment applicable for an interest period selected by us. A SOFR Adjustment rates of 0.10% and 0.15% are applicable for a one-month interest period and three-month period, respectively, that may be selected by us In connection with the amendments, the Company paid its lender fees totaling $ 30,000 The Company’s credit facility under its Revised Loan Agreement with PNC contains certain financial covenants, along with customary representations and warranties. A breach of any of these financial covenants, unless waived by PNC, could result in a default under our credit facility allowing our lender to immediately require the repayment of all outstanding debt under our credit facility and terminate all commitments to extend further credit. The Company’s Revised Loan Agreement prohibits us from paying cash dividends on our Common Stock without prior approval from our lender. The Company was not required to perform testing of the FCCR requirement in the first and third quarters of 2022 pursuant to amendments as discussed above. Based on an amendment that the Company entered into with its lender on March 21, 2023, the Company was not required to perform testing of the FCCR requirement in the fourth quarter of 2022 (see “Note 20 – Subsequent Events – Credit Facility” for a discussion of this amendment which provided for this provision, among other things). The Company failed to meet its FCCR requirement in the second quarter of 2022; however, this non-compliance was waived by our lender pursuant to an amendment that we entered into with our lender in 2022 as discussed above. Other than the above discussion pertaining to the Company’s FCCR requirements, the Company met all of its other financial covenant requirements in each of the quarters of 2022. After May 7, 2022, the Company may terminate its Revised Loan Agreement upon 90 days’ prior written notice upon payment in full of our obligations under the Revised Loan Agreement with no early termination fees. At December 31, 2022, the borrowing availability under the Company’s revolving credit was approximately $ 4,290,000 3,016,000 4,290,000 3,000,000 The following table details the amount of the maturities of long-term debt maturing in future years at December 31, 2022 (excludes debt issuance costs of $88,000). SCHEDULE OF MATURITIES OF LONG-TERM DEBT Year ending December 31: (In thousands) 2023 $ 542 2024 578 2025 7 Total $ 1,127 |
CORONAVIRUS AID, RELIEF, AND EC
CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (“CARES ACT”) | 12 Months Ended |
Dec. 31, 2022 | |
Coronavirus Aid Relief And Economic Security Act | |
CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (“CARES ACT”) | NOTE 11 CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (“CARES ACT”) Employee Retention Credit (“ERC”) The CARES Act, which was enacted on March 27, 2020, provides an Employee Retention Credit (“ERC”) for qualifying businesses keeping employees on their payroll during the COVID-19 pandemic. The ERC was subsequently amended by the Taxpayer Certainty and Disaster Tax Relief Act of 2020, the Consolidated Appropriation Act of 2021, and the American Rescue Plan Act of 2021, all of which amended and extended the ERC availability and guidelines under the CARES Act. Following these amendments, the Company determined that it was eligible for the ERC, and as a result of the foregoing legislations, is eligible to claim a refundable tax credit against the Company’s share of certain payroll taxes equal to 70% 10,000 7,000 During the third quarter of 2022, the Company determined it was eligible for the ERC and amended its third quarter 2021 employer payroll tax filings claiming a refund from the U.S. Treasury in the amount of approximately $ 1,975,000 Paycheck Protection Program (“PPP”) Loan In April 2020, the Company received a PPP Loan in the amount of approximately $ 5,318,000 1.0% 5,318,000 63,000 5,381,000 Deferral of Employment Tax Deposits The CARES Act, as amended, provided 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 1,252,000 626,000 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | NOTE 12 ACCRUED EXPENSES Accrued expenses include the following (in thousands) at December 31: SCHEDULE OF ACCRUED EXPENSES 2022 2021 Salaries and employee benefits $ 2,629 $ 3,049 Accrued sales, property and other tax 240 183 Interest payable 8 3 Insurance payable 1,253 1,209 Other 463 634 Total accrued expenses $ 4,593 $ 5,078 |
ACCRUED CLOSURE COSTS AND ARO
ACCRUED CLOSURE COSTS AND ARO | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ACCRUED CLOSURE COSTS AND ARO | NOTE 13 ACCRUED CLOSURE COSTS AND ARO Accrued closure costs represent our estimated environmental liability to clean up our fixed-based regulated facilities as required by our permits, in the event of closure. Changes to reported closure liabilities (current and long-term) for the years ended December 31, 2022 and 2021, were as follows: SCHEDULE OF CHANGE IN ASSET RETIREMENT OBLIGATION Amounts in thousands Balance as of December 31, 2020 $ 6,365 Accretion expense 377 Addition to closure liability 499 Spending (50 ) Balance as of December 31, 2021 $ 7,191 Accretion expense 411 Addition to closure liability 1,339 Spending (975 ) Balance as of December 31, 2022 $ 7,966 In 2022, the Company recorded a total of approximately $ 1,339,000 465,000 682,000 The addition to closure liabilities for 2021 reflected primarily estimated costs for decommissioning activities required to restore the leased property at our EWOC facility back to its original condition at the end of its lease term. As of December 31, 2021, current portion of the closure liabilities totaled approximately $ 578,000 The reported closure asset or ARO, is reported as a component of “Net Property and equipment” in the Consolidated Balance Sheets at December 31, 2022 and 2021 with the following activity for the years ended December 31, 2022 and 2021: SCHEDULE OF ASSET RETIREMENT OBLIGATIONS Amounts in thousands Balance as of December 31, 2020 $ 3,348 Addition to closure and post-closure asset 478 Amortization of closure and post-closure asset (250 ) Balance as of December 31, 2021 $ 3,576 Addition to closure and post-closure asset 1,128 Amortization of closure and post-closure asset (603 ) Balance as of December 31, 2022 $ 4,101 The addition to ARO reflects closure obligations as discussed above. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 14 INCOME TAXES The components of (loss) income before income tax benefits by jurisdiction for continuing operations for the years ended December 31, consisted of the following (in thousands): SCHEDULE OF INCOME (LOSS) BEFORE INCOME TAX (BENEFIT) EXPENSE 2022 2021 United States (2,782 ) (1,733 ) Canada (630 ) (1,880 ) United Kingdom (177 ) (246 ) Poland — 1,061 Total loss before tax benefit $ (3,589 ) $ (2,798 ) The components of current and deferred federal and state income tax (benefits) expense for continuing operations for the years ended December 31, consisted of the following (in thousands): SCHEDULE OF COMPONENTS OF INCOME TAX (BENEFIT) EXPENSE 2022 2021 Federal income tax benefit - deferred (331 ) (3,503 ) State income tax expense (benefit) - current 12 (56 ) Foreign income tax expense - current — 26 State income tax benefit - deferred (59 ) (357 ) Total income tax benefit $ (378 ) $ (3,890 ) An overall reconciliation between the expected tax benefit using the federal statutory rate of 21% for each of the years ended 2022 and 2021 and the benefit for income taxes from continuing operations as reported in the accompanying Consolidated Statement of Operations is provided below (in thousands). SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2022 2021 Federal tax benefit at statutory rate $ (754 ) $ (588 ) State tax expense (benefit), net of federal benefit 5 (412 ) Change in deferred tax rates 20 (93 ) Permanent items 220 62 PPP Loan forgiveness — (1,130 ) Debt forgiveness (PFM Poland) — (518 ) Difference in foreign rate (42 ) (135 ) True-up of deferred tax items 63 1,058 Other — (7 ) Increase (decrease) in valuation allowance 110 (2,127 ) Income tax benefit $ (378 ) $ (3,890 ) During the fourth quarter of 2021, the Company sold PFM Poland resulting from its decision to cease all R&D activities under its Medical Segment. Prior to the sale, the Company purchased Perma-Fix Medical LLC which was converted from PFMC, a wholly-owned subsidiary of PFM Poland. Perma-Fix Medical LLC was treated as a disregarded entity for tax purposes, resulting in a realized tax loss of $ 2,466,000 3,089,000 100% The Company regularly assesses the likelihood that the deferred tax asset will be recovered from future taxable income. In conducting this assessment, the Company considers projected future taxable income and ongoing tax planning strategies, then records a valuation allowance to reduce the carrying value of the net deferred income taxes to an amount that is more likely than not to be realized. As of September 30, 2021, the Company determined that it was more likely than not that it would be able to realize a portion of the deferred income tax assets. As a result, a deferred income tax benefit in the amount of approximately $ 2,351,000 As of December 31, 2022, the Company assessed whether its deferred tax asset will more likely than not to be realized. This assessment included both positive and negative available evidences, which included the Company’s current contracts, cumulative loss, future reversal of existing taxable differences, and overall prospect of future business and earnings. Based on the weight of these available evidences, the Company concluded that it will more likely than not utilize its Federal and certain state net operating losses. The global intangible low-taxed income (“GILTI”) provisions under the Tax Cuts and Jobs Act of 2017 (the “TCJA”) require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company has elected to account for GILTI tax in the period in which it is incurred, and therefore has not provided any deferred tax impacts of GILTI in its consolidated financial statements for the years ended December 31, 2022 and 2021. As the Canada and United Kingdom foreign subsidiaries are in loss positions for 2022, no GILTI inclusion is expected for these entities for the current year. In addition, the aforementioned sale of PFM Poland in 2021 did not result in any GILTI inclusion. On March 27, 2020, the CARES Act was enacted and signed into law. The CARES Act included a number of income tax law changes, including modifications to the interest limitation under Internal Revenue Code (“IRC”) §163(j) and reinstatement of the ability to carry back net operating losses. The Company received forgiveness of its PPP Loan effective June 15, 2021 which was included in its Consolidated Statement of Operations as “Gain on extinguishment of debt” but was exempt from income taxes. The Company had temporary differences and net operating loss carry forwards from both our continuing and discontinued operations, which gave rise to deferred tax assets and liabilities at December 31, 2022 and 2021 as follows (in thousands): SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES Deferred tax assets: 2022 2021 Net operating losses $ 11,647 $ 10,057 Environmental and closure reserves 2,269 2,040 Lease liability 482 575 Capital loss carryforward 756 740 Other 936 1,099 Deferred tax liabilities: Depreciation and amortization (4,351 ) (3,362 ) Indefinite lived intangible assets (503 ) (464 ) Right-of-use lease asset (476 ) (583 ) 481(a) adjustment (53 ) (104 ) Prepaid expenses (30 ) (24 ) Deferred tax assets, gross 10,677 9,974 Valuation allowance (6,560 ) (6,447 ) Net deferred income tax asset 4,117 3,527 The Company has estimated net operating loss carryforwards (“NOLs”) for federal and state income tax purposes of approximately $ 25,413,000 78,400,000 expire in various amounts starting in 2022 25,296,000 The tax years 2019 through 2021 remain open to examination by taxing authorities in the jurisdictions in which the Company operates. No The Company had no Beginning in 2022, the TCJA amended Section 174 to eliminate current-year deductibility of research and experimentation (“R&E”) expenditures and software development costs (collectively, “R&E expenditures”) and instead require taxpayers to charge their R&E expenditures to a capital account amortized over five years (15 years for expenditures attributable to R&E activity performed outside the United States). For the 2022 tax year, the Company has capitalized $ 303,000 |
PF MEDICAL
PF MEDICAL | 12 Months Ended |
Dec. 31, 2022 | |
Pf Medical | |
PF MEDICAL | NOTE 15 PF MEDICAL The Company made the strategic decision during the fourth quarter of 2021 to cease all R&D activities under its Medical Segment. The Medical Segment conducted its activities through the Company’s majority-owned Polish subsidiary, PFM Poland and PFM Poland’s wholly-owned subsidiary PFMC, a Delaware corporation. On December 30, 2021, the Company entered into a Sales of Shares Agreement (the “sales agreement”) for its entire stock ownership ( 60.54% 47,000 2,537,000 Immediately before the sales agreement was executed, the Company converted PFMC from a S Corporation to a limited liability company (Perm-Fix Medical LLC or “PFM LLC”) and acquired the entire ownership from the majority-owned Polish subsidiary for $ 10 1,004,000 902,000 As a result, effective December 30, 2021, PFM Poland was no longer a subsidiary of the Company and the Company deconsolidated the entity from its consolidated financial statements in accordance with guidance in ASC 810-10-40, “Consolidation, Overall, Derecognition. ” The Company recognized a non-cash “Loss on deconsolidation of subsidiary” of approximately $ 1,062,000 94,000 SCHEDULE OF LOSS ON DECONSOLIDATION (In thousands) Note receivable consideration received $ 47 Less: Carrying amount of non-controlling interest 902 Carrying amount of accumulated other comprehensive loss 148 Net liabilities (35 ) Transaction costs 94 Loss on deconsolidation of subsidiary $ (1,062 ) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 16 COMMITMENTS AND CONTINGENCIES Hazardous Waste In connection with our waste management services, the Company processes hazardous, non-hazardous, low-level radioactive and mixed (containing both hazardous and low-level radioactive) 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, the Company may be involved in various litigation. The Company is not a party to any litigation or governmental proceeding which our management believes could result in any judgments or fines against us that would have a material adverse effect on our financial position, liquidity or results of future operations. Tetra Tech EC, Inc. (“Tetra Tech”) 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 various claims, including a claim for negligence, negligent misrepresentation, equitable indemnification and related business claims 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. Our insurance carrier is providing a defense on our behalf in connection with this lawsuit, subject to a $ 100,000 The majority of Tetra Tech’s claims have been dismissed by the Court. Remaining claims include: (1) Intentional Interference with Contractual Relations; and (2) Inducing a Breach of Contract. The Company continues to believe it has no liability exposure to Tetra Tech. PF Canada During the fourth quarter of 2021, PF Canada received a Notice of Termination (“NOT”) from Canadian Nuclear Laboratories, LTD. (“CNL”) on a Task Order Agreement (“TOA”) that PF Canada entered into with CNL in May 2019 for remediation work within Ontario, Canada (“Agreement”). The NOT was received after work under the TOA was substantially completed and work under the TOA has since been completed. CNL may terminate the TOA at any time for convenience. As of December 31, 2022, PF Canada has approximately $ 1,853,000 1,060,000 1,900,000 Insurance The Company has a 25 28,177,000 21,175,000 11,570,000 11,471,000 2,099,000 2,000,000 99,000 25,000 100 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 December 31, 2022, the total amount of standby letters of credit outstanding was approximately $ 3,016,000 35,432,000 |
PROFIT SHARING PLAN
PROFIT SHARING PLAN | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
PROFIT SHARING PLAN | NOTE 17 PROFIT SHARING PLAN The Company adopted a 401(k) Plan in 1992, which is intended to comply with Section 401 of the Internal Revenue Code and the provisions of the Employee Retirement Income Security Act of 1974. All full-time employees who have attained the age of 18 four 100 25 five years 575,000 589,000 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 18 RELATED PARTY TRANSACTIONS David Centofanti David Centofanti serves as our Vice President of Information Systems. For such position, he received annual compensation of $ 187,000 184,000 Employment Agreements The Company entered into an employment agreement dated July 22, 2020 with each of our executive officers (each employment agreement referred to as “Employment Agreement”). Each Employment Agreement is effective for three years from July 22, 2020 (the “Initial Term”) unless earlier terminated by the Company or by the executive officer. At the end of the Initial Term of each Employment Agreement, each Employment Agreement will automatically be extended for one additional year, unless at least six months prior to the expiration of the Initial Term, we or the executive officer provides written notice not to extend the terms of the Employment Agreement. Each Employment Agreement provides for annual base salary, performance bonuses (as provided in the Management Incentive Plan (“MIP”) as approved by the Company’s Compensation Committee and Board) and other benefits commonly found in such agreement. Pursuant to each Employment Agreement, if the executive officer’s employment is terminated due to death/disability or for cause (as defined in the agreement), the Company will pay to the executive officer or to his estate an amount equal to the sum of any unpaid base salary and accrued unused vacation time through the date of termination and any benefits due to the executive officer under any employee benefit plan (the “Accrued Amounts”) plus any performance compensation payable pursuant to the MIP with respect to the fiscal year immediately preceding the date of termination. If the executive officer terminates his employment for “good reason” (as defined in the agreement) or is terminated by the Company without cause (including any such termination for “good reason” or without cause within 24 months after a Change in Control (as defined in the agreement)), the Company will pay the executive officer the Accrued Amounts, two years of full base salary, and two times the performance compensation (under the MIP) earned with respect to the fiscal year immediately preceding the date of termination provided the performance compensation earned with respect to the fiscal year immediately preceding the date of termination has not been paid. If performance compensation earned with respect to the fiscal year immediately preceding the date of termination has been made to the executive officer, the executive officer will be paid an additional year of the performance compensation earned with respect to the fiscal year immediately preceding the date of termination. If the executive terminates his employment for a reason other than for good reason, the Company will pay to the executive an amount equal to the Accrued Amounts plus any performance compensation payable pursuant to the MIP with respect to the fiscal year immediately preceding the date of termination. If there is a Change in Control (as defined in the agreement), all outstanding stock options to purchase common stock held by the executive officer will immediately become exercisable in full commencing on the date of termination through the original term of the options. In the event of the death of an executive officer, all outstanding stock options to purchase common stock held by the executive officer will immediately become exercisable in full commencing on the date of death, with such options exercisable for the lesser of the original option term or twelve months from the date of the executive officer’s death. In the event an executive officer terminates his employment for “good reason” or is terminated by the Company without cause, all outstanding stock options to purchase common stock held by the executive officer will immediately become exercisable in full commencing on the date of termination, with such options exercisable for the lesser of the original option term or within 60 days from the date of the executive’s date of termination. Severance benefits payable with respect to a termination (other than Accrued Amounts) shall not be payable until the termination constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h)). MIPs On January 20, 2022, the Board and the Compensation Committee also approved individual MIP for the calendar year 2022 for each of our executive officers. Each MIP was effective January 1, 2022 and applicable for year 2022. Each MIP provided guidelines for the calculation of annual cash incentive-based compensation, subject to Compensation Committee oversight and modification. The performance compensation under each of the MIPs was based upon meeting certain of the Company’s separate target objectives during 2022. Assuming each target objective was achieved under the same performance threshold range under each MIP, the total potential target performance compensation payable ranged from 25 150 93,717 562,304 25 100 76,193 304,772 25 100 63,495 253,980 25 100 76,193 304,772 25 100 65,308 261,233 |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 19 SEGMENT REPORTING In accordance with ASC 280, “Segment Reporting”, we define an operating segment as a business activity: ● from which we may earn revenue and incur expenses; ● whose operating results are regularly reviewed by the CODM to make decisions about resources to be allocated to the segment and assess its performance; and ● for which discrete financial information is available. We have two 100 The table below shows certain financial information of our reporting segments as of and for the years ended December 31, 2022 and 2021 (in thousands). SCHEDULE OF SEGMENT REPORTING INFORMATION Segment Reporting as of and for the year ended December 31, 2022 Treatment Services Segments Corporate (2) Consolidated Revenue from external customers $ 33,358 $ 37,241 $ 70,599 (3)(4) $ — $ 70,599 Intercompany revenues 56 213 269 — — Gross profit 5,243 4,366 9,609 — 9,609 Research and development 246 23 269 67 336 Interest income — — — 99 99 Interest expense (74 ) (3 ) (77 ) (98 ) (175 ) Interest expense-financing fees — (1 ) (1 ) (60 ) (61 ) Depreciation and amortization 1,710 334 2,044 65 2,109 Segment income (loss) before income taxes 1,531 1,565 3,096 (6,685 ) (3,589 ) (13) Income tax benefit (236 ) (133 ) (369 ) (9 ) (378 ) Segment income (loss) 1,767 1,698 3,465 (6,676 ) (3,211 ) Segment assets (1) 37,918 8,473 (8) 46,391 24,507 (5) 70,898 Expenditures for segment assets (net) 866 157 1,023 — 1,023 (7) Total debt 482 5 487 552 1,039 (6) Segment Reporting as of and for the year ended December 31, 2021 Treatment Services Medical Segments Corporate (2) Consolidated Revenue from external customers $ 32,992 $ 39,199 — $ 72,191 (3)(4) $ — $ 72,191 Intercompany revenues 1,265 47 — 1,312 — — Gross profit 6,718 106 — 6,824 — 6,824 Research and development 221 71 414 706 40 746 Interest income 1 — — 1 25 26 Interest expense (100 ) (10 ) — (110 ) (137 ) (247 ) Interest expense-financing fees — (1 ) — (1 ) (40 ) (41 ) Depreciation and amortization 1,306 353 — 1,659 28 1,687 Segment income (loss) before income taxes 2,283 (3,044 ) (1,476 ) (11)(12) (2,237 ) (561 ) (9)(11) (2,798 ) Income tax (benefit) expense (150 ) (962 ) 26 (1,086 ) (2,804 ) (3,890 ) (10) Segment income (loss) 2,433 (2,082 ) (1,502 ) (1,151 ) 2,243 1,092 Segment assets (1) 37,050 15,244 (8) 48 52,342 24,959 (5) 77,301 Expenditures for segment assets (net) 1,363 205 — 1,568 9 1,577 (7) Total debt 25 14 — 39 954 993 (6) (1) Segment assets have been adjusted for intercompany accounts to reflect actual assets for each segment. (2) Amounts reflect the activity for corporate headquarters not included in the segment information. (3) The Company performed services relating to waste generated by government clients (domestic and foreign (primarily Canadian)), either directly as a prime contractor or indirectly for others as a subcontractor to government entities, representing approximately 60,030,000 85.0 60,812,000 84.2 (4) The following table reflects revenue based on customer location: (5) Amount includes assets from our discontinued operations of $ 96,000 96,000 (6) Net of debt issuance costs of ($ 88,000 112,000 (7) Net of financed amount of $ 114,000 585,000 (8) Includes long-lived asset (net) for our PF Canada, Inc. subsidiary of $ 0 25,000 (9) Amount includes approximately $ 5,381,000 (10) Includes tax benefit recorded in amount of approximately $ 2,351,000 (11) Includes elimination of gain/loss of $ 2,537,000 (12) Amount includes a “Loss on deconsolidation of subsidiary” recorded in the amount of approximately $ 1,062,000 (13) Includes approximately $ 1,975,000 SCHEDULE OF REVENUE BY MAJOR CUSTOMERS BY REPORTING SEGMENTS 2022 2021 Treatment Services Total Treatment Services Total Domestic government $ 23,752 $ 35,906 $ 59,658 $ 22,538 $ 29,013 $ 51,551 Foreign government 574 (202 ) 372 577 8,684 9,261 Total $ 24,326 $ 35,704 $ 60,030 $ 23,115 $ 37,697 $ 60,812 (4) The following table reflects revenue based on customer location: SCHEDULE OF REVENUE BASED ON CUSTOMER LOCATION 2022 2021 United States $ 69,373 $ 62,257 Canada 406 9,277 Germany 678 567 Italy 14 — United Kingdom 128 90 Total $ 70,599 $ 72,191 (5) Amount includes assets from our discontinued operations of $ 96,000 96,000 (6) Net of debt issuance costs of ($ 88,000 112,000 (7) Net of financed amount of $ 114,000 585,000 (8) Includes long-lived asset (net) for our PF Canada, Inc. subsidiary of $ 0 25,000 (9) Amount includes approximately $ 5,381,000 (10) Includes tax benefit recorded in amount of approximately $ 2,351,000 (11) Includes elimination of gain/loss of $ 2,537,000 (12) Amount includes a “Loss on deconsolidation of subsidiary” recorded in the amount of approximately $ 1,062,000 (13) Includes approximately $ 1,975,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 20 SUBSEQUENT EVENTS Management evaluated events occurring subsequent to December 31, 2022 through March 23, 2023, the date these consolidated financial statements were available for issuance, and other than as noted below determined that no material recognizable subsequent events occurred. Executive Compensation MIPs On January 19, 2023, the Board and the Compensation Committee approved individual MIP for the calendar year 2023 for each of our executive officers. Each MIP is effective January 1, 2023 and applicable for year 2023. Each MIP provides guidelines for the calculation of annual cash incentive-based compensation, subject to Compensation Committee oversight and modification. The performance compensation under each of the MIPs is based upon meeting certain of the Company’s separate target objectives during 2023. Assuming each target objective is achieved under the same performance threshold range under each MIP, the total potential target performance compensation payable ranges from 25 150 93,717 562,305 25 100 76,193 304,772 25 100 63,495 253,980 25 100 76,193 304,772 25 100 65,308 261,233 ISOs On January 19, 2023, the Company granted ISOs to certain employees for the purchase, under the Company’s 2017 Plan, of up to an aggregate 295,000 70,000 40,000 30,000 30,000 30,000 six years one-fifth yearly vesting over a five-year period 3.95 Credit Facility On March 21, 2023, the Company entered into an amendment to its Revised Loan Agreement with its lender which provides, among other things, the following: ● removed the quarterly FCCR testing requirement for the fourth quarter of 2022 and removes the FCCR testing requirement the first quarter of 2023; ● reduced the maximum revolving credit line under the credit facility from $ 18,000,000 12,500,000 ● reinstates the quarterly FCCR testing requirement starting in the second quarter of 2023 using a trailing twelve months period (with no change to the minimum 1.15:1 ratio requirement for each quarter) ● requires maintenance of a minimum of $ 3,000,000 In connection with the amendment, the Company paid its lender a fee of $ 25,000 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Company’s consolidated financial statements include our accounts, those of our wholly-owned subsidiaries, and Perma-Fix ERRG, a VIE for which we were the primary beneficiary as discussed above, after elimination of all significant intercompany accounts and transactions. The consolidated financial statements for 2021 also included the accounts of the Company’s Medical Segment which was divested in December 2021 as discussed above. |
Use of Estimates | Use of Estimates The Company prepares financial statements in conformity with accounting standards generally accepted in the United States (“U.S. GAAP”), which may require estimates of future cash flows and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as, the reported amounts of revenues and expenses during the reporting period. Due to the inherent uncertainty involved in making estimates, actual results could differ from those estimates. |
Cash and Finite Risk Sinking Fund (Restricted Cash) | Cash and Finite Risk Sinking Fund (Restricted Cash) At December 31, 2022, the Company had cash on hand of approximately $ 1,866,000 4,440,000 11,570,000 11,471,000 |
Accounts Receivable | Accounts Receivable During the fourth quarter of 2022, the Company adopted ASU 2016-13, “Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments.” This ASU replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including accounts receivable. Accounts receivable are customer obligations due under normal trade terms requiring payment within 30 or 60 days from the invoice date based on the customer type (government, broker, or commercial). The new standard requires entities to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivbles that are current or not yet due, which were not considered under the previous accounting guidance. In accordance with ASU 2016-13, the Company’s expected loss allowance methodology for receivables is developed using historical collection experience, current and future economic and market conditions that may affect customers’ ability to pay, and a review of the current status of customers’ accounts receivables. The Company does not apply a credit loss allowance to government related receivables due to our past successful experience in their collectability. The Company’s monitoring activities include routine follow-up on past due accounts and consideration of customers’ financial conditions. Once the Company has exhausted all options in the collection of a delinquent accounts receivable balance, which includes collection letters, demands for payment, collection agencies and attorneys, the account is deemed uncollectible and subsequently written off. The write off process involves approvals from senior management based on required approval thresholds. The following table sets forth the activity in the allowance for credit losses for the years ended December 31, 2022 and 2021 (in thousands): SCHEDULE OF CREDIT LOSSES FOR FINANCING RECEIVABLES, CURRENT Year Ended December 31, 2022 2021 Allowance for credit losses - beginning of year $ 85 $ 404 (Recovery of) provision charges (21 ) 41 Write-off (7 ) (360 ) Allowance for credit losses - end of year $ 57 $ 85 |
Unbilled Receivables | Unbilled Receivables Unbilled receivables are generated by differences between invoicing timing and our over time revenue recognition methodology used for revenue recognition purposes. As major processing and contract completion phases are completed and the costs are incurred, the Company recognizes the corresponding percentage of revenue. Within our Treatment Segment, the facilities experience delays in processing invoices due to the complexity of the documentation that is required for invoicing, as well as the difference between completion of revenue recognition milestones and agreed upon invoicing terms, which results in unbilled receivables. The timing differences occur for several reasons which include: partially from delays in the final processing of all wastes associated with certain work orders and partially from delays for analytical testing that is required after the facilities have processed waste but prior to our release of waste for disposal. The tasks relating to these delays can take months to complete but are generally completed within twelve months. Unbilled receivables within our Services Segment can result from work performed under contracts but invoice milestones have not yet been met and/or contract claims and pending change orders, including requests for equitable adjustments (“REA”) when work has been performed and collection of revenue is reasonably assured. |
Inventories | Inventories Inventories consist of treatment chemicals, saleable used oils, and certain supplies. Additionally, the Company has replacement parts in inventory, which are deemed critical to the operating equipment and may also have extended lead times should the part fail and need to be replaced. Inventories are valued at the lower of cost or net realizable value with cost determined by the first-in, first-out method. |
Disposal and Transportation Costs | Disposal and Transportation Costs The Company accrues for waste disposal based on the waste at each facility at the end of each accounting period. Current market prices for transportation and disposal costs are applied to the end of period waste inventories to calculate for the transportation and disposal accruals. |
Property and Equipment | Property and Equipment Property and equipment expenditures are capitalized and depreciated using the straight-line method over the estimated useful lives of the assets for financial statement purposes, while accelerated depreciation methods are principally used for income tax purposes. Generally, asset lives range from ten forty years three seven years Certain property and equipment expenditures are financed through leases. Amortization of financed leased assets is computed using the straight-line method over the estimated useful lives of the assets. At December 31, 2022, assets recorded under finance leases were $ 1,201,000 549,000 finance leases 652,000 2,409,000 475,000 finance leases 1,934,000 Long-lived assets, such as property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. Our depreciation expense totaled approximately $ 1,872,000 1,476,000 |
Leases | Leases The Company accounts for leases in accordance with FASB’s ASU 2016-02, “Leases (Topic 842).” 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. These leases have remaining terms of approximately one to seven years which include additional options to renew. The Company includes renewal options in valuing its ROU assets and liabilities when it determines that it is reasonably certain to exercise these renewal options. As most of our operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate when determining the present value of the lease payments. The incremental borrowing rate is determined based on the Company’s secured borrowing rate, lease terms and current economic environment. Some of our operating leases include both lease (rent payments) and non-lease components (maintenance costs such as cleaning and landscaping services). The Company has elected the practical expedient to account for lease component and non-lease component as a single component for all leases under ASU 2016-02. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Finance leases primarily consist of processing and transport equipment used by our facilities’ operations. The Company’s finance leases also included a building with land utilized for our waste treatment operations which included a purchase option. During the third quarter of 2021, the Company concluded that it was more likely than not that it would not exercise this purchase option but will continue to lease the property. Accordingly, a reassessment of this lease was performed which resulted in reclassification of this lease to an operating lease. The Company’s finance leases have remaining terms of approximately one to three years. See “Property and Equipment” above for assets recorded under financed leases. Borrowing rates for our finance leases are either explicitly stated in the lease agreements or implicitly determined from available terms in the lease agreements. The Company adopted the policy to not recognize ROU assets and liabilities for short term leases. |
Intangible Assets | Intangible Assets Intangible assets consist primarily of the recognized value of the permits required to operate our business. Indefinite-lived intangible assets are not amortized but are reviewed for impairment annually as of October 1, or when events or changes in the business environment indicate that the carrying value may be impaired. If the fair value of the asset is less than the carrying amount, a quantitative test is performed to determine the fair value. The impairment loss, if any, is measured as the excess of the carrying value of the asset over its fair value. Judgments and estimates are inherent in these analyses and include assumptions for, among other factors, forecasted revenue, gross margin, growth rate, operating income, timing of expected future cash flows, and the determination of appropriate long-term discount rates. Impairment testing of our indefinite-lived permits related to our Treatment reporting unit as of October 1, 2022 and 2021 resulted in no impairment charges. Intangible assets that have definite useful lives are amortized using the straight-line method over the estimated useful lives (with the exception of customer relationships which are amortized using an accelerated method) and are excluded from our annual intangible asset valuation review as of October 1. Definite-lived intangible assets are also tested for impairment whenever events or changes in circumstances suggest impairment might exist. |
R&D | R&D Operational innovation and technical know-how are very important to the success of our business. Our goal is to discover, develop, and bring to market innovative ways to process waste that address unmet environmental needs and to develop new company service offerings. The Company conducts research internally and also through collaborations with other third parties. R&D costs consist primarily of employee salaries and benefits, laboratory costs, third party fees, and other related costs associated with the development and enhancement of new potential waste treatment processes and new technology and are charged to expense when incurred in accordance with ASC Topic 730, “Research and Development.” |
Accrued Closure Costs and ARO | Accrued Closure Costs and ARO Accrued closure costs represent our estimated environmental liability to clean up our facilities, as required by our permits, in the event of closure. ASC 410, “Asset Retirement and Environmental Obligations” requires that the discounted fair value of a liability for an ARO be recognized in the period in which it is incurred with the associated ARO capitalized as part of the carrying cost of the asset. The recognition of an ARO requires that management make numerous estimates, assumptions and judgments regarding such factors as estimated probabilities, timing of settlements, material and service costs, current technology, laws and regulations, and credit adjusted risk-free rate to be used. This estimate is inflated, using an inflation rate, to the expected time at which the closure will occur, and then discounted back, using a credit adjusted risk free rate, to the present value. ARO’s are included within buildings as part of property and equipment and are depreciated over the estimated useful life of the property. In periods subsequent to initial measurement of the ARO, the Company must recognize period-to-period changes in the liability resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows. Increases in the ARO liability due to passage of time impact net income as accretion expense, which is included in cost of goods sold. Changes in costs resulting from changes or expansion at the facilities require adjustment to the ARO liability and are capitalized and charged as depreciation expense, in accordance with the Company’s depreciation policy. |
Income Taxes | Income Taxes Income taxes are accounted for in accordance with ASC 740, “Income Taxes.” Under ASC 740, the provision for income taxes is comprised of taxes that are currently payable and deferred taxes that relate to the temporary differences between financial reporting carrying values and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 requires that deferred income tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The Company regularly assesses the likelihood that the deferred tax asset will be recovered from future taxable income. The Company considers projected future taxable income and ongoing tax planning strategies, then records a valuation allowance to reduce the carrying value of the net deferred income taxes to an amount that is more likely than not to be realized. ASC 740 sets out a consistent framework for preparers to use to determine the appropriate recognition and measurement of uncertain tax positions. ASC 740 uses a two-step approach wherein a tax benefit is recognized if a position is more-likely-than-not to be sustained. The amount of the benefit is then measured to be the highest tax benefit which is greater than 50% likely to be realized. ASC 740 also sets out disclosure requirements to enhance transparency of an entity’s tax reserves. The Company recognizes accrued interest and income tax penalties related to unrecognized tax benefits as a component of income tax expense. The Company reassesses the validity of our conclusions regarding uncertain income tax positions on a quarterly basis to determine if facts or circumstances have arisen that might cause us to change our judgment regarding the likelihood of a tax position’s sustainability under audit. |
Foreign Currency | Foreign Currency The Company’s foreign subsidiaries include PF UK Limited and PF Canada and also included PF Medical. Assets and liabilities are translated to U.S. dollars at the exchange rate in effect at the balance sheet date and revenue and expenses at the average exchange rate for the period. Foreign currency translation adjustments for these subsidiaries are accumulated as a separate component of accumulated other comprehensive income (loss) in stockholders’ equity. Gains and losses resulting from foreign currency transactions are recognized in the Consolidated Statements of Operations. |
Concentration Risk | Concentration Risk The Company performed services relating to waste generated by government clients (domestic and foreign (primarily Canadian)), either indirectly for others as a subcontractor to government entities or directly as a prime contractor, representing approximately $ 60,030,000 85.0% 60,812,000 84.2% Our revenues are project/event based where the completion of one contract with a specific customer may be replaced by another contract with a different customer from year to year. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and accounts receivable. The Company maintains cash with high quality financial institutions, which may exceed Federal Deposit Insurance Corporation (“FDIC”) insured amounts from time to time. Concentration of credit risk with respect to accounts receivable is limited due to the Company’s large number of customers and their dispersion throughout the United States as well as with the significant amount of work that we perform for government entities. The Company had two government related customers whose total unbilled and net outstanding receivable balances represented 12.5% 23.0% 18.2% 23.5% |
Revenue Recognition and Related Policies | Revenue Recognition and Related Policies The Company recognizes revenue in accordance with FASB’s ASC 606, “Revenue from Contracts with Customers.” ASC 606 provides a single, comprehensive revenue recognition model for all contracts with customers. Under ASC 606, a five-step process is utilized in order to determine revenue recognition, depicting the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Under ASC 606, a performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account. A contract transaction price is allocated to each distinct performance obligation and recognized as revenues as the performance obligation is satisfied. Treatment Segment Revenues: Contracts in our Treatment Segment primarily have a single performance obligation as the promise to receive, treat and dispose of waste is not separately identifiable in the contract and, therefore, not distinct. Performance obligations are generally satisfied over time using the input method. Under the input method, the Company uses a measure of progress divided into major phases which include receipt (ranging from 9.0% 33% 40% 79% 9.0% 27% The Company periodically enter into arrangements with customers for transportation of wastes to either our facility or to non-company owned disposal sites. Revenue from this arrangement is recognized at a point in time, upon the transfer of control. Control transfers when the wastes are picked up by the Company. Services Segment Revenues: Revenues for our Services Segment are generated from time and materials or fixed price arrangements: The Company’s primary obligation to customers in time and materials contracts relate to the provision of services to the customer at the direction of the customer. This provision of services at the request of the customer is the performance obligation, which is satisfied over time. Revenue earned from time and materials contracts is determined using the input method and is based on contractually defined billing rates applied to services performed and materials delivered. Under fixed price contracts, the objective of the project is not attained unless all scope items within the contract are completed and all of the services promised within fixed fee contracts constitute a single performance obligation. Transaction price is estimated based upon the estimated cost to complete the overall project. Revenue from fixed price contracts is recognized over time primarily using the input method. For the input method, revenue is recognized based on costs incurred on the project relative to the total estimated costs of the project. As discussed above for the Treatment and Services Segments, the Company’ revenue is generally recognized using the input method. This method of measuring progress provides a faithful depiction of the transfer to goods and services because the costs incurred are expected to be substantially proportionate to the Company’s satisfaction of the performance obligation. Contracts with our customers within our Treatment Segment are generally short term with an original expected length of one year or less. For the Services Segment, contracts with our customers generally have original terms ranging from one year or less to approximately twenty-four months. The Company’s contracts and subcontracts relating to activities at governmental sites generally allow for termination for convenience at any time at the government’s option without payment of a substantial penalty. Variable Consideration The Company’s contracts generally do not give rise to variable consideration. However, from time to time, the Company may submit requests for equitable adjustments under certain of its government contracts for price or other modifications that are determined to be variable consideration. The Company estimates the amount of variable consideration to include in the estimated transaction price based on historical experience with government contracts, anticipated performance and management’s best judgment at the time and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. These estimates are re-assessed each reporting period as required. Significant Payment Terms Invoicing is based on schedules established in customer contracts. Payment terms vary by customers but are generally established at 30 days from invoicing. Incremental Costs to Obtain a Contract Costs incurred to obtain contracts with our customers are immaterial and as a result, the Company expenses (within selling, general and administration expenses (“SG&A”)) incremental costs incurred in obtaining contracts with our customer as incurred. 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. The Company’s contracts and subcontracts relating to activities at governmental sites generally allow for termination for convenience at any time at the government’s option without payment of a substantial penalty. The Company does not disclose remaining performance obligations on these contracts. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation granted to employees are accounted for in accordance with ASC 718, “Compensation – Stock Compensation.” Stock-based payment transactions for acquiring goods and services from nonemployees are also accounted for under ASC 718. ASC 718 requires stock-based payments to employees and nonemployees, including grant of options, to be recognized in the Statement of Operations based on their fair values. The Company uses the Black-Scholes option-pricing model to determine the fair-value of stock-based awards which requires subjective assumptions. Assumptions used to estimate the fair value of stock-based awards include the exercise price of the award, the expected term, the expected volatility of our stock over the stock-based award’s expected term, the risk-free interest rate over the award’s expected term, and the expected annual dividend yield. The Company accounts for forfeitures when they occur. |
Comprehensive (Loss) Income | Comprehensive (Loss) Income The components of comprehensive (loss) income are net (loss) income and the effects of foreign currency translation adjustments. |
(Loss) Income Per Share | (Loss) Income Per Share Basic (loss) income per share is calculated based on the weighted-average number of outstanding common shares during the applicable period. Diluted (loss) income per share is based on the weighted-average number of outstanding common shares plus the weighted-average number of potential outstanding common shares. In periods where they are anti-dilutive, such amounts are excluded from the calculations of dilutive earnings per share. (Loss) income per share is computed separately for each period presented. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Certain assets and liabilities are required to be recorded at fair value on a recurring basis, while other assets and liabilities are recorded at fair value on a nonrecurring basis. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies, is: Level 1 — Level 2 — Level 3 — Financial instruments include cash (Level 1), accounts receivable, accounts payable, and debt obligations (Level 3). Credit is extended to customers based on an evaluation of a customer’s financial condition and, generally, collateral is not required. At December 31, 2022 and December 31, 2021, the fair value of the Company’s financial instruments approximated their carrying values. The fair value of the Company’s revolving credit and term loan approximate its carrying value due to the variable interest rate. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In May 2021, the FASB issued Accounting Standards Update (“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 adoption of this ASU by the Company effective January 1, 2022 did not have a material impact on its financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued because of reference rate reform. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope,” which clarified the scope and application of the original guidance. The Company determined that only its obligations under its credit facility were impacted by these ASUs. During the third quarter of 2022, the Company entered into an amendment dated August 29, 2022 to its loan agreement which replaced the LIBOR option with the Secured Overnight Finance Rate (“SOFR”) option under its credit facility. The adoption of these aforementioned ASUs by the Company during the third quarter of 2022 did not have a material impact to its financial statements (see “Note 10 – Long Term Debt” for a discuss of the Company’s credit facility and the amendment dated August 29, 2022). On December 21, 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022 to December 31, 2024. 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 (“SRC”) as defined by the Commission to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of these ASUs by the Company during the fourth quarter of 2022 did not have a material impact to its financial statements. |
Recently Issued Accounting Standards – Not Yet Adopted | Recently Issued Accounting Standards – Not Yet Adopted 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 an SRC. 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. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF CREDIT LOSSES FOR FINANCING RECEIVABLES, CURRENT | The following table sets forth the activity in the allowance for credit losses for the years ended December 31, 2022 and 2021 (in thousands): SCHEDULE OF CREDIT LOSSES FOR FINANCING RECEIVABLES, CURRENT Year Ended December 31, 2022 2021 Allowance for credit losses - beginning of year $ 85 $ 404 (Recovery of) provision charges (21 ) 41 Write-off (7 ) (360 ) Allowance for credit losses - end of year $ 57 $ 85 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
SCHEDULE OF DISAGGREGATION OF REVENUE | SCHEDULE OF DISAGGREGATION OF REVENUE Revenue by Contract Type (In thousands) Twelve Months Ended Twelve Months Ended December 31, 2022 December 31, 2021 Treatment Services Total Treatment Services Total Fixed price $ 33,358 $ 26,960 $ 60,318 $ 32,992 $ 11,236 $ 44,228 Time and materials — 10,281 10,281 — 27,963 27,963 Total $ 33,358 $ 37,241 $ 70,599 $ 32,992 $ 39,199 $ 72,191 Revenue $ 33,358 $ 37,241 $ 70,599 $ 32,992 $ 39,199 $ 72,191 Revenue by generator (In thousands) Twelve Months Ended Twelve Months Ended December 31, 2022 December 31, 2021 Treatment Services Total Treatment Services Total Domestic government $ 23,752 $ 35,906 $ 59,658 $ 22,538 $ 29,013 $ 51,551 Domestic commercial 8,307 1,408 9,715 9,294 1,412 10,706 Foreign government 574 (202 ) 372 577 8,684 9,261 Foreign commercial 725 129 854 583 90 673 Total $ 33,358 $ 37,241 $ 70,599 $ 32,992 $ 39,199 $ 72,191 Revenue $ 33,358 $ 37,241 $ 70,599 $ 32,992 $ 39,199 $ 72,191 |
SCHEDULE OF CONTRACT LIABILITIES | The timing of revenue recognition and billings results in unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represent advance payment from customers in advance of the completion of our performance obligation. The following table represents changes in our contract asset and contract liabilities balances: SCHEDULE OF CONTRACT LIABILITIES Year-to-date Year-to-date (In thousands) December 31, 2022 December 31, 2021 Change ($) Change (%) Contract assets Unbilled receivables - current $ 6,062 $ 8,995 $ (2,933 ) (32.6 )% Contract liabilities Deferred revenue $ 4,813 $ 5,580 $ (767 ) (13.7 )% |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
SCHEDULE OF COMPONENTS OF LEASE COST | The components of lease cost for the Company’s leases were as follows (in thousands): SCHEDULE OF COMPONENTS OF LEASE COST Twelve Months Ended 2022 2021 Operating Leases: Lease cost $ 627 $ 499 Finance Leases: Amortization of ROU assets 176 220 Interest on lease liability 37 97 Finance leases 213 317 Short-term lease rent expense 7 13 Total lease cost $ 847 $ 829 |
SCHEDULE OF WEIGHTED AVERAGE LEASE | The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at December 31, 2022 were: SCHEDULE OF WEIGHTED AVERAGE LEASE Operating Leases Finance Leases Weighted average remaining lease terms (years) 6.2 3.0 Weighted average discount rate 7.8 % 5.3 % The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at December 31, 2021 were: Operating Leases Finance Leases Weighted average remaining lease terms (years) 6.9 4.0 Weighted average discount rate 7.6 % 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 December 31, 2022 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 2023 $ 556 $ 174 2024 416 170 2025 325 149 2026 301 18 2027 286 — 2028 and thereafter 656 — Total undiscounted lease payments 2,540 511 Less: Imputed interest (540 ) (39 ) Present value of lease payments $ 2,000 $ 472 Current portion of operating lease obligations $ 416 $ — Long-term operating lease obligations, less current portion $ 1,584 $ — Current portion of finance lease obligations $ — $ 154 Long-term finance lease obligations, less current portion $ — $ 318 |
SCHEDULE OF SUPPLEMENTAL CASH FLOW AND OTHER INFORMATION RELATED TO LEASES | Supplemental cash flow and other information related to our leases were as follows (in thousands): SCHEDULE OF SUPPLEMENTAL CASH FLOW AND OTHER INFORMATION RELATED TO LEASES Twelve Months Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating leases $ 573 $ 439 Operating cash flow from finance leases $ 37 $ 97 Financing cash flow from finance leases $ 860 $ 334 ROU assets obtained in exchange for lease obligations for: Finance liabilities $ 147 $ 577 Operating liabilities $ — $ 491 Reduction to ROU assets resulitng from reassessment for Finance liabilities $ — $ (364 ) |
PERMIT AND OTHER INTANGIBLE A_2
PERMIT AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | The following table summarizes changes in the carrying value of permits, which exist only in our Treatment Segment. SCHEDULE OF INTANGIBLE ASSETS Permit (amount in thousands) Treatment Balance as of December 31, 2020 $ 8,922 Permit renewal 121 Permit in progress 433 Balance as of December 31, 2021 $ 9,476 Permit in progress 134 Balance as of December 31, 2022 $ 9,610 |
SCHEDULE OF DEFINITE LIVED INTANGIBLE ASSETS | The following table summarizes information relating to the Company’s definite-lived intangible assets: SCHEDULE OF DEFINITE LIVED INTANGIBLE ASSETS Weighted Average December 31, 2022 December 31, 2021 Amortization Gross Net Gross Net Other Intangibles Period Carrying Accumulated Carrying Carrying Accumulated Carrying (amount in thousands) (Years) Amount Amortization Amount Amount Amortization Amount Patent 8.3 $ 711 $ (374 ) $ 337 $ 787 $ (351 ) $ 436 Software 3 640 (468 ) 172 592 (415 ) 177 Customer relationships 10 3,370 (3,250 ) 120 3,370 (3,089 ) 281 Total $ 4,721 $ (4,092 ) $ 629 $ 4,749 $ (3,855 ) $ 894 |
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 Amount Year (In thousands) 2023 $ 195 2024 63 2025 26 2026 25 2026 22 |
CAPITAL STOCK, STOCK PLANS, W_2
CAPITAL STOCK, STOCK PLANS, WARRANTS AND STOCK BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SCHEDULE OF STOCK OPTIONS VALUATION ASSUMPTIONS | SCHEDULE OF STOCK OPTIONS VALUATION ASSUMPTIONS Employee Stock 2022 2021 Weighted-average fair value per share $ 2.71 3.51 Risk -free interest rate (1) 3.00 % 1.05 % Expected volatility of stock (2) 55.72 % 58.61 % Dividend yield None None Expected option life (3) 5.0 5.0 Outside Director Stock 2022 2021 Weighted-average fair value per share $ 3.61 $ 3.9 Risk -free interest rate (1) 2.91 % 1.23% 1.61% Expected volatility of stock (2) 55.04 % 55.84% 55.91% Dividend yield None None Expected option life (3) 10.0 10.0 (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 fiscal years 2022 and 2021. SCHEDULE OF SHARE-BASED COMPENSATION, ALLOCATION OF RECOGNIZED PERIOD COSTS Year Ended 2022 2021 Employee Stock Options $ 313,000 $ 178,000 Director Stock Options 95,000 72,000 Total $ 408,000 $ 250,000 |
SCHEDULE OF STOCK OPTIONS ROLL FORWARD | The summary of the Company’s total plans as of December 31, 2022 and 2021, and changes during the period then ended are presented as follows: SCHEDULE OF STOCK OPTIONS ROLL FORWARD Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (2) Options outstanding January 1, 2022 1,019,400 $ 4.91 - Granted 94,000 $ 5.20 Exercised (52,400 ) $ 4.04 $ 97,856 Forfeited/expired (42,600 ) $ 4.08 Options outstanding end of period (1) 1,018,400 $ 5.02 3.8 $ 44,262 Options exercisable at December 31, 2022 (1) 530,900 $ 4.27 2.4 $ 30,962 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (2) Options outstanding January 1, 2021 658,400 $ 3.87 - Granted 381,000 $ 6.82 Exercised (500 ) $ 3.15 $ 2,175 Forfeited/expired (19,500 ) $ 6.75 Options outstanding end of period (1) 1,019,400 $ 4.91 4.0 $ 1,669,687 Options exercisable at December 31, 2021 (1) 438,400 $ 3.95 2.7 $ 1,064,432 (1) Options with exercise prices ranging from $ 2.79 7.50 (2) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price |
SCHEDULE OF NON VESTED OPTIONS | The summary of the Company’s nonvested options as of December 31, 2022 and changes during the period then ended are presented as follows: SCHEDULE OF NON VESTED OPTIONS Weighted Average Grant-Date Shares Fair Value Non-vested options January 1, 2022 581,000 $ 3.13 Granted 94,000 3.39 Vested (154,500 ) 2.67 Forfeited (33,000 ) 3.08 Non-vested options at December 31, 2022 487,500 $ 3.32 |
INCOME (LOSS) PER SHARE (Tables
INCOME (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF EARNINGS PER SHARE | The following table reconciles the (loss) income and average share amounts used to compute both basic and diluted (loss) income per share: SCHEDULE OF EARNINGS PER SHARE Years Ended December 31, (Amounts in Thousands, Except for Per Share Amounts) 2022 2021 Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders: (Loss) income from continuing operations, net of taxes $ (3,211 ) $ 1,092 Net loss attributable to non-controlling interest — (164 ) (Loss) income from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (3,211 ) $ 1,256 Loss from discontinuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders (605 ) (421 ) Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (3,816 ) $ 835 Basic (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (.29 ) $ .07 Diluted (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (.29 ) $ .07 Weighted average shares outstanding: Basic weighted average shares outstanding 13,280 12,433 Add: dilutive effect of stock options — 211 Add: dilutive effect of warrants — 29 Diluted weighted average shares outstanding 13,280 12,673 Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: Stock options 499 323 Warrant — — |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 at December 31, 2022 and December 31, 2021. No assets and liabilities were held for sale at each of the periods noted. SCHEDULE OF DISPOSAL GROUPS, INCLUDING DISCONTINUED OPERATION BALANCE SHEET December 31, December 31, (Amounts in Thousands) 2022 2021 Current assets Other assets $ 15 $ 15 Total current assets 15 15 Long-term assets Property, plant and equipment, net (1) 81 81 Total long-term assets 81 81 Total assets $ 96 $ 96 Current liabilities Accounts payable $ 104 $ 3 Accrued expenses and other liabilities 146 154 Environmental liabilities 112 349 Total current liabilities 362 506 Long-term liabilities Closure liabilities 159 150 Environmental liabilities 749 527 Total long-term liabilities 908 677 Total liabilities $ 1,270 $ 1,183 (1) net of accumulated depreciation of $ 10,000 |
SCHEDULE OF CURRENT AND LONG TERM ACCRUED ENVIRONMENTAL LIABILITY | The current and long-term accrued environmental liabilities at December 31, 2022 are summarized as follows (in thousands). SCHEDULE OF CURRENT AND LONG TERM ACCRUED ENVIRONMENTAL LIABILITY Current Long-term Accrual Accrual Total PFD — $ 60 $ 60 PFM — 15 15 PFSG 112 674 786 Total liability $ 112 $ 749 $ 861 Total liability $ 112 $ 749 $ 861 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF LONG TERM DEBT | Long-term debt consists of the following at December 31, 2022 and December 31, 2021: SCHEDULE OF LONG TERM DEBT (Amounts in Thousands) December 31, 2022 December 31, 2021 Revolving Credit (1) $ — $ — Revolving Credit May 15, 2024 8.9% 5.3% (1) $ — $ — Term Loan May 15, 2024 5.6% 4.5% (1) 552 (2) 954 (2) Capital Line May 15, 2024 6.2% (1) 463 — Notes Payable to 2023 and 2025, annual interest rate of 5.6% 9.1% 24 39 Total debt 1,039 993 Less current portion of long-term debt 476 393 Long-term debt $ 563 $ 600 (1) Our revolving credit facility is collateralized by our accounts receivable and our term loan and capital line are collateralized by our property, plant, and equipment. (2) Net of debt issuance costs of ($ 88,000 112,000 |
SCHEDULE OF MATURITIES OF LONG-TERM DEBT | The following table details the amount of the maturities of long-term debt maturing in future years at December 31, 2022 (excludes debt issuance costs of $88,000). SCHEDULE OF MATURITIES OF LONG-TERM DEBT Year ending December 31: (In thousands) 2023 $ 542 2024 578 2025 7 Total $ 1,127 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCRUED EXPENSES | Accrued expenses include the following (in thousands) at December 31: SCHEDULE OF ACCRUED EXPENSES 2022 2021 Salaries and employee benefits $ 2,629 $ 3,049 Accrued sales, property and other tax 240 183 Interest payable 8 3 Insurance payable 1,253 1,209 Other 463 634 Total accrued expenses $ 4,593 $ 5,078 |
ACCRUED CLOSURE COSTS AND ARO (
ACCRUED CLOSURE COSTS AND ARO (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
SCHEDULE OF CHANGE IN ASSET RETIREMENT OBLIGATION | Accrued closure costs represent our estimated environmental liability to clean up our fixed-based regulated facilities as required by our permits, in the event of closure. Changes to reported closure liabilities (current and long-term) for the years ended December 31, 2022 and 2021, were as follows: SCHEDULE OF CHANGE IN ASSET RETIREMENT OBLIGATION Amounts in thousands Balance as of December 31, 2020 $ 6,365 Accretion expense 377 Addition to closure liability 499 Spending (50 ) Balance as of December 31, 2021 $ 7,191 Accretion expense 411 Addition to closure liability 1,339 Spending (975 ) Balance as of December 31, 2022 $ 7,966 |
SCHEDULE OF ASSET RETIREMENT OBLIGATIONS | The reported closure asset or ARO, is reported as a component of “Net Property and equipment” in the Consolidated Balance Sheets at December 31, 2022 and 2021 with the following activity for the years ended December 31, 2022 and 2021: SCHEDULE OF ASSET RETIREMENT OBLIGATIONS Amounts in thousands Balance as of December 31, 2020 $ 3,348 Addition to closure and post-closure asset 478 Amortization of closure and post-closure asset (250 ) Balance as of December 31, 2021 $ 3,576 Addition to closure and post-closure asset 1,128 Amortization of closure and post-closure asset (603 ) Balance as of December 31, 2022 $ 4,101 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME (LOSS) BEFORE INCOME TAX (BENEFIT) EXPENSE | The components of (loss) income before income tax benefits by jurisdiction for continuing operations for the years ended December 31, consisted of the following (in thousands): SCHEDULE OF INCOME (LOSS) BEFORE INCOME TAX (BENEFIT) EXPENSE 2022 2021 United States (2,782 ) (1,733 ) Canada (630 ) (1,880 ) United Kingdom (177 ) (246 ) Poland — 1,061 Total loss before tax benefit $ (3,589 ) $ (2,798 ) |
SCHEDULE OF COMPONENTS OF INCOME TAX (BENEFIT) EXPENSE | The components of current and deferred federal and state income tax (benefits) expense for continuing operations for the years ended December 31, consisted of the following (in thousands): SCHEDULE OF COMPONENTS OF INCOME TAX (BENEFIT) EXPENSE 2022 2021 Federal income tax benefit - deferred (331 ) (3,503 ) State income tax expense (benefit) - current 12 (56 ) Foreign income tax expense - current — 26 State income tax benefit - deferred (59 ) (357 ) Total income tax benefit $ (378 ) $ (3,890 ) |
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION | An overall reconciliation between the expected tax benefit using the federal statutory rate of 21% for each of the years ended 2022 and 2021 and the benefit for income taxes from continuing operations as reported in the accompanying Consolidated Statement of Operations is provided below (in thousands). SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2022 2021 Federal tax benefit at statutory rate $ (754 ) $ (588 ) State tax expense (benefit), net of federal benefit 5 (412 ) Change in deferred tax rates 20 (93 ) Permanent items 220 62 PPP Loan forgiveness — (1,130 ) Debt forgiveness (PFM Poland) — (518 ) Difference in foreign rate (42 ) (135 ) True-up of deferred tax items 63 1,058 Other — (7 ) Increase (decrease) in valuation allowance 110 (2,127 ) Income tax benefit $ (378 ) $ (3,890 ) |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The Company had temporary differences and net operating loss carry forwards from both our continuing and discontinued operations, which gave rise to deferred tax assets and liabilities at December 31, 2022 and 2021 as follows (in thousands): SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES Deferred tax assets: 2022 2021 Net operating losses $ 11,647 $ 10,057 Environmental and closure reserves 2,269 2,040 Lease liability 482 575 Capital loss carryforward 756 740 Other 936 1,099 Deferred tax liabilities: Depreciation and amortization (4,351 ) (3,362 ) Indefinite lived intangible assets (503 ) (464 ) Right-of-use lease asset (476 ) (583 ) 481(a) adjustment (53 ) (104 ) Prepaid expenses (30 ) (24 ) Deferred tax assets, gross 10,677 9,974 Valuation allowance (6,560 ) (6,447 ) Net deferred income tax asset 4,117 3,527 |
PF MEDICAL (Tables)
PF MEDICAL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Pf Medical | |
SCHEDULE OF LOSS ON DECONSOLIDATION | SCHEDULE OF LOSS ON DECONSOLIDATION (In thousands) Note receivable consideration received $ 47 Less: Carrying amount of non-controlling interest 902 Carrying amount of accumulated other comprehensive loss 148 Net liabilities (35 ) Transaction costs 94 Loss on deconsolidation of subsidiary $ (1,062 ) |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SEGMENT REPORTING INFORMATION | The table below shows certain financial information of our reporting segments as of and for the years ended December 31, 2022 and 2021 (in thousands). SCHEDULE OF SEGMENT REPORTING INFORMATION Segment Reporting as of and for the year ended December 31, 2022 Treatment Services Segments Corporate (2) Consolidated Revenue from external customers $ 33,358 $ 37,241 $ 70,599 (3)(4) $ — $ 70,599 Intercompany revenues 56 213 269 — — Gross profit 5,243 4,366 9,609 — 9,609 Research and development 246 23 269 67 336 Interest income — — — 99 99 Interest expense (74 ) (3 ) (77 ) (98 ) (175 ) Interest expense-financing fees — (1 ) (1 ) (60 ) (61 ) Depreciation and amortization 1,710 334 2,044 65 2,109 Segment income (loss) before income taxes 1,531 1,565 3,096 (6,685 ) (3,589 ) (13) Income tax benefit (236 ) (133 ) (369 ) (9 ) (378 ) Segment income (loss) 1,767 1,698 3,465 (6,676 ) (3,211 ) Segment assets (1) 37,918 8,473 (8) 46,391 24,507 (5) 70,898 Expenditures for segment assets (net) 866 157 1,023 — 1,023 (7) Total debt 482 5 487 552 1,039 (6) Segment Reporting as of and for the year ended December 31, 2021 Treatment Services Medical Segments Corporate (2) Consolidated Revenue from external customers $ 32,992 $ 39,199 — $ 72,191 (3)(4) $ — $ 72,191 Intercompany revenues 1,265 47 — 1,312 — — Gross profit 6,718 106 — 6,824 — 6,824 Research and development 221 71 414 706 40 746 Interest income 1 — — 1 25 26 Interest expense (100 ) (10 ) — (110 ) (137 ) (247 ) Interest expense-financing fees — (1 ) — (1 ) (40 ) (41 ) Depreciation and amortization 1,306 353 — 1,659 28 1,687 Segment income (loss) before income taxes 2,283 (3,044 ) (1,476 ) (11)(12) (2,237 ) (561 ) (9)(11) (2,798 ) Income tax (benefit) expense (150 ) (962 ) 26 (1,086 ) (2,804 ) (3,890 ) (10) Segment income (loss) 2,433 (2,082 ) (1,502 ) (1,151 ) 2,243 1,092 Segment assets (1) 37,050 15,244 (8) 48 52,342 24,959 (5) 77,301 Expenditures for segment assets (net) 1,363 205 — 1,568 9 1,577 (7) Total debt 25 14 — 39 954 993 (6) (1) Segment assets have been adjusted for intercompany accounts to reflect actual assets for each segment. (2) Amounts reflect the activity for corporate headquarters not included in the segment information. (3) The Company performed services relating to waste generated by government clients (domestic and foreign (primarily Canadian)), either directly as a prime contractor or indirectly for others as a subcontractor to government entities, representing approximately 60,030,000 85.0 60,812,000 84.2 (4) The following table reflects revenue based on customer location: (5) Amount includes assets from our discontinued operations of $ 96,000 96,000 (6) Net of debt issuance costs of ($ 88,000 112,000 (7) Net of financed amount of $ 114,000 585,000 (8) Includes long-lived asset (net) for our PF Canada, Inc. subsidiary of $ 0 25,000 (9) Amount includes approximately $ 5,381,000 (10) Includes tax benefit recorded in amount of approximately $ 2,351,000 (11) Includes elimination of gain/loss of $ 2,537,000 (12) Amount includes a “Loss on deconsolidation of subsidiary” recorded in the amount of approximately $ 1,062,000 (13) Includes approximately $ 1,975,000 |
SCHEDULE OF REVENUE BY MAJOR CUSTOMERS BY REPORTING SEGMENTS | SCHEDULE OF REVENUE BY MAJOR CUSTOMERS BY REPORTING SEGMENTS 2022 2021 Treatment Services Total Treatment Services Total Domestic government $ 23,752 $ 35,906 $ 59,658 $ 22,538 $ 29,013 $ 51,551 Foreign government 574 (202 ) 372 577 8,684 9,261 Total $ 24,326 $ 35,704 $ 60,030 $ 23,115 $ 37,697 $ 60,812 |
SCHEDULE OF REVENUE BASED ON CUSTOMER LOCATION | SCHEDULE OF REVENUE BASED ON CUSTOMER LOCATION 2022 2021 United States $ 69,373 $ 62,257 Canada 406 9,277 Germany 678 567 Italy 14 — United Kingdom 128 90 Total $ 70,599 $ 72,191 |
DESCRIPTION OF BUSINESS AND B_2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | |
Total assets and liabilities under variable interest rate | $ 0 | ||
Sale of interest in subsidiaries | 100% | ||
PFM Poland [Member] | |||
Sale of interest in subsidiaries | 100% | ||
Perma Fix ERRG [Member] | |||
Ownership percentage | 51% | ||
Engineering Remediation Resources Group Inc [Member] | |||
Ownership percentage | 49% |
SCHEDULE OF CREDIT LOSSES FOR F
SCHEDULE OF CREDIT LOSSES FOR FINANCING RECEIVABLES, CURRENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Allowance for credit losses - beginning of year | $ 85 | $ 404 |
(Recovery of) provision charges | (21) | 41 |
Write-off | (7) | (360) |
Allowance for credit losses - end of year | $ 57 | $ 85 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Product Information [Line Items] | ||
Cash on hand | $ 1,866,000 | $ 4,440,000 |
Finite risk sinking fund | 11,570,000 | 11,471,000 |
Finance leases assets recorded | 1,201,000 | 2,409,000 |
Finance leases accumulated depreciation | $ 549,000 | $ 475,000 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Long-lived asset (net) | Long-lived asset (net) |
Finance leases net fixed asset | $ 652,000 | $ 1,934,000 |
Depreciation expense | 1,872,000 | 1,476,000 |
Revenue | 70,599,000 | 72,191,000 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Government Clients [Member] | ||
Product Information [Line Items] | ||
Revenue | $ 60,030,000 | $ 60,812,000 |
Concentration risk percentage | 85% | 84.20% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] | ||
Product Information [Line Items] | ||
Concentration risk percentage | 12.50% | 18.20% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | ||
Product Information [Line Items] | ||
Concentration risk percentage | 23% | 23.50% |
Minimum [Member] | Receipt [Member] | ||
Product Information [Line Items] | ||
Percentage of revenue recognized | 9% | |
Minimum [Member] | Treatment/ Processing [Member] | ||
Product Information [Line Items] | ||
Percentage of revenue recognized | 40% | |
Minimum [Member] | Shipment/ Final Disposal [Member] | ||
Product Information [Line Items] | ||
Percentage of revenue recognized | 9% | |
Maximum [Member] | Receipt [Member] | ||
Product Information [Line Items] | ||
Percentage of revenue recognized | 33% | |
Maximum [Member] | Treatment/ Processing [Member] | ||
Product Information [Line Items] | ||
Percentage of revenue recognized | 79% | |
Maximum [Member] | Shipment/ Final Disposal [Member] | ||
Product Information [Line Items] | ||
Percentage of revenue recognized | 27% | |
Building [Member] | Minimum [Member] | ||
Product Information [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Building [Member] | Maximum [Member] | ||
Product Information [Line Items] | ||
Property, plant and equipment, useful life | 40 years | |
Office Furniture and Equipment [Member] | Minimum [Member] | ||
Product Information [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Office Furniture and Equipment [Member] | Maximum [Member] | ||
Product Information [Line Items] | ||
Property, plant and equipment, useful life | 7 years |
SCHEDULE OF DISAGGREGATION OF R
SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 70,599 | $ 72,191 |
Domestic Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 59,658 | 51,551 |
Domestic Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9,715 | 10,706 |
Foreign Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 372 | 9,261 |
Foreign Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 854 | 673 |
Fixed Price [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 60,318 | 44,228 |
Time and Materials [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 10,281 | 27,963 |
Treatment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 33,358 | 32,992 |
Treatment [Member] | Domestic Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 23,752 | 22,538 |
Treatment [Member] | Domestic Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,307 | 9,294 |
Treatment [Member] | Foreign Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 574 | 577 |
Treatment [Member] | Foreign Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 725 | 583 |
Treatment [Member] | Fixed Price [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 33,358 | 32,992 |
Treatment [Member] | Time and Materials [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | ||
Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 37,241 | 39,199 |
Services [Member] | Domestic Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 35,906 | 29,013 |
Services [Member] | Domestic Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,408 | 1,412 |
Services [Member] | Foreign Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (202) | 8,684 |
Services [Member] | Foreign Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 129 | 90 |
Services [Member] | Fixed Price [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 26,960 | 11,236 |
Services [Member] | Time and Materials [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 10,281 | $ 27,963 |
SCHEDULE OF CONTRACT LIABILITIE
SCHEDULE OF CONTRACT LIABILITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Unbilled receivables - current | $ 6,062 | $ 8,995 |
Changes in unbilled receivables - current | (2,933) | (5,458) |
Deferred revenue | 4,813 | $ 5,580 |
Year-to-date Change [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Changes in unbilled receivables - current | $ (2,933) | |
Changes in unbilled receivables - current, percentage | (32.60%) | |
Changes in deferred revenue | $ (767) | |
Changes in deferred revenue, percentage | (13.70%) |
REVENUE (Details Narrative)
REVENUE (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized | $ 6,576,000 | $ 7,196,000 |
SCHEDULE OF COMPONENTS OF LEASE
SCHEDULE OF COMPONENTS OF LEASE COST (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | ||
Lease cost | $ 627 | $ 499 |
Amortization of ROU assets | 176 | 220 |
Interest on lease liability | 37 | 97 |
Finance leases | 213 | 317 |
Short-term lease rent expense | 7 | 13 |
Total lease cost | $ 847 | $ 829 |
SCHEDULE OF WEIGHTED AVERAGE LE
SCHEDULE OF WEIGHTED AVERAGE LEASE (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Leases | ||
Operating leases, weighted average remaining lease terms (years) | 6 years 2 months 12 days | 6 years 10 months 24 days |
Finance leases, weighted average remaining lease terms (years) | 3 years | 4 years |
Operating leases, weighted average discount rate | 7.80% | 7.60% |
Finance leases, weighted average discount rate | 5.30% | 6.20% |
SCHEDULE OF OPERATING AND FINAN
SCHEDULE OF OPERATING AND FINANCE LEASE LIABILITY MATURITY (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease, Liability, to be Paid [Abstract] | ||
Operating Leases 2023 | $ 556 | |
Finance Leases 2023 | 174 | |
Operating Leases 2024 | 416 | |
Finance Leases 2024 | 170 | |
Operating Leases 2025 | 325 | |
Finance Leases 2025 | 149 | |
Operating Leases 2026 | 301 | |
Finance Leases 2026 | 18 | |
Operating Leases 2027 | 286 | |
Finance Leases 2027 | ||
Operating Leases 2028 and thereafter | 656 | |
Finance Leases 2028 and thereafter | ||
Operating leases total undiscounted lease payments | 2,540 | |
Finance Leases Total undiscounted lease payments | 511 | |
Operating Leases Less: Imputed interest | (540) | |
Finance Leases Less: Imputed interest | (39) | |
Operating Leases Present value of lease payments | 2,000 | |
Finance Leases Present value of lease payments | 472 | |
Current portion of operating lease obligations | 416 | $ 406 |
Long-term operating lease obligations, less current portion | 1,584 | 2,029 |
Current portion of finance lease obligations | 154 | 333 |
Long-term finance lease obligations, less current portion | $ 318 | $ 884 |
SCHEDULE OF SUPPLEMENTAL CASH F
SCHEDULE OF SUPPLEMENTAL CASH FLOW AND OTHER INFORMATION RELATED TO LEASES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | ||
Operating cash flow from operating leases | $ 573 | $ 439 |
Operating cash flow from finance leases | 37 | 97 |
Financing cash flow from finance leases | 860 | 334 |
Finance liabilities | 147 | 577 |
Operating liabilities | 491 | |
Finance liabilities | $ (364) |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Permits, beginning balance | $ 9,476 | $ 8,922 |
Permit renewal | 121 | |
Permit in progress | 134 | 433 |
Permits, ending balance | $ 9,610 | $ 9,476 |
SCHEDULE OF DEFINITE LIVED INTA
SCHEDULE OF DEFINITE LIVED INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 4,721 | $ 4,749 |
Accumulated amortization | (4,092) | (3,855) |
Net carrying amount | $ 629 | 894 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 8 years 3 months 18 days | |
Gross carrying amount | $ 711 | 787 |
Accumulated amortization | (374) | (351) |
Net carrying amount | $ 337 | 436 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 3 years | |
Gross carrying amount | $ 640 | 592 |
Accumulated amortization | (468) | (415) |
Net carrying amount | $ 172 | 177 |
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 | (3,250) | (3,089) |
Net carrying amount | $ 120 | $ 281 |
SCHEDULE OF FINITE LIVED INTANG
SCHEDULE OF FINITE LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ 195 |
2024 | 63 |
2025 | 26 |
2026 | 25 |
2026 | $ 22 |
PERMIT AND OTHER INTANGIBLE A_3
PERMIT AND OTHER INTANGIBLE ASSETS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible asset | $ 237,000 | $ 211,000 |
SCHEDULE OF STOCK OPTIONS VALUA
SCHEDULE OF STOCK OPTIONS VALUATION ASSUMPTIONS (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Employee Stock Options Granted [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Weighted-average fair value per share | $ 2.71 | $ 3.51 | |
Risk-free interest rate | [1] | 3% | 1.05% |
Expected volatility of stock | [2] | 55.72% | 58.61% |
Dividend yield | 0% | 0% | |
Expected option life | [3] | 5 years | 5 years |
Outside Director Stock Options Granted [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Weighted-average fair value per share | $ 3.61 | $ 3.9 | |
Risk-free interest rate | [1] | 2.91% | |
Expected volatility of stock | [1] | 55.04% | |
Dividend yield | 0% | 0% | |
Expected option life | [3] | 10 years | 10 years |
Outside Director Stock Options Granted [Member] | Minimum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Risk-free interest rate | [1] | 1.23% | |
Expected volatility of stock | [1] | 55.84% | |
Outside Director Stock Options Granted [Member] | Maximum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Risk-free interest rate | [1] | 1.61% | |
Expected volatility of stock | [1] | 55.91% | |
[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 ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total | $ 408,000 | $ 250,000 |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total | 313,000 | 178,000 |
Director Stock Options [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total | $ 95,000 | $ 72,000 |
SCHEDULE OF STOCK OPTIONS ROLL
SCHEDULE OF STOCK OPTIONS ROLL FORWARD (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Shares Options Granted | 94,000 | |||
Equity Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Shares Options Outstanding Beginning | 1,019,400 | [1] | 658,400 | |
Weighted Average Exercise Price Options Outstanding Beginning | $ 4.91 | [1] | $ 3.87 | |
Shares Options Granted | 94,000 | 381,000 | ||
Weighted Average Exercise Price Options Granted | $ 5.20 | $ 6.82 | ||
Shares Options Exercised | (52,400) | (500) | ||
Weighted Average Exercise Price Options Exercised | $ 4.04 | $ 3.15 | ||
Aggregate Intrinsic Value Options Exercised | [2] | $ 97,856 | $ 2,175 | |
Shares Options Forfeited/expired | (42,600) | (19,500) | ||
Weighted Average Exercise Price Options Forfeited/expired | $ 4.08 | $ 6.75 | ||
Shares Options Outstanding Beginning | [1] | 1,018,400 | 1,019,400 | |
Weighted Average Exercise Price Options Outstanding Ending | [1] | $ 5.02 | $ 4.91 | |
Weighted Average Remaining Contractual Term (years) Outstanding | [1] | 3 years 9 months 18 days | 4 years | |
Aggregate Intrinsic Value Options Outstanding | [1],[2] | $ 44,262 | $ 1,669,687 | |
Shares Options Exercisable | [1] | 530,900 | 438,400 | |
Weighted Average Exercise Price Options Exercisable | [1] | $ 4.27 | $ 3.95 | |
Weighted Average Remaining Contractual Term (years) Exercisable | [1] | 2 years 4 months 24 days | 2 years 8 months 12 days | |
Aggregate Intrinsic Value Options Exercisable | [1],[2] | $ 30,962 | $ 1,064,432 | |
Aggregate Intrinsic Value Options Exercisable | [2] | $ 1,669,687 | [1] | |
[1]Options with exercise prices ranging from $ 2.79 7.50 |
SCHEDULE OF STOCK OPTIONS ROL_2
SCHEDULE OF STOCK OPTIONS ROLL FORWARD (Details) (Parenthetical) - Stock Option Outstanding [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share-based payment arrangement, option, exercise price range, lower range limit | $ 2.79 |
Share-based payment arrangement, option, exercise price range, upper range limit | $ 7.50 |
SCHEDULE OF NON VESTED OPTIONS
SCHEDULE OF NON VESTED OPTIONS (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Shares non vested options, beginning | shares | 581,000 |
Weighted average grant date fair value non vested options, beginning | $ / shares | $ 3.13 |
Shares non vested options, granted | shares | 94,000 |
Weighted average grant date fair value non vested options, granted | $ / shares | $ 3.39 |
Shares non vested options, vested | shares | (154,500) |
Weighted average grant date fair value non vested options, Vested | $ / shares | $ 2.67 |
Shares non vested options, forfeited | shares | (33,000) |
Weighted average grant date fair value non vested options, forfeited | $ / shares | $ 3.08 |
Shares non vested options, ending | shares | 487,500 |
Weighted average grant date fair value non vested options, ending | $ / shares | $ 3.32 |
CAPITAL STOCK, STOCK PLANS, W_3
CAPITAL STOCK, STOCK PLANS, WARRANTS AND STOCK BASED COMPENSATION (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2022 | Jul. 21, 2022 | Oct. 14, 2021 | Oct. 14, 2021 | Sep. 30, 2021 | Jul. 20, 2021 | May 04, 2021 | Apr. 02, 2019 | Jul. 27, 2017 | May 31, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Common stock, shares authorized | 30,000,000 | 30,000,000 | 30,000,000 | |||||||||
Number of stock option shares granted | 94,000 | |||||||||||
Proceeds from stock options exercised | $ 13,000 | |||||||||||
Common Stock [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Stock options, exercise price | $ 3.97 | |||||||||||
Issuance of stock upon exercise of options, shares | 16,526 | |||||||||||
Number of stock option purchased | 50,000 | |||||||||||
Share-Based Payment Arrangement, Option [Member] | Common Stock [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Stock options, exercise price | $ 5.50 | $ 3.15 | ||||||||||
Issuance of stock upon exercise of options, shares | 2,400 | 290 | ||||||||||
Number of stock option purchased | 2,400 | 500 | ||||||||||
Proceeds from stock options exercised | $ 13,000 | |||||||||||
Subscription Agreements [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Number of sale shares issuance | 1,000,000 | |||||||||||
Common Stock [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Issuance of stock upon exercise of options, shares | 18,926 | 290 | ||||||||||
Stock issued during period for services, shares | 90,920 | 60,723 | ||||||||||
Number of common shares reserved for future issuance | 1,018,400 | 1,018,400 | ||||||||||
Second Milestone [Member] | Ferguson Stock Option [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Options to purchase shares | 30,000 | |||||||||||
Third Milestone [Member] | Ferguson Stock Option [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Options to purchase shares | 60,000 | |||||||||||
Employee and Directors [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Unrecognized compensation cost related to unvested options consultant | $ 1,293,000 | $ 1,293,000 | ||||||||||
Weighted average term for unrecognized and unvested option to be recognized | 3 years 7 months 6 days | |||||||||||
Robert Ferguson [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Issuance of stock upon exercise of options, shares | 10,000 | |||||||||||
Unrecognized compensation cost related to unvested options consultant | $ 39,000 | $ 39,000 | ||||||||||
Number of shares forfeited | 30,000 | |||||||||||
Remaining stock option | 60,000 | 60,000 | ||||||||||
Loans payable | $ 2,500,000 | |||||||||||
Warrant to purchase | 60,000 | |||||||||||
Warrants exercise price | $ 3.51 | |||||||||||
Warrant exercisable, description | The warrant expires on April 1, 2024 and remains outstanding at December 31, 2022. Upon Mr. Ferguson’s death, the warrant is now held by Mr. Ferguson’s estate. The Ferguson Loan was paid-in-full in December 2020. | |||||||||||
2003 Stock Plan [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Common stock, shares authorized | 500,000 | |||||||||||
Stock options granted vesting period | 6 months | |||||||||||
Vesting percentage | 25% | |||||||||||
2003 Stock Plan [Member] | Director [Member] | Minimum [Member] | Election [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Shares remaining available for issuance | 6,000 | |||||||||||
2003 Stock Plan [Member] | Director [Member] | Minimum [Member] | Reelection [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Shares remaining available for issuance | 2,400 | |||||||||||
2003 Stock Plan [Member] | Director [Member] | Maximum [Member] | Election [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Shares remaining available for issuance | 20,000 | |||||||||||
2003 Stock Plan [Member] | Director [Member] | Maximum [Member] | Reelection [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Shares remaining available for issuance | 10,000 | |||||||||||
2003 Outside Directors Stock Plan [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Shares remaining available for issuance | 448,534 | 448,534 | ||||||||||
Percentage of directors fees, description | The 2003 Plan continued to provide for the issuance to each Eligible Director a number of shares of the Company’s Common Stock in lieu of 65% or 100% (based on option elected by each director) of the fee payable to the Eligible Director for services rendered as a member of the Board. The number of shares issued is determined at 75% of the market value as defined in the 2003 Plan (the Company recognizes 100% of the market value of the shares issued). | |||||||||||
2003 Outside Directors Stock Plan [Member] | Common Stock [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Number of shares available for issuance | 1,600,000 | 1,600,000 | ||||||||||
2017 Stock Option Plan [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Shares remaining available for issuance | 353,000 | 353,000 | ||||||||||
Stock option granted, description | The term of each stock option granted under the 2017 Plan shall be fixed by the Compensation and Stock Option Committee (the “Compensation Committee”), but no stock options will be exercisable more than ten years after the grant date, or in the case of an ISO granted to a 10% stockholder, five years after the grant date. The exercise price of any ISO granted under the 2017 Plan to an individual who is not a 10% stockholder at the time of the grant shall not be less than the fair market value of the shares at the time of the grant, and the exercise price of any ISO granted to a 10% stockholder shall not be less than 110% of the fair market value at the time of grant. | |||||||||||
2017 Stock Option Plan [Member] | Officers and Employees [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Number of shares available for issuance | 1,140,000 | 1,140,000 | ||||||||||
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 | |||||||||||
2003 Stock Option Plan [Member] | Dr. Louis Centofanti [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Number of stock option shares granted | 10,000 | |||||||||||
Stock options granted contractual term | 10 years | |||||||||||
Vesting, description | one-fourth vesting annually over a four-year period. | |||||||||||
Stock options, exercise price | $ 5.15 | |||||||||||
2017 Stock Option Plan [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Number of stock option shares granted | 24,000 | |||||||||||
Stock options granted contractual term | 6 years | |||||||||||
Vesting, description | one-fifth vesting annually over a five-year period. | |||||||||||
Stock options, exercise price | $ 5.34 | |||||||||||
2017 Stock Plan [Member] | Incentive Stock Option Agreement [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Stock options granted contractual term | 6 years | |||||||||||
Vesting, description | one-fifth yearly vesting over a five-year period. | |||||||||||
Exercise price | $ 7.005 | |||||||||||
2017 Stock Plan [Member] | Maximum [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Number of stock option shares granted | 305,000 | |||||||||||
2017 Stock Plan [Member] | Chief Executive Officer [Member] | Incentive Stock Option Agreement [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Number of stock option shares granted | 50,000 | |||||||||||
2017 Stock Plan [Member] | Chief Financial Officer [Member] | Incentive Stock Option Agreement [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Number of stock option shares granted | 25,000 | |||||||||||
2017 Stock Plan [Member] | EVP of Strategic Initiatives [Member] | Incentive Stock Option Agreement [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Number of stock option shares granted | 20,000 | |||||||||||
2017 Stock Plan [Member] | EVP of Waste Treatment Operations [Member] | Incentive Stock Option Agreement [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Number of stock option shares granted | 25,000 | |||||||||||
2017 Stock Plan [Member] | EVP of Nuclear and Technical Services [Member] | Incentive Stock Option Agreement [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Number of stock option shares granted | 25,000 | |||||||||||
2003 Plan [Member] | NQSO [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Stock options granted vesting period | 6 months | |||||||||||
Number of stock option shares granted | 10,000 | 6,000 | ||||||||||
Stock options granted contractual term | 10 years | 10 years | ||||||||||
Vesting, description | one-fourth vesting annually over a four-year period. | |||||||||||
Stock options, exercise price | $ 5.93 | $ 7.50 | ||||||||||
2003 Outside Directors Stock Option Plan [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Percentage of directors fees, description | As a member of the Board, each director elects to receive either 65% or 100% of the director’s fee in shares of our Common Stock. The number of shares received is calculated based on 75% of the fair market value of our Common Stock determined on the business day immediately preceding the date that the quarterly fee is due. | |||||||||||
2003 Outside Directors Stock Option Plan [Member] | Common Stock [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Stock issued during period for services, shares | 90,920 | 60,723 | ||||||||||
2003 Outside Directors Stock Plan [Member] | Portion of Director Fee Earned in Common Stock [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Allocated share-based compensation expense | $ 477,000 | $ 467,000 |
COMMON STOCK SUBSCRIPTION AGR_2
COMMON STOCK SUBSCRIPTION AGREEMENTS (Details Narrative) - USD ($) | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 23, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Proceeds issuance common stock | $ (61,000) | $ 5,765,000 | ||
Subscription Agreements [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Shares issued, shares | 1,000,000 | |||
Purchase price per share | $ 6.20 | |||
Proceeds issuance common stock | $ 6,200,000 | |||
Placement Agency Agreement [Member] | Wellington Shieldsand Co [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Cash fee | 6% | |||
Payment for offering | $ 372,000 | |||
Offering cost | 50,000 | |||
Deducting costs incurred | 496,000 | |||
Proceeds from offering | $ 5,704,000 | |||
Offering cost paid | $ 61,000 |
SCHEDULE OF EARNINGS PER SHARE
SCHEDULE OF EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders: | ||
(Loss) income from continuing operations, net of taxes | $ (3,211) | $ 1,092 |
Net loss attributable to non-controlling interest | (164) | |
(Loss) income from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | (3,211) | 1,256 |
Loss from discontinuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | (605) | (421) |
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ (3,816) | $ 835 |
Basic (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ (0.29) | $ 0.07 |
Diluted (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ (0.29) | $ 0.07 |
Weighted average shares outstanding: | ||
Basic weighted average shares outstanding | 13,280 | 12,433 |
Add: dilutive effect of stock options | 211 | |
Add: dilutive effect of warrants | 29 | |
Diluted weighted average shares outstanding | 13,280 | 12,673 |
Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: | ||
Stock options | 499 | 323 |
Warrant |
SCHEDULE OF DISPOSAL GROUPS, IN
SCHEDULE OF DISPOSAL GROUPS, INCLUDING DISCONTINUED OPERATION BALANCE SHEET (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Current assets | |||
Other assets | $ 15,000 | $ 15,000 | |
Total current assets | 15,000 | 15,000 | |
Long-term assets | |||
Property, plant and equipment, net | [1] | 81,000 | 81,000 |
Total long-term assets | 81,000 | 81,000 | |
Total assets | 96,000 | 96,000 | |
Current liabilities | |||
Accounts payable | 104,000 | 3,000 | |
Accrued expenses and other liabilities | 146,000 | 154,000 | |
Environmental liabilities | 112,000 | 349,000 | |
Total current liabilities | 362,000 | 506,000 | |
Long-term liabilities | |||
Closure liabilities | 159,000 | 150,000 | |
Environmental liabilities | 749,000 | 527,000 | |
Total long-term liabilities | 908,000 | 677,000 | |
Total liabilities | $ 1,270,000 | $ 1,183,000 | |
[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 ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Accumulated depreciation | $ 10,000 | $ 10,000 |
SCHEDULE OF CURRENT AND LONG TE
SCHEDULE OF CURRENT AND LONG TERM ACCRUED ENVIRONMENTAL LIABILITY (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current Accrual | $ 112,000 | |
Long-term Accrual | 749,000 | |
Total | $ 861,000 | $ 876,000 |
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration] | Accrued closure costs - current | |
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Accrued closure costs | |
PFD [Member] | ||
Current Accrual | ||
Long-term Accrual | 60,000 | |
Total | 60,000 | |
PFM [Member] | ||
Current Accrual | ||
Long-term Accrual | 15,000 | |
Total | 15,000 | |
PFSG [Member] | ||
Current Accrual | 112,000 | |
Long-term Accrual | 674,000 | |
Total | $ 786,000 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Loss from discontinued operations (net of taxes) | $ 605,000 | $ 421,000 |
Net of tax benefit | 199,000 | 139,000 |
Accrued environmental remediation liabilities | 861,000 | $ 876,000 |
Increase (decrease) in environmental liability | 15,000 | |
Accrued environmental liabilities, current | $ 112,000 |
SCHEDULE OF LONG TERM DEBT (Det
SCHEDULE OF LONG TERM DEBT (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Total debt | $ 1,039 | $ 993 | |
Less current portion of long-term debt | 476 | 393 | |
Long-term debt | 563 | 600 | |
Revolving Credit [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | [1] | ||
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | [1],[2] | 552 | 954 |
Captail Line [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | [1] | 463 | |
Note Payable [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $ 24 | $ 39 | |
[1]Our revolving credit facility is collateralized by our accounts receivable and our term loan and capital line are collateralized by our property, plant, and equipment.[2]Net of debt issuance costs of ($ 88,000 112,000 |
SCHEDULE OF LONG TERM DEBT (D_2
SCHEDULE OF LONG TERM DEBT (Details) (Parenthetical) - USD ($) | May 04, 2021 | May 08, 2020 | Dec. 31, 2022 | Dec. 31, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt issuance costs, net | $ 88,000 | $ 112,000 | ||
Revolving Credit [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt due date | May 15, 2024 | |||
Effective interest rate | 8.90% | 5.30% | ||
Term Loan [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt due date | May 15, 2024 | |||
Effective interest rate | 5.60% | 4.50% | ||
Capital Line [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt due date | May 15, 2024 | |||
Effective interest rate | 6.20% | |||
Note Payable [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Effective interest rate | 5.60% | 9.10% |
SCHEDULE OF MATURITIES OF LONG-
SCHEDULE OF MATURITIES OF LONG-TERM DEBT (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 542 |
2024 | 578 |
2025 | 7 |
Total | $ 1,127 |
LONG-TERM DEBT (Details Narrati
LONG-TERM DEBT (Details Narrative) - USD ($) | 12 Months Ended | ||||
Mar. 21, 2023 | May 08, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | May 04, 2021 | |
Line of Credit Facility [Line Items] | |||||
Long term debt | $ 1,039,000 | $ 993,000 | |||
Line of credit facility, current borrowing capacity | $ 1,000,000 | ||||
Letters of credit outstanding, amount | $ 3,016,000 | ||||
Amended Loan Agreement [Member] | Lender [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Description | the quarterly FCCR testing requirement starting for the fourth quarter of 2022 and revised the methodology in calculating the FCCR for the quarter ended December 31, 2022 and the methodology to be used in calculating the FCCR for the quarter ending March 31, 2023 (with no change to the minimum 1.15:1 ratio requirement for each quarter) | ||||
Revised Loan Agreement [Member] | Subsequent Event [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 18,000,000 | ||||
Revised Loan Agreement [Member] | Subsequent Event [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 12,500,000 | ||||
PNC Bank [Member] | Revised Loan Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, fee amount | $ 30,000 | ||||
Term Loan [Member] | PNC Bank [Member] | Loan Agreement [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long term debt | 1,742,000 | ||||
Debt instrument periodic payment | 35,547 | ||||
Captail Line [Member] | PNC Bank [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long term debt | 524,000 | ||||
Debt instrument periodic payment | 8,700 | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, revolving credit | 4,290,000 | ||||
Letters of credit outstanding, amount | 3,016,000 | ||||
Revolving Credit Facility [Member] | Lender [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, current borrowing capacity | $ 3,000,000 | ||||
Percentage of unused line fees | 0.375% | ||||
Line of credit, borrowing capacity | As a result of this new provision, payment of annual rate of interest due on the revolving credit is at prime (7.50% at December 31, 2022) plus 2% or Term SOFR Rate (as defined in the Revised Loan Agreement) plus 3.00% plus an SOFR Adjustment applicable for an interest period selected by us and payment of annual rate of interest due on the term loan and the capital expenditure line is at prime plus 2.50% or Term SOFR Rate plus 3.50% plus an SOFR Adjustment applicable for an interest period selected by us. A SOFR Adjustment rates of 0.10% and 0.15% are applicable for a one-month interest period and three-month period, respectively, that may be selected by us | ||||
Revolving Credit Facility [Member] | Lender [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Percentage of unused line fees | 0.375% | ||||
Revolving Credit Facility [Member] | Lender [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Percentage of unused line fees | 0.50% | ||||
Revolving Credit Facility [Member] | PNC Bank [Member] | Loan Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 18,000,000 | ||||
Revolving Credit Facility [Member] | PNC Bank [Member] | Loan Agreement [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 12,500,000 | ||||
Revolving Credit Facility [Member] | Loan Agreement [Member] | PNC Bank [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument maturity date | Mar. 15, 2024 |
CORONAVIRUS AID, RELIEF, AND _2
CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (“CARES ACT”) (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 15, 2021 | Dec. 31, 2021 | Apr. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee retention credits, description | Company’s share of certain payroll taxes equal to 70% of the qualified wages paid to employees between July 1, 2021 and September 30, 2021. Qualified wages are limited to $10,000 per employee per calendar quarter in 2021 for a maximum allowable ERC per employee of $7,000 per calendar quarter in 2021. For purposes of the amended ERC, an eligible employer is defined as having experienced a significant (20% or more) decline in gross receipts during one or more of the first three 2021 calendar quarters when compared to 2019. | ||||||
Employer shares percentage | 70% | ||||||
Qualified wages limitation under the ERC program | $ 10,000 | ||||||
Maximum ERC per employee | 7,000 | ||||||
Total debt | $ 993,000 | $ 1,039,000 | $ 993,000 | ||||
Debt instrument, decrease, forgiveness | 2,537,000 | ||||||
Gain (loss) on extinguishment of debt | 5,381,000 | ||||||
Payment of social security taxes amount | 626,000 | ||||||
Deferral of Employment Tax Deposits [Member] | |||||||
Social security taxes amount payable | $ 1,252,000 | 1,252,000 | |||||
Deferral of Employment Tax Deposits [Member] | December 31, 2021 [Member] | |||||||
Percentage of social security taxes deferred payable | 50% | ||||||
Deferral of Employment Tax Deposits [Member] | December 31, 2022 [Member] | |||||||
Percentage of social security taxes deferred payable | 50% | ||||||
Paycheck Protection Program Loan [Member] | |||||||
Gain (loss) on extinguishment of debt | $ 5,381,000 | ||||||
Paycheck Protection Program Loan [Member] | Lender [Member] | |||||||
Total debt | $ 5,318,000 | ||||||
Debt interest rate | 1% | ||||||
Debt instrument, decrease, forgiveness | $ 5,318,000 | ||||||
Interest forgiveness | $ 63,000 | ||||||
Gain (loss) on extinguishment of debt | $ 5,381,000 | ||||||
Other Nonoperating Income (Expense) [Member] | |||||||
Non-operating income | $ 1,975,000 |
SCHEDULE OF ACCRUED EXPENSES (D
SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Salaries and employee benefits | $ 2,629 | $ 3,049 |
Accrued sales, property and other tax | 240 | 183 |
Interest payable | 8 | 3 |
Insurance payable | 1,253 | 1,209 |
Other | 463 | 634 |
Total accrued expenses | $ 4,593 | $ 5,078 |
SCHEDULE OF CHANGE IN ASSET RET
SCHEDULE OF CHANGE IN ASSET RETIREMENT OBLIGATION (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Balance at beginning | $ 7,191,000 | $ 6,365,000 | |
Accretion expense | 411,000 | 377,000 | |
Addition to closure liability | $ 1,339,000 | 1,339,000 | 499,000 |
Spending | (975,000) | (50,000) | |
Balance at beginning | $ 7,966,000 | $ 7,966,000 | $ 7,191,000 |
SCHEDULE OF ASSET RETIREMENT OB
SCHEDULE OF ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Balance at end | $ 3,576 | $ 3,348 |
Addition to closure and post-closure asset | 1,128 | 478 |
Amortization of closure and post-closure asset | (603) | (250) |
Balance at end | $ 4,101 | $ 3,576 |
ACCRUED CLOSURE COSTS AND ARO_2
ACCRUED CLOSURE COSTS AND ARO (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Accrued closure related to additional estimated closure | $ 1,339,000 | $ 1,339,000 | $ 499,000 |
Accrued closure related to additional estimated closure long term liabilities | 465,000 | 465,000 | |
Accrued closure costs - current | $ 682,000 | $ 682,000 | $ 578,000 |
SCHEDULE OF INCOME (LOSS) BEFOR
SCHEDULE OF INCOME (LOSS) BEFORE INCOME TAX (BENEFIT) EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Total loss before tax benefit | $ (3,589) | [1] | $ (2,798) |
UNITED STATES | |||
Total loss before tax benefit | (2,782) | (1,733) | |
CANADA | |||
Total loss before tax benefit | (630) | (1,880) | |
UNITED KINGDOM | |||
Total loss before tax benefit | (177) | (246) | |
POLAND | |||
Total loss before tax benefit | $ 1,061 | ||
[1]Includes approximately $ 1,975,000 |
SCHEDULE OF COMPONENTS OF INCOM
SCHEDULE OF COMPONENTS OF INCOME TAX (BENEFIT) EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Tax Disclosure [Abstract] | |||
Federal income tax benefit - deferred | $ (331) | $ (3,503) | |
State income tax expense (benefit) - current | 12 | (56) | |
Foreign income tax expense - current | 26 | ||
State income tax benefit - deferred | (59) | (357) | |
Total income tax benefit | $ (378) | $ (3,890) | [1] |
[1]Includes tax benefit recorded in amount of approximately $ 2,351,000 |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Tax Disclosure [Abstract] | ||||
Federal tax benefit at statutory rate | $ (754,000) | $ (588,000) | ||
State tax expense (benefit), net of federal benefit | 5,000 | (412,000) | ||
Change in deferred tax rates | 20,000 | (93,000) | ||
Permanent items | 220,000 | 62,000 | ||
PPP Loan forgiveness | (1,130,000) | |||
Debt forgiveness (PFM Poland) | (518,000) | |||
Difference in foreign rate | (42,000) | (135,000) | ||
True-up of deferred tax items | 63,000 | 1,058,000 | ||
Other | (7,000) | |||
Increase (decrease) in valuation allowance | $ 2,351,000 | 110,000 | (2,127,000) | |
Total income tax benefit | $ (378,000) | $ (3,890,000) | [1] | |
[1]Includes tax benefit recorded in amount of approximately $ 2,351,000 |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Net operating losses | $ 11,647 | $ 10,057 |
Environmental and closure reserves | 2,269 | 2,040 |
Lease liability | 482 | 575 |
Capital loss carryforward | 756 | 740 |
Other | 936 | 1,099 |
Depreciation and amortization | (4,351) | (3,362) |
Indefinite lived intangible assets | (503) | (464) |
Right-of-use lease asset | (476) | (583) |
481(a) adjustment | (53) | (104) |
Prepaid expenses | (30) | (24) |
Deferred tax assets, gross | 10,677 | 9,974 |
Valuation allowance | (6,560) | (6,447) |
Net deferred income tax asset | $ 4,117 | $ 3,527 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating Loss Carryforwards [Line Items] | |||||
Income Tax Expense (Benefit) | $ (378,000) | $ (3,890,000) | [1] | ||
Sales of interest percentage | 100% | ||||
Valuation allowance | $ 2,351,000 | $ 110,000 | $ (2,127,000) | ||
Income tax expiration description | expire in various amounts starting in 2022 | ||||
Operating loss carry forwards | $ 10,057,000 | $ 11,647,000 | 10,057,000 | ||
Uncertain tax positions | 0 | ||||
Federal income tax payable | 0 | $ 0 | |||
Deferred tax assets research and development | 303,000 | ||||
Domestic Tax Authority [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforwards | 25,413,000 | ||||
Operating loss carry forwards | 25,296,000 | ||||
State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforwards | $ 78,400,000 | ||||
PFM Poland [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Income Tax Expense (Benefit) | 2,466,000 | ||||
Gain (loss) on sale of stock in subsidiary | $ 3,089,000 | ||||
Sales of interest percentage | 100% | ||||
[1]Includes tax benefit recorded in amount of approximately $ 2,351,000 |
SCHEDULE OF LOSS ON DECONSOLIDA
SCHEDULE OF LOSS ON DECONSOLIDATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Carrying amount of accumulated other comprehensive loss | $ 148 | |
Loss on deconsolidation of subsidiary | (1,062) | |
PFM Poland [Member] | ||
Note receivable consideration received | 47 | |
Carrying amount of non-controlling interest | 902 | |
Carrying amount of accumulated other comprehensive loss | 148 | |
Net liabilities | (35) | |
Transaction costs | 94 | |
Loss on deconsolidation of subsidiary | $ (1,062) |
PF MEDICAL (Details Narrative)
PF MEDICAL (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 30, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Loss on deconsolidation of subsidiary | $ 1,062,000 | ||
Legal and accounting costs | $ 94,000 | ||
Sales Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Acquired price | 10 | ||
Non-controlling interest | 1,004,000 | ||
Loss on deconsolidation of subsidiary | $ 902,000 | ||
Sales Agreement [Member] | PFM LLC [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Ownership percentage | 60.54% | ||
Notes receivable, amount | $ 47,000 | ||
Trade payables | $ 2,537,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2003 | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Self-insured retention | $ 100,000 | |||
Accounts receivable, after allowance for credit loss, current | 9,364,000 | $ 11,372,000 | ||
Restricted cash, noncurrent | 11,570,000 | 11,471,000 | ||
Interest income | 99,000 | 26,000 | ||
Letters of credit outstanding, amount | 3,016,000 | |||
Bond outstanding | 35,432,000 | |||
American International Group, Inc [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Period of finite risk insurance policy | 25 years | |||
Maximum allowable coverage of insurance policy | 28,177,000 | |||
Coverage amount under the policy | 21,175,000 | |||
Interest income | $ 99,000 | 25,000 | ||
Insurers obligation to entity on termination of contract | 100% | |||
American International Group, Inc [Member] | 2003 Closure Policy [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Restricted cash, noncurrent | $ 11,570,000 | 11,471,000 | ||
Interest income | 2,099,000 | $ 2,000,000 | ||
Canadian Nuclear Laboratories LTD [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Unpaid receivables | 1,853,000 | |||
Accounts receivable, after allowance for credit loss, current | $ 1,060,000 | |||
Bond securing amount | $ 1,900,000 |
PROFIT SHARING PLAN (Details Na
PROFIT SHARING PLAN (Details Narrative) | 12 Months Ended | |
Dec. 31, 2022 USD ($) Integer | Dec. 31, 2021 USD ($) | |
Retirement Benefits [Abstract] | ||
Minimum age for full time employees to participate in plan | 18 | |
Number of quarterly open periods for enrollment | 4 | |
Defined contribution plan, maximum annual contributions per employee, percent | 100% | |
Defined contribution plan, employer matching contribution, percent of employees' gross pay | 25% | |
Defined contribution plan employers contribution vesting period | 5 years | |
Defined contribution plan, employer discretionary contribution amount | $ | $ 575,000 | $ 589,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | ||
Jan. 20, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Vice President of Information Systems [Member] | Dr. David Centofanti [Member] | |||
Related Party Transaction [Line Items] | |||
Compensation | $ 187,000 | $ 184,000 | |
Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Compensation arrangement with individual, cash awards, minimum, percentage | 25% | ||
Compensation arrangement with individual, cash awards, maximum, percentage | 150% | ||
Compensation arrangement with individual, cash awards, minimum, amount | $ 93,717 | ||
Compensation arrangement with individual, cash awards, maximum, amount | $ 562,304 | ||
Chief Financial Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Compensation arrangement with individual, cash awards, minimum, percentage | 25% | ||
Compensation arrangement with individual, cash awards, maximum, percentage | 100% | ||
Compensation arrangement with individual, cash awards, minimum, amount | $ 76,193 | ||
Compensation arrangement with individual, cash awards, maximum, amount | $ 304,772 | ||
EVP of Strategic Initiatives [Member] | |||
Related Party Transaction [Line Items] | |||
Compensation arrangement with individual, cash awards, minimum, percentage | 25% | ||
Compensation arrangement with individual, cash awards, maximum, percentage | 100% | ||
Compensation arrangement with individual, cash awards, minimum, amount | $ 63,495 | ||
Compensation arrangement with individual, cash awards, maximum, amount | $ 253,980 | ||
EVP of Nuclear And Technical Services [Member] | |||
Related Party Transaction [Line Items] | |||
Compensation arrangement with individual, cash awards, minimum, percentage | 25% | ||
Compensation arrangement with individual, cash awards, maximum, percentage | 100% | ||
Compensation arrangement with individual, cash awards, minimum, amount | $ 76,193 | ||
Compensation arrangement with individual, cash awards, maximum, amount | $ 304,772 | ||
EVP of Waste Treatment Operations [Member] | |||
Related Party Transaction [Line Items] | |||
Compensation arrangement with individual, cash awards, minimum, percentage | 25% | ||
Compensation arrangement with individual, cash awards, maximum, percentage | 100% | ||
Compensation arrangement with individual, cash awards, minimum, amount | $ 65,308 | ||
Compensation arrangement with individual, cash awards, maximum, amount | $ 261,233 |
SCHEDULE OF SEGMENT REPORTING I
SCHEDULE OF SEGMENT REPORTING INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
Segment Reporting Information [Line Items] | |||||
Revenue from external customers | $ 70,599 | $ 72,191 | |||
Intercompany revenues | |||||
Gross profit | 9,609 | 6,824 | |||
Research and development | 336 | 746 | |||
Interest income | 99 | 26 | |||
Interest expense | (175) | (247) | |||
Interest expense-financing fees | (61) | (41) | |||
Depreciation and amortization | 2,109 | 1,687 | |||
Segment income (loss) before income taxes | (3,589) | [1] | (2,798) | ||
Income tax (benefit) expense | (378) | (3,890) | [2] | ||
Segment income (loss) | (3,211) | 1,092 | |||
Segment assets | [3] | 70,898 | 77,301 | ||
Expenditures for segment assets (net) | [4] | 1,023 | 1,577 | ||
Total debt | [5] | 1,039 | 993 | ||
Treatment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from external customers | 33,358 | 32,992 | |||
Intercompany revenues | 56 | 1,265 | |||
Gross profit | 5,243 | 6,718 | |||
Research and development | 246 | 221 | |||
Interest income | 1 | ||||
Interest expense | (74) | (100) | |||
Interest expense-financing fees | |||||
Depreciation and amortization | 1,710 | 1,306 | |||
Segment income (loss) before income taxes | 1,531 | 2,283 | |||
Income tax (benefit) expense | (236) | (150) | |||
Segment income (loss) | 1,767 | 2,433 | |||
Segment assets | [3] | 37,918 | 37,050 | ||
Expenditures for segment assets (net) | 866 | 1,363 | |||
Total debt | 482 | 25 | |||
Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from external customers | 37,241 | 39,199 | |||
Intercompany revenues | 213 | 47 | |||
Gross profit | 4,366 | 106 | |||
Research and development | 23 | 71 | |||
Interest income | |||||
Interest expense | (3) | (10) | |||
Interest expense-financing fees | (1) | (1) | |||
Depreciation and amortization | 334 | 353 | |||
Segment income (loss) before income taxes | 1,565 | (3,044) | |||
Income tax (benefit) expense | (133) | (962) | |||
Segment income (loss) | 1,698 | (2,082) | |||
Segment assets | [3],[6] | 8,473 | 15,244 | ||
Expenditures for segment assets (net) | 157 | 205 | |||
Total debt | 5 | 14 | |||
Segments Total [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from external customers | [7],[8] | 70,599 | 72,191 | ||
Intercompany revenues | 269 | 1,312 | |||
Gross profit | 9,609 | 6,824 | |||
Research and development | 269 | 706 | |||
Interest income | 1 | ||||
Interest expense | (77) | (110) | |||
Interest expense-financing fees | (1) | (1) | |||
Depreciation and amortization | 2,044 | 1,659 | |||
Segment income (loss) before income taxes | 3,096 | (2,237) | |||
Income tax (benefit) expense | (369) | (1,086) | |||
Segment income (loss) | 3,465 | (1,151) | |||
Segment assets | [3] | 46,391 | 52,342 | ||
Expenditures for segment assets (net) | 1,023 | 1,568 | |||
Total debt | 487 | 39 | |||
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from external customers | [9] | ||||
Intercompany revenues | [9] | ||||
Gross profit | [9] | ||||
Research and development | [9] | 67 | 40 | ||
Interest income | [9] | 99 | 25 | ||
Interest expense | [9] | (98) | (137) | ||
Interest expense-financing fees | [9] | (60) | (40) | ||
Depreciation and amortization | [9] | 65 | 28 | ||
Segment income (loss) before income taxes | [9] | (6,685) | (561) | [10],[11] | |
Income tax (benefit) expense | [9] | (9) | (2,804) | ||
Segment income (loss) | [9] | (6,676) | 2,243 | ||
Segment assets | [3],[12] | 24,507 | 24,959 | [9] | |
Expenditures for segment assets (net) | [9] | 9 | |||
Total debt | [9] | $ 552 | 954 | ||
Medical [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from external customers | |||||
Intercompany revenues | |||||
Gross profit | |||||
Research and development | 414 | ||||
Interest income | |||||
Interest expense | |||||
Interest expense-financing fees | |||||
Depreciation and amortization | |||||
Segment income (loss) before income taxes | [11],[13] | (1,476) | |||
Income tax (benefit) expense | 26 | ||||
Segment income (loss) | (1,502) | ||||
Segment assets | [3] | 48 | |||
Expenditures for segment assets (net) | |||||
Total debt | |||||
[1]Includes approximately $ 1,975,000 2,351,000 114,000 585,000 88,000 112,000 0 25,000 60,030,000 85.0 60,812,000 84.2 5,381,000 2,537,000 96,000 96,000 1,062,000 |
SCHEDULE OF SEGMENT REPORTING_2
SCHEDULE OF SEGMENT REPORTING INFORMATION (Details) (Paranthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue, Major Customer [Line Items] | ||
Net revenues | $ 70,599,000 | $ 72,191,000 |
Assets of disposal group including discontinued operation including not held for sale | 96,000 | 96,000 |
Debt issuance costs | 88,000 | 112,000 |
Financed portion amount in the purchase of capital expenditure | 114,000 | 585,000 |
Long-lived asset (net) | 18,957,000 | 18,609,000 |
Gain on extinguishment of debt | 5,381,000 | |
Income tax benefit valuation allowance | 2,351,000 | |
Debt instrument, decrease, forgivenes | 2,537,000 | |
Loss on deconsolidation of subsidiary | 1,062,000 | |
Assets of disposal group including discontinued operation | 96,000 | 96,000 |
Employee Retention Credit [Member] | ||
Revenue, Major Customer [Line Items] | ||
Other income | 1,975,000 | |
Paycheck Protection Program Loan [Member] | ||
Revenue, Major Customer [Line Items] | ||
Gain on extinguishment of debt | 5,381,000 | |
Parent Company [Member] | ||
Revenue, Major Customer [Line Items] | ||
Long-lived asset (net) | 0 | 25,000,000 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Domestic and Foreign Government [Member] | ||
Revenue, Major Customer [Line Items] | ||
Net revenues | $ 60,030,000 | $ 60,812,000 |
Concentration risk, percentage | 85% | 84.20% |
SCHEDULE OF REVENUE BY MAJOR CU
SCHEDULE OF REVENUE BY MAJOR CUSTOMERS BY REPORTING SEGMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total | $ 60,030 | $ 60,812 |
Domestic Government [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 59,658 | 51,551 |
Foreign Government [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 372 | 9,261 |
Treatment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 24,326 | 23,115 |
Treatment [Member] | Domestic Government [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 23,752 | 22,538 |
Treatment [Member] | Foreign Government [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 574 | 577 |
Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 35,704 | 37,697 |
Services [Member] | Domestic Government [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 35,906 | 29,013 |
Services [Member] | Foreign Government [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | $ (202) | $ 8,684 |
SCHEDULE OF REVENUE BASED ON CU
SCHEDULE OF REVENUE BASED ON CUSTOMER LOCATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenues | $ 70,599 | $ 72,191 |
UNITED STATES | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenues | 69,373 | 62,257 |
CANADA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenues | 406 | 9,277 |
GERMANY | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenues | 678 | 567 |
ITALY | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenues | 14 | |
UNITED KINGDOM | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net revenues | $ 128 | $ 90 |
SEGMENT REPORTING (Details Narr
SEGMENT REPORTING (Details Narrative) - Integer | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting [Abstract] | ||
Number of reportable segments | 2 | |
Sales of interest percentage | 100% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Mar. 21, 2023 | Jan. 19, 2023 | Jan. 20, 2022 | Jun. 30, 2023 | May 04, 2021 |
Subsequent Event [Line Items] | |||||
Line of credit facility, current borrowing capacity | $ 1,000,000 | ||||
Forecast [Member] | Revolving Credit Facility [Member] | |||||
Subsequent Event [Line Items] | |||||
Line of credit facility, current borrowing capacity | $ 3,000,000 | ||||
Chief Executive Officer [Member] | |||||
Subsequent Event [Line Items] | |||||
Compensation arrangement with individual, cash awards, minimum, percentage | 25% | ||||
Compensation arrangement with individual, cash awards, maximum, percentage | 150% | ||||
Compensation arrangement with individual, cash awards, minimum, amount | $ 93,717 | ||||
Compensation arrangement with individual, cash awards, maximum, amount | $ 562,304 | ||||
Chief Financial Officer [Member] | |||||
Subsequent Event [Line Items] | |||||
Compensation arrangement with individual, cash awards, minimum, percentage | 25% | ||||
Compensation arrangement with individual, cash awards, maximum, percentage | 100% | ||||
Compensation arrangement with individual, cash awards, minimum, amount | $ 76,193 | ||||
Compensation arrangement with individual, cash awards, maximum, amount | $ 304,772 | ||||
EVP of Strategic Initiatives [Member] | |||||
Subsequent Event [Line Items] | |||||
Compensation arrangement with individual, cash awards, minimum, percentage | 25% | ||||
Compensation arrangement with individual, cash awards, maximum, percentage | 100% | ||||
Compensation arrangement with individual, cash awards, minimum, amount | $ 63,495 | ||||
Compensation arrangement with individual, cash awards, maximum, amount | $ 253,980 | ||||
EVP of Nuclear And Technical Services [Member] | |||||
Subsequent Event [Line Items] | |||||
Compensation arrangement with individual, cash awards, minimum, percentage | 25% | ||||
Compensation arrangement with individual, cash awards, maximum, percentage | 100% | ||||
Compensation arrangement with individual, cash awards, minimum, amount | $ 76,193 | ||||
Compensation arrangement with individual, cash awards, maximum, amount | $ 304,772 | ||||
EVP of Waste Treatment Operations [Member] | |||||
Subsequent Event [Line Items] | |||||
Compensation arrangement with individual, cash awards, minimum, percentage | 25% | ||||
Compensation arrangement with individual, cash awards, maximum, percentage | 100% | ||||
Compensation arrangement with individual, cash awards, minimum, amount | $ 65,308 | ||||
Compensation arrangement with individual, cash awards, maximum, amount | $ 261,233 | ||||
Subsequent Event [Member] | Incentive Stock Option Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Employee stock purchase plan | 295,000 | ||||
Contractual term | 6 years | ||||
Vesting period, description | one-fifth yearly vesting over a five-year period | ||||
Exercise price | 3.95 | ||||
Subsequent Event [Member] | Revised Loan Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Credit facility, description | the quarterly FCCR testing requirement starting in the second quarter of 2023 using a trailing twelve months period (with no change to the minimum 1.15:1 ratio requirement for each quarter) | ||||
Subsequent Event [Member] | Revised Loan Agreement [Member] | Minimum [Member] | |||||
Subsequent Event [Line Items] | |||||
Credit facility | $ 18,000,000 | ||||
Subsequent Event [Member] | Revised Loan Agreement [Member] | Maximum [Member] | |||||
Subsequent Event [Line Items] | |||||
Credit facility | 12,500,000 | ||||
Subsequent Event [Member] | Chief Executive Officer [Member] | |||||
Subsequent Event [Line Items] | |||||
Compensation arrangement with individual, cash awards, minimum, percentage | 25% | ||||
Compensation arrangement with individual, cash awards, maximum, percentage | 150% | ||||
Compensation arrangement with individual, cash awards, minimum, amount | $ 93,717 | ||||
Compensation arrangement with individual, cash awards, maximum, amount | $ 562,305 | ||||
Subsequent Event [Member] | Chief Executive Officer [Member] | Incentive Stock Option Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Employee stock purchase plan | 70,000 | ||||
Subsequent Event [Member] | Chief Financial Officer [Member] | |||||
Subsequent Event [Line Items] | |||||
Compensation arrangement with individual, cash awards, minimum, percentage | 25% | ||||
Compensation arrangement with individual, cash awards, maximum, percentage | 100% | ||||
Compensation arrangement with individual, cash awards, minimum, amount | $ 76,193 | ||||
Compensation arrangement with individual, cash awards, maximum, amount | $ 304,772 | ||||
Subsequent Event [Member] | Chief Financial Officer [Member] | Incentive Stock Option Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Employee stock purchase plan | 40,000 | ||||
Subsequent Event [Member] | EVP of Strategic Initiatives [Member] | |||||
Subsequent Event [Line Items] | |||||
Compensation arrangement with individual, cash awards, minimum, percentage | 25% | ||||
Compensation arrangement with individual, cash awards, maximum, percentage | 100% | ||||
Compensation arrangement with individual, cash awards, minimum, amount | $ 63,495 | ||||
Compensation arrangement with individual, cash awards, maximum, amount | $ 253,980 | ||||
Subsequent Event [Member] | EVP of Strategic Initiatives [Member] | Incentive Stock Option Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Employee stock purchase plan | 30,000 | ||||
Subsequent Event [Member] | EVP of Nuclear And Technical Services [Member] | |||||
Subsequent Event [Line Items] | |||||
Compensation arrangement with individual, cash awards, minimum, percentage | 25% | ||||
Compensation arrangement with individual, cash awards, maximum, percentage | 100% | ||||
Compensation arrangement with individual, cash awards, minimum, amount | $ 76,193 | ||||
Compensation arrangement with individual, cash awards, maximum, amount | $ 304,772 | ||||
Subsequent Event [Member] | EVP of Nuclear And Technical Services [Member] | Incentive Stock Option Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Employee stock purchase plan | 30,000 | ||||
Subsequent Event [Member] | EVP of Waste Treatment Operations [Member] | |||||
Subsequent Event [Line Items] | |||||
Compensation arrangement with individual, cash awards, minimum, percentage | 25% | ||||
Compensation arrangement with individual, cash awards, maximum, percentage | 100% | ||||
Compensation arrangement with individual, cash awards, minimum, amount | $ 65,308 | ||||
Compensation arrangement with individual, cash awards, maximum, amount | $ 261,233 | ||||
Subsequent Event [Member] | EVP of Waste Treatment Operations [Member] | Incentive Stock Option Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Employee stock purchase plan | 30,000 | ||||
Subsequent Event [Member] | Lender [Member] | Revised Loan Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt instrument fees | $ 25,000 |