Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 13, 2018 | Jun. 30, 2017 | |
Entity Registrant Name | Genie Energy Ltd. | ||
Entity Central Index Key | 1,528,356 | ||
Trading Symbol | GNE | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 122 | ||
Class A common stock | |||
Entity Common Stock, Shares Outstanding | 1,574,326 | ||
Class B common stock | |||
Entity Common Stock, Shares Outstanding | 23,294,886 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 29,913 | $ 35,192 |
Restricted cash - short-term | 518 | 10,813 |
Trade accounts receivable, net of allowance for doubtful accounts of $1,099 and $171 at December 31, 2017 and 2016, respectively | 44,629 | 36,858 |
Inventory | 3,986 | 5,989 |
Prepaid expenses | 6,131 | 4,026 |
Other current assets | 4,985 | 4,932 |
TOTAL CURRENT ASSETS | 90,162 | 97,810 |
Property and equipment, net | 4,020 | 1,617 |
Goodwill | 9,998 | 8,728 |
Other intangibles, net | 4,859 | 4,277 |
Investment in joint venture | 3,450 | |
Restricted cash - long-term | 1,496 | 1,047 |
Deferred income tax assets, net | 2,141 | 1,781 |
Other assets | 9,652 | 6,553 |
TOTAL ASSETS | 125,778 | 121,813 |
CURRENT LIABILITIES: | ||
Revolving line of credit | 711 | |
Trade accounts payable | 21,068 | 17,274 |
Accrued expenses | 28,069 | 16,301 |
Income taxes payable | 2,204 | 2,426 |
Due to IDT Corporation | 228 | 141 |
Other current liabilities | 3,172 | 4,292 |
TOTAL CURRENT LIABILITIES | 54,741 | 41,145 |
Revolving line of credit | 2,513 | |
Other liabilities | 1,396 | 803 |
TOTAL LIABILITIES | 58,650 | 41,948 |
Commitments and contingencies (Note 15 and Note 16) | ||
Genie Energy Ltd. Stockholders' equity: | ||
Preferred stock, $.01 par value; authorized shares - 10,000: Series 2012-A, designated shares - 8,750; at liquidation preference, consisting of 2,322 shares issued and outstanding at December 31, 2017 and 2016 | 19,743 | 19,743 |
Additional paid-in capital | 130,870 | 128,243 |
Treasury stock, at cost, consisting of 331 and 201 shares of Class B common at December 31, 2017 and 2016, respectively | (2,428) | (1,599) |
Accumulated other comprehensive income | 3,045 | 1,465 |
Accumulated deficit | (67,469) | (51,567) |
Total Genie Energy Ltd. stockholders' equity | 84,013 | 96,534 |
Noncontrolling interests: | ||
Noncontrolling interests | (16,885) | (15,002) |
Receivable for issuance of equity | (1,667) | |
Total noncontrolling interests | (16,885) | (16,669) |
TOTAL EQUITY | 67,128 | 79,865 |
TOTAL LIABILITIES AND EQUITY | 125,778 | 121,813 |
Class A common stock | ||
Genie Energy Ltd. Stockholders' equity: | ||
Common stock, value | 16 | 16 |
Noncontrolling interests: | ||
TOTAL EQUITY | 16 | 16 |
Class B common stock | ||
Genie Energy Ltd. Stockholders' equity: | ||
Common stock, value | 236 | 233 |
Noncontrolling interests: | ||
TOTAL EQUITY | $ 236 | $ 233 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts, trade accounts receivable (in dollars) | $ 1,099 | $ 171 |
Preferred stock, par value (In dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Series 2012-A Preferred Stock | ||
Designated shares | 8,750 | 8,750 |
Preferred stock, shares issued | 2,322 | 2,322 |
Preferred stock, shares outstanding | 2,322 | 2,322 |
Class A common stock | ||
Common stock, par value (In dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 35,000 | 35,000 |
Common stock, shares issued | 1,574 | 1,574 |
Common stock, shares outstanding | 1,574 | 1,574 |
Class B common stock | ||
Common stock, par value (In dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 23,601 | 23,274 |
Common stock, shares outstanding | 23,270 | 23,073 |
Treasury stock, shares | 331 | 201 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
REVENUES: | ||||
Electricity | $ 222,171 | $ 179,467 | $ 170,283 | |
Natural gas | 40,098 | 31,031 | 40,757 | |
Other | 1,933 | 1,614 | 2,016 | |
Total revenues | 264,202 | 212,112 | 213,056 | |
Cost of revenues | 178,693 | 135,172 | 146,409 | |
GROSS PROFIT | 85,509 | 76,940 | 66,647 | |
OPERATING EXPENSES, (GAINS) AND LOSSES: | ||||
Selling, general and administrative | [1] | 80,122 | 61,569 | 66,011 |
Research and development | (269) | 1,985 | ||
Exploration | 4,879 | 6,088 | 6,583 | |
Write-off of capitalized exploration costs | 6,483 | 41,041 | ||
Other operating loss, net | 64 | |||
Gain on consolidation of AMSO, LLC | (1,262) | |||
Equity in the net loss of joint ventures | 565 | 222 | 397 | |
Loss from operations | (6,540) | (30,513) | (8,329) | |
Interest income | 295 | 332 | 411 | |
Interest expense | (310) | (19) | (10) | |
Other (expense) income, net | (367) | 226 | (183) | |
Loss before income taxes | (6,922) | (29,974) | (8,111) | |
Provision for income taxes | (1,726) | (2,218) | (525) | |
NET LOSS | (8,648) | (32,192) | (8,636) | |
Net loss attributable to noncontrolling interests | 1,654 | 7,667 | 1,179 | |
NET LOSS ATTRIBUTABLE TO GENIE ENERGY LTD. | (6,994) | (24,525) | (7,457) | |
Dividends on preferred stock | (1,481) | (1,481) | (1,481) | |
NET LOSS ATTRIBUTABLE TO GENIE ENERGY LTD. COMMON STOCKHOLDERS | $ (8,475) | $ (26,006) | $ (8,938) | |
Basic and diluted loss per share attributable to Genie Energy Ltd. common stockholders | $ (0.36) | $ (1.14) | $ (0.40) | |
Weighted-average number of shares used in calculation of basic and diluted loss per share | 23,531 | 22,804 | 22,135 | |
[1] | Stock-based compensation included in selling, general and administrative expenses |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statements of Operations [Abstract] | |||
Stock-based compensation included in selling, general and administrative expenses | $ 5,213 | $ 4,813 | $ 5,229 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statements of Comprehensive (Loss) Income [Abstract] | |||
NET LOSS | $ (8,648) | $ (32,192) | $ (8,636) |
Other comprehensive income: | |||
Foreign currency translation adjustments | 917 | 1,349 | 142 |
COMPREHENSIVE LOSS | (7,731) | (30,843) | (8,494) |
Comprehensive loss attributable to noncontrolling interests | 2,317 | 7,629 | 1,181 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO GENIE ENERGY LTD. | $ (5,414) | $ (23,214) | $ (7,313) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Class A common stock | Class B common stock | Preferred Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income | Accumulated Deficit | Noncontrolling Interests | Receivable for issuance of equity |
Beginning Balance at Dec. 31, 2014 | $ 119,343 | $ 16 | $ 232 | $ 19,743 | $ 114,322 | $ (1,543) | $ 10 | $ (7,759) | $ (4,678) | $ (1,000) |
Beginning Balance, Shares at Dec. 31, 2014 | 1,574 | 23,178 | 2,322 | |||||||
Dividends on preferred stock | (1,481) | (1,481) | ||||||||
Dividends on common stock | (2,950) | (2,950) | ||||||||
Restricted Class B common stock purchased from employees | (27) | (27) | ||||||||
Stock-based compensation | 5,095 | 5,095 | ||||||||
Restricted stock issued to employees and directors | ||||||||||
Restricted stock issued to employees and directors, Shares | 36 | |||||||||
Exercise of stock options | 174 | 174 | ||||||||
Exercise of stock options, Shares | 25 | |||||||||
Class B common stock issued for GRE deferred stock units | ||||||||||
Exercise of GOGAS stock option | 2,500 | 5,979 | (979) | (2,500) | ||||||
Collection of receivables for issuance of equity | 1,912 | 79 | 1,833 | |||||||
Subsidiary equity grant reclassified to liability | (1,200) | (1,200) | ||||||||
Payment for option to purchase noncontrolling interests | (175) | (175) | ||||||||
Other comprehensive income | 142 | 144 | (2) | |||||||
Net loss for the year ended | (8,636) | (7,457) | (1,179) | |||||||
Ending Balance at Dec. 31, 2015 | 114,697 | $ 16 | $ 232 | $ 19,743 | 124,449 | (1,570) | 154 | (19,647) | (7,013) | (1,667) |
Ending Balance, Shares at Dec. 31, 2015 | 1,574 | 23,239 | 2,322 | |||||||
Dividends on preferred stock | (1,481) | (1,481) | ||||||||
Dividends on common stock | (5,914) | (5,914) | ||||||||
Restricted Class B common stock purchased from employees | (29) | (29) | ||||||||
Stock-based compensation | 4,122 | 4,122 | ||||||||
Restricted stock issued to employees and directors | 1 | $ 1 | ||||||||
Restricted stock issued to employees and directors, Shares | 35 | |||||||||
Class B common stock issued for GRE deferred stock units | ||||||||||
Sale of equity of subsidiary | 1,000 | 1,360 | (360) | |||||||
Subsidiary equity grant reclassified to liability | (1,688) | (1,688) | ||||||||
Other comprehensive income | 1,349 | 1,311 | 38 | |||||||
Net loss for the year ended | (32,192) | (24,525) | (7,667) | |||||||
Ending Balance at Dec. 31, 2016 | 79,865 | $ 16 | $ 233 | $ 19,743 | 128,243 | (1,599) | 1,465 | (51,567) | (15,002) | (1,667) |
Ending Balance, Shares at Dec. 31, 2016 | 1,574 | 23,274 | 2,322 | |||||||
Dividends on preferred stock | (1,481) | (1,481) | ||||||||
Dividends on common stock | (7,427) | (7,427) | ||||||||
Restricted Class B common stock purchased from employees | (829) | (829) | ||||||||
Stock-based compensation | 3,090 | $ 3,090 | ||||||||
Stock-based compensation, Shares | 24 | |||||||||
Exercise of stock options | 108 | $ 108 | ||||||||
Exercise of stock options, Shares | 16 | |||||||||
Purchases of equity of subsidiary | (312) | (746) | 434 | |||||||
Class B common stock issued for GRE deferred stock units | 1,845 | |||||||||
Class B common stock issued for GRE deferred stock units, Shares | 287 | |||||||||
Receivable for issuance of equity of subsidiary written-off | (1,667) | 1,667 | ||||||||
Other comprehensive income | 917 | 1,580 | (663) | |||||||
Net loss for the year ended | (8,648) | (6,994) | (1,654) | |||||||
Ending Balance at Dec. 31, 2017 | $ 67,128 | $ 16 | $ 236 | $ 19,743 | $ 130,870 | $ (2,428) | $ 3,045 | $ (67,469) | $ (16,885) | |
Ending Balance, Shares at Dec. 31, 2017 | 1,574 | 23,601 | 2,322 |
Consolidated Statements of Equ8
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends on common stock | $ 0.30 | $ 0.24 | $ 0.12 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Net loss | $ (8,648) | $ (32,192) | $ (8,636) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 2,140 | 581 | 428 |
Deferred income taxes | (360) | (139) | (180) |
Provision for doubtful accounts receivable | 762 | 8 | (29) |
Stock-based compensation | 5,213 | 4,813 | 5,229 |
Loss on disposal of property | 25 | 156 | |
Gain from repayment of revolving credit loan payable | (200) | ||
Write-off of capitalized exploration costs | 6,483 | 41,041 | |
Gain on consolidation of AMSO, LLC | (1,262) | ||
Equity in the net loss of joint ventures | 565 | 222 | 397 |
Change in assets and liabilities, net of effect of acquisition: | |||
Restricted cash | (93) | 905 | (1,062) |
Trade accounts receivable | (8,024) | (6,030) | 4,234 |
Inventory | 2,003 | 5,737 | (274) |
Prepaid expenses | (2,027) | 7,539 | (5,615) |
Other current assets and other assets | (3,703) | 2,863 | (2,346) |
Trade accounts payable, accrued expenses and other current liabilities | 15,110 | (9,566) | 4,341 |
Due to IDT Corporation | 88 | (298) | (104) |
Income taxes payable | (222) | 1,503 | 380 |
Net cash provided by (used in) operating activities | 9,287 | 15,550 | (3,081) |
INVESTING ACTIVITIES | |||
Capital expenditures | (3,292) | (586) | (324) |
Investments in capitalized exploration costs - unproved oil and gas property | (5,531) | (12,884) | (26,969) |
Proceeds from disposal of property | 27 | ||
Cash acquired from consolidation of AMSO, LLC | 702 | ||
Capital contribution to AMSO, LLC received from Total | 3,000 | ||
Capital contributions to AMSO, LLC | (63) | (250) | |
Payment for acquisition, net of cash acquired | (4,180) | (8,700) | |
Repayment of notes receivable | 445 | 50 | 50 |
Investment in joint venture | (3,970) | ||
Purchases of certificates of deposit | (2,974) | (8,820) | |
Proceeds from maturities of certificates of deposit | 11,900 | 4,688 | |
Net cash used in investing activities | (16,528) | (9,528) | (31,625) |
FINANCING ACTIVITIES | |||
Dividends paid | (8,908) | (7,395) | (4,431) |
Purchases of equity of subsidiary | (312) | ||
Payment for acquisitions | (227) | (358) | |
Proceeds from revolving line of credit and loan payable | 14,450 | 3,650 | 2,000 |
Repayment of revolving line of credit and loan payable | (12,655) | (6,690) | |
Decrease in restricted cash | 10,000 | ||
Proceeds from exercise of stock options | 108 | 174 | |
Proceeds from sales of equity of subsidiaries | 1,000 | 2,500 | |
Collection of receivables for issuance of equity | 1,912 | ||
Payment for option to purchase noncontrolling interests | (175) | ||
Repurchases of Class B common stock | (829) | (29) | (27) |
Net cash provided by (used in) financing activities | 1,854 | (9,691) | 1,595 |
Effect of exchange rate changes on cash and cash equivalents | 108 | 75 | 2 |
Net decrease in cash and cash equivalents | (5,279) | (3,594) | (33,109) |
Cash and cash equivalents at beginning of period | 35,192 | 38,786 | 71,895 |
Cash and cash equivalents at end of period | 29,913 | 35,192 | 38,786 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash payments made for interest | 310 | 19 | 10 |
Cash payments made for income taxes | 2 | 745 | 49 |
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING AND INVESTING ACTIVITIES | |||
Class B common stock issued for GRE deferred stock units | 1,845 | ||
Receivable for issuance of equity written-off | 1,667 | ||
Subsidiary equity grant reclassified to liability | 1,688 | 1,200 | |
Liability incurred for acquisition | 312 | ||
Receivables for issuance of equity of subsidiaries | $ 2,500 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Note 1 — Description of Business and Summary of Significant Accounting Policies Description of Business Genie Energy Ltd. (“Genie”), a Delaware corporation, was incorporated in January 2011. Genie owns 99.3% of its subsidiary, Genie Energy International Corporation (“GEIC”), which owns 100% of Genie Retail Energy (“GRE”) and 92% of Genie Oil and Gas, Inc. (“GOGAS”). The “Company” in these financial statements refers to Genie, Genie Retail Energy and Genie Oil and Gas, and their respective subsidiaries, on a consolidated basis. Genie is comprised of GRE, which owns and operates retail energy providers (“REPs”), including IDT Energy, Inc. (“IDT Energy”), Residents Energy, Inc. (“Residents Energy”), Town Square Energy, and Mirabito Natural Gas (“Mirabito”), and also offers energy brokerage and advisory services. Its REP businesses resell electricity and natural gas to residential and small business customers in the Eastern and Midwestern United States. Genie is also comprised of Genie Oil and Gas, an oil and gas exploration company. GOGAS holds an 86.1% interest in Afek Oil and Gas, Ltd. (“Afek”), an oil and gas exploration project in the Golan Heights in Northern Israel, whose operations have been suspended. GOGAS also holds controlling interests in other inactive oil and gas projects. GRE has outstanding deferred stock units granted to officers and employees that represent an interest of 1.25% of the equity of GRE. Basis of Consolidation The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The consolidated financial statements include the Company’s controlled subsidiaries and the variable interest entity in which the Company is the primary beneficiary (see Note 13). All significant intercompany accounts and transactions between the consolidated entities are eliminated. Accounting for Investments Investments in businesses that the Company does not control, but in which the Company has the ability to exercise significant influence over operating and financial matters, are accounted for using the equity method. The Company periodically evaluates its equity method investments for impairment due to declines considered to be other than temporary. If the Company determines that a decline in fair value is other than temporary, then a charge to earnings is recorded, and a new basis in the investment is established. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. Revenue Recognition Revenues from GRE’s sale of electricity and natural gas are recognized under the accrual method based on deliveries of electricity and natural gas to customers. Revenues from electricity and natural gas delivered but not billed are estimated and recorded as accounts receivable. Cash received in advance from customers under billing arrangement is reported as deferred revenue and is included in “Accrued expenses” in the accompanying consolidated balance sheets. GOGAS does not yet generate revenues. In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard that superseded most of the revenue recognition guidance under U.S. GAAP and International Financial Reporting Standards (“IFRS”). The goals of the revenue recognition project were to clarify and converge the revenue recognition principles under U.S. GAAP and IFRS and to develop guidance that would streamline and enhance revenue recognition requirements. The Company adopted this standard on January 1, 2018 using the modified retrospective method. The Company has substantially completed its evaluation of the effects of adopting the new standard and determined that it will not have any impact on revenue recognition and measurement in its consolidated financial statements upon adoption. Variable quantities in requirements contracts are considered to be options for additional goods and services which follow discussions outlined in the AICPA Power and Utilities Industry Task Force Issue No. 13-2. Revenue for each unit of electricity or natural gas is recognized as it is delivered to the customer. The Company will estimate variable consideration related to its rebate programs using the expected value method and a portfolio approach. The Company expects to apply a practical expedient for expensing costs to obtain a contract as the estimated customer relationship periods are currently less than twelve months. The Company will monitor its customer relationship periods going forward to ensure compliance with the application of the practical expedient. The adoption of the new standard will not have any impact on the Company’s current method of recording accrued rebates. The Company is also currently reviewing future required disclosures, and updating its accounting policy. The Company anticipates completing the implementation in connection with its first quarter 2018 interim financial statements. Cost of Revenues Cost of revenues for GRE consists primarily of the cost of natural gas and electricity sold, and also includes financing fees, scheduling costs, Independent System Operator (“ISO”) fees, pipeline costs and utility service charges. In addition, the changes in the fair value of GRE’s futures contracts, swaps and put and call options are recorded in cost of revenues. GOGAS does not yet incur cost of revenues. Research and Development Costs Research and development costs are charged to expense as incurred. Oil and Gas Exploration Costs The Company accounts for its oil and gas activities under the successful efforts method of accounting. Under this method, the costs of drilling exploratory wells and exploratory-type stratigraphic test wells are capitalized, pending determination of whether the well has found proved reserves. Other exploration costs are charged to expense as incurred. Unproved properties are assessed for impairment, and if considered impaired, are charged to expense when such impairment is deemed to have occurred (see Note 5). Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Inventory Inventory consists of natural gas, which is stored at various third parties’ underground storage facilities, of $1.0 million and $0.6 million at December 31, 2017 and 2016, respectively. Inventory also includes renewable energy credits of $3.0 million and $5.4 million at December 31, 2017 and 2016, respectively. On January 1, 2017, the Company adopted the Accounting Standards Update (“ASU”) that changed the measurement of its natural gas inventory to the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The adoption of this ASU did not have a significant impact on the Company’s consolidated financial statements. Prior to January 1, 2017, the Company’s natural gas inventory was valued at weighted average cost, which was based on the purchase price of the natural gas and the cost to transport, plus or minus injections or withdrawals. Renewable Energy Credits GRE must obtain a certain percentage or amount of its power supply from renewable energy sources in order to meet the requirements of renewable portfolio standards in the states in which it operates. This requirement may be met by obtaining renewable energy credits that provide evidence that electricity has been generated by a qualifying renewable facility or resource. GRE holds renewable energy credits for both sale and use, and treats the credits as a government incentive to encourage the construction of renewable power plants. Renewable energy credits are valued at the lower of cost and market, where cost is the purchase price. Gains and losses from the sale of renewable energy credits are recognized in cost of revenues when the credits are transferred to the buyer. Long-Lived Assets Computer software and development, computers and computer hardware, laboratory and drilling equipment and office equipment and other are recorded at cost and are depreciated on a straight-line basis over their estimated useful lives, which range as follows: computer software and development — 2, 3 or 5 years; computers and computer hardware — 5 years, laboratory and drilling equipment — 7 years, and office equipment and other —5 or 7 years. Leasehold improvements included in office equipment and other are recorded at cost and are depreciated on a straight-line basis over the term of their lease or their estimated useful lives, whichever is shorter. The fair value of patents and trademarks, non-compete agreements and customer relationships acquired in a business combination accounted for under the purchase method are amortized over their estimated useful lives as follows: patents and trademarks are amortized on a straight-line basis over the 20-year period of expected cash flows; non-compete agreements are amortized on a straight-line basis over their 2 year term; and customer relationships are amortized ratably over the 2 or 9 year period of expected cash flows. The Company tests the recoverability of its long-lived assets with finite useful lives whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company tests the recoverability based on the projected undiscounted cash flows to be derived from such asset. If the projected undiscounted future cash flows are less than the carrying value of the asset, the Company will record an impairment loss based on the difference between the estimated fair value and the carrying value of the asset. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows from such asset using an appropriate discount rate. Cash flow projections and fair value estimates require significant estimates and assumptions by management. Should the estimates and assumptions prove to be incorrect, the Company may be required to record impairments in future periods and such impairments could be material. Goodwill and Indefinite Lived Intangible Assets Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. Goodwill and other indefinite lived intangible assets are not amortized. These assets are reviewed annually (or more frequently under various conditions) for impairment using a fair value approach. In 2017, the Company adopted the ASU that simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this ASU, the Company performs its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The Company would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized would not exceed the total amount of goodwill allocated to that reporting unit. Additionally, the Company considers income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The fair value of the reporting unit is estimated using discounted cash flow methodologies, as well as considering third party market value indicators. Calculating the fair value of the reporting units requires significant estimates and assumptions by management. Should the estimates and assumptions regarding the fair value of the reporting units prove to be incorrect, the Company may be required to record impairments to its goodwill in future periods and such impairments could be material. The Company has the option to perform a qualitative assessment to determine whether it is necessary to perform the quantitative goodwill impairment test. However, the Company may elect to perform the quantitative goodwill impairment test even if no indications of a potential impairment exist. For the impairment test of the Company’s indefinite-lived intangible assets, a quantitative impairment test is only necessary if the Company determines that it is more likely than not that an indefinite-lived intangible asset is impaired based on an assessment of certain qualitative factors. Derivative Instruments and Hedging Activities The Company records its derivatives instruments at their respective fair values. The accounting for changes in the fair value (that is, gains or losses) of a derivative instrument is dependent upon whether the derivative has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. Due to the volatility of electricity and natural gas prices, GRE enters into futures contracts, swaps and put and call options as hedges against unfavorable fluctuations in market prices of electricity and natural gas and to reduce exposure from price fluctuations. The Company does not designate its derivative instruments to qualify for hedge accounting, accordingly the futures contracts, swaps and put and call options are recorded at fair value as a current asset or liability and any changes in fair value are recorded in “Cost of revenues” in the consolidated statements of operations. In addition to the above, GRE utilizes forward physical delivery contracts for a portion of its purchases of electricity and natural gas, which are defined as commodity derivative contracts. Using the exemption available for qualifying contracts, GRE applies the normal purchase and normal sale accounting treatment to its forward physical delivery contracts, thereby these contracts are not adjusted to fair value. GRE also applies the normal purchase and normal sale accounting treatment to forward contracts for the physical delivery of electricity in nodal energy markets that result in locational marginal pricing charges or credits, since this does not constitute a net settlement, even when legal title to the electricity is conveyed to the ISO during transmission. Accordingly, GRE recognizes revenue from customer sales, and the related cost of revenues, at the contracted price, as electricity and natural gas is delivered to retail customers. Repairs and Maintenance The Company charges the cost of repairs and maintenance, including the cost of replacing minor items not constituting substantial betterment, to selling, general and administrative expense as these costs are incurred. Foreign Currency Translation Assets and liabilities of foreign subsidiaries denominated in foreign currencies are translated to U.S. Dollars at end-of-period rates of exchange, and their monthly results of operations are translated to U.S. Dollars at the average rates of exchange for that month. Gains or losses resulting from such foreign currency translations are recorded in “Accumulated other comprehensive income” in the accompanying consolidated balance sheets. Foreign currency transaction gains and losses are reported in “Other (expense) income, net” in the accompanying consolidated statements of operations. Advertising Expense Cost of advertising for customer acquisitions are charged to selling, general and administrative expense in the period in which it is incurred. Most of the advertisements are in print, over the radio, or direct mail. In the years ended December 31, 2017, 2016 and 2015, advertising expense included in selling, general and administrative expense was $2.1 million, $1.4 million and $0.9 million, respectively. Income Taxes The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in its assessment of a valuation allowance. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of such change. The Company uses a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return. The Company determines whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company presumes that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. Tax positions that meet the more-likely-than-not recognition threshold are measured to determine the amount of tax benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in one or more of the following: an increase in a liability for income taxes payable, a reduction of an income tax refund receivable, a reduction in a deferred tax asset, or an increase in a deferred tax liability. The Company classifies interest and penalties on income taxes as a component of income tax expense. Contingencies The Company accrues for loss contingencies when both (a) information available prior to issuance of the financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (b) the amount of loss can reasonably be estimated. When the Company accrues for loss contingencies and the reasonable estimate of the loss is within a range, the Company records its best estimate within the range. When no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount in the range. The Company discloses an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may have been incurred. Earnings Per Share Basic earnings per share is computed by dividing net income or loss attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is determined in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase is anti-dilutive. The following shares were excluded from the diluted earnings per share computations because their inclusion would have been anti-dilutive: Year ended December 31, (in thousands) 2017 2016 2015 Stock options 383 414 414 Non-vested restricted Class B common stock 762 1,226 1,852 Shares excluded from the calculation of diluted earnings per share 1,145 1,640 2,266 The diluted loss per share equals basic loss per share in the years ended December 31, 2017, 2016 and 2015 because the Company had a net loss and the impact of the assumed exercise of stock options and vesting of restricted stock would have been anti-dilutive. In March 2018, the Company and an entity affiliated with Lord (Jacob) Rothschild agreed in principle that the Rothschild’s entity will exercise its option to exchange its 5% equity interest in GOGAS for Class B shares of the Company’s common stock with a fair value of $0.2 million. Employees and directors of the Company that were previously granted restricted stock of Afek and Genie Mongolia, Inc. (“Genie Mongolia”) have the right to exchange the restricted stock, upon vesting of such shares, into shares of the Company’s Class B common stock. GRE has the right, at its option, to satisfy its obligations to issue common stock of GRE upon the vesting of the deferred stock units it granted in July 2015 to officers and employees of the Company in shares of the Company’s Class B common stock or cash. These exchanges and issuances, if elected, would be based on the relative fair value of the shares exchanged or to be issued. The number of shares of the Company’s stock issuable in an exchange is not currently determinable. If shares of the Company’s stock are issued upon such exchange, the Company’s earnings per share may be diluted in future periods. Stock-Based Compensation The Company recognizes compensation expense for grants of stock-based awards to its employees based on the estimated fair value on the grant date. Stock based awards granted to nonemployees are marked-to-market until the vesting of the award. Compensation cost for awards is recognized using the straight-line method over the requisite service period, which approximates the vesting period. Stock-based compensation is included in selling, general and administrative expense. Vulnerability Due to Certain Concentrations Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash, cash equivalents, restricted cash, certificates of deposit and trade accounts receivable. The Company holds cash, cash equivalents, restricted cash and certificates of deposit at several major financial institutions, which may exceed FDIC insured limits. Historically, the Company has not experienced any losses due to such concentration of credit risk. The Company’s temporary cash investments policy is to limit the dollar amount of investments with any one financial institution and monitor the credit ratings of those institutions. While the Company may be exposed to credit losses due to the nonperformance of the holders of its deposits, the Company does not expect the settlement of these transactions to have a material effect on its results of operations, cash flows or financial condition. GRE’s REPs reduce their customer credit risk by participating in purchase of receivable programs for a majority of their receivables. In addition to providing billing and collection services, utility companies purchase those REPs’ receivables and assume all credit risk without recourse to those REPs. GRE’s REPs’ primary credit risk is therefore nonpayment by the utility companies. Certain of the utility companies represent significant portions of the Company’s consolidated revenues and consolidated gross trade accounts receivable balance and such concentrations increase the Company’s risk associated with nonpayment by those utility companies. The following table summarizes the percentage of consolidated revenues from customers by utility company that equal or exceed 10% of consolidated revenues in the period (no other single utility company accounted for more than 10% of consolidated revenues in these periods): Year ended December 31, 2017 2016 2015 Con Edison 15 % 20 % 23 % ComEd 10 % 13 % na National Grid USA na na 12 % na – less than 10% of consolidated revenue in the period The following table summarizes the percentage of consolidated gross trade accounts receivable by utility company that equal or exceed 10% of consolidated gross trade accounts receivable at December 31, 2017 and 2016 (no other single utility company accounted for 10% or greater of the Company’s consolidated gross trade accounts receivable at December 31, 2017 or 2016): December 31 2017 2016 Con Edison 11 % 15 % ComEd na 10 % na – less than 10% of consolidated gross trade accounts receivable Allowance for Doubtful Accounts The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The allowance is determined based on known troubled accounts, historical experience and other currently available evidence. Doubtful accounts are written-off upon final determination that the trade accounts will not be collected. The change in the allowance for doubtful accounts was as follows: (in thousands) Balance at beginning of period Additions charged (reversals credited) to expense Additions (deductions) (1) Balance at end of period Year ended December 31, 2017 Reserves deducted from accounts receivable: Allowance for doubtful accounts $ 171 $ 762 $ 166 $ 1,099 Year ended December 31, 2016 Reserves deducted from accounts receivable: Allowance for doubtful accounts $ 182 $ 8 $ (19 ) $ 171 Year ended December 31, 2015 Reserves deducted from accounts receivable: Allowance for doubtful accounts $ 227 $ (29 ) $ (16 ) $ 182 (1) Primarily uncollectible accounts written off, net of recoveries. Fair Value Measurements Fair value of financial and non-financial assets and liabilities is defined as an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier hierarchy for inputs used to measure fair value, which prioritizes the inputs to valuation techniques used to measure fair value, is as follows: Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 — unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. Accounting Standards Updates In January 2016, the FASB issued an ASU to provide more information about recognition, measurement, presentation and disclosure of financial instruments. The amendments in the ASU include, among other changes, the following: (1) equity investments (except those accounted for under the equity method or that result in consolidation) will be measured at fair value with changes in fair value recognized in net income, (2) a qualitative assessment each reporting period to identify impairment of equity investments without readily determinable fair values, (3) financial assets and financial liabilities will be presented separately by measurement category and form of financial asset on the balance sheet or the notes to the financial statements, and (4) an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities classified as available-for-sale in other comprehensive income. In addition, a practicability exception will be available for equity investments that do not have readily determinable fair values and do not qualify for the net asset value practical expedient. These investments may be measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Entities will have to reassess at each reporting period whether an investment qualifies for this practicability exception. The Company adopted the amendments in this ASU on January 1, 2018. This ASU did not have a significant impact on the Company’s consolidated financial statements. In February 2016, the FASB issued an ASU related to the accounting for leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company will adopt the new standard on January 1, 2019. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the impact that the new standard will have on its consolidated financial statements. In June 2016, the FASB issued an ASU that changes the impairment model for most financial assets and certain other instruments. For receivables, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except the losses will be recognized as allowances instead of reductions in the amortized cost of the securities. In addition, an entity will have to disclose significantly more information about allowances, credit quality indicators and past due securities. The new provisions will be applied as a cumulative-effect adjustment to retained earnings. The Company will adopt the new standard on January 1, 2020. The Company is evaluating the impact that the new standard will have on its consolidated financial statements. In November 2016, the FASB issued an ASU that includes specific guidance on the classification and presentation of changes in restricted cash and cash equivalents in the statement of cash flows. The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash or restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of the period and end of the period total amounts shown on the statement of cash flows. The ASU will be applied using a retrospective transition method to each period presented. The Company adopted the amendments in this ASU on January 1, 2018. Beginning in the first quarter of 2018, the adoption will impact the Company’s beginning of the period and end of the period cash and cash equivalents balance in its statement of cash flows, as well as its net cash provided by operating and financing activities. In January 2017, the FASB issued an ASU to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current guidance, there are three elements of a business—inputs, pro |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions [Abstract] | |
Acquisitions | Note 2 — Acquisitions Acquisition of Retail Energy Holdings, LLC On November 2, 2016, GRE acquired Retail Energy Holdings, LLC (“REH”), a privately held owner of REPs, for $9.5 million plus $1.4 million for REH’s working capital, or an aggregate cash payment of $10.9 million. REH operates as Town Square Energy in eight states. REH’s licenses and customer base expanded GRE’s geographic footprint to four new states – New Hampshire, Rhode Island, Massachusetts and Connecticut – and provided additional electricity customers in New Jersey, Maryland, Ohio and Pennsylvania. REH operates as a wholly owned subsidiary utilizing the Town Square Energy brand. REH’s operating results from the date of acquisition, which were not significant, are included in the Company’s consolidated financial statements. The impact of the acquisition’s purchase price allocations on the Company’s consolidated balance sheet and the acquisition date fair value of the total consideration transferred were as follows: (in thousands) Trade accounts receivable $ 3,614 Inventory 287 Prepaid expenses 81 Other current assets 26 Property and equipment 110 Trademark 2,100 Non-compete agreement 110 Customer relationships (2-year useful life) 2,100 Goodwill 5,065 Other assets 1,600 Revolving line of credit (1,919 ) Trade accounts payable (2,620 ) Accrued expenses (1,542 ) Net assets excluding cash acquired $ 9,012 Supplemental information: Cash paid $ 10,949 Cash acquired (2,249 ) Cash paid, net of cash acquired 8,700 Liability for additional purchase price (paid in 2017) 312 Total consideration, net of cash acquired $ 9,012 The goodwill resulting from the acquisition is primarily attributable to the existing workforce of the acquired entities and synergies from the combination of GRE and REH’s REP businesses. None of the goodwill is deductible for income tax purposes. The following table presents unaudited pro forma information of the Company as if the acquisition occurred on January 1, 2015: Year ended December 31, (in thousands) 2016 2015 Revenues $ 243,147 $ 243,165 Net loss $ (32,303 ) $ (11,256 ) Acquisition of Mirabito Natural Gas On August 10, 2017, GRE acquired Mirabito Natural Gas, a Ft. Lauderdale, Florida-based natural gas supplier, from Angus Partners, LLC (“Angus”) for an aggregate cash payment of $4.0 million. Mirabito serves commercial and government customers throughout Florida. Mirabito’s operating results from the date of acquisition, which were not significant, are included in the Company’s consolidated financial statements. Also on August 10, 2017, GRE and Angus entered into a Management Agreement pursuant to which Angus will provide any and all functions required to run and operate Mirabito. The Management Agreement terminates in August 2021, unless otherwise terminated by GRE for failure to achieve the business profit thresholds contained in the Management Agreement. Angus will receive an annual management fee from GRE equal to the greater of 30% of the business profits of Mirabito, as defined, or $250,000. The impact of the acquisition’s purchase price allocations on the Company’s consolidated balance sheet and the acquisition date fair value of the total consideration transferred were as follows: (in thousands) Trade accounts receivable $ 509 Prepaid expenses 60 Non-compete agreement 5 Customer relationships (9-year useful life) 1,100 Patents and trademarks 760 Goodwill 1,270 Other assets 465 Trade accounts payable (299 ) Accrued expenses (2 ) Net assets excluding cash acquired $ 3,868 Supplemental information: Cash paid $ 3,955 Cash acquired (87 ) Total consideration, net of cash acquired $ 3,868 The goodwill resulting from the acquisition is primarily attributable to the existing workforce of the acquired entities and synergies expected from the combination of GRE and Mirabito’s REP businesses. This goodwill is deductible for income tax purposes. The following table presents unaudited pro forma information of the Company as if the acquisition occurred on January 1, 2016: Year ended December 31, (in thousands) 2017 2016 Revenues $ 268,008 $ 217,448 Net loss $ (8,588 ) $ (32,031 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 3 — Fair Value Measurements The following table presents the balance of assets and liabilities measured at fair value on a recurring basis: (in thousands) Level 1 (1) Level 2 (2) Level 3 (3) Total December 31, 2017 Assets: Derivative contracts $ 3,091 $ 1,267 $ — $ 4,358 Liabilities: Derivative contracts $ 693 $ 535 $ — $ 1,228 December 31, 2016 Assets: Derivative contracts $ 256 $ 2,395 $ — $ 2,651 Liabilities: Derivative contracts $ 60 $ 1,667 $ — $ 1,727 (1) quoted prices in active markets for identical assets or liabilities (2) observable inputs other than quoted prices in active markets for identical assets and liabilities (3) no observable pricing inputs in the market The Company’s derivative contracts consist of natural gas and electricity put and call options and swaps. The underlying asset in the Company’s put and call options is a forward contract. The Company’s swaps are agreements whereby a floating (or market or spot) price is exchanged for a fixed price over a specified period. Fair Value of Other Financial Instruments The estimated fair value of the Company’s other financial instruments was determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting this data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. Restricted cash — short-term and long-term, prepaid expenses, other current assets, revolving line of credit—current, due to IDT Corporation and other current liabilities. —current Other assets, revolving line of credit—long-term and other liabilities. —long-term |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments [Abstract] | |
Derivative Instruments | Note 4 — Derivative Instruments The primary risk managed by the Company using derivative instruments is commodity price risk, which is accounted for in accordance with Accounting Standards Codification 815 — Derivatives and Hedging. Natural gas and electricity put and call options and swaps are entered into as hedges against unfavorable fluctuations in market prices of natural gas and electricity. The Company does not apply hedge accounting to these options or swaps, therefore the changes in fair value are recorded in earnings. By using derivative instruments to mitigate exposures to changes in commodity prices, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company minimizes the credit or repayment risk in derivative instruments by entering into transactions with high-quality counterparties. At December 31, 2017 and 2016, GRE’s swaps and options were traded on the New York Mercantile Exchange. The summarized volume of GRE’s outstanding contracts and options at December 31, 2017 was as follows (MWh – Megawatt hour and Dth – Decatherm): Commodity Settlement Dates Volume Electricity First quarter 2018 739,120 MWh Electricity Third quarter 2018 339,440 MWh Electricity Fourth quarter 2018 209,920 MWh Natural gas First quarter 2018 2,873,215 Dth Natural gas Second quarter 2018 306,725 Dth Natural gas Third quarter 2018 57,125 Dth Natural gas Fourth quarter 2018 66,030 Dth Natural gas First quarter 2019 61,350 Dth Natural gas Second quarter 2019 35,100 Dth Natural gas Third quarter 2019 19,050 Dth The fair value of outstanding derivative instruments recorded in the accompanying consolidated balance sheets were as follows: December 31 (in thousands) 2017 2016 Asset Derivatives Balance Sheet Location Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options Other current assets $ 4,358 $ 2,651 Liability Derivatives Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options Other current liabilities $ 1,228 $ 1,727 The effects of derivative instruments on the consolidated statements of operations were as follows: Amount of Gain (Loss) Year ended December 31, (in thousands) 2017 2016 2015 Derivatives not designated or not qualifying as hedging instruments Location of Loss Recognized on Derivatives Energy contracts and options Cost of revenues $ (1,291 ) $ (538 ) $ (1,772 ) |
Afek Oil and Gas Exploration Ac
Afek Oil and Gas Exploration Activities | 12 Months Ended |
Dec. 31, 2017 | |
Afek Oil and Gas Exploration Activities [Abstract] | |
Afek Oil and Gas Exploration Activities | Note 5 — Afek Oil and Gas Exploration Activities In April 2013, the Government of Israel finalized the award to Afek of an exclusive three-year petroleum exploration license covering 396.5 square kilometers in the southern portion of the Golan Heights in Northern Israel. The license has been extended to April 2018. Israel’s Northern District Planning and Building Committee granted Afek a one-year permit that commenced in February 2015, which has been subsequently extended to April 18, 2018, to conduct an up to ten-well oil and gas exploration program. In February 2015, Afek began drilling its first exploratory well. Afek completed drilling five wells in the Southern region of its license area. In light of the analysis received in the third quarter of 2016 and the information and market conditions at that time, Afek determined that it did not have a clear path to demonstrate probable or possible reserves in the Southern region of its license area over the next 12 to 18 months. Since there was substantial doubt regarding the economic viability of these wells, in the year ended December 31, 2016, Afek wrote off the $41.0 million of capitalized exploration costs incurred in the Southern region. In 2017, Afek turned its operational focus to the Northern region of its license area. Afek viewed the Northern and Southern regions separately when evaluating its unproved properties. In 2017, Afek commenced drilling its sixth exploratory well at a site in the Northern portion of its license area. In November 2017, Afek announced that the preliminary analysis of results from the completed well at the Northern site suggested that the well’s target zone does not contain commercially producible quantities of oil or natural gas, and that it was suspending drilling operations pending further analysis. In the fourth quarter of 2017, Afek determined that it did not have a clear path to demonstrate probable or possible reserves in the Northern region of its license area over the next 12 to 18 months. Since there was substantial doubt regarding the economic viability of the well, Afek wrote off the $6.5 million of capitalized exploration costs incurred in the Northern region. |
Investment in Joint Ventures
Investment in Joint Ventures | 12 Months Ended |
Dec. 31, 2017 | |
Investment in Joint Ventures [Abstract] | |
Investment in Joint Ventures | Note 6 — Investment in Joint Ventures Investment in American Shale Oil, LLC The Company, through GOGAS, has a 98.3% interest in American Shale Oil Corporation (“AMSO”), which operated American Shale Oil, L.L.C. (“AMSO, LLC”), its oil shale development project in Colorado. Through April 30, 2016, the Company accounted for its ownership interest in AMSO, LLC using the equity method since the Company had the ability to exercise significant influence over its operating and financial matters, although it did not control AMSO, LLC. AMSO, LLC was a variable interest entity, however, the Company determined that it was not the primary beneficiary, as the Company did not have the power to direct the activities of AMSO, LLC that most significantly impact AMSO, LLC’s economic performance. On February 23, 2016, TOTAL S.A. (“Total”) notified the Company of its decision not to continue to fund AMSO, LLC. On March 23, 2016, Total gave AMSO its notice of withdrawal from AMSO, LLC. The withdrawal was effective on April 30, 2016. As of April 1, 2016, AMSO and Total agreed that Total would pay AMSO, LLC $3.0 million as full payment of its share of all costs associated with the decommissioning, winding up and dissolution of AMSO, LLC. Total will not be refunded any amount if the decommissioning costs are less than $3.0 million. At December 31, 2016, the AMSO, LLC project was substantially decommissioned. Effective April 30, 2016, AMSO, LLC’s assets, liabilities, results of operations and cash flows are included in the Company’s consolidated financial statements. The following table summarizes the change in the balance of the Company’s investment in AMSO, LLC: Year ended December 31, (in thousands) 2017 2016 2015 Balance, beginning of period $ — $ (399 ) $ (252 ) Capital contributions — 63 250 Equity in net loss of AMSO, LLC — (222 ) (397 ) Elimination of the investment in AMSO, LLC — 558 — Balance, end of period $ — $ — $ (399 ) Summarized statements of operations of AMSO, LLC through the April 30, 2016 acquisition date were as follows: (in thousands) Period from January 1, 2016 to April 30, 2016 Year ended December 31, 2015 REVENUES $ — $ — OPERATING EXPENSES: General and administrative 120 403 Research and development 3,512 4,782 TOTAL OPERATING EXPENSES 3,632 5,185 Loss from operations (3,632 ) (5,185 ) Other income — — NET LOSS $ (3,632 ) $ (5,185 ) Summarized balance sheet of AMSO, LLC at April 30, 2016 (in thousands) was as follows: Assets Cash and cash equivalents $ 750 Receivable from Total 3,000 Other current assets 128 Other assets 860 Total assets $ 4,738 Liabilities and member’s interest Current liabilities $ 518 Asset retirement obligations 2,535 Other liabilities 981 Member’s interest 704 Total liabilities and member’s interest $ 4,738 The Company accounted for its acquisition on April 30, 2016 of Total’s ownership interest in AMSO, LLC as a business combination. The Company estimated the fair value of AMSO, LLC to be nil, as it had ceased operations and its shutdown was in progress. The Company recognized a gain from the acquisition of Total’s interest in AMSO, LLC because the Company acquired the net assets of AMSO, LLC while no consideration was transferred by the Company, due to the Company’s assumption of the risk associated with the shutdown obligations. The gain also included the Company’s gain on the remeasurement of AMSO’s investment in AMSO, LLC at its acquisition date fair value. The aggregate gain recognized was $1.3 million, which was included in “Gain on consolidation of AMSO, LLC” in the consolidated statements of operations. Revenue, income from operations and net income of AMSO, LLC since the acquisition date included in the Company’s consolidated statement of operations are as follows: (in thousands) Year ended December 31, 2016 Revenues $ — Income from operations $ 118 Net income $ 76 The following table presents unaudited pro forma information of the Company as if the acquisition occurred on January 1, 2015: Year ended December 31, (in thousands) 2016 2015 Revenues $ 212,112 $ 213,056 Net loss $ (35,602 ) $ (13,424 ) In April 2016, AMSO, LLC recorded a liability for the decommissioning of its project and the remediation of the leased area. The following table summarizes the change in the balance of the AMSO, LLC retirement obligations after the consolidation of AMSO, LLC: (in thousands) Year ended December 31, 2017 Period from April 30, 2016 to December 31, 2016 Balance, beginning of period $ 116 $ 2,535 Adjustments (60 ) (441 ) Payments (56 ) (1,978 ) Balance, end of period $ — $ 116 Investment in Shoreditch Energy Limited On July 17, 2017, the Company’s subsidiary, Genie Energy UK Ltd. (“GEUK”), entered into a definitive agreement with Energy Global Investments Pty Ltd (“EGC”) to launch Shoreditch Energy Limited (“Shoreditch”), a joint venture to offer electricity and natural gas service to residential and small business customers in the United Kingdom. At December 31, 2017, GEUK had contributed $4.0 million to Shoreditch, and GEUK will contribute an additional aggregate of up to £2.2 million ($3.0 million at December 31, 2017) by August 1, 2018, contingent on Shoreditch’s achievement of performance based milestones. EGC is obligated to contribute an aggregate of up to £1.7 million ($2.2 million at December 31, 2017) to Shoreditch by August 1, 2018, contingent on Shoreditch’s achievement of performance based milestones. GEUK owns 65% of the equity of Shoreditch and EGC owns 35% of the equity. GEUK appoints three members and EGC appoints two members to Shoreditch’s Board of Directors. EGC has several significant participating rights in the management of Shoreditch that limits GEUK’s ability to direct the activities that most significantly impact Shoreditch’s economic performance. GEUK therefore accounts for its ownership interest in Shoreditch using the equity method since GEUK has the ability to exercise significant influence over its operating and financial matters, although it does not control Shoreditch. Shoreditch is a variable interest entity, however, the Company has determined that it is not the primary beneficiary, as the Company does not have the power to direct the activities of Shoreditch that most significantly impact Shoreditch’s economic performance. GEUK accounts for the difference between the purchase price of Shoreditch’s equity and its share of the underlying equity in the net assets of Shoreditch as if Shoreditch were a consolidated subsidiary. The difference of $0.5 million was allocated to goodwill. The goodwill relates to EGC’s contribution to Shoreditch of their knowledge, experience and detailed business plan for operating a REP in the United Kingdom. In December 2017, Shoreditch commenced initial customer acquisition in the United Kingdom under the mandated three-month Controlled Market Entry framework in which new entrants can acquire a limited number of customers in a test environment. The following table summarizes the change in the balance of GEUK’s investment in Shoreditch in the year ended December 31, 2017 (in thousands): Balance, beginning of period $ — Capital contributions 3,970 Cumulative foreign currency translation adjustment 45 Equity in the net loss of joint venture (565 ) Balance, end of period $ 3,450 At December 31, 2017, the Company’s maximum exposure to loss as a result of its involvement with Shoreditch was its $3.5 million investment, since there were no other arrangements, events or circumstances that could expose the Company to additional loss. Summarized statement of operations of Shoreditch from July 17, 2017 through December 31, 2017 (in thousands) is as follows: REVENUES $ — OPERATING EXPENSES: Cost of revenues 8 Selling, general and administrative 779 TOTAL OPERATING EXPENSES 787 Loss from operations (787 ) Other — NET LOSS $ (787 ) Summarized balance sheet of Shoreditch at December 31, 2017 (in thousands) is as follows: Assets Cash and cash equivalents $ 2,787 Other current assets 79 Other assets 189 Total assets $ 3,055 Liabilities and member’s interest Current liabilities $ 18 Member’s interest 3,037 Total liabilities and member’s interest $ 3,055 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property and Equipment [Abstract] | |
Property and Equipment | Note 7 — Property and Equipment December 31 (in thousands) 2017 2016 Computer software and development $ 1,912 $ 1,836 Computers and computer hardware 246 231 Laboratory and drilling equipment 3,833 543 Office equipment and other 443 424 6,434 3,034 Less: accumulated depreciation (2,414 ) (1,417 ) Property and equipment, net $ 4,020 $ 1,617 Depreciation expense of property and equipment was $0.8 million, $0.4 million and $0.4 million in the years ended December 31, 2017, 2016 and 2015, respectively. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Other Intangibles [Abstract] | |
Goodwill and Other Intangibles | Note 8 — Goodwill and Other Intangibles All of the Company’s goodwill at December 31, 2017 and 2016 was attributable to the GRE segment. The table below reconciles the change in the carrying amount of goodwill for the period from December 31, 2014 to December 31, 2017: (in thousands) Balance at December 31, 2014 $ 3,663 Change in carrying amount — Balance at December 31, 2015 3,663 Acquisition of Retail Energy Holdings, LLC (see Note 2) 5,065 Balance at December 31, 2016 8,728 Acquisition of Mirabito Natural Gas (see Note 2) 1,270 Balance at December 31, 2017 $ 9,998 The table below presents information on the Company’s other intangible assets: (in thousands) Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net December 31, 2017 Patents and trademarks 20 years $ 2,860 $ (135 ) $ 2,725 Non-compete agreement 2 years 115 (65 ) 50 Customer relationships 4.4 years 3,200 (1,266 ) 1,934 Licenses — 150 — 150 TOTAL 11.3 years $ 6,325 $ (1,466 ) $ 4,859 December 31, 2016 Trademark 20 years $ 2,100 $ (13 ) $ 2,087 Non-compete agreement 2 years 110 (11 ) 99 Customer relationships 2 years 2,100 (159 ) 1,941 Licenses — 150 — 150 TOTAL 10.4 years $ 4,460 $ (183 ) $ 4,277 Amortization expense of intangible assets was $1.3 million, $0.2 million and nil in in the years ended December 31, 2017, 2016 and 2015, respectively. The Company estimates that amortization expense of intangible assets with finite lives will be $1.2 million, $0.3 million, $0.3 million, $0.3 million and $0.3 million in the years ending December 31, 2018, 2019, 2020, 2021 and 2022, respectively. |
Revolving Lines of Credit
Revolving Lines of Credit | 12 Months Ended |
Dec. 31, 2017 | |
Revolving Lines of Credit [Abstract] | |
Revolving Lines of Credit | Note 9 — Revolving Lines of Credit On April 4, 2017, GRE, IDT Energy, and other GRE subsidiaries entered into a Credit Agreement with Vantage Commodities Financial Services II, LLC (“Vantage”) for a $20 million revolving line of credit. The borrowers consist of the Company’s subsidiaries that operate REP businesses, and those subsidiaries’ obligations are guaranteed by GRE. On April 4, 2017, the borrowers borrowed $4.3 million under this facility, which included $1.7 million that was previously outstanding under a credit facility between REH and Vantage. The REH Credit Agreement with Vantage was terminated in connection with the entry into this credit agreement, which was treated as a modification. The borrowers have provided as collateral a security interest in their receivables, bank accounts, customer agreements, certain other material agreements and related commercial and intangible rights. The outstanding principal amount incurs interest at LIBOR plus 4.5% per annum. Interest is payable monthly and all outstanding principal and any accrued and unpaid interest is due on the maturity date of April 3, 2020. At December 31, 2017, $2.5 million was outstanding under the revolving line of credit and the effective interest rate was 5.99% per annum. The borrowers are required to comply with various affirmative and negative covenants, including maintaining a target tangible net worth during the term of the credit agreement. To date, the Company is in compliance with such covenants. REH had a Credit Agreement with Vantage for a revolving line of credit for up to a maximum principal amount of $7.5 million (see above). The principal outstanding incurred interest at one-month LIBOR plus 5.25% per annum, payable monthly. The outstanding principal and any accrued and unpaid interest was due on the maturity date of October 31, 2017. At December 31, 2016, $0.7 million was outstanding under the line of credit. The Company and IDT Energy had a Loan Agreement with JPMorgan Chase Bank for a revolving line of credit for up to a maximum principal amount of $25.0 million. The principal outstanding incurred interest at the lesser of (a) the LIBOR rate multiplied by the statutory reserve rate established by the Board of Governors of the Federal Reserve System plus 1.0% per annum, or (b) the maximum rate per annum permitted by whichever of applicable federal or Texas laws permit the higher interest rate. Interest was payable at least every three months and any outstanding principal and accrued and unpaid interest was due on the maturity date of May 31, 2017. The Company agreed to deposit cash in a money market account at JPMorgan Chase Bank as collateral for the line of credit equal to the greater of (a) $10.0 million or (b) the sum of the amount of letters of credit outstanding plus the outstanding principal under the revolving note. At December 31, 2016, there were no amounts borrowed under the line of credit, and cash collateral of $10.0 million was included in “Restricted cash—short-term” in the consolidated balance sheet. In addition, at December 31, 2016, letters of credit of $8.1 million were outstanding. On May 31, 2017, the $10.0 million cash collateral was released upon expiration of the Loan Agreement. On December 17, 2015, GRE, IDT Energy and certain affiliates entered into a Credit Agreement with Maple Bank GmbH for a revolving loan facility. On December 17, 2015, GRE borrowed $2.0 million under the facility. In February 2016, the German banking regulator, Bafin, closed Maple Bank GmbH due to impending financial over-indebtedness related to tax-evasion investigations. In September 2016, GRE, and its affiliates entered into a settlement agreement with the court appointed liquidator of Maple Bank. Under this agreement, GRE paid $1.8 million as a full settlement of all of its obligations, and the revolving loan facility was terminated. Accordingly, in 2016, GRE recorded a gain from this settlement of $0.2 million, which was included in “Other (expense) income, net” in the consolidated statements of operations. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | Note 10 — Income Taxes On December 22, 2017, the U.S. government enacted “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018”, which is commonly referred to as “The Tax Cuts and Jobs Act” (the “Tax Act”). The Tax Act provides for comprehensive tax legislation that reduces the U.S. federal statutory corporate tax rate from 35.0% to 21.0% effective January 1, 2018, broadens the U.S. federal income tax base, requires companies to pay a one-time repatriation tax on earnings of certain foreign subsidiaries that were previously tax deferred (“transition tax”), and creates new taxes on certain foreign sourced earnings. On December 22, 2017, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”), expressing its views regarding the FASB’s Accounting Standards Codification 740, Income Taxes, in the reporting period that includes the enactment date of the Tax Act. SAB 118 recognizes that a registrant’s review of certain income tax effects of the Tax Act may be incomplete at the time financial statements are issued for the reporting period that includes the enactment date, including interim periods therein. Specifically, SAB 118 allows a company to report provisional estimates in the reporting period that includes the enactment date if the company does not have the necessary information available, prepared, or fully analyzed for certain income tax effects of the Tax Act. The provisional estimates would be adjusted during a measurement period not to exceed 12 months from the enactment date of the Tax Act, at which time the accounting for the income tax effects of the Tax Act is required to be completed. The Company has not completed its accounting for the income tax effects of the enactment of the Tax Act; however, the Company has made a reasonable estimate of the effect on its existing deferred tax assets and corresponding valuation allowance. The table below in this footnote reflects the new income tax rate. The transition tax is based on total post-1986 earnings and profits which were previously deferred from U.S. income taxes. At December 31, 2017, the Company did not have any undistributed earnings of our foreign subsidiaries. As a result, no additional income or withholding taxes have been provided for, for the undistributed earnings or any additional outside basis differences inherent in the foreign entities. The Company continues to review the anticipated impacts of the global intangible low taxed income (“GILTI”) and base erosion anti-abuse tax (“BEAT). The Company has not recorded any impact associated with either GILTI or BEAT. The Company anticipates that its assumptions and estimates may change as a result of future guidance and interpretation from the Internal Revenue Service, the SEC, the FASB, and various other taxing jurisdictions. In particular, the Company anticipates that the U.S. state jurisdictions will continue to determine and announce their conformity with or decoupling from the Tax Act, either in its entirety or with respect to specific provisions. Legislative and interpretive actions could result in adjustments to the Company’s provisional estimates when the accounting for the income tax effects of the Tax Act is completed. The Company will continue to evaluate the impact of the Tax Act on its financial statements, and will record the effect of any reasonable changes in its estimates and adjustments. The components of income (loss) before income taxes are as follows: Year ended December 31, (in thousands) 2017 2016 2015 Domestic $ 7,122 $ 18,629 $ 1,517 Foreign (14,044 ) (48,603 ) (9,628 ) LOSS BEFORE INCOME TAXES $ (6,922 ) $ (29,974 ) $ (8,111 ) Significant components of the Company’s deferred income tax assets consist of the following: December 31 (in thousands) 2017 2016 Deferred income tax assets: Bad debt reserve $ 302 $ 70 Accrued expenses 4,425 3,821 State taxes 117 221 Charitable contributions 265 470 Net operating loss 37,435 37,568 Stock options and restricted stock 908 1,456 Depreciation 7,026 11,153 Total deferred income tax assets 50,478 54,759 Valuation allowance (48,337 ) (52,978 ) DEFERRED INCOME TAX ASSETS, NET $ 2,141 $ 1,781 The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The (provision for) benefit from income taxes consists of the following: Year ended December 31, (in thousands) 2017 2016 2015 Current: Federal $ — $ — $ — State and local (1,366 ) (2,349 ) (704 ) Foreign — (8 ) — (1,366 ) (2,357 ) (704 ) Deferred: Federal — (6 ) (19 ) State and local (360 ) 145 198 Foreign — — — (360 ) 139 179 PROVISION FOR INCOME TAXES $ (1,726 ) $ (2,218 ) $ (525 ) The differences between income taxes expected at the U.S. federal statutory income tax rate and income taxes provided are as follows: Year ended December 31, (in thousands) 2017 2016 2015 U.S. federal income tax benefit at statutory rate $ 2,423 $ 10,491 $ 2,840 Valuation allowance 11,694 (21,209 ) (10,687 ) Foreign tax rate differential (2,610 ) 9,901 7,674 Tax law change (11,070 ) — — Deferred income tax adjustment (1,250 ) — — Other 66 95 (20 ) State and local income tax, net of federal benefit (979 ) (1,496 ) (332 ) PROVISION FOR INCOME TAXES $ (1,726 ) $ (2,218 ) $ (525 ) At December 31, 2017, the Company had U.S. federal and state net operating loss carry-forwards of approximately $30.5 million and $113.4 million, respectively. These carry-forward losses are available to offset future U.S. federal and state taxable income. The federal net operating loss carry-forwards will start to expire in 2033, with the year ended December 31, 2017’s loss expiring in 2037. The state net operating loss carry-forwards will start to expire in 2029, with the year ended December 31, 2017’s loss expiring in 2038. At December 31, 2017, the Company had foreign net operating loss carry-forwards of approximately $98.4 million, of which $89.8 million will not expire. The Company includes certain entities that are not included in the Company’s consolidated tax return. The entities have separate U.S. federal and state net operating loss carry-forwards of $1.0 million that begin to expire in 2036. The change in the valuation allowance for deferred income taxes was as follows: (in thousands) Balance at beginning of period Additions charged to costs and expenses Deductions Balance at end of period Year ended December 31, 2017 Reserves for valuation allowances deducted from deferred income taxes, net $ 52,978 $ 7,053 $ (11,694 ) $ 48,337 Year ended December 31, 2016 Reserves for valuation allowances deducted from deferred income taxes, net $ 31,769 $ 21,209 $ — $ 52,978 Year ended December 31, 2015 Reserves for valuation allowances deducted from deferred income taxes, net $ 21,082 $ 10,687 $ — $ 31,769 The table below summarizes the change in the balance of unrecognized income tax benefits: Year ended December 31, (in thousands) 2017 2016 2015 Balance at beginning of period $ 632 $ 636 $ 543 Additions based on tax positions related to the 100 81 97 Additions for tax positions of prior periods 1 4 10 Lapses of statutes of limitations (175 ) (89 ) (14 ) Balance at end of period $ 558 $ 632 $ 636 All of the unrecognized income tax benefits at December 31, 2017 and 2016 would have affected the Company’s effective income tax rate if recognized. The Company does not expect the total amount of unrecognized income tax benefits to significantly increase or decrease within the next twelve months. In the years ended December 31, 2017, 2016 and 2015, the Company recorded interest on income taxes of $1,000, $4,000 and $4,000, respectively. At December 31, 2017 and 2016, there was accrued interest of $35,000 and $34,000 included in current income taxes payable. The Company currently remains subject to examinations of its tax returns as follows: U.S. federal tax returns for 2014 to 2017, state and local tax returns generally for 2013 to 2017 and foreign tax returns generally for 2013 to 2017. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity & Accumulated Other Comprehensive Income [Abstract] | |
Equity | Note 11 — Equity Class A Common Stock and Class B Common Stock The rights of holders of Class A common stock and Class B common stock are identical except for certain voting and conversion rights and restrictions on transferability. The holders of Class A common stock and Class B common stock receive identical dividends per share when and if declared by the Company’s Board of Directors. In addition, the holders of Class A common stock and Class B common stock have identical and equal priority rights per share in liquidation. The Class A common stock and Class B common stock do not have any other contractual participation rights. The holders of Class A common stock are entitled to three votes per share and the holders of Class B common stock are entitled to one-tenth of a vote per share. Except as required by law or under the terms of the Series 2012-A Preferred Stock (the “Preferred Stock”), the holders of Class A and Class B common stock and the Preferred Stock vote together as a single class on all matters submitted to a vote of the Company’s stockholders. Each share of Class A common stock may be converted into one share of Class B common stock, at any time, at the option of the holder. Shares of Class A common stock are subject to certain limitations on transferability that do not apply to shares of Class B common stock. Series 2012-A Preferred Stock Each share of Preferred Stock has a liquidation preference of $8.50 (the “Liquidation Preference”), and is entitled to receive an annual dividend per share equal to the sum of (i) $0.6375 (the “Base Dividend”) plus (ii) seven and one-half percent (7.5%) of the quotient obtained by dividing (A) the amount by which the EBITDA for a fiscal year of the Company’s retail energy provider business exceeds $32 million by (B) 8,750,000 (the “Additional Dividend”), payable in cash. EBITDA consists of income (loss) from operations exclusive of depreciation and amortization and other operating gains (losses). During any period when the Company has failed to pay a dividend on the Preferred Stock and until all unpaid dividends have been paid in full, the Company is prohibited from paying dividends or distributions on the Company’s Class B or Class A common stock. The Preferred Stock is redeemable, in whole or in part, at the option of the Company following October 11, 2017 at 101% of the Liquidation Preference plus accrued and unpaid dividends, and 100% of the Liquidation Preference plus accrued and unpaid dividends following October 11, 2018. The Base Dividend is payable (if declared by the Company’s Board of Directors, and accrued, if not declared) quarterly on each February 15, May 15, August 15 and November 15, and to the extent that there is any Additional Dividend payable with respect to a fiscal year, it will be paid to holders of Preferred Stock with the May dividend. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Preferred Stock is equal in rank to all other equity securities the Company issues, the terms of which specifically provide that such equity securities rank on a parity with the Preferred Stock with respect to dividend rights or rights upon the Company’s liquidation, dissolution or winding up; senior to the Company’s common stock; and junior to all of the Company’s existing and future indebtedness. Each share of Preferred Stock has the same voting rights as a share of Class B common stock, except on certain matters that only impact the Company’s common stock, as well as additional voting rights on specific matters or upon the occurrence of certain events. Dividend Payments In the year ended December 31, 2017, the Company paid aggregate cash dividends of $0.30 per share on its Class A common stock and Class B common stock, equal to $7.4 million in total dividends paid. In the year ended December 31, 2016, the Company paid aggregate cash dividends of $0.24 per share on its Class A common stock and Class B common stock, equal to $5.9 million in total dividends paid. In the year ended December 31, 2015, the Company paid aggregate cash dividends of $0.12 per share on its Class A common stock and Class B common stock, equal to $3.0 million in total dividends paid. In March 2018, the Company’s Board of Directors declared a quarterly dividend of $0.075 per share on the Company’s Class A common stock and Class B common stock for the fourth quarter of 2017 to stockholders of record as of the close of business on March 19, 2018. The dividend will be paid on or about March 23, 2018. In each of the years ended December 31, 2017, 2016 and 2015, the Company paid aggregate cash dividends of $0.6376 per share on its Preferred Stock, equal to $1.5 million in dividends paid. On February 15, 2018, the Company paid a quarterly Base Dividend of $0.1594 per share on its Preferred Stock for the fourth quarter of 2017 to stockholders of record as of the close of business on February 6, 2018. Stock Repurchases On March 11, 2013, the Board of Directors of the Company approved a stock repurchase program for the repurchase of up to an aggregate of 7.0 million shares of the Company’s Class B common stock. There were no repurchases under the program in the years ended December 31, 2017, 2016 and 2015. At December 31, 2017, 6.9 million shares remained available for repurchase under the stock repurchase program. In the year ended December 31, 2017, the Company paid $0.8 million to repurchase 129,898 shares of its Class B common stock. In the year ended December 31, 2016, the Company paid $29,000 to repurchase 3,096 shares of its Class B common stock. In the year ended December 31, 2015, the Company paid $27,000 to repurchase 4,220 shares of its Class B common stock. These shares were tendered by the Company’s employees to satisfy tax withholding obligations in connection with the lapsing of restrictions on awards of restricted stock. Such shares were repurchased by the Company based on their fair market value on the trading day immediately prior to the vesting date. Repurchase Right on Sale of Shares to Howard S. Jonas On July 30, 2014, the Company entered into a Second Amended and Restated Employment Agreement and a Restricted Stock Sale Agreement with Howard S. Jonas, the Company’s Chairman of the Board and former Chief Executive Officer. Pursuant to these agreements, among other things, in 2014, the Company sold an aggregate of 3.6 million shares of the Company’s Class B common stock to Mr. Jonas at a price of $6.82 per share (the closing price per share of the Class B common stock on the day that the arrangement was approved by the Company’s Board of Directors and Compensation Committee). Upon certain terminations of Mr. Jonas’ employment by the Company, 0.6 million of the Class B shares are subject to repurchase by the Company at $6.82 per share, which repurchase right lapses on December 31, 2018. Sales of Equity of Subsidiaries In December 2016, Afek sold a 1% equity interest to Dr. Harold Vinegar, former Chief Scientist of the Company, for $1.0 million in cash. In November 2010, GOGAS sold a 0.5% equity interest to Rupert Murdoch for $1.0 million paid with a promissory note. The note was secured by a pledge of the shares issued in exchange for the note. The note accrued interest at 1.58% per annum. The Company received an aggregate of $1.1 million for the payment of the principal and accrued interest on the maturity date of November 15, 2015. Purchases of Equity of Subsidiary In the year ended December 31, 2017, GOGAS purchased from employees of Afek a 1.15% fully vested interest in Afek for $0.3 million in cash. Exercise of GOGAS Stock Option GOGAS issued a stock option in June 2011 to Michael Steinhardt, the Chairman of the Board of Israel Energy Initiatives, Ltd. (“IEI”), at an exercise price of $5.0 million. The expiration date was April 9, 2015. The expiration date was extended for one month, and on May 9, 2015, the option was exercised. Mr. Steinhardt and an affiliate received interests of approximately 1.5% in each of Afek, Genie Mongolia and IEI. In addition, Mr. Steinhardt and the affiliate received an approximately 1.7% interest in AMSO. The exercise price of $5.0 million was paid $2.5 million in cash and $2.5 million in promissory notes that were due in November 2015. The notes incurred interest at 0.43% per annum, and were secured by 50% of the shares received in the exercise. In November 2015, the Company received cash of $0.8 million to repay one-third of the principal amount of the promissory notes, and released one-third of the shares securing the remaining notes. Effective December 31, 2017, the remaining notes, an aggregate of $1.7 million, were cancelled and the pledged shares were transferred to GOGAS. At December 31, 2016, the notes receivable were included in “Receivables for issuance of equity” in the consolidated balance sheet. Subsequent Event — Proposed Sales of Shares and Warrants On February 15, 2018, the Board of Directors of the Company approved, subject to stockholder approval at the Company’s annual meeting to be held on May 7, 2018, the sale of (1) 1,152,074 shares of the Company’s Class B common stock, at a price of $4.34 per share for an aggregate sales price of $5.0 million, and (2) warrants to purchase an additional 1,048,218 shares of the Company’s Class B common stock at an exercise price of $4.77 per share for an aggregate exercise price of $5.0 million, to Howard S. Jonas or his affiliates. The warrants will expire two years from the closing of the sale, which will take place as soon as practicable following stockholder approval, if obtained. In addition, the Board of Directors approved, upon the same terms, the sale of up to 230,415 shares of the Company’s Class B common stock and warrants to purchase an additional 209,644 shares of the Company’s Class B common stock to a third-party investor, subject to agreement of that investor. The price for the sale of the shares is equal to the closing price of the Class B common stock on the day before the transaction was first considered by the Board of Directors. The exercise price of the warrants represents a 10% premium on the sale price. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 12 — Stock-Based Compensation Stock-Based Compensation Plan The Company’s 2011 Stock Option and Incentive Plan is intended to provide incentives to executives, employees, directors and consultants of the Company. Incentives available under the 2011 Stock Option and Incentive Plan may include stock options, stock appreciation rights, limited rights, deferred stock units, and restricted stock. The plan is administered by the Compensation Committee of the Company’s Board of Directors. At December 31, 2017, the Company had 1.3 million shares of Class B common stock reserved for award under its 2011 Stock Option and Incentive Plan and 51,000 shares were available for future grants. Restricted Stock The fair value of restricted shares of the Company’s Class B common stock is determined based on the closing price of the Company’s Class B common stock on the grant date. Share awards generally vest on a graded basis over three years of service following the grant. A summary of the status of the Company’s grants of restricted shares of Class B common stock is presented below: Number of Non-vested Shares (in thousands) Weighted- Average Grant Date Fair Value Non-vested shares at December 31, 2016 26 $ 10.08 Granted 182 5.77 Vested (45 ) 8.36 Forfeited — — NON-VESTED SHARES AT DECEMBER 31, 2017 163 $ 6.19 At December 31, 2017, there was $3.7 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements, mostly related to the shares purchased by Howard S. Jonas in 2014. The total unrecognized compensation cost is expected to be recognized over a weighted-average period of 0.8 years. The total grant date fair value of shares vested in the years ended December 31, 2017, 2016 and 2015 was $0.4 million, $0.5 million and $0.5 million, respectively. The Company recognized compensation cost related to the vesting of the restricted stock of $3.1 million, $3.5 million, and $3.6 million in the years ended December 31, 2017, 2016, and 2015, respectively. Stock Options Option awards are generally granted with an exercise price equal to the market price of the Company’s stock on the date of grant. Option awards generally vest on a graded basis over three years of service and have ten-year contractual terms. Expected volatility is based on historical volatility of the Company’s Class B common stock and other factors. The Company uses historical data on exercise of stock options, post vesting forfeitures and other factors to estimate the expected term of the stock-based payments granted. The risk free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair value of stock options granted in the years ended December 31, 2016 and 2015 was estimated on the date of the grant using a Black-Scholes valuation model and the assumptions in the following table. No option awards were granted in the year ended December 31, 2017. Year ended December 31, 2016 2015 ASSUMPTIONS Average risk-free interest rate 0.4 % 0.93 % Expected dividend yield 5.01 % — Expected volatility 55.5 % 61.0 % Expected term 1 year 5.5 years Weighted-average grant date fair value of options granted $ 1.05 $ 9.67 A summary of stock option activity for the Company is as follows: Number of Options Weighted- Average Exercise Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2016 414 $ 6.75 4.6 $ 37 Granted — — Exercised (16 ) 6.85 Cancelled/Forfeited (15 ) 4.05 OUTSTANDING AT DECEMBER 31, 2017 383 $ 6.85 3.8 $ — EXERCISABLE AT DECEMBER 31, 2017 327 $ 6.85 3.8 $ — The total intrinsic value of options exercised during the years ended December 31, 2017, 2016 and 2015 was $13,000, nil and $12,000, respectively. At December 31, 2017, there was $0.1 million of total unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted-average period of 1.1 years. The Company recognized compensation cost related to the vesting of the options of $35,000, $23,000 and $0.3 million in the years ended December 31, 2017, 2016 and 2015, respectively. Subsidiary Equity Grants Reclassified to Liability On May 5, 2015, the Compensation Committee of the Company’s Board of Directors approved the grant of deferred stock units in GRE representing an aggregate of 3.9% of the outstanding equity in GRE to certain of the Company’s officers and employees. The deferred stock units vest in equal amounts on the first, second and third anniversaries of the date of grant. The fair value of the GRE deferred stock units on the date of grant was $3.3 million, which is being recognized on a straight-line basis over the requisite service period, which approximates the vesting period. GRE has the right to issue shares of the Company’s Class B common stock or pay cash to satisfy its obligations to issue common stock of GRE upon the vesting of the deferred stock units. GRE elected to pay cash for the deferred stock units that vested in June and July 2016. The Company paid cash in the amount of $1.7 million in August 2016 to satisfy its obligation to issue common stock of GRE. Because of the cash settlement, the Company determined that the remaining GRE deferred stock units should be classified as a liability. In August 2017, GRE elected to exchange shares of the Company’s Class B common stock for the vested deferred stock units based on the relative fair value of the shares exchanged. The Company issued 287,233 shares of its Class B common stock in exchange for 26.1 vested deferred stock units of GRE. The aggregate fair value of the shares of the Company’s Class B common stock issued was $1.8 million. At December 31, 2017 and 2016, $0.8 million and $0.7 million, respectively, related to the GRE deferred stock units was included in “Other current liabilities” in the consolidated balance sheet. In August 2015, the Company elected to pay cash of $1.2 million for the deferred stock units of IDT Energy previously granted to employees and directors of the Company that vested in June and July 2015 based on the estimated fair value of the deferred stock units of IDT Energy. The Company recognized aggregate compensation cost related to the vesting of the deferred stock units and other subsidiary equity interests that were granted in prior years of $2.1 million, $0.6 million and $1.4 million in the years ended December 31, 2017, 2016 and 2015, respectively. At December 31, 2017, there was $1.0 million of total unrecognized compensation cost related to non-vested subsidiary equity interests, which is expected to be recognized over a weighted-average period of 0.4 years. |
Variable Interest Entity
Variable Interest Entity | 12 Months Ended |
Dec. 31, 2017 | |
Variable Interest Entity [Abstract] | |
Variable Interest Entity | Note 13 — Variable Interest Entity Citizens Choice Energy, LLC (“CCE”) is a REP that resells electricity and natural gas to residential and small business customers in the State of New York. The Company does not own any interest in CCE. Since 2011, the Company provided CCE with substantially all of the cash required to fund its operations. The Company determined that it has the power to direct the activities of CCE that most significantly impact its economic performance and it has the obligation to absorb losses of CCE that could potentially be significant to CCE on a stand-alone basis. The Company therefore determined that it is the primary beneficiary of CCE, and as a result, the Company consolidates CCE within its GRE segment. The net income or loss incurred by CCE was attributed to noncontrolling interests in the accompanying consolidated statements of operations. In October 2015, GRE paid $0.2 million to the owner of the limited liability company interests in CCE, and loaned CCE $0.5 million in exchange for an option to purchase 100% of the issued and outstanding limited liability company interests of CCE for one dollar plus the forgiveness of the $0.5 million loan. The option expires on October 22, 2023. Net income (loss) related to CCE and aggregate net funding repaid to (provided by) the Company were as follows: Year ended December 31, (in thousands) 2017 2016 2015 Net income (loss) $ 112 $ (1,136 ) $ 34 Aggregate funding repaid to (provided by) the Company, net 158 (871 ) 950 Summarized consolidated balance sheet amounts related to CCE are as follows: December 31 (in thousands) 2017 2016 ASSETS Cash and cash equivalents $ 52 $ 150 Restricted cash 31 17 Trade accounts receivable 1,031 1,008 Prepaid expenses 451 450 Other current assets 31 26 Other assets 439 439 TOTAL ASSETS $ 2,035 $ 2,090 LIABILITIES AND NONCONTROLLING INTERESTS Current liabilities $ 698 $ 707 Due to IDT Energy 1,140 1,298 Noncontrolling interests 197 85 TOTAL LIABILITIES AND NONCONTROLLING INTERESTS $ 2,035 $ 2,090 The assets of CCE may only be used to settle obligations of CCE, and may not be used for other consolidated entities. The liabilities of CCE are non-recourse to the general credit of the Company’s other consolidated entities. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Equity & Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | Note 14 — Accumulated Other Comprehensive Income The accumulated balances for other comprehensive income were as follows: (in thousands) Foreign currency translation Balance at December 31, 2014 $ 10 Other comprehensive income attributable to Genie 144 Balance at December 31, 2015 154 Other comprehensive income attributable to Genie 1,311 Balance at December 31, 2016 1,465 Other comprehensive income attributable to Genie 1,580 BALANCE AT DECEMBER 31, 2017 $ 3,045 |
Legal and Regulatory Proceeding
Legal and Regulatory Proceedings | 12 Months Ended |
Dec. 31, 2017 | |
Legal and Regulatory Proceedings [Abstract] | |
Legal and Regulatory Proceedings | Note 15 — Legal and Regulatory Proceedings Legal Proceedings On March 13, 2014, named plaintiff, Anthony Ferrare, commenced a putative class-action lawsuit against IDT Energy, Inc. in the Court of Common Pleas of Philadelphia County, Pennsylvania. The complaint was served on IDT Energy on July 16, 2014. The named plaintiff filed the suit on behalf of himself and other former and current electric customers of IDT Energy in Pennsylvania with variable rate plans, whom he contends were injured as a result of IDT Energy’s allegedly unlawful sales and marketing practices. On August 7, 2014, IDT Energy removed the case to the United States District Court for the Eastern District of Pennsylvania. On October 20, 2014, IDT Energy moved to stay or, alternatively, dismiss the complaint, as amended, by the named plaintiff. On November 10, 2014, the named plaintiff opposed IDT Energy’s motion to dismiss and IDT Energy filed a reply memorandum of law in further support of its motion to dismiss. On June 10, 2015, the Court granted IDT Energy’s motion to stay and denied its motion to dismiss without prejudice. The parties participated in mediation, and subsequently entered into a Settlement Agreement (see below), which received preliminary approval from the Court on October 16, 2017. The Settlement Agreement is subject to entry of a final order by the Court approving the Settlement Agreement. The Court has scheduled a hearing concerning final approval for April 9, 2018. On July 2, 2014, named plaintiff, Louis McLaughlin, filed a putative class-action lawsuit against IDT Energy, Inc. in the United States District Court for the Eastern District of New York, contending that he and other class members were injured as a result of IDT Energy’s allegedly unlawful sales and marketing practices. The named plaintiff filed the suit on behalf of himself and two subclasses: all IDT Energy customers who were charged a variable rate for their energy from July 2, 2008, and all IDT Energy customers who participated in IDT Energy’s rebate program from July 2, 2008. On January 22, 2016, the named plaintiff filed an amended complaint on behalf of himself and all IDT Energy customers in New York State against IDT Energy, Inc., Genie Retail Energy, Genie Energy International Corporation, and Genie Energy Ltd. (collectively, “IDT Energy”). On February 22, 2016, IDT Energy moved to dismiss the amended complaint, and the named plaintiff opposed that motion. The parties participated in mediation, and subsequently entered into a Settlement Agreement (see below), which received preliminary approval from the Court on October 16, 2017. The Settlement Agreement is subject to entry of a final order by the Court approving the Settlement Agreement. The Court has scheduled a hearing concerning final approval for April 9, 2018. On July 15, 2014, named plaintiff, Kimberly Aks, commenced a putative class-action lawsuit against IDT Energy, Inc. in New Jersey Superior Court, Essex County, contending that she and other class members were injured as a result of IDT Energy’s alleged unlawful sales and marketing practices. The named plaintiff filed the suit on behalf of herself and all other New Jersey residents who were IDT Energy customers at any time between July 11, 2008 and the present. The parties were engaged in discovery prior to the mediation described below. On April 20, 2016, the named plaintiff filed an amended complaint on behalf of herself and all IDT Energy customers in New Jersey against IDT Energy, Inc., Genie Retail Energy, Genie Energy International Corporation and Genie Energy Ltd. On June 27, 2016, defendants Genie Retail Energy, Genie Energy International Corporation and Genie Energy Ltd. filed a motion to dismiss the amended complaint. On August 26, 2016, the named plaintiff opposed that motion and IDT Energy filed a reply memorandum of law in further support of its motion to dismiss. The Court granted the motion to dismiss, but the parties agreed to set aside that decision to give the plaintiff an opportunity to submit opposition papers that had not been considered by the Court in rendering its decision. The parties participated in mediation, and subsequently entered into a Settlement Agreement (see below), which received preliminary approval from the Court on October 16, 2017. The Settlement Agreement is subject to entry of a final order by the Court approving the Settlement Agreement. The Court has scheduled a hearing concerning final approval for April 9, 2018. On July 5, 2017, the Company entered into a class action Settlement Agreement with the class action plaintiffs acting individually and on behalf of the entire class, in the lawsuits currently pending in Pennsylvania, New York, and New Jersey described above. The Company does not believe that there was any wrongdoing on its part, and is entering into this settlement to further its efforts to address its customers’ concerns. Under the Settlement Agreement, the Company has agreed to pay certain amounts to resolve the lawsuits and obtain a release of claims that were asserted or could be asserted in the lawsuits or that are related to or arise out of the conduct alleged in the lawsuits or similar conduct, wherever it may have occurred. The settlement payment includes payments to customers who timely make a claim, class counsel, and the named plaintiffs as well as the cost of a claims administrator for administrating the claims process. The Company estimated, based in part on historical participation rates that its total settlement payment will be approximately $9 million, although it is reasonably possible that the total payments could reach $10.1 million. In the year ended December 31, 2017, the Company recorded a revenue reduction of $3.6 million and an expense of $5.4 million that is included in “Selling, general and administrative expense”, and a liability of $9.0 million. The actual amount to be paid out will depend on several factors, including the number of customers who claim settlement payments to which they are entitled. The Settlement Agreement was preliminarily approved by the Court on October 16, 2017. The Settlement Agreement is subject to entry of a final order by the Court approving the Settlement Agreement. The Court has scheduled a hearing concerning final approval for April 9, 2018. On June 20, 2014, the Pennsylvania Attorney General’s Office (“AG”) and the Acting Consumer Advocate (“OCA”) filed a Joint Complaint against IDT Energy, Inc. with the Pennsylvania Public Utility Commission (“PUC”). In the Joint Complaint, the AG and the OCA alleged, among other things, various violations of Pennsylvania’s Unfair Trade Practices and Consumer Protection Law, the Telemarketing Registration Act and the PUC’s regulations. IDT Energy reached an agreement in principle on a settlement with the AG and the OCA to terminate the litigation with no admission of liability or finding of wrongdoing by IDT Energy. On August 4, 2015, IDT Energy, the AG, and the OCA filed a Joint Petition to the Pennsylvania PUC seeking approval of the settlement terms. Under the settlement, IDT Energy will issue additional refunds to its Pennsylvania customers who had variable rates for electricity supply in January, February and March of 2014. IDT Energy will also implement certain modifications to its sales, marketing and customer service processes, along with additional compliance and reporting requirements. The settlement was approved by the Pennsylvania PUC on July 8, 2016. In July 2016, IDT Energy paid the agreed-upon $2.4 million for additional customer refunds to a refund administrator. In the fourth quarter of 2015, the Company received a request for information from the New Jersey Office of the Attorney General. The Company responded to the inquiry. The Company has recently been engaged in discussions with the New Jersey Office of the Attorney General regarding concerns raised by the New Jersey Board of Public Utilities and Division of Consumer Affairs related to energy supply charges issued to the Company’s retail customers during the first quarter of 2014 and have reached a tentative agreement in principle. In the year ended December 31, 2017, the Company accrued $1.5 million of estimated loss related to this matter. The Company recorded a revenue reduction in the consolidated statement of operations of $1.3 million relating to refunds to customers and an expense of $0.2 million for related fees that is included in “Selling, general and administrative expense,” and a liability of $1.5 million that is included in “Accrued expenses” in the consolidated balance sheet. From time to time, the Company receives inquiries or requests for information or materials from public utility commissions or other governmental regulatory or law enforcement agencies related to investigations under statutory or regulatory schemes, and the Company responds to those inquiries or requests. The Company cannot predict whether any of those matters will lead to claims or enforcement actions. In addition to the above, the Company may from time to time be subject to legal proceedings that arise in the ordinary course of business. Although there can be no assurance in this regard, the Company does not expect any of those legal proceedings to have a material adverse effect on the Company’s results of operations, cash flows or financial condition. New York Public Service Commission Orders On February 23, 2016, the New York Public Service Commission (“PSC”) issued an order that sought to impose significant new restrictions on REPs operating in New York, including those owned by GRE. The restrictions described in the PSC’s order, which were to become effective March 4, 2016, would require that all REPs’ electricity and natural gas offerings to residential and small business customers include an annual guarantee of savings compared to the price charged by the relevant incumbent utility or, for electricity offerings, provide at least 30% of the supply from renewable sources. Customers not enrolled in a compliant program would be relinquished back to the local utility at the end of their contract period or, for variable price customers operating on month to month agreements, at the end of the current monthly billing cycle. On March 4, 2016, a group of parties from the REP industry sought and won a temporary restraining order to stay implementation of the most restrictive portions of the PSC’s order pending a court hearing on those parties’ motion for a preliminary injunction. On July 25, 2016, the New York State Supreme Court, County of Albany, entered a decision and order granting the Petitioners’ petition, vacated provisions 1 through 3 of the Order, and remitted the matter to the PSC for further proceedings consistent with the Court’s order. In December 2017, the PSC held an evidentiary hearing to assess the retail energy market in New York. That process is continuing and is expected to last for at least several more months. The Company is evaluating the potential impact of any new order from the PSC that would follow from the evidentiary process, while preparing to operate in compliance with any new requirements that may be imposed. Depending on the final language of any new order, as well as the Company’s ability to modify its relationships with its New York customers, an order could have a substantial impact upon the operations of GRE’s REPs in New York. At December 31, 2017, New York represented 36% of GRE’s total meters served and 28% of the total residential customer equivalents (“RCEs”) of GRE’s customer base. On July 14, 2016, and September 19, 2016, the PSC issued orders restricting REPs, including those owned by GRE, from serving customers enrolled in New York’s utility low-income assistance programs. Representatives of the REP industry challenged the ruling in New York State Supreme Court, Albany County, and, on September 27, 2016, the Court issued an order temporarily restraining the PSC from implementing the July and September orders. On December 16, 2016, the PSC issued an order (the “2016 Order”) prohibiting REP service to customers enrolled in New York’s utility low-income assistance programs. After an agreed-upon delay, on July 5, 2017, the New York State Supreme Court, Albany County, denied interested parties’ efforts to invalidate the 2016 Order, and the 2016 Order began to be implemented on July 26, 2017. Several REPs have appealed the Supreme Court’s Order to the Appellate Division, Third Department. That court stayed implementation of the 2016 Order for a period of time, but later lifted the stay pending resolution of the appeal. In a related action, several customers impacted by the 2016 Order filed a putative class action in the United States District Court for the Northern District of New York, challenging the 2016 Order. Temporary stays of the 2016 Order entered in connection with this action have expired, and REPs are now required to return service of their current low-income customers to the relevant local incumbent utility on the modified schedule set forth in the PSC’s 2016 Order. GRE’s REPs are complying with the 2016 Order and have begun the transfer of customers as required. The 2016 Order will require GRE’s REPs to transfer customer accounts comprising approximately 21,000 meters, representing 12,000 RCEs, to their respective incumbent utilities during the first half of 2018. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 16 — Commitments and Contingencies Purchase Commitments The Company had purchase commitments of $46.4 million at December 31, 2017, of which $45.0 million was for future purchases of electricity. The purchase commitments outstanding at December 31, 2017 are expected to be paid as follows: $43.2 million in the year ending December 31, 2018, and $3.2 million in the year ending December 31, 2019. Renewable Energy Credits GRE must obtain a certain percentage or amount of its power supply from renewable energy sources in order to meet the requirements of renewable portfolio standards in the states in which it operates. This requirement may be met by obtaining renewable energy credits that provide evidence that electricity has been generated by a qualifying renewable facility or resource. At December 31, 2017, GRE had commitments to purchase renewable energy credits of $15.6 million. Performance Bonds GRE has performance bonds issued through a third party for certain utility companies and for the benefit of various states in order to comply with the states’ financial requirements for REPs. At December 31, 2017, GRE had aggregate performance bonds of $11.8 million outstanding. Lease Commitments The future minimum payments for operating leases at December 31, 2017 are as follows: (in thousands) Year ending December 31: 2018 $ 193 2019 77 2020 41 2021 — 2022 — Thereafter — Total payments $ 311 Rental expense under operating leases was $0.8 million, $0.7 million and $1.2 million in the years ended December 31, 2017, 2016 and 2015, respectively. BP Energy Company Preferred Supplier Agreement As of November 19, 2015, IDT Energy and certain of its affiliates entered into an Amended and Restated Preferred Supplier Agreement with BP Energy Company (“BP”). The agreement’s termination date is November 30, 2019, except either party may terminate the agreement on November 30, 2018 by giving the other party notice by May 31, 2018. Under the agreement, IDT Energy purchases electricity and natural gas at market rate plus a fee. IDT Energy’s obligations to BP are secured by a first security interest in deposits or receivables from utilities in connection with their purchase of IDT Energy’s customer’s receivables, and in any cash deposits or letters of credit posted in connection with any collateral accounts with BP. IDT Energy’s ability to purchase electricity and natural gas under this agreement is subject to satisfaction of certain conditions including the maintenance of certain covenants. At December 31, 2017, the Company was in compliance with such covenants. At December 31, 2017, restricted cash — short-term of $0.5 million and trade accounts receivable of $34.4 million were pledged to BP as collateral for the payment of IDT Energy’s trade accounts payable to BP of $13.8 million at December 31, 2017. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 17 — Related Party Transactions The Company was formerly a subsidiary of IDT Corporation (“IDT”). On October 28, 2011, the Company was spun-off by IDT and became an independent public company through a pro rata distribution of the Company’s common stock to IDT’s stockholders (the “Spin-Off”). The Company entered into various agreements with IDT prior to the Spin-Off including a Separation and Distribution Agreement to effect the separation and provide a framework for the Company’s relationship with IDT after the Spin-Off, and a Transition Services Agreement, which provides for certain services to be performed by the Company and IDT. IDT charges the Company for services it provides pursuant to the Transition Services Agreement. The charges for these services are included in “Selling, general and administrative” expense. In addition, the Company provides services to certain of IDT’s subsidiaries. The charges for these services reduce the Company’s “Selling, general and administrative” expense. Year ended December 31, (in thousands) 2017 2016 2015 Amount IDT charged the Company $ 1,773 $ 2,197 $ 2,340 Amount the Company charged IDT 471 627 546 The Company had notes receivable outstanding from employees aggregating $0.6 million and $1.0 million at December 31, 2017 and 2016, respectively, which were included in “Other assets” in the accompanying consolidated balance sheet. The Company obtains insurance policies from several insurance brokers, one of which is IGM Brokerage Corp. (“IGM”). IGM is owned by the mother of Howard S. Jonas and Joyce Mason, the Company’s Corporate Secretary. Jonathan Mason, husband of Joyce Mason and brother-in-law of Howard S. Jonas, provides insurance brokerage services via IGM. Based on information the Company received from IGM, the Company believes that (1) IGM received commissions and fees from payments made by the Company (including payments from third party brokers) in the aggregate amounts of $20,060; $18,164 and $14,236 in the years ended December 31, 2017, 2016 and 2015, respectively, which fees and commissions inured to the benefit of Mr. Mason, and (2) the total payments made by the Company to IGM for various insurance policies were $20,060; $18,657 and $143,367 in the years ended December 31, 2017, 2016 and 2015, respectively. The commissions and fees paid to IGM in the years ended December 31, 2017 and 2016 included commissions and fees for various insurance policies for which the Company paid $201,565 and $144,110, respectively, to a third party broker. Neither Howard S. Jonas nor Joyce Mason has any ownership or other interest in IGM other than via the familial relationships with their mother and Jonathan Mason. |
Business Segment and Geographic
Business Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2017 | |
Business Segment and Geographic Information [Abstract] | |
Business Segment and Geographic Information | Note 18 — Business Segment and Geographic Information The Company owns 99.3% of its subsidiary, GEIC, which owns 100% of GRE and 92% of GOGAS. The Company has three reportable business segments: GRE, Afek and GOGAS. GRE owns and operates REPs, including IDT Energy, Residents Energy, Town Square Energy, and Mirabito, and also offers energy brokerage and advisory services. Its REP businesses resell electricity and natural gas to residential and small business customers in the Eastern and Midwestern United States. GRE has outstanding deferred stock units granted to officers and employees that represent an interest of 1.25% of the equity of GRE. The Afek segment is comprised of the Company’s 86.1% interest in Afek, an oil and gas exploration project in the Golan Heights in Northern Israel, whose operations have been suspended. The GOGAS segment is comprised of inactive oil shale projects including AMSO, LLC, Genie Mongolia and IEI. Corporate costs include unallocated compensation, consulting fees, legal fees, business development expenses and other corporate-related general and administrative expenses. Corporate does not generate any revenues, nor does it incur any cost of revenues. The Company’s reportable segments are distinguished by types of service, customers and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision maker. The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its business segments based primarily on income (loss) from operations. There are no significant asymmetrical allocations to segments. Operating results for the business segments of the Company were as follows: (in thousands) GRE Afek GOGAS Corporate Total Year ended December 31, 2017 Revenues $ 264,202 $ — $ — $ — $ 264,202 Income (loss) from operations 16,586 (12,698 ) (593 ) (9,835 ) (6,540 ) Depreciation and amortization 1,740 327 72 1 2,140 Exploration — 4,879 — — 4,879 Write-off of capitalized exploration costs — 6,483 — — 6,483 Equity in the net loss of Shoreditch 565 — — — 565 Year ended December 31, 2016 Revenues $ 212,112 $ — $ — $ — $ 212,112 Income (loss) from operations 26,503 (48,272 ) 439 (9,183 ) (30,513 ) Depreciation and amortization 427 124 29 1 581 Research and development — — (269 ) — (269 ) Exploration — 6,088 — — 6,088 Write-off of capitalized exploration costs — 41,041 — — 41,041 Equity in the net loss of AMSO, LLC — — 222 — 222 Year ended December 31, 2015 Revenues $ 213,056 $ — $ — $ — $ 213,056 Income (loss) from operations 11,095 (7,458 ) (3,058 ) (8,908 ) (8,329 ) Depreciation 245 104 78 1 428 Research and development — 63 1,922 — 1,985 Exploration — 6,583 — — 6,583 Equity in the net loss of AMSO, LLC — — 397 — 397 Total assets for the business segments of the Company were as follows: (in thousands) GRE Afek GOGAS Corporate Total Total assets: December 31, 2017 $ 112,521 $ 2,588 $ 7,887 $ 2,782 $ 125,778 December 31, 2016 87,539 6,685 12,224 15,365 121,813 December 31, 2015 80,177 38,665 17,770 19,203 155,815 Geographic Information There were no revenues from customers located outside of the United States in all periods presented. Net long-lived assets and total assets held outside of the United States, which are located primarily in Israel, were as follows: (in thousands) United Foreign Countries Total December 31, 2017 Long-lived assets, net $ 696 $ 3,352 $ 4,048 Total assets 115,605 10,173 125,778 December 31, 2016 Long-lived assets, net $ 1,060 $ 582 $ 1,642 Total assets 113,158 8,655 121,813 December 31, 2015 Long-lived assets, net $ 763 $ 646 $ 1,409 Total assets 114,880 40,935 155,815 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Selected Quarterly Financial Data (Unaudited) [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Note 19 — Selected Quarterly Financial Data (Unaudited) The table below presents selected quarterly financial data of the Company for its fiscal quarters in 2017 and 2016. The financial data for the three months ended March 31, 2017 and June 30, 2017 in the table below reflects the restatements in 2017. Quarter Ended Income (loss) Net income (loss) attributable (Loss) earnings per (in thousands, except per share data) Revenues Cost of revenues from operations Net (loss) income to Genie Energy Ltd. Basic Diluted 2017: December 31 (1) $ 73,077 $ 46,321 $ 430 $ (812 ) $ 215 $ (0.01 ) $ (0.01 ) September 30 (2) 69,473 47,694 1,403 975 778 0.02 0.02 June 30 (3) 50,247 38,122 (13,569 ) (12,950 ) (12,569 ) (0.55 ) (0.55 ) March 31 71,405 46,556 5,196 4,139 4,582 0.18 0.18 TOTAL $ 264,202 $ 178,693 $ (6,540 ) $ (8,648 ) $ (6,994 ) $ (0.36 ) $ (0.36 ) 2016: December 31 $ 51,519 $ 36,949 $ (1,344 ) $ (1,285 ) $ (816 ) $ (0.05 ) $ (0.05 ) September 30 (1) 57,153 36,946 (37,102 ) (37,174 ) (32,139 ) (1.43 ) (1.43 ) June 30 44,561 26,445 1,934 1,417 2,761 0.10 0.10 March 31 58,879 34,832 5,999 4,850 5,669 0.23 0.22 TOTAL $ 212,112 $ 135,172 $ (30,513 ) $ (32,192 ) $ (24,525 ) $ (1.14 ) $ (1.14 ) (1) In the fourth quarter of 2017 and in the third quarter of 2016, loss from operations included write-off of capitalized exploration costs of $6.5 million and $41.0 million, respectively. (2) In the third quarter of 2017, the Company recognized a liability of $1.5 million for a tentative agreement in principle with the New Jersey Office of the Attorney General regarding concerns related to energy supply charges issued to our retail customers during the first quarter of 2014. The Company recorded the liability as a revenue reduction of $1.3 million and an expense of $0.2 million. (3) In the second quarter of 2017, the Company recognized a liability of $9.0 million for the preliminary settlement of certain class action lawsuits. The Company recorded the liability as a revenue reduction of $3.6 million and an expense of $5.4 million. |
Description of Business and S29
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Description of Business | Description of Business Genie Energy Ltd. (“Genie”), a Delaware corporation, was incorporated in January 2011. Genie owns 99.3% of its subsidiary, Genie Energy International Corporation (“GEIC”), which owns 100% of Genie Retail Energy (“GRE”) and 92% of Genie Oil and Gas, Inc. (“GOGAS”). The “Company” in these financial statements refers to Genie, Genie Retail Energy and Genie Oil and Gas, and their respective subsidiaries, on a consolidated basis. Genie is comprised of GRE, which owns and operates retail energy providers (“REPs”), including IDT Energy, Inc. (“IDT Energy”), Residents Energy, Inc. (“Residents Energy”), Town Square Energy, and Mirabito Natural Gas (“Mirabito”), and also offers energy brokerage and advisory services. Its REP businesses resell electricity and natural gas to residential and small business customers in the Eastern and Midwestern United States. Genie is also comprised of Genie Oil and Gas, an oil and gas exploration company. GOGAS holds an 86.1% interest in Afek Oil and Gas, Ltd. (“Afek”), an oil and gas exploration project in the Golan Heights in Northern Israel, whose operations have been suspended. GOGAS also holds controlling interests in other inactive oil and gas projects. GRE has outstanding deferred stock units granted to officers and employees that represent an interest of 1.25% of the equity of GRE. |
Basis of Consolidation | Basis of Consolidation The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The consolidated financial statements include the Company’s controlled subsidiaries and the variable interest entity in which the Company is the primary beneficiary (see Note 13). All significant intercompany accounts and transactions between the consolidated entities are eliminated. |
Accounting for Investments | Accounting for Investments Investments in businesses that the Company does not control, but in which the Company has the ability to exercise significant influence over operating and financial matters, are accounted for using the equity method. The Company periodically evaluates its equity method investments for impairment due to declines considered to be other than temporary. If the Company determines that a decline in fair value is other than temporary, then a charge to earnings is recorded, and a new basis in the investment is established. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. |
Revenue Recognition | Revenue Recognition Revenues from GRE’s sale of electricity and natural gas are recognized under the accrual method based on deliveries of electricity and natural gas to customers. Revenues from electricity and natural gas delivered but not billed are estimated and recorded as accounts receivable. Cash received in advance from customers under billing arrangement is reported as deferred revenue and is included in “Accrued expenses” in the accompanying consolidated balance sheets. GOGAS does not yet generate revenues. In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard that superseded most of the revenue recognition guidance under U.S. GAAP and International Financial Reporting Standards (“IFRS”). The goals of the revenue recognition project were to clarify and converge the revenue recognition principles under U.S. GAAP and IFRS and to develop guidance that would streamline and enhance revenue recognition requirements. The Company adopted this standard on January 1, 2018 using the modified retrospective method. The Company has substantially completed its evaluation of the effects of adopting the new standard and determined that it will not have any impact on revenue recognition and measurement in its consolidated financial statements upon adoption. Variable quantities in requirements contracts are considered to be options for additional goods and services which follow discussions outlined in the AICPA Power and Utilities Industry Task Force Issue No. 13-2. Revenue for each unit of electricity or natural gas is recognized as it is delivered to the customer. The Company will estimate variable consideration related to its rebate programs using the expected value method and a portfolio approach. The Company expects to apply a practical expedient for expensing costs to obtain a contract as the estimated customer relationship periods are currently less than twelve months. The Company will monitor its customer relationship periods going forward to ensure compliance with the application of the practical expedient. The adoption of the new standard will not have any impact on the Company’s current method of recording accrued rebates. The Company is also currently reviewing future required disclosures, and updating its accounting policy. The Company anticipates completing the implementation in connection with its first quarter 2018 interim financial statements. |
Cost of Revenues | Cost of Revenues Cost of revenues for GRE consists primarily of the cost of natural gas and electricity sold, and also includes financing fees, scheduling costs, Independent System Operator (“ISO”) fees, pipeline costs and utility service charges. In addition, the changes in the fair value of GRE’s futures contracts, swaps and put and call options are recorded in cost of revenues. GOGAS does not yet incur cost of revenues. |
Research and Development Costs | Research and Development Costs Research and development costs are charged to expense as incurred. |
Oil and Gas Exploration Costs | Oil and Gas Exploration Costs The Company accounts for its oil and gas activities under the successful efforts method of accounting. Under this method, the costs of drilling exploratory wells and exploratory-type stratigraphic test wells are capitalized, pending determination of whether the well has found proved reserves. Other exploration costs are charged to expense as incurred. Unproved properties are assessed for impairment, and if considered impaired, are charged to expense when such impairment is deemed to have occurred (see Note 5). |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. |
Inventory | Inventory Inventory consists of natural gas, which is stored at various third parties’ underground storage facilities, of $1.0 million and $0.6 million at December 31, 2017 and 2016, respectively. Inventory also includes renewable energy credits of $3.0 million and $5.4 million at December 31, 2017 and 2016, respectively. On January 1, 2017, the Company adopted the Accounting Standards Update (“ASU”) that changed the measurement of its natural gas inventory to the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The adoption of this ASU did not have a significant impact on the Company’s consolidated financial statements. Prior to January 1, 2017, the Company’s natural gas inventory was valued at weighted average cost, which was based on the purchase price of the natural gas and the cost to transport, plus or minus injections or withdrawals. |
Renewable Energy Credits | Renewable Energy Credits GRE must obtain a certain percentage or amount of its power supply from renewable energy sources in order to meet the requirements of renewable portfolio standards in the states in which it operates. This requirement may be met by obtaining renewable energy credits that provide evidence that electricity has been generated by a qualifying renewable facility or resource. GRE holds renewable energy credits for both sale and use, and treats the credits as a government incentive to encourage the construction of renewable power plants. Renewable energy credits are valued at the lower of cost and market, where cost is the purchase price. Gains and losses from the sale of renewable energy credits are recognized in cost of revenues when the credits are transferred to the buyer. |
Long-Lived Assets | Long-Lived Assets Computer software and development, computers and computer hardware, laboratory and drilling equipment and office equipment and other are recorded at cost and are depreciated on a straight-line basis over their estimated useful lives, which range as follows: computer software and development — 2, 3 or 5 years; computers and computer hardware — 5 years, laboratory and drilling equipment — 7 years, and office equipment and other —5 or 7 years. Leasehold improvements included in office equipment and other are recorded at cost and are depreciated on a straight-line basis over the term of their lease or their estimated useful lives, whichever is shorter. The fair value of patents and trademarks, non-compete agreements and customer relationships acquired in a business combination accounted for under the purchase method are amortized over their estimated useful lives as follows: patents and trademarks are amortized on a straight-line basis over the 20-year period of expected cash flows; non-compete agreements are amortized on a straight-line basis over their 2 year term; and customer relationships are amortized ratably over the 2 or 9 year period of expected cash flows. The Company tests the recoverability of its long-lived assets with finite useful lives whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company tests the recoverability based on the projected undiscounted cash flows to be derived from such asset. If the projected undiscounted future cash flows are less than the carrying value of the asset, the Company will record an impairment loss based on the difference between the estimated fair value and the carrying value of the asset. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows from such asset using an appropriate discount rate. Cash flow projections and fair value estimates require significant estimates and assumptions by management. Should the estimates and assumptions prove to be incorrect, the Company may be required to record impairments in future periods and such impairments could be material. |
Goodwill and Indefinite Lived Intangible Assets | Goodwill and Indefinite Lived Intangible Assets Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. Goodwill and other indefinite lived intangible assets are not amortized. These assets are reviewed annually (or more frequently under various conditions) for impairment using a fair value approach. In 2017, the Company adopted the ASU that simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this ASU, the Company performs its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The Company would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized would not exceed the total amount of goodwill allocated to that reporting unit. Additionally, the Company considers income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The fair value of the reporting unit is estimated using discounted cash flow methodologies, as well as considering third party market value indicators. Calculating the fair value of the reporting units requires significant estimates and assumptions by management. Should the estimates and assumptions regarding the fair value of the reporting units prove to be incorrect, the Company may be required to record impairments to its goodwill in future periods and such impairments could be material. The Company has the option to perform a qualitative assessment to determine whether it is necessary to perform the quantitative goodwill impairment test. However, the Company may elect to perform the quantitative goodwill impairment test even if no indications of a potential impairment exist. For the impairment test of the Company’s indefinite-lived intangible assets, a quantitative impairment test is only necessary if the Company determines that it is more likely than not that an indefinite-lived intangible asset is impaired based on an assessment of certain qualitative factors. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company records its derivatives instruments at their respective fair values. The accounting for changes in the fair value (that is, gains or losses) of a derivative instrument is dependent upon whether the derivative has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. Due to the volatility of electricity and natural gas prices, GRE enters into futures contracts, swaps and put and call options as hedges against unfavorable fluctuations in market prices of electricity and natural gas and to reduce exposure from price fluctuations. The Company does not designate its derivative instruments to qualify for hedge accounting, accordingly the futures contracts, swaps and put and call options are recorded at fair value as a current asset or liability and any changes in fair value are recorded in “Cost of revenues” in the consolidated statements of operations. In addition to the above, GRE utilizes forward physical delivery contracts for a portion of its purchases of electricity and natural gas, which are defined as commodity derivative contracts. Using the exemption available for qualifying contracts, GRE applies the normal purchase and normal sale accounting treatment to its forward physical delivery contracts, thereby these contracts are not adjusted to fair value. GRE also applies the normal purchase and normal sale accounting treatment to forward contracts for the physical delivery of electricity in nodal energy markets that result in locational marginal pricing charges or credits, since this does not constitute a net settlement, even when legal title to the electricity is conveyed to the ISO during transmission. Accordingly, GRE recognizes revenue from customer sales, and the related cost of revenues, at the contracted price, as electricity and natural gas is delivered to retail customers. |
Repairs and Maintenance | Repairs and Maintenance The Company charges the cost of repairs and maintenance, including the cost of replacing minor items not constituting substantial betterment, to selling, general and administrative expense as these costs are incurred. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of foreign subsidiaries denominated in foreign currencies are translated to U.S. Dollars at end-of-period rates of exchange, and their monthly results of operations are translated to U.S. Dollars at the average rates of exchange for that month. Gains or losses resulting from such foreign currency translations are recorded in “Accumulated other comprehensive income” in the accompanying consolidated balance sheets. Foreign currency transaction gains and losses are reported in “Other (expense) income, net” in the accompanying consolidated statements of operations. |
Advertising Expense | Advertising Expense Cost of advertising for customer acquisitions are charged to selling, general and administrative expense in the period in which it is incurred. Most of the advertisements are in print, over the radio, or direct mail. In the years ended December 31, 2017, 2016 and 2015, advertising expense included in selling, general and administrative expense was $2.1 million, $1.4 million and $0.9 million, respectively. |
Income Taxes | Income Taxes The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in its assessment of a valuation allowance. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of such change. The Company uses a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return. The Company determines whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company presumes that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. Tax positions that meet the more-likely-than-not recognition threshold are measured to determine the amount of tax benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in one or more of the following: an increase in a liability for income taxes payable, a reduction of an income tax refund receivable, a reduction in a deferred tax asset, or an increase in a deferred tax liability. The Company classifies interest and penalties on income taxes as a component of income tax expense. |
Contingencies | Contingencies The Company accrues for loss contingencies when both (a) information available prior to issuance of the financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (b) the amount of loss can reasonably be estimated. When the Company accrues for loss contingencies and the reasonable estimate of the loss is within a range, the Company records its best estimate within the range. When no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount in the range. The Company discloses an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may have been incurred. |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income or loss attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is determined in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase is anti-dilutive. The following shares were excluded from the diluted earnings per share computations because their inclusion would have been anti-dilutive: Year ended December 31, (in thousands) 2017 2016 2015 Stock options 383 414 414 Non-vested restricted Class B common stock 762 1,226 1,852 Shares excluded from the calculation of diluted earnings per share 1,145 1,640 2,266 The diluted loss per share equals basic loss per share in the years ended December 31, 2017, 2016 and 2015 because the Company had a net loss and the impact of the assumed exercise of stock options and vesting of restricted stock would have been anti-dilutive. In March 2018, the Company and an entity affiliated with Lord (Jacob) Rothschild agreed in principle that the Rothschild’s entity will exercise its option to exchange its 5% equity interest in GOGAS for Class B shares of the Company’s common stock with a fair value of $0.2 million. Employees and directors of the Company that were previously granted restricted stock of Afek and Genie Mongolia, Inc. (“Genie Mongolia”) have the right to exchange the restricted stock, upon vesting of such shares, into shares of the Company’s Class B common stock. GRE has the right, at its option, to satisfy its obligations to issue common stock of GRE upon the vesting of the deferred stock units it granted in July 2015 to officers and employees of the Company in shares of the Company’s Class B common stock or cash. These exchanges and issuances, if elected, would be based on the relative fair value of the shares exchanged or to be issued. The number of shares of the Company’s stock issuable in an exchange is not currently determinable. If shares of the Company’s stock are issued upon such exchange, the Company’s earnings per share may be diluted in future periods. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense for grants of stock-based awards to its employees based on the estimated fair value on the grant date. Stock based awards granted to nonemployees are marked-to-market until the vesting of the award. Compensation cost for awards is recognized using the straight-line method over the requisite service period, which approximates the vesting period. Stock-based compensation is included in selling, general and administrative expense. |
Vulnerability Due to Certain Concentrations | Vulnerability Due to Certain Concentrations Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash, cash equivalents, restricted cash, certificates of deposit and trade accounts receivable. The Company holds cash, cash equivalents, restricted cash and certificates of deposit at several major financial institutions, which may exceed FDIC insured limits. Historically, the Company has not experienced any losses due to such concentration of credit risk. The Company’s temporary cash investments policy is to limit the dollar amount of investments with any one financial institution and monitor the credit ratings of those institutions. While the Company may be exposed to credit losses due to the nonperformance of the holders of its deposits, the Company does not expect the settlement of these transactions to have a material effect on its results of operations, cash flows or financial condition. GRE’s REPs reduce their customer credit risk by participating in purchase of receivable programs for a majority of their receivables. In addition to providing billing and collection services, utility companies purchase those REPs’ receivables and assume all credit risk without recourse to those REPs. GRE’s REPs’ primary credit risk is therefore nonpayment by the utility companies. Certain of the utility companies represent significant portions of the Company’s consolidated revenues and consolidated gross trade accounts receivable balance and such concentrations increase the Company’s risk associated with nonpayment by those utility companies. The following table summarizes the percentage of consolidated revenues from customers by utility company that equal or exceed 10% of consolidated revenues in the period (no other single utility company accounted for more than 10% of consolidated revenues in these periods): Year ended December 31, 2017 2016 2015 Con Edison 15 % 20 % 23 % ComEd 10 % 13 % na National Grid USA na na 12 % na – less than 10% of consolidated revenue in the period The following table summarizes the percentage of consolidated gross trade accounts receivable by utility company that equal or exceed 10% of consolidated gross trade accounts receivable at December 31, 2017 and 2016 (no other single utility company accounted for 10% or greater of the Company’s consolidated gross trade accounts receivable at December 31, 2017 or 2016): December 31 2017 2016 Con Edison 11 % 15 % ComEd na 10 % na – less than 10% of consolidated gross trade accounts receivable |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The allowance is determined based on known troubled accounts, historical experience and other currently available evidence. Doubtful accounts are written-off upon final determination that the trade accounts will not be collected. The change in the allowance for doubtful accounts was as follows: (in thousands) Balance at beginning of period Additions charged (reversals credited) to expense Additions (deductions) (1) Balance at end of period Year ended December 31, 2017 Reserves deducted from accounts receivable: Allowance for doubtful accounts $ 171 $ 762 $ 166 $ 1,099 Year ended December 31, 2016 Reserves deducted from accounts receivable: Allowance for doubtful accounts $ 182 $ 8 $ (19 ) $ 171 Year ended December 31, 2015 Reserves deducted from accounts receivable: Allowance for doubtful accounts $ 227 $ (29 ) $ (16 ) $ 182 (1) Primarily uncollectible accounts written off, net of recoveries. |
Fair Value Measurements | Fair Value Measurements Fair value of financial and non-financial assets and liabilities is defined as an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier hierarchy for inputs used to measure fair value, which prioritizes the inputs to valuation techniques used to measure fair value, is as follows: Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 — unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. |
Accounting Standards Updates | Accounting Standards Updates In January 2016, the FASB issued an ASU to provide more information about recognition, measurement, presentation and disclosure of financial instruments. The amendments in the ASU include, among other changes, the following: (1) equity investments (except those accounted for under the equity method or that result in consolidation) will be measured at fair value with changes in fair value recognized in net income, (2) a qualitative assessment each reporting period to identify impairment of equity investments without readily determinable fair values, (3) financial assets and financial liabilities will be presented separately by measurement category and form of financial asset on the balance sheet or the notes to the financial statements, and (4) an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities classified as available-for-sale in other comprehensive income. In addition, a practicability exception will be available for equity investments that do not have readily determinable fair values and do not qualify for the net asset value practical expedient. These investments may be measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Entities will have to reassess at each reporting period whether an investment qualifies for this practicability exception. The Company adopted the amendments in this ASU on January 1, 2018. This ASU did not have a significant impact on the Company’s consolidated financial statements. In February 2016, the FASB issued an ASU related to the accounting for leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company will adopt the new standard on January 1, 2019. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the impact that the new standard will have on its consolidated financial statements. In June 2016, the FASB issued an ASU that changes the impairment model for most financial assets and certain other instruments. For receivables, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except the losses will be recognized as allowances instead of reductions in the amortized cost of the securities. In addition, an entity will have to disclose significantly more information about allowances, credit quality indicators and past due securities. The new provisions will be applied as a cumulative-effect adjustment to retained earnings. The Company will adopt the new standard on January 1, 2020. The Company is evaluating the impact that the new standard will have on its consolidated financial statements. In November 2016, the FASB issued an ASU that includes specific guidance on the classification and presentation of changes in restricted cash and cash equivalents in the statement of cash flows. The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash or restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of the period and end of the period total amounts shown on the statement of cash flows. The ASU will be applied using a retrospective transition method to each period presented. The Company adopted the amendments in this ASU on January 1, 2018. Beginning in the first quarter of 2018, the adoption will impact the Company’s beginning of the period and end of the period cash and cash equivalents balance in its statement of cash flows, as well as its net cash provided by operating and financing activities. In January 2017, the FASB issued an ASU to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current guidance, there are three elements of a business—inputs, processes, and outputs. While an integrated set of assets and activities (collectively referred to as a “set”) that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs, for example, by integrating the acquired set with their own inputs and processes. The amendments in this ASU provide a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in this ASU (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. The amendments provide a framework to assist entities in evaluating whether both an input and a substantive process are present. The framework includes two sets of criteria to consider that depend on whether a set has outputs. Although outputs are not required for a set to be a business, outputs generally are a key element of a business; therefore, the FASB has developed more stringent criteria for sets without outputs. Lastly, the ASU narrows the definition of the term output. The Company adopted the amendments in this ASU on January 1, 2018. The adoption will impact the Company’s accounting for acquisitions and disposals of assets or businesses on a prospective basis; however, there was no impact on the Company’s historical consolidated financial statements. In August 2017, the FASB issued an ASU intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition, the ASU includes certain targeted improvements to simplify the application of hedge accounting guidance in U.S. GAAP. The amendments in this ASU are effective for the Company on January 1, 2019. Early application is permitted. Entities will apply the amendments to cash flow and net investment hedge relationships that exist on the date of adoption using a modified retrospective approach. The presentation and disclosure requirements will be applied prospectively. The Company is evaluating the impact that this ASU will have on its consolidated financial statements. |
Description of Business and S30
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Schedule of antidilutive shares were excluded from the diluted earnings per share computations | Year ended December 31, (in thousands) 2017 2016 2015 Stock options 383 414 414 Non-vested restricted Class B common stock 762 1,226 1,852 Shares excluded from the calculation of diluted earnings per share 1,145 1,640 2,266 |
Schedule of percentage of consolidated revenues from customers by utility company and percentage of consolidated gross trade accounts receivable by utility company | Year ended December 31, 2017 2016 2015 Con Edison 15 % 20 % 23 % ComEd 10 % 13 % na National Grid USA na na 12 % na – less than 10% of consolidated revenue in the period December 31 2017 2016 Con Edison 11 % 15 % ComEd na 10 % na – less than 10% of consolidated gross trade accounts receivable |
Schedule of change in allowance for doubtful accounts | (in thousands) Balance at beginning of period Additions charged (reversals credited) to expense Additions (deductions) (1) Balance at end of period Year ended December 31, 2017 Reserves deducted from accounts receivable: Allowance for doubtful accounts $ 171 $ 762 $ 166 $ 1,099 Year ended December 31, 2016 Reserves deducted from accounts receivable: Allowance for doubtful accounts $ 182 $ 8 $ (19 ) $ 171 Year ended December 31, 2015 Reserves deducted from accounts receivable: Allowance for doubtful accounts $ 227 $ (29 ) $ (16 ) $ 182 (1) Primarily uncollectible accounts written off, net of recoveries. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retail Energy Holdings, LLC [Member] | |
Business Acquisition [Line Items] | |
Schedule of acquisition's purchase price allocations | (in thousands) Trade accounts receivable $ 3,614 Inventory 287 Prepaid expenses 81 Other current assets 26 Property and equipment 110 Trademark 2,100 Non-compete agreement 110 Customer relationships (2-year useful life) 2,100 Goodwill 5,065 Other assets 1,600 Revolving line of credit (1,919 ) Trade accounts payable (2,620 ) Accrued expenses (1,542 ) Net assets excluding cash acquired $ 9,012 Supplemental information: Cash paid $ 10,949 Cash acquired (2,249 ) Cash paid, net of cash acquired 8,700 Liability for additional purchase price (paid in 2017) 312 Total consideration, net of cash acquired $ 9,012 |
Schedule of pro forma information | Year ended December 31, (in thousands) 2016 2015 Revenues $ 243,147 $ 243,165 Net loss $ (32,303 ) $ (11,256 ) |
Mirabito Natural Gas [Member] | |
Business Acquisition [Line Items] | |
Schedule of acquisition's purchase price allocations | (in thousands) Trade accounts receivable $ 509 Prepaid expenses 60 Non-compete agreement 5 Customer relationships (9-year useful life) 1,100 Patents and trademarks 760 Goodwill 1,270 Other assets 465 Trade accounts payable (299 ) Accrued expenses (2 ) Net assets excluding cash acquired $ 3,868 Supplemental information: Cash paid $ 3,955 Cash acquired (87 ) Total consideration, net of cash acquired $ 3,868 |
Schedule of pro forma information | Year ended December 31, (in thousands) 2017 2016 Revenues $ 268,008 $ 217,448 Net loss $ (8,588 ) $ (32,031 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Schedule of balance of assets and liabilities measured at fair value on a recurring basis | (in thousands) Level 1 (1) Level 2 (2) Level 3 (3) Total December 31, 2017 Assets: Derivative contracts $ 3,091 $ 1,267 $ — $ 4,358 Liabilities: Derivative contracts $ 693 $ 535 $ — $ 1,228 December 31, 2016 Assets: Derivative contracts $ 256 $ 2,395 $ — $ 2,651 Liabilities: Derivative contracts $ 60 $ 1,667 $ — $ 1,727 (1) quoted prices in active markets for identical assets or liabilities (2) observable inputs other than quoted prices in active markets for identical assets and liabilities (3) no observable pricing inputs in the market |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments [Abstract] | |
Summarized volume of GRE's outstanding contracts and options | Commodity Settlement Dates Volume Electricity First quarter 2018 739,120 MWh Electricity Third quarter 2018 339,440 MWh Electricity Fourth quarter 2018 209,920 MWh Natural gas First quarter 2018 2,873,215 Dth Natural gas Second quarter 2018 306,725 Dth Natural gas Third quarter 2018 57,125 Dth Natural gas Fourth quarter 2018 66,030 Dth Natural gas First quarter 2019 61,350 Dth Natural gas Second quarter 2019 35,100 Dth Natural gas Third quarter 2019 19,050 Dth |
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | December 31 (in thousands) 2017 2016 Asset Derivatives Balance Sheet Location Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options Other current assets $ 4,358 $ 2,651 Liability Derivatives Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options Other current liabilities $ 1,228 $ 1,727 |
Effects of derivative instruments on the consolidated statements of operations | Amount of Gain (Loss) Year ended December 31, (in thousands) 2017 2016 2015 Derivatives not designated or not qualifying as hedging instruments Location of Loss Recognized on Derivatives Energy contracts and options Cost of revenues $ (1,291 ) $ (538 ) $ (1,772 ) |
Investment in Joint Ventures (T
Investment in Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Shoreditch [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Summary of change in balance of company's investment | Balance, beginning of period $ — Capital contributions 3,970 Cumulative foreign currency translation adjustment 45 Equity in the net loss of joint venture (565 ) Balance, end of period $ 3,450 |
Summary of unaudited statements of operations | REVENUES $ — OPERATING EXPENSES: Cost of revenues 8 Selling, general and administrative 779 TOTAL OPERATING EXPENSES 787 Loss from operations (787 ) Other — NET LOSS $ (787 ) |
Summary of unaudited balance sheet | Assets Cash and cash equivalents $ 2,787 Other current assets 79 Other assets 189 Total assets $ 3,055 Liabilities and member’s interest Current liabilities $ 18 Member’s interest 3,037 Total liabilities and member’s interest $ 3,055 |
AMSO, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Summary of change in balance of company's investment | Year ended December 31, (in thousands) 2017 2016 2015 Balance, beginning of period $ — $ (399 ) $ (252 ) Capital contributions — 63 250 Equity in net loss of AMSO, LLC — (222 ) (397 ) Elimination of the investment in AMSO, LLC — 558 — Balance, end of period $ — $ — $ (399 ) |
Summary of unaudited statements of operations | (in thousands) Period from January 1, 2016 to April 30, 2016 Year ended December 31, 2015 REVENUES $ — $ — OPERATING EXPENSES: General and administrative 120 403 Research and development 3,512 4,782 TOTAL OPERATING EXPENSES 3,632 5,185 Loss from operations (3,632 ) (5,185 ) Other income — — NET LOSS $ (3,632 ) $ (5,185 ) |
Summary of unaudited balance sheet | Assets Cash and cash equivalents $ 750 Receivable from Total 3,000 Other current assets 128 Other assets 860 Total assets $ 4,738 Liabilities and member’s interest Current liabilities $ 518 Asset retirement obligations 2,535 Other liabilities 981 Member’s interest 704 Total liabilities and member’s interest $ 4,738 |
Summary of revenue, net (loss) income from operations of AMSO, LLC | (in thousands) Year ended December 31, 2016 Revenues $ — Income from operations $ 118 Net income $ 76 Year ended December 31, (in thousands) 2016 2015 Revenues $ 212,112 $ 213,056 Net loss $ (35,602 ) $ (13,424 ) |
Summary change in the balance of the AMSO, LLC retirement obligations | (in thousands) Year ended December 31, Period from April 30, Balance, beginning of period $ 116 $ 2,535 Adjustments (60 ) (441 ) Payments (56 ) (1,978 ) Balance, end of period $ — $ 116 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property and Equipment [Abstract] | |
Schedule of property and equipment | December 31 (in thousands) 2017 2016 Computer software and development $ 1,912 $ 1,836 Computers and computer hardware 246 231 Laboratory and drilling equipment 3,833 543 Office equipment and other 443 424 6,434 3,034 Less: accumulated depreciation (2,414 ) (1,417 ) Property and equipment, net $ 4,020 $ 1,617 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Other Intangibles [Abstract] | |
Schedule of goodwill | (in thousands) Balance at December 31, 2014 $ 3,663 Change in carrying amount — Balance at December 31, 2015 3,663 Acquisition of Retail Energy Holdings, LLC (see Note 2) 5,065 Balance at December 31, 2016 8,728 Acquisition of Mirabito Natural Gas (see Note 2) 1,270 Balance at December 31, 2017 $ 9,998 |
Schedule of other intangible assets | (in thousands) Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net December 31, 2017 Patents and trademarks 20 years $ 2,860 $ (135 ) $ 2,725 Non-compete agreement 2 years 115 (65 ) 50 Customer relationships 4.4 years 3,200 (1,266 ) 1,934 Licenses — 150 — 150 TOTAL 11.3 years $ 6,325 $ (1,466 ) $ 4,859 December 31, 2016 Trademark 20 years $ 2,100 $ (13 ) $ 2,087 Non-compete agreement 2 years 110 (11 ) 99 Customer relationships 2 years 2,100 (159 ) 1,941 Licenses — 150 — 150 TOTAL 10.4 years $ 4,460 $ (183 ) $ 4,277 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Schedule of components of income (loss) before income taxes | Year ended December 31, (in thousands) 2017 2016 2015 Domestic $ 7,122 $ 18,629 $ 1,517 Foreign (14,044 ) (48,603 ) (9,628 ) LOSS BEFORE INCOME TAXES $ (6,922 ) $ (29,974 ) $ (8,111 ) |
Schedule of components of deferred income tax assets | December 31 (in thousands) 2017 2016 Deferred income tax assets: Bad debt reserve $ 302 $ 70 Accrued expenses 4,425 3,821 State taxes 117 221 Charitable contributions 265 470 Net operating loss 37,435 37,568 Stock options and restricted stock 908 1,456 Depreciation 7,026 11,153 Total deferred income tax assets 50,478 54,759 Valuation allowance (48,337 ) (52,978 ) DEFERRED INCOME TAX ASSETS, NET $ 2,141 $ 1,781 |
Schedule of components of income taxes provision | Year ended December 31, (in thousands) 2017 2016 2015 Current: Federal $ — $ — $ — State and local (1,366 ) (2,349 ) (704 ) Foreign — (8 ) — (1,366 ) (2,357 ) (704 ) Deferred: Federal — (6 ) (19 ) State and local (360 ) 145 198 Foreign — — — (360 ) 139 179 PROVISION FOR INCOME TAXES $ (1,726 ) $ (2,218 ) $ (525 ) |
Schedule of income tax reconciliation | Year ended December 31, (in thousands) 2017 2016 2015 U.S. federal income tax benefit at statutory rate $ 2,423 $ 10,491 $ 2,840 Valuation allowance 11,694 (21,209 ) (10,687 ) Foreign tax rate differential (2,610 ) 9,901 7,674 Tax law change (11,070 ) — — Deferred income tax adjustment (1,250 ) — — Other 66 95 (20 ) State and local income tax, net of federal benefit (979 ) (1,496 ) (332 ) PROVISION FOR INCOME TAXES $ (1,726 ) $ (2,218 ) $ (525 ) |
Schedule of change in the valuation allowance for deferred income taxes | (in thousands) Balance at beginning of period Additions charged to costs and expenses Deductions Balance at end of Year ended December 31, 2017 Reserves for valuation allowances deducted from deferred income taxes, net $ 52,978 $ 7,053 $ (11,694 ) $ 48,337 Year ended December 31, 2016 Reserves for valuation allowances deducted from deferred income taxes, net $ 31,769 $ 21,209 $ — $ 52,978 Year ended December 31, 2015 Reserves for valuation allowances deducted from deferred income taxes, net $ 21,082 $ 10,687 $ — $ 31,769 |
Schedule of change in the balance of unrecognized income tax benefits | Year ended December 31, (in thousands) 2017 2016 2015 Balance at beginning of period $ 632 $ 636 $ 543 Additions based on tax positions related to the current period 100 81 97 Additions for tax positions of prior periods 1 4 10 Lapses of statutes of limitations (175 ) (89 ) (14 ) Balance at end of period $ 558 $ 632 $ 636 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Summary of status of company's grants of restricted shares of Class B common stock | Number of Weighted- Average Grant Date Fair Non-vested shares at December 31, 2016 26 $ 10.08 Granted 182 5.77 Vested (45 ) 8.36 Forfeited — — NON-VESTED SHARES AT DECEMBER 31, 2017 163 $ 6.19 |
Equity compensation plans, valuation assumptions | Year ended December 31, 2016 2015 ASSUMPTIONS Average risk-free interest rate 0.4 % 0.93 % Expected dividend yield 5.01 % — Expected volatility 55.5 % 61.0 % Expected term 1 year 5.5 years Weighted-average grant date fair value of options granted $ 1.05 $ 9.67 |
Summary of stock option activity | Number of Options Weighted- Average Exercise Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2016 414 $ 6.75 4.6 $ 37 Granted — — Exercised (16 ) 6.85 Cancelled/Forfeited (15 ) 4.05 OUTSTANDING AT DECEMBER 31, 2017 383 $ 6.85 3.8 $ — EXERCISABLE AT DECEMBER 31, 2017 327 $ 6.85 3.8 $ — |
Variable Interest Entity (Table
Variable Interest Entity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Variable Interest Entity [Abstract] | |
Schedule of net (loss) income related to CCE and aggregate net funding | Year ended December 31, (in thousands) 2017 2016 2015 Net income (loss) $ 112 $ (1,136 ) $ 34 Aggregate funding repaid to (provided by) the Company, net 158 (871 ) 950 |
Summarized consolidated balance sheet amounts related to CCE | December 31 (in thousands) 2017 2016 ASSETS Cash and cash equivalents $ 52 $ 150 Restricted cash 31 17 Trade accounts receivable 1,031 1,008 Prepaid expenses 451 450 Other current assets 31 26 Other assets 439 439 TOTAL ASSETS $ 2,035 $ 2,090 LIABILITIES AND NONCONTROLLING INTERESTS Current liabilities $ 698 $ 707 Due to IDT Energy 1,140 1,298 Noncontrolling interests 197 85 TOTAL LIABILITIES AND NONCONTROLLING INTERESTS $ 2,035 $ 2,090 |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity & Accumulated Other Comprehensive Income [Abstract] | |
Summary of accumulated balances for other comprehensive income | (in thousands) Foreign currency translation Balance at December 31, 2014 $ 10 Other comprehensive income attributable to Genie 144 Balance at December 31, 2015 154 Other comprehensive income attributable to Genie 1,311 Balance at December 31, 2016 1,465 Other comprehensive income attributable to Genie 1,580 BALANCE AT DECEMBER 31, 2017 $ 3,045 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Schedule of future minimum payments for operating leases | (in thousands) Year ending December 31: 2018 $ 193 2019 77 2020 41 2021 — 2022 — Thereafter — Total payments $ 311 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Summary of related party transactions | Year ended December 31, (in thousands) 2017 2016 2015 Amount IDT charged the Company $ 1,773 $ 2,197 $ 2,340 Amount the Company charged IDT 471 627 546 |
Business Segment and Geograph43
Business Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Segment and Geographic Information [Abstract] | |
Summary of operating results for the business segments | (in thousands) GRE Afek GOGAS Corporate Total Year ended December 31, 2017 Revenues $ 264,202 $ — $ — $ — $ 264,202 Income (loss) from operations 16,586 (12,698 ) (593 ) (9,835 ) (6,540 ) Depreciation and amortization 1,740 327 72 1 2,140 Exploration — 4,879 — — 4,879 Write-off of capitalized exploration costs — 6,483 — — 6,483 Equity in the net loss of Shoreditch 565 — — — 565 Year ended December 31, 2016 Revenues $ 212,112 $ — $ — $ — $ 212,112 Income (loss) from operations 26,503 (48,272 ) 439 (9,183 ) (30,513 ) Depreciation and amortization 427 124 29 1 581 Research and development — — (269 ) — (269 ) Exploration — 6,088 — — 6,088 Write-off of capitalized exploration costs — 41,041 — — 41,041 Equity in the net loss of AMSO, LLC — — 222 — 222 Year ended December 31, 2015 Revenues $ 213,056 $ — $ — $ — $ 213,056 Income (loss) from operations 11,095 (7,458 ) (3,058 ) (8,908 ) (8,329 ) Depreciation 245 104 78 1 428 Research and development — 63 1,922 — 1,985 Exploration — 6,583 — — 6,583 Equity in the net loss of AMSO, LLC — — 397 — 397 |
Summary of total assets for the business segments | (in thousands) GRE Afek GOGAS Corporate Total Total assets: December 31, 2017 $ 112,521 $ 2,588 $ 7,887 $ 2,782 $ 125,778 December 31, 2016 87,539 6,685 12,224 15,365 121,813 December 31, 2015 80,177 38,665 17,770 19,203 155,815 |
Schedule of net long-lived assets and total assets held outside of the United States | (in thousands) United Foreign Countries Total December 31, 2017 Long-lived assets, net $ 696 $ 3,352 $ 4,048 Total assets 115,605 10,173 125,778 December 31, 2016 Long-lived assets, net $ 1,060 $ 582 $ 1,642 Total assets 113,158 8,655 121,813 December 31, 2015 Long-lived assets, net $ 763 $ 646 $ 1,409 Total assets 114,880 40,935 155,815 |
Selected Quarterly Financial 44
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Selected Quarterly Financial Data (Unaudited) [Abstract] | |
Schedule of selected quarterly financial data of the company | Quarter Ended Income (loss) Net income (loss) attributable (Loss) earnings per (in thousands, except per share data) Revenues Cost of revenues from operations Net (loss) income to Genie Energy Ltd. Basic Diluted 2017: December 31 (1) $ 73,077 $ 46,321 $ 430 $ (812 ) $ 215 $ (0.01 ) $ (0.01 ) September 30 (2) 69,473 47,694 1,403 975 778 0.02 0.02 June 30 (3) 50,247 38,122 (13,569 ) (12,950 ) (12,569 ) (0.55 ) (0.55 ) March 31 71,405 46,556 5,196 4,139 4,582 0.18 0.18 TOTAL $ 264,202 $ 178,693 $ (6,540 ) $ (8,648 ) $ (6,994 ) $ (0.36 ) $ (0.36 ) 2016: December 31 $ 51,519 $ 36,949 $ (1,344 ) $ (1,285 ) $ (816 ) $ (0.05 ) $ (0.05 ) September 30 (1) 57,153 36,946 (37,102 ) (37,174 ) (32,139 ) (1.43 ) (1.43 ) June 30 44,561 26,445 1,934 1,417 2,761 0.10 0.10 March 31 58,879 34,832 5,999 4,850 5,669 0.23 0.22 TOTAL $ 212,112 $ 135,172 $ (30,513 ) $ (32,192 ) $ (24,525 ) $ (1.14 ) $ (1.14 ) (1) In the fourth quarter of 2017 and in the third quarter of 2016, loss from operations included write-off of capitalized exploration costs of $6.5 million and $41.0 million, respectively. (2) In the third quarter of 2017, the Company recognized a liability of $1.5 million for a tentative agreement in principle with the New Jersey Office of the Attorney General regarding concerns related to energy supply charges issued to our retail customers during the first quarter of 2014. The Company recorded the liability as a revenue reduction of $1.3 million and an expense of $0.2 million. (3) In the second quarter of 2017, the Company recognized a liability of $9.0 million for the preliminary settlement of certain class action lawsuits. The Company recorded the liability as a revenue reduction of $3.6 million and an expense of $5.4 million. |
Description of Business and S45
Description of Business and Summary of Significant Accounting Policies (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the calculation of diluted earnings per share | 1,145 | 1,640 | 2,266 |
Stock options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the calculation of diluted earnings per share | 383 | 414 | 414 |
Non-vested restricted Class B common stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the calculation of diluted earnings per share | 762 | 1,226 | 1,852 |
Description of Business and S46
Description of Business and Summary of Significant Accounting Policies (Details 1) | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Con Edison [Member] | Consolidated revenues [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk percentage | 15.00% | 20.00% | 23.00% | |||
Con Edison [Member] | Consolidated gross trade accounts receivable [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk percentage | 11.00% | 15.00% | ||||
ComEd [Member] | Consolidated revenues [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk percentage | 10.00% | 13.00% | [1] | |||
ComEd [Member] | Consolidated gross trade accounts receivable [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk percentage | [2] | 10.00% | ||||
National Grid USA [Member] | Consolidated revenues [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk percentage | [1] | [1] | 12.00% | |||
[1] | less than 10% of consolidated revenue in the period | |||||
[2] | less than 10% of consolidated gross trade accounts receivable |
Description of Business and S47
Description of Business and Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Balance at beginning of period | $ 171 | $ 182 | $ 227 | |
Additions charged (reversals credited) to expense | 762 | 8 | (29) | |
Additions (deductions) | [1] | (166) | 19 | 16 |
Balance at end of period | $ 1,099 | $ 171 | $ 182 | |
[1] | Primarily uncollectible accounts written off, net of recoveries. |
Description of Business and S48
Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Description of Business and Summary of Significant Accounting Policies (Textual) | ||||
Underground storage facilities | $ 1 | $ 0.6 | ||
Inventory renewable energy credits | 3 | 5.4 | ||
Amount of advertising expense included in selling general and administrative expense | $ 2.1 | $ 1.4 | $ 0.9 | |
Description of percentage of consolidated revenue from utility companies | The percentage of consolidated revenues from customers by utility company that equal or exceed 10% of consolidated revenues in the period (no other single utility company accounted for more than 10% of consolidated revenues in these periods. | |||
Description of percentage of consolidated gross trade accounts receivable by utility companies | The percentage of consolidated gross trade accounts receivable by utility company that equal or exceed 10% of consolidated gross trade accounts receivable at December 31, 2017 and 2016. | |||
Purchase method, description | The fair value of patents and trademarks, non-compete agreements and customer relationships acquired in a business combination accounted for under the purchase method are amortized over their estimated useful lives as follows: patents and trademarks are amortized on a straight-line basis over the 20-year period of expected cash flows; non-compete agreements are amortized on a straight-line basis over their 2 year term; and customer relationships are amortized ratably over the 2 or 9 year period of expected cash flows. | |||
Customer Relationships [Member] | Maximum [Member] | ||||
Description of Business and Summary of Significant Accounting Policies (Textual) | ||||
Amortization period | 9 years | |||
Customer Relationships [Member] | Minimum [Member] | ||||
Description of Business and Summary of Significant Accounting Policies (Textual) | ||||
Amortization period | 2 years | |||
Patents and trademarks [Member] | ||||
Description of Business and Summary of Significant Accounting Policies (Textual) | ||||
Amortization period | 20 years | |||
Non-compete agreement [Member] | ||||
Description of Business and Summary of Significant Accounting Policies (Textual) | ||||
Amortization period | 2 years | |||
Computer software and development [Member] | ||||
Description of Business and Summary of Significant Accounting Policies (Textual) | ||||
Estimated useful lives | 2, 3 or 5 years | |||
Computers and computer hardware [Member] | ||||
Description of Business and Summary of Significant Accounting Policies (Textual) | ||||
Estimated useful lives | 5 years | |||
Laboratory and drilling equipment [Member] | ||||
Description of Business and Summary of Significant Accounting Policies (Textual) | ||||
Estimated useful lives | 7 years | |||
Office equipment and other [Member] | ||||
Description of Business and Summary of Significant Accounting Policies (Textual) | ||||
Estimated useful lives | 5 or 7 years | |||
Genie Retail Energy [Member] | ||||
Description of Business and Summary of Significant Accounting Policies (Textual) | ||||
Company's investment, ownership percentage in subsidiary | 100.00% | |||
Ownership interest of company | 1.25% | |||
Genie Oil and Gas, Inc. [Member] | ||||
Description of Business and Summary of Significant Accounting Policies (Textual) | ||||
Company's investment, ownership percentage in subsidiary | 92.00% | |||
Afek Oil and Gas, Ltd. [Member] | ||||
Description of Business and Summary of Significant Accounting Policies (Textual) | ||||
Company's investment, ownership percentage in subsidiary | 86.10% | |||
Genie Energy International Corporation [Member] | ||||
Description of Business and Summary of Significant Accounting Policies (Textual) | ||||
Company's investment, ownership percentage in subsidiary | 99.30% | |||
GOGAS [Member] | Subsequent Event [Member] | ||||
Description of Business and Summary of Significant Accounting Policies (Textual) | ||||
Company's investment, ownership percentage in subsidiary | 5.00% | |||
Fair value of common stock | $ 0.2 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Aug. 10, 2017 | Nov. 02, 2016 |
Supplemental information: | ||
Cash paid | $ 10,900 | |
Mirabito Natural Gas [Member] | ||
Business Acquisition [Line Items] | ||
Trade accounts receivable | $ 509 | |
Prepaid expenses | 60 | |
Non-compete agreement | 5 | |
Customer relationships | 1,100 | |
Patents and trademarks | 760 | |
Goodwill | 1,270 | |
Other assets | 465 | |
Trade accounts payable | (299) | |
Accrued expenses | (2) | |
Net assets excluding cash acquired | 3,868 | |
Supplemental information: | ||
Cash paid | 3,955 | |
Cash acquired | (87) | |
Total consideration, net of cash acquired | $ 3,868 | |
Retail Energy Holdings, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Trade accounts receivable | 3,614 | |
Inventory | 287 | |
Prepaid expenses | 81 | |
Other current assets | 26 | |
Property and equipment | 110 | |
Trademark | 2,100 | |
Non-compete agreement | 110 | |
Customer relationships | 2,100 | |
Goodwill | 5,065 | |
Other assets | 1,600 | |
Revolving line of credit | (1,919) | |
Trade accounts payable | (2,620) | |
Accrued expenses | (1,542) | |
Net assets excluding cash acquired | 9,012 | |
Supplemental information: | ||
Cash paid | 10,949 | |
Cash acquired | (2,249) | |
Cash paid, net of cash acquired | 8,700 | |
Liability for additional purchase price (paid in 2017) | 312 | |
Total consideration, net of cash acquired | $ 9,012 |
Acquisitions (Details 1)
Acquisitions (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Acquisition of Retail Energy Holdings, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Revenue | $ 243,147 | $ 243,165 | |
Net loss | (32,303) | $ (11,256) | |
Acquisition Of Mirabito Natural Gas [Member] | |||
Business Acquisition [Line Items] | |||
Revenue | $ 268,008 | 217,448 | |
Net loss | $ (8,588) | $ (32,031) |
Acquisitions (Details Textual)
Acquisitions (Details Textual) - USD ($) $ in Thousands | Aug. 10, 2017 | Nov. 02, 2016 |
Acquisitions (Textual) | ||
Privately held owner | $ 9,500 | |
Working capital | 1,400 | |
Aggregate cash payment | $ 10,900 | |
Management Agreement [Member] | ||
Acquisitions (Textual) | ||
Management fee termination date | Aug. 31, 2021 | |
Annual management fee business profit percentage | 30.00% | |
Annual management fee minimum | $ 250,000 | |
Retail Energy Holdings, LLC [Member] | Customer Relationships [Member] | ||
Acquisitions (Textual) | ||
Amortization period | 2 years | |
Mirabito Natural Gas [Member] | ||
Acquisitions (Textual) | ||
Aggregate cash payment | $ 4,000 | |
Mirabito Natural Gas [Member] | Customer Relationships [Member] | ||
Acquisitions (Textual) | ||
Amortization period | 9 years |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets: | |||
Derivative contracts | $ 4,358 | $ 2,651 | |
Liabilities: | |||
Derivative contracts | 1,228 | 1,727 | |
Level 1 [Member] | |||
Assets: | |||
Derivative contracts | [1] | 3,091 | 256 |
Liabilities: | |||
Derivative contracts | [1] | 693 | 60 |
Level 2 [Member] | |||
Assets: | |||
Derivative contracts | [2] | 1,267 | 2,395 |
Liabilities: | |||
Derivative contracts | [2] | 535 | 1,667 |
Level 3 [Member] | |||
Assets: | |||
Derivative contracts | [3] | ||
Liabilities: | |||
Derivative contracts | [3] | ||
[1] | Quoted prices in active markets for identical assets or liabilities. | ||
[2] | Observable inputs other than quoted prices in active markets for identical assets and liabilities. | ||
[3] | No observable pricing inputs in the market. |
Fair Value Measurements (Deta53
Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Measurements (Textual) | ||
Financial instrument included in other assets | $ 0.6 | $ 1 |
Derivative Instruments (Details
Derivative Instruments (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Electricity [Member] | |
Summarized volume of GRE's outstanding | |
Commodity | Electricity |
Settlement Dates | Mar. 31, 2018 |
Volume | 739,120 MWh |
Electricity 1 [Member] | |
Summarized volume of GRE's outstanding | |
Commodity | Electricity |
Settlement Dates | Sep. 30, 2018 |
Volume | 339,440 MWh |
Electricity 2 [Member] | |
Summarized volume of GRE's outstanding | |
Commodity | Electricity |
Settlement Dates | Dec. 31, 2018 |
Volume | 209,920 MWh |
Natural Gas [Member] | |
Summarized volume of GRE's outstanding | |
Commodity | Natural gas |
Settlement Dates | Mar. 31, 2018 |
Volume | 2,873,215 Dth |
Natural Gas 1 [Member] | |
Summarized volume of GRE's outstanding | |
Commodity | Natural gas |
Settlement Dates | Jun. 30, 2018 |
Volume | 306,725 Dth |
Natural Gas 2 [Member] | |
Summarized volume of GRE's outstanding | |
Commodity | Natural gas |
Settlement Dates | Sep. 30, 2018 |
Volume | 57,125 Dth |
Natural Gas 3 [Member] | |
Summarized volume of GRE's outstanding | |
Commodity | Natural gas |
Settlement Dates | Dec. 31, 2018 |
Volume | 66,030 Dth |
Natural Gas 4 [Member] | |
Summarized volume of GRE's outstanding | |
Commodity | Natural gas |
Settlement Dates | Mar. 31, 2019 |
Volume | 61,350 Dth |
Natural Gas 5 [Member] | |
Summarized volume of GRE's outstanding | |
Commodity | Natural gas |
Settlement Dates | Jun. 30, 2019 |
Volume | 35,100 Dth |
Natural Gas 6 [Member] | |
Summarized volume of GRE's outstanding | |
Commodity | Natural gas |
Settlement Dates | Sep. 30, 2019 |
Volume | 19,050 Dth |
Derivative Instruments (Detai55
Derivative Instruments (Details 1) - Energy contracts and options [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other current assets [Member] | ||
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | ||
Asset Derivatives, not designated or not qualifying as hedging instruments | $ 4,358 | $ 2,651 |
Other Current Liabilities [Member] | ||
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | ||
Liability Derivatives, not designated or not qualifying as hedging instruments | $ 1,228 | $ 1,727 |
Derivative Instruments (Detai56
Derivative Instruments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Energy contracts and options [Member] | Cost of revenues [Member] | |||
Effects of derivative instruments on the consolidated statements of operations | |||
Amount of Loss Recognized on Derivatives | $ (1,291) | $ (538) | $ (1,772) |
Afek Oil and Gas Exploration 57
Afek Oil and Gas Exploration Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Afek Oil and Gas Exploration Activities (Textual) | |||
Write-off of capitalized exploration costs | $ 6,483 | $ 41,041 |
Investment in Joint Ventures (D
Investment in Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of change in balance of company's investment | |||
Balance, beginning of period | |||
Capital contributions | 3,970 | ||
Equity in net loss of AMSO, LLC | (565) | (222) | (397) |
Balance, end of period | 3,450 | ||
AMSO, LLC [Member] | |||
Summary of change in balance of company's investment | |||
Balance, beginning of period | (399) | (252) | |
Capital contributions | 63 | 250 | |
Equity in net loss of AMSO, LLC | (222) | (397) | |
Elimination of the investment in AMSO, LLC | 558 | ||
Balance, end of period | $ (399) |
Investment in Joint Ventures 59
Investment in Joint Ventures (Details 1) - AMSO, LLC [Member] - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended |
Apr. 30, 2016 | Dec. 31, 2015 | |
Summary of unaudited statements of operations of AMSO, LLC | ||
REVENUES | ||
OPERATING EXPENSES: | ||
General and administrative | 120 | 403 |
Research and development | 3,512 | 4,782 |
TOTAL OPERATING EXPENSES | 3,632 | 5,185 |
Loss from operations | (3,632) | (5,185) |
Other income | ||
NET LOSS | $ (3,632) | $ (5,185) |
Investment in Joint Ventures 60
Investment in Joint Ventures (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Apr. 30, 2016 |
Shoreditch [Member] | ||
Assets | ||
Cash and cash equivalents | $ 2,787 | |
Other current assets | 79 | |
Other assets | 189 | |
Total assets | 3,055 | |
Liabilities and member's interest | ||
Current liabilities | 18 | |
Member's interest | 3,037 | |
Total liabilities and member's interest | $ 3,055 | |
AMSO, LLC [Member] | ||
Assets | ||
Cash and cash equivalents | $ 750 | |
Receivable from Total | 3,000 | |
Other current assets | 128 | |
Other assets | 860 | |
Total assets | 4,738 | |
Liabilities and member's interest | ||
Current liabilities | 518 | |
Asset retirement obligations | 2,535 | |
Other liabilities | 981 | |
Member's interest | 704 | |
Total liabilities and member's interest | $ 4,738 |
Investment in Joint Ventures 61
Investment in Joint Ventures (Details 3) - AMSO, LLC [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of revenue, net (loss) income from operations of AMSO, LLC | ||
Revenues | ||
Income from operations | 118 | |
Net income | 76 | |
Revenues | 212,112 | $ 213,056 |
Net loss | $ (35,602) | $ (13,424) |
Investment in Joint Ventures 62
Investment in Joint Ventures (Details 4) - AMSO, LLC [Member] - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Dec. 31, 2017 | |
Summary of retirement obligations after the consolidation of AMSO, LLC | ||
Balance, beginning of period | $ 2,535 | $ 116 |
Adjustments | (441) | (60) |
Payments | (1,978) | (56) |
Balance, end of period | $ 116 |
Investment in Joint Ventures 63
Investment in Joint Ventures (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Balance, beginning of period | |||
Capital contributions | 3,970 | ||
Equity in the net loss of joint venture | (565) | (222) | $ (397) |
Balance, end of period | 3,450 | ||
Shoreditch [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Balance, beginning of period | |||
Capital contributions | 3,970 | ||
Cumulative foreign currency translation adjustment | 45 | ||
Equity in the net loss of joint venture | (565) | ||
Balance, end of period | $ 3,450 |
Investment in Joint Ventures 64
Investment in Joint Ventures (Details 6) - Shoreditch [Member] $ in Thousands | 5 Months Ended |
Dec. 31, 2017USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
REVENUES | |
OPERATING EXPENSES: | |
Cost of revenues | 8 |
Selling, general and administrative | 779 |
Operating Expenses | 787 |
Loss from operations | (787) |
Other | |
NET LOSS | $ (787) |
Investment in Joint Ventures 65
Investment in Joint Ventures (Details Textual) $ in Thousands, £ in Millions | 4 Months Ended | 12 Months Ended | |||||
Apr. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Apr. 02, 2016USD ($) | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | |||||||
Gain on consolidation of AMSO, LLC | $ 1,300 | $ 1,262 | |||||
Decommissioning liability settlement amount not refundable | $ 3,000 | ||||||
Investment in joint venture | 3,970 | ||||||
Allocated to goodwill | 9,998 | 8,728 | $ 3,663 | $ 3,663 | |||
Goodwill | $ 1,270 | $ 5,065 | |||||
GOGAS [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 98.30% | 98.30% | |||||
Shoreditch [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Investment in joint venture | $ 3,970 | ||||||
Loss on investment | 3,500 | ||||||
GEUK [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Investment in joint venture | $ 4,000 | ||||||
Percentage of ownership | 65.00% | ||||||
Goodwill | $ 500 | ||||||
Additional aggregate investment in joint venture | $ 3,000 | £ 2.2 | |||||
EGC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of ownership | 35.00% | ||||||
Additional aggregate investment in joint venture | $ 2,200 | £ 1.7 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 6,434 | $ 3,034 |
Less: accumulated depreciation | (2,414) | (1,417) |
Property and equipment, net | 4,020 | 1,617 |
Computer software and development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,912 | 1,836 |
Computers and computer hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 246 | 231 |
Laboratory and drilling equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,833 | 543 |
Office equipment and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 443 | $ 424 |
Property and Equipment (Detai67
Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 0.8 | $ 0.4 | $ 0.4 |
Goodwill and Other Intangible68
Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Other Intangibles [Abstract] | |||
Beginning Balance | $ 8,728 | $ 3,663 | $ 3,663 |
Change in carrying amount | |||
Acquisition of Retail Energy Holdings, LLC and Mirabito Natural Gas (see Note 2) | 1,270 | 5,065 | |
Ending Balance | $ 9,998 | $ 8,728 | $ 3,663 |
Goodwill and Other Intangible69
Goodwill and Other Intangibles (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 11 years 3 months 19 days | 10 years 4 months 24 days |
Gross Carrying Amount | $ 6,325 | $ 4,460 |
Accumulated Amortization | (1,466) | (183) |
Net Balance | $ 4,859 | $ 4,277 |
Patents and trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 20 years | 20 years |
Gross Carrying Amount | $ 2,860 | $ 2,100 |
Accumulated Amortization | (135) | (13) |
Net Balance | $ 2,725 | $ 2,087 |
Non-compete agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 2 years | 2 years |
Gross Carrying Amount | $ 115 | $ 110 |
Accumulated Amortization | (65) | (11) |
Net Balance | $ 50 | $ 99 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 4 years 4 months 24 days | 2 years |
Gross Carrying Amount | $ 3,200 | $ 2,100 |
Accumulated Amortization | (1,266) | (159) |
Net Balance | $ 1,934 | $ 1,941 |
Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 0 years | 0 years |
Gross Carrying Amount | $ 150 | $ 150 |
Accumulated Amortization | ||
Net Balance | $ 150 | $ 150 |
Goodwill and Other Intangible70
Goodwill and Other Intangibles (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Other Intangibles (Textual) | |||
Amortization expense of intangible assets | $ 1.3 | $ 0.2 | |
Amortization expense of finite lives intangible assets, 2018 | 1.2 | ||
Amortization expense of finite lives intangible assets, 2019 | 0.3 | ||
Amortization expense of finite lives intangible assets, 2020 | 0.3 | ||
Amortization expense of finite lives intangible assets, 2021 | 0.3 | ||
Amortization expense of finite lives intangible assets, 2022 | $ 0.3 |
Revolving Lines of Credit (Deta
Revolving Lines of Credit (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 31, 2017 | Apr. 04, 2017 | Dec. 17, 2015 | |
Revolving Lines of Credit (Textual) | ||||||
Revolving loan facility | $ 2,513 | |||||
Settlement of obligations | 12,655 | 6,690 | ||||
Gain from revolving loan facility | 200 | |||||
Revolving line of credit | 711 | |||||
JPMorgan [Member] | ||||||
Revolving Lines of Credit (Textual) | ||||||
Maximum principal amount on revolving line of credit | 25,000 | |||||
Description of line of credit collateral | Equal to the greater of (a) $10.0 million or (b) the sum of the amount of letters of credit outstanding plus the outstanding principal under the revolving note. | |||||
Maximum amount of collateral under condition one | $ 10,000 | |||||
Interest rate on principal outstanding, description | Lesser of (a) the LIBOR rate multiplied by the statutory reserve rate established by the Board of Governors of the Federal Reserve System plus 1.0% per annum, or (b) the maximum rate per annum permitted by whichever of applicable federal or Texas laws permit the higher interest rate. | |||||
Quoted margin rate on LIBOR, per annum | 1.00% | |||||
Maturity date | May 31, 2017 | |||||
Line of credit facility, frequency of payment and payment terms | Interest was payable at least every three months | |||||
Cash collateral for line of credit | 10,000 | |||||
Cash collateral released | $ 10,000 | |||||
Line of credit facility, amount outstanding | 8,100 | |||||
Vantage Commodities Financial Services II, LLC [Member] | REH [Member] | ||||||
Revolving Lines of Credit (Textual) | ||||||
Revolving loan facility | 700 | |||||
Maximum principal amount on revolving line of credit | $ 7,500 | |||||
Interest rate on principal outstanding, description | The principal outstanding incurred interest at one-month LIBOR plus 5.25% per annum, payable monthly. | |||||
Maturity date | Oct. 31, 2017 | |||||
Vantage Commodities Financial Services II, LLC [Member] | GRE Credit Agreement [Member] | ||||||
Revolving Lines of Credit (Textual) | ||||||
Revolving loan facility | $ 2,500 | |||||
Initial amount borrowed lines of credit current | 4,300 | |||||
Maximum principal amount on revolving line of credit | 20,000 | |||||
Interest rate on principal outstanding, description | Outstanding principal amount incurs interest at LIBOR plus 4.5% per annum. | |||||
Effective interest rate | 5.99% | |||||
Maturity date | Apr. 3, 2020 | |||||
Amount outstanding added to lines of credit current | $ 1,700 | |||||
Maple Bank GmbH [Member] | GRE [Member] | ||||||
Revolving Lines of Credit (Textual) | ||||||
Revolving loan facility | $ 2,000 | |||||
Settlement of obligations | 1,800 | |||||
Gain from revolving loan facility | $ 200 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of components of (loss) income before income taxes | |||
Domestic | $ 7,122 | $ 18,629 | $ 1,517 |
Foreign | (14,044) | (48,603) | (9,628) |
LOSS BEFORE INCOME TAXES | $ (6,922) | $ (29,974) | $ (8,111) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred income tax assets: | ||||
Bad debt reserve | $ 302 | $ 70 | ||
Accrued expenses | 4,425 | 3,821 | ||
State taxes | 117 | 221 | ||
Charitable contributions | 265 | 470 | ||
Net operating loss | 37,435 | 37,568 | ||
Stock options and restricted stock | 908 | 1,456 | ||
Depreciation | 7,026 | 11,153 | ||
Total deferred income tax assets | 50,478 | 54,759 | ||
Valuation allowance | (48,337) | (52,978) | $ (31,769) | $ (21,082) |
DEFERRED INCOME TAX ASSETS, NET | $ 2,141 | $ 1,781 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | |||
State and local | (1,366) | (2,349) | (704) |
Foreign | (8) | ||
Total current income taxes | (1,366) | (2,357) | (704) |
Deferred: | |||
Federal | (6) | (19) | |
State and local | (360) | 145 | 198 |
Foreign | |||
Total deferred income taxes | (360) | 139 | 179 |
PROVISION FOR INCOME TAXES | $ (1,726) | $ (2,218) | $ (525) |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. federal income tax benefit at statutory rate | $ 2,423 | $ 10,491 | $ 2,840 |
Valuation allowance | 11,694 | (21,209) | (10,687) |
Foreign tax rate differential | (2,610) | 9,901 | 7,674 |
Tax law change | (11,070) | ||
Deferred income tax adjustment | (1,250) | ||
Other | 66 | 95 | (20) |
State and local income tax, net of federal benefit | (979) | (1,496) | (332) |
PROVISION FOR INCOME TAXES | $ (1,726) | $ (2,218) | $ (525) |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of change in the valuation allowance for deferred income taxes | |||
Balance at beginning of period | $ 52,978 | $ 31,769 | $ 21,082 |
Additions charged to costs and expenses | 7,053 | 21,209 | 10,687 |
Deductions | (11,694) | ||
Balance at end of period | $ 48,337 | $ 52,978 | $ 31,769 |
Income Taxes (Details 5)
Income Taxes (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of change in the balance of unrecognized income tax benefits | |||
Balance at beginning of period | $ 632 | $ 636 | $ 543 |
Additions based on tax positions related to the current period | 100 | 81 | 97 |
Additions for tax positions of prior periods | 1 | 4 | 10 |
Lapses of statutes of limitations | (175) | (89) | (14) |
Balance at end of period | $ 558 | $ 632 | $ 636 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 22, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes (Textual) | ||||
Accrued interest on income taxes | $ 1,000 | $ 4,000 | $ 4,000 | |
Accrued interest included in current income taxes payable. | 35,000 | $ 34,000 | ||
Minimum [Member] | ||||
Income Taxes (Textual) | ||||
U.S. tax code, including a reduction in corporate tax rate | 21.00% | |||
Maximum [Member] | ||||
Income Taxes (Textual) | ||||
U.S. tax code, including a reduction in corporate tax rate | 35.00% | |||
Unconsolidated Entities [Member] | ||||
Income Taxes (Textual) | ||||
Net operating loss carryforwards | $ 1,000,000 | |||
Operating loss carryforwards, expiration date | Dec. 31, 2036 | |||
U.S. federal [Member] | ||||
Income Taxes (Textual) | ||||
Net operating loss carryforwards | $ 30,500,000 | |||
U.S. federal [Member] | Minimum [Member] | ||||
Income Taxes (Textual) | ||||
Operating loss carryforwards, expiration date | Dec. 31, 2033 | |||
Income tax returns period | 2,014 | |||
U.S. federal [Member] | Maximum [Member] | ||||
Income Taxes (Textual) | ||||
Operating loss carryforwards, expiration date | Dec. 31, 2037 | |||
Income tax returns period | 2,017 | |||
Foreign [Member] | ||||
Income Taxes (Textual) | ||||
Net operating loss carryforwards | $ 98,400,000 | |||
Operating loss carry forwards amount no expiration | $ 89,800,000 | |||
Foreign [Member] | Minimum [Member] | ||||
Income Taxes (Textual) | ||||
Income tax returns period | 2,013 | |||
Foreign [Member] | Maximum [Member] | ||||
Income Taxes (Textual) | ||||
Income tax returns period | 2,017 | |||
State [Member] | ||||
Income Taxes (Textual) | ||||
Net operating loss carryforwards | $ 113,400,000 | |||
State [Member] | Minimum [Member] | ||||
Income Taxes (Textual) | ||||
Operating loss carryforwards, expiration date | Dec. 31, 2029 | |||
Income tax returns period | 2,013 | |||
State [Member] | Maximum [Member] | ||||
Income Taxes (Textual) | ||||
Operating loss carryforwards, expiration date | Dec. 31, 2038 | |||
Income tax returns period | 2,017 |
Equity (Details)
Equity (Details) - USD ($) | May 09, 2015 | Mar. 31, 2018 | Feb. 15, 2018 | Nov. 30, 2015 | Nov. 15, 2015 | Jul. 30, 2014 | Jun. 30, 2011 | Nov. 30, 2010 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 11, 2013 |
Equity (Textual) | ||||||||||||
Common stock dividend | $ 7,427,000 | $ 5,914,000 | $ 2,950,000 | |||||||||
Remaining number of shares available for repurchase | 6,900,000 | |||||||||||
Preferred stock dividend declared | $ 1,481,000 | 1,481,000 | 1,481,000 | |||||||||
Proceeds from exercise of stock options | 2,500,000 | |||||||||||
Employment agreement description | Dr. Harold Vinegar, Chief Scientist of the Company, has an option to purchase, at fair value, up to 10% of the GOGAS ventures in which he is a key contributor. In prior years, Dr. Vinegar purchased interests in IEI, Afek and Genie Mongolia. | |||||||||||
Collection of receivables for issuance of equity | 1,912,000 | |||||||||||
Sales of equity of subsidiaries | 1,000,000 | $ 2,500,000 | ||||||||||
Purchases of equity of subsidiary | (312,000) | |||||||||||
Receivables for issuance of equity | ||||||||||||
Gogas [Member] | Michael Steinhardt [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Ownership acquire interest of company | 1.50% | |||||||||||
Total value of exercise of stock options | $ 5,000,000 | |||||||||||
Options expiration date | Apr. 9, 2015 | |||||||||||
Collection of receivables for issuance of equity | $ 800,000 | |||||||||||
Exercise price description | The exercise price of $5.0 million was paid $2.5 million in cash and $2.5 million in promissory notes that were due in November 2015. The notes incurred interest at 0.43% per annum, and were secured by 50% of the shares received in the exercise. | |||||||||||
Receivables for issuance of equity | $ 1,700,000 | |||||||||||
Rupert Murdoch [Member] | Gogas [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Promissory note maturity date | Nov. 15, 2015 | |||||||||||
Sale of stock consideration by promissory note | $ 1,000,000 | |||||||||||
Sale of subsidiary stock percentage of ownership sold | 0.50% | |||||||||||
Collection of receivables for issuance of equity | $ 1,100,000 | |||||||||||
Note accrued interest | 1.58% | |||||||||||
Afek Oil and Gas, Ltd. [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Purchases of equity of subsidiary | $ 300,000 | |||||||||||
Purchases of equity of subsidiary interest | 1.15% | |||||||||||
Afek Oil and Gas, Ltd. [Member] | Harold Vinegar Chief Scientist [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Sales of equity of subsidiaries | $ 1,000,000 | |||||||||||
Sales of equity of subsidiaries interest | 1.00% | |||||||||||
Israel Energy Initiatives Ltd [Member] | Board of Directors Chairman [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Promissory notes | $ 2,500,000 | |||||||||||
Promissory note maturity date | Nov. 30, 2015 | |||||||||||
Promissory notes interest rate | 0.43% | |||||||||||
Promissory notes collateral | Secured by 50% of the shares received in the exercise. | |||||||||||
Ownership acquire interest of company | 1.50% | |||||||||||
Total value of exercise of stock options | $ 5,000,000 | |||||||||||
American Shale Oil Limited Liability Company [Member] | Board of Directors Chairman [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Ownership acquire interest of company | 1.70% | |||||||||||
Genie Mongolia [Member] | Board of Directors Chairman [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Ownership acquire interest of company | 1.50% | |||||||||||
Preferred Stock [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Preferred stock dividend rate | $ 0.6376 | $ 0.6376 | $ 0.6376 | |||||||||
Preferred Stock [Member] | Subsequent Event [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Preferred stock dividend rate | $ 0.1594 | |||||||||||
Record date of declared dividend | Feb. 6, 2018 | |||||||||||
Class A common stock | ||||||||||||
Equity (Textual) | ||||||||||||
Cash dividend paid | $ 0.30 | $ 0.24 | $ 0.12 | |||||||||
Class A common stock | Subsequent Event [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Common stock dividends declared | $ 0.075 | |||||||||||
Paid date of declared dividend | Mar. 23, 2018 | |||||||||||
Record date of declared dividend | Mar. 19, 2018 | |||||||||||
Class B common stock | ||||||||||||
Equity (Textual) | ||||||||||||
Number of shares repurchased, shares | 129,898 | 3,096 | 4,220 | |||||||||
Number of shares repurchased, value | $ 800,000 | $ 29,000 | $ 27,000 | |||||||||
Number of stock authorized to be repurchased | 7,000,000 | |||||||||||
Cash dividend paid | $ 0.30 | $ 0.24 | $ 0.12 | |||||||||
Commitment to purchase shares | 600,000 | |||||||||||
Commitment to purchase shares price per share | $ 6.82 | |||||||||||
Class B common stock | Howards Jonas [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Commitment to purchase shares | 3,600,000 | |||||||||||
Commitment to purchase shares price per share | $ 6.82 | |||||||||||
Class B common stock | Subsequent Event [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Common stock dividends declared | $ 0.075 | |||||||||||
Paid date of declared dividend | Mar. 23, 2018 | |||||||||||
Record date of declared dividend | Mar. 19, 2018 | |||||||||||
Sale of shares | 1,152,074 | |||||||||||
Sale of shares price per share | $ 4.34 | |||||||||||
Amount of aggregate sales price | $ 5,000,000 | |||||||||||
Class B common stock | Subsequent Event [Member] | Howards Jonas [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Warrants to purchase shares | 1,048,218 | |||||||||||
Warrants exercise price per share | $ 4.77 | |||||||||||
Amount of warrants aggregate exercise price | $ 5,000,000 | |||||||||||
Warrants expiry term | 2 years | |||||||||||
Class B common stock | Subsequent Event [Member] | Investor [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Sale of shares | 230,415 | |||||||||||
Warrants to purchase shares | 209,644 | |||||||||||
Warrants of sale price | 10.00% | |||||||||||
Series 2012-A Preferred Stock [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Preferred stock, liquidation preference per share | 8.50 | |||||||||||
Preferred stock dividend rate | $ 0.6375 | |||||||||||
Preferred stock, dividend payment rate, variable | Seven and one-half percent (7.5%) of the quotient obtained by dividing (A) the amount by which the EBITDA for a fiscal year of the Company's retail energy provider business exceeds $32 million by (B) 8,750,000 (the "Additional Dividend"). | |||||||||||
Preferred stock, redemption terms | The Preferred Stock is redeemable, in whole or in part, at the option of the Company following October 11, 2017 at 101% of the Liquidation Preference plus accrued and unpaid dividends, and 100% of the Liquidation Preference plus accrued and unpaid dividends following October 11, 2018. |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Summary of the status of the Company's grants of restricted shares of Class B common stock | |
Beginning balance, Number of Non-vested Shares | shares | 26 |
Number of Non-vested Shares, Granted | shares | 182 |
Number of Non-vested Shares, Vested | shares | (45) |
Number of Non-vested Shares, Forfeited | shares | |
Ending balance, Number of Non-vested Shares | shares | 163 |
Beginning balance, Weighted- Average Grant Date Fair Value | $ / shares | $ 10.08 |
Weighted- Average Grant Date Fair Value, Granted | $ / shares | 5.77 |
Weighted- Average Grant Date Fair Value, Vested | $ / shares | 8.36 |
Weighted- Average Grant Date Fair Value, Forfeited | $ / shares | |
Ending balance, Weighted- Average Grant Date Fair Value | $ / shares | $ 6.19 |
Stock-Based Compensation (Det81
Stock-Based Compensation (Details 1) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Equity compensation plans, valuation assumptions | ||
Average risk-free interest rate | 0.40% | 0.93% |
Expected dividend yield | 5.01% | |
Expected volatility | 55.50% | 61.00% |
Expected term | 1 year | 5 years 6 months |
Weighted-average grant date fair value of options granted | $ 1.05 | $ 9.67 |
Stock-Based Compensation (Det82
Stock-Based Compensation (Details 2) - Stock options [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of stock option activity | ||
Number of Options, Outstanding, Beginning Balance | 414 | |
Number of Options, Granted | ||
Number of Options, Exercised | (16) | |
Number of Options, Cancelled/Forfeited | (15) | |
Number of Options, Outstanding, Ending Balance | 383 | 414 |
Number of Options, Exercisable | 327 | |
Weighted-Average Exercise Price Outstanding, Beginning Balance | $ 6.75 | |
Weighted-Average Exercise Price, Granted | ||
Weighted-Average Exercise Price, Exercised | 6.85 | |
Weighted-Average Exercise Price, Cancelled/Forfeited | 4.05 | |
Weighted-Average Exercise Price Outstanding, Ending Balance | 6.85 | $ 6.75 |
Weighted-Average Exercise Price, Exercisable | $ 6.85 | |
Weighted-Average Remaining Contractual Term, Outstanding | 3 years 9 months 18 days | 4 years 7 months 6 days |
Weighted-Average Remaining Contractual Term, Exercisable | 3 years 9 months 18 days | |
Aggregate Intrinsic Value, Outstanding | $ 37 | |
Aggregate Intrinsic Value, Exercisable |
Stock-Based Compensation (Det83
Stock-Based Compensation (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2016USD ($) | Aug. 31, 2015USD ($) | Dec. 31, 2017USD ($)Stockshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | May 05, 2015 | |
Stock-Based Compensation (Textual) | ||||||
Stock-based compensation | $ 5,213 | $ 4,813 | $ 5,229 | |||
Class B common stock issued for GRE deferred stock units | 1,845 | |||||
Cash payment for subsidiary equity grant | 1,688 | 1,200 | ||||
GRE [Member] | ||||||
Stock-Based Compensation (Textual) | ||||||
Deferred stock units included in "Other current liabilities" | 800 | 700 | ||||
Cash payment for subsidiary equity grant | $ 1,700 | |||||
Officers and employees [Member] | ||||||
Stock-Based Compensation (Textual) | ||||||
Ownership interest of company | 3.90% | |||||
Restricted Stock Granted [Member] | ||||||
Stock-Based Compensation (Textual) | ||||||
Total grant date fair value of shares vested | 400 | 500 | 500 | |||
Stock-based compensation | 3,100 | 3,500 | 3,600 | |||
Stock options [Member] | ||||||
Stock-Based Compensation (Textual) | ||||||
Total unrecognized compensation cost | $ 100 | |||||
Period of unrecognized compensation cost expected to be recognized | 1 year 1 month 6 days | |||||
Stock-based compensation | $ 35 | 23 | 300 | |||
Total intrinsic value of options exercised | 13 | 12 | ||||
Other Subsidiary Equity [Member] | ||||||
Stock-Based Compensation (Textual) | ||||||
Total unrecognized compensation cost | $ 1,000 | |||||
Period of unrecognized compensation cost expected to be recognized | 4 months 24 days | |||||
Stock-based compensation | $ 2,100 | $ 600 | $ 1,400 | |||
Fair value of the deferred stock units grants | $ 3,300 | |||||
Common Class B [Member] | ||||||
Stock-Based Compensation (Textual) | ||||||
Shares issued restricted stock award (Shares) | shares | shares | 35,000 | 36,000 | ||||
Class B common stock issued for GRE deferred stock units, Shares | shares | 287,000 | |||||
Common Class B [Member] | Restricted Stock [Member] | ||||||
Stock-Based Compensation (Textual) | ||||||
Total unrecognized compensation cost | $ 3,700 | |||||
Period of unrecognized compensation cost expected to be recognized | 9 months 18 days | |||||
Deferred Stock [Member] | IDT [Member] | ||||||
Stock-Based Compensation (Textual) | ||||||
Vested deferred stock units of IDT Energy | Stock | 26.1 | |||||
Cash payment for subsidiary equity grant | $ 1,200 | |||||
2011 Stock Option and Incentive Plan [Member] | ||||||
Stock-Based Compensation (Textual) | ||||||
Shares available for future grants, Shares | shares | 51,000 | |||||
2011 Stock Option and Incentive Plan [Member] | Common Class B [Member] | ||||||
Stock-Based Compensation (Textual) | ||||||
Common stock reserved for future issuance | shares | 1,300,000 |
Variable Interest Entity (Detai
Variable Interest Entity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Variable Interest Entity [Abstract] | |||
Net income (loss) | $ 112 | $ (1,136) | $ 34 |
Aggregate funding repaid to (provided by) the Company, net | $ 158 | $ (871) | $ 950 |
Variable Interest Entity (Det85
Variable Interest Entity (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL ASSETS | $ 2,035 | $ 2,090 |
TOTAL LIABILITIES AND NONCONTROLLING INTERESTS | 2,035 | 2,090 |
Cash and cash equivalents [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL ASSETS | 52 | 150 |
Restricted cash [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL ASSETS | 31 | 17 |
Trade accounts receivable [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL ASSETS | 1,031 | 1,008 |
Prepaid expenses [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL ASSETS | 451 | 450 |
Other current assets [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL ASSETS | 31 | 26 |
Other assets [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL ASSETS | 439 | 439 |
Current liabilities [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL LIABILITIES AND NONCONTROLLING INTERESTS | 698 | 707 |
Due to IDT Energy [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL LIABILITIES AND NONCONTROLLING INTERESTS | 1,140 | 1,298 |
Noncontrolling interests [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL LIABILITIES AND NONCONTROLLING INTERESTS | $ 197 | $ 85 |
Variable Interest Entity (Det86
Variable Interest Entity (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Variable Interest Entity (Textual) | ||||
Loan amount | $ 158 | $ (871) | $ 950 | |
CCE [Member] | ||||
Variable Interest Entity (Textual) | ||||
Payment to owner of limited liability company | $ 200 | |||
Loan amount | 500 | |||
Variable interest entity, description | GRE paid $0.2 million to the owner of the limited liability company interests in CCE, and loaned CCE $0.5 million in exchange for an option to purchase 100% of the issued and outstanding limited liability company interests of CCE for one dollar plus the forgiveness of the $0.5 million loan. | |||
Forgiveness of loan | $ 500 | |||
Options expiration date | Oct. 22, 2023 |
Accumulated Other Comprehensi87
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of accumulated balances for other comprehensive (loss) income | |||
Accumulated other comprehensive income, Foreign currency translation, Beginning balance | $ 1,465 | $ 154 | $ 10 |
Other comprehensive income attributable to Genie, Foreign currency translation | 1,580 | 1,311 | 144 |
Accumulated other comprehensive income, Foreign currency translation, Ending balance | $ 3,045 | $ 1,465 | $ 154 |
Legal and Regulatory Proceedi88
Legal and Regulatory Proceedings (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jul. 31, 2016USD ($) | Mar. 31, 2018MeterRCEs | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | ||
Legal and Regulatory Proceedings (Textual) | ||||||||
Proposed regulatory matter potential requirements, Description | The PSC's order, which were to become effective March 4, 2016, would require that all REPs' electricity and natural gas offerings to residential and small business customers include an annual guarantee of savings compared to the price charged by the relevant incumbent utility or, for electricity offerings, provide at least 30% of the supply from renewable sources. | |||||||
Additional refunds to customers | $ 2,400 | |||||||
Total settlement payment | $ 9,000 | |||||||
Total payments reasonable settlement | $ 10,100 | |||||||
Revenue reduction | $ 3,600 | |||||||
Selling, general and administrative expense | [1] | 80,122 | $ 61,569 | $ 66,011 | ||||
Accrued expenses | 28,069 | $ 16,301 | ||||||
2016 Order [Member] | Subsequent Event [Member] | ||||||||
Legal and Regulatory Proceedings (Textual) | ||||||||
Number of meters transferred to incumbent utilities | Meter | 21,000 | |||||||
RCEs transferred to incumbent utilities | RCEs | 12,000 | |||||||
Settlement Agreement [Member] | ||||||||
Legal and Regulatory Proceedings (Textual) | ||||||||
Revenue reduction | 3,600 | |||||||
Selling, general and administrative expense | 5,400 | |||||||
Accrued expenses | 9,000 | |||||||
New Jersey Office and Attorney General [Member] | ||||||||
Legal and Regulatory Proceedings (Textual) | ||||||||
Total payments reasonable settlement | $ 1,500 | |||||||
Revenue reduction | $ 1,300 | |||||||
Selling, general and administrative expense | 200 | |||||||
Accrued expenses | $ 1,500 | |||||||
New York PSC [Member] | ||||||||
Legal and Regulatory Proceedings (Textual) | ||||||||
Percentage of GRE's total meters served | 36.00% | |||||||
Percentage of total RCEs of GRE's customer base | 28.00% | |||||||
[1] | Stock-based compensation included in selling, general and administrative expenses |
Commitments and Contingencies89
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Future minimum payments for operating leases | |
2,018 | $ 193 |
2,019 | 77 |
2,020 | 41 |
2,021 | |
2,022 | |
Thereafter | |
Total payments | $ 311 |
Commitments and Contingencies90
Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies (Textual) | |||
Purchase and other commitments | $ 46.4 | ||
Rental expense and operating leases | 0.8 | $ 0.7 | $ 1.2 |
Purchase commitment due in December 31, 2018 | 43.2 | ||
Purchase commitment due in December 31, 2019 | 3.2 | ||
Future purchases of electricity | 45 | ||
Genie Retail Energy [Member] | |||
Commitments and Contingencies (Textual) | |||
Aggregate performance bond outstanding | 11.8 | ||
Purchase of renewable energy credit | 15.6 | ||
BP [Member] | |||
Commitments and Contingencies (Textual) | |||
Payment of trade accounts payable to BP Energy | $ 13.8 | ||
Agreement termination, Description | The agreement's termination date is November 30, 2019, except either party may terminate the agreement on November 30, 2018 by giving the other party notice by May 31, 2018. | ||
Trade Accounts Receivable [Member] | |||
Commitments and Contingencies (Textual) | |||
Assets pledged as collateral to BP Energy | $ 34.4 | ||
Restricted Cash [Member] | |||
Commitments and Contingencies (Textual) | |||
Assets pledged as collateral to BP Energy | $ 0.5 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of related party transactions | |||
Amount IDT charged the Company | $ 1,773 | $ 2,197 | $ 2,340 |
Amount the Company charged IDT | $ 471 | $ 627 | $ 546 |
Related Party Transactions (D92
Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transactions (Textual) | |||
Notes receivable outstanding from employees | $ 600,000 | $ 1,000,000 | |
Commissions and fees payments to related party | 20,060 | 18,164 | $ 14,236 |
Total payments for various insurance policies | 20,060 | 18,657 | $ 143,367 |
Commissions and fees paid to IGM | $ 201,565 | $ 144,110 |
Business Segment and Geograph93
Business Segment and Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating results for the business segments | |||
Revenues | $ 264,202 | $ 212,112 | $ 213,056 |
Income (loss) from operations | (6,540) | (30,513) | (8,329) |
Depreciation and amortization | 2,140 | 581 | 428 |
Research and development | (269) | 1,985 | |
Exploration | 4,879 | 6,088 | 6,583 |
Write-off of capitalized exploration costs | 6,483 | 41,041 | |
Equity in the net loss of Shoreditch | 565 | 222 | 397 |
GRE [Member] | |||
Operating results for the business segments | |||
Revenues | 264,202 | 212,112 | 213,056 |
Income (loss) from operations | 16,586 | 26,503 | 11,095 |
Depreciation and amortization | 1,740 | 427 | 245 |
Research and development | |||
Exploration | |||
Equity in the net loss of Shoreditch | 565 | ||
Afek [Member] | |||
Operating results for the business segments | |||
Revenues | |||
Income (loss) from operations | (12,698) | (48,272) | (7,458) |
Depreciation and amortization | 327 | 124 | 104 |
Research and development | 63 | ||
Exploration | 4,879 | 6,088 | 6,583 |
Write-off of capitalized exploration costs | 6,483 | 41,041 | |
Equity in the net loss of Shoreditch | |||
GOGAS [Member] | |||
Operating results for the business segments | |||
Revenues | |||
Income (loss) from operations | (593) | 439 | (3,058) |
Depreciation and amortization | 72 | 29 | 78 |
Research and development | (269) | 1,922 | |
Exploration | |||
Write-off of capitalized exploration costs | |||
Equity in the net loss of Shoreditch | 222 | 397 | |
Corporate [Member] | |||
Operating results for the business segments | |||
Revenues | |||
Income (loss) from operations | (9,835) | (9,183) | (8,908) |
Depreciation and amortization | 1 | 1 | 1 |
Research and development | |||
Exploration | |||
Write-off of capitalized exploration costs | |||
Equity in the net loss of Shoreditch |
Business Segment and Geograph94
Business Segment and Geographic Information (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Summary total assets for the business segments | |||
Total assets: | $ 125,778 | $ 121,813 | $ 155,815 |
GRE [Member] | |||
Summary total assets for the business segments | |||
Total assets: | 112,521 | 87,539 | 80,177 |
Afek [Member] | |||
Summary total assets for the business segments | |||
Total assets: | 2,588 | 6,685 | 38,665 |
GOGAS [Member] | |||
Summary total assets for the business segments | |||
Total assets: | 7,887 | 12,224 | 17,770 |
Corporate [Member] | |||
Summary total assets for the business segments | |||
Total assets: | $ 2,782 | $ 15,365 | $ 19,203 |
Business Segment and Geograph95
Business Segment and Geographic Information (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Net Long Lived Assets and Assets Held Outside Country [Abstract] | |||
Long-lived assets, net | $ 4,048 | $ 1,642 | $ 1,409 |
Total assets | 125,778 | 121,813 | 155,815 |
United States [Member] | |||
Net Long Lived Assets and Assets Held Outside Country [Abstract] | |||
Long-lived assets, net | 696 | 1,060 | 763 |
Total assets | 115,605 | 113,158 | 114,880 |
Foreign Countries [Member] | |||
Net Long Lived Assets and Assets Held Outside Country [Abstract] | |||
Long-lived assets, net | 3,352 | 582 | 646 |
Total assets | $ 10,173 | $ 8,655 | $ 40,935 |
Business Segment and Geograph96
Business Segment and Geographic Information (Details Textual) | 12 Months Ended |
Dec. 31, 2017Segment | |
Business Segment and Geographic Information (Textual) | |
Number of reportable segments | 3 |
GEIC [Member] | |
Business Segment and Geographic Information (Textual) | |
Company's investment, ownership percentage in subsidiary | 99.30% |
GRE [Member] | |
Business Segment and Geographic Information (Textual) | |
Company's investment, ownership percentage in subsidiary | 100.00% |
Ownership interest of company | 1.25% |
GOGAS [Member] | |
Business Segment and Geographic Information (Textual) | |
Company's investment, ownership percentage in subsidiary | 92.00% |
Afek [Member] | |
Business Segment and Geographic Information (Textual) | |
Company's investment, ownership percentage in subsidiary | 86.10% |
Selected Quarterly Financial 97
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | [1] | Sep. 30, 2017 | Jun. 30, 2017 | [2] | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | [1] | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | ||||||||||||||
Revenues | $ 264,202 | $ 212,112 | $ 213,056 | |||||||||||
Cost of revenues | 178,693 | 135,172 | 146,409 | |||||||||||
Income (loss) from operations | (6,540) | (30,513) | (8,329) | |||||||||||
Net (loss) income | (8,648) | (32,192) | ||||||||||||
Net income (loss) attributable to Genie Energy Ltd. | $ (6,994) | $ (24,525) | $ (7,457) | |||||||||||
(Loss) earnings per common share, Basic | $ (0.36) | $ (1.14) | $ (0.40) | |||||||||||
(Loss) earnings per common share, Diluted | $ (0.36) | $ (1.14) | $ (0.40) | |||||||||||
Selected Quarterly Financial Data [Member] | ||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||
Revenues | $ 73,077 | $ 69,473 | $ 50,247 | $ 71,405 | $ 51,519 | $ 57,153 | $ 44,561 | $ 58,879 | ||||||
Cost of revenues | 46,321 | 47,694 | 38,122 | 46,556 | 36,949 | 36,946 | 26,445 | 34,832 | ||||||
Income (loss) from operations | 430 | 1,403 | (13,569) | 5,196 | (1,344) | (37,102) | 1,934 | 5,999 | ||||||
Net (loss) income | (812) | 975 | (12,950) | 4,139 | (1,285) | (37,174) | 1,417 | 4,850 | ||||||
Net income (loss) attributable to Genie Energy Ltd. | $ 215 | $ 778 | $ (12,569) | $ 4,582 | $ (816) | $ (32,139) | $ 2,761 | $ 5,669 | ||||||
(Loss) earnings per common share, Basic | $ (0.01) | $ 0.02 | $ (0.55) | $ 0.18 | $ (0.05) | $ (1.43) | $ 0.10 | $ 0.23 | ||||||
(Loss) earnings per common share, Diluted | $ (0.01) | $ 0.02 | $ (0.55) | $ 0.18 | $ (0.05) | $ (1.43) | $ 0.10 | $ 0.22 | ||||||
[1] | In the fourth quarter of 2017 and in the third quarter of 2016, loss from operations included write-off of capitalized exploration costs of $6.5 million and $41.0 million, respectively. | |||||||||||||
[2] | In the second quarter of 2017, the Company recognized a liability of $9.0 million for the preliminary settlement of certain class action lawsuits. The Company recorded the liability as a revenue reduction of $3.6 million and an expense of $5.4 million. |
Selected Quarterly Financial 98
Selected Quarterly Financial Data (Unaudited) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Selected Quarterly Financial Data (Unaudited) (Textual) | ||||||||
Write-off of capitalized exploration costs | $ 6,483 | $ 41,041 | ||||||
Settlement preliminary of liability | $ 9,000 | |||||||
Revenue reduction | 3,600 | |||||||
Revenue expense | $ 5,400 | |||||||
Selling, General and Administrative Expense | [1] | 80,122 | 61,569 | $ 66,011 | ||||
Accrued expenses | $ 28,069 | $ 28,069 | $ 16,301 | |||||
New Jersey Office and Attorney General [Member] | ||||||||
Selected Quarterly Financial Data (Unaudited) (Textual) | ||||||||
Revenue reduction | $ 1,300 | |||||||
Selling, General and Administrative Expense | 200 | |||||||
Accrued expenses | $ 1,500 | |||||||
Write-off of capitalized exploration costs [Member] | ||||||||
Selected Quarterly Financial Data (Unaudited) (Textual) | ||||||||
Write-off of capitalized exploration costs | $ 6,500 | $ 41,000 | ||||||
[1] | Stock-based compensation included in selling, general and administrative expenses |