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 |