Pioneer Power Solutions (PPSI) 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	May 14, 2021
Cover [Abstract]
Entity Registrant Name	PIONEER POWER SOLUTIONS, INC.
Entity Central Index Key	0001449792
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity File Number	001-35212
Entity Incorporation, State or Country Code	DE
Entity's Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		8,726,045
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenues	$ 3,502	$ 5,001
Cost of goods sold	3,343	4,824
Gross profit	159	177
Operating expenses
Selling, general and administrative	1,265	1,934
Foreign exchange gain		(10)
Total operating expenses	1,265	1,924
Loss from continuing operations	(1,106)	(1,747)
Interest income	(93)	(110)
Other (income) expense	(1,343)	1,281
Income (loss) before taxes	330	(2,918)
Income tax (benefit) expense	(21)	3
Net income (loss)	$ 351	$ (2,921)
Earnings (loss) per share:
Basic	$ 0.04	$ (0.33)
Diluted	$ 0.04	$ (0.33)
Weighted average common shares outstanding:
Basic (in shares)	8,726	8,726
Diluted (in shares)	8,789	8,726

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net income (loss)	$ 351	$ (2,921)
Other comprehensive income (loss)
Comprehensive income (loss)	$ 351	$ (2,921)

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash	$ 4,733	$ 7,567
Restricted cash	1,775
Accounts receivable, net	4,060	2,587
Insurance receivable		95
Inventories, net	3,183	2,403
Income taxes receivable	407	407
Prepaid expenses and other current assets	995	897
Total current assets	15,153	13,956
Property, plant and equipment, net	394	433
Other assets	6,739	6,898
Total assets	22,286	21,287
Current liabilities
Accounts payable and accrued liabilities	4,303	4,027
Deferred revenue	2,564	714
Current maturities of long-term debt		780
Income taxes payable		17
Total current liabilities	6,867	5,538
Long-term debt		633
Other long-term liabilities	1,176	1,257
Total liabilities	8,043	7,428
Stockholders' equity
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued
Common stock, $0.001 par value, 30,000,000 shares authorized; 8,726,045 shares issued and outstanding on March 31, 2021 and December 31, 2020	9	9
Additional paid-in capital	24,014	23,981
Accumulated other comprehensive income	14	14
Accumulated deficit	(9,794)	(10,145)
Total stockholders' equity	14,243	13,859
Total liabilities and stockholders' equity	$ 22,286	$ 21,287

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, issued	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized	30,000,000	30,000,000
Common stock, issued	8,726,045	8,726,045
Common stock, outstanding	8,726,045	8,726,045

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income (loss)	$ 351	$ (2,921)
Depreciation	37	58
Amortization of right-of-use assets	107	64
Amortization of imputed interest	(107)	(111)
Interest expense from PPP Loan	4
Non-cash cost of operating leases	130	155
Change in receivable reserves	34	29
Change in inventory reserves	25	(231)
Change in long term payables		(92)
Change in insurance receivable	95	1,449
Loss on investments		1,143
Stock-based compensation	33	2
Foreign currency remeasurement gain		10
Changes in current operating assets and liabilities:
Accounts receivable	(1,480)	276
Inventories	(805)	132
Prepaid expenses and other assets	(94)	(2)
Income taxes	(10)	(481)
Accounts payable and accrued liabilities	421	(820)
Deferred revenue	1,849	304
Net cash provided by / (used in) operating activities	590	(1,036)
Financing activities
Bank overdrafts		(205)
Gain on forgiveness of PPP Loan	(1,417)
Principal repayments of financing leases	(232)	(214)
Net cash used in financing activities	(1,649)	(419)
Decrease increase in cash and restricted cash	(1,059)	(1,455)
Cash, and restricted cash, beginning of year	7,567	8,213
Cash, and restricted cash, end of year	$ 6,508	$ 6,758

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional paid-in capital [Member]	Accumulated other comprehensive income (loss) [Member]	Accumulated deficit [Member]	Total
Balance Beginning at Dec. 31, 2019	$ 9	$ 23,978	$ 14	$ (7,159)	$ 16,842
Balance Beginning (in shares) at Dec. 31, 2019	8,726,045
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(2,921)	(2,921)
Stock-based compensation		2			2
Balance Ending at Mar. 31, 2020	$ 9	23,980	14	(10,080)	13,923
Balance Ending (in shares) at Mar. 31, 2020	8,726,045
Balance Beginning at Dec. 31, 2020	$ 9	23,981	14	(10,145)	$ 13,859
Balance Beginning (in shares) at Dec. 31, 2020	8,726,045				8,726,045
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				351	$ 351
Stock-based compensation		33			33
Balance Ending at Mar. 31, 2021	$ 9	$ 24,014	$ 14	$ (9,794)	$ 14,243
Balance Ending (in shares) at Mar. 31, 2021	8,726,045				8,726,045

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Overview Pioneer Power Solutions, Inc. and its wholly owned subsidiaries (referred to herein as the “Company,” “Pioneer,” “we,” “our” and “us”) manufacture, sell and service a broad range of specialty electrical transmission, distribution and on-site power generation equipment for applications in the utility, industrial, commercial and backup power markets. Our principal products and services include switchgear and engine-generator controls, complemented by a national field-service network to maintain and repair power generation assets. The Company is headquartered in Fort Lee, New Jersey and operates from three (3) additional locations in the U.S. for manufacturing, service and maintenance, engineering, sales and administration. We have two reportable segments as defined in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2021: Transmission and Distribution Solutions (“T&D Solutions”) and Critical Power Solutions (“Critical Power”). Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared pursuant to the rules of the SEC and reflect the accounts of the Company as of March 31, 2021. Certain information and footnote disclosures, normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), have been condensed or omitted pursuant to those rules and regulations. We believe that the disclosures made are adequate to make the information presented not misleading to the reader. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations and cash flows with respect to the interim consolidated financial statements have been included. The results of operations for the interim period are not necessarily indicative of the results for the entire fiscal year. The year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP for a year-end balance sheet. All dollar amounts (except share and per share data) presented in the notes to our unaudited interim consolidated financial statements are stated in thousands of dollars, unless otherwise noted. Amounts may not foot due to rounding. ASC 740-270 requires the use of an estimated annual effective tax rate to compute the tax provision during an interim period unless certain exceptions are met. We have used a discrete-period computation method to calculate taxes for the fiscal three-month period ended March 31, 2021. Due to operating losses, the Company has determined that it is unable to reliably estimate its annual effective tax rate. These unaudited interim consolidated financial statements include the accounts of Pioneer and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. These unaudited interim consolidated financial statements should be read in conjunction with the risk factors under the heading “Part II - Item 1A. Risk Factors” and the risk factors and the audited consolidated financial statements and notes thereto of the Company and its subsidiaries included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Liquidity The accompanying financial statements have been prepared on a basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements as of the three months ended March 31, 2021, the Company had $4.7 million of cash on hand and working capital of $8.3 million. The cash on hand was generated primarily from the completion of the sale of the Transformer business units during the year ended December 31, 2019, proceeds from the sale of the CleanSpark Common Stock (as defined herein) and warrants to purchase CleanSpark Common Stock, proceeds from insurance and the funding from the Paycheck Protection Program recognized during the year ended December 31, 2020. We have historically met our cash needs through a combination of cash flows from operating activities and bank borrowings. Our cash requirements historically were for operating activities, debt repayment and capital improvements. As all outstanding amounts under our credit facilities were paid in full during the year ended December 31, 2019, and the credit facilities terminated, we expect to meet our cash needs with our working capital and cash flows from our operating activities. We expect our cash requirements to be generally for operating activities and capital improvements. The Company expects that its current cash balance is sufficient to fund operations for the next twelve months. During the three months ended March 31, 2021, the Company executed a cash collateral security agreement with a commercial bank, which agreement required us to pledge cash collateral as security for all unpaid reimbursement obligations owing to the commercial bank for an irrevocable standby letter of credit in the amount of $1.8 million. As a result of executing the cash collateral security agreement, the Company recognized approximately $1.8 million of restricted cash within the consolidated balance sheet at March 31, 2021. In November 2016, the FASB issued amended guidance to ASU No. 2016-18, Statement of Cash Flows - Restricted Cash (Topic 230), which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and restricted cash and that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim consolidated statement of cash flows: March 31, December 31, 2021 2020 Cash $ 4,733 $ 7,567 Restricted cash 1,775 — Total cash and restricted cash as shown in the statement of cash flows $ 6,508 $ 7,567 The Company has restricted cash of approximately $1.8 million as a result of executing a cash collateral security agreement with a commercial bank which required us to pledge cash collateral as security for all unpaid reimbursement obligations owing to the commercial bank for an irrevocable standby letter of credit. On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic (the “COVID-19 pandemic”), based on the rapid increase in exposure globally. The full impact of the COVID-19 pandemic continues to evolve as the date of this report. As such, it is uncertain as to the full magnitude that the pandemic will have on the Company’s financial condition, liquidity, and future results of operations. During the three months ended March 31, 2021, the Company experienced an impact to productivity as a result of following social distancing guidelines and practicing personal protective measures. Notwithstanding, the Company has been able to operate substantially at capacity during the COVID-19 pandemic. Management is actively monitoring the global situation on its financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 pandemic and the global responses to contain its spread, the Company is not able to estimate the full effects of the COVID-19 pandemic at this time, however, if the pandemic continues, it may continue to have an adverse effect on the Company’s results of operations, financial condition, or liquidity. On March 27, 2020, then President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security (CARES) Act” (the “CARES Act”) The CARES Act, among other things, appropriates funds for the SBA Paycheck Protection Program loans that are forgivable in certain situations to promote continued employment. On April 13, 2020, after having determined that it met the qualifications for this loan program due to the impact that COVID-19 would have on our financial condition, results of operations, and/or liquidity and applying for relief, the Company received a loan under the SBA Paycheck Protection Program (the “PPP Loan”) in the amount of $1.4 million. The Company accounted for the PPP Loan as a debt instrument in accordance with FASB ASC 470, Debt. Under the terms of the PPP Loan, the Company was eligible for full or partial loan forgiveness. During the three months ended March 31, 2021, the Company received full forgiveness of the PPP Loan and recognized a $1.4 million gain on extinguishment and forgiveness of debt as other income in the unaudited interim consolidated statements of operations.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company’s significant accounting policies are described in Note 2 to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. There have been no significant changes in the Company’s accounting policies during the first quarter of 2021. Recent Accounting Pronouncements There have been no recent accounting pronouncements not yet adopted by the Company which would have a material impact on the Company’s financial statements. Income Taxes Fair Value Measurement Measurement of Credit Losses on Financial Instrument

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	3. FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value standard also establishes a three level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: • Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. • Level 2 - inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. • Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. On January 22, 2019, Pioneer Critical Power, Inc., a Delaware corporation, and a wholly-owned subsidiary of the Company within the T&D Solutions segment, entered into an Agreement and Plan of Merger with CleanSpark and CleanSpark Acquisition, Inc., a Delaware corporation, which resulted in the Company receiving financial instruments that included the right to receive (i) 175,000 shares of CleanSpark Common Stock (“CleanSpark Common Stock”), (ii) a five-year warrant to purchase 50,000 shares of CleanSpark Common Stock at an exercise price of $16.00 per share, and (iii) a five-year warrant to purchase 50,000 shares of CleanSpark Common Stock at an exercise price of $20.00 per share. The share quantities and exercise prices of warrants reflect the 10:1 reverse stock split which was completed by CleanSpark in December 2019. At March 31, 2020, the estimated fair value of the CleanSpark Common Stock and warrants to purchase CleanSpark Common Stock was $324 and an unrealized mark to market loss of $1.1 million was recognized within other expense (income) for the three months ended March 31, 2020. The Company sold all of the CleanSpark Common Stock and warrants to purchase CleanSpark Common Stock it received in connection with the Merger Agreement during the third quarter of 2020. No changes in valuation techniques or inputs occurred during the three months ended March 31, 2021 and 2020. No transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy occurred during the three months ended March 31, 2021 and 2020.

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
REVENUES	4. REVENUES Nature of our products and services Our principal products and services include switchgear and engine-generator controls, complemented by a national field-service network to maintain and repair power generation assets. Products We provide switchgear that helps customers effectively and efficiently manage their electrical power distribution systems to desired specifications. Additionally, we provide our customers with new and used sophisticated power generation equipment intended to ensure smooth, uninterrupted power to operations during times of emergency. Services Power generation systems represent considerable investments that require proper maintenance and service in order to operate reliably during a time of emergency. Our power maintenance programs provide preventative maintenance, repair and support service for our customers’ power generation systems. Our principal source of revenue is derived from sales of products and fees for services. We measure revenue based upon the consideration specified in the customer arrangement, and revenue is recognized when the performance obligations in the customer arrangement are satisfied. A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as, the customer receives the benefit of the performance obligation. Customers typically receive the benefit of our products when the risk of loss or control for the product transfers to the customer and for services as they are performed. Under ASC 606, revenue is recognized when a customer obtains control of promised products or services in an amount that reflects the consideration we expect to receive in exchange for those products or services. To achieve this core principal, the Company applies the following five steps: 1) Identify the contract with a customer A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the products or services to be transferred and identifies the payment terms related to these products or services, (ii) the contract has commercial substance and, (iii) the Company determines that collection of substantially all consideration for products or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. The Company applies judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer, published credit and financial information pertaining to the customer. 2) Identify the performance obligations in the contract Performance obligations promised in a contract are identified based on the products or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the product or service either on its own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the products or services is separately identifiable from other promises in the contract. To the extent a contract includes multiple promised products or services, the Company must apply judgment to determine whether promised products or services are capable of being distinct and distinct in the context of the contract. If these criteria are not met the promised products or services are accounted for as a combined performance obligation. 3) Determine the transaction price The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring products or services to the customer. The customer payments are generally due in 30 days. 4) Allocate the transaction price to performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price basis or cost of the product or service. The Company determines standalone selling price based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. 5) Recognize revenue when or as the Company satisfies a performance obligation The Company satisfies performance obligations either over time or at a point in time. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised product or service to a customer. Revenue from the sale of our switchgear equipment is predominantly recognized at a point in time and substantially all of our revenue from the sale of power generation equipment is recognized at a point in time. Revenues are recognized at the point in time that the customer obtains control of the good which is when it has taken title to the products and has assumed the risks and rewards of ownership specified in the purchase order or sales agreement. Certain sales of highly customized large switchgear equipment are recognized over time when such equipment has no alternative use and the Company has an enforceable right to payment for performance completed to date. Revenue for such agreements is recognized under the input method based on cost incurred relative to the estimated cost expected to be consumed to complete the project. During the three months ended March 31, 2021 the Company recognized $1.2 million of revenue over time and incurred costs of $1.1 million related to a single contract. Additionally, the Company recognized $700 of revenue at a point in time from the sale of our switchgear and power generation equipment during the three months ended March 31, 2021. Service revenues include maintenance contracts that are recognized over time based on the contract term and repair services which are recognized as services are delivered. The following table presents our revenues disaggregated by revenue discipline: Three Months Ended March 31, 2021 2020 Products $ 1,913 $ 3,132 Services 1,589 1,869 Total revenue $ 3,502 $ 5,001 See Note 12 - Business Segment and Geographic Information in Notes to Consolidated Financial Statements in Part I of this Form 10-Q.

OTHER (INCOME) EXPENSE

OTHER (INCOME) EXPENSE	3 Months Ended
	Mar. 31, 2021
Other Income and Expenses [Abstract]
OTHER (INCOME) EXPENSE	5. OTHER (INCOME) EXPENSE Other (income) expense in the unaudited interim consolidated statements of operations reports certain gains and losses associated with activities not directly related to our core operations. For the three months ended March 31, 2021, other income was $1.3 million, as compared to other expense of $1.3 million during the three months ended March 31, 2020. For the three months ended March 31, 2021, included in other income was a gain of $1.4 million for the extinguishment and forgiveness of the PPP Loan. For the three months ended March 31, 2020, included in other expense was a loss of $1.1 million related to the mark to market adjustment on the fair value of the CleanSpark Common Stock and warrants.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
INVENTORIES	6. INVENTORIES The components of inventories are summarized below: March 31, December 31, 2021 2020 Raw materials $ 1,719 $ 1,719 Work in process 2,225 1,420 Provision for excess and obsolete inventory (761 ) (736 ) Total inventories $ 3,183 $ 2,403 Inventories are stated at the lower of cost or a net realizable value determined on a weighted average method.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	7. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are summarized below: March 31, December 31, 2021 2020 Machinery and equipment $ 1,176 $ 1,210 Furniture and fixtures 205 205 Computer hardware and software 539 669 Leasehold improvements 313 337 2,233 2,421 Less: Accumulated depreciation (1,839 ) (1,988 ) Total property, plant and equipment, net $ 394 $ 433 Depreciation expense was $37 and $58 for the period ended March 31, 2021 and 2020, respectively.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2021
Other Income and Expenses [Abstract]
OTHER ASSETS	8. OTHER ASSETS Included in other assets at March 31, 2021 and December 31, 2020 are right-of-use assets, net, of $1.3 million and $1.5 million, respectively, related to our lease obligations. As a result of the Company entering into that certain Stock Purchase Agreement (the “Stock Purchase Agreement”), by and among the Company, Electrogroup Canada, Inc., a wholly owned subsidiary of the Company (“Electrogroup”), Jefferson Electric, Inc., a wholly owned subsidiary of the Company (“Jefferson”), JE Mexican Holdings, Inc., a wholly owned subsidiary of the Company (“JE Mexico”), Nathan Mazurek (Chief Executive Officer of the Company), Pioneer Transformers L.P. (the “US Buyer”) and Pioneer Acquireco ULC (the “Canadian Buyer”) on June 28, 2019, in connection with our sale of (i) all of the issued and outstanding equity interests of Electrogroup to the Canadian Buyer and (ii) all of the issued and outstanding equity interests of Jefferson and JE Mexico to the US Buyer (the “Equity Transaction”), for a purchase price of $68.0 million, on August 16, 2019 we received two subordinated promissory notes in the aggregate principal amount of $5.0 million and $2.5 million, for a total aggregate principal amount of $7.5 million (the “Seller Notes”) , subject to certain adjustments. The Seller Notes accrue interest at a rate of 4.0% per annum, with a final payment of all unpaid principal and interest becoming fully due and payable at December 31, 2022. The Company determined the fair value of the Seller Notes based on market conditions and prevailing interest rates. During the fourth quarter of 2019, the Company and the Buyer, pursuant to the Stock Purchase Agreement, completed the net working capital adjustment, which resulted in the Company paying the Buyer $1.8 million in cash and reducing the principal amount of the $5.0 million Seller Note to $3.2 million. Other assets are summarized below: March 31, December 31, 2021 2020 Right of use assets $ 1,267 $ 1,505 Notes receivable, net 5,457 5,350 Deposits 15 15 Other long-term receivables — 28 Other assets $ 6,739 $ 6,898

DEBT

DEBT	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
DEBT	9. DEBT On March 27, 2020, then President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.” The CARES Act, among other things, appropriates funds for the SBA Paycheck Protection Program loans that are forgivable in certain situations to promote continued employment. On April 13, 2020 after having determined that it met the qualifications for this loan program due to the impact that COVID-19 would have on our financial condition, results of operations, and/or liquidity and applying for relief, the Company received a loan under the SBA Paycheck Protection Program in the amount of $1.4 million. The Company made this assertion in good faith based upon all available guidance and accounted for the PPP Loan as a debt instrument in accordance with FASB ASC 470, Debt. The Company used the proceeds from the PPP Loan to retain employees, maintain payroll and make lease, rent and utility payments. Under the terms of the PPP Loan, the Company was eligible for full or partial loan forgiveness. During the three months ended March 31, 2021, the Company received full forgiveness of the PPP Loan and recognized a $1.4 million gain on extinguishment and forgiveness of debt in other income (see Note 5 - Other (Income) Expense). At December 31, 2020, $633 of principal payments due were recorded as long-term debt and $780 as current debt in accordance with the enactment of the Paycheck Protection Program Flexibility Act of 2020. March 31, December 31, 2021 2020 PPP Loan $ — $ 1,413 Less: current portion — 780 Total long-term obligations $ — $ 633

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	10. STOCKHOLDERS’ EQUITY Common Stock The Company had 8,726,045 shares of common stock, $0.001 par value per share, outstanding as of March 31, 2021 and December 31, 2020. Stock-Based Compensation A summary of stock option activity under the 2011 Long-Term Incentive Plan as of March 31, 2021, and changes during the three months ended March 31, 2021, are presented below: Stock Options Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value Outstanding as of January 1, 2021 440,400 $ 6.58 5.80 $ 155 Granted — — Exercised — — Forfeited (3,400 ) 12.00 Outstanding as of March 31, 2021 437,000 $ 6.54 5.60 $ 236 Exercisable as of March 31, 2021 437,000 $ 6.54 5.60 $ 236 As of March 31, 2021, there were 236,667 shares available for future grants under the Company’s 2011 Long-Term Incentive Plan. Stock-based compensation expense recorded for the three months ended March 31, 2021 amounted to $33, while such expense in 2020 was insignificant. At March 31, 2021, the Company had no stock-based compensation expense remaining to be recognized in the consolidated statements of operations.

BASIC AND DILUTED INCOME (LOSS)

BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE	3 Months Ended
	Mar. 31, 2021
Earnings (loss) per share:
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE	11. BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE Basic and diluted income (loss) per common share is calculated based on the weighted average number of shares outstanding during the period. The Company’s employee and director stock option awards, as well as incremental shares issuable upon exercise of warrants, are not considered in the calculations if the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except per share data): Three Months Ended March 31, 2021 2020 Numerator: Net income (loss) $ 351 $ (2,921 ) Denominator: Weighted average basic shares outstanding 8,726 8,726 Effect of dilutive securities - equity based compensation plans 63 — Denominator for diluted net income (loss) per common share 8,789 8,726 Net income (loss) per common share: Basic $ 0.04 $ (0.33 ) Diluted $ 0.04 $ (0.33 )

BUSINESS SEGMENT AND GEOGRAPHIC

BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION	12. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION The Company follows ASC 280 - Segment Reporting in determining its reportable segments. The Company considered the way its management team, most notably its chief operating decision maker, makes operating decisions and assesses performance and considered which components of the Company’s enterprise have discrete financial information available. As the Company makes decisions using a manufactured products vs. distributed products and services group focus, its analysis resulted in two reportable segments: T&D Solutions and Critical Power. The Critical Power reportable segment is the Company’s Titan Energy Systems, Inc. business unit. The T&D Solutions reportable segment is the Company’s Pioneer Custom Electrical Products Corp. business unit, together with sales and expenses attributable to the strategic sales group for its T&D Solutions marketing activities. The T&D Solutions segment is involved in the design, manufacture and distribution of switchgear used primarily by large industrial and commercial operations to manage their electrical power distribution needs. The Critical Power segment provides new and used power generation equipment and aftermarket field-services primarily to help customers ensure smooth, uninterrupted power to operations during times of emergency. The following tables present information about segment income and loss: Three Months Ended March 31, 2021 2020 Revenues T&D Solutions Switchgear $ 1,387 $ 2,877 $ 1,387 $ 2,877 Critical Power Solutions Equipment 526 255 Service 1,589 1,869 2,115 2,124 Consolidated $ 3,502 $ 5,001 Three Months Ended March 31, 2021 2020 Depreciation and amortization T&D Solutions $ 18 $ 34 Critical Power Solutions 119 79 Unallocated corporate overhead expenses 7 9 Consolidated $ 144 $ 122 Three Months Ended March 31, 2021 2020 Operating loss T&D Solutions $ (439 ) $ (777 ) Critical Power Solutions (84 ) (200 ) Unallocated corporate overhead expenses (583 ) (770 ) Consolidated $ (1,106 ) $ (1,747 ) Revenues are attributable to countries based on the location of the Company’s customers: Three Months Ended March 31, 2021 2020 Revenues United States $ 3,502 $ 5,001

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements There have been no recent accounting pronouncements not yet adopted by the Company which would have a material impact on the Company’s financial statements. Income Taxes Fair Value Measurement Measurement of Credit Losses on Financial Instrument

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of reconciliation of cash and restricted cash	The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim consolidated statement of cash flows: March 31, December 31, 2021 2020 Cash $ 4,733 $ 7,567 Restricted cash 1,775 — Total cash and restricted cash as shown in the statement of cash flows $ 6,508 $ 7,567

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Schedule of revenues disaggregated by revenue discipline	The following table presents our revenues disaggregated by revenue discipline: Three Months Ended March 31, 2021 2020 Products $ 1,913 $ 3,132 Services 1,589 1,869 Total revenue $ 3,502 $ 5,001

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of the components of inventories	The components of inventories are summarized below: March 31, December 31, 2021 2020 Raw materials $ 1,719 $ 1,719 Work in process 2,225 1,420 Provision for excess and obsolete inventory (761 ) (736 ) Total inventories $ 3,183 $ 2,403

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment	Property, plant and equipment are summarized below: March 31, December 31, 2021 2020 Machinery and equipment $ 1,176 $ 1,210 Furniture and fixtures 205 205 Computer hardware and software 539 669 Leasehold improvements 313 337 2,233 2,421 Less: Accumulated depreciation (1,839 ) (1,988 ) Total property, plant and equipment, net $ 394 $ 433

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2021
Other Assets [Abstract]
Schedule of other assets	Other assets are summarized below: March 31, December 31, 2021 2020 Right of use assets $ 1,267 $ 1,505 Notes receivable, net 5,457 5,350 Deposits 15 15 Other long-term receivables — 28 Other assets $ 6,739 $ 6,898

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of debt	March 31, December 31, 2021 2020 PPP Loan $ — $ 1,413 Less: current portion — 780 Total long-term obligations $ — $ 633

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of stock option activity under the 2011 Long-Term Incentive Plan	A summary of stock option activity under the 2011 Long-Term Incentive Plan as of March 31, 2021, and changes during the three months ended March 31, 2021, are presented below: Stock Options Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value Outstanding as of January 1, 2021 440,400 $ 6.58 5.80 $ 155 Granted — — Exercised — — Forfeited (3,400 ) 12.00 Outstanding as of March 31, 2021 437,000 $ 6.54 5.60 $ 236 Exercisable as of March 31, 2021 437,000 $ 6.54 5.60 $ 236

BASIC AND DILUTED LOSS PER COMM

BASIC AND DILUTED LOSS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings (loss) per share:
Schedule of computation of basic and diluted loss per share	The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except per share data): Three Months Ended March 31, 2021 2020 Numerator: Net income (loss) $ 351 $ (2,921 ) Denominator: Weighted average basic shares outstanding 8,726 8,726 Effect of dilutive securities - equity based compensation plans 63 — Denominator for diluted net income (loss) per common share 8,789 8,726 Net income (loss) per common share: Basic $ 0.04 $ (0.33 ) Diluted $ 0.04 $ (0.33 )

BUSINESS SEGMENT, GEOGRAPHIC AN

BUSINESS SEGMENT, GEOGRAPHIC AND CUSTOMER INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of information about segment income and loss and segment assets	The following tables present information about segment income and loss: Three Months Ended March 31, 2021 2020 Revenues T&D Solutions Switchgear $ 1,387 $ 2,877 $ 1,387 $ 2,877 Critical Power Solutions Equipment 526 255 Service 1,589 1,869 2,115 2,124 Consolidated $ 3,502 $ 5,001 Three Months Ended March 31, 2021 2020 Depreciation and amortization T&D Solutions $ 18 $ 34 Critical Power Solutions 119 79 Unallocated corporate overhead expenses 7 9 Consolidated $ 144 $ 122 Three Months Ended March 31, 2021 2020 Operating loss T&D Solutions $ (439 ) $ (777 ) Critical Power Solutions (84 ) (200 ) Unallocated corporate overhead expenses (583 ) (770 ) Consolidated $ (1,106 ) $ (1,747 )
Schedule of revenues attributable to countries	Revenues are attributable to countries based on the location of the Company’s customers: Three Months Ended March 31, 2021 2020 Revenues United States $ 3,502 $ 5,001

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash	$ 4,733	$ 7,567
Restricted cash	1,775
Total cash and restricted cash as shown in the statement of cash flows	$ 6,508	$ 7,567	$ 6,758	$ 8,213

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)Number	Apr. 13, 2020USD ($)
Number of additional locations | Number	3
Number of reportable segments | Number	2
Working capital	$ 8,300
Cash and cash equivalents	4,733
Irrevocable standby letter of credit	1,800
Restricted cash	1,775
PPP Loan [Member]
Loan face value		$ 1,400
Gain on extinguishment of debt	$ 1,400

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details Narrative) - CleanSpark [Member] - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2019	Mar. 31, 2021	Mar. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mark to market adjustment			$ (1,100)
Warrant 1 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant term		5 years
Number of shares called by warrant		50,000
Warrant exercise price		$ 16
Warrant 2 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant term		5 years
Number of shares called by warrant		50,000
Warrant exercise price		$ 20
Common Stock [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of shares converted		175,000
Reverse stock split	10:1 reverse stock split
Estimated fair value			324
Common Stock [Member] | Other Expense (Income) [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mark to market adjustment			$ (1,100)

REVENUES (Details)

REVENUES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Total Revenue	$ 3,502	$ 5,001
Products [Member]
Total Revenue	1,913	3,132
Services [Member]
Total Revenue	$ 1,589	$ 1,869

REVENUES (Details Narrative)

REVENUES (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Contract costs incurred	$ 1,100
Transferred Over Time [Member]
Revenue	1,200
Transferred At Point In Time [Member]
Revenue	$ 700

OTHER (INCOME) EXPENSE (Details

OTHER (INCOME) EXPENSE (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other (income) expense	$ (1,343)	$ 1,281
CleanSpark [Member]
Mark to market adjustment		$ (1,100)
PPP Loan [Member]
Gain on extinguishment of debt	$ 1,400

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 1,719	$ 1,719
Work in process	2,225	1,420
Provision for excess and obsolete inventory	(761)	(736)
Total inventories	$ 3,183	$ 2,403

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 2,233	$ 2,421
Less: Accumulated depreciation	(1,839)	(1,988)
Total property, plant and equipment, net	394	433
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1,176	1,210
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	205	205
Computer Hardware And Software [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	539	669
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 313	$ 337

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 37	$ 58

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Assets [Abstract]
Right of use assets	$ 1,267	$ 1,505
Notes receivable, net	5,457	5,350
Deposits	15	15
Other long-term receivables		28
Other assets	$ 6,739	$ 6,898

OTHER ASSETS (Details Narrative

OTHER ASSETS (Details Narrative) - USD ($) $ in Thousands	Jun. 28, 2019	Mar. 31, 2021	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2020	Aug. 16, 2019
Right of use assets		$ 1,267			$ 1,505
Carrying value of note		$ 5,457			$ 5,350
Transformer Business Units [Member]
Purchase price of divestiture	$ 68,000
Transformer Business Units [Member] | Subordinated Promissory Notes [Member]
Principal amount						$ 7,500
Interest rate		4.00%
Maturity date		Dec. 31, 2022
Cash payment for promissory note				$ 1,800
Revaluation of note		$ 107
Carrying value of note		$ 5,500
Change in note receivable			$ 194
Transformer Business Units [Member] | Subordinated Promissory Notes [Member] | First Seller Note [Member]
Principal amount				$ 3,200		5,000
Transformer Business Units [Member] | Subordinated Promissory Notes [Member] | Second Seller Note [Member]
Principal amount						$ 2,500

DEBT (Details)

DEBT (Details) $ in Thousands	Dec. 31, 2020USD ($)
Less: current portion	$ 780
Total long-term obligations	633
PPP Loan [Member]
PPP Loan	1,413
Less: current portion	780
Total long-term obligations	$ 633

DEBT (Details Narrative)

DEBT (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Apr. 13, 2020
Long-term debt		$ 633
PPP Loan [Member]
Loan face value			$ 1,400
Long-term debt		633
Current debt		$ 780
Gain on extinguishment	$ 1,400

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - Long-Term Incentive Plan [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Stock options
Outstanding at beginning of period | shares	440,400
Forfeited | shares	(3,400)
Outstanding at end of period | shares	437,000
Exercisable at end of period | shares	437,000
Weighted average exercise price
Outstanding at beginning of period | $ / shares	$ 6.58
Forfeited | $ / shares	12
Outstanding at end of period | $ / shares	6.54
Exercisable at end of period | $ / shares	$ 6.54
Weighted average remaining contractual term
Outstanding at beginning of period	5 years 9 months 18 days
Outstanding at end of period	5 years 7 months 6 days
Exercisable at the end of period	5 years 7 months 6 days
Aggregate intrinsic value
Outstanding at beginning of period | $	$ 155
Outstanding at end of period | $	236
Exercisable at end of period | $	$ 236

STOCKHOLDERS' EQUITY (Details N

STOCKHOLDERS' EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Common stock, outstanding shares	8,726,045		8,726,045
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001
Stock-based compensation not yet recognized	$ 0
Stock-based compensation	$ 33	$ 2
Long-Term Incentive Plan [Member]
Number of shares available for future grants	236,667

BASIC AND DILUTED INCOME (LOS_2

BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income (loss)	$ 351	$ (2,921)
Denominator:
Weighted average basic shares outstanding	8,726	8,726
Effect of dilutive securities - equity based compensation plans	63
Denominator for diluted net income (loss) per common share	8,789	8,726
Net income (loss) per common share:
Basic	$ 0.04	$ (0.33)
Diluted	$ 0.04	$ (0.33)

BUSINESS SEGMENT AND GEOGRAPH_2

BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 3,502	$ 5,001
Depreciation and Amortization	144	122
Operating Loss	(1,106)	(1,747)
Services [Member]
Segment Reporting Information [Line Items]
Revenues	1,589	1,869
Operating Segments [Member] | T&D Solutions [Member]
Segment Reporting Information [Line Items]
Revenues	1,387	2,877
Depreciation and Amortization	18	34
Operating Loss	(439)	(777)
Operating Segments [Member] | T&D Solutions [Member] | Switchgear [Member]
Segment Reporting Information [Line Items]
Revenues	1,387	2,877
Operating Segments [Member] | Critical Power Segment [Member]
Segment Reporting Information [Line Items]
Revenues	2,115	2,124
Depreciation and Amortization	119	79
Operating Loss	(84)	(200)
Operating Segments [Member] | Critical Power Segment [Member] | Equipment [Member]
Segment Reporting Information [Line Items]
Revenues	526	255
Operating Segments [Member] | Critical Power Segment [Member] | Services [Member]
Segment Reporting Information [Line Items]
Revenues	1,589	1,869
Unallocated Corporate Overhead Expenses [Member]
Segment Reporting Information [Line Items]
Depreciation and Amortization	7	9
Operating Loss	$ (583)	$ (770)

BUSINESS SEGMENT AND GEOGRAPH_3

BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues	$ 3,502	$ 5,001
United States [Member]
Revenues	$ 3,502	$ 5,001

BUSINESS SEGMENT AND GEOGRAPH_4

BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION (Details Narrative)	3 Months Ended
	Mar. 31, 2021Number
Segment Reporting [Abstract]
Number of reportable segments	2