Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | May 10, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-40364 | |
Entity Registrant Name | STABILIS SOLUTIONS, INC. | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 59-3410234 | |
Entity Address, Address Line One | 11750 Katy Freeway | |
Entity Address, Address Line Two | 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, $.001 par value | |
Trading Symbol | SLNG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 18,478,829 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001043186 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 6,861 | $ 11,451 |
Accounts receivable, net | 9,696 | 16,326 |
Inventories, net | 70 | 205 |
Prepaid expenses and other current assets | 1,402 | 2,186 |
Assets held for sale | 0 | 2,049 |
Total current assets | 18,029 | 32,217 |
Property, plant and equipment: | ||
Cost | 109,651 | 103,368 |
Less accumulated depreciation | (57,722) | (55,699) |
Property, plant and equipment, net | 51,929 | 47,669 |
Goodwill | 4,314 | 4,314 |
Investments in foreign joint ventures | 12,092 | 11,606 |
Right-of-use assets and other noncurrent assets | 563 | 774 |
Total assets | 86,927 | 96,580 |
Current liabilities: | ||
Accounts payable | 3,173 | 4,474 |
Accrued liabilities | 10,681 | 19,642 |
Current portion of long-term notes payable | 489 | 848 |
Current portion of long-term notes payable - related parties | 1,839 | 2,435 |
Current portion of finance and operating lease obligations | 156 | 133 |
Total current liabilities | 16,338 | 27,532 |
Long-term notes payable, net of current portion and debt issuance costs | 8,661 | 8,650 |
Long-term portion of finance and operating lease obligations | 112 | 183 |
Other noncurrent liabilities | 89 | 348 |
Total liabilities | 25,200 | 36,713 |
Commitments and contingencies (Note 11) | ||
Stockholders’ Equity: | ||
Preferred stock; $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at March 31, 2023 and December 31, 2022 | 0 | 0 |
Common stock; $0.001 par value, 37,500,000 shares authorized, 18,433,654 and 18,420,067 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 19 | 19 |
Additional paid-in capital | 100,726 | 100,137 |
Accumulated other comprehensive income | 269 | 82 |
Accumulated deficit | (39,287) | (40,371) |
Total stockholders’ equity | 61,727 | 59,867 |
Total liabilities and stockholders’ equity | $ 86,927 | $ 96,580 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 37,500,000 | 37,500,000 |
Common stock, shares issued (in shares) | 18,433,654 | 18,420,067 |
Common stock, shares, outstanding (in shares) | 18,433,654 | 18,420,067 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues: | ||
Revenues | $ 26,842 | $ 20,267 |
Operating expenses: | ||
Cost of revenues | 20,270 | 15,504 |
Change in unrealized loss on natural gas derivatives | 169 | 0 |
Selling, general and administrative expenses | 3,379 | 2,931 |
Gain from disposal of fixed assets | 0 | (80) |
Depreciation expense | 2,011 | 2,277 |
Total operating expenses | 25,829 | 20,632 |
Income (loss) from operations before equity income | 1,013 | (365) |
Net equity income from foreign joint venture operations: | ||
Income from equity investment in foreign joint venture | 393 | 161 |
Foreign joint venture operating related expenses | (48) | (74) |
Net equity income from foreign joint venture operations | 345 | 87 |
Income (loss) from operations | 1,358 | (278) |
Other income (expense): | ||
Interest expense, net | (150) | (137) |
Interest expense, net - related parties | (32) | (31) |
Other income (expense), net | (84) | (45) |
Total other income (expense) | (266) | (213) |
Net income (loss) from continuing operations before income tax benefit (expense) | 1,092 | (491) |
Income tax benefit (expense) | (8) | 132 |
Net income (loss) from continuing operations | 1,084 | (359) |
Loss from discontinued operations, net of income tax | 0 | (47) |
Net income (loss) | $ 1,084 | $ (406) |
Net income (loss) per common share (Note 13): | ||
Basic net income (loss) per common share from continuing operations (in usd per share) | $ 0.06 | $ (0.02) |
Basic loss per common share from discontinued operations (in usd per share) | 0 | 0 |
Basic net income (loss) per common share (in usd per share) | 0.06 | (0.02) |
Diluted net income (loss) per common share from continuing operations (in usd per share) | 0.06 | (0.02) |
Diluted loss per common share from discontinued operations (in usd per share) | 0 | 0 |
Diluted net income (loss) per common share (in usd per share) | $ 0.06 | $ (0.02) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 1,084 | $ (406) |
Foreign currency translation adjustment, net of tax | 187 | 377 |
Total comprehensive income (loss) | $ 1,271 | $ (29) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Balance, beginning (in shares) at Dec. 31, 2021 | 17,691,268 | ||||
Balance, beginning at Dec. 31, 2021 | $ 61,059 | $ 18 | $ 97,875 | $ 351 | $ (37,185) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued from vesting of stock-based awards (in shares) | 501,334 | ||||
Common stock issued from vesting of stock-based awards | 0 | ||||
Stock-based compensation | 531 | 531 | |||
Net income (loss) | (406) | (406) | |||
Other comprehensive income, net of tax | 377 | 377 | |||
Balance, ending (in shares) at Mar. 31, 2022 | 18,192,602 | ||||
Balance, ending at Mar. 31, 2022 | 61,561 | $ 18 | 98,406 | 728 | (37,591) |
Balance, beginning (in shares) at Dec. 31, 2022 | 18,420,067 | ||||
Balance, beginning at Dec. 31, 2022 | 59,867 | $ 19 | 100,137 | 82 | (40,371) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued from vesting of stock-based awards (in shares) | 13,587 | ||||
Common stock issued from vesting of stock-based awards | 0 | ||||
Stock-based compensation | 589 | 589 | |||
Net income (loss) | 1,084 | 1,084 | |||
Other comprehensive income, net of tax | 187 | 187 | |||
Balance, ending (in shares) at Mar. 31, 2023 | 18,433,654 | ||||
Balance, ending at Mar. 31, 2023 | $ 61,727 | $ 19 | $ 100,726 | $ 269 | $ (39,287) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) from continuing operations | $ 1,084 | $ (359) |
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities: | ||
Depreciation | 2,011 | 2,277 |
Stock-based compensation expense | 589 | 531 |
Income from equity investment in joint venture | (393) | (161) |
Realized and unrealized losses on natural gas derivatives | 421 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,044 | 1,672 |
Prepaid expenses and other current assets | 507 | 342 |
Accounts payable and accrued liabilities | (6,361) | (1,684) |
Other | 191 | (156) |
Net cash provided by operating activities from continuing operations | 93 | 2,462 |
Net cash provided by operating activities from discontinued operations | 0 | 693 |
Net cash provided by operating activities | 93 | 3,155 |
Cash flows from investing activities: | ||
Acquisition of fixed assets | (3,727) | (690) |
Proceeds from sale of fixed assets | 0 | 100 |
Net cash used in investing activities from continuing operations | (3,727) | (590) |
Net cash used in investing activities from discontinued operations | 0 | (228) |
Net cash used in investing activities | (3,727) | (818) |
Cash flows from financing activities: | ||
Payments on short- and long-term notes payable | (365) | (414) |
Payments on notes payable and finance leases from related parties | (596) | (669) |
Net cash used in financing activities from continuing operations | (961) | (1,083) |
Net cash used in financing activities from discontinued operations | 0 | (49) |
Net cash used in financing activities | (961) | (1,132) |
Effect of exchange rate changes on cash | 5 | (3) |
Net increase (decrease) in cash and cash equivalents | (4,590) | 1,202 |
Cash and cash equivalents, beginning of period | 11,451 | 910 |
Cash and cash equivalents, end of period | $ 6,861 | $ 2,112 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION 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. 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 necessarily indicative of the results of operations to be expected for the full year. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2022 included in the Company's Annual Report on Form 10-K, as filed on March 9, 2023. 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. The Company believes that the Brazil Operations sold on October 31, 2022, met the criteria for discontinued operations presentation. The classification of these assets, liabilities, results of operations and cash flows as discontinued operations requires retrospective application to financial information for all prior periods presented. Accordingly, the operating results and cash flows for the three months ended March 31, 2022, have been recast on our Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows, respectively. There were no assets and liabilities from discontinued operations as of March 31, 2023 or December 31, 2022, and no results of operations or cash flows for the three months ended March 31, 2023. Unless otherwise noted, the amounts presented throughout the notes to our Financial Statements relate to our continuing operations. See Note 2 for further discussion of the Company's discontinued operations. 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. Derivative instruments The Company had certain natural gas derivative instruments as of March 31, 2023 and December 31, 2022. The Company recognizes all of its derivative instruments as either assets or liabilities which are recorded at fair value on its Condensed Consolidated Balance Sheet. The accounting for changes in the fair value of a derivative instrument depends on whether it qualifies for and has been designated as a hedge as well as the type of hedge. The Company has not designated its derivatives as hedges under U.S. GAAP and all resulting gains and losses from changes in the fair value of its derivative instruments are included within the Condensed Consolidated Statements of Operations. The Company did not enter into any derivative transactions for speculative purposes. See Note 4 for further discussion of the Company's derivatives. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments,” which changes the way companies evaluate credit losses for most financial assets and certain other instruments. For receivables, and other short-term financial instruments, companies will be required to use a new forward-looking “expected loss” model to evaluate impairment, potentially resulting in earlier recognition of allowances for losses. The new standard also requires enhanced disclosures, including the requirement to disclose the information used to track credit quality by year of origination. ASU No. 2016-13 was effective for the Company in the first quarter 2023. Adoption of this standard had no material impact to the Company's Condensed Consolidated Financial Statements. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS On October 31, 2022, the Company entered into a sales agreement and closed on the sale of its Brazil Operations. The Company believes that the sale of the Brazil Operations met the criteria for discontinued operations presentation, as the sale of the Brazil Operations represented a strategic shift of future operations of the Company. Further, the Brazil Operations had separately reported financial information available, as the Brazil Operations represented substantially all of the revenue and expenses of the Company's previously reported Power Delivery segment. The classification of these assets, liabilities, results of operations and cash flows as discontinued operations requires retrospective application to financial information for all prior periods presented. Accordingly, for the 2022 periods, preceding the sale, the Condensed Consolidated Financial Statements and related notes have been recast to separately state the revenues and expenses and cash flows between its continuing operations and the discontinued operations. The Company had no assets and liabilities related to the Brazil Operations at March 31, 2023 or December 31, 2022. In addition, the Company had no results of operations nor cash flows for the three months ended March 31, 2023. The following table summarizes the components of income from discontinued operations for the periods presented (in thousands): Three Months Ended 2023 2022 Revenue $ — $ 2,766 Costs and expenses — 2,793 Other income (expense), net — (17) Loss from discontinued operations before income taxes $ — $ (44) Income tax expense — 3 Loss from discontinued operations, net of income taxes $ — $ (47) Segment Reporting As a result of the classification of the Brazil Operations as discontinued operations, the Company believes that it only has one reporting segment. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION 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 parties. Amounts are billed upon completion of service or transfer of a product and are generally due within 30 days. Revenues from contracts with customers are disaggregated into (1) LNG product (2) rental (3) service and (4) other. LNG product revenue generated includes the revenue from the production and delivery of LNG to our customer’s location. Product contracts are established by agreeing on a sales price or transaction price for the related item. Product revenue is recognized upon delivery of the related item to the customer, at which point the customer controls the product and the Company has an unconditional right to payment. The Company acts as a principal when using third party transportation companies and therefore recognizes the gross revenue for the delivery of LNG. The Company enters into forward sales contracts for the delivery of LNG to its customers. Certain of these sales contracts contain provisions that may meet the criteria of a derivative in the event delivery is not made. These contracts are accounted for under the normal purchase normal sales exclusion under U.S. GAAP and are not measured at fair value each reporting period. Rental, service and other revenue generated by the Company includes equipment and human resources provided to the customer to support the use of LNG and services in their application. Rental contracts are established by agreeing on a rental price or transaction price for the related piece of equipment and the rental period which is generally daily or monthly. Revenues related to rental of equipment are recognized under Topic 606 and not ASC 842: Leases, as the Company maintains control of the equipment that the customer uses and can replace the rented equipment with similar equipment should the rented equipment become inoperable or the Company chooses to replace the equipment for maintenance purposes. Revenue is recognized as the rental period is completed and for periods that cross month end, revenue is recognized for the portion of the rental period that has been completed to date. Performance obligations for rental revenue are considered to be satisfied as the rental period is completed based upon the terms of the related contract. LNG service revenue generated by the Company consists of mobilization and demobilization of equipment and onsite technical support while customers are consuming LNG in their applications. Service revenue is billed based on contractual terms that can be based on an event (i.e. mobilization or demobilization) or an hourly rate. Revenue is recognized as the event is completed or work is done. Performance obligations for service revenue are considered to be satisfied as the event is completed or work is done per the terms of the related contract. Variable and Other Revenue Components Certain of our contracts may include rental or services that may vary upon the customer demands at stated rates within the contract and are satisfied as the work is authorized by the customer and performed by the Company. LNG product sales agreements may include both fixed and variable fees per gallon of LNG, but is representative of the stand-alone selling price for LNG at the time the contract was negotiated. We have concluded that the variable LNG fees meet the exception for allocating variable consideration to specific parts of the contract. As such, the variable consideration for these contracts is allocated to each distinct gallon of LNG and recognized when that distinct gallon of LNG is delivered to the customer. 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. Disclosure: Disaggregated Revenues The table below presents revenue disaggregated by source, for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended Revenues: 2023 2022 LNG Product $ 21,905 $ 16,785 Rental 2,247 1,986 Service 2,066 1,395 Other 624 101 Total revenues $ 26,842 $ 20,267 The table below presents revenue disaggregated by geographic location, for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended Revenues: 2023 2022 Mexico $ 2,819 $ 3,766 United States 24,023 16,501 Total revenues $ 26,842 $ 20,267 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS As of March 31, 2023 and December 31, 2022, the Company held a series of call options (“the Call Options”) for the purchase of natural gas related to customer commitments. The Call Options are for a total of 1.1 million MMBtu (million British thermal units) of natural gas at March 31, 2023 which extend into the second quarter of 2024. The Company purchased the Call Options to manage the risk of increasing natural gas prices above what it can charge its customers. The Company may also enter into other derivative transactions when beneficial. Except for contracts qualifying for the normal purchase normal sales exception, as further described below, the Company recognizes all of its derivative instruments as either assets or liabilities which are recorded at fair value on its Condensed Consolidated Balance Sheet. The fair value of the Call Options are predominantly determined from broker quotes and are considered a level 2 fair value measurement. The following table presents the location and fair value of the Call Options at March 31, 2022 and December 31, 2022 on the Company's Condensed Consolidated Balance Sheets (in thousands): Location on Condensed Consolidated Balance Sheet March 31, 2023 (1) December 31, 2022 (1) Prepaid expenses and other current assets (2) $ 138 $ 347 Right-of-use assets and other noncurrent assets (2) 13 225 $ 151 $ 572 _______________ (1) Amounts are presented on a gross basis. (2) The classification between current and noncurrent assets is based upon when the Call Options mature. The Company has not designated the Call Options as a hedge under U.S. GAAP and all resulting gains and losses from changes in the fair value of its derivative instruments are included within change in unrealized loss on natural gas derivatives within the Company's Condensed Consolidated Statements of Operations. The table below presents the changes in the fair value of the Call Options for the three and three months ended March 31, 2023 as well as their net realized gains and losses. Three Months Ended Changes in fair value of derivatives 2023 2022 (1) Fair value of natural gas derivatives, beginning of period $ 572 $ — Unrealized gains (losses) transferred to realized gains (losses), net (3) (252) — Change in unrealized loss on natural gas derivatives (2) (169) — Fair value of natural gas derivatives, end of period $ 151 $ — Three Months Ended Realized gain (loss) from derivative instruments 2023 2022 (1) Unrealized gains (losses) transferred to realized gains (losses), net $ (252) $ — Derivative settlement payments received (3) — — Realized gain (loss) from natural gas derivatives, net (3) $ (252) $ — _______________ (1) The Company did not have any derivative instruments during the three months ended March 31, 2022. (2) Amounts are presented as their own separate line item within the Company's Condensed Consolidated Statements of Operations. (3) Amounts are included within cost of LNG product on the Company's Condensed Consolidated Statements of Operations. The Company also enters into forward contracts for purchases of natural gas and/or electricity to meet liquefaction requirements and forward sales contracts for the delivery of LNG to its customers. These contracts are not accounted for as derivatives, but accounted for under the normal purchase normal sales exclusion under U.S. GAAP and are not measured at fair value each reporting period. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | PREPAID EXPENSES AND OTHER CURRENT ASSETS The Company’s prepaid expenses and other current assets at March 31, 2023 and December 31, 2022 consisted of the following (in thousands): March 31, December 31, Prepaid insurance $ 712 $ 990 Prepaid supplier expenses 232 286 Other receivables 103 254 Natural gas derivatives at fair value, current 138 347 Deposits 203 236 Other 14 73 Total prepaid expenses and other current assets $ 1,402 $ 2,186 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT The Company’s property, plant and equipment at March 31, 2023 and December 31, 2022 consisted of the following (in thousands): March 31, December 31, Liquefaction plants and systems $ 47,645 $ 47,636 Real property and buildings 2,065 2,057 Vehicles and tanker trailers and equipment 52,936 52,647 Computer and office equipment 459 470 Construction in progress 6,516 527 Leasehold improvements 30 31 109,651 103,368 Less: accumulated depreciation (57,722) (55,699) $ 51,929 $ 47,669 Depreciation expense totaled $2.0 million and $2.3 million for the three months ended March 31, 2023 and 2022, respectively, all of which is included in the Condensed Consolidated Statements of Operations as a separate line item. |
Investments in Foreign Joint Ve
Investments in Foreign Joint Ventures | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Foreign Joint Ventures | INVESTMENT IN FOREIGN JOINT VENTURE 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 months ended March 31, 2023 and 2022. The tables below present a summary of BOMAY's assets and liabilities and equity at March 31, 2023 and December 31, 2022, and its operational results for the three months ended March 31, 2023 and 2022 in U.S. dollars (in thousands): March 31, December 31, 2022 Assets: Total current assets $ 92,669 $ 88,536 Total non-current assets 2,964 3,016 Total assets $ 95,633 $ 91,552 Liabilities and equity: Total liabilities $ 61,581 $ 58,482 Total joint ventures’ equity 34,052 33,070 Total liabilities and equity $ 95,633 $ 91,552 Three Months Ended 2023 2022 Revenue $ 21,214 $ 10,079 Gross Profit 2,403 1,609 Earnings 901 323 The table below presents the components of our investment in BOMAY and a summary of the activity within those components for the three months ended March 31, 2023 in U.S. dollars (in thousands): Initial Investment at Merger (1), (2) Undistributed Earnings Cumulative Foreign Exchange Translation Adj Investment in BOMAY Balance at December 31, 2022 $ 9,333 $ 2,295 $ (22) $ 11,606 Equity in earnings — 393 — 393 Less: dividend distributions — — — — Foreign currency translation gain (loss) — — 93 93 Balance at March 31, 2023 $ 9,333 $ 2,688 $ 71 $ 12,092 _______________ (1) Accumulated statutory reserves in equity method investments of $2.7 million at March 31, 2023 and December 31, 2022 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, 2023 and 2022 both totaled approximately $32 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, 2023 and December 31, 2022 is summarized in the following table (in thousands): March 31, December 31, Original basis difference $ 1,165 $ 1,165 Less accumulated accretion (475) (443) Net remaining basis difference at end of period $ 690 $ 722 In accordance with our long-lived asset policy, when events or circumstances indicate the carrying amount of an asset may not be recoverable, management tests long-lived assets for impairment. If the estimated future cash flows are projected to be less than the carrying amount, an impairment write-down (representing the carrying amount of the long-lived asset which exceeds the present value of estimated expected future cash flows) would be recorded as a period expense. In making this evaluation, a variety of quantitative and qualitative factors are considered including national and local economic, political and market conditions, industry trends and prospects, liquidity and capital resources and other pertinent factors. Based on this evaluation for this reporting period, the Company does not believe an impairment of our investment in BOMAY is necessary for the period ending March 31, 2023. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES The Company’s accrued liabilities at March 31, 2023 and December 31, 2022 consisted of the following (in thousands): March 31, December 31, Compensation and benefits $ 1,709 $ 3,111 Professional fees 421 454 LNG fuel and transportation 3,387 6,549 Accrued interest 33 33 Customer deposits and prepayments 1,406 8,456 Other taxes payable 552 701 Other accrued liabilities 3,173 338 Total accrued liabilities $ 10,681 $ 19,642 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The Company’s carrying value of debt, net of debt issuance costs at March 31, 2023 and December 31, 2022 consisted of the following (in thousands): March 31, December 31, Secured term note, net of debt issuance costs $ 8,661 $ 8,650 Secured promissory note - related party 1,839 2,435 Insurance and other notes payable 489 848 Less: amounts due within one year (2,328) (3,283) Total long-term debt $ 8,661 $ 8,650 Secured Term Note On April 8, 2021, the Company entered into a loan agreement (the “Loan Agreement”) with AmeriState Bank (“Lender”), to provide for an advancing loan facility in the aggregate principal amount of up to $10.0 million (the “AmeriState Loan”), of which $9.0 million was drawn and outstanding as of March 31, 2023. The AmeriState Loan, which is in the form of a term loan facility, matures on April 8, 2031 and bears interest at 5.75% per annum through April 8, 2026, and the U.S. prime lending rate plus 2.5% per annum thereafter. The AmeriState Loan provides that proceeds from borrowings may be used for working capital purposes at the Company’s liquefaction plant in George West, Texas and related fees and costs associated with the AmeriState Loan. The Loan Agreement is secured by specific equipment owned by the Company. Upon an Event of Default (as defined in the Loan Agreement), the Lender may (i) terminate its commitment, (ii) declare the outstanding principal amount of the Advancing Notes (as defined in the Loan Agreement) due and payable, or (iii) exercise all rights and remedies available to Lender under the Loan Agreement. The Loan Agreement requires the Company to meet certain financial covenants which include a debt-to-net-worth ratio of not more than 9.1 to 1.0 and a debt service coverage ratio of not less than 1.2 to 1.0 on an annual basis beginning December 31, 2022. The Company was in compliance with all of its debt covenants as of March 31, 2023. Secured Promissory Note - Related Party On August 16, 2019, the Company issued a Secured Promissory Note to MG Finance Co., Ltd., a related party, in the principal amount of $5.0 million, which was subsequently amended to defer scheduled debt and interest payments and lower the interest rate from 12.0% to 6.0%. Repayments under the amendment are in equal monthly installments through December 2023. As of March 31, 2023, the outstanding balance is $1.8 million. The debt is secured by certain equipment of the Company. See Note 10 - Related Party Transactions. Insurance Notes Payable The Company finances its annual commercial insurance premiums for its business and operations with a finance company. The dollar amount financed was $1.2 million for the policy. The outstanding principal balance on the premium finance note was $0.8 million at December 31, 2022 and $0.5 million at March 31, 2023. The Company makes equal monthly payments of principal and interest over the term of the notes which are generally 10 months or 11 months in term. The interest rate for the insurance policy is 6.31%. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Secured Promissory Note - Related Party Casey Crenshaw is the beneficial owner of 50% of The Modern Group and is deemed to jointly control The Modern Group with family members. The Company has a secured promissory note payable with MG Finance Co., Ltd, a subsidiary of The Modern Group. See additional discussion in Note 9. Other Purchases and Sales The Company purchases supplies and services from subsidiaries of The Modern Group. The Company made purchases of supplies and services totaling $0.1 million and $48 thousand for the three months ended March 31, 2023 and 2022, respectively. Office rent of $15 thousand was paid to The Modern Group during both the three months ended March 31, 2023 and 2022. As of March 31, 2023 and December 31, 2022, the Company had $31 thousand and $0.1 million, respectively, due to a subsidiary of The Modern Group included in accounts payable on the Condensed Consolidated Balance Sheets. Chart E&C beneficially owns 8.0% of our outstanding common stock at March 31, 2023. The Company made no purchases from Chart E&C for the three months ended March 31, 2023 and made purchase from Chart E&C of $45 thousand for the three months ended March 31, 2022. The Company had no receivable due from Chart at March 31, 2023 or December 31, 2022. As of March 31, 2023 the Company had no amounts due to Chart E&C; however does have a commitment for the future delivery of equipment during 2023 totaling $0.6 million. At December 31, 2022, the Company had $0.5 million due to Chart E&C included in accounts payable on the Condensed Consolidated Balance Sheets. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Environmental Matters The Company is subject to federal, state and local environmental laws and regulations. The Company does not anticipate any expenditures to comply with such laws and regulations that would have a material impact on the Company’s condensed consolidated financial position, results of operations or liquidity. The Company believes that its operations comply, in all material respects, with applicable federal, state and local environmental laws and regulations. Litigation, Claims and Contingencies The Company may become party to various legal actions that arise in the ordinary course of its business. The Company is also subject to audit by tax and other authorities for varying periods in various federal, state and local jurisdictions, and disputes |
Stockholders' Equity and Stock-
Stockholders' Equity and Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity and Stock-Based Compensation | STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION The Company includes stock compensation expense within general and administrative expenses in the Condensed Consolidated Statements of Operations. During the three months ended March 31, 2023 and 2022, the Company recognized $0.6 million and $0.5 million of stock compensation expense, respectively. 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 4,000,000 shares. Awards under the Amended and Restated Plan may be granted to employees, officers and directors of the Company and affiliates, and any other person who provides services to the Company and its affiliates (including independent contractors and consultants of the Company and its subsidiaries). Awards may be granted in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, substitute awards, other stock-based awards, cash awards and/or any combination of the foregoing. No participant may receive a grant covering more than 2,000,000 shares of our common stock in any year and a non-employee member of the Board may not be granted more than 100,000 shares in any year. Issuances of Common Stock During the three months ended March 31, 2023, and 2022, shares of common stock were issued upon vesting of restricted stock units of 13,587 and 501,334, respectively. There were no stock options exercised during the three months ended March 31, 2023 or 2022. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | NET INCOME (LOSS) PER SHARE The calculation of net income (loss) per common share including the number of shares for both basic and diluted net income (loss) per share is as follows (in thousands, except share and per share data): Three Months Ended 2023 2022 Weighted average shares: Basic weighted average number of common shares outstanding 18,426,408 18,191,446 Dilutive securities (1),(2) 91,509 — Total shares including dilutive securities 18,517,917 18,191,446 Net income (loss): Net income (loss) from continuing operations $ 1,084 $ (359) Loss from discontinued operations, net of income tax — (47) Net income (loss) $ 1,084 $ (406) Net income (loss) per common share: Basic income (loss) per common share: Basic net income (loss) per common share from continuing operations $ 0.06 $ (0.02) Basic loss per common share from discontinued operations — — Basic net income (loss) per common share 0.06 (0.02) Diluted income (loss) per common share: Diluted net income (loss) per common share from continuing operations $ 0.06 $ (0.02) Diluted loss per common share from discontinued operations — — Diluted net income (loss) per common share 0.06 (0.02) _______________ (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 March 31, 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 March 31, 2022 since the Company incurred net losses for both continuing and discontinued operations for these periods and inclusion would be antidilutive. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION The Company's supplemental disclosure of cash flow information for the three months ended March 31, 2023 and 2022 is as follows (in thousands): Three Months Ended Supplemental Disclosure of Cash Flow Information: 2023 2022 Interest paid $ 182 $ 181 Income taxes paid — (14) Significant non-cash investing and financing activities: Equipment acquired from issuance of note payable — 359 Acquisition of fixed assets included within accounts payable and accrued expenses 3,000 170 |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Description of Business | 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. |
Basis of Presentation and Consolidation | 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 necessarily indicative of the results of operations to be expected for the full year. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2022 included in the Company's Annual Report on Form 10-K, as filed on March 9, 2023. 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. The Company believes that the Brazil Operations sold on October 31, 2022, met the criteria for discontinued operations presentation. The classification of these assets, liabilities, results of operations and cash flows as discontinued operations requires retrospective application to financial information for all prior periods presented. Accordingly, the operating results and cash flows for the three months ended March 31, 2022, have been recast on our Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows, respectively. There were no assets and liabilities from discontinued operations as of March 31, 2023 or December 31, 2022, and no results of operations or cash flows for the three months ended March 31, 2023. Unless otherwise noted, the amounts presented throughout the notes to our Financial Statements relate to our continuing operations. See Note 2 for further discussion of the Company's discontinued operations. |
Use of Estimates in the Preparation of the Consolidated Financial Statements | Use of Estimates in the Preparation of the Consolidated Financial Statements The preparation of the 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. |
Derivative instruments | Derivative instruments The Company had certain natural gas derivative instruments as of March 31, 2023 and December 31, 2022. The Company recognizes all of its derivative instruments as either assets or liabilities which are recorded at fair value on its Condensed Consolidated Balance Sheet. The accounting for changes in the fair value of a derivative instrument depends on whether it qualifies for and has been designated as a hedge as well as the type of hedge. The Company has not designated its derivatives as hedges under U.S. GAAP and all resulting gains and losses from changes in the fair value of its derivative instruments are included within the Condensed Consolidated Statements of Operations. The Company did not enter into any derivative transactions for speculative purposes. See Note 4 for further discussion of the Company's derivatives. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments,” which changes the way companies evaluate credit losses for most financial assets and certain other instruments. For receivables, and other short-term financial instruments, companies will be required to use a new forward-looking “expected loss” model to evaluate impairment, potentially resulting in earlier recognition of allowances for losses. The new standard also requires enhanced disclosures, including the requirement to disclose the information used to track credit quality by year of origination. ASU No. 2016-13 was effective for the Company in the first quarter 2023. Adoption of this standard had no material impact to the Company's Condensed Consolidated Financial Statements. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table summarizes the components of income from discontinued operations for the periods presented (in thousands): Three Months Ended 2023 2022 Revenue $ — $ 2,766 Costs and expenses — 2,793 Other income (expense), net — (17) Loss from discontinued operations before income taxes $ — $ (44) Income tax expense — 3 Loss from discontinued operations, net of income taxes $ — $ (47) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Disaggregated by Source | The table below presents revenue disaggregated by source, for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended Revenues: 2023 2022 LNG Product $ 21,905 $ 16,785 Rental 2,247 1,986 Service 2,066 1,395 Other 624 101 Total revenues $ 26,842 $ 20,267 The table below presents revenue disaggregated by geographic location, for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended Revenues: 2023 2022 Mexico $ 2,819 $ 3,766 United States 24,023 16,501 Total revenues $ 26,842 $ 20,267 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the location and fair value of the Call Options at March 31, 2022 and December 31, 2022 on the Company's Condensed Consolidated Balance Sheets (in thousands): Location on Condensed Consolidated Balance Sheet March 31, 2023 (1) December 31, 2022 (1) Prepaid expenses and other current assets (2) $ 138 $ 347 Right-of-use assets and other noncurrent assets (2) 13 225 $ 151 $ 572 _______________ (1) Amounts are presented on a gross basis. (2) The classification between current and noncurrent assets is based upon when the Call Options mature. |
Derivative Instruments, Gain (Loss) | The table below presents the changes in the fair value of the Call Options for the three and three months ended March 31, 2023 as well as their net realized gains and losses. Three Months Ended Changes in fair value of derivatives 2023 2022 (1) Fair value of natural gas derivatives, beginning of period $ 572 $ — Unrealized gains (losses) transferred to realized gains (losses), net (3) (252) — Change in unrealized loss on natural gas derivatives (2) (169) — Fair value of natural gas derivatives, end of period $ 151 $ — Three Months Ended Realized gain (loss) from derivative instruments 2023 2022 (1) Unrealized gains (losses) transferred to realized gains (losses), net $ (252) $ — Derivative settlement payments received (3) — — Realized gain (loss) from natural gas derivatives, net (3) $ (252) $ — _______________ (1) The Company did not have any derivative instruments during the three months ended March 31, 2022. (2) Amounts are presented as their own separate line item within the Company's Condensed Consolidated Statements of Operations. (3) Amounts are included within cost of LNG product on the Company's Condensed Consolidated Statements of Operations. |
Schedule of Derivative Assets at Fair Value | The table below presents the changes in the fair value of the Call Options for the three and three months ended March 31, 2023 as well as their net realized gains and losses. Three Months Ended Changes in fair value of derivatives 2023 2022 (1) Fair value of natural gas derivatives, beginning of period $ 572 $ — Unrealized gains (losses) transferred to realized gains (losses), net (3) (252) — Change in unrealized loss on natural gas derivatives (2) (169) — Fair value of natural gas derivatives, end of period $ 151 $ — Three Months Ended Realized gain (loss) from derivative instruments 2023 2022 (1) Unrealized gains (losses) transferred to realized gains (losses), net $ (252) $ — Derivative settlement payments received (3) — — Realized gain (loss) from natural gas derivatives, net (3) $ (252) $ — _______________ (1) The Company did not have any derivative instruments during the three months ended March 31, 2022. (2) Amounts are presented as their own separate line item within the Company's Condensed Consolidated Statements of Operations. (3) Amounts are included within cost of LNG product on the Company's Condensed Consolidated Statements of Operations. |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | The Company’s prepaid expenses and other current assets at March 31, 2023 and December 31, 2022 consisted of the following (in thousands): March 31, December 31, Prepaid insurance $ 712 $ 990 Prepaid supplier expenses 232 286 Other receivables 103 254 Natural gas derivatives at fair value, current 138 347 Deposits 203 236 Other 14 73 Total prepaid expenses and other current assets $ 1,402 $ 2,186 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The Company’s property, plant and equipment at March 31, 2023 and December 31, 2022 consisted of the following (in thousands): March 31, December 31, Liquefaction plants and systems $ 47,645 $ 47,636 Real property and buildings 2,065 2,057 Vehicles and tanker trailers and equipment 52,936 52,647 Computer and office equipment 459 470 Construction in progress 6,516 527 Leasehold improvements 30 31 109,651 103,368 Less: accumulated depreciation (57,722) (55,699) $ 51,929 $ 47,669 |
Investments in Foreign Joint _2
Investments in Foreign Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Financial Information of Foreign Joint Venture | The tables below present a summary of BOMAY's assets and liabilities and equity at March 31, 2023 and December 31, 2022, and its operational results for the three months ended March 31, 2023 and 2022 in U.S. dollars (in thousands): March 31, December 31, 2022 Assets: Total current assets $ 92,669 $ 88,536 Total non-current assets 2,964 3,016 Total assets $ 95,633 $ 91,552 Liabilities and equity: Total liabilities $ 61,581 $ 58,482 Total joint ventures’ equity 34,052 33,070 Total liabilities and equity $ 95,633 $ 91,552 Three Months Ended 2023 2022 Revenue $ 21,214 $ 10,079 Gross Profit 2,403 1,609 Earnings 901 323 |
Schedule of Activity in Investment in Foreign Joint Ventures | The table below presents the components of our investment in BOMAY and a summary of the activity within those components for the three months ended March 31, 2023 in U.S. dollars (in thousands): Initial Investment at Merger (1), (2) Undistributed Earnings Cumulative Foreign Exchange Translation Adj Investment in BOMAY Balance at December 31, 2022 $ 9,333 $ 2,295 $ (22) $ 11,606 Equity in earnings — 393 — 393 Less: dividend distributions — — — — Foreign currency translation gain (loss) — — 93 93 Balance at March 31, 2023 $ 9,333 $ 2,688 $ 71 $ 12,092 _______________ (1) Accumulated statutory reserves in equity method investments of $2.7 million at March 31, 2023 and December 31, 2022 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, 2023 and 2022 both totaled approximately $32 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, 2023 and December 31, 2022 is summarized in the following table (in thousands): March 31, December 31, Original basis difference $ 1,165 $ 1,165 Less accumulated accretion (475) (443) Net remaining basis difference at end of period $ 690 $ 722 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | The Company’s accrued liabilities at March 31, 2023 and December 31, 2022 consisted of the following (in thousands): March 31, December 31, Compensation and benefits $ 1,709 $ 3,111 Professional fees 421 454 LNG fuel and transportation 3,387 6,549 Accrued interest 33 33 Customer deposits and prepayments 1,406 8,456 Other taxes payable 552 701 Other accrued liabilities 3,173 338 Total accrued liabilities $ 10,681 $ 19,642 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Value of Debt | The Company’s carrying value of debt, net of debt issuance costs at March 31, 2023 and December 31, 2022 consisted of the following (in thousands): March 31, December 31, Secured term note, net of debt issuance costs $ 8,661 $ 8,650 Secured promissory note - related party 1,839 2,435 Insurance and other notes payable 489 848 Less: amounts due within one year (2,328) (3,283) Total long-term debt $ 8,661 $ 8,650 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The calculation of net income (loss) per common share including the number of shares for both basic and diluted net income (loss) per share is as follows (in thousands, except share and per share data): Three Months Ended 2023 2022 Weighted average shares: Basic weighted average number of common shares outstanding 18,426,408 18,191,446 Dilutive securities (1),(2) 91,509 — Total shares including dilutive securities 18,517,917 18,191,446 Net income (loss): Net income (loss) from continuing operations $ 1,084 $ (359) Loss from discontinued operations, net of income tax — (47) Net income (loss) $ 1,084 $ (406) Net income (loss) per common share: Basic income (loss) per common share: Basic net income (loss) per common share from continuing operations $ 0.06 $ (0.02) Basic loss per common share from discontinued operations — — Basic net income (loss) per common share 0.06 (0.02) Diluted income (loss) per common share: Diluted net income (loss) per common share from continuing operations $ 0.06 $ (0.02) Diluted loss per common share from discontinued operations — — Diluted net income (loss) per common share 0.06 (0.02) _______________ (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 March 31, 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 March 31, 2022 since the Company incurred net losses for both continuing and discontinued operations for these periods and inclusion would be antidilutive. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The Company's supplemental disclosure of cash flow information for the three months ended March 31, 2023 and 2022 is as follows (in thousands): Three Months Ended Supplemental Disclosure of Cash Flow Information: 2023 2022 Interest paid $ 182 $ 181 Income taxes paid — (14) Significant non-cash investing and financing activities: Equipment acquired from issuance of note payable — 359 Acquisition of fixed assets included within accounts payable and accrued expenses 3,000 170 |
Description of Business and B_3
Description of Business and Basis of Presentation (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Disposal group, including discontinued operation, assets | $ 0 | $ 0 |
Disposal group, including discontinued operation, liabilities | $ 0 | $ 0 |
Bomay | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Percentage of interest in a joint venture | 40% |
Discontinued Operations - Summa
Discontinued Operations - Summary Of Income From Discontinued Operations, Net Of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loss from discontinued operations, net of income taxes | $ 0 | $ (47) |
Discontinued Operations | Brazil Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenue | 0 | 2,766 |
Costs and expenses | 0 | 2,793 |
Other income (expense), net | 0 | (17) |
Loss from discontinued operations before income taxes | 0 | (44) |
Income tax expense | 0 | 3 |
Loss from discontinued operations, net of income taxes | $ 0 | $ (47) |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2023 segment | |
Discontinued Operations and Disposal Groups [Abstract] | |
Number of operating segments | 1 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Period of recognition, performance obligations | 30 days |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Revenue Disaggregated by Source and Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 26,842 | $ 20,267 |
Mexico | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,819 | 3,766 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 24,023 | 16,501 |
LNG product | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 21,905 | 16,785 |
Rental | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,247 | 1,986 |
Service | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,066 | 1,395 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 624 | $ 101 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Details) MMBTU in Millions | 3 Months Ended |
Mar. 31, 2023 MMBTU | |
Call Option | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Nonmonetary notional amount, energy measure | 1.1 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location (Details) - Call Option - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative asset | $ 151 | $ 572 | $ 0 | $ 0 |
Prepaid expenses and other current assets | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative asset | 138 | 347 | ||
Right-of-use assets and other noncurrent assets | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative asset | $ 13 | $ 225 |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Derivative Assets at Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Changes in fair value of derivatives | ||
Change in unrealized loss on natural gas derivatives | $ (169) | $ 0 |
Realized gain (loss) from derivative instruments | ||
Realized gain (loss) from natural gas derivatives, net | (252) | 0 |
Call Option | ||
Changes in fair value of derivatives | ||
Fair value of natural gas derivatives, beginning of period | 572 | 0 |
Unrealized gains (losses) transferred to realized gains (losses), net | (252) | 0 |
Change in unrealized loss on natural gas derivatives | (169) | 0 |
Fair value of natural gas derivatives, end of period | 151 | 0 |
Realized gain (loss) from derivative instruments | ||
Unrealized gains (losses) transferred to realized gains (losses), net | (252) | 0 |
Derivative settlement payments received | $ 0 | $ 0 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Prepaid expenses and other current assets | ||
Prepaid insurance | $ 712 | $ 990 |
Prepaid supplier expenses | 232 | 286 |
Other receivables | $ 103 | 254 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Total prepaid expenses and other current assets | |
Natural gas derivatives at fair value, current | $ 138 | 347 |
Deposits | 203 | 236 |
Other | 14 | 73 |
Total prepaid expenses and other current assets | $ 1,402 | $ 2,186 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 109,651 | $ 103,368 |
Less: accumulated depreciation | (57,722) | (55,699) |
Property, plant and equipment, net | 51,929 | 47,669 |
Liquefaction plants and systems | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 47,645 | 47,636 |
Real property and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 2,065 | 2,057 |
Vehicles and tanker trailers and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 52,936 | 52,647 |
Computer and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 459 | 470 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 6,516 | 527 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $ 30 | $ 31 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 2,011 | $ 2,277 |
Investments in Foreign Joint _3
Investments in Foreign Joint Ventures - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Revenues | $ 26,842,000 | $ 20,267,000 |
Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | $ 0 | $ 0 |
Bomay | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 40% | |
Bomay | Baoji Oilfield Machinery Co., Ltd. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 51% | |
Bomay | AA Energies, Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 9% |
Investments in Foreign Joint _4
Investments in Foreign Joint Ventures - Schedule of Financial Information of Foreign Joint Venture (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets: | ||||
Total current assets | $ 18,029 | $ 32,217 | ||
Total assets | 86,927 | 96,580 | ||
Liabilities and equity: | ||||
Total liabilities | 25,200 | 36,713 | ||
Total joint ventures’ equity | 61,727 | $ 61,561 | 59,867 | $ 61,059 |
Total liabilities and stockholders’ equity | 86,927 | 96,580 | ||
Earnings | 1,084 | (406) | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Assets: | ||||
Total current assets | 92,669 | 88,536 | ||
Total non-current assets | 2,964 | 3,016 | ||
Total assets | 95,633 | 91,552 | ||
Liabilities and equity: | ||||
Total liabilities | 61,581 | 58,482 | ||
Total joint ventures’ equity | 34,052 | 33,070 | ||
Total liabilities and stockholders’ equity | 95,633 | $ 91,552 | ||
Revenue | 21,214 | 10,079 | ||
Gross Profit | 2,403 | 1,609 | ||
Earnings | $ 901 | $ 323 |
Investments in Foreign Joint _5
Investments in Foreign Joint Ventures - Schedule of Activity in Investment in Foreign Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Investment in BOMAY | |||
Investment in BOMAY at December 31, 2022 | $ 11,606 | ||
Equity in earnings | 393 | $ 161 | |
Investment in BOMAY at March 31, 2023 | 12,092 | ||
Accretion during period | 32 | $ 32 | |
Original basis difference | 1,165 | $ 1,165 | |
Less accumulated accretion | (475) | (443) | |
Net remaining basis difference at end of period | 690 | 722 | |
Bomay | |||
Initial Investment at Merger | |||
Initial Investment at Merger at December 31, 2022 | 9,333 | ||
Initial Investment at Merger at March 31, 2023 | 9,333 | ||
Undistributed Earnings | |||
Undistributed earnings at December 31, 2022 | 2,295 | ||
Equity in earnings | 393 | ||
Less: dividend distributions | 0 | ||
Undistributed earnings at March 31, 2023 | 2,688 | ||
Cumulative Foreign Exchange Translation Adj | |||
Cumulative foreign currency translation at December 31, 2022 | (22) | ||
Foreign currency translation gain (loss) | 93 | ||
Cumulative foreign currency translation at March 31, 2022 | 71 | ||
Investment in BOMAY | |||
Investment in BOMAY at December 31, 2022 | 11,606 | ||
Equity in earnings | 393 | ||
Less: dividend distributions | 0 | ||
Foreign currency translation gain (loss) | 93 | ||
Investment in BOMAY at March 31, 2023 | 12,092 | ||
Accumulated statutory reserves in equity method investments | $ 2,700 | $ 2,700 | |
Percentage of interest in a joint venture | 40% | ||
Remaining life of joint venture | 9 years |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued liabilities | ||
Compensation and benefits | $ 1,709 | $ 3,111 |
Professional fees | 421 | 454 |
LNG fuel and transportation | 3,387 | 6,549 |
Accrued interest | 33 | 33 |
Customer deposits and prepayments | 1,406 | 8,456 |
Other taxes payable | 552 | 701 |
Other accrued liabilities | 3,173 | 338 |
Total accrued liabilities | $ 10,681 | $ 19,642 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Secured term note, net of debt issuance costs | $ 8,661 | $ 8,650 |
Secured promissory note - related party | 1,839 | 2,435 |
Insurance and other notes payable | 489 | 848 |
Less: amounts due within one year | (2,328) | (3,283) |
Total long-term debt | $ 8,661 | $ 8,650 |
Debt - Additional Information (
Debt - Additional Information (Details) | 3 Months Ended | |||
Apr. 08, 2021 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Aug. 16, 2019 USD ($) | |
Debt Instrument [Line Items] | ||||
Secured promissory note - related party | $ 1,839,000 | $ 2,435,000 | ||
Annual commercial insurance premiums | 1,200,000 | |||
Outstanding principal amount of premium financed | 800,000 | |||
Insurance and other notes payable | $ 489,000 | $ 848,000 | ||
Maximum | ||||
Debt Instrument [Line Items] | ||||
Insurance terms | 11 months | |||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Insurance terms | 10 months | |||
Loan Agreement | AmeriState Bank | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 10,000,000 | |||
Proceeds from loan | $ 9,000,000 | |||
Interest rate | 5.75% | |||
Debt-to-net-worth ratio | 9.1 | |||
Debt service coverage ratio | 1.2 | |||
Loan Agreement | AmeriState Bank | Prime Rate | ||||
Debt Instrument [Line Items] | ||||
Prime lending rate plus | 2.50% | |||
Secured Promissory Note [Member] | Secured Debt | M/G Finance Co., Ltd. | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 5,000,000 | |||
Secured Promissory Note [Member] | Secured Debt | M/G Finance Co., Ltd. | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 12% | |||
Secured Promissory Note [Member] | Secured Debt | M/G Finance Co., Ltd. | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6% | |||
Insurance Notes Payable, 2022 to 2023 | ||||
Debt Instrument [Line Items] | ||||
Insurance notes interest rate (as a percent) | 6.31% |
Related Party Transactions (Det
Related Party Transactions (Details) - Affiliated Entity - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Due to related parties | $ 600,000 | ||
Common stock, ownership percentage | 8% | ||
Purchases from related parties | $ 0 | $ 45,000 | |
Due to related parties | 0 | $ 500,000 | |
TMG | |||
Related Party Transaction [Line Items] | |||
Purchase of supplies and services | 100,000 | 48,000 | |
Payments of office rent | 15,000 | $ 15,000 | |
Due to related parties | 31,000 | 100,000 | |
Due from related parties | $ 0 | $ 0 | |
TMG | Board of Directors Chairman | |||
Related Party Transaction [Line Items] | |||
Percentage of beneficial ownership | 50% |
Stockholders' Equity and Stoc_2
Stockholders' Equity and Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Class of Stock [Line Items] | ||
Stock-based compensation expense | $ 589 | $ 531 |
Stock options exercised | $ 0 | $ 0 |
RSUs | ||
Class of Stock [Line Items] | ||
Restricted stock award, gross | 13,587 | 501,334 |
Participant | ||
Class of Stock [Line Items] | ||
Grant limit (in shares) | 2,000,000 | |
Non-Employee Board Member | ||
Class of Stock [Line Items] | ||
Grant limit (in shares) | 100,000 | |
Amended and Restated 2019 Long Term Incentive Plan | ||
Class of Stock [Line Items] | ||
Common stock available for issuance (in shares) | 4,000,000 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Basic weighted average number of common shares outstanding (in shares) | 18,426,408 | 18,191,446 |
Dilutive securities (in shares) | 91,509 | 0 |
Total shares including dilutive securities (in shares) | 18,517,917 | 18,191,446 |
Net income (loss) from continuing operations | $ 1,084 | $ (359) |
Loss from discontinued operations, net of income tax | 0 | (47) |
Net income (loss) | $ 1,084 | $ (406) |
Basic income (loss) per common share: | ||
Basic net income (loss) per common share from continuing operations (in usd per share) | $ 0.06 | $ (0.02) |
Basic loss per common share from discontinued operations (in usd per share) | 0 | 0 |
Basic net income (loss) per common share (in usd per share) | 0.06 | (0.02) |
Diluted income (loss) per common share: | ||
Diluted net income (loss) per common share from continuing operations (in usd per share) | 0.06 | (0.02) |
Diluted loss per common share from discontinued operations (in usd per share) | 0 | 0 |
Diluted net income (loss) per common share (in usd per share) | $ 0.06 | $ (0.02) |
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 |
Net Income (Loss) Per Share - N
Net Income (Loss) Per Share - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | |
Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 2,074,505 | |
RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 105,843 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | $ 182 | $ 181 |
Income taxes paid | 0 | (14) |
Significant non-cash investing and financing activities: | ||
Equipment acquired from issuance of note payable | 0 | 359 |
Acquisition of fixed assets included within accounts payable and accrued expenses | $ 3,000 | $ 170 |