Stabilis Solutions (SLNG) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 07, 2024
Document Information [Line Items]
Entity Central Index Key	0001043186
Entity Registrant Name	Stabilis Solutions, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40364
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-3410234
Entity Address, Address Line One	11750 Katy Freeway, Suite 900
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	832
Local Phone Number	456-6500
Title of 12(b) Security	Common Stock, $.001 par value
Trading Symbol	SLNG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,585,014

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 8,286	$ 5,374
Accounts receivable, net	5,620	7,752
Inventories, net	137	169
Prepaid expenses and other current assets	1,442	1,677
Total current assets	15,485	14,972
Property, plant and equipment:
Cost	111,435	110,646
Less: accumulated depreciation	(62,819)	(61,167)
Property, Plant and Equipment, Net	48,616	49,479
Goodwill	4,314	4,314
Investments in foreign joint ventures	11,780	12,009
Right-of-use assets and other noncurrent assets	452	525
Total assets	80,647	81,299
Current liabilities:
Accounts payable	5,811	5,707
Accrued liabilities	2,432	4,166
Current portion of finance and operating lease obligations	112	164
Total current liabilities	10,012	11,719
Long-term notes payable, net of current portion and debt issuance costs	7,446	7,747
Long-term portion of finance and operating lease obligations	0	21
Total liabilities	17,458	19,487
Commitments and contingencies (Note 9)
Stockholders’ Equity:
Preferred stock; $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at March 31, 2024 and December 31, 2023	0	0
Common stock; $0.001 par value, 37,500,000 shares authorized, 18,585,014 and 18,573,391 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	19	19
Additional paid-in capital	102,431	102,057
Accumulated other comprehensive loss	(484)	(18)
Accumulated deficit	(38,777)	(40,246)
Total stockholders’ equity	63,189	61,812
Total liabilities and stockholders’ equity	80,647	81,299
Nonrelated Party [Member]
Current liabilities:
Current portion of long-term notes payable	$ 1,657	$ 1,682

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred Stock, Par Value (in dollars 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 (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized (in shares)	37,500,000	37,500,000
Common Stock, Shares Issued (in shares)	18,585,014	18,573,391
Common Stock, Shares Outstanding (in shares)	18,585,014	18,573,391

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Revenues	$ 19,770	$ 26,842
Operating expenses:
Cost of revenues	13,514	20,270
Change in unrealized (gain) loss on natural gas derivatives	(252)	169
Selling, general and administrative expenses	3,456	3,379
Gain from disposal of fixed assets	(127)	0
Depreciation expense	1,800	2,011
Total operating expenses	18,391	25,829
Income from operations before equity income	1,379	1,013
Net equity income from foreign joint venture operations:
Income from equity investment in foreign joint venture	247	393
Foreign joint venture operating related expenses	(50)	(48)
Net equity income from foreign joint venture operations	197	345
Income from operations	1,576	1,358
Other income (expense):
Other (expense), net	(21)	(84)
Total other income (expense)	(25)	(266)
Net income before income tax expense	1,551	1,092
Income tax expense	82	8
Net Income	$ 1,469	$ 1,084
Net income per common share (Note 11):
Basic net income per common share (in dollars per share)	$ 0.08	$ 0.06
Diluted net income per common share (in dollars per share)	$ 0.08	$ 0.06
Nonrelated Party [Member]
Other income (expense):
Interest income (expense), net	$ (4)	$ (150)
Related Party [Member]
Other income (expense):
Interest income (expense), net	$ 0	$ (32)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 1,469	$ 1,084
Foreign currency translation adjustment, net of tax	(466)	187
Total comprehensive income	$ 1,003	$ 1,271

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2022	18,420,067
Balance at Dec. 31, 2022	$ 19	$ 100,137	$ 82	$ (40,371)	$ 59,867
Common stock issued from vesting of stock-based awards (in shares)	13,587
Common stock issued from vesting of stock-based awards	$ 0	0	0	0	0
Stock-based compensation	0	589	0	0	589
Net income	0	0	0	1,084	1,084
Other comprehensive income, net of tax	0	0	187	0	187
Net income from operations	$ 0	0	0	1,084	1,084
Balance (in shares) at Mar. 31, 2023	18,433,654
Balance at Mar. 31, 2023	$ 19	100,726	269	(39,287)	61,727
Balance (in shares) at Dec. 31, 2023	18,573,391
Balance at Dec. 31, 2023	$ 19	102,057	(18)	(40,246)	61,812
Common stock issued from vesting of stock-based awards (in shares)	13,588
Common stock issued from vesting of stock-based awards	$ 0	0	0	0	0
Stock-based compensation	0	383	0	0	383
Net income	0	0	0	1,469	1,469
Other comprehensive income, net of tax	$ 0	0	(466)	0	(466)
Employee tax payments from stock-based withholding (in shares)	(1,965)
Employee tax payments from stock-based withholding	$ 0	(9)	0	0	(9)
Net income from operations	$ 0	0	0	1,469	1,469
Balance (in shares) at Mar. 31, 2024	18,585,014
Balance at Mar. 31, 2024	$ 19	$ 102,431	$ (484)	$ (38,777)	$ 63,189

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income from operations	$ 1,469	$ 1,084
Adjustments to reconcile net income from operations to net cash provided by operating activities:
Depreciation	1,800	2,011
Stock-based compensation expense	383	589
Bad debt expense	168	0
Gain from disposal of assets	(127)	0
Income from equity investment in joint venture	(247)	(393)
Realized and unrealized losses on natural gas derivatives, net	0	421
Changes in operating assets and liabilities:
Accounts receivable	1,964	2,044
Prepaid expenses and other current assets	235	507
Accounts payable and accrued liabilities	(1,812)	(6,361)
Other	96	191
Net cash provided by operating activities	3,929	93
Cash flows from investing activities:
Acquisition of fixed assets	(873)	(3,727)
Proceeds from sale of assets	207	0
Net cash used in investing activities	(666)	(3,727)
Cash flows from financing activities:
Payments on short- and long-term notes payable	(346)	(365)
Payments on notes payable from related parties	0	(596)
Employee tax payments from restricted stock withholdings	(9)	0
Net cash used in financing activities	(355)	(961)
Effect of exchange rate changes on cash	4	5
Net increase (decrease) in cash and cash equivalents	2,912	(4,590)
Cash and cash equivalents, beginning of period	5,374	11,451
Cash and cash equivalents, end of period	$ 8,286	$ 6,861

Note 1 - Description of Busines

Note 1 - Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. Description of Business Stabilis Solutions, Inc. and its subsidiaries (the “Company”, “Stabilis”, “our”, “us” or “we”) is an energy transition company that provides turnkey clean energy production, storage, transportation and fueling solutions primarily using liquefied natural gas (“LNG”) to multiple end markets. The Company serves customers in diverse end markets, including aerospace, agriculture, energy, industrial, marine bunkering, mining, pipeline, remote power and utility markets. LNG can be used to deliver natural gas to locations where pipeline service is unavailable, has been interrupted, or needs to be supplemented. Additionally, LNG can be used as a partner fuel for renewable energy, and as an alternative to traditional fuel sources, such as distillate fuel oil (including diesel fuel and other fuel oils) and propane, among others to provide both environmental and economic benefits. Increasingly, LNG is being utilized as a transportation fuel in the marine industry and as a propellant in the private rocket launch sector. We believe that these fuel markets are large and provide significant opportunities for LNG usage. The Company also builds power and control systems for the energy industry in China through its 40% owned Chinese joint venture, BOMAY Electric Industries, Inc (“BOMAY”). BOMAY is accounted for as an equity investment. Basis of Presentation and Consolidation The accompanying unaudited, interim condensed consolidated financial statements (“Condensed Consolidated Financial Statements”) include our accounts and those of our subsidiaries and, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures normally included in the notes to consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. We believe that the presentation and disclosures herein are adequate to prevent the information presented herein from being misleading. The Condensed Consolidated Financial Statements reflect all adjustments (consisting of normal recurring adjustments) for a fair presentation of the interim periods. The results of operations for the interim periods presented are not December 31, 2023 10 March 7, 2024 All intercompany accounts and transactions have been eliminated in consolidation. In the Notes to Condensed Consolidated Financial Statements, all dollar amounts in tabulations are in thousands, unless otherwise indicated. Use of Estimates in the Preparation of the Consolidated Financial Statements The preparation of the Condensed 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 fair value of natural gas derivatives, 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 Condensed Consolidated Financial Statements. Reclassifications The Company reclassified $4.2 million from accrued expenses to accounts payable at December 31, 2023, no Derivative Instruments The Company had certain natural gas derivative instruments as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 not not may not not

Note 2 - Revenue Recognition

Note 2 - Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	2. We recognize revenues when the transfer of promised goods or services are delivered to our customers in accordance with the applicable customer contract and we are entitled to be paid by the customer. Revenues are measured as consideration specified in the contract and exclude any sales incentives and amounts collected on behalf of third may Revenues from contracts with customers are disaggregated into ( 1 2 3 4 LNG Product revenues LNG Product revenues represent the sale of LNG from both produced and purchased sources as well as the transportation performed to deliver the LNG to our customers' locations. LNG Product revenues are recognized upon delivery of the LNG to the customer, at which point the customer controls the product and the Company has an unconditional right to payment. The Company acts as a principal when using third not may not not one 24 Rental revenues Rental revenues are generated from the rental of cryogenic equipment to our customers. Revenues related to rental of equipment are recognized under Topic 606 not 842: Service revenues Service revenues are generated from engineering and field support services and represent the human resources provided to the customer to support the use of LNG at the customer’s job site. These include support and costs for mobilization and demobilization of equipment at customer sites as well as onsite technical support while customers are consuming LNG. Service revenues that are not Other revenues Other revenues Disaggregated revenues The table below presents revenue disaggregated by source, for the three March 31, 2024 2023 Three Months Ended March 31, Revenues: 2024 2023 LNG Product $ 15,413 $ 21,905 Rental 2,173 2,247 Service 1,924 2,066 Other 260 624 Total revenues $ 19,770 $ 26,842 The table below presents revenue disaggregated by geographic location, for the three March 31, 2024 2023 Three Months Ended March 31, Revenues: 2024 2023 United States $ 18,507 $ 24,023 Mexico 1,263 2,819 Total revenues $ 19,770 $ 26,842 Variable and other Revenue Components Certain of our contracts may may 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. During the fourth 2023, two three March 31, 2024.

Note 3 - Prepaid Expenses and O

Note 3 - Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Prepaid Expenses and Other Current Assets [Text Block]	3. The Company’s prepaid expenses and other current assets at March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 Prepaid insurance $ 671 $ 1,012 Prepaid supplier expenses 196 132 Other receivables 275 159 Deposits 143 237 Other 157 137 Total prepaid expenses and other current assets $ 1,442 $ 1,677

Note 4 - Property, Plant and Eq

Note 4 - Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	4. The Company’s property, plant and equipment at March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 Liquefaction plants and systems $ 48,642 $ 48,523 Real property and buildings 2,066 2,066 Vehicles and tanker trailers and equipment 51,472 49,689 Computer and office equipment 458 458 Construction in progress 8,766 9,879 Leasehold improvements 31 31 111,435 110,646 Less: accumulated depreciation (62,819 ) (61,167 ) $ 48,616 $ 49,479 Depreciation expense totaled $1.8 million and $2.0 million for the three March 31, 2024 2023

Note 5 - Investment in Foreign

Note 5 - Investment in Foreign Joint Venture	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	5. The Company holds a 40% interest in BOMAY, which builds electrical systems. The majority partner in this foreign joint venture is Baoji Oilfield Machinery Co., Ltd. (a subsidiary of China National Petroleum Corporation), which owns 51%. The remaining 9% is owned by AA Energies, Inc. The Company made no sales to its joint venture during the three March 31, 2024 2023 The tables below present a summary of BOMAY's assets, liabilities and equity at March 31, 2024 December 31, 2023 three March 31, 2024 2023 March 31, December 31, 2024 2023 Assets: Total current assets $ 138,579 $ 135,217 Total non-current assets 2,893 3,003 Total assets $ 141,472 $ 138,220 Liabilities and equity: Total liabilities $ 107,989 $ 104,760 Total joint ventures’ equity 33,483 33,460 Total liabilities and equity $ 141,472 $ 138,220 Three Months Ended March 31, 2024 2023 Revenue $ 17,239 $ 21,214 Gross profit 2,630 2,403 Net income 537 901 The table below presents the components of our investment in BOMAY and a summary of the activity within those components for the three March 31, 2024 Initial Investment at Merger (1) (2) Undistributed Earnings Cumulative Foreign Exchange Translation Adj Investment in BOMAY Balance at December 31, 2023 $ 9,333 $ 2,967 $ (291 ) $ 12,009 Equity in earnings — 247 — 247 Less: dividend distributions — — — — Foreign currency translation gain (loss) — — (476 ) (476 ) Balance at March 31, 2024 $ 9,333 $ 3,214 $ (767 ) $ 11,780 ( 1 Accumulated statutory reserves in equity method investments of $2.7 million at March 31, 2024 December 31, 2023 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 ( 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. nine three March 31, 2024 2023 thousand each, respectively, and is included in income from equity investment in foreign joint venture in the accompanying Condensed Consolidated Statements of Operations. The remaining basis difference, net of accumulated accretion at March 31, 2024 December 31, 2023 is summarized in the following table (in thousands): March 31, December 31, 2024 2023 Original basis difference $ 1,165 $ 1,165 Less accumulated accretion (605 ) (573 ) Net remaining basis difference at end of period $ 560 $ 592 In accordance with our long-lived asset policy, when events or circumstances indicate the carrying amount of an asset may not not March 31, 2024

Note 6 - Accrued Liabilities

Note 6 - Accrued Liabilities	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	6. The Company’s accrued liabilities at March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 Compensation and benefits $ 1,545 $ 3,276 Other taxes payable 507 354 Other accrued liabilities 380 536 Total accrued liabilities $ 2,432 $ 4,166 Accrued liabilities of $4.2 million at December 31, 2023

Note 7 - Debt

Note 7 - Debt	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	7. The Company’s carrying value of debt, net of debt issuance costs at March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 Secured term note, net of debt issuance costs $ 8,624 $ 8,604 Insurance and other notes payable 479 825 Total 9,103 9,429 Less: amounts due within one year (1,657 ) (1,682 ) Total long-term debt $ 7,446 $ 7,747 Total interest expense was $0.1 million and $0.2 million during the three March 31, 2024 2023 three March 31, 2024 2023 Revolving Credit Facility On June 9, 2023, three 80% may Prime Rate March 31, 2024 no June 9, 2026. The Revolving Credit Facility contains various restrictions and covenants. Among other requirements, the Borrowers must maintain a consolidated net worth of at least $50 million as of March 31, 2024 December 31, 1.0 twelve 12 may March 31, 2024 Secured Term Note On April 8, 2021, September 19, 2023, April 8, 2031 April 8, 2026, may March 31, 2024 The Loan Agreement requires the Company to meet certain financial covenants which include a debt-to-net-worth ratio of not 1.0 not 1.0 December 31, 2023 March 31, 2024 may ( Insurance Notes Payable The Company finances its annual commercial insurance premiums for its business and operations. For the 2023 2024 March 31, 2024 December 31, 2023

Note 8 - Related Party Transact

Note 8 - Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	8. Casey Crenshaw (our Chairman of the Board) is the beneficial owner of 50% of The Modern Group and is deemed to jointly control The Modern Group with family members. The Company purchases supplies and services from subsidiaries of The Modern Group. In addition, the Company leases office space from The Modern Group. The Company had total purchases and lease payments of $0.1 million for both the three March 31, 2024 2023 three March 31, 2024 2023. March 31, 2024 December 31, 2023 Chart Energy and Chemicals, Inc. ("Chart E&C") beneficially owns 7.9% of our outstanding common stock at March 31, 2024 three March 31, 2024 three March 31, 2023 three March 31, 2024 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. Environmental Matters The Company is subject to federal, state and local environmental laws and regulations. The Company does not Litigation, Claims and Contingencies The Company may may may not, not

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity and Stock-based Compensation	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Shareholders' Equity and Share-Based Payments [Text Block]	10. EQUITY AND STOCK-BASED COMPENSATION Stock-based Compensation The Company includes stock compensation expense within general and administrative expenses in the Condensed Consolidated Statements of Operations. During the three March 31, 2024 2023 Issuance of Stock-based Awards The Company has a long-term incentive plan (the “Amended and Restated Plan”) which provides for a maximum number of shares of common stock available for issuance of 5,500,000 shares. The plan was amended in 2023 may may No may may not The Company made no stock-based awards during the three March 31, 2024. Issuances of Common Stock During the three March 31, 2024 2023 three March 31, 2024 2023

Note 11 - Net Income (Loss) Per

Note 11 - Net Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	11. The calculation of net income per common share for the three March 31, 2024 2023 March 31, 2024 2023 March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Weighted average shares: Basic weighted average number of common shares outstanding 18,578,815 18,426,408 Dilutive securities 1,996 91,509 Total shares including dilutive securities 18,580,811 18,517,917 Net income $ 1,469 $ 1,084 Net income per common share: Basic net income per common share $ 0.08 $ 0.06 Diluted net income per common share $ 0.08 $ 0.06

Note 12 - Supplemental Cash Flo

Note 12 - Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	12. The Company's supplemental disclosure of cash flow information for the three March 31, 2024 2023 Three Months Ended March 31, Supplemental Disclosure of Cash Flow Information: 2024 2023 Interest paid $ 157 $ 182 Income taxes paid — — Significant non-cash investing and financing activities: Acquisition of fixed assets included within accounts payable and accrued expenses 182 3,000

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	5. None 10b5 1 10b5 1 March 31, 2024 408
Rule 10b5-1 Arrangement Adopted [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Consolidation [Policy Text Block]	Basis of Presentation and Consolidation The accompanying unaudited, interim condensed consolidated financial statements (“Condensed Consolidated Financial Statements”) include our accounts and those of our subsidiaries and, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures normally included in the notes to consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. We believe that the presentation and disclosures herein are adequate to prevent the information presented herein from being misleading. The Condensed Consolidated Financial Statements reflect all adjustments (consisting of normal recurring adjustments) for a fair presentation of the interim periods. The results of operations for the interim periods presented are not December 31, 2023 10 March 7, 2024 All intercompany accounts and transactions have been eliminated in consolidation. In the Notes to Condensed Consolidated Financial Statements, all dollar amounts in tabulations are in thousands, unless otherwise indicated.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates in the Preparation of the Consolidated Financial Statements The preparation of the Condensed 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 fair value of natural gas derivatives, 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 Condensed Consolidated Financial Statements.
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications The Company reclassified $4.2 million from accrued expenses to accounts payable at December 31, 2023, no
Derivatives, Policy [Policy Text Block]	Derivative Instruments The Company had certain natural gas derivative instruments as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 not not may not not

Note 2 - Revenue Recognition (T

Note 2 - Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, Revenues: 2024 2023 LNG Product $ 15,413 $ 21,905 Rental 2,173 2,247 Service 1,924 2,066 Other 260 624 Total revenues $ 19,770 $ 26,842 Three Months Ended March 31, Revenues: 2024 2023 United States $ 18,507 $ 24,023 Mexico 1,263 2,819 Total revenues $ 19,770 $ 26,842

Note 3 - Prepaid Expenses and_2

Note 3 - Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	March 31, December 31, 2024 2023 Prepaid insurance $ 671 $ 1,012 Prepaid supplier expenses 196 132 Other receivables 275 159 Deposits 143 237 Other 157 137 Total prepaid expenses and other current assets $ 1,442 $ 1,677

Note 4 - Property, Plant and _2

Note 4 - Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, December 31, 2024 2023 Liquefaction plants and systems $ 48,642 $ 48,523 Real property and buildings 2,066 2,066 Vehicles and tanker trailers and equipment 51,472 49,689 Computer and office equipment 458 458 Construction in progress 8,766 9,879 Leasehold improvements 31 31 111,435 110,646 Less: accumulated depreciation (62,819 ) (61,167 ) $ 48,616 $ 49,479

Note 5 - Investment in Foreig_2

Note 5 - Investment in Foreign Joint Venture (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Equity Method Investments [Table Text Block]	March 31, December 31, 2024 2023 Assets: Total current assets $ 138,579 $ 135,217 Total non-current assets 2,893 3,003 Total assets $ 141,472 $ 138,220 Liabilities and equity: Total liabilities $ 107,989 $ 104,760 Total joint ventures’ equity 33,483 33,460 Total liabilities and equity $ 141,472 $ 138,220 Three Months Ended March 31, 2024 2023 Revenue $ 17,239 $ 21,214 Gross profit 2,630 2,403 Net income 537 901
Schedule of Activity in Investment in Foreign Joint Ventures [Table Text Block]	Initial Investment at Merger (1) (2) Undistributed Earnings Cumulative Foreign Exchange Translation Adj Investment in BOMAY Balance at December 31, 2023 $ 9,333 $ 2,967 $ (291 ) $ 12,009 Equity in earnings — 247 — 247 Less: dividend distributions — — — — Foreign currency translation gain (loss) — — (476 ) (476 ) Balance at March 31, 2024 $ 9,333 $ 3,214 $ (767 ) $ 11,780 March 31, December 31, 2024 2023 Original basis difference $ 1,165 $ 1,165 Less accumulated accretion (605 ) (573 ) Net remaining basis difference at end of period $ 560 $ 592

Note 6 - Accrued Liabilities (T

Note 6 - Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	March 31, December 31, 2024 2023 Compensation and benefits $ 1,545 $ 3,276 Other taxes payable 507 354 Other accrued liabilities 380 536 Total accrued liabilities $ 2,432 $ 4,166

Note 7 - Debt (Tables)

Note 7 - Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Debt [Table Text Block]	March 31, December 31, 2024 2023 Secured term note, net of debt issuance costs $ 8,624 $ 8,604 Insurance and other notes payable 479 825 Total 9,103 9,429 Less: amounts due within one year (1,657 ) (1,682 ) Total long-term debt $ 7,446 $ 7,747

Note 11 - Net Income (Loss) P_2

Note 11 - Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2024 2023 Weighted average shares: Basic weighted average number of common shares outstanding 18,578,815 18,426,408 Dilutive securities 1,996 91,509 Total shares including dilutive securities 18,580,811 18,517,917 Net income $ 1,469 $ 1,084 Net income per common share: Basic net income per common share $ 0.08 $ 0.06 Diluted net income per common share $ 0.08 $ 0.06

Note 12 - Supplemental Cash F_2

Note 12 - Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Three Months Ended March 31, Supplemental Disclosure of Cash Flow Information: 2024 2023 Interest paid $ 157 $ 182 Income taxes paid — — Significant non-cash investing and financing activities: Acquisition of fixed assets included within accounts payable and accrued expenses 182 3,000

Note 1 - Description of Busin_2

Note 1 - Description of Business and Basis of Presentation (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative Asset, Subject to Master Netting Arrangement, before Offset	$ 0	$ 0
Reclassification From Accrued Expenses to Accounts Payable [Member]
Accounts Payable		$ 4,200
Bomay [Member]
Equity Method Investment, Ownership Percentage	40%

Note 2 - Revenue Recognition (D

Note 2 - Revenue Recognition (Details Textual)	3 Months Ended
	Mar. 31, 2024
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Year Marine Bunkering Contract [Member]
Concentration Risk, Percentage	30%

Note 2 - Revenue Recognition -

Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues	$ 19,770	$ 26,842
UNITED STATES
Revenues	18,507	24,023
MEXICO
Revenues	1,263	2,819
Natural Gas, Gathering, Transportation, Marketing and Processing [Member]
Revenues	15,413	21,905
Rental [Member]
Revenues	2,173	2,247
Service [Member]
Revenues	1,924	2,066
Product and Service, Other [Member]
Revenues	$ 260	$ 624

Note 3 - Prepaid Expenses and_3

Note 3 - Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid insurance	$ 671	$ 1,012
Prepaid supplier expenses	196	132
Other receivables	275	159
Deposits	143	237
Other	157	137
Total prepaid expenses and other current assets	$ 1,442	$ 1,677

Note 4 - Property, Plant and _3

Note 4 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Depreciation	$ 1.8	$ 2

Note 4 - Property, Plant and _4

Note 4 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment, Gross	$ 111,435	$ 110,646
Less: accumulated depreciation	(62,819)	(61,167)
Property, Plant and Equipment, Net	48,616	49,479
Liquefaction Plants and Systems [Member]
Property, Plant and Equipment, Gross	48,642	48,523
Building [Member]
Property, Plant and Equipment, Gross	2,066	2,066
Vehicles [Member]
Property, Plant and Equipment, Gross	51,472	49,689
Office Equipment [Member]
Property, Plant and Equipment, Gross	458	458
Construction in Progress [Member]
Property, Plant and Equipment, Gross	8,766	9,879
Leasehold Improvements [Member]
Property, Plant and Equipment, Gross	$ 31	$ 31

Note 5 - Investment in Foreig_3

Note 5 - Investment in Foreign Joint Venture (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from Contract with Customer, Excluding Assessed Tax	$ 19,770	$ 26,842
Accretion (Amortization) of Discounts and Premiums, Investments	32	32
Affiliated Entity [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 0	$ 0
Bomay [Member]
Equity Method Investment, Ownership Percentage	40%
Equity Method Investment, Summarized Financial Information Accumulated Statutory Reserve	$ 2,700		$ 2,700
Equity Method Investment, Remaining Life of Joint Venture (Year)	9 years
Bomay [Member] | Baoji Oilfield Machinery Co Ltd [Member]
Equity Method Investment, Ownership Percentage	51%
Bomay [Member] | A A Energies Inc [Member]
Equity Method Investment, Ownership Percentage	9%

Note 5 - Investment in Foreig_4

Note 5 - Investment in Foreign Joint Venture - Summary of Equity Method Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Total current assets	$ 15,485		$ 14,972
Total assets	80,647		81,299
Total liabilities	17,458		19,487
Total joint ventures’ equity	63,189	$ 61,727	61,812	$ 59,867
Total liabilities and equity	80,647		81,299
Net income	1,469	1,084
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Total current assets	138,579		135,217
Total non-current assets	2,893		3,003
Total assets	141,472		138,220
Total liabilities	107,989		104,760
Total joint ventures’ equity	33,483		33,460
Total liabilities and equity	141,472		$ 138,220
Revenue	17,239	21,214
Gross profit	2,630	2,403
Net income	$ 537	$ 901

Note 5 - Investment in Foreig_5

Note 5 - Investment in Foreign Joint Venture - Schedule of Activity in Investment in Foreign Joint Ventures (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Balance at December 31, 2023		$ 12,009
Equity in earnings		247	$ 393
Balance at March 31, 2024		11,780
Original basis difference		1,165		$ 1,165
Less accumulated accretion		(605)		(573)
Net remaining basis difference at end of period		560		$ 592
Bomay [Member]
Balance, initial investment	[1],[2]	9,333
Balance, undistributed earnings		2,967
Balance, foreign exchange translation		(291)
Balance at December 31, 2023		12,009
Equity in earnings, undistributed earnings		247
Equity in earnings		247
Less: dividend distributions, undistributed earnings		0
Foreign currency translation gain (loss), foreign exchange translation		(476)
Balance, initial investment	[1],[2]	9,333
Balance, undistributed earnings		3,214
Balance, foreign exchange translation		(767)
Balance at March 31, 2024		$ 11,780
[1]Accumulated statutory reserves in equity method investments of $2.7 million at March 31, 2024 and December 31, 2023 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 is being accreted over an original period of nine years (the expected life of the joint venture). The Company's accretion during the three months ended March 31, 2024 and 2023 both totaled approximately $97 thousand each, respectively, and is included in income from equity investment in foreign joint venture in the accompanying Condensed Consolidated Statements of Operations. The remaining basis difference, net of accumulated accretion at March 31, 2024 and December 31, 2023 is summarized in the following table (in thousands):

Note 6 - Accrued Liabilities (D

Note 6 - Accrued Liabilities (Details Textual) $ in Millions	Dec. 31, 2023 USD ($)
Reclassification From Accrued Expenses to Accounts Payable [Member]
Accounts Payable	$ 4.2

Note 6 - Accrued Liabilities -

Note 6 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Compensation and benefits	$ 1,545	$ 3,276
Other taxes payable	507	354
Other accrued liabilities	380	536
Total accrued liabilities	$ 2,432	$ 4,166

Note 7 - Debt (Details Textual)

Note 7 - Debt (Details Textual) - USD ($) $ in Thousands			3 Months Ended
	Jun. 09, 2023	Apr. 08, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Interest Expense, Debt			$ 100	$ 200
Interest Costs Capitalized			100	$ 0
Long-Term Debt			$ 9,103		$ 9,429
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Prime Rate [Member]
Insurance Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage			7.95%
Long-Term Debt			$ 1,100
Long-Term Debt, Gross			500		$ 800
Cadence Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000
Line of Credit Facility, Increase (Decrease), Net	$ 5,000
Line of Credit Facility, Commitment Fee Percentage	0.50%
Banking Regulation, Mortgage Banking, Net Worth, Minimum			$ 50,000
Minimum Net Worth Required For Compliance Increase Percentage			50%
Debt Instrument, Covenant, Debt Service Coverage Ratio, Maximum			1.2
Ameri State Bank [Member] | Loan Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 10,000
Debt Instrument, Covenant, Debt Service Coverage Ratio, Maximum			1.2
Debt Instrument, Interest Rate, Stated Percentage		5.75%
Debt Instrument, Basis Spread on Variable Rate		2.50%
Long-Term Line of Credit			$ 9,000
Debt Instrument, Covenant, Deb-to-Net-Worth Ratio			9.1

Note 7 - Debt - Summary of Debt

Note 7 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Long-Term Debt	$ 9,103	$ 9,429
Less: amounts due within one year	(1,657)	(1,682)
Total long-term debt	7,446	7,747
Secured Term Note [Member]
Long-Term Debt	8,624	8,604
Insurance and Other Note Payable [Member]
Long-Term Debt	$ 479	$ 825

Note 8 - Related Party Transa_2

Note 8 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023	Dec. 31, 2023
Affiliated Entity [Member] | Tmg [Member]
Related Party Transaction, Purchases from Related Party	$ 100	$ 100
Revenues	0	0
Accounts Receivable, after Allowance for Credit Loss	0			$ 0
Affiliated Entity [Member] | Board of Directors Chairman [Member] | Tmg [Member]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest			50%
Chart E&C [Member]
Related Party Transaction, Purchases from Related Party	100	0
Revenues	0	$ 0
Accounts Receivable, after Allowance for Credit Loss	$ 0			$ 0
Common Stock, Ownership Percentage	7.90%

Note 10 - Stockholders' Equit_2

Note 10 - Stockholders' Equity and Stock-based Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expense	$ 0.4	$ 0.6
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)	0	0
Restricted Stock Units (RSUs) [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)	11,623	13,587
Participant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Grant Limit (in shares)	2,000,000
Non Employee Board Member [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Grant Limit (in shares)	100,000
Amended And Restated2019 Long Term Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	5,500,000	4,000,000

Note 11 - Net Income (Loss) P_3

Note 11 - Net Income (Loss) Per Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	11,953	105,843
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	2,074,505	2,074,505
Stock Appreciation Rights (SARs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	658,437	658,437

Note 11 - Net Income (Loss) P_4

Note 11 - Net Income (Loss) Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Basic weighted average number of common shares outstanding (in shares)		18,578,815	18,426,408
Dilutive securities (in shares)	[1],[2]	1,996	91,509
Total shares including dilutive securities (in shares)		18,580,811	18,517,917
Net income		$ 1,469	$ 1,084
Basic net income per common share (in dollars per share)		$ 0.08	$ 0.06
Diluted net income per common share (in dollars per share)		$ 0.08	$ 0.06
[1]Dilutive securities include the dilutive effect of incremental shares for unvested restricted stock units ("RSUs") and unexercised stock options from the Company's stock-based compensation awards. The dilutive RSUs and stock options are calculated under the treasury stock method. For the three months ended June 30, 2023, 2,074,505 of stock options were excluded from dilutive shares because their effect would be anti-dilutive, and 105,843 of RSUs were excluded.[2]The Company had no dilutive securities for the three months ended June 30, 2022 since the Company incurred net losses for both continuing and discontinued operations for these periods and inclusion would be antidilutive.

Note 12 - Supplemental Cash F_3

Note 12 - Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest paid	$ 157	$ 182
Income taxes paid	0	0
Acquisition of fixed assets included within accounts payable and accrued expenses	$ 182	$ 3,000