Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 09, 2021 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 000-24575 | ||
Entity Registrant Name | STABILIS SOLUTIONS, INC. | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Tax Identification Number | 59-3410234 | ||
Entity Address, Address Line One | 10375 Richmond Avenue | ||
Entity Address, Address Line Two | Suite 700 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77042 | ||
City Area Code | 832 | ||
Local Phone Number | 456-6500 | ||
Title of 12(b) Security | Common Stock, $.001 par value per share | ||
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 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001043186 | ||
Entity Public Float | $ 5,079,750 | ||
Entity Common Stock, Shares Outstanding | 16,896,626 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,814 | $ 3,979 |
Accounts receivable | 5,620 | 5,945 |
Inventories, net | 226 | 209 |
Prepaid expenses and other current assets | 3,111 | 3,583 |
Due from related parties | 42 | 0 |
Total current assets | 10,813 | 13,716 |
Property, plant and equipment: | ||
Cost | 90,422 | 89,901 |
Less accumulated depreciation | (38,384) | (29,538) |
Property, plant and equipment, net | 52,038 | 60,363 |
Right-of-use assets | 786 | 965 |
Goodwill | 4,453 | 4,453 |
Investments in foreign joint ventures | 11,897 | 10,521 |
Other noncurrent assets | 326 | 308 |
Total assets | 80,313 | 90,326 |
Current liabilities: | ||
Current portion of long-term notes payable | 680 | 0 |
Current portion of long-term notes payable - related parties | 3,351 | 1,000 |
Current portion of finance lease obligation - related parties | 648 | 3,440 |
Current portion of operating lease obligations | 362 | 364 |
Short-term notes payable | 432 | 558 |
Accrued liabilities | 4,361 | 5,018 |
Accounts payable | 4,395 | 4,728 |
Total current liabilities | 14,229 | 15,108 |
Long-term notes payable, net of current portion | 682 | 0 |
Long-term notes payable, net of current portion - related parties | 2,726 | 6,077 |
Finance lease obligations, net of current portion - related parties | 0 | 648 |
Long-term portion of operating lease obligations | 490 | 650 |
Deferred compensation | 59 | 0 |
Deferred income taxes | 97 | 0 |
Total liabilities | 18,283 | 22,483 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Preferred Stock; $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively (Note 17) | 0 | 0 |
Common stock; $0.001 par value, 37,500,000 shares authorized, 16,896,626 and 16,800,612 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively (Note 15) | 17 | 17 |
Additional paid-in capital | 91,278 | 90,748 |
Accumulated other comprehensive income (loss) | 122 | (291) |
Accumulated deficit | (29,387) | (22,631) |
Total stockholders’ equity | 62,030 | 67,843 |
Total liabilities and equity | $ 80,313 | $ 90,326 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 37,500,000 | 37,500,000 |
Common stock, shares issued (in shares) | 16,896,626 | 16,896,626 |
Common stock, shares, outstanding (in shares) | 16,800,612 | 16,800,612 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | ||
Total revenues | $ 41,550 | $ 47,071 |
Operating expenses: | ||
Selling, general and administrative expenses | 10,764 | 11,359 |
Depreciation and amortization | 9,041 | 9,271 |
Total operating expenses | 49,816 | 52,501 |
Loss from operations before equity income | (8,266) | (5,430) |
Net equity income from foreign joint ventures’ operations: | ||
Income from equity investments in foreign joint ventures | 2,705 | 1,257 |
Foreign joint ventures’ operations related expenses | (249) | (124) |
Net equity income from foreign joint ventures’ operations | 2,456 | 1,133 |
Loss from operations | (5,810) | (4,297) |
Other income (expense): | ||
Interest expense, net | (45) | (33) |
Interest expense, net - related parties | (871) | (1,175) |
Other income (expense) | (57) | 97 |
Gain from disposal of fixed assets | 283 | 16 |
Total other income (expense) | (690) | (1,095) |
Loss before income tax expense | (6,500) | (5,392) |
Income tax expense | 256 | 116 |
Net loss | (6,756) | (5,508) |
Net income attributable to noncontrolling interests | 0 | 207 |
Net loss attributable to Stabilis Solutions, Inc. | $ (6,756) | $ (5,715) |
Net loss per common share: | ||
Net loss per common share, basic and diluted (usd per share) | $ (0.40) | $ (0.39) |
Weighted average number of common shares outstanding: | ||
Weighted average number of common shares outstanding, basic and diluted (in shares) | 16,875,150 | 14,558,618 |
LNG Product | ||
Revenue | ||
Total revenues | $ 27,339 | $ 34,244 |
Operating expenses: | ||
Cost of revenue | 20,362 | 24,496 |
Rental, service and other | ||
Revenue | ||
Total revenues | 8,951 | 9,406 |
Operating expenses: | ||
Cost of revenue | 5,230 | 4,726 |
Power Delivery | ||
Revenue | ||
Total revenues | 5,260 | 3,421 |
Operating expenses: | ||
Cost of revenue | $ 4,419 | $ 2,649 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (6,756) | $ (5,508) |
Foreign currency translation adjustment | 413 | (291) |
Total comprehensive loss | (6,343) | (5,799) |
Total comprehensive income attributable to noncontrolling interest | 0 | 207 |
Total comprehensive loss attributable to Stabilis Solutions, Inc. | $ (6,343) | $ (6,006) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Non-controlling Interest |
Balance, beginning at Dec. 31, 2017 | $ 15,007 | $ 4 | $ 19,510 | $ 0 | $ (5,872) | $ 1,365 |
Balance, beginning (in shares) at Dec. 31, 2017 | 3,767,674 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Contribution of notes payable by members (in shares) | 9,411,076 | |||||
Contribution of notes payable by members | 48,743 | $ 9 | 48,734 | |||
Net loss | (10,837) | (11,044) | 207 | |||
Balance, ending at Dec. 31, 2018 | 52,664 | $ 13 | 68,244 | 0 | (16,916) | 1,323 |
Balance, ending (in shares) at Dec. 31, 2018 | 13,178,750 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Recapitalization due to reverse merger (in shares) | 1,466,092 | |||||
Recapitalization due to reverse merger | 11,089 | $ 1 | 12,618 | (1,530) | ||
Shares issued in extinguishment of debt (in shares) | 1,470,807 | |||||
Shares issued in extinguishment of debt | 6,889 | $ 2 | 6,887 | |||
Shares issued in acquisition of Diversenergy (in shares) | 684,963 | |||||
Shares issued in acquisition of Diversenergy | 3,000 | $ 1 | 2,999 | |||
Net loss | (5,508) | (5,715) | 207 | |||
Other comprehensive loss | (291) | (291) | ||||
Balance, ending at Dec. 31, 2019 | 67,843 | $ 17 | 90,748 | (291) | (22,631) | 0 |
Balance, ending (in shares) at Dec. 31, 2019 | 16,800,612 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock issued to directors (in shares) | 96,014 | |||||
Stock-based compensation | 530 | 530 | ||||
Net loss | (6,756) | (6,756) | ||||
Other comprehensive loss | 413 | 413 | ||||
Balance, ending at Dec. 31, 2020 | $ 62,030 | $ 17 | $ 91,278 | $ 122 | $ (29,387) | $ 0 |
Balance, ending (in shares) at Dec. 31, 2020 | 16,896,626 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net loss | $ (6,756) | $ (5,508) | $ (10,837) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 9,041 | 9,271 | |
Stock-based compensation expense | 530 | 0 | |
Bad debt expense | 144 | 80 | |
Gain on disposal of fixed assets | (283) | (16) | |
Gain on extinguishment of debt | 0 | (111) | |
Income from equity investment in joint venture | (2,705) | (1,257) | |
Distributions from equity investment in joint venture | 2,054 | 0 | |
Deferred compensation costs | 59 | 0 | |
Change in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | (328) | (897) | |
Due to related parties | 0 | 131 | |
Inventories | (54) | (34) | |
Prepaid expenses and other current assets | 87 | 523 | |
Accounts payable and accrued liabilities | (575) | 1,741 | |
Other | 122 | 188 | |
Net cash provided by operating activities | 1,336 | 4,111 | |
Cash flows from investing activities: | |||
Acquisition of fixed assets | (768) | (2,116) | |
Proceeds from sales of fixed assets | 512 | 138 | |
Net cash used in investing activities | (256) | (3,243) | |
Cash flows from financing activities: | |||
Proceeds on long-term borrowings | 1,224 | 0 | |
Payments on long-term borrowings | (1,000) | 0 | |
Proceeds on long-term borrowings from related parties | 0 | 5,000 | |
Payments on long-term borrowings from related parties | (3,440) | (3,159) | |
Proceeds on long-term borrowings | 776 | 767 | |
Payments on short-term notes payable | (752) | (668) | |
Other financing activities, net | (10) | 0 | |
Net cash provided by (used in) financing activities | (3,202) | 1,940 | |
Effect of exchange rate changes on cash | (43) | (76) | |
Net increase (decrease) in cash and cash equivalents | (2,165) | 2,732 | |
Cash and cash equivalents, beginning of period | 3,979 | 1,247 | |
Cash and cash equivalents, end of period | 1,814 | 3,979 | $ 1,247 |
Supplemental disclosure of cash flow information: | |||
Interest paid | 910 | 1,208 | |
Income taxes paid | 210 | 93 | |
Non-cash investing and financing activities: | |||
Extinguishment of long-term debt through issuance of common stock | 0 | 6,889 | |
American Electric | |||
Cash flows from investing activities: | |||
Acquisition, net of cash received | 0 | 611 | |
Diversenergy, LLC | |||
Cash flows from investing activities: | |||
Acquisition, net of cash received | $ 0 | $ (1,876) |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies (a) Description of Business Stabilis Solutions, Inc. and its subsidiaries (the “Company”, “Stabilis”, “our”, “us” or “we”) produce, market, and sell liquefied natural gas (“LNG”). The Company also distributes LNG and hydrogen from third parties and provides services, transportation, and equipment to customers. The Company changed its name from Stabilis Energy, Inc. to Stabilis Solutions, Inc. on October 9, 2020. The Company is a supplier of LNG to the industrial, midstream, and oilfield sectors in North America and provides turnkey fuel solutions to help industrial users of propane, diesel and other crude-based fuel products convert to LNG, which may result in reduced fuel costs and improved environmental footprint. Stabilis opened its 100,000 gallons per day ("gpd") LNG production facility in George West, Texas in January 2015 to service industrial and oilfield customers in Texas and the greater Gulf Coast region. The Company owns a second liquefaction plant capable of producing 25,000 gpd that is currently not in operation. Stabilis is vertically integrated from LNG production through distribution including cryogenic equipment rental and field services. The Company also provides power delivery equipment and services through its subsidiary in Brazil, M&I Electric Brazil Sistemas e Servicios em Energia LTDA (“M&I Brazil”) and its 40% interest in a joint venture in China, BOMAY Electric Industries Co., Ltd. (“BOMAY”). On July 26, 2019 (the “Effective Date”), the Company completed the Share Exchange with American Electric and its subsidiaries. In the Share Exchange, American Electric acquired directly 100% of the outstanding limited liability company membership interests of Stabilis Energy, LLC (“Stabilis LLC”) from LNG Investment Company, LLC (“LNG Investment”) and 20% of the outstanding limited liability membership interests of PEG Partners, LLC (“PEG”) from AEGIS NG LLC (“AEGIS”). AEGIS owned a 20% noncontrolling interest of PEG. The remaining 80% of the outstanding limited liability company interests of PEG were owned directly by Stabilis LLC. As a result, Stabilis LLC became a direct 100% owned subsidiary of American Electric and PEG became an indirectly-owned 100% subsidiary of American Electric. Under the Share Exchange Agreement, American Electric issued 13,178,750 post-split shares of common stock to acquire Stabilis LLC, which represented approximately 90% of the total amount of common stock of American Electric which was issued and outstanding as of July 26, 2019. The transaction was approved by the shareholders of American Electric at a Special Meeting of Stockholders. The Share Exchange resulted in a change of control of American Electric to control by Casey Crenshaw by virtue of his beneficial ownership of 88.4% of the common stock of American Electric to be outstanding as of July 26, 2019. Immediately following the Effective Date, the Company declared a reverse stock split of its outstanding common stock at a ratio of one-for-eight, American Electric changed its name to Stabilis Energy, Inc., since changed to Stabilis Solutions, Inc., and our common stock began trading under the ticker symbol “SLNG”. Unless otherwise noted, any share or per share amounts in the accompanying consolidated financial statements and related notes give retroactive effect to the reverse stock split. Because the former owners of Stabilis LLC owned 88.4% of the voting stock of the combined company immediately following the Effective Date and certain other factors including, that directors designated by LNG Investment constituted a majority of the board of directors, Stabilis LLC is treated as the acquiror of American Electric in the Share Exchange for accounting purposes. As a result, the Share Exchange is treated by American Electric as a reverse acquisition under the purchase method of accounting in accordance with United States generally accepted accounting principles (“U.S. GAAP”). For further information regarding this transaction, see Note 2—Acquisitions. (b) Basis of Presentation and Consolidation The financial information represents the historical results of Stabilis for periods prior to the transaction . The operations of American Electric are included in our financial statements for the period following the completion of the Share Exchange on July 26, 2019. The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In the Notes to Consolidated Financial Statements, all dollar amounts in tabulations are in thousands, unless otherwise indicated. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is required to make certain disclosures if it concludes that there is substantial doubt about the entity’s ability to continue as a going concern within one year from the date of the issuance of these financial statements. The Company has incurred recurring operating losses and has negative working capital. The Company is subject to substantial business risks and uncertainties inherent in the current LNG industry. Additionally, the impact of the COVID-19 pandemic has created additional uncertainties regarding the future demand for LNG from our customers. There is no assurance that the Company will be able to generate sufficient revenues in the future to sustain itself or to support future growth. These factors were reviewed by management to determine if there was substantial doubt as to the Company’s ability to continue as a going concern. Management concluded that its plan to address the Company’s liquidity issues would allow it to continue as a going concern. A number of cost control measures have been implemented, including headcount reductions, temporary salary reductions, travel reductions, elimination of certain consultants, and other measures to adjust to anticipated activity levels and maintain adequate liquidity. Furthermore, the Company has recently seen a resumption of activity with existing customers as well as new revenue opportunities, particularly in Mexico. Accordingly, management believes the business will generate sufficient cash flows from its operations to fund the business for the next 12 months. (c) Use of Estimates in the Preparation of the Consolidated Financial Statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates include the carrying amount of contingencies, valuation allowances for receivables, inventories, and deferred income tax assets, valuations assigned to assets and liabilities in business combinations, and impairments of long-lived assets. Actual results could differ from those estimates, and these differences could be material to the consolidated financial statements. (d) Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. Cash equivalents consist principally of money market accounts held with major financial institutions. The Company is exposed to credit risk from its deposits of cash and cash equivalents in excess of amounts insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses on its deposits of cash and cash equivalents. (e) Accounts Receivable Accounts receivable are recognized when products are sold. The Company extends credit to many of its customers in the ordinary course of business. Generally, these sales are unsecured. Accounts receivable are stated at cost, net of any allowance for doubtful accounts. The Company maintains allowances for doubtful accounts for estimated losses where there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, the customer’s payment history, its current credit-worthiness and current economic trends. At December 31, 2020 and 2019, management believed all balances were fully collectible such that no allowance for doubtful accounts was deemed necessary. (f) Inventories LNG inventory consists of LNG produced that is either (1) in a storage container at our plant or (2) in a storage trailer that is in transit to a customer. Inventory quantities are measured at each reporting period and are valued at the lower of cost or net realizable value, determined on a first-in, first-out basis. Power delivery inventories are stated at the lower of cost or net realizable value, with material value determined using an average cost method. At December 31, 2020 and 2019, inventory is primarily raw materials for use on service jobs in Brazil. (g) Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Significant additions, renewals, and capital improvements are capitalized, whereas expenditures for maintenance and repairs are charged to expense as incurred. Leasehold improvements are amortized over the shorter of the applicable remaining lease term or the estimated useful life of the related assets. The cost and related accumulated depreciation of assets retired or sold are removed from the appropriate asset and depreciation accounts, and the resulting gain or loss is reflected in income. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. (h) Long-Lived Assets and Goodwill 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. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flows basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flows models, quoted market values and third-party independent appraisals, as considered necessary. There were no impairments of the Company’s long-lived assets in the years ended December 31, 2020 and 2019. Goodwill represents the excess of the cost of an acquired entity over the fair value of the assets acquired less liabilities assumed. Intangible assets are assets that lack physical substance (excluding financial assets). Goodwill acquired in a business combination and intangible assets with indefinite useful lives are not amortized, and intangible assets with finite useful lives are amortized. Goodwill and intangible assets not subject to amortization are tested for impairment annually or more frequently if events or changes in circumstances indicate the assets carrying value may not be recoverable. Business acquisitions during the third quarter of 2019 accounted for the balance of goodwill. We currently test goodwill for impairment annually in the third quarter unless we determine that a triggering event has occurred in another quarter. See Note 2—Acquisitions and Note 7—Goodwill for further discussion. (i) Asset Retirement Obligations The Company recognizes the fair value of the liability associated with an asset retirement obligation in the period in which the liability is incurred or becomes reasonably estimable and if there is a legal obligation to restore or remediate the property at the end of a lease term. Asset retirement obligations are based upon future retirement cost estimates and incorporate certain assumptions, such as costs to restore the property and any salvage value. Management does not believe the Company had any material asset retirement obligations at December 31, 2020 and 2019. (j) Revenue Recognition The Company recognizes revenue associated with the sale of LNG at the point in time when the customer obtains control of the asset. In evaluating when a customer has control of the asset, the Company primarily considers whether the transfer of legal title and physical delivery has occurred, whether the customer has significant risks and rewards of ownership, and whether the customer accepted delivery and a right of payment exists. Revenues from service and rental contracts are recognized over time, as the performance obligation is completed. Power delivery revenues are recognized as the event is completed or work is done. See Note 3—Revenue Recognition for further discussion. (k) Income Taxes Deferred income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The 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. A valuation allowance is recorded when it is more likely than not that the net deferred tax asset will not be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in selling, general and administrative expenses. As of December 31, 2020 and 2019, the Company had no uncertain tax positions that required recognition. The Company files income tax returns in the United States of America and in the state of Texas. With few exceptions, the Company is subject to examination by the applicable taxing authorities for years after 2016. (l) Earnings Per Share (“EPS”) Basic earnings per share, or EPS, is computed by dividing net income available to shareholders by the weighted average shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue shares, such as stock options and unvested restricted stock, were exercised and converted into shares. Diluted EPS is computed by dividing net income available to shareholders by the weighted average shares outstanding during the period, increased by the number of additional shares that would have been outstanding if the potential shares had been issued and were dilutive. The calculation of diluted EPS excluded warrants to purchase 62,500 and 103,125 shares of common stock, and 778,500 and nil unvested restricted stock units as of December 31, 2020 and 2019, respectively, because their inclusion would have had an antidilutive effect. (m) Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. (n) Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in the fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels in accordance with U.S. GAAP: Level 1 Inputs —Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs — Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs — Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby, allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The carrying value of cash and cash equivalents, accounts receivable, inventory, accounts payable and accrued liabilities approximate their respective fair values due to their relative short maturities. The carrying value of the Company’s notes payable and finance lease obligations approximates fair value because the related interest rates approximate rates currently available to the Company. Nonfinancial assets and liabilities measured at fair value on a nonrecurring basis include certain nonfinancial assets and liabilities acquired in a business combination, are measured at fair value using quoted market prices or, to the extent that there are no available quoted market prices, market prices for similar assets or liabilities. (o) Foreign Currency Gains and Losses Foreign currency translations are included as a separate component of comprehensive income (loss). The Company has determined the local currency of its foreign subsidiaries and foreign joint ventures to be the functional currency. In accordance with Accounting Standards Codification (ASC 830), the assets and liabilities of the foreign equity investees and foreign subsidiaries, denominated in foreign currency, are translated into United States dollars at exchange rates in effect at the consolidated balance sheet date and net sales and expenses are translated at the average exchange rate for the period. Related translation adjustments are reported as comprehensive income (loss), net of deferred income taxes, which is a separate component of stockholders’ equity, whereas gains and losses resulting from foreign currency transactions are included in results of operations. (p) Stock-based Compensation The Company accounts for stock-based compensation in accordance with ASC Topic 718, Compensation — Stock Compensation (“ASC 718”). Compensation expense for stock-based awards expected to vest is recognized on a straight-line basis over the requisite service period of the award based on their grant date fair value. (q) Recent Accounting Pronouncements Recently Adopted Accounting Standards In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment” (“ASU No. 2017-04”). The new guidance simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments of ASU No. 2017-04 were adopted by the Company effective January 1, 2020. The adoption of this standard had no impact on our condensed consolidated financial position or results of operations, as the adoption is applied on a prospective basis. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, Income Taxes and also improves consistent application by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of this guidance on our financial statements. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU No. 2020-04”), which provides guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying generally accepted accounting principles to contract modifications, hedging relationships, and other transactions impacted by reference rate reform. The provisions of ASU No. 2020-04 apply only to those transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. Adoption of the provisions of ASU No. 2020-04 are optional and are effective from March 12, 2020 through December 31, 2022. We are currently evaluating the impact of ASU No. 2020-04 on our condensed consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions American Electric. On July 26, 2019, we completed a Share Exchange with American Electric and its subsidiaries and began operating under the name Stabilis Energy, Inc., since changed to Stabilis Solutions, Inc. Because the former owners of Stabilis LLC owned 88.4% of the voting stock of the combined company immediately following the Effective Date and certain other factors, including that directors designated by LNG Investment, parent of Stabilis LLC, constituted a majority of the board of directors, Stabilis is treated as the acquiror of American Electric in the Share Exchange for accounting purposes. As a result, the Share Exchange is treated by American Electric as a reverse acquisition under the purchase method of accounting in accordance with US GAAP. The aggregate consideration paid in connection with the Share Exchange was allocated to American Electric’s tangible and intangible assets and liabilities based on their fair values at the time of the completion of the Share Exchange. The assets and liabilities and results of operations of American Electric are consolidated into the results of operations of Stabilis as of the completion of the Share Exchange. The total purchase price of the Share Exchange is as follows: Number of shares of the combined company to be owned by American Electric stockholders 1,466,092 Multiplied by the fair value per share of American Electric Common Stock $ 7.12 Cash $ 650,000 Purchase price $ 11,088,573 The number of shares of American Electric common stock includes the 1,173,914 outstanding as of July 26, 2019, 276,549 shares issued prior to the completion of the Share Exchange for conversion of 1,000,000 shares of outstanding Series A Convertible Preferred Stock and 15,629 shares related to restricted stock units and deferred shares. The fair value of American Electric common stock used in determining the purchase price was $7.12 per share based on the closing price of American Electric’s common stock on July 26, 2019. Consistent with the purchase method of accounting, the total purchase price is allocated to the acquired tangible and intangible assets and assumed liabilities of American Electric based on their estimated fair values as of the Share Exchange closing date. The excess of the purchase price over the fair value of the acquired assets and liabilities assumed is reflected as goodwill and is attributable to strategic advantages gained from the acquisition of a public entity with access to LNG markets in Brazil and China. All of the goodwill is assigned to the Power Delivery segment and is not expected to be deductible for income tax purposes. The allocation of the purchase price for the acquired assets and liabilities of American Electric is as follows (in thousands): Total purchase price $ 11,089 Current Assets 3,611 Property, plant and equipment, net 532 Investment in foreign joint venture 9,333 Other noncurrent assets 410 Total identifiable assets 13,886 Accounts payable and other accrued expenses (2,714) Accrued liabilities and other current liabilities (138) Other Liabilities (84) Total liabilities assumed (2,936) Goodwill $ 139 The following table presents summarized results of operations of American Electric for the period from July 26, 2019 to December 31, 2019 and are included in the accompanying Consolidated Statement of Operations for the year ended December 31, 2019. July 27 - December 31, 2019 Revenue $ 3,421 Income before income tax expense 769 Net income from continuing operations 691 The following table presents unaudited pro forma results of operations reflecting the acquisition of American Electric as if the acquisition had occurred as of January 1, 2019. This information has been compiled from current and historical financial statements and is not necessarily indicative of the results that actually would have been achieved had the transaction occurred at the beginning of the periods presented or that may be achieved in the future. Years Ended December 31, 2019 Revenue $ 50,898 Net loss (7,389) Diversenergy, LLC (“Diversenergy"). On August 20, 2019 (the "acquisition date"), we completed our acquisition of privately held Diversenergy and its subsidiaries. We purchased all of the issued and outstanding membership interests of Diversenergy for total consideration of 684,963 shares of Company common stock valued at $3.0 million as of the closing date and $2.0 million in cash, subject to adjustments for Diversenergy’s net working capital as of the closing date. Diversenergy specializes in virtual LNG distribution systems, providing LNG to customers who use it as a fuel in mobile high horsepower applications and to customers who do not have natural gas pipeline access. The completion of the acquisition will expand the Company's presence in the distributed LNG and compressed natural gas (“CNG”) markets in Mexico. Consistent with the purchase method of accounting, the total purchase price is allocated to the acquired tangible and intangible assets and assumed liabilities of Diversenergy based on their estimated fair values as of the closing date. The excess of the purchase price over the fair value of the acquired assets and liabilities assumed is reflected as goodwill and is attributable to the strategic opportunities to grow the Company's LNG and CNG business in Mexico. All of the goodwill is assigned to the LNG segment and is not expected to be deductible for income tax purposes. The aggregate consideration paid in connection with the acquisition has been allocated to Diversenergy's tangible and intangible assets and liabilities based on their fair market values at the time of the completion of the acquisition. The assets and liabilities and results of operations of Diversenergy are consolidated into the results of operations of Stabilis as of the acquisition date. The total purchase price of the Diversenergy acquisition is as follows: Number of shares issued to Diversenergy stockholders 684,963 Multiplied by the fair value per share of Stabilis Common Stock $ 4.38 Cash $ 2,000,000 Purchase price $ 5,000,000 The following table summarizes the allocation of the purchase price to the fair value of the respective assets and liabilities acquired (in thousands). The purchase price allocations are subject to change as additional information becomes available concerning the fair value and tax basis of the assets acquired and liabilities assumed. Any measurement period adjustments to the purchase price allocation will be made as soon as practicable but no later than one year from the date of acquisition. Total purchase price $ 5,000 Current Assets 164 Property, plant and equipment, net 507 Other noncurrent assets 114 Total identifiable assets 785 Current liabilities (99) Total liabilities assumed (99) Goodwill $ 4,314 Pro forma results of operations reflecting the Diversenergy acquisition as if it occurred as of the beginning of the periods presented in this report do not materially differ from actual reported results. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue RecognitionRevenue is measured as consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Amounts are billed upon completion of service or transfer of a product and are generally due within 30 days. Revenues from contracts with customers are disaggregated into (1) LNG product (2) rental, service, and other, and (3) power delivery. LNG product revenue generated includes the revenue from the product and delivery of the LNG to our customer’s location. Product revenue is recognized upon delivery of the related item to the customer, at which point the customer controls the product and the Company has an unconditional right to payment. Product contracts are established by agreeing on a sales price or transaction price for the related item. Revenue is recognized when the customer has taken control of the product. Payment terms for product contracts are generally within thirty days from the receipt of the invoice. The Company acts as a principal when using third party transportation companies and therefore recognizes the gross revenue for the delivery of LNG. Rental, service and other revenue generated by the Company includes equipment and human resources provided to the customer to support the use of LNG and power delivery equipment and services in their application. Rental contracts are established by agreeing on a rental price or transaction price for the related piece of equipment and the rental period which is generally daily or monthly. The Company maintains control of the equipment that the customer uses and can replace the rented equipment with similar equipment should the rented equipment become inoperable or the Company chooses to replace the equipment for maintenance purposes. Revenue is recognized as the rental period is completed and for periods that cross month end, revenue is recognized for the portion of the rental period that has been completed to date. Payment terms for rental contracts are generally within thirty days from the receipt of the invoice. Performance obligations for rental revenue are considered to be satisfied as the rental period is completed based upon the terms of the related contract. LNG service revenue generated by the Company consists of mobilization and demobilization of equipment and onsite technical support while customers are consuming LNG in their applications. Service revenue is billed based on contractual terms that can be based on an event (i.e. mobilization or demobilization) or an hourly rate. Revenue is recognized as the event is completed or work is done. Payment terms for service contracts are generally within thirty days from the receipt of the invoice. Performance obligations for service revenue are considered to be satisfied as the event is completed or work is done per the terms of the related contract. Power Delivery revenue is generated from time and material projects, consulting services, and the resale of electrical and instrumentation equipment. Revenue is billed based on contractual terms that can be based on an event or an hourly rate. Revenue is recognized as the event is completed or work is done. Payment terms for service contracts are generally within thirty days from the receipt of the invoice. Performance obligations for service revenue are considered to be satisfied as the event is completed or work is done per the terms of the related contract. The resale of electrical and instrumentation equipment is billed upon delivery and are generally due within thirty days from the receipt of the invoice. All outstanding accounts receivable, net of allowance, on the consolidated balance sheet are typically due and collected within the next 30 days for our LNG business and 12 months for our Power Delivery business. Taxes assessed by a governmental authority that are directly imposed on revenue-producing transactions between the Company and its customers, such as sales, use and value-added taxes, are excluded from revenue. Disaggregated Revenues The table below presents revenue disaggregated by source, for the years ended December 31, 2020 and 2019 (in thousands): Years Ended December 31, 2020 2019 LNG Product $ 27,339 $ 34,244 Rental 6,338 6,569 Service 1,128 991 Power Delivery 5,260 3,421 Other 1,485 1,846 $ 41,550 $ 47,071 See Note 4—Business Segments, below, for additional disaggregation of revenue. Contract Liabilities The Company recognizes revenue contract liabilities upon receipt of payments for which the performance obligations have not been fulfilled at the reporting date, resulting in deferred revenue. Contract liabilities are included in accrued liabilities in the accompanying unaudited condensed consolidated balance sheets. The following table presents the changes in the Company’s contract liabilities for the years ended December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Balance at beginning of period $ 185 $ 93 Cash received, excluding amounts recognized as revenue 777 185 Amounts recognized as revenue (605) (93) Balance at end of period $ 357 $ 185 The Company has no other material contract assets or liabilities and contract costs. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company’s revenues are derived from two operating segments: LNG and Power Delivery. The LNG segment supplies LNG to multiple end markets in North America and provides turnkey fuel solutions to help users of propane, diesel and other crude-based fuel products convert to LNG. The Power Delivery segment provides power delivery equipment and services through our subsidiary in Brazil and in China through our 40% interest in BOMAY. Year Ended December 31, 2020 (in thousands) LNG Power Delivery Total Revenues $ 36,290 $ 5,260 $ 41,550 Depreciation 8,911 130 9,041 Loss from operations before equity income (6,815) (1,451) (8,266) Net equity income from foreign joint ventures’ operations — 2,456 2,456 Income (loss) from operations (6,815) 1,005 (5,810) Interest expense, net 26 19 45 Interest expense, net - related parties 871 — 871 Income tax expense 46 210 256 Net income (loss) (7,567) 811 (6,756) Total Assets $ 64,757 $ 15,556 $ 80,313 Year Ended December 31, 2019 (in thousands) LNG Power Delivery Total Revenues $ 43,650 $ 3,421 $ 47,071 Depreciation 9,127 144 9,271 Operating loss (5,016) (414) (5,430) Net equity income from foreign joint ventures' operations — 1,133 1,133 Income (loss) from operations (5,016) 719 (4,297) Interest expense, net 19 14 33 Interest expense, net - related parties 1,175 — 1,175 Income tax expense 38 78 116 Net loss (6,194) 686 (5,508) Total Assets $ 75,883 $ 14,443 $ 90,326 Our operating segments offer different products and services and are managed separately as business units. Cash, cash equivalents and investments are not managed centrally, so the gains and losses on foreign currency remeasurement, and interest and dividend income, are included in the segments’ results. Geographic Information Years Ended December 31, (in thousands) 2020 2019 Revenues Brazil $ 5,260 $ 3,421 Mexico 4,085 131 United States 32,205 43,519 $ 41,550 $ 47,071 Years Ended December 31, (in thousands) 2020 2019 Assets Brazil $ 3,659 $ 3,276 China 11,897 11,167 Mexico 5,307 4,916 United States 59,450 70,967 $ 80,313 $ 90,326 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets The Company’s prepaid expenses and other current assets consisted of the following (in thousands): December 31, 2020 2019 Prepaid LNG $ 90 $ 189 Prepaid insurance 734 698 Prepaid supplier expenses 299 229 Other receivables 1,521 1,655 Deposits 285 347 Other 182 465 Total prepaid expenses and other current assets $ 3,111 $ 3,583 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following (in thousands): December 31, Estimated 2020 2019 Liquefaction plants and systems 10 - 15 $ 40,841 $ 40,617 Real property and buildings 3 - 25 1,649 1,794 Vehicles and tanker trailers and equipment 2 - 10 47,179 46,597 Computer and office equipment 2 - 7 532 453 Construction in progress — 191 409 Leasehold improvements — 30 31 90,422 89,901 Less: accumulated depreciation (38,384) (29,538) $ 52,038 $ 60,363 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The following presents changes in goodwill during 2020 and 2019 (in thousands): 2020 2019 Beginning of period $ 4,453 $ — Acquisition of American Electric — 139 Acquisition of Diversenergy — 4,314 End of period $ 4,453 $ 4,453 Business acquisitions during the third quarter of 2019 account for the balance of goodwill as of December 31, 2020. The Company performs an impairment test for goodwill annually or more frequently if indicators of potential impairment exist. We completed our annual goodwill impairment test as of September 30, 2020 and no impairments were identified. See Note 2—Acquisitions for discussion of the acquisitions. |
Investments in Foreign Joint Ve
Investments in Foreign Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Foreign Joint Ventures | Investments in Foreign Joint Ventures BOMAY. The Company holds a 40% interest in BOMAY Electric Industries Company, Ltd. (“BOMAY”), which builds electrical systems for sale in China. The majority partner in this foreign joint venture is Baoji Oilfield Machinery Co., Ltd. (a subsidiary of China National Petroleum Corporation), who owns 51%. The remaining 9% is owned by AA Energies, Inc. The Company made no sales to its joint venture during 2020 and 2019. Below is summary financial information for BOMAY at December 31, 2020 and 2019 and operational results for the year ended December 31, 2020 and for the period from July 27, 2019 to December 31, 2019 in U.S. dollars (in thousands): December 31, 2020 2019 Assets: Total current assets $ 51,811 $ 81,247 Total non-current assets 7,136 5,775 Total assets $ 58,947 $ 87,022 Liabilities and equity: Total liabilities $ 26,355 $ 58,176 Total joint ventures’ equity 32,592 28,846 Total liabilities and equity $ 58,947 $ 87,022 December 31, July 27- December 31, 2020 2019 Revenue $ 66,260 $ 50,421 Gross Profit 12,066 7,182 Earnings 6,521 3,143 The following is a summary of activity in our investment in BOMAY for the year ended December 31, 2020 and for the period from July 27, 2019 to December 31, 2019 in U.S. dollars (in thousands): December 31, July 27- December 31, 2020 2019 Investments in BOMAY (1)(2) Initial investment $ 9,333 $ 9,333 Undistributed earnings: Balance at beginning of period 1,257 — Equity in earnings 2,705 1,257 Dividend distributions (2,054) — Balance at end of period 1,908 1,257 Foreign currency translation: Balance at beginning of period (69) — Change during the period 725 (69) Balance at end of period 656 (69) Total investment in BOMAY at end of period $ 11,897 $ 10,521 ________ (1) Accumulated statutory reserves in equity method investments of $2.66 million at December 31, 2020 and 2019 is included in our investment in BOMAY. In accordance with the People’s Republic of China, (“PRC”), regulations on enterprises with foreign ownership, an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. (2) The Company’s initial investment in BOMAY differed from the Company’s 40% share of BOMAY’s equity as a result of applying fair value accounting pursuant to ASC 805. The basis difference of approximately $1.2 million will be accreted over the remaining eight The Company accounts for its investment in BOMAY using the equity method of accounting. Under the equity method, the Company’s share of the joint venture operations earnings or losses is recognized in the consolidated statements of operations as equity income (loss) from foreign joint venture operations. Joint venture income increases the carrying value of the joint venture and joint venture losses reduce the carrying value. Dividends received from the joint venture reduce the carrying value. The Company considers dividend distributions received from its equity method investments which do not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and classifies these distributions as operating activities in the accompanying consolidated statements of cash flows. In accordance with our long-lived asset policy, when events or circumstances indicate the carrying amount of an asset may not be recoverable, management tests long-lived assets for impairment. If the estimated future cash flows are projected to be less than the carrying amount, an impairment write-down (representing the carrying amount of the long-lived asset which exceeds the present value of estimated expected future cash flows) would be recorded as a period expense. In making this evaluation, a variety of quantitative and qualitative factors are considered including national and local economic, political and market conditions, industry trends and prospects, liquidity and capital resources and other pertinent factors. Based on this evaluation for this reporting period, the Company does not believe an impairment adjustment is necessary at December 31, 2020. Energía Superior. On August 20, 2019, we completed the formation of Energía Superior, a joint venture with CryoMex, to pursue investments in distributed natural gas production and distribution assets in Mexico. CryoMex is controlled by Grupo CLISA, a Monterrey, Mexico-based developer and operator of businesses in multiple end markets including energy. We own a 50% interest in Energía Superior. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities The Company’s accrued liabilities consisted of the following (in thousands): December 31, 2020 2019 Compensation and benefits $ 1,745 $ 2,641 Professional fees 408 131 LNG fuel and transportation 1,151 1,582 Accrued interest 21 134 Contract liabilities 357 185 Other taxes payable 328 163 Other accrued liabilities 351 182 Total accrued liabilities $ 4,361 $ 5,018 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s carrying value of debt consisted of the following (in thousands): December 31, 2020 2019 Unsecured promissory note $ 1,080 $ — Secured term note payable - related party 1,077 2,077 Secured promissory note - related party 5,000 5,000 Insurance and other notes payable 714 558 Less: amounts due within one year (4,463) (1,558) Total long-term debt $ 3,408 $ 6,077 Unsecured Promissory Note On May 8, 2020, the Company received loan proceeds of $1.1 million (the “Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The Loan, which is in the form of a promissory note, dated May 8, 2020, between the Company and Cadence Bank, N.A. as the lender (the “Note”), matures on May 8, 2022 and bears interest at a fixed rate of 1.0% per annum, payable monthly commencing on December 2, 2020. There is no prepayment penalty. Under the terms of the PPP, all or a portion of the principal may be forgiven if the Loan proceeds are used for qualifying expenses as described in the CARES Act, such as payroll costs, benefits, rent, and utilities. While no assurance is provided that the Company will obtain forgiveness of the Loan in whole or in part, management believes we currently meet the requirements and the Company intends to apply for forgiveness. With respect to any portion of the Loan that is not forgiven, the Loan will be subject to customary provisions for a loan of this type, including customary events of default relating to, among other things, payment defaults and breaches of the provisions of the Note. Secured Term Note Payable - Related Party On September 30, 2013, Stabilis LNG Eagle Ford, LLC ("Stabilis LNG EF") entered into a Secured Term Note Payable with Chart Energy & Chemicals, Inc. (“Chart E&C”), a Delaware corporation and subsidiary of Chart, in connection with a Master Sales Agreement whereby Chart E&C agreed to sell Stabilis LNG EF certain equipment for its liquefaction plant. The total value of the agreement was not to exceed $20.5 million and was billed in advances based on a “Milestone Payment Schedule”. The note contained various covenants that limit Stabilis LNG EF’s ability to grant certain lines, incur additional indebtedness, guarantee or become contingently liable for obligations of any person except for those allowed by Chart E&C, merge or consolidate into or with a third party or engage in certain asset dispositions and acquisitions, pay dividends or make distributions, transact with affiliates, prepayment of indebtedness, and issue additional equity interests. Further, the Master Sales Agreement was secured by a $20.0 million equity interest and first lien on all plant assets including land. Borrowings bear interest on the outstanding principal at the rate of 3.0% plus the London interbank offered rate (3.15% at December 31, 2020). The Secured Term Note Payable was amended on August 21, 2017 whereby only the payment terms of principal and interest were modified to be payable in eight installments as follows: (i) $2.5 million plus accrued interest due on August, 24, 2017, (ii) $2.5 million plus accrued interest due on August 24, 2018, (iii) $2.5 million plus accrued interest due on August 24, 2019, (iv) four equal payments of $1.5 million plus accrued interest on each anniversary date of August 24, 2019 thereafter, (v) and $0.6 million plus accrued interest on the remaining unpaid balance of the Amended Secured Term Note Payable on August 24, 2024. In the event all principal and interest is paid in full by August 24, 2023, an additional payment of $2.2 million is to be forgiven. On August 5, 2019, we entered into an exchange agreement (the “Exchange Agreement”) with Chart E&C, Stabilis LLC, and Stabilis LNG EF for the satisfaction of indebtedness of Stabilis LNG to Chart E&C in the principal amount of $7 million (the “Exchanged Indebtedness”) in exchange for unregistered shares of our common stock (such transactions, the “Chart Transaction”). We issued to Chart E&C 1,470,807 shares of Company common stock, based on the per share price of Company common stock of 90% of the average of the dollar volume-weighted average prices per share of the common stock as calculated by Bloomberg for each of the five consecutive trading days ending on and including the third trading day immediately preceding the closing date, which took place on August 30, 2019. At closing, Stabilis LNG EF also paid to Chart E&C an amount in cash equal to the accrued and unpaid interest on the Exchanged Indebtedness due through the closing, plus a cash amount to be paid in lieu of the issuance of fractional shares of our Common Stock. Management determined the modifications to be substantial and pursuant to ASC 470, the transaction was treated as a debt extinguishment for accounting purposes. Accordingly, the Company recognized a gain on extinguishment of debt of $0.1 million, which is included in Other Income in the accompanying Consolidated Statement of Operations. The exchange agreement released certain collateral (including the Company’s LNG plant) and removed certain covenants of the original Note Payable. On September 11, 2019, we entered into Amendment No. 1 to the Exchange Agreement, which eliminated the right of Chart E&C to elect an additional exchange of all or any portion of the balance of the unpaid principal amount of the Note. The Exchange Agreement previously provided for Chart E&C to elect an additional exchange, on a second closing date, of all or any portion of the balance of the unpaid principal amount of the Note, for additional shares of our common stock based on the foregoing pricing calculation related to the closing date. Secured Promissory Note - Related Party On August 16, 2019, the Company issued a Secured Promissory Note to M/G Finance Co., Ltd., a related party, in the principal amount of $5 million, at an interest rate per annum of 6% until December 10, 2020, and 12% thereafter. The debt payments are interest only through December 2020 followed by monthly principal and interest payments through December 2022. The debt is secured by certain pieces of the Company’s equipment valued at $5 million. See Note 12—Related Party Transactions for further discussion of the Promissory Note. Insurance Notes Payable The Company finances its annual commercial insurance premiums for its business and operations with a finance company. The dollar amount financed was $0.8 million for the 2020 to 2021 policy. The outstanding principal balance on the premium finance note was $0.3 million at December 31, 2019 and $0.4 million at December 31, 2020. The renewal occurred in August 2020 and covers a period of up to one year. The Company makes equal monthly payments of principal and interest over the term of the notes which are generally 10 months in term. The interest rate for the 2019 to 2020 insurance policy was 6.2%. The interest rate for the 2020 to 2021 insurance policy is 5.45%. The note is secured. Term Loan Facility In connection with the acquisition of American Electric (see Note 2—Acquisitions), the Company assumed a loan facility between M&I Brazil, a subsidiary, and an employee of the Company. The loan facility provided the Company with a $0.3 million loan facility of which $0.2 million was drawn and outstanding as of December 31, 2019. All outstanding amounts, including accrued but unpaid interested, became due and was paid in full in June 2020. Under the loan agreement, the interest rate on the loan facility was 10.0%, per annum, payable each quarter. The loan facility was secured by the assets held by M&I Brazil. Unsecured Term Note Payable The Company also assumed a short-term financing arrangement between M&I Brazil and Santander Bank, which was used to finance project expenditures. The loan became due March 2020, at an interest rate of 11.88%. On April 7, 2020, M&I Brazil re-entered into a short-term financing arrangement with Santander Bank, which was used to finance project expenditures. At December 31, 2020, the outstanding balance was $41 thousand. The loan is due March 2021, with an interest rate of 12.68%. On December 28, 2020, the Company entered into a short-term financing arrangement between M&I Brazil and ABC Bank, which was used to finance project expenditures and working capital. At December 31, 2020, the outstanding balance was $231 thousand. The loan is due December 2023, with an interest rate of 7.60% plus the Brazilian Interbank certificate of deposit rate (1.9% at December 31, 2020). We had total indebtedness of $7.9 million in principal as of December 31, 2020 with the expected maturities as follows (in thousands). December 31, 2020 2021 $ 4,464 2022 3,360 2023 47 2024 — 2025 — Thereafter — Total long-term debt, including current maturities $ 7,871 During the years ended December 31, 2020 and 2019, the Company recorded interest expense as follows (in thousands): December 31, 2020 2019 Unsecured promissory note $ 6 $ — Secured term note payable - related party 66 365 Secured promissory note - related party 308 140 Insurance and other notes payable 38 32 Total interest expense $ 418 $ 537 Certain of the agreements governing our outstanding debt have certain covenants with which we must comply. As of December 31, 2020, we were in compliance with all of these covenants. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases We determine if an arrangement is a lease at inception. Leases with an initial term of 12 months or less are not recorded in our consolidated balance sheet unless it is reasonably certain we will renew the lease. All leases with an initial term greater than 12 months, whether classified as operating or finance, are recorded to our consolidated balance sheet based on the present value of lease payments over the lease term, determined at lease commencement. Determination of the present value of lease payments requires a discount rate. We use the implicit rate in the lease agreement when available. Most of our leases do not provide an implicit interest rate; therefore, we use a weighted average borrowing rate based on the information available at the commencement date. Certain of our leases contain non-lease components which are not separated from the lease components when calculating the right-of-use asset and lease liability per our use of the practical expedient to combine both components of an arrangement for all classes of leased assets. Our lease portfolio primarily consists of operating leases for certain facilities and office spaces, and financing leases for equipment. Our leases have remaining terms of 1 year to 5 years and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The operating lease asset also includes any upfront lease payments made and excludes lease incentives and initial direct cost incurred. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The following table summarizes the supplemental balance sheet information related to lease assets and lease liability obligations as of December 31, 2020 and 2019 (in thousands): December 31, Classification 2020 2019 Assets Operating lease assets Right-of-use assets $ 786 $ 965 Finance lease assets Property and equipment, net of accumulated depreciation 6,781 9,302 Total lease assets 7,567 10,267 Liabilities Current Operating Current portion of operating lease obligations 362 364 Finance Current portion of finance lease obligation - related parties 648 3,440 Noncurrent Operating Long-term portion of operating lease obligation 490 650 Finance Finance lease obligations, net of current portion - related parties — 648 Total lease liabilities $ 1,500 $ 5,102 The following table summarizes the components of lease expense for the year ended December 31, 2020 and 2019 (in thousands): Lease Cost Classification December 31, 2020 2019 Operating lease cost Cost of sales $ 164 $ 155 Operating lease cost Selling, general and administrative expenses 253 240 Finance lease cost Amortization of leased assets Depreciation expense 1,171 1,171 Interest on lease liabilities Interest expense 497 644 Net lease cost $ 2,085 $ 2,210 In 2014, the Company entered into a five In December 2020, the Company extended its one year lease for equipment used at our liquefaction plant in George West, Texas. The lease called for monthly payments of $13 thousand through November 2021. In June 2020, the Company extended its lease for one year for yard space from an unrelated party in Fort Lupton, Colorado. The lease called for monthly payments of $2 thousand through May 31, 2021. The Company subleased the yard space to a subsidiary of TMG during 2019 (see Note 12—Related Party Transactions for further discussion). The Company leases certain buildings and facilities, including office space in Bellevue, Washington; Houston, Texas; and certain equipment under non-cancellable operating leases expiring at various dates through 2025. M&I Brazil leases offices and facilities in three cities in Brazil that are under operating lease agreements. The leases expire at various dates through January 2023. The assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments based on Brazil’s General Market Price Index rate. Brazil also has multiple short-term equipment leases which are less than twelve months and have no cancellation penalties, therefore they are not recorded in the balance sheet. Rent expense totaled approximately $262 thousand and $298 thousand for the years ended December 31, 2020 and 2019, respectively. In 2018, the Company entered into three finance lease agreements that included purchase options, which were reasonably certain to occur. During 2020, the Company exercised its purchase options on these agreements and the assets are now owned outright. These assets are included in the Company's property, plant and equipment, net on the consolidated balance sheets and the purchase had no effect on the net book value of these assets. The following schedule presents the future minimum lease payments for our operating and finance lease obligations at December 31, 2020 (in thousands): Operating Finance Total 2021 $ 405 $ 648 $ 1,053 2022 223 — 223 2023 145 — 145 2024 150 — 150 2025 25 — 25 Thereafter — — — Total lease payments 948 648 1,596 Less: Interest (96) — (96) Present value of lease liabilities $ 852 $ 648 $ 1,500 Lease term and discount rates for our operating and finance lease obligations are as follows: December 31, Lease Term and Discount Rate 2020 2019 Weighted-average remaining lease term (years) Operating leases 3.1 3.7 Finance leases 0.1 1.0 Weighted-average discount rate Operating leases 7.3% 7.3% Finance leases 8.9% 9.1% The following table summarizes the supplemental cash flow information related to leases as of December 31, 2020 and 2019: Other information December 31, 2020 December 31, 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 399 $ 298 Financing cash flows from finance leases 3,439 3,491 Interest paid 374 644 Noncash activities from right-of-use assets obtained in exchange for lease obligations: Operating leases $ 1,159 $ 1,208 |
Leases | Leases We determine if an arrangement is a lease at inception. Leases with an initial term of 12 months or less are not recorded in our consolidated balance sheet unless it is reasonably certain we will renew the lease. All leases with an initial term greater than 12 months, whether classified as operating or finance, are recorded to our consolidated balance sheet based on the present value of lease payments over the lease term, determined at lease commencement. Determination of the present value of lease payments requires a discount rate. We use the implicit rate in the lease agreement when available. Most of our leases do not provide an implicit interest rate; therefore, we use a weighted average borrowing rate based on the information available at the commencement date. Certain of our leases contain non-lease components which are not separated from the lease components when calculating the right-of-use asset and lease liability per our use of the practical expedient to combine both components of an arrangement for all classes of leased assets. Our lease portfolio primarily consists of operating leases for certain facilities and office spaces, and financing leases for equipment. Our leases have remaining terms of 1 year to 5 years and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The operating lease asset also includes any upfront lease payments made and excludes lease incentives and initial direct cost incurred. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The following table summarizes the supplemental balance sheet information related to lease assets and lease liability obligations as of December 31, 2020 and 2019 (in thousands): December 31, Classification 2020 2019 Assets Operating lease assets Right-of-use assets $ 786 $ 965 Finance lease assets Property and equipment, net of accumulated depreciation 6,781 9,302 Total lease assets 7,567 10,267 Liabilities Current Operating Current portion of operating lease obligations 362 364 Finance Current portion of finance lease obligation - related parties 648 3,440 Noncurrent Operating Long-term portion of operating lease obligation 490 650 Finance Finance lease obligations, net of current portion - related parties — 648 Total lease liabilities $ 1,500 $ 5,102 The following table summarizes the components of lease expense for the year ended December 31, 2020 and 2019 (in thousands): Lease Cost Classification December 31, 2020 2019 Operating lease cost Cost of sales $ 164 $ 155 Operating lease cost Selling, general and administrative expenses 253 240 Finance lease cost Amortization of leased assets Depreciation expense 1,171 1,171 Interest on lease liabilities Interest expense 497 644 Net lease cost $ 2,085 $ 2,210 In 2014, the Company entered into a five In December 2020, the Company extended its one year lease for equipment used at our liquefaction plant in George West, Texas. The lease called for monthly payments of $13 thousand through November 2021. In June 2020, the Company extended its lease for one year for yard space from an unrelated party in Fort Lupton, Colorado. The lease called for monthly payments of $2 thousand through May 31, 2021. The Company subleased the yard space to a subsidiary of TMG during 2019 (see Note 12—Related Party Transactions for further discussion). The Company leases certain buildings and facilities, including office space in Bellevue, Washington; Houston, Texas; and certain equipment under non-cancellable operating leases expiring at various dates through 2025. M&I Brazil leases offices and facilities in three cities in Brazil that are under operating lease agreements. The leases expire at various dates through January 2023. The assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments based on Brazil’s General Market Price Index rate. Brazil also has multiple short-term equipment leases which are less than twelve months and have no cancellation penalties, therefore they are not recorded in the balance sheet. Rent expense totaled approximately $262 thousand and $298 thousand for the years ended December 31, 2020 and 2019, respectively. In 2018, the Company entered into three finance lease agreements that included purchase options, which were reasonably certain to occur. During 2020, the Company exercised its purchase options on these agreements and the assets are now owned outright. These assets are included in the Company's property, plant and equipment, net on the consolidated balance sheets and the purchase had no effect on the net book value of these assets. The following schedule presents the future minimum lease payments for our operating and finance lease obligations at December 31, 2020 (in thousands): Operating Finance Total 2021 $ 405 $ 648 $ 1,053 2022 223 — 223 2023 145 — 145 2024 150 — 150 2025 25 — 25 Thereafter — — — Total lease payments 948 648 1,596 Less: Interest (96) — (96) Present value of lease liabilities $ 852 $ 648 $ 1,500 Lease term and discount rates for our operating and finance lease obligations are as follows: December 31, Lease Term and Discount Rate 2020 2019 Weighted-average remaining lease term (years) Operating leases 3.1 3.7 Finance leases 0.1 1.0 Weighted-average discount rate Operating leases 7.3% 7.3% Finance leases 8.9% 9.1% The following table summarizes the supplemental cash flow information related to leases as of December 31, 2020 and 2019: Other information December 31, 2020 December 31, 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 399 $ 298 Financing cash flows from finance leases 3,439 3,491 Interest paid 374 644 Noncash activities from right-of-use assets obtained in exchange for lease obligations: Operating leases $ 1,159 $ 1,208 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Finance Lease Obligations On December 1, 2019, the Company refinanced its lease agreement with a subsidiary of The Modern Group, Ltd. (“The Modern Group”) for equipment purchases totaling approximately $3.2 million. Under the terms of the lease agreement, the Company’s monthly principal and interest payments were $232 thousand for the 12 month term at an annual rate of 8.9%. An upfront fee payment of $131 thousand became due July 1, 2020 and the remaining outstanding lease obligation of approximately $648 thousand is due by January 25, 2021. The following individuals serve in various leadership capacities for The Modern Group: Casey Crenshaw (our Executive Chairman and Chairman of our Board) as President and Ben Broussard (a member of our Board) as Director of Finance and as COO of M/G Finance Co., Ltd., a subsidiary of The Modern Group. Casey Crenshaw is the beneficial owner of 25% of the Modern Group and is deemed to jointly control The Modern Group with family members. Stacey Crenshaw (a member of our Board) is the spouse of Casey Crenshaw. During 2018, Stabilis LLC entered into lease agreements with a subsidiary of The Modern Group to finance vehicles and machinery and equipment totaling approximately $1.5 million. Under the terms of the leases, the balance is due in equal monthly installments over 24 months at an annual interest rate of 10%. The finance lease agreements included purchase options, which were reasonably certain to occur. During 2020, the Company exercised its purchase options on these agreements, which included remaining outstanding lease obligations of $413 thousand. The assets are now owned outright. These assets are included in the Company's property, plant and equipment, net on the consolidated balance sheets and the purchase had no effect on the net book value of these assets. The Company’s carrying value of finance lease obligations to related parties consisted of the following (in thousands): December 31, 2020 2019 Finance lease obligations with subsidiary of The Modern Group, Ltd $ 648 $ 4,088 Less: amounts due within one year (648) (3,440) Total long term finance lease obligations to related parties $ — $ 648 Secured Term Note Payable The Company has a Secured Term Note Payable with Chart E&C in the principal amount of $1.1 million, at the rate of 3.0% plus the London interbank offered rate (3.15% at December 31, 2020), in connection with a Master Sales Agreement whereby Chart E&C agreed to sell the Company certain equipment for its liquefaction plant. See Note 10—Debt for further discussion of the Note Payable. Secured Promissory Note On August 16, 2019, the Company issued a Secured Promissory Note to M/G Finance Co., Ltd. in the principal amount of $5.0 million, at an interest rate per annum of 6% until December 10, 2020, and 12% thereafter. Casey Crenshaw, our Executive Chairman and Chairman of our Board, serves as the President of M/G Finance Co., Ltd. M/G Finance Co. Ltd. is a subsidiary of The Modern Group. See Note 10—Debt for further discussion of the Promissory Note. Term Loan Facility In connection with the acquisition of American Electric (see Note 2—Acquisition), the Company assumed a loan facility between M&I Brazil, a subsidiary, and an employee of the Company. The loan facility provided the Company with a $0.3 million loan facility of which $0.2 million was drawn and outstanding as of December 31, 2019. All outstanding amounts, including accrued but unpaid interested, became due in June 2020. Under the loan agreement, the interest rate on the loan facility was 10.0%, per annum, payable each quarter. The loan facility was secured by the assets held by M&I Brazil. Operating Leases The Company subleased land in Fort Lupton, Colorado to a subsidiary of The Modern Group. During the year ended December 31, 2019, amounts billed to The Modern Group under the agreement totaled $10 thousand. The Company subleased space in Denver, Colorado to a subsidiary of The Modern Group. During the years ended December 31, 2020 and 2019, the Company billed $8 thousand and $24 thousand, respectively, to The Modern Group under the agreement. Payroll and Benefits The Company utilized payroll and benefit resources from The Modern Group. During the year ended December 31, 2019, the Company incurred expenses of $4 thousand for processing and administrative charges associated with payroll processing. There were no expenses incurred for processing and administrative charges during the year ended December 31, 2020 due to a transition to a third party. Other Purchases and Sales During the years ended December 31, 2020 and 2019, the Company paid Applied Cryo Technologies, Inc. (“ACT”), a company owned 51% by Crenshaw Family Holdings International, Inc., $516 thousand and $447 thousand, respectively, for equipment, repairs, and services. The Company also sold $2 thousand and $4 thousand of LNG to ACT during the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, respectively, we had $2 thousand and $4 thousand due from ACT included in accounts receivable on the consolidated balance sheets. As of December 31, 2020 and 2019, respectively, we had $121 thousand and $24 thousand due to ACT included in accounts payable on the consolidated balance sheets. The Company purchases supplies and services from a subsidiary of The Modern Group. During the years ended December 31, 2020 and 2019, purchases from The Modern Group totaled $650 thousand and $175 thousand, respectively. The Company also sold $52 thousand of supplies and services to The Modern Group in 2019. There were no sales in 2020. There was no receivable due from The Modern Group as of December 31, 2020 and 2019. As of December 31, 2020 and 2019, respectively, we had $582 thousand and $22 thousand due to The Modern Group included in accounts payable on the consolidated balance sheets. Chart Energy & Chemicals, Inc. (“Chart E&C”) beneficially owns 8.7% of our outstanding common stock. The Company purchases services from Chart E&C. During the years ended December 31, 2020 and 2019, purchases from Chart E&C totaled $23 thousand and $80 thousand. As of December 31, 2020 and 2019, we had $14 thousand and $8 thousand due to Chart E&C included in accounts payable on the consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental Matters The Company is subject to federal, state and local environmental laws and regulations. The Company does not anticipate any expenditures to comply with such laws and regulations that would have a material impact on the Company’s consolidated financial position, results of operations or liquidity. The Company believes that its operations comply, in all material respects, with applicable federal, state and local environmental laws and regulations. Litigation, Claims and Contingencies The Company may become party to various legal actions that arise in the ordinary course of its business. The Company is also subject to audit by tax and other authorities for varying periods in various federal, state and local jurisdictions, and disputes may arise during the course of these audits. It is impossible to determine the ultimate liabilities that the Company may incur resulting from any of these lawsuits, claims, proceedings, audits, commitments, contingencies and related matters or the timing of these liabilities, if any. If these matters were to ultimately be resolved unfavorably, it is possible that such an outcome could have a material adverse effect upon the Company’s consolidated financial position, results of operations, or liquidity. The Company, does not, however, anticipate such an outcome and it believes the ultimate resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or liquidity. Additionally, the Company currently expenses all legal costs as they are incurred. |
Concentration of Risks
Concentration of Risks | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risks | Concentration of Risks Significant Customers A material part of the Company’s business is dependent on a few customers, the loss of which could have a material adverse effect on the Company. The following table presents customers representing greater than 10% of total revenues and/or outstanding receivable as of and for the years ended December 31, 2020 and 2019 (in thousands): Consolidated Revenue % Accounts % 2020: Customer 1 $ 4,915 12 % $ 1,423 25 % Customer 2 3,535 9 1,192 21 $ 8,450 21 % $ 2,615 46 % 2019: Customer 1 $ 9,270 20 % $ 1,172 19 % $ 9,270 20 % $ 1,172 19 % LNG Segment Revenue % Accounts % 2020: Customer 1 $ 4,915 12 % $ 1,423 28 % Customer 2 3,535 9 1,192 24 $ 8,450 21 % $ 2,615 52 % 2019: Customer 1 $ 9,270 21 % $ 1,172 23 % Customer 2 4,206 10 — — $ 13,476 31 % $ 1,172 23 % Power Delivery Segment Revenue % Accounts % 2020: Customer 1 $ 527 10 % $ 1 1 % Customer 2 96 2 112 18 Customer 3 131 3 89 14 $ 754 15 % $ 202 33 % 2019: Customer 1 $ 472 14 % $ 51 6 % Customer 2 407 12 103 11 $ 879 26 % $ 154 17 % |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity On July 26, 2019, we completed the Share Exchange by which American Electric acquired 100% of the outstanding limited liability company interests of Stabilis LLC from LNG Investment and 20% of the outstanding limited liability company interests of PEG from AEGIS. The remaining 80% of the outstanding limited liability company interests of PEG are owned directly by Stabilis LLC. As a result, Stabilis LLC became a 100% directly-owned subsidiary and PEG became a 100% indirectly-owned subsidiary of American Electric. Under the Share Exchange Agreement entered into on December 17, 2018 and amended on May 8, 2019, American Electric issued 13,178,750 shares of common stock to acquire Stabilis LLC, which represented 90% of the total amount of the common stock of American Electric which was issued and outstanding as of July 26, 2019. The Share Exchange resulted in a change of control of American Electric to be controlled by Casey Crenshaw by virtue of his beneficial ownership of 88.4% of the common stock of American Electric to be outstanding as of July 26, 2019. The Consolidated Statements of Stockholders’ Equity presents the historical equity of Stabilis, retrospectively adjusted to the equity structure of American Electric prior to the reverse merger. The share amounts presented reflect the restated number of shares using the exchange ratio established in the Share Exchange Agreement. Issuances of Common Stock The Company is authorized to issue up to 37,500,000 shares of Common Stock, $0.001 par value per share. On August 20, 2019, we issued 684,963 shares of our common stock valued at $3.0 million to Diversenergy as partial consideration for the completion of our acquisition of Diversenergy. On August 30, 2019, we issued 1,470,807 shares of our common stock to Chart E&C in exchange for the satisfaction of indebtedness in the principal amount of $7 million. In February 2020, the Company issued 34,706 shares of common stock to former directors as payment for services rendered as members of the American Electric Board of Directors (see Note 16—Stock-Based Compensation for further discussion). In April 2020, the Company issued 61,308 shares of common stock to independent directors as payment for services rendered as members of the Company's Board of Directors (see Note 16—Stock-Based Compensation for further discussion). Issuances of Warrants Except as otherwise noted, all issuance of common stock and warrants reflect the 1:8 reverse stock split effective July 29, 2019. As of December 31, 2020, we had outstanding Warrants to purchase 62,500 shares of our common stock as follows: Date of Issuance No. of Warrants Exercise Price Expiration Date Nov. 13, 2017 62,500 $18.08 Nov. 13, 2022 The Warrants were issued to an unaffiliated party in connection with a financing transaction. The Warrants have a cashless exercise option. On May, 22, 2020, warrants to purchase 40,625 shares of our common stock expired unexercised. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation On December 9, 2019, the Board of Directors of the Company adopted the 2019 Long Term Incentive Plan (the “2019 Plan”). The 2019 Plan provides for the award of Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock Awards, Dividend Equivalents, Other Stock-Based Awards, Cash Awards, Substitute Awards and Performance Awards. Awards may be granted under the 2019 Plan to employees, officers and directors of the Company and our Affiliates, and any other person who provides services to the Company or any of our Affiliates. The 2019 Plan succeeds our 2007 Employee Stock Incentive Plan (the “2007 Plan”) and no further shares will be issued under the 2007 Plan. The maximum number of shares of common stock available for issuance under the 2019 Plan is 1,675,000 shares. As of December 31, 2019, no awards or units had been granted under the 2019 Plan. Restricted Stock Awards Independent directors receive 50% of their retainer fee as Restricted Stock Awards (“RSAs”). The RSAs are issued immediately upon grant and are subject to a one year vesting period and other restrictions. During the year ended December 31, 2020, the Company granted 61,308 RSAs to independent directors under the 2019 Plan. The fair value of the RSAs on the date of grant was $150 thousand based on the previous day closing price of our common stock as reported on the OTCQX Best Market on the grant date, a weighted-average grant date fair value of $3.67 per award. The Company recognized $133 thousand in stock-based compensation costs for the year ended December 31, 2020, which is included in general and administrative expenses in the condensed consolidated statements of operations. As of December 31, 2020, the Company had $17 thousand of unrecognized compensation costs related to our Board of Directors grants, which is expected to be recognized over a weighted average period of less than one year. Restricted Stock Units During the year ended December 31, 2020, the Company granted 781,000 Restricted Stock Units (“RSUs”) to employees under the 2019 Plan. The fair value of the RSUs on the date of grant was $1.4 million based on the previous day closing price of our common stock as reported on the OTCQX Best Market on the grant date, a weighted-average grant date fair value of $1.75 per unit. The Company recognized $397 thousand in stock-based compensation costs for the year ended December 31, 2020, which is included in general and administrative expenses in the condensed consolidated statements of operations. The Company recognized 2,500 forfeitures, at a weighted-average grant date fair value of $1.75 per unit, as a reduction of expense previously recorded as general and administrative expenses in the condensed consolidated statements of operations during the year ended December 31, 2020. No awards vested during the year ended December 31, 2020 and there were 778,500 RSUs outstanding as of December 31, 2020. All units are expected to vest. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred Stock As a result of the completion of the Share Exchange, our Board of Directors has the authority, without stockholder approval, to issue up to 1,000,000 shares of Preferred Stock, $.001 par value. The authorized Preferred Stock may be issued by the Board of Directors in one or more series and with the rights, privileges and limitations of the Preferred Stock determined by the Board of Directors. The rights, preferences, powers and limitations of different series of Preferred Stock may differ with respect to dividend rates, amounts payable on liquidation, voting rights, conversion rights, redemption provisions, sinking fund provisions, and other matters. As of December 31, 2020, we have no Preferred Stock outstanding. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Employee BenefitsThe Company has established a savings plan ("Savings Plan") which is qualified under Section 401(k) of the Internal Revenue Code. Eligible employees may elect to make contributions to the Savings Plan through salary deferrals of up to 90% of their base pay, subject to Internal Revenue Code limitations. The Company contributes to the Savings Plans, subject to limitations. For the years ended December 31, 2020 and 2019, the Company contributed $181 thousand and $124 thousand, respectively, in matching contributions to the Savings Plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components for income tax expense included in the accompanying consolidated statements of operations for the years ended December 31, 2020 and 2019 are as follows (in thousands): December 31, 2020 December 31, 2019 Current state income tax expense $ 45 $ 38 Current foreign income tax expense 211 78 Deferred federal income tax expense — — Total income tax expense $ 256 $ 116 A reconciliation of income taxes computed using the 21% U.S. federal statutory rate to the amount reflected in the accompanying consolidated statement of operations for the years ended December 31, 2020 and 2019 is as follows (in thousands): December 31, 2020 December 31, 2019 Income tax benefit using U.S. federal statutory rate $ 1,352 $ 1,397 State income tax expense (35) (30) Foreign income tax expense (210) (78) Foreign tax rate difference (29) — Non-deductible expenses 26 (66) Change in valuation allowance (1,383) (1,306) Other 23 (33) $ (256) $ (116) The effects of temporary differences and carryforwards that give rise to deferred tax assets (liabilities) are as follows (in thousands): December 31, 2020 December 31, 2019 Federal net operating loss carryforward $ 12,203 $ 11,468 Accrued interest to related parties, not deductible until paid 570 449 Accrued compensation 69 101 Basis of intangible assets 309 368 Valuation allowance (6,639) (5,256) Total deferred tax assets 6,512 7,130 Basis of property, plant and equipment 6,000 6,821 Bad debt expense — — Prepaid expenses 155 138 Basis in foreign entity 357 171 Total deferred tax liabilities 6,512 7,130 Net deferred tax liabilities $ — $ — In December 2017, the U.S. congress passed the Tax Cuts and Jobs Act of 2017 (the "TCJA"). This legislation makes significant changes in U.S. tax law including a reduction in the corporate rates, changes to net operating loss carryforwards and carrybacks, and a repeal of the corporate alternative minimum tax. The legislation reduced the U.S. corporate tax rate from 35% to 21%. On March 27, 2020, President Trump signed into law the "Coronavirus Aid, Relief, and Economic Security Act" ("CARES ACT"). The CARES Act, among other things, includes provisions relating to net operating loss carryback periods. The Company is evaluating the impact, if any, that the CARES Act may have on the Company's future operations, financial position, and liquidity. At December 31, 2020, the Company has net operating loss carry forwards of approximately $59.9 million which may be used to offset future taxable income. The net operating loss carryforwards includes $42.8 million of losses arising prior to December 31, 2017 that expire in 2028 through 2037. Those arising in tax years after 2017 can be carried forward indefinitely. Also, for losses arising in taxable years beginning after December 31, 2017 the operating loss deduction is limited to 80% of taxable income (determined without regard to the deduction). Since the Company has not yet generated significant taxable income, a valuation allowance has been established to fully reserve the Company's net deferred tax assets at December 31, 2020. A change in ownership eliminated substantially all net operating loss carryforwards of an acquired subsidiary at July 26, 2019. The Company recognizes the tax benefit or obligation from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based not only on the technical merits of the tax position based on tax law, but also past administrative practices and precedents of the taxing authority. The tax benefits or obligations are recognized in our financial statements if there is a greater than 50% likelihood of the tax benefit or obligation being realized upon ultimate resolution. As of the years ended December 31, 2020 and 2019, the Company had no uncertain tax positions that required recognition. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsIn early 2021, the Company reached an amicable resolution with Myers to resolve differences related to the October 2018 notification of a potential liability, and all claims regarding the net working capital were mutually released and the lawsuit was dismissed with prejudice to refiling same. See Note 13—Commitments and Contigencies for further discussion. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Description of Business | Description of BusinessStabilis Solutions, Inc. and its subsidiaries (the “Company”, “Stabilis”, “our”, “us” or “we”) produce, market, and sell liquefied natural gas (“LNG”). The Company also distributes LNG and hydrogen from third parties and provides services, transportation, and equipment to customers. The Company changed its name from Stabilis Energy, Inc. to Stabilis Solutions, Inc. on October 9, 2020. |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The financial information represents the historical results of Stabilis for periods prior to the transaction . The operations of American Electric are included in our financial statements for the period following the completion of the Share Exchange on July 26, 2019. The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In the Notes to Consolidated Financial Statements, all dollar amounts in tabulations are in thousands, unless otherwise indicated. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is required to make certain disclosures if it concludes that there is substantial doubt about the entity’s ability to continue as a going concern within one year from the date of the issuance of these financial statements. The Company has incurred recurring operating losses and has negative working capital. The Company is subject to substantial business risks and uncertainties inherent in the current LNG industry. Additionally, the impact of the COVID-19 pandemic has created additional uncertainties regarding the future demand for LNG from our customers. There is no assurance that the Company will be able to generate sufficient revenues in the future to sustain itself or to support future growth. These factors were reviewed by management to determine if there was substantial doubt as to the Company’s ability to continue as a going concern. Management concluded that its plan to address the Company’s liquidity issues would allow it to continue as a going concern. A number of cost control measures have been implemented, including headcount reductions, temporary salary reductions, travel reductions, elimination of certain consultants, and other measures to adjust to anticipated activity levels and maintain adequate liquidity. Furthermore, the Company has recently seen a resumption of activity with existing customers as well as new revenue opportunities, particularly in Mexico. Accordingly, management believes the business will generate sufficient cash flows from its operations to fund the business for the next 12 months. |
Use of Estimates in the Preparation of the Consolidated Financial Statements | Use of Estimates in the Preparation of the Consolidated Financial Statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates include the carrying amount of contingencies, valuation allowances for receivables, inventories, and deferred income tax assets, valuations assigned to assets and liabilities in business combinations, and impairments of long-lived assets. Actual results could differ from those estimates, and these differences could be material to the consolidated financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. Cash equivalents consist principally of money market accounts held with major financial institutions. The Company is exposed to credit risk from its deposits of cash and cash equivalents in excess of amounts insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses on its deposits of cash and cash equivalents. |
Accounts Receivable | Accounts Receivable Accounts receivable are recognized when products are sold. The Company extends credit to many of its customers in the ordinary course of business. Generally, these sales are unsecured. Accounts receivable are stated at cost, net of any allowance for doubtful accounts. The Company maintains allowances for doubtful accounts for estimated losses where there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, the customer’s payment history, its current credit-worthiness and current economic trends. |
Inventories | Inventories LNG inventory consists of LNG produced that is either (1) in a storage container at our plant or (2) in a storage trailer that is in transit to a customer. Inventory quantities are measured at each reporting period and are valued at the lower of cost or net realizable value, determined on a first-in, first-out basis. Power delivery inventories are stated at the lower of cost or net realizable value, with material value determined using an average cost method. At December 31, 2020 and 2019, inventory is primarily raw materials for use on service jobs in Brazil. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Significant additions, renewals, and capital improvements are capitalized, whereas expenditures for maintenance and repairs are charged to expense as incurred. Leasehold improvements are amortized over the shorter of the applicable remaining lease term or the estimated useful life of the related assets. The cost and related accumulated depreciation of assets retired or sold are removed from the appropriate asset and depreciation accounts, and the resulting gain or loss is reflected in income. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. |
Long-Lived Assets and Goodwill | Long-Lived Assets and GoodwillLong 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. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flows basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flows models, quoted market values and third-party independent appraisals, as considered necessary. There were no impairments of the Company’s long-lived assets in the years ended December 31, 2020 and 2019.Goodwill represents the excess of the cost of an acquired entity over the fair value of the assets acquired less liabilities assumed. Intangible assets are assets that lack physical substance (excluding financial assets). Goodwill acquired in a business combination and intangible assets with indefinite useful lives are not amortized, and intangible assets with finite useful lives are amortized. Goodwill and intangible assets not subject to amortization are tested for impairment annually or more frequently if events or changes in circumstances indicate the assets carrying value may not be recoverable. Business acquisitions during the third quarter of 2019 accounted for the balance of goodwill. We currently test goodwill for impairment annually in the third quarter unless we determine that a triggering event has occurred in another quarter. |
Asset Retirement Obligations | Asset Retirement Obligations The Company recognizes the fair value of the liability associated with an asset retirement obligation in the period in which the liability is incurred or becomes reasonably estimable and if there is a legal obligation to restore or remediate the property at the end of a lease term. Asset retirement obligations are based upon future retirement cost estimates and incorporate certain assumptions, such as costs to restore the property and any salvage value. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue associated with the sale of LNG at the point in time when the customer obtains control of the asset. In evaluating when a customer has control of the asset, the Company primarily considers whether the transfer of legal title and physical delivery has occurred, whether the customer has significant risks and rewards of ownership, and whether the customer accepted delivery and a right of payment exists. Revenues from service and rental contracts are recognized over time, as the performance obligation is completed. Power delivery revenues are recognized as the event is completed or work is done. |
Income Taxes | Income Taxes Deferred income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The 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. A valuation allowance is recorded when it is more likely than not that the net deferred tax asset will not be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in selling, general and administrative expenses. As of December 31, 2020 and 2019, the Company had no uncertain tax positions that required recognition. |
Earnings Per Share ("EPS") | Earnings Per Share (“EPS”)Basic earnings per share, or EPS, is computed by dividing net income available to shareholders by the weighted average shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue shares, such as stock options and unvested restricted stock, were exercised and converted into shares. Diluted EPS is computed by dividing net income available to shareholders by the weighted average shares outstanding during the period, increased by the number of additional shares that would have been outstanding if the potential shares had been issued and were dilutive. |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. |
Fair Value Measurements | Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in the fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels in accordance with U.S. GAAP: Level 1 Inputs —Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs — Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs — Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby, allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The carrying value of cash and cash equivalents, accounts receivable, inventory, accounts payable and accrued liabilities approximate their respective fair values due to their relative short maturities. The carrying value of the Company’s notes payable and finance lease obligations approximates fair value because the related interest rates approximate rates currently available to the Company. |
Foreign Currency Gains and Losses | Foreign Currency Gains and LossesForeign currency translations are included as a separate component of comprehensive income (loss). The Company has determined the local currency of its foreign subsidiaries and foreign joint ventures to be the functional currency. In accordance with Accounting Standards Codification (ASC 830), the assets and liabilities of the foreign equity investees and foreign subsidiaries, denominated in foreign currency, are translated into United States dollars at exchange rates in effect at the consolidated balance sheet date and net sales and expenses are translated at the average exchange rate for the period. Related translation adjustments are reported as comprehensive income (loss), net of deferred income taxes, which is a separate component of stockholders’ equity, whereas gains and losses resulting from foreign currency transactions are included in results of operations. |
Stock-based Compensation | Stock-based CompensationThe Company accounts for stock-based compensation in accordance with ASC Topic 718, Compensation — Stock Compensation (“ASC 718”). Compensation expense for stock-based awards expected to vest is recognized on a straight-line basis over the requisite service period of the award based on their grant date fair value. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Standards In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment” (“ASU No. 2017-04”). The new guidance simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments of ASU No. 2017-04 were adopted by the Company effective January 1, 2020. The adoption of this standard had no impact on our condensed consolidated financial position or results of operations, as the adoption is applied on a prospective basis. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, Income Taxes and also improves consistent application by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of this guidance on our financial statements. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU No. 2020-04”), which provides guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying generally accepted accounting principles to contract modifications, hedging relationships, and other transactions impacted by reference rate reform. The provisions of ASU No. 2020-04 apply only to those transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. Adoption of the provisions of ASU No. 2020-04 are optional and are effective from March 12, 2020 through December 31, 2022. We are currently evaluating the impact of ASU No. 2020-04 on our condensed consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Total Purchase Price | The total purchase price of the Share Exchange is as follows: Number of shares of the combined company to be owned by American Electric stockholders 1,466,092 Multiplied by the fair value per share of American Electric Common Stock $ 7.12 Cash $ 650,000 Purchase price $ 11,088,573 The total purchase price of the Diversenergy acquisition is as follows: Number of shares issued to Diversenergy stockholders 684,963 Multiplied by the fair value per share of Stabilis Common Stock $ 4.38 Cash $ 2,000,000 Purchase price $ 5,000,000 |
Schedule of Fair Value of Assets Acquired, Liabilities Assumed and Non Controlling Interests | The allocation of the purchase price for the acquired assets and liabilities of American Electric is as follows (in thousands): Total purchase price $ 11,089 Current Assets 3,611 Property, plant and equipment, net 532 Investment in foreign joint venture 9,333 Other noncurrent assets 410 Total identifiable assets 13,886 Accounts payable and other accrued expenses (2,714) Accrued liabilities and other current liabilities (138) Other Liabilities (84) Total liabilities assumed (2,936) Goodwill $ 139 The following table summarizes the allocation of the purchase price to the fair value of the respective assets and liabilities acquired (in thousands). The purchase price allocations are subject to change as additional information becomes available concerning the fair value and tax basis of the assets acquired and liabilities assumed. Any measurement period adjustments to the purchase price allocation will be made as soon as practicable but no later than one year from the date of acquisition. Total purchase price $ 5,000 Current Assets 164 Property, plant and equipment, net 507 Other noncurrent assets 114 Total identifiable assets 785 Current liabilities (99) Total liabilities assumed (99) Goodwill $ 4,314 |
Schedule of Summarized Financial Information | The following table presents summarized results of operations of American Electric for the period from July 26, 2019 to December 31, 2019 and are included in the accompanying Consolidated Statement of Operations for the year ended December 31, 2019. July 27 - December 31, 2019 Revenue $ 3,421 Income before income tax expense 769 Net income from continuing operations 691 The following table presents unaudited pro forma results of operations reflecting the acquisition of American Electric as if the acquisition had occurred as of January 1, 2019. This information has been compiled from current and historical financial statements and is not necessarily indicative of the results that actually would have been achieved had the transaction occurred at the beginning of the periods presented or that may be achieved in the future. Years Ended December 31, 2019 Revenue $ 50,898 Net loss (7,389) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Disaggregated by Source | The table below presents revenue disaggregated by source, for the years ended December 31, 2020 and 2019 (in thousands): Years Ended December 31, 2020 2019 LNG Product $ 27,339 $ 34,244 Rental 6,338 6,569 Service 1,128 991 Power Delivery 5,260 3,421 Other 1,485 1,846 $ 41,550 $ 47,071 |
Schedule of Contract Balances | The following table presents the changes in the Company’s contract liabilities for the years ended December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Balance at beginning of period $ 185 $ 93 Cash received, excluding amounts recognized as revenue 777 185 Amounts recognized as revenue (605) (93) Balance at end of period $ 357 $ 185 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Year Ended December 31, 2020 (in thousands) LNG Power Delivery Total Revenues $ 36,290 $ 5,260 $ 41,550 Depreciation 8,911 130 9,041 Loss from operations before equity income (6,815) (1,451) (8,266) Net equity income from foreign joint ventures’ operations — 2,456 2,456 Income (loss) from operations (6,815) 1,005 (5,810) Interest expense, net 26 19 45 Interest expense, net - related parties 871 — 871 Income tax expense 46 210 256 Net income (loss) (7,567) 811 (6,756) Total Assets $ 64,757 $ 15,556 $ 80,313 Year Ended December 31, 2019 (in thousands) LNG Power Delivery Total Revenues $ 43,650 $ 3,421 $ 47,071 Depreciation 9,127 144 9,271 Operating loss (5,016) (414) (5,430) Net equity income from foreign joint ventures' operations — 1,133 1,133 Income (loss) from operations (5,016) 719 (4,297) Interest expense, net 19 14 33 Interest expense, net - related parties 1,175 — 1,175 Income tax expense 38 78 116 Net loss (6,194) 686 (5,508) Total Assets $ 75,883 $ 14,443 $ 90,326 |
Schedule of Revenue by Geographic Area | Years Ended December 31, (in thousands) 2020 2019 Revenues Brazil $ 5,260 $ 3,421 Mexico 4,085 131 United States 32,205 43,519 $ 41,550 $ 47,071 Years Ended December 31, (in thousands) 2020 2019 Assets Brazil $ 3,659 $ 3,276 China 11,897 11,167 Mexico 5,307 4,916 United States 59,450 70,967 $ 80,313 $ 90,326 |
Schedule of Assets by Geographic Area | Years Ended December 31, (in thousands) 2020 2019 Revenues Brazil $ 5,260 $ 3,421 Mexico 4,085 131 United States 32,205 43,519 $ 41,550 $ 47,071 Years Ended December 31, (in thousands) 2020 2019 Assets Brazil $ 3,659 $ 3,276 China 11,897 11,167 Mexico 5,307 4,916 United States 59,450 70,967 $ 80,313 $ 90,326 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | The Company’s prepaid expenses and other current assets consisted of the following (in thousands): December 31, 2020 2019 Prepaid LNG $ 90 $ 189 Prepaid insurance 734 698 Prepaid supplier expenses 299 229 Other receivables 1,521 1,655 Deposits 285 347 Other 182 465 Total prepaid expenses and other current assets $ 3,111 $ 3,583 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The Company’s property, plant and equipment consisted of the following (in thousands): December 31, Estimated 2020 2019 Liquefaction plants and systems 10 - 15 $ 40,841 $ 40,617 Real property and buildings 3 - 25 1,649 1,794 Vehicles and tanker trailers and equipment 2 - 10 47,179 46,597 Computer and office equipment 2 - 7 532 453 Construction in progress — 191 409 Leasehold improvements — 30 31 90,422 89,901 Less: accumulated depreciation (38,384) (29,538) $ 52,038 $ 60,363 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill | The following presents changes in goodwill during 2020 and 2019 (in thousands): 2020 2019 Beginning of period $ 4,453 $ — Acquisition of American Electric — 139 Acquisition of Diversenergy — 4,314 End of period $ 4,453 $ 4,453 |
Investments in Foreign Joint _2
Investments in Foreign Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Financial Information of Foreign Joint Venture | Below is summary financial information for BOMAY at December 31, 2020 and 2019 and operational results for the year ended December 31, 2020 and for the period from July 27, 2019 to December 31, 2019 in U.S. dollars (in thousands): December 31, 2020 2019 Assets: Total current assets $ 51,811 $ 81,247 Total non-current assets 7,136 5,775 Total assets $ 58,947 $ 87,022 Liabilities and equity: Total liabilities $ 26,355 $ 58,176 Total joint ventures’ equity 32,592 28,846 Total liabilities and equity $ 58,947 $ 87,022 December 31, July 27- December 31, 2020 2019 Revenue $ 66,260 $ 50,421 Gross Profit 12,066 7,182 Earnings 6,521 3,143 |
Schedule of Activity in Investment in Foreign Joint Ventures | The following is a summary of activity in our investment in BOMAY for the year ended December 31, 2020 and for the period from July 27, 2019 to December 31, 2019 in U.S. dollars (in thousands): December 31, July 27- December 31, 2020 2019 Investments in BOMAY (1)(2) Initial investment $ 9,333 $ 9,333 Undistributed earnings: Balance at beginning of period 1,257 — Equity in earnings 2,705 1,257 Dividend distributions (2,054) — Balance at end of period 1,908 1,257 Foreign currency translation: Balance at beginning of period (69) — Change during the period 725 (69) Balance at end of period 656 (69) Total investment in BOMAY at end of period $ 11,897 $ 10,521 ________ (1) Accumulated statutory reserves in equity method investments of $2.66 million at December 31, 2020 and 2019 is included in our investment in BOMAY. In accordance with the People’s Republic of China, (“PRC”), regulations on enterprises with foreign ownership, an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. (2) The Company’s initial investment in BOMAY differed from the Company’s 40% share of BOMAY’s equity as a result of applying fair value accounting pursuant to ASC 805. The basis difference of approximately $1.2 million will be accreted over the remaining eight |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | The Company’s accrued liabilities consisted of the following (in thousands): December 31, 2020 2019 Compensation and benefits $ 1,745 $ 2,641 Professional fees 408 131 LNG fuel and transportation 1,151 1,582 Accrued interest 21 134 Contract liabilities 357 185 Other taxes payable 328 163 Other accrued liabilities 351 182 Total accrued liabilities $ 4,361 $ 5,018 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Value of Debt | The Company’s carrying value of debt consisted of the following (in thousands): December 31, 2020 2019 Unsecured promissory note $ 1,080 $ — Secured term note payable - related party 1,077 2,077 Secured promissory note - related party 5,000 5,000 Insurance and other notes payable 714 558 Less: amounts due within one year (4,463) (1,558) Total long-term debt $ 3,408 $ 6,077 |
Schedule of Expected Maturities of Indebtedness | We had total indebtedness of $7.9 million in principal as of December 31, 2020 with the expected maturities as follows (in thousands). December 31, 2020 2021 $ 4,464 2022 3,360 2023 47 2024 — 2025 — Thereafter — Total long-term debt, including current maturities $ 7,871 |
Schedule Of Interest Expense On Debt | During the years ended December 31, 2020 and 2019, the Company recorded interest expense as follows (in thousands): December 31, 2020 2019 Unsecured promissory note $ 6 $ — Secured term note payable - related party 66 365 Secured promissory note - related party 308 140 Insurance and other notes payable 38 32 Total interest expense $ 418 $ 537 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Lease Assets and Liabilities Obligations | The following table summarizes the supplemental balance sheet information related to lease assets and lease liability obligations as of December 31, 2020 and 2019 (in thousands): December 31, Classification 2020 2019 Assets Operating lease assets Right-of-use assets $ 786 $ 965 Finance lease assets Property and equipment, net of accumulated depreciation 6,781 9,302 Total lease assets 7,567 10,267 Liabilities Current Operating Current portion of operating lease obligations 362 364 Finance Current portion of finance lease obligation - related parties 648 3,440 Noncurrent Operating Long-term portion of operating lease obligation 490 650 Finance Finance lease obligations, net of current portion - related parties — 648 Total lease liabilities $ 1,500 $ 5,102 |
Schedule of Lease Expenses | The following table summarizes the components of lease expense for the year ended December 31, 2020 and 2019 (in thousands): Lease Cost Classification December 31, 2020 2019 Operating lease cost Cost of sales $ 164 $ 155 Operating lease cost Selling, general and administrative expenses 253 240 Finance lease cost Amortization of leased assets Depreciation expense 1,171 1,171 Interest on lease liabilities Interest expense 497 644 Net lease cost $ 2,085 $ 2,210 |
Schedule of Future Minimum Lease Payments for Operating and Finance Obligation | The following schedule presents the future minimum lease payments for our operating and finance lease obligations at December 31, 2020 (in thousands): Operating Finance Total 2021 $ 405 $ 648 $ 1,053 2022 223 — 223 2023 145 — 145 2024 150 — 150 2025 25 — 25 Thereafter — — — Total lease payments 948 648 1,596 Less: Interest (96) — (96) Present value of lease liabilities $ 852 $ 648 $ 1,500 |
Schedule of Lease Costs and Terms for Operating and Finance Lease Obligations | Lease term and discount rates for our operating and finance lease obligations are as follows: December 31, Lease Term and Discount Rate 2020 2019 Weighted-average remaining lease term (years) Operating leases 3.1 3.7 Finance leases 0.1 1.0 Weighted-average discount rate Operating leases 7.3% 7.3% Finance leases 8.9% 9.1% |
Schedule of Supplemental Cash Flow Information Related To Leases | The following table summarizes the supplemental cash flow information related to leases as of December 31, 2020 and 2019: Other information December 31, 2020 December 31, 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 399 $ 298 Financing cash flows from finance leases 3,439 3,491 Interest paid 374 644 Noncash activities from right-of-use assets obtained in exchange for lease obligations: Operating leases $ 1,159 $ 1,208 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Carrying Value of Capital Lease Obligations to Related Parties | The Company’s carrying value of finance lease obligations to related parties consisted of the following (in thousands): December 31, 2020 2019 Finance lease obligations with subsidiary of The Modern Group, Ltd $ 648 $ 4,088 Less: amounts due within one year (648) (3,440) Total long term finance lease obligations to related parties $ — $ 648 |
Concentration of Risks (Tables)
Concentration of Risks (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Schedule of Customers Representing Greater than 10% of Total Revenues and/or Outstanding Receivables | The following table presents customers representing greater than 10% of total revenues and/or outstanding receivable as of and for the years ended December 31, 2020 and 2019 (in thousands): Consolidated Revenue % Accounts % 2020: Customer 1 $ 4,915 12 % $ 1,423 25 % Customer 2 3,535 9 1,192 21 $ 8,450 21 % $ 2,615 46 % 2019: Customer 1 $ 9,270 20 % $ 1,172 19 % $ 9,270 20 % $ 1,172 19 % LNG Segment Revenue % Accounts % 2020: Customer 1 $ 4,915 12 % $ 1,423 28 % Customer 2 3,535 9 1,192 24 $ 8,450 21 % $ 2,615 52 % 2019: Customer 1 $ 9,270 21 % $ 1,172 23 % Customer 2 4,206 10 — — $ 13,476 31 % $ 1,172 23 % Power Delivery Segment Revenue % Accounts % 2020: Customer 1 $ 527 10 % $ 1 1 % Customer 2 96 2 112 18 Customer 3 131 3 89 14 $ 754 15 % $ 202 33 % 2019: Customer 1 $ 472 14 % $ 51 6 % Customer 2 407 12 103 11 $ 879 26 % $ 154 17 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Outstanding Warrants | As of December 31, 2020, we had outstanding Warrants to purchase 62,500 shares of our common stock as follows: Date of Issuance No. of Warrants Exercise Price Expiration Date Nov. 13, 2017 62,500 $18.08 Nov. 13, 2022 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components for Income Tax Expense | The components for income tax expense included in the accompanying consolidated statements of operations for the years ended December 31, 2020 and 2019 are as follows (in thousands): December 31, 2020 December 31, 2019 Current state income tax expense $ 45 $ 38 Current foreign income tax expense 211 78 Deferred federal income tax expense — — Total income tax expense $ 256 $ 116 |
Reconciliation of Income Taxes Computed Using U.S. Federal Statutory Rate to Amount Reflected in the Accompanying Consolidated Statement of Operations | A reconciliation of income taxes computed using the 21% U.S. federal statutory rate to the amount reflected in the accompanying consolidated statement of operations for the years ended December 31, 2020 and 2019 is as follows (in thousands): December 31, 2020 December 31, 2019 Income tax benefit using U.S. federal statutory rate $ 1,352 $ 1,397 State income tax expense (35) (30) Foreign income tax expense (210) (78) Foreign tax rate difference (29) — Non-deductible expenses 26 (66) Change in valuation allowance (1,383) (1,306) Other 23 (33) $ (256) $ (116) |
Effects of Temporary Differences and Carryforwards that Give Rise to Deferred Tax Assets (Liabilities) | The effects of temporary differences and carryforwards that give rise to deferred tax assets (liabilities) are as follows (in thousands): December 31, 2020 December 31, 2019 Federal net operating loss carryforward $ 12,203 $ 11,468 Accrued interest to related parties, not deductible until paid 570 449 Accrued compensation 69 101 Basis of intangible assets 309 368 Valuation allowance (6,639) (5,256) Total deferred tax assets 6,512 7,130 Basis of property, plant and equipment 6,000 6,821 Bad debt expense — — Prepaid expenses 155 138 Basis in foreign entity 357 171 Total deferred tax liabilities 6,512 7,130 Net deferred tax liabilities $ — $ — |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) gallon in Thousands, $ in Thousands | Jul. 29, 2019 | Jul. 26, 2019shares | Dec. 31, 2020USD ($)gallonshares | Dec. 31, 2019USD ($) |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Reverse stock split, conversion ratio | 0.125 | |||
Right-of-use assets | $ | $ 786 | $ 965 | ||
Operating lease, liabilities | $ | $ 852 | |||
Dilutive EPS exclude warrants to purchase of common stock (in shares) | shares | 62,500 | |||
Bomay | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of interest in a joint venture | 40.00% | |||
Share Exchange Agreement | Board of Directors Chairman | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of beneficial ownership | 88.40% | |||
Share Exchange Agreement | Stabilis LLC | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of shares of the combined company (in shares) | shares | 13,178,750 | |||
PEG Partners LLC | Share Exchange Agreement | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of outstanding limited liability owned | 80.00% | |||
American Electric | Share Exchange Agreement | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of shares issued | 90.00% | |||
American Electric | Stabilis LLC | Share Exchange Agreement | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of outstanding limited liability owned | 100.00% | |||
American Electric | PEG Partners LLC | Share Exchange Agreement | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of outstanding limited liability owned | 20.00% | |||
American Electric | Prometheus Energy Group Inc. | Share Exchange Agreement | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of outstanding limited liability owned | 100.00% | |||
AEGIS NG LLC | PEG Partners LLC | Share Exchange Agreement | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Noncontrolling interest percentage | 20.00% | |||
Stabilis LLC | PEG Partners LLC | Share Exchange Agreement | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of outstanding limited liability owned | 80.00% | |||
Stabilis Energy, Inc. | American Electric | Share Exchange Agreement | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of outstanding limited liability owned | 100.00% | |||
Texas | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Daily capacity of production facility in gallons | gallon | 100 | |||
Permian Basin | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Daily capacity of production facility in gallons | gallon | 25 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Detail) - USD ($) | Aug. 20, 2019 | Jul. 26, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Common stock outstanding (in shares) | 16,800,612 | 16,800,612 | ||
American Electric | ||||
Business Acquisition [Line Items] | ||||
Shares to be issued prior to conversion (in shares) | 276,549 | |||
Fair value of stock (usd per share) | $ 7.12 | |||
Number of shares of the combined company (in shares) | 1,466,092 | |||
Cash | $ 650,000 | |||
American Electric | Series A Preferred Stock | ||||
Business Acquisition [Line Items] | ||||
Shares of outstanding series A Convertible Preferred Stock converted (in shares) | 1,000,000 | |||
American Electric | Restricted Stock Units and Deferred Shares | ||||
Business Acquisition [Line Items] | ||||
Shares of outstanding series A Convertible Preferred Stock converted (in shares) | 15,629 | |||
American Electric | American Electric | ||||
Business Acquisition [Line Items] | ||||
Common stock outstanding (in shares) | 1,173,914 | |||
Diversenergy, LLC | ||||
Business Acquisition [Line Items] | ||||
Fair value of stock (usd per share) | $ 4.38 | |||
Value of shares issued as partial consideration in acquisition | $ 3,000,000 | |||
Cash | $ 2,000,000 | |||
Diversenergy, LLC | Common Stock | ||||
Business Acquisition [Line Items] | ||||
Number of shares of the combined company (in shares) | 684,963 | |||
Board of Directors Chairman | Share Exchange Agreement | ||||
Business Acquisition [Line Items] | ||||
Percentage of beneficial ownership | 88.40% |
Acquisitions - Total Purchase P
Acquisitions - Total Purchase Price (Details) - USD ($) | Aug. 20, 2019 | Jul. 26, 2019 |
American Electric | ||
Business Acquisition [Line Items] | ||
Number of shares of the combined company (in shares) | 1,466,092 | |
Fair value of stock (usd per share) | $ 7.12 | |
Cash | $ 650,000 | |
Purchase price | $ 11,088,573 | |
Diversenergy, LLC | ||
Business Acquisition [Line Items] | ||
Fair value of stock (usd per share) | $ 4.38 | |
Cash | $ 2,000,000 | |
Purchase price | $ 5,000,000 | |
Diversenergy, LLC | Common Stock | ||
Business Acquisition [Line Items] | ||
Number of shares of the combined company (in shares) | 684,963 |
Acquisitions - Schedule of Fair
Acquisitions - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) | Aug. 20, 2019 | Jul. 26, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 4,453,000 | $ 4,453,000 | $ 0 | ||
American Electric | |||||
Business Acquisition [Line Items] | |||||
Total purchase price | $ 11,088,573 | ||||
Current Assets | 3,611,000 | ||||
Property, plant and equipment, net | 532,000 | ||||
Investment in foreign joint venture | 9,333,000 | ||||
Other noncurrent assets | 410,000 | ||||
Total identifiable assets | 13,886,000 | ||||
Accounts payable and other accrued expenses | (2,714,000) | ||||
Accrued liabilities and other current liabilities | (138,000) | ||||
Other Liabilities | (84,000) | ||||
Total liabilities assumed | (2,936,000) | ||||
Goodwill | $ 139,000 | ||||
Diversenergy, LLC | |||||
Business Acquisition [Line Items] | |||||
Total purchase price | $ 5,000,000 | ||||
Current Assets | 164,000 | ||||
Property, plant and equipment, net | 507,000 | ||||
Other noncurrent assets | 114,000 | ||||
Total identifiable assets | 785,000 | ||||
Current liabilities | (99,000) | ||||
Total liabilities assumed | (99,000) | ||||
Goodwill | $ 4,314,000 |
Acquisitions - Schedule of Summ
Acquisitions - Schedule of Summarized Financial Information (Detail) - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||
Revenue | $ 50,898 | |
Net loss | $ (7,389) | |
American Electric | ||
Business Acquisition [Line Items] | ||
Revenue | $ 3,421 | |
Income before income tax expense | 769 | |
Net income from continuing operations | $ 691 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |
Period of recognition, performance obligations | 30 days |
Period of recognition upon receipt of invoice | 30 days |
LNG | |
Disaggregation of Revenue [Line Items] | |
Period of collection on accounts receivable, net | 30 days |
Power Delivery | |
Disaggregation of Revenue [Line Items] | |
Period of collection on accounts receivable, net | 12 months |
Product Contracts | |
Disaggregation of Revenue [Line Items] | |
Payment terms | 30 days |
Rental Contracts | |
Disaggregation of Revenue [Line Items] | |
Payment terms | 30 days |
Service Contracts | |
Disaggregation of Revenue [Line Items] | |
Payment terms | 30 days |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Revenue Disaggregated by Source (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 41,550 | $ 47,071 |
LNG Product | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 27,339 | 34,244 |
Rental | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 6,338 | 6,569 |
Service | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,128 | 991 |
Power Delivery | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 5,260 | 3,421 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 1,485 | $ 1,846 |
Revenue Recognition - Contract
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Contract with Customer, Asset and Liability, Rollforward [Roll Forward] | ||
Balance at beginning of period | $ 185 | $ 93 |
Cash received, excluding amounts recognized as revenue | 777 | 185 |
Amounts recognized as revenue | (605) | (93) |
Balance at end of period | $ 357 | $ 185 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | segment | 2 | ||
Total revenues | $ 41,550 | $ 47,071 | |
Depreciation | 9,041 | 9,271 | |
Loss from operations before equity income | (8,266) | (5,430) | |
Net equity income from foreign joint ventures’ operations | 2,456 | 1,133 | |
Income (loss) from operations | (5,810) | (4,297) | |
Interest expense, net | 45 | 33 | |
Interest expense, net - related parties | 871 | 1,175 | |
Income tax expense | 256 | 116 | |
Net income (loss) | (6,756) | (5,508) | $ (10,837) |
Total assets | 80,313 | 90,326 | |
Brazil | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 5,260 | 3,421 | |
Total assets | 3,659 | 3,276 | |
China | |||
Segment Reporting Information [Line Items] | |||
Total assets | 11,897 | 11,167 | |
Mexico | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 4,085 | 131 | |
Total assets | 5,307 | 4,916 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 32,205 | 43,519 | |
Total assets | 59,450 | 70,967 | |
LNG | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 36,290 | 43,650 | |
Depreciation | 8,911 | 9,127 | |
Loss from operations before equity income | (6,815) | (5,016) | |
Net equity income from foreign joint ventures’ operations | 0 | 0 | |
Income (loss) from operations | (6,815) | (5,016) | |
Interest expense, net | 26 | 19 | |
Interest expense, net - related parties | 871 | 1,175 | |
Income tax expense | 46 | 38 | |
Net income (loss) | (7,567) | (6,194) | |
Total assets | 64,757 | 75,883 | |
Power Delivery | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 5,260 | 3,421 | |
Depreciation | 130 | 144 | |
Loss from operations before equity income | (1,451) | (414) | |
Net equity income from foreign joint ventures’ operations | 2,456 | 1,133 | |
Income (loss) from operations | 1,005 | 719 | |
Interest expense, net | 19 | 14 | |
Interest expense, net - related parties | 0 | 0 | |
Income tax expense | 210 | 78 | |
Net income (loss) | 811 | 686 | |
Total assets | $ 15,556 | $ 14,443 | |
Bomay | |||
Segment Reporting Information [Line Items] | |||
Ownership percentage | 40.00% |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid expenses and other current assets | ||
Prepaid LNG | $ 90 | $ 189 |
Prepaid insurance | 734 | 698 |
Prepaid supplier expenses | 299 | 229 |
Other receivables | 1,521 | 1,655 |
Deposits | 285 | 347 |
Other | 182 | 465 |
Total prepaid expenses and other current assets | $ 3,111 | $ 3,583 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 90,422 | $ 89,901 |
Less: accumulated depreciation | (38,384) | (29,538) |
Property, plant and equipment, net | 52,038 | 60,363 |
Liquefaction plants and systems | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $ 40,841 | 40,617 |
Liquefaction plants and systems | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 10 years | |
Liquefaction plants and systems | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 15 years | |
Real property and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $ 1,649 | 1,794 |
Real property and buildings | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 3 years | |
Real property and buildings | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 25 years | |
Vehicles and tanker trailers and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $ 47,179 | 46,597 |
Vehicles and tanker trailers and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 2 years | |
Vehicles and tanker trailers and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 10 years | |
Computer and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $ 532 | 453 |
Computer and office equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 2 years | |
Computer and office equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 7 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $ 191 | 409 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $ 30 | $ 31 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization | $ 9,041 | $ 9,271 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 4,453 | $ 0 |
Ending balance | 4,453 | 4,453 |
American Electric | ||
Goodwill [Roll Forward] | ||
Acquisition | 0 | 139 |
Diversenergy, LLC | ||
Goodwill [Roll Forward] | ||
Acquisition | $ 0 | $ 4,314 |
Investments in Foreign Joint _3
Investments in Foreign Joint Ventures - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Aug. 20, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Net sales | $ 41,550,000 | $ 47,071,000 | |
Energia Superior | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest (as a percent) | 50.00% | ||
Bomay | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 40.00% | ||
Bomay | Baoji Oilfield Machinery Co., Ltd. | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 51.00% | ||
Bomay | AA Energies, Inc. | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 9.00% | ||
Affiliated Entity | |||
Schedule of Equity Method Investments [Line Items] | |||
Net sales | $ 0 | $ 0 |
Investments in Foreign Joint _4
Investments in Foreign Joint Ventures - Schedule of Financial Information of Foreign Joint Venture (Details) - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets | ||||
Total current assets | $ 13,716 | $ 10,813 | $ 13,716 | |
Total assets | 90,326 | 80,313 | 90,326 | |
Liabilities and Equity | ||||
Total liabilities | 22,483 | 18,283 | 22,483 | |
Total joint ventures’ equity | 67,843 | 62,030 | 67,843 | |
Total liabilities and equity | 90,326 | 80,313 | 90,326 | |
Net income (loss) | (6,756) | (5,508) | $ (10,837) | |
Bomay | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Assets | ||||
Total current assets | 81,247 | 51,811 | 81,247 | |
Total non-current assets | 5,775 | 7,136 | 5,775 | |
Total assets | 87,022 | 58,947 | 87,022 | |
Liabilities and Equity | ||||
Total liabilities | 58,176 | 26,355 | 58,176 | |
Total joint ventures’ equity | 28,846 | 32,592 | 28,846 | |
Total liabilities and equity | 87,022 | 58,947 | $ 87,022 | |
Revenue | 50,421 | 66,260 | ||
Gross Profit | 7,182 | 12,066 | ||
Net income (loss) | $ 3,143 | $ 6,521 |
Investments in Foreign Joint _5
Investments in Foreign Joint Ventures - Schedule of Activity in Investment in Foreign Joint Ventures (Details) - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Undistributed earnings: | |||
Dividend distributions | $ (2,054) | $ 0 | |
Foreign currency translation: | |||
Investments in foreign joint ventures | $ 10,521 | 11,897 | 10,521 |
Accumulated statutory reserves in equity method investments | 2,660 | 2,660 | 2,660 |
Accretion for equity method investments | 54 | 129 | |
Accumulated accretion | 54 | 183 | 54 |
Bomay | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |||
Initial investment | 9,333 | 9,333 | |
Undistributed earnings: | |||
Balance at beginning of period | 0 | 1,257 | |
Equity in earnings | 1,257 | 2,705 | |
Dividend distributions | 0 | (2,054) | |
Balance at end of period | 1,257 | 1,908 | 1,257 |
Foreign currency translation: | |||
Balance at beginning of period | 0 | (69) | |
Change during the period | (69) | 725 | |
Balance at end of period | (69) | 656 | (69) |
Investments in foreign joint ventures | $ 10,521 | $ 11,897 | $ 10,521 |
Ownership percentage | 40.00% | ||
Basis difference | $ 1,200 | ||
Remaining life of joint venture | 8 years |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued liabilities | ||
Compensation and benefits | $ 1,745 | $ 2,641 |
Professional fees | 408 | 131 |
LNG fuel and transportation | 1,151 | 1,582 |
Accrued interest | 21 | 134 |
Contract liabilities | 357 | 185 |
Other taxes payable | 328 | 163 |
Other accrued liabilities | 351 | 182 |
Total accrued liabilities | $ 4,361 | $ 5,018 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Unsecured promissory note | $ 1,080 | $ 0 |
Secured term note payable - related party | 1,077 | 2,077 |
Secured promissory note - related party | 5,000 | 5,000 |
Insurance and other notes payable | 714 | 558 |
Less: amounts due within one year | (4,463) | (1,558) |
Total long-term debt | $ 3,408 | $ 6,077 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Aug. 30, 2019USD ($)dayshares | Aug. 21, 2017USD ($)Installment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | May 08, 2020USD ($) | Apr. 07, 2020 | Aug. 16, 2019USD ($) | Jul. 26, 2019USD ($) | Sep. 30, 2014 | Sep. 30, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||||
Convertible debt, exchanged | $ 7,000,000 | $ 0 | $ 6,889,000 | |||||||
Issuance of common stock in satisfaction of indebtedness (in shares) | shares | 1,470,807 | |||||||||
Percent of volume-weighted average prices per share | 90.00% | |||||||||
Consecutive trading days | day | 5 | |||||||||
Gain on extinguishment of debt | $ 100,000 | 0 | 111,000 | |||||||
Annual commercial insurance premiums | 800,000 | |||||||||
Outstanding principal amount of premium financed | $ 400,000 | 300,000 | ||||||||
Insurance terms | 10 months | |||||||||
Short-term financing | $ 432,000 | 558,000 | ||||||||
Related party debt | $ 5,000,000 | 5,000,000 | ||||||||
Plus accrued interest due on August, 24, 2017 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payment terms of principal and interest | $ 2,500,000 | |||||||||
Plus accrued interest due on August 24, 2018 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payment terms of principal and interest | 2,500,000 | |||||||||
Plus accrued interest due on August 24, 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payment terms of principal and interest | 2,500,000 | |||||||||
Plus accrued interest on each anniversary date of August 24, 2019 thereafter | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payment terms of principal and interest | $ 1,500,000 | |||||||||
Debt instrument number of installment | Installment | 4 | |||||||||
Plus accrued interest on the remaining unpaid balance of the Amended Secured Term Note Payable on August 24, 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payment terms of principal and interest | $ 600,000 | |||||||||
Event all principal and interest is paid in full by August 24, 2023 to be forgiven | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payment terms of principal and interest | $ 2,200,000 | |||||||||
Santander Bank | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate (as a percent) | 11.88% | 12.68% | ||||||||
Short-term financing | 41,000 | |||||||||
Brazilian Interbank | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate (as a percent) | 7.60% | |||||||||
Debt instrument, interest rate basis (as a percent) | 1.90% | |||||||||
Outstanding principal amount of premium financed | $ 231,000 | |||||||||
Loan Pursuant to CARES Act | Cadence Bank, N.A. | Notes Payable to Banks | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 1,100,000 | |||||||||
Interest rate (as a percent) | 1.00% | |||||||||
Secured term note payable - related party | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 20,500,000 | |||||||||
Debt instrument, collateral amount | $ 20,000,000 | |||||||||
Number of installments | Installment | 8 | |||||||||
Secured term note payable - related party | Former Executive Chairman of Board of Directors of American Electric Technologies Inc | M&I Brazil | Loan Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate (as a percent) | 10.00% | |||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000 | |||||||||
Loan facility drawn and outstanding | $ 200,000 | |||||||||
Secured term note payable - related party | London Interbank Offered Rate (LIBOR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, interest rate basis (as a percent) | 3.15% | 3.00% | ||||||||
Secured promissory note - related party | M/G Finance Co., Ltd. | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 5,000,000 | |||||||||
Secured promissory note - related party | Secured Debt | M/G Finance Co., Ltd. | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | 5,000,000 | |||||||||
Certain pieces of equipment for secured debt | $ 5,000,000 | |||||||||
Secured promissory note - related party | Secured Debt | M/G Finance Co., Ltd. | To December 10, 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate (as a percent) | 6.00% | |||||||||
Secured promissory note - related party | Secured Debt | M/G Finance Co., Ltd. | December 11, 2020 and Thereafter | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate (as a percent) | 12.00% | |||||||||
2019 to 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Insurance notes interest rate (as a percent) | 6.20% | |||||||||
2020 to 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Insurance notes interest rate (as a percent) | 5.45% |
Debt - Schedule of Expected Mat
Debt - Schedule of Expected Maturities of Indebtedness (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
Unsecured promissory note | $ 7,871 |
2021 | 4,464 |
2022 | 3,360 |
2023 | 47 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Total long-term debt, including current maturities | $ 7,871 |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Interest expense | $ 418 | $ 537 |
Unsecured promissory note | ||
Debt Instrument [Line Items] | ||
Interest expense | 6 | 0 |
Secured term note payable - related party | ||
Debt Instrument [Line Items] | ||
Interest expense | 66 | 365 |
Secured promissory note - related party | ||
Debt Instrument [Line Items] | ||
Interest expense | 308 | 140 |
Insurance and other notes payable | ||
Debt Instrument [Line Items] | ||
Interest expense | $ 38 | $ 32 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2020USD ($) | Jan. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)City | Dec. 31, 2019USD ($) | Dec. 31, 2018lease | Dec. 31, 2014 | |
Lessee, Lease, Description [Line Items] | |||||||
Rent expense | $ 262 | $ 298 | |||||
Number of finance lease agreements | lease | 3 | ||||||
Liquefaction plants and systems | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Equipment lease, term of contract | 1 year | 1 year | |||||
Monthly payments | $ 13 | ||||||
January 2019 And Thereafter | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Sublease income | $ 2 | ||||||
Denver, Colorado | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Non-cancelable operating leases term | 5 years | ||||||
Rent expense | $ 67 | $ 92 | |||||
Fort Lupton, Colorado | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Equipment lease, term of contract | 1 year | ||||||
Monthly payments | $ 2 | ||||||
Minimum | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Remaining operating lease term | 1 year | ||||||
Maximum | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Remaining operating lease term | 5 years | ||||||
M&I Brazil | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Number of cities in which offices and facilities were leased | City | 3 |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets and Liabilities, Lessee [Abstract] | ||
Operating lease assets | $ 786 | $ 965 |
Finance lease assets | $ 6,781 | $ 9,302 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization |
Total lease assets | $ 7,567 | $ 10,267 |
Operating lease liabilities current | 362 | 364 |
Finance lease liabilities current | 648 | 3,440 |
Operating lease liabilities non-current | 490 | 650 |
Total long term finance lease obligations to related parties | 0 | 648 |
Total lease liabilities | $ 1,500 | $ 5,102 |
Leases - Schedule of Lease cost
Leases - Schedule of Lease costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Amortization of leased assets | $ 1,171 | $ 1,171 |
Interest on lease liabilities | 497 | 644 |
Net lease cost | 2,085 | 2,210 |
Cost of sales | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | 164 | 155 |
Selling, general and administrative expenses | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | $ 253 | $ 240 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Operating and Finance Obligation (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases | ||
2021 | $ 405 | |
2022 | 223 | |
2023 | 145 | |
2024 | 150 | |
2025 | 25 | |
Thereafter | 0 | |
Total lease payments | 948 | |
Less: Interest | (96) | |
Present value of lease liabilities | 852 | |
Finance Leases | ||
2021 | 648 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 0 | |
Total lease payments | 648 | |
Less: Interest | 0 | |
Present value of lease liabilities | 648 | |
Lease liabilities [Abstract | ||
2021 | 1,053 | |
2022 | 223 | |
2023 | 145 | |
2024 | 150 | |
2025 | 25 | |
Thereafter | 0 | |
Total lease payments | 1,596 | |
Less: Interest | (96) | |
Total lease liabilities | $ 1,500 | $ 5,102 |
Leases - Schedule of Lease Co_2
Leases - Schedule of Lease Costs and Terms for Operating and Finance Lease Obligations (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating leases, weighted-average remaining lease term (years) | 3 years 1 month 6 days | 3 years 8 months 12 days |
Finance leases, weighted-average remaining lease term (years) | 1 month 6 days | 1 year |
Operating leases, weighted-average discount rate | 7.30% | 7.30% |
Finance leases, weighted-average discount rate | 8.90% | 9.10% |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related To Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 399 | $ 298 |
Financing cash flows from finance leases | 3,439 | 3,491 |
Interest paid | 374 | 644 |
Noncash activities from right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 1,159 | $ 1,208 |
Related Party Transaction - Add
Related Party Transaction - Additional Information (Detail) - USD ($) | Dec. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 16, 2019 | Jul. 26, 2019 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Finance lease obligation | $ 648,000 | |||||||
Total long term finance lease obligations to related parties | 0 | $ 648,000 | ||||||
Remaining outstanding lease obligation | $ 413,000 | |||||||
Secured term note payable - related party | 1,077,000 | 2,077,000 | ||||||
Due from related parties | 42,000 | 0 | ||||||
Real property and buildings | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Sublease income | 8,000 | 24,000 | ||||||
Affiliated Entity | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Purchases from related parties | 23,000 | 80,000 | ||||||
Due to related parties | 14,000 | 8,000 | ||||||
Affiliated Entity | TMG | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Finance lease obligation | $ 648,000 | |||||||
Principal and interest payments | $ 232,000 | |||||||
Lease term | 12 months | |||||||
Annual rate | 8.90% | |||||||
Upfront fee payment | $ 131,000 | |||||||
Related party sales | 0 | 52,000 | ||||||
Due from related parties | 0 | 0 | ||||||
Due to related parties | 582,000 | 22,000 | ||||||
Purchase of supplies and services | $ 650,000 | 175,000 | ||||||
Affiliated Entity | TMG | Equipment | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Finance lease obligation | $ 3,200,000 | |||||||
Affiliated Entity | Applied Cryo Technologies | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Ownership percentage | 51.00% | |||||||
Payment for equipment repairs and services | $ 516,000 | 447,000 | ||||||
Related party sales | 2,000 | 4,000 | ||||||
Due from related parties | 2,000 | 4,000 | ||||||
Due to related parties | 121,000 | 24,000 | ||||||
TMG | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Payroll related expenses | 0 | 4,000 | ||||||
TMG | Operating Leases Related Party | Land | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Sublease income | 10,000 | |||||||
Secured term note payable - related party | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Debt instrument, face amount | $ 20,500,000 | |||||||
Secured term note payable - related party | London Interbank Offered Rate (LIBOR) | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Secured term note payable - related party | $ 1,100,000 | |||||||
Debt instrument, interest rate basis (as a percent) | 3.15% | 3.00% | ||||||
Secured promissory note - related party | M/G Finance Co., Ltd. | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Debt instrument, face amount | $ 5,000,000 | |||||||
Secured promissory note - related party | M/G Finance Co., Ltd. | Secured Debt | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Debt instrument, face amount | $ 5,000,000 | |||||||
Secured promissory note - related party | M/G Finance Co., Ltd. | Secured Debt | To December 10, 2020 | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Interest rate (as a percent) | 6.00% | |||||||
Secured promissory note - related party | M/G Finance Co., Ltd. | Secured Debt | December 11, 2020 and Thereafter | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Interest rate (as a percent) | 12.00% | |||||||
Chart Energy & Chemicals, Inc. [Member] | Affiliated Entity | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Common stock, ownership percentage | 8.70% | |||||||
Former Executive Chairman of Board of Directors of American Electric Technologies Inc | Loan Agreement | M&I Brazil | Secured term note payable - related party | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Interest rate (as a percent) | 10.00% | |||||||
Line of credit facility, maximum borrowing capacity | $ 300,000 | |||||||
Loan facility drawn and outstanding | $ 200,000 | |||||||
TMG | Executive Chairman and Chairman of our Board | Affiliated Entity | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Beneficial ownership percentage | 25.00% | |||||||
Subsidiaries | Stabilis LLC | ||||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Total long term finance lease obligations to related parties | $ 1,500,000 | |||||||
Capital lease obligation, lease term | 24 months | |||||||
Capital lease obligation, interest rate | 10.00% |
Related Party Transaction - Sch
Related Party Transaction - Schedule of Carrying Value of Finance Lease Obligations to Related Parties (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Related Party [Line Items] | ||
Finance lease obligations with subsidiary of The Modern Group, Ltd | $ 648 | |
Less: amounts due within one year | (648) | $ (3,440) |
Total long term finance lease obligations to related parties | 0 | 648 |
The Modern Group Ltd | ||
Schedule Of Related Party [Line Items] | ||
Finance lease obligations with subsidiary of The Modern Group, Ltd | $ 648 | $ 4,088 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 1 Months Ended |
Oct. 31, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Potential liability related to asset purchase agreement | $ 4.3 |
Concentration of Risks (Details
Concentration of Risks (Details) - Customer Concentration Risk - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | ||
Concentration Risk [Line Items] | ||
Revenue | $ 8,450 | $ 9,270 |
Concentration risk, percentage | 21.00% | 20.00% |
Revenue | LNG | ||
Concentration Risk [Line Items] | ||
Revenue | $ 8,450 | $ 13,476 |
Concentration risk, percentage | 21.00% | 31.00% |
Revenue | Power Delivery | ||
Concentration Risk [Line Items] | ||
Revenue | $ 754 | $ 879 |
Concentration risk, percentage | 15.00% | 26.00% |
Revenue | Customer 1 | ||
Concentration Risk [Line Items] | ||
Revenue | $ 4,915 | $ 9,270 |
Concentration risk, percentage | 12.00% | 20.00% |
Revenue | Customer 1 | LNG | ||
Concentration Risk [Line Items] | ||
Revenue | $ 4,915 | $ 9,270 |
Concentration risk, percentage | 12.00% | 21.00% |
Revenue | Customer 1 | Power Delivery | ||
Concentration Risk [Line Items] | ||
Revenue | $ 527 | $ 472 |
Concentration risk, percentage | 10.00% | 14.00% |
Revenue | Customer 2 | LNG | ||
Concentration Risk [Line Items] | ||
Revenue | $ 3,535 | $ 4,206 |
Concentration risk, percentage | 9.00% | 10.00% |
Revenue | Customer 2 | Power Delivery | ||
Concentration Risk [Line Items] | ||
Revenue | $ 96 | $ 407 |
Concentration risk, percentage | 2.00% | 12.00% |
Revenue | Customer 3 | Power Delivery | ||
Concentration Risk [Line Items] | ||
Revenue | $ 131 | |
Concentration risk, percentage | 3.00% | |
Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 46.00% | 19.00% |
Accounts Receivable | $ 2,615 | $ 1,172 |
Accounts Receivable | LNG | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 52.00% | 23.00% |
Accounts Receivable | $ 2,615 | $ 1,172 |
Accounts Receivable | Power Delivery | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 33.00% | 17.00% |
Accounts Receivable | $ 202 | $ 154 |
Accounts Receivable | Customer 1 | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 25.00% | 19.00% |
Accounts Receivable | $ 1,423 | $ 1,172 |
Accounts Receivable | Customer 1 | LNG | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 28.00% | 23.00% |
Accounts Receivable | $ 1,423 | $ 1,172 |
Accounts Receivable | Customer 1 | Power Delivery | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 1.00% | 6.00% |
Accounts Receivable | $ 1 | $ 51 |
Accounts Receivable | Customer 2 | LNG | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 24.00% | 0.00% |
Accounts Receivable | $ 1,192 | $ 0 |
Accounts Receivable | Customer 2 | Power Delivery | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 18.00% | 11.00% |
Accounts Receivable | $ 112 | $ 103 |
Accounts Receivable | Customer 3 | Power Delivery | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 14.00% | |
Accounts Receivable | $ 89 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Aug. 30, 2019 | Aug. 20, 2019 | Jul. 26, 2019 | Apr. 30, 2020 | Feb. 29, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Members Equity [Line Items] | |||||||
Common stock, shares authorized (in shares) | 37,500,000 | 37,500,000 | |||||
Common stock, par value (usd per share) | $ 0.001 | $ 0.001 | |||||
Issuance of common stock in satisfaction of indebtedness (in shares) | 1,470,807 | ||||||
Convertible debt, exchanged | $ 7,000 | $ 0 | $ 6,889 | ||||
Common stock issued to former directors (in shares) | 34,706 | ||||||
RSA | |||||||
Members Equity [Line Items] | |||||||
Number of shares granted | 61,308 | ||||||
Share Exchange Agreement | |||||||
Members Equity [Line Items] | |||||||
Percentage of number of common stock issued and outstanding under share exchange agreement | 90.00% | ||||||
Share Exchange Agreement | Board of Directors Chairman | |||||||
Members Equity [Line Items] | |||||||
Percentage of beneficial ownership | 88.40% | ||||||
Share Exchange Agreement | PEG Partners LLC | |||||||
Members Equity [Line Items] | |||||||
Percentage of outstanding limited liability owned | 80.00% | ||||||
Parent Company | Share Exchange Agreement | |||||||
Members Equity [Line Items] | |||||||
Ownership interest (as a percent) | 100.00% | ||||||
Parent Company | Share Exchange Agreement | American Electric | |||||||
Members Equity [Line Items] | |||||||
Ownership interest (as a percent) | 100.00% | ||||||
Parent Company | Share Exchange Agreement | PEG Partners LLC | |||||||
Members Equity [Line Items] | |||||||
Ownership interest (as a percent) | 20.00% | ||||||
Percentage of outstanding units exchanged | 100.00% | ||||||
American Electric | |||||||
Members Equity [Line Items] | |||||||
Number of common stock issued under share exchange agreement (in shares) | 1,466,092 | ||||||
Stabilis LLC | Share Exchange Agreement | |||||||
Members Equity [Line Items] | |||||||
Number of common stock issued under share exchange agreement (in shares) | 13,178,750 | ||||||
Diversenergy, LLC | |||||||
Members Equity [Line Items] | |||||||
Value of shares issued as partial consideration in acquisition | $ 3,000 | ||||||
Diversenergy, LLC | Common Stock | |||||||
Members Equity [Line Items] | |||||||
Number of common stock issued under share exchange agreement (in shares) | 684,963 |
Stockholders' Equity - Issuance
Stockholders' Equity - Issuances of Warrants (Details) | May 22, 2020shares | Jul. 29, 2019 | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019shares |
Class of Stock [Line Items] | ||||
Reverse stock split, conversion ratio | 0.125 | |||
No. of Warrants (in shares) | 62,500 | |||
Warrants expired unexercised (in shares) | 40,625 | |||
Warrant, November 13, 2022 Expiration | ||||
Class of Stock [Line Items] | ||||
No. of Warrants (in shares) | 62,500 | 103,125 | ||
Exercise Price (usd per share) | $ / shares | $ 18.08 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 09, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock available for issuance (in shares) | 1,675,000 | ||||
RSA | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Retainer fee, percentage | 50.00% | 50.00% | |||
Vesting period | 1 year | ||||
Number of shares granted | 61,308 | ||||
Grant date fair value | $ 150,000 | ||||
Weighted-average grant date fair value (in dollars per share) | $ 3.67 | ||||
Compensation costs | $ 133,000 | ||||
Compensation cost expected to be recognized | $ 17,000 | $ 17,000 | |||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares granted | 781,000 | ||||
Grant date fair value | $ 1,400,000 | ||||
Weighted-average grant date fair value (in dollars per share) | $ 1.75 | ||||
Compensation costs | $ 397,000 | ||||
Weighted average grant date fair value, forfeitures (in dollars per share) | $ 1.75 | ||||
Forfeitures (in shares) | (2,500) | ||||
Vested (in shares) | 0 | ||||
Outstanding (in shares) | 778,500 | 778,500 | 0 | ||
Compensation cost expected to be recognized | $ 965,000 | $ 965,000 | |||
Unrecognized compensation costs, weighted average | 3 years |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock - Additional Information (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 26, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Preferred stock, par value (usd per share) | $ 0.001 | $ 0.001 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Series A Preferred Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Redeemable convertible preferred stock, shares issued | 1,000,000 | ||
Preferred stock, par value (usd per share) | $ 0.001 | ||
Preferred stock, shares outstanding (in shares) | 0 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | ||
Maximum contribution percentage by employee | 90.00% | |
Discretionary contribution by employer | $ 181 | $ 124 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Current state income tax expense | $ 45 | $ 38 |
Current foreign income tax expense | 211 | 78 |
Deferred federal income tax expense | 0 | 0 |
Total income tax expense | $ 256 | $ 116 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Effective Income Tax Amount (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Income tax benefit using U.S. federal statutory rate | $ 1,352 | $ 1,397 |
State income tax expense | (35) | (30) |
Foreign income tax expense | (210) | (78) |
Foreign tax rate difference | (29) | 0 |
Non-deductible expenses | 26 | (66) |
Impact of change in statutory rate | ||
Change in valuation allowance | (1,383) | (1,306) |
Other | 23 | (33) |
Provision for income taxes | $ (256) | $ (116) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Federal net operating loss carryforward | $ 12,203 | $ 11,468 |
Accrued interest to related parties, not deductible until paid | 570 | 449 |
Accrued compensation | 69 | 101 |
Basis of intangible assets | 309 | 368 |
Valuation allowance | (6,639) | (5,256) |
Total deferred tax assets | 6,512 | 7,130 |
Basis of property, plant and equipment | 6,000 | 6,821 |
Bad debt expense | 0 | 0 |
Prepaid expenses | 155 | 138 |
Basis in foreign entity | 357 | 171 |
Total deferred tax liabilities | 6,512 | 7,130 |
Net deferred tax liabilities | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 59.9 |
Prior To December 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 42.8 |