Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 11, 2022 | Jun. 30, 2021 | |
Entity Registrant Name | Genie Energy Ltd. | ||
Entity Central Index Key | 0001528356 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Address, Address Line One | 520 Broad Street | ||
Entity Address, City or Town | Newark | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07102 | ||
Entity File Number | 1-35327 | ||
Entity Tax Identification Number | 45-2069276 | ||
City Area Code | (973) | ||
Local Phone Number | 438-3500 | ||
Title of 12(b) Security | Class B common stock, par value $0.1 per share | ||
Entity Interactive Data Current | Yes | ||
Trading Symbol | GNE | ||
Security Exchange Name | NYSE | ||
Entity Public Float | $ 119,200 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Zwick CPA, PLLC | ||
Auditor Firm ID | 549 | ||
Auditor Location | Southfield, Michigan | ||
Class A Common Stock | |||
Entity Common Stock, Shares Outstanding | 1,574,326 | ||
Class B Common Stock | |||
Entity Common Stock, Shares Outstanding | 24,635,170 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 95,492 | $ 31,902 |
Restricted cash - short-term | 6,657 | 6,271 |
Marketable equity securities | 1,336 | 5,089 |
Trade accounts receivable, net of allowance for doubtful accounts of $6,365 and $4,819 at December 31, 2021 and 2020, respectively | 52,357 | 48,370 |
Inventory | 17,720 | 16,930 |
Prepaid expenses | 4,994 | 4,453 |
Other current assets | 21,789 | 3,166 |
Other current assets of discontinued operations | 17,639 | |
TOTAL CURRENT ASSETS | 200,345 | 133,820 |
Property and equipment, net | 297 | 247 |
Goodwill | 11,755 | 11,879 |
Other intangibles, net | 3,648 | 4,689 |
Deferred income tax assets, net | 4,259 | 5,099 |
Other assets | 9,161 | 7,480 |
Noncurrent assets of discontinued operations | 24,125 | |
TOTAL ASSETS | 229,465 | 187,339 |
CURRENT LIABILITIES: | ||
Loans payable | 1,453 | |
Trade accounts payable | 33,554 | 26,928 |
Accrued expenses | 39,523 | 35,015 |
Income taxes payable | 9,792 | 1,893 |
Due to IDT Corporation | 532 | 257 |
Other current liabilities | 2,125 | 2,891 |
Current liabilities of discontinued operations | 30,766 | 29,036 |
TOTAL CURRENT LIABILITIES | 116,292 | 97,473 |
Other liabilities | 2,384 | 2,002 |
Noncurrent liabilities of discontinued operations | 1,785 | |
TOTAL LIABILITIES | 118,676 | 101,260 |
Commitments and contingencies (Note 15 and Note 16) | ||
Genie Energy Ltd. Stockholders' equity: | ||
Preferred stock, $0.01 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, 2021 and 2020 | 19,743 | 19,743 |
Additional paid-in capital | 143,249 | 140,746 |
Treasury stock, at cost, consisting of 2,005 and 1,320 shares of Class B common at December 31, 2021 and 2020, respectively | (14,034) | (9,839) |
Accumulated other comprehensive income | 3,160 | 3,827 |
Accumulated deficit | (29,115) | (56,658) |
Total Genie Energy Ltd. Stockholders' equity | 123,285 | 98,095 |
Noncontrolling interests | (12,496) | (12,016) |
TOTAL EQUITY | 110,789 | 86,079 |
TOTAL LIABILITIES AND EQUITY | 229,465 | 187,339 |
Class A Common Stock | ||
Genie Energy Ltd. Stockholders' equity: | ||
Common stock, value | 16 | 16 |
TOTAL EQUITY | 16 | 16 |
Class B Common Stock | ||
Genie Energy Ltd. Stockholders' equity: | ||
Common stock, value | 266 | 260 |
TOTAL EQUITY | $ 266 | $ 260 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance for doubtful accounts, trade accounts receivable (in dollars) | $ 6,365 | $ 4,819 |
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 | 26,620 | |
Common stock, shares outstanding | 24,615 | 24,646 |
Treasury stock, shares | 2,005 | 1,320 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES: | ||
Total revenues | $ 363,725 | $ 356,930 |
Cost of revenues | 258,864 | 261,877 |
GROSS PROFIT | 104,861 | 95,053 |
OPERATING EXPENSES AND LOSSES: | ||
Selling, general and administrative | 71,770 | 71,784 |
Impairment of assets | 1,397 | |
Income from operations | 33,091 | 21,872 |
Interest income | 34 | 190 |
Interest expense | (427) | (328) |
Unrealized (loss) gain on marketable equity securities and investments | (4,970) | 348 |
Gain on sale of subsidiary | 4,226 | |
Other income, net | 707 | 351 |
Income before income taxes | 32,661 | 22,433 |
Provision for income taxes | (8,789) | (7,631) |
NET INCOME FROM CONTINUING OPERATIONS | 23,872 | 14,802 |
Income from discontinued operations, net of tax | 3,970 | 752 |
NET INCOME | 27,842 | 15,554 |
Net loss (income) attributable to noncontrolling interests | 1,372 | (2,399) |
NET INCOME ATTRIBUTABLE TO GENIE ENERGY LTD. | 29,214 | 13,155 |
Dividends on preferred stock | (1,678) | (1,481) |
NET INCOME ATTRIBUTABLE TO GENIE ENERGY LTD. COMMON STOCKHOLDERS | 27,536 | 11,674 |
Amounts attributable to Genie Energy Ltd. common stockholders | ||
Income from continuing operations | 23,566 | 10,922 |
Income from discontinued operations | 3,970 | 752 |
NET INCOME ATTRIBUTABLE TO GENIE ENERGY LTD. COMMON STOCKHOLDERS | $ 27,536 | $ 11,674 |
Basic | ||
Income from continuing operations | $ 0.91 | $ 0.42 |
Income from discontinued operations | 0.15 | 0.03 |
Net income attributable to Genie Energy Ltd. common stockholders | 1.06 | 0.45 |
Diluted | ||
Income from continuing operations | 0.9 | 0.41 |
Income from discontinued operations | 0.15 | 0.03 |
Net income attributable to Genie Energy Ltd. common stockholders | $ 1.05 | $ 0.44 |
Weighted-average number of shares used in the calculation of earnings per share | ||
Basic | 25,879 | 26,109 |
Diluted | 26,316 | 26,813 |
Dividends declared per common share | $ 0.33 | |
Electricity [Member] | ||
REVENUES: | ||
Total revenues | $ 316,320 | $ 297,516 |
Natural Gas [Member] | ||
REVENUES: | ||
Total revenues | 38,812 | 33,561 |
Other [Member] | ||
REVENUES: | ||
Total revenues | $ 8,593 | $ 25,853 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statements of Operations [Abstract] | ||
Stock-based compensation included in selling, general and administrative expenses | $ 2,930 | $ 1,134 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statements of Comprehensive (Loss) Income [Abstract] | ||
NET INCOME | $ 27,842 | $ 15,554 |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments | (290) | 792 |
COMPREHENSIVE INCOME | 27,552 | 16,346 |
Comprehensive income (loss) attributable to noncontrolling interests | (1,177) | 1,877 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO GENIE ENERGY LTD. | $ 28,729 | $ 14,469 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ 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 |
Beginning Balance at Dec. 31, 2019 | $ 80,930 | $ 16 | $ 258 | $ 19,743 | $ 139,615 | $ (7,675) | $ 2,519 | $ (59,671) | $ (13,875) |
Beginning Balance, Shares at Dec. 31, 2019 | 1,574 | 25,785 | 2,322 | ||||||
Dividends on preferred stock | (1,481) | (1,481) | |||||||
Dividends on common stock | (8,661) | (8,661) | |||||||
Purchase of Luma | (98) | (6) | (92) | ||||||
Restricted Class B common stock purchased from employees | (460) | (460) | |||||||
Stock-based compensation | 1,134 | $ 2 | 1,132 | ||||||
Stock-based compensation, Shares | 22 | ||||||||
Exercise of stock options | 28 | 28 | |||||||
Exercise of stock options, Shares | 4 | ||||||||
Repurchase of Class B common stock from stock repurchase program | (1,704) | (1,704) | |||||||
Repurchase of Class B common stock from stock repurchase program, Shares | |||||||||
Purchases of equity of subsidiary | 45 | (29) | 74 | ||||||
Other comprehensive loss | 792 | 1,314 | (522) | ||||||
Net income for the year ended | 15,554 | 13,155 | 2,399 | ||||||
Ending Balance at Dec. 31, 2020 | 86,079 | $ 16 | $ 260 | $ 19,743 | 140,746 | (9,839) | 3,827 | (56,658) | (12,016) |
Ending Balance, Shares at Dec. 31, 2020 | 1,574 | 25,811 | 2,322 | ||||||
Dividends on preferred stock | (1,671) | (1,671) | |||||||
Deconsolidation of subsidiaries | 162 | 162 | |||||||
Deconsolidation of subsidiaries, Shares | 20 | ||||||||
Restricted Class B common stock purchased from employees | 2,930 | $ 4 | 2,926 | ||||||
Stock-based compensation | $ (348) | (348) | |||||||
Stock-based compensation, Shares | 538 | ||||||||
Exercise of stock options, Shares | |||||||||
Repurchase of Class B common stock from stock repurchase program | $ (3,847) | (3,847) | |||||||
Repurchase of Class B common stock from stock repurchase program, Shares | |||||||||
Stock Issued During Period, Value, Sale of Subsidiary | (68) | (182) | 114 | ||||||
Purchases of equity of subsidiary | $ 2 | (585) | 583 | ||||||
Purchases of equity of subsidiary, Shares | 264 | ||||||||
Other comprehensive loss | (290) | (485) | 195 | ||||||
Net income for the year ended | 27,842 | 29,214 | (1,372) | ||||||
Ending Balance at Dec. 31, 2021 | $ 110,789 | $ 16 | $ 266 | $ 19,743 | $ 143,249 | $ (14,034) | $ 3,160 | $ (29,115) | $ (12,496) |
Ending Balance, Shares at Dec. 31, 2021 | 1,574 | 26,633 | 2,322 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends on common stock | $ 0.33 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net income | $ 27,842 | $ 15,554 |
Net income from discontinued operations, net of tax | 3,970 | 752 |
NET INCOME FROM CONTINUING OPERATIONS | 23,872 | 14,802 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,282 | 2,962 |
Deferred income taxes | 840 | 7,055 |
Provision for doubtful accounts receivable | 1,750 | 2,844 |
Impairment of assets | 1,397 | |
Stock-based compensation | 2,930 | 1,134 |
Equity in the net income of equity method investees | (438) | (59) |
Loss on sale of assets, net | 262 | |
Unrealized loss (gain) on marketable equity securities and investment | 4,970 | (348) |
Gain on sale of subsidiary | (4,226) | |
Gain on deconsolidation of subsidiaries | (98) | |
Change in assets and liabilities, net of effect of acquisition: | ||
Trade accounts receivable | (7,473) | (2,281) |
Inventory | (790) | (298) |
Prepaid expenses | (932) | 1,894 |
Other current assets and other assets | (20,358) | (4,011) |
Trade accounts payable, accrued expenses and other current liabilities | 11,713 | (405) |
Due to IDT Corporation | 275 | (124) |
Income taxes payable | 7,900 | 302 |
Net cash provided by operating activities of continuing operations | 21,315 | 25,028 |
Net cash provided by (used in) discontinued operations | 45,679 | (1,909) |
Net cash provided by operating activities | 66,994 | 23,119 |
INVESTING ACTIVITIES | ||
Capital expenditures | (126) | (167) |
Purchase of marketable equity security and investment | (1,000) | (5,000) |
Proceeds from the sale of subsidiary, net of cash disposed | 4,550 | |
Purchase of short-term equity investments | (750) | |
Repayment of notes receivables | 13 | 12 |
Proceeds from sale of assets | 2,672 | |
Net cash provided by (used in) investing activities of continuing operations | 2,687 | (2,483) |
Net cash used in investing activities of discontinued operations | (544) | |
Net cash provided by (used in) investing activities | 2,687 | (3,027) |
FINANCING ACTIVITIES | ||
Dividends paid | (1,480) | (10,142) |
Purchases of Class B common stock | (3,847) | (1,704) |
Repurchases of Class B common stock from employees | (348) | (460) |
Repayment of notes payable | (867) | |
Proceeds from exercise of stock options | 28 | |
Proceeds from revolving line of credit | 1,000 | |
Repayment of revolving line of credit | (3,514) | |
Proceeds from loan | 1,395 | |
Repayment of loan payable | (930) | |
Net cash used in financing activities of continuing operations | (5,675) | (15,194) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (30) | (268) |
Net increase in cash, cash equivalents and restricted cash | 63,976 | 4,630 |
Cash, cash equivalents and restricted cash (including discontinued operations) at beginning of year | 38,173 | 38,554 |
Cash, cash equivalents and restricted cash (including discontinued operations) at end of year | 102,149 | 43,184 |
Less: Cash of discontinued operations at end of year | 5,011 | |
Cash and cash equivalents and restricted cash (excluding discontinued operations) at end of year | 102,149 | 38,173 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash payments made for interest | 433 | 333 |
Cash payments made for income taxes | $ 49 | $ 741 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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 99.5% of Genie Energy International Corporation (“GEIC”), which owns 100% of Genie Retail Energy (“GRE”), 100% of Genie Energy International LLC ("GRE International" or "GREI"), and 95.5% of Genie Renewables. In March 2021, the Company modified its management reporting to rename the Genie energy Services ("GES") segment to the Genie Renewables segment GRE, owns and operates retail energy providers (“REPs”), including IDT Energy, Inc. (“IDT Energy”), Residents Energy, LLC (“Residents Energy”), Town Square Energy, LLC and Town Square Energy East, LLC (collectivity, “TSE”), Southern Federal Power LLC ("Southern Power") and Mirabito Natural Gas (“Mirabito”). GRE's REPs' businesses resell electricity and natural gas to residential and small business customers primarily in the Eastern and Midwestern United States and Texas. GRE International holds the Company's 90.8% controlling interest in Lumo Energia Oyj ("Lumo Finland"), a REP serving residential customers in Finland and its 97.7% interest in Lumo Energi AB ("Lumo Sweden"), which was formed in 2019 to serve retail energy customers in Sweden. GRE International also held the Company's 98.8 % interest in venture in Japan, which the Company sold on May 11, 2021. GRE Genie Renewables holds Genie Solar Energy ("Genie Solar"), a rooftop solar system sales and general contracting company and a 93.5% interest in CityCom Solar, a marketer of community solar energy solution, Diversegy LLC ("Diversegy"), a broker for commercial customers, and GRE's 60.0% interest in Prism Solar Technology, Inc. ("Prism"), a solar solutions company that is engaged in U.S.-based manufacturing of solar panels, solar installation design and solar energy project management. Discontinued Operations in United Kingdom In third quarter of 2021, the natural gas and energy market in the United Kingdom deteriorated which prompted the Company to start the process of orderly withdrawal from the United Kingdom market. In October 2021, as part of the orderly exit process from the United Kingdom market, Orbit and Shell U.K. Limited ("Shell") agreed to terminate the exclusive supply contract between them. As part of the termination agreement, Orbit was required to unwind all physical forward hedges with Shell which resulted in net cash proceeds after settlement of all related liabilities with Shell. Following the termination of the contract with Shell, Orbit filed a petition with the High Court of Justice Business and Property of England and Wales (the “Court”) to declare Orbit insolvent based on the Insolvency Act of 1986 November 29, 2021 The Company determined that the discontinued operations in the United Kingdom represented a strategic shift that will have a major effect on the Company's operations and financial statements. Since the appointment of the Administrators, the Company has accounted for these businesses as discontinued operations and accordingly, has presented the results of operations and related cash flows as discontinued operations. The results of operations and related cash flows are presented as discontinued operations for all periods presented. Any remaining assets and liabilities of the discontinued operations have been presented separately, and are reflected within assets and liabilities from discontinued operations in the accompanying consolidated balance sheets as of December 31, 2021 2020 Energy Price Volatility in Japan and Texas In January 2021, weather volatility and the lack of adequate gas reserves significantly increased the price of energy at Japan Electric Power Exchange ("JEPX") for an extended period of time. The spike in demand associated with this situation, exposed Genie Japan to unexpected cost increases. Genie Japan incurred approximately $2.5 million in additional costs related to the price increases, which were included in the cost of revenue in the first quarter of 2021. In February of 2021, the State of Texas experienced unprecedented cold weather and snow, which was named Winter Storm Uri. With the grid overtaxed due to demand and weather-related reduced supply and rolling blackouts being enforced, by order of the Electricity Reliability Council of Texas ("ERCOT"), real-time commodity prices during the crisis escalated significantly. Although GRE's commitment for their customers in Texas was hedged for foreseen winter weather conditions, the market conditions exposed the Company to significant unexpected cost increases. In the year ended December 31, 2021, GRE recognized approximately $13.0 million in additional costs related to the situation, which were included in the cost of revenue in the consolidated statements of operation. In June 2021, the state legislature of the State of Texas passed House Bill 4492 (“HB 4492”) which includes certain provisions for financing certain costs associated with electric markets caused by Winter Storm Uri. Pursuant to HB 4492, two categories of charges associated with Winter Storm Uri are to be securitized and the proceeds of the securitization will be provided to the load serving entities who originally incurred the charges. Under HB 4492, the Company is entitled to recover a portion of the costs incurred from the effect of Winter Storm Uri with a calculated range of $1.5 million to $2.6 million. In the second quarter of 2021, the Company recorded a reduction in cost of revenues of $1.5 million. In September 2021, the Public Utility Commission of Texas ("PUC") approved the Debt Obligation Order to grant ERCOT's application for a debt financing mechanism to pay for certain costs associated with Winter Storm Uri. Under the Debt Obligation Order, the amount that the Company is entitled to recover increased to approximately $3.4 million. In the third quarter of 2021, the Company recorded an additional reduction in the cost of revenues of $1.9 million for an aggregate amount of $3.4 million for the year ended December 31, 2021. Seasonality and Weather The weather and the seasons, among other things, affect GRE’s revenues. Weather conditions have a significant impact on the demand for natural gas used for heating and electricity used for heating and cooling. Typically, colder winters increase demand for natural gas and electricity, and hotter summers increase demand for electricity. Milder winters and/or summers have the opposite effect. Unseasonal temperatures in other periods may also impact demand levels. Natural gas revenues typically increase in the first quarter due to increased heating demands and electricity revenues typically increase in the third quarter due to increased air conditioning use. Approximately 44.5% and 47.7% of GRE’s natural gas revenues for the relevant years were generated in the first quarters of 2021 and 2020, respectively, when demand for heating was highest. Although the demand for electricity is not as seasonal as natural gas (due, in part, to usage of electricity for both heating and cooling), approximately 30.3% and 31.8% of GRE’s electricity revenues for the relevant years were generated in the third quarters of 2021 and 2020, respectively. GRE’s REPs’ revenues and operating income are subject to material seasonal variations, and the interim financial results are not necessarily indicative of the estimated financial results for the full year. 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 14). All significant intercompany accounts and transactions between the consolidated entities are eliminated. Equity Method 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 consolidated 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. Significant estimates affecting amounts reported or disclosed in the consolidated financial statements include revenues, marketable equity securities and other investments, accounts receivables, allowances for doubtful accounts receivable, net realizable value of inventories, valuation of intangible assets, depreciation and amortization periods for long-lived assets, valuation allowances recorded against deferred tax assets, the valuation of stock-based compensation, valuation of derivative instruments, valuation of debt instruments and loss contingencies. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the current circumstances. Actual results may differ from those estimates. Revenue Recognition Revenues from the Sale of Electricity and Natural Gas Revenue from the single performance obligation to deliver a unit of electricity and/or natural gas is recognized as the customer simultaneously receives and consumes the benefit. Variable quantities in requirements contracts are considered to be options for additional goods and services because the customer has a current contractual right to choose the amount of additional distinct goods to purchase. GRE and Genie Japan (prior to its sale in May 2021) record unbilled revenues for the estimated amount customers will be billed for services rendered from the time meters were last read to the end of the respective accounting period. The unbilled revenue is estimated each month based on available per day usage data, the number of unbilled days in the period and historical trends. Many utility companies in the U.S. offer purchase of receivable, or POR, programs in most of the service territ The Company recognizes the incremental costs of obtaining a contract with a customer as an asset if it expects the benefit of those costs to be longer than one year. The Company determined that certain sales commissions to acquire customers meet the requirements to be capitalized. For GRE, the Company applies a practical expedient to expense costs as incurred for sales commissions to acquire customers as the period would have been one year or less. Incremental customer acquisition costs of certain GRE International entities are capitalized and amortized over the range of between eighteen and twenty-four months . These costs and the related amortization are recorded within sales and marketing expenses. Total capitalized customer acq uisition costs to obtain a contract were $1.0 million and $0.8 million for the years ended December 31, 2021 and 2020, respectively. At December 31, 2021 customer acquisition costs of $0.5 million and $ 0.2 At December 31, 2020 customer acquisition costs were included in other current assets and other assets, respectively, on the consolidated balance sheet. Revenues from Sale of Solar Panels Revenues from sales of solar panels are recognized at a point in time following the transfer of control of the solar panels to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. For sales contracts that contain multiple performance obligations, such as the shipment or delivery of solar modules, the Company allocates the transaction price to each performance obligation identified in the contract based on relative standalone selling prices, or estimates of such prices, and recognize the related revenue as control of each individual product is transferred to the customer, in satisfaction of the corresponding performance obligations. Revenues from sale of solar panels are included in other revenues in the consolidated statements of operations. Revenues from sales of solar panels are included under the Other Revenues in the consolidated statements of operations. The following table shows the Company’s revenues disaggregated by pricing plans offered to customers: Electricity Natural Gas Other Total (in thousands) For the year ended December 31, 2021 Fixed rate $ 142,249 $ 5,379 $ — $ 147,628 Variable rate 174,071 33,433 — 207,504 Other — — 8,593 8,593 Total $ 316,320 $ 38,812 $ 8,593 $ 363,725 For the year ended December 31, 2020 Fixed rate $ 131,307 $ 4,517 $ — $ 135,824 Variable rate 166,209 29,044 — 195,253 Other — — 25,853 25,853 Total $ 297,516 $ 33,561 $ 25,853 $ 356,930 The following table shows the Company’s revenues disaggregated by non-commercial and commercial channels: Electricity Natural Gas Other Total (in thousands) For the year ended December 31, 2021 Non-Commercial Channel $ 246,289 $ 30,567 $ — $ 276,856 Commercial Channel 70,031 8,245 — 78,276 Other — — 8,593 8,593 Total $ 316,320 $ 38,812 $ 8,593 $ 363,725 For the year ended December 31, 2020 Non-Commercial Channel $ 248,525 $ 28,182 $ — $ 276,707 Commercial Channel 48,991 5,379 — 54,370 Other — — 25,853 25,853 Total $ 297,516 $ 33,561 $ 25,853 $ 356,930 Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheet that equals the total of the same amounts reported in the consolidated statement of cash flows: December 31, 2021 2020 (in thousands) Cash and cash equivalents $ 95,492 $ 31,902 Restricted cash—short-term 6,657 6,271 Total cash, cash equivalents, and restricted cash $ 102,149 $ 38,173 Restricted cash—short-term includes amounts set aside in accordance with the Amended and Restated Preferred Supplier Agreement with BP Energy Company (“BP”) (see Note Note Included in the cash and cash equivalents as of December 31, 2021 is cash received from Orbit Energy (see Note 2 Marketable Equity Securities and Other Investment Marketable equity securities that are traded in the public market are carried at fair value using the quoted price at the end of each reporting period. Investments in warrants to purchase additional equity securities are carried at their fair value using Black-Scholes valuation model. Changes in the fair value are recorded as unrealized gains or losses on investments in the consolidated statements of operations. Trade Accounts Receivable, Net Trade accounts receivable, net is reported in the balance sheet as gross outstanding amounts adjusted for doubtful accounts. Inventories Inventory consists of natural gas, renewable energy credits and solar panels. Natural Gas Natural gas inventory is stored at various third parties’ underground storage facilities and is stated at lower of cost or net realizable value. 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 net realizable value. Gains and losses from the sale of renewable energy credits are recognized in cost of revenues when the credits are transferred to the buyer. Solar Panels Inventories related to solar panels are stated at the lower of cost or net realizable value. The cost is determine using the first-in, first-out basis and includes both the costs of acquisition and the costs of manufacturing. These costs include direct material, direct labor, and indirect manufacturing costs. The Company regularly reviews the cost of inventories against their estimated net realizable value and records write-downs if any inventories have costs in excess of their net realizable values. The Company also regularly evaluates the quantities and values of inventories, in light of current market conditions and trends among other factors and records write-downs for any quantities in excess of demand or for any obsolescence. This evaluation considers the use of modules in the systems business, expected demand, anticipated sales prices, strategic raw material requirements, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, product merchantability, and other factors. Market conditions are subject to change, and actual consumption of our inventory could differ from forecasted demand. Inventories consisted of the following: December 31, 2021 2020 (in thousands) Natural gas $ 1,891 $ 1,021 Renewable credits 15,610 15,574 Solar panels 219 335 Totals $ 17,720 $ 16,930 Long-lived Assets Property, plant and equipment - net is stated at historical cost less accumulated depreciation and any impairment. The Company provides for depreciation using a straight-line method over estimated useful life of the assets. Any leasehold improvements are amortized over the lesser of the lease term or the useful life. The cost of major additions and improvements are capitalized, while maintenance and repair costs that do not improve or extend the lives of the respective assets are charged to operations as incurred. The estimated useful life of property plant and equipment as follows: Years Building and improvements 4 27 Machinery and equipment 2 - 9 Computer software and development 2 - 5 Computers and computer hardware 2 - 5 Office equipment and other 5 - 7 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 a 5 to 20-year period; non-compete agreements are amortized on a straight-line basis 3-year term; customer relationships are amortized ratably over a 2 to 9-year period; and licenses are amortized on a straight-line basis over a 10-year period. 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 excess of carrying value over fair value of the assets. 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. Acquisitions Results of operations of acquired companies are included in the Company’s results of operations as of the respective acquisition dates. The purchase price of each acquisition is allocated to the net assets acquired based on estimates of their fair values at the date of the acquisition. Any purchase price in excess of these net assets is recorded as goodwill. The allocation of purchase price in certain cases may be subject to revision based on the final determination of fair values during the measurement period, which may be up to one year from the acquisition date. For each acquisition, the Company undertakes a detailed review to identify other intangibles assets and a valuation is performed for all such identified assets. The Company uses several market participant measures to determine estimated value. This approach includes consideration of similar recent transactions, as well as utilizing discounted expected cash flow methodologies. A substantial portion of the intangible asset value that the Company acquired is the specialized know-how of the workforce, which is treated as part of goodwill and is not required to be valued separately. The majority of the value of the identifiable intangible assets acquired is derived from customer relationships, including the related customer contracts, non-compete agreements, trademarks, patents as well as licenses. If the actual results differ from the estimates, the amount recorded in the financial statements could result in a possible impairment of the intangible assets and goodwill, or require acceleration of the amortization expenses of finite-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. The Company has three reportable segments with four underlying reporting units: GRE, GRE International, and Genie Renewables, which is comprised of Prism and Diversegy. The fair value of each 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 performs its annual goodwill impairment test as of October 1. In reviewing goodwill for impairment, the Company has the option, for any or all of its reporting units that carry goodwill - to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (i.e. greater than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines that an impairment is more likely than not, the Company is then required to perform the quantitative impairment test, otherwise no further analysis is required. The Company also may elect not to perform the qualitative assessment and, instead, proceed directly to quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether the Company chooses to perform the qualitative assessment or proceeds directly to the quantitative impairment test. T he determination of the fair value of our reporting units is based on an income approach that utilizes discounted cash flows for each reporting 3 820, Fair Value Measurements and Disclosure 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 on the type of hedging relationship. Due to the volatility of electricity and natural gas prices, GRE and GRE International enter 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 current and noncurrent assets or liabilities and any changes in fair value are recorded in “Cost of revenues” in the consolidated statements of operations. In addition to the above, GRE and GRE International utilize forward physical delivery contracts for a portion of their purchases of electricity and natural gas, which are defined as commodity derivative contracts. Using the exemption available for qualifying contracts, GRE and GRE International apply the normal purchase and normal sale accounting treatment to its forward physical delivery contracts, thereby these contracts are not adjusted to fair value. GRE and GRE International also apply 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 and GRE International recognize revenue from customer sales, and the related cost of revenues, at the contracted price, as electricity and natural gas is delivered to retail customers. Shipping and Handling Fees and Costs Amounts billed to customers for shipping and handling are included in revenues. The related minimal amount of shipping and freight charges incurred by the Company are included in cost of goods sold. Distribution and handling costs of $0.1 million and $0.2 million were recorded in selling, general and administrative expense during the years ended December 31, 2021 and 2020, respectively. Foreign Currency 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 consolidated balance sheets. Foreign currency transaction gains and losses are reported in “Other (expense) income, net” in the consolidated statements of operations. Advertising Expense Cost of advertising for customer acquisitions is charged to selling, general and administrative expense in the period in which it is incurred. In the years ended December 31, 2021 and 2020, advertising expense included in selling, general and administrative expense was $7.9 million and $6.1 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 has a greater than 50 percent likelihood 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 issued and 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 and warrants using the treasury stock method, unless the effect of such increase is anti-dilutive. The weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following: Year ended December 31, 2021 2020 (in thousands) Basic weighted-average number of shares $ 25,879 $ 26,109 Effect of dilutive securities Stock options and warrants 390 628 Non-vested restricted Class B common stock 47 76 Diluted weighted-average number of shares $ 26,316 $ 26,813 The following shares were excluded from the diluted earnings per share computations: Year ended December 31, (in thousands) 2021 2020 Shares underlying stock options 126 112 Non-vested deferred stock units 580 610 Stock options were excluded from the diluted earnings per share computation in the years ended December 31, 2021 and 2020 because the exercise prices of the stock options were greater than the average market prices of the Company's Class B common stock during the periods. Non-vested deferred stock units were excluded from the basic and diluted weighted average shares outstanding calculation because the market condition for vesting of those deferred stock units was not met as of December 31, 2021 or 2020. Stock-Based Compensation The Company recognizes compensation expens |
Discontinued Operations and Div
Discontinued Operations and Divestiture | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Divestiture | Note 2 United Kingdom Operations 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 U.K., under the trade name Orbit Energy. In second quarter of 2020 1.5 9.5 77.0 Prior to the Company acquiring the remaining 23.0 On 1.3 1.7 0.2 0.2 2018 5.5 nil In third quarter of 2021, the natural gas and energy market in the U.K. deteriorated which prompted the Company to start the process of orderly withdrawal from the U.K. market. In October 2021, as part of the orderly exit process, Orbit and Shell U.K. Limited ("Shell") agreed to terminate the exclusive supply contract between them. As part of the termination agreement, Orbit was required to unwind all physical forward hedges with Shell which resulted in net cash proceeds after settlement of all related liabilities with Shell. Following the termination of the contract with Shell, Orbit filed a petition with the High Court of Justice Business and Property of England and Wales (the “Court”) to declare Orbit insolvent based on the Insolvency Act of 1986. On November 29, 2021, the Court declared Orbit insolvent, revoked Orbit's license to supply electricity and natural gas in the United Kingdom, ordered the current customers to be transferred to “supplier of last resort” and transfer the administration of Orbit to Administrators effective December 1, 2021. All of the customers of Orbit were transferred to a third-party supplier effective December 1, 2021 as ordered by the Court. All assets and liabilities of the Orbit, including cash and receivables remain with Orbit and the management and control of which was transferred to Administrators. The Company expects that the administration of Orbit will be completed in 2022. In the fourth quarter of 2021, Orbit transferred to GEIC a net amount of $49.7 million from the proceeds of the settlement of the contact with Shell which is included in cash and cash equivalents in the consolidated balance sheet as of December 31, 2021. In January 2022, the Company transferred $21.5 million to the Administrators of Orbit Energy to fund the settlement of the expected remaining liabilities of Orbit of $30.8 million, which were included in the current liabilities of discontinued operations in the consolidated balance sheet as of December 31, 2021 . In February 20 22, the Compan On February 24, 2022, the Administrators filed a petition under Chapter 15 of the U. The Company determined that exiting operations in the United Kingdom represented a strategic shift that will have a major effect on the Company's operations and financial statements and accordingly, the results of operations and related cash flows are presented as discontinued operations for all periods presented. As a result of loss of control, the Company deconsolidated Orbit effective December 1, 2021 and estimated the remaining liability related to its ownership of Orbit. The sum mary of results of operations of the discontinued operations was as follows: Year ended December 31, 2021 2020 (in thousands) Total revenues $ 86,269 $ 22,382 Cost of revenues 89,059 19,750 Gross (loss) profit (2,790 ) 2,632 Selling, general and administrative expenses 47,894 5,168 Impairment of assets 6,650 — Loss from operations (57,334 ) ( ) Gain from settlement of contract with supplier 69,120 — Equity in net loss of equity method investees — ( ) Gain on acquisition of a subsidiary — 5,473 Other loss (932 ) — Net income before taxes 10,854 1,435 Income taxes 6,884 683 Income from discontinued operations, net of taxes $ 3,970 $ 752 Year Ended December 31, 2021 2020 (in thousands) Operating Activities Net income $ 3,970 $ 752 Non-cash items 36,550 (2,278 ) Changes in assets and liabilities 5,159 (383 ) Cash flows used in operating activities of discontinued operation $ 45,679 $ (1,909 ) The assets and liabilities of Orbit were included in GRE International segment. Divestiture of Genie Japan In March 2021, the Company initiated a p lan to sell certain assets and liabilities of Genie Japan. In the first quarter of 2021 , certain assets and liabilities of Genie Japan were reclassified as assets and liabilities held for sale and reported at lower of fair value less cost to sell and net book value. On April 26, 2021, the Company entered into an Equity Purchase Agreement ("Purchase Agreement") with Hanhwa Q Cells Japan Co., Ltd. ("Hanhwa"), pursuant to which, the Company agreed to sell its interest in Genie Japan for ¥570.0 million (equivalent to approximately $5.3 million at April 26, 2021) subject to certain terms and conditions set forth in the Purchase Agreement. On May 11, 2021, upon the terms and subject to the conditions of Purchase Agreement, the Company completed the divestiture of Genie Japan for an aggregate cash consideration of ¥570.0 million (equivalent to approximately $5.2 million at May 11, 2021). Hanhwa also assumed the outstanding balance of the loan payable of Genie Japan. The Company paid $ 0.6 The assets and liabilities divested which was previously classified as held for sale included the following: (in thousands) Cash $ 83 Trade accounts receivable 1,737 Prepaid and other current assets 391 Intangible (license) 540 Other noncurrent assets 296 Accounts payable (611 ) Accrued expenses and other current liabilities (588 ) Loans payable (1,372 ) Cumulative translation adjustment (181 ) Noncontrolling interest 114 Liabilities held for sale included in other current liabilities $ 409 The assets and liabilities of Genie Japan were included in GRE International segment. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 3 — Fair Value Measurements The following table presents the balance of assets an d liab (in thousands) Level 1 (1) Level 2 (2) Level 3 (3) Total December 31, 2021 Assets: Marketable equity securities $ 1,336 $ — $ — $ 1,336 Derivative contracts $ 14,405 $ 44 $ — $ 14,449 Liabilities: Derivative contracts $ 1,230 $ — $ — $ 1,230 December 31, 2020 Assets: Marketable equity securities $ 5,089 $ — $ — $ 5,089 Other current assets (investment in warrants) $ — $ — $ 259 $ 259 Derivative contracts $ 1,237 $ 118 $ — $ 1,355 Liabilities: Derivative contracts $ 286 $ 410 $ — $ 696 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, trade receivables, due to IDT Corporation, other current assets and other current liabilities. At December 31, 2021 and 2020, the carrying amount of these assets and liabilities approximated fair value. The fair value estimate for restricted cash — short-term was classified as Level 1. The carrying value of other current assets, due to IDT Corporation, and other current liabilities approximated fair value. Other assets, revolving line of credit and notes payable. At December 31, 2021 and 2020, other assets included notes receivable. At December 31, 2021, the outstanding balance of the sellers of Lumo Finland's one-time option was not significant and was included in other liabilities account in the consolidated balance sheet. The carrying amounts of the note receivable and loan payable approximated fair value. The fair values were estimated based on the Company’s assumptions, and were classified as Level 3 of the fair value hierarchy. The Company did not have any transfers of assets or liabilities between Level 1 , Level 2 3 2020 . The primary non-recurring fair value estimates typically involve goodwill impairment testing (see Note 8 3 8 3 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020, GRE’s swaps and options were traded on the New York Mercantile Exchan ge. GRE International's swaps and options were traded through counterparties. The summarized volume of GRE’s outstanding contracts and options at December 31, 2021 was as follows (MWh – Megawatt hour and Dth – Decatherm): Commodity Settlement Dates Electricity (In MWH) Natural Gas (In Dth) First quarter 2022 164,063 815,100 Second quarter 2022 58,082 147,400 Third quarter 2022 75,440 95,490 Fourth quarter 2022 53,253 106,550 First quarter 2023 27,502 113,440 Second quarter 2023 24,356 77,050 Third quarter 2023 25,767 56,050 Fourth quarter 2023 25,767 54,850 First quarter 2024 6,543 48,400 Second quarter 2024 4,368 33,600 Third quarter 2024 4,416 18,100 Fourth quarter 2024 4,416 8,850 First quarter 2025 2,832 — The fair value of outstanding derivative instruments recorded in the accompanying consolidated balance sheets were as follows: December 31, 2021 2020 Asset Derivatives Balance Sheet Location (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options (1) Other current assets $ 13,750 $ 1,338 Energy contracts and options Other assets 699 17 Total derivatives not designated or not qualifying as a hedging instruments — $ 14,449 $ 1,355 Liability Derivatives Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options (1) Other current liabilities $ 697 $ 245 Energy Contracts and options Other liabilities 533 41 Total derivatives not designated or not qualifying as a hedging instruments — $ 1,230 $ 286 (1) The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 months . The effects of derivative instruments on the consolidated statements of operations were as follows: Amount of (Gain) Loss Recognized on Derivatives Year ended December 31, (in thousands) 2021 2020 Derivatives not designated or not qualifying as hedging instruments Location of (Gain) Loss Recognized on Derivatives Energy contracts and options Cost of revenues $ (54,441 ) $ 26,814 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 5 — Leases The Company entered into operating lease agreements primarily for offices in domestic and foreign locations where it has operations with lease periods expiring between 2022 and 2030. The Company has no finance leases. The Company determines if a contract is a lease at inception. Right-of-Use ("ROU") assets are included under other assets in the consolidated balance sheet. The current portion of the operating lease liabilities are included in other current liabilities and the noncurrent portion is included in other liabilities in the consolidated balance sheet. ROU assets and operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the incremental borrowing rate, because the interest rate implicit in most of our leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized borrowing rate based on information available at the lease commencement date. ROU assets also include any prepaid lease payments and lease incentives. The lease terms include periods under options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The Company use the base, non-cancelable, lease term when determining the lease assets and liabilities. Operating lease expense is recognized on a straight-line basis over the lease term. December 31, 2021 2020 (in thousands) ROU assets $ 1,656 $ 1,879 Current portion of operating lease liabilities $ 229 $ 446 Noncurrent portion of operating lease liabilities 1,495 1,485 Total $ 1,724 $ 1,931 At December 31, 2021, the weighted average remaining lease term is 7.4 years and the weighted average discount rate is 6.4%. Supplemental cash flow information for ROU assets and operating lease liabilities for the years ended December 31, 2021 and 2020 are as follows: For the Year Ended December 31, 2021 December 31, 2020 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating activities $ 801 $ 810 ROU assets obtained in the exchange for lease liabilities Operating leases $ 241 $ — Future lease payments under operating leases as of December 31, 2021 were as follows: (in thousands) 2022 334 2023 315 2024 282 2025 233 2026 239 Thereafter 832 Total future lease payments 2,235 Less imputed interest 511 Total operating lease liabilities $ 1,724 Rental expenses under operating leases were $ 0.8 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Assets, Current [Abstract] | |
Other Current Assets | Note 6 — Other Current Assets Other current consisted of the following: December 31, 2021 2020 (in thousands) Fair value of derivative contracts $ 13,750 $ 1,338 Receivables from the settlement of derivative contracts 4,655 — Other current assets 3,384 1,828 Total other current assets $ 21,789 $ 3,166 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property and Equipment [Abstract] | |
Property and Equipment | Note 7 — Property and Equipment December 31, 2021 2020 (in thousands) Building and improvements 16 56 Computer software 2,256 2,577 Computers and computer hardware 219 237 Office equipment and other 351 267 2,842 3,137 Less: accumulated depreciation (2,545 ) (2,890 ) Property and equipment, net $ 297 $ 247 Depreciation expense of property and equipment was $0.1 million and $0.4 million in the years ended December 31, 2021 and 2020, respectively. In March 2020, the Company initiated a plan to sell the property, plant and equipment of Prism. Prism's 4.75% notes payable to Catskill Hudson Bank were collateralized by Prism's land, building and improvements. In the first quarter of 2020 In October 2020, Prism completed the sale of all assets held for sales and recorded a net loss from disposal of $0.3 million included in the selling, general and administrative expenses in the consolidated statements of operations. In October 2020, Prism settled the 4.75% |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Other Intangibles [Abstract] | |
Goodwill and Other Intangibles | Note 8 — Goodwill and Other Intangibles The table below reconciles the change in the carrying amount of goodwill for the period from January 1, 2020 to December 31, 2021: GRE GRE Intern ational Genie Renewables Total (in thousands) Balance at January 1, 2020 $ 9,998 $ 1,733 $ 404 $ 12,135 Impairment of Prism goodwill — — (404 ) (404 ) Cumulative translation adjustment — 148 — 148 Balance at December 31, 2020 9,998 1,881 — 11,879 Cumulative translation adjustment — (124 ) — (124 ) Balance at December 31, 2021 $ 9,998 $ 1,757 $ — $ 11,755 The Company performs its annual goodwill impairment test as of October 1, 2021. The Company elected to perform a qualitative analysis for its GRE and GRE International. The Company determined, after performing a qualitative analysis, that there was no evidence that it is more likely than not that the fair value of any identified reporting unit was less that the carrying amounts, therefore, it was not necessary to perform a quantitative impairment test. In 2020, the Company performed quantitative impairment analysis for its Prism reporting unit as a result of lower than expected results of operations in 2020. As a result of this test, the Company concluded that the carrying value Prism reporting unit exceeded its fair value of reporting unit including the allocated goodwill. Therefore, the Company recognized a goodwill impairment charge of $ 0.4 The table below presents information on the Company’s other intangible assets: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Balance December 31, 2021 (in thousands) Patents and trademarks 17.1 years $ 3,805 $ (1,103) $ 2,702 Customer relationships 9.0 years 1,100 (530) 570 Licenses 10.0 years 479 (103) 376 TOTAL $ 5,384 $ (1,736) $ 3,648 December 31, 2020 Trademark 17.0 years $ 3,880 $ (878) $ 3,002 Non-compete agreement 3.0 years 35 (23) 12 Customer relationships 4.5 years 3,093 (2,401) 692 Licenses 10.0 years 1,224 (241) 983 TOTAL $ 8,232 $ (3,543) $ 4,689 In the second quarter of 2020, Prism renegotiated a contract with its main customer which resulted in impairment of customer relationship of $0.8 million included in the consolidated statements of operations. Amortization expense of intangible assets (including a minimal amount reported in cost of revenues) was $1.2million and $2.5 million in the years ended December 31, 2021 and 2020, respectively. The Company estimates that amortization expense of intangible assets will be $0.4 million, $0.4 million, $ 0.4 2023, 2024, 2025, 2026 and thereafter, |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 9 — Accrued Expenses Accrued exp ense December 31, 2021 2020 (in thousands) Renewable energy $ 23,247 $ 19,848 Liability to customers related to promotional and retention incentives 9,071 9,558 Payroll and employee benefits 3,297 3,174 Other accrued expenses 3,908 2,435 Total accrued expenses $ 39,523 $ 35,015 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt [Abstract] | |
Debt | Note 10 — Debt Loan with Tokyo Star Bank On November 28, 2019, Genie Japan entered into a Loan Agreement with Tokyo Star Bank for a ¥100.0 ¥100.0 million (equivalent to $ 0.9 outstanding principal amount incurred interest at Tokyo Star Bank's short-term prime rate plus 0.25% per annum May 13, 2020 Genie Japan settled the Loan agreement and paid the outstanding balance of ¥100.0 million (equivalent to $0.9 million) on May 13, 2020. On May 13, 2020, Genie Japan entered into a new Loan Agreement with Tokyo Star Bank for a ¥150.0 million (equivalent to $1.4 million) short-term credit facility ("May 2020 Loan") with a maturity date of November 13, 2020. On November 13, 2020, Genie Japan and Tokyo Star Bank amended the May 2020 Loan to extend the maturity date to May 13, 2021. Genie Japan provided a letter of credit issued by In May 2021, the Company completed the divestiture of Genie Japan including balance of the May 2020 Loan ( see Credit Agreement with JPMorgan Chase Bank On December 13, 2018, the Company entered into a Credit Agreement with JPMorgan Chase Bank (“Credit Agreement”). On December 23, 2021, the Company entered into the third amendment of its existing Credit Agreement to extend the maturity date of $5.0 million credit line facility (“Credit Line”). The Company pays a commitment fee of 0.1 equal to the greater of $500 or 1.0% of the original maximum available amount of the letter of credit. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Note 11 The components of income before income taxes are as follows: Year ended December 31, 2021 2020 (in thousands) Domestic $ 15,446 $ 27,536 Foreign 17,215 ( 5,103 ) INCOME BEFORE INCOME TAXES $ 32,661 $ 22,433 Significant components of the Company’s deferred income tax assets consist of the following: December 31, 2021 2020 (in thousands) Deferred income tax assets (liabilities): Bad debt reserve $ 1,770 $ 1,317 Accrued expenses 1,386 1,475 State taxes 57 66 Charitable contributions 37 201 Net operating loss 12,477 16,870 ROU assets (455) 450 Lease liability 474 (401 ) Stock options and restricted stock 178 321 Unrealized gain (1,088) — Amortization 259 475 Total deferred income tax assets 15,095 20,774 Valuation allowance (10,836 ) (15,675 ) DEFERRED INCOME TAX ASSETS, NET $ 4,259 $ 5,099 The Company recognizes a valuation allowance against deferred tax assets to the extent that it believes that the deferred tax assets are not 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. In 2020, the Company wrote off the foreign net operating loss carry-forwards and the corresponding valuation allowance relating to the winding down of the exploration business. The provision for income taxes consists of the following: Year ended December 31, 2021 2020 (in thousands) Current: Federal $ 5,566 $ — State and local 2,383 1,105 Foreign — — 7,949 1,105 Deferred: Federal 939 5,530 State and local (367 ) 996 Foreign 268 — 840 6,526 PROVISION FOR INCOME TAXES $ 8,789 $ 7,631 The differences between provision for Year ended December 31, 2021 2020 (in thousands) U.S. federal income tax benefit at statutory rate $ 6,859 $ 4,710 Valuation allowance (4,839 ) (28,204 ) Nondeductible expense 269 67 Impact of foreign operations 3,256 (38 ) Deferred tax adjustments 479 (1,097 ) Net operating loss carry-forwards adjustment 1,189 31,228 State and local income tax, net of federal benefit 1,898 432 Others (322) 533 PROVISION FOR INCOME TAXES $ 8,789 $ 7,631 At December 31, 2021 , $ 6.9 million of which start expiring in . 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 $38.5 million that begin to expire in 2025 g , the Company wrote off $8.1 million (tax effected) of state net operating loss carry-forwards related to the wind-down of the exploration business do not expire. 382 The change in the valuation allowance for deferred income taxes was as follows: Balance at beginning of period Additions charged to costs and expenses Deductions Balance at end of period (in thousands) Year ended December 31, 2021 Reserves for valuation allowances deducted from deferred income taxes, net $ 15,675 $ — $ (4,839 ) $ 10,836 Year ended December 31, 2020 Reserves for valuation allowances deducted from deferred income taxes, net $ 42,420 $ 3,569 $ (30,314 ) $ 15,675 In 2021, the Company has net deferred tax liabilities in Finland and in Sweden, as such no valuation allowance is required to be recorded and the corresponding valuation allowance as of December 31, 2020, was released. In addition, in 2021, the Company reclassified the deferred tax assets in U.K. to discontinued operations, along with the corresponding valuation allowance. As of December 31, 2021, the Company maintains a valuation allowance on the deferred tax assets of net operating losses relating to consolidated U.S. entities and its Israel entity. The table below summarizes the change in the balance of unrecognized income tax benefits: Year ended December 31, 2021 2020 (in thousands) Balance at beginning of period $ 383 $ 433 Additions based on tax positions related to the current period 81 84 Additions based on tax positions related to prior periods — — Lapses of statutes of limitations (104 ) ( 134 ) Balance at end of period $ 360 $ 383 All of the unrecognized income tax benefits at December 31, 2021 2020 fective income tax rate if recognized. The Company does expect th twelve In the years ended December 31, 2021 2020 minimal December 31, 2021 2020 minimal The Company currently remains subject to examinations of its tax returns as follows: U.S. federal tax returns for 2016 to 2019, state and local tax returns generally for 2016 to 2020 and foreign tax returns generally for 2016 to 2020. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Equity | Note 12 — Eq u 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 7.5 32 8,750,000 The Preferred Stock is redeemable, in whole or in part, at the option of the Company 100 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 I n each of the years ended December 31, 2021 and 2020, the Company paid aggregate cash base dividends of $0.6376 per share on its Preferred Stock, equal to $1.7 million in dividends paid. On December 31, 2021, the Company accrued Additional Dividends of $0.0848 per share on its Preferred Stock, equal to $0.2 million, in respect of the GRE results of operations through December 31 , In March 2021, in light of the losses incurred from the effects of events in Texas and Japan discussed above, the Company suspended the payment of quarterly dividends on its common stock. On February 9, 2022, the Board of Directors declared a quarterly dividend of $0.075 per share on our Class A common stock and Class B Common Stock. The dividend will be paid on or about March 1, 2022 to stockholders of record as of the close of business on February 22, 2022 The Delaware Corporation Law allows companies to declare dividends out of its “Surplus,” which is calculated by deducting the par value of the company’s stock from the difference between total assets less total liabilities. The Company elected to record dividends declared against accumulated deficit. Stock Repurchases On March 11, 2013, the Board of Directors of the Company approved a program for the repurchase of up to an aggregate of million shares of the Company’s Class B common stock. In 2021, the Company acquired Class B common stock under the stock repurchase program for an aggregate amount of $ million. In 2020, the Company acquired 233,602 1.7 . At , million shares remained available for repurchase under the stock repurchase program. In the year ended December 31, 2021, the Company paid $0.3 million to repurchase 62,008 shares of its Class B common stock. In the year ended December 31, 2020, the Company paid $0.5 million to repurchase 56,650 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. As of December 31, 2021 and 2020, the Company held 2.0 million and 1.3 million shares of Class B common stock, respectively, in treasury, with respective costs of $14.0 million and $9.8 million, and a weighted average cost of $7.01 and $7.46 per share. On March 21, 2020, the Board of Directors of the Company approved a program to redeem up to $4.0 . There was no redemption under this program in 2021 and On February 9, 2022, the Board of Directors of the Company authorized a program to repurchase up to $1.0 million per quarter of the Company's Preferred Stock at the liquidation preference of $8.50 per share beginning in the second quarter of 2022. Sales of Shares and Warrants On June 8, 2018, the Company sold to Howard S. Jonas, the Chairman of the Company’s Board of Directors, (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. the Company sold to a third-party investor (1) 230,415 treasury shares of the Company’s Class B common stock, at a price of $4.34 per share for an aggregate sales price of $1.0 million, and (2) warrants to purchase an additional 209,644 shares of the Company’s Class B common stock at an exercise price of $4.77 per share for an aggregate exercise price of $1.0 million. Purchase of Equity of Subsidiaries In September 2021, the Company purchased from Howard S. Jonas, the Chairman of the Board of Directors of the Company, Michael Stein, the Chief Executive Officer of the Company, Avi Goldin, the Chief Financial Officer of the Company, certain employees and consultant an aggregate of 4.3% fully vested interest in GRE International by issuing 218,862 of the Company's Class B common stock. In October 2021, the Company purchased from Wes Perry, the Chairman of the Audit Committee of the Company's Board of Directors, a 0.2% interest in GEIC by issuing 36,591 of the Company's Class B common stock. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 13 — Stock-Based Compensation Stock-Based Compensation Plan The Company’s 2011 Stock Option and Incentive Plan (as amended, the "2011 Plan") is intended to provide incentives to executives, employees, directors and consultants of the Company. Incentives available under the Plan include stock options, stock appreciation rights, limited rights, deferred stock units, and restricted stock. The 2011 Plan, was scheduled to expire on October 24, 2021. The 2011 Plan expired in 2021 and no new grants are to be issued thereunder, however, outstanding grants are not impacted by the expiration of the plan On March 8, 2021, the Board of Directors adopted the Company 2021 Stock Option and Incentive Plan (the "2021 Plan"). The 2021 Plan, was approved by the Company's stockholders in May 2021, became effective and replaced the 2011 Plan on May million shares of Class B Common Stock. At December 31, 2021, the Company had 532,845 shares of Class B common stock available for future grants. Restricted Stock The fair value of restricted shares of the Company’s Class B common three years 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 Weighted- Average Grant Date Fair Value (in thousands) Non-vested restricted shares at December 31, 2020 256 $ 7.31 Granted 379 6.37 Vested (166 ) 5.75 Forfeited — — NON-VESTED RESTRICTED SHARES AT DECEMBER 31, 2021 469 $ 6.78 At December 31, 2021, there was $2.6 million of total unrecognized compensation cost related to non-vested restricted stock. The total unrecognized compensation cost is expected to be recognized over a weighted-average period of 2.2 years. The total grant date fair value of shares vested was $0.5 million in each of the years ended December 31, 2021 and 2020. The Company recognized compensation cost related to the vesting of the restricted stock of $1.3 million and $1.0 million in the years ended December 31, 2021 and 2020, respectively. Stock Options Option awards are generally granted with an exercise price equal to the fair market value of the Company’s stock on the date of grant (which is determined by reference to the closing price for the Class B common stock on the New York Stock Exchange trading date immediately preceding the grant. Option awards generally vest on a graded basis over three ten A summary of stock option activity for the Company is as follows: Number of Options (in thousands) Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 552 $ 8.96 2.1 $ 798 Granted — — Exercised — — Cancelled/Forfeited (169 ) 6.85 OUTSTANDING AT DECEMBER 31, 2021 383 5.56 1.6 $ 316 EXERCISABLE AT DECEMBER 31, 2021 280 $ 6.01 1.7 $ 190 The total intrinsic value of options exercised during the year ended December 31, 2020 was $0.8 million. There were no Lumo Finland Grant In February 2020, Lumo Finland, granted 59,499 deferred stock units in Lumo Finland to certain Lumo Finland employee with a grant date fair value of €4.66 (equivalent to $5.08 on the grant date) The deferred stock units vest in equal amounts on January 2021, 2022 0.1 $0.1 million and is expected to be recognized over a weighted-average period of 1.1 Market Condition Awards In February 2020, the Company granted certain employees and members of its Board of Directors an aggregate of 305,000 deferred stock units, which are subject to vesting in two tranches upon the achievement of a specified thirty-day average closing price of the Company's Class B common stock within specified periods of time ( the "2020 market conditions") and the satisfaction of service-based vesting conditions. Each deferred stock unit entitles the grantee to receive, upon vesting, up to two shares of Class B common stock of the Company upon achievement of market conditions which will be subject to restrictions that will lapse annually over three The grant-date fair value of the deferred stock units is amortized over approximately 3.5 years after the date of grant irrespective of whether the 2020 market conditions were met. The market conditions were not achieved and the deferred stock units expired in February 2021. In the fourth quarter of , deferred stock units were forfeited as a result of the termination of the employment of a grantee. In February 2021, the Company granted certain employees and members of its Board of Directors an aggregate of 305,000 deferred stock units which will vest in two tranches contingent upon the achievement of a specified thirty-day average closing price of the Company's Class B common stock within a specified period of time (the "2021 market conditions") and the satisfaction of service-based vesting conditions. Each deferred stock unit entitles the recipient to receive, upon vesting, up to two shares of Class B common stock of the Company depending on market conditions which will be subject to restrictions that will lapse annually over three years from grant. The grant-date fair value of the deferred stock units is being amortized over approximately 3.5 after the date of grant irrespective of whether the 2021 market conditions were met. In the fourth quarter of 2021, 15,000 deferred stock units were forfeited as a result of the termination of the employment of a grantee. The 2021 The Company used a Monte Carlo simulation model to estimate the grant-date fair value of the awards. Assumptions and estimates utilized in the model include the risk-free interest rate, dividend yield, expected stock volatility based on a combination of the Company’s historical stock volatility. The Company recognized compensation costs related to the deferred stock units award of $ 1.5 million for the year ended December 31, 2021 . As of December 31, 2021, there were approximately $3.3 million of total unrecognized stock-based compensation costs related to outstanding and unvested equity-based grants. These costs are expected to be recognized over a weighted-average period of approximately 2.3 years. |
Variable Interest Entity
Variable Interest Entity | 12 Months Ended |
Dec. 31, 2021 | |
Variable Interest Entity [Abstract] | |
Variable Interest Entity | Note 14 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 has 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 October 22, 2023 Net loss related to CCE and aggregate net funding repaid to (provided by) the Company were as follows: Year ended December 31, 2021 2020 (in thousands) Net loss $ 1,445 $ 1,452 Aggregate funding provided by the Company, net $ 625 $ 1,524 Summarized consolidated balance sheet amounts related to CCE are as follows: December 31, 2021 2020 (in thousands) ASSETS Cash, cash equivalents and restricted cash $ 559 $ 491 Trade accounts receivable 544 433 Prepaid expenses and other current assets 367 416 Other assets 359 359 TOTAL ASSETS $ 1,829 $ 1,699 LIABILITIES AND NONCONTROLLING INTERESTS Current liabilities $ 547 $ 518 Due to IDT Energy 5,668 4,122 Noncontrolling interests from CCE (4,386 ) (2,941 ) TOTAL LIABILITIES AND NONCONTROLLING INTERESTS $ 1,829 $ 1,699 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. |
Legal and Regulatory Proceeding
Legal and Regulatory Proceedings | 12 Months Ended |
Dec. 31, 2021 | |
Legal and Regulatory Proceedings [Abstract] | |
Legal and Regulatory Proceedings | Note 15 Legal Proceedings On February 18, 2020, named plaintiff Danelle Davis filed a putative class action complaint against Residents Energy and GRE in United States District of New Jersey alleging violations of the Telephone Consumer Protection Act, 47 U.S.C § 227 et seq. Although Residents Energy and GRE deny any wrongdoing in connection with the complaints, the parties settled the matter for a minimal amount which was included in selling general and administrative expenses in the first quarter of 2021. In addition to the matter disclosed 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. Agency and Regulatory Proceedings 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 or whether the Company and the regulatory parties will enter into settlements before a formal claim is made. State of Connecticut Public Utilities Regulatory Authority Town Square On September 19, 2018, the State of Connecticut Public Utilities Regulatory Authority (“PURA”) commenced an investigation into Town Square following customer complaints of allegedly misleading and deceptive sales practices on the part of Town Square. The Connecticut Office of Consumer Counsel subsequently joined in the investigation. Although Town Square denies any basis for those complaints and any wrongdoing on its part, it cooperated with the investigation and responded to subpoenas for discovery. On June 17, 2020, PURA notified Town Square that it was advancing its investigation by assigning Prosecutorial staff for the purpose of investigating Town Square’s compliance with licensed electric supplier billing, marketing, and licensing requirements, and, if appropriate, facilitating settlement discussions among the parties that contains, but is not limited to, an appropriate civil penalty, extensive retraining of the supplier’s third-party agents, and retention of all sales calls with continued auditing. In July 2021, the parties settled the dispute. Pursuant to the terms of the settlement agreement, Town Square paid $0.4 million. Town Square has also agreed to voluntarily refrain from in-person marketing activities in Connecticut for a period of 15 months. For the years ended December 31, 2021 and 2020 $ Residents Energy In August 2020, Residents Energy began marketing retail energy services to Connecticut. For the year ended December 31, 2021, Residents Energy's gross revenues from sales in Connecticut was $0.2 million. During the fourth quarter of 2020, the enforcement division of PURA contacted Residents Energy concerning customer complaints received in connection with alleged door-to-door marketing activities in violation of various rules and regulations. On March 12, 2021, the enforcement division filed a motion against Resident Energy with the adjudicating body of PURA, seeking the assessment of $1.5 million in penalties, along with a suspension of license, auditing of marketing practices upon reinstatement and an invitation for settlement discussions. In June 2021, the parties settled the dispute. Pursuant to the terms of the settlement agreement, Residents Energy paid $0.3 million and volunteered to withdraw from the market in Connecticut for a period of 36 Other Informal Reviews or Investigations From time to time regulators may initiate informal reviews, compliance checks or issue subpoenas for information as means to evaluate the Company and its subsidiaries’ compliance with applicable laws, rule, regulations and practices. On October 25, 2019, the Office of the Attorney General of the State of Illinois ("IL AG") notified Residents Energy (by way of subpoena) that it is conducting an investigation to assess compliance with the Illinois Consumer Fraud and Deceptive Business Practices Act. The notice was issued in the form of a subpoena in the course of the foregoing. The Company, which has responded in part, has challenged the merits of the subpoena and investigation. The IL AG is seeking to compel Residents Energy's response to its subpoena. Residents Energy denies any wrongdoing on its part. As of December 31, 2021, no claims or demands have been made against Residents Energy by the IL AG, and there is insufficient basis to deem any loss probable or to assess the amount of any possible loss. For the years ended December 31, 2021 and , Resident Energy’s gross revenues from sales in Illinois was $ and $ 29.9 million, respectively. In response to certain customer complaints, the State of Maine Public Utility Commission (“MPUC”) has opened a review of the door to door marketing practices of Town Square. In August 2021, the parties settled the dispute without any obligation for payment by Town Square. In connection with the settlement, Town Square has agreed to voluntarily refrain from door-to-door marketing activities in Maine through June 30, 2023, and to voluntarily refrain from outbound telemarketing to obtain new residential customers for a period of six months, along with certain compliance procedures. For the years ended December 31, 2021 and 2020 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 16 Purchase Commitments The Company had purchase commitments of $144.0 million at December 31, 2021, of which $103.6 million was for future purchases of electricity. The purchase commitments outstanding at December 31, 2021 are expected to be paid as follows (in thousands): 2022 $ 82,246 2023 48,354 2024 12,426 2025 1,006 Thereafter — Total payments $ 144,032 In 2021, the Company purchased $14.0 million and $18.2 million of electricity and renewable energy credits, respectively, under these purchase commitments. In 2020, the Company purchased $68.1 million and $13.1 million of electricity and renewable energy credits, respectively, under these purchase commitments. Renewable Energy Credits GRE's REPs must obtain a certain percentage or amount of their electricity from renewable energy sources in order to meet the requirements of renewable portfolio standards in the states in which they operate. 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, 2021, GRE had commitments to purchase renewable energy credits of $40.5 million. Performance Bonds and Unused Letters of Credit 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, 2021, GRE had aggregate performance bonds of $13.5 million outstanding and a minimal amount of unused letter of credit. BP Energy Company Preferred Supplier Agreement Certain of GRE's REPs are party to an Amended and Restated Preferred Supplier Agreement with BP, which is to be in effect through November 30, 2023. Under the agreement, the REPs purchase electricity and natural gas at market rate plus a fee. The obligations to BP are secured by a first security interest in deposits or receivables from utilities in connection with their purchase of the REP’s customer’s receivables, and in any cash deposits or letters of credit posted in connection with any collateral accounts with BP. The 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, 2021, the Company was in compliance with such covenants. At December 31, 2021, restricted cash — short-term of $1.0 million and trade accounts receivable of $46.4 million were pledged to BP as collateral for the payment of trade accounts payable to BP of $13.9 million at December 31, 2021. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 17 — Related Party Transactions On December 7, 2020 e Company invested $5.0 million to purchase shares of Class B common stock of Rafael Holdings, Inc. ("Rafael"). Rafael, a publicly-traded company, is also a related party. Rafael is a former subsidiary of IDT that was spun off from IDT in March 2018. Howard S. Jonas is the Chairman of the Board of Directors of Rafael. per share. The Company exercised the warrants in full on March 31, 2021 for a total exercise price of $1.0 million. The Company does not exercise significant influence over the operating or financial policies of Rafael. For the year ended December 31, 2021, the Company recognized unrealized loss on investment of $5.0 million, in connection with the investment. For the , the Company recognized $ million unrealized gain from marketable equity securities and other investments. The Company was formerly a subsidiary of IDT Corporation (“IDT”). On October 28, 2011, the Company was spun-off by IDT. The Company entered into various agreements with IDT prior to the spin-off including an agreement for certain services to be performed by the Company and IDT. The Company a lso provides specified administrative services to certain of IDT’s foreign subsidiaries. Howard Jonas is the Chairman of the Board of IDT. The Company leases office space and parking in New Jersey from Rafael. The charges for services provided by IDT to the Company, and rent charged by Rafael, net of the charges for the services provided by the Company to IDT, are included in “Selling, general and administrative” expense in the consolidated statements of operations. Year ended December 31, 2021 2020 (in thousands) Amount IDT charged the Company $ 1,172 $ 1,282 Amount the Company charged IDT $ 134 $ 155 Amount Rafael charged the Company $ 247 $ 225 The following table presents the balance of receivables and payables to IDT and Rafael: December 31, 2021 2020 (in thousands) Due to IDT $ 551 $ 299 Due from IDT $ 19 $ 40 Due to Rafael $ — $ — On August 31, 2018, the Company extended a loan to a former employee for $0.1 million. The loan agreement required scheduled payments from December 31, 2020 to December 2052. The loan bears the same interest equivalent to a minimum rate, in effect from time to time required by local regulations and is The Company obtains insurance policies from several insurance brokers, one 0.3 million There was no outstanding payable to IGM as of December 31, 2021. 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. In the September and October of 2021, the Company purchased from certain related parties interest in GRE International and GEIC (see Note 12 — Equity Investments in Atid 613. In September 2018, the Company divested a majority interest in Atid Drilling Ltd. in exchange for a 37.5% interest in a contracting drilling company in Israel ("Atid 613") which the Company accounts for using equity method of accounting. The Company did not recognize any equity in net loss from Atid 613 in 2021. The Company recognized a $0.2 million equity in net loss from Atid 613 for the year ended December 31, 2020. The carrying value of investments in Atid 613 was $0.1 million at December 31, 2021 and 2020 included in other noncurrent assets in the consolidated balance sheets. The Company also entered into a Shareholder Agreement with Atid 613's other shareholders to govern certain issues regarding management of the new company. Under the Shareholder Agreement, among other things, Genie Israel agreed to make available to Atid 613 working capital financing up to $0.4 million ("Credit Facility"). Any outstanding borrowing under the Credit Facility would bear interest at a variable rate as described in the Shareholder Agreement. As of December 31, 2021, the outstanding balance of Credit Facility was nil. On August 12, 2019, the Company, together with the other shareholders of Atid 613 signed a Funding Agreement to provide aggregate loans to Atid 613 in an amount of up to New Israeli Shekel or NIS5.1 million (equivalent to $1.5 million at December 31, 2021), including the Company's commitment to extend up to NIS1.9 million (equivalent to $0.5 million at December 31, 2021) of such amount. In August 2019, the Company extended NIS0.8 million (equivalent to $0.2 million) in loans. The loans which are secured by Atid 613’s assets bore no interest until March 1, 2020 and bore interest at 5.5% for all subsequent periods. In May 2021 Atid 613 paid the outstanding balance of the loan of $0.2 million. At December 31, 2021, the balance of loan receivables from Atid 613 was nil. |
Business Segment and Geographic
Business Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2021 | |
Business Segment and Geographic Information [Abstract] | |
Business Segment and Geographic Information | Note 18 The Company has three reportable business segments: GRE, GRE International and Genie Renewables (formerly Genie Energy Services, or GES). In the first quarter of 2021, the Company modified its management reporting to rename its GES segment as "Genie Renewables." GRE owns and operates REPs, including IDT Energy, Residents Energy, TSE, Southern Federal and Mirabito. Its REP businesses resell electricity and natural gas to residential and small business customers in the Eastern and Midwestern United States and Texas. GRE International, operates REPs in Finland and Sweden. 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: GRE GRE International Genie Renewables Corporate Total (in thousands) Year ended December 31, 2021 Revenues $ 311,831 $ 44,386 $ 7,508 $ — $ 363,725 Income (loss) from continuing operations 34,695 4,788 252 (6,644 ) 33,091 Depreciation and amortization 375 859 46 2 1,282 Provision for doubtful accounts receivable 1,657 77 16 — 1,750 Stock-based compensation 933 134 — 1,863 2,930 Impairment of assets — — — — — Provision for (benefit from) income taxes 8,246 (1,139 ) 131 1,551 8,789 Year ended December 31, 2020 Revenues $ 304,450 $ 27,266 $ 25,214 $ — $ 356,930 Income (loss) from continuing operations 36,508 (5,097 ) (2,572 ) (6,967 ) 21,872 Depreciation and amortization 465 2,064 326 107 2,962 Provision for doubtful accounts receivables 2,589 255 — — 2,844 Stock-based compensation 463 161 — 510 1,134 Impairment of assets — — 1,397 — 1,397 Provision for (benefit from) income taxes 10,350 (1,161 ) — (1,558 ) 7,631 Total assets for the business segmen ts December 31, 2021 2020 (in thousands) GRE $ 174,442 $ 101,904 GRE International 34,674 13,509 Genie Renewables 3,946 3,171 Corporate 16,403 26,991 Total assets of continuing operations 229,465 145,575 Assets of discontinued operations — 41,764 Total assets $ 229,465 $ 187,339 Geographic Information Revenues from customers located outside of the United States, which are located primarily in Finland, Sweden and Japan were as follows: United States Finland Other Foreign Countries Total (in thousands) Year ended December 31, 2021 $ 319,339 $ 36,775 $ 7,611 $ 363,725 Year ended December 31, 2020 329,664 17,797 9,469 356,930 Net long-lived assets and total assets held outside of the United States, which are located primarily in Finland, Sweden, Japan and Israel, were as follows: United States Finland Other Foreign Countries Total (in thousands) December 31, 2021 Long-lived assets, net $ 15,238 $ 1,875 $ 244 $ 17,357 Total assets 194,791 25,125 9,549 229,465 December 31, 2020 Long-lived assets of continuing operations, net $ 15,623 2,157 $ 913 $ 18,693 Total assets of continuing operations 132,066 8,756 4,753 145,575 Long-lived assets consist of property and equipment, net, right-of-use assets, i ntangibl |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 99.5% of Genie Energy International Corporation (“GEIC”), which owns 100% of Genie Retail Energy (“GRE”), 100% of Genie Energy International LLC ("GRE International" or "GREI"), and 95.5% of Genie Renewables. In March 2021, the Company modified its management reporting to rename the Genie energy Services ("GES") segment to the Genie Renewables segment GRE, owns and operates retail energy providers (“REPs”), including IDT Energy, Inc. (“IDT Energy”), Residents Energy, LLC (“Residents Energy”), Town Square Energy, LLC and Town Square Energy East, LLC (collectivity, “TSE”), Southern Federal Power LLC ("Southern Power") and Mirabito Natural Gas (“Mirabito”). GRE's REPs' businesses resell electricity and natural gas to residential and small business customers primarily in the Eastern and Midwestern United States and Texas. GRE International holds the Company's 90.8% controlling interest in Lumo Energia Oyj ("Lumo Finland"), a REP serving residential customers in Finland and its 97.7% interest in Lumo Energi AB ("Lumo Sweden"), which was formed in 2019 to serve retail energy customers in Sweden. GRE International also held the Company's 98.8 % interest in venture in Japan, which the Company sold on May 11, 2021. GRE Genie Renewables holds Genie Solar Energy ("Genie Solar"), a rooftop solar system sales and general contracting company and a 93.5% interest in CityCom Solar, a marketer of community solar energy solution, Diversegy LLC ("Diversegy"), a broker for commercial customers, and GRE's 60.0% interest in Prism Solar Technology, Inc. ("Prism"), a solar solutions company that is engaged in U.S.-based manufacturing of solar panels, solar installation design and solar energy project management. Discontinued Operations in United Kingdom In third quarter of 2021, the natural gas and energy market in the United Kingdom deteriorated which prompted the Company to start the process of orderly withdrawal from the United Kingdom market. In October 2021, as part of the orderly exit process from the United Kingdom market, Orbit and Shell U.K. Limited ("Shell") agreed to terminate the exclusive supply contract between them. As part of the termination agreement, Orbit was required to unwind all physical forward hedges with Shell which resulted in net cash proceeds after settlement of all related liabilities with Shell. Following the termination of the contract with Shell, Orbit filed a petition with the High Court of Justice Business and Property of England and Wales (the “Court”) to declare Orbit insolvent based on the Insolvency Act of 1986 November 29, 2021 The Company determined that the discontinued operations in the United Kingdom represented a strategic shift that will have a major effect on the Company's operations and financial statements. Since the appointment of the Administrators, the Company has accounted for these businesses as discontinued operations and accordingly, has presented the results of operations and related cash flows as discontinued operations. The results of operations and related cash flows are presented as discontinued operations for all periods presented. Any remaining assets and liabilities of the discontinued operations have been presented separately, and are reflected within assets and liabilities from discontinued operations in the accompanying consolidated balance sheets as of December 31, 2021 2020 Energy Price Volatility in Japan and Texas In January 2021, weather volatility and the lack of adequate gas reserves significantly increased the price of energy at Japan Electric Power Exchange ("JEPX") for an extended period of time. The spike in demand associated with this situation, exposed Genie Japan to unexpected cost increases. Genie Japan incurred approximately $2.5 million in additional costs related to the price increases, which were included in the cost of revenue in the first quarter of 2021. In February of 2021, the State of Texas experienced unprecedented cold weather and snow, which was named Winter Storm Uri. With the grid overtaxed due to demand and weather-related reduced supply and rolling blackouts being enforced, by order of the Electricity Reliability Council of Texas ("ERCOT"), real-time commodity prices during the crisis escalated significantly. Although GRE's commitment for their customers in Texas was hedged for foreseen winter weather conditions, the market conditions exposed the Company to significant unexpected cost increases. In the year ended December 31, 2021, GRE recognized approximately $13.0 million in additional costs related to the situation, which were included in the cost of revenue in the consolidated statements of operation. In June 2021, the state legislature of the State of Texas passed House Bill 4492 (“HB 4492”) which includes certain provisions for financing certain costs associated with electric markets caused by Winter Storm Uri. Pursuant to HB 4492, two categories of charges associated with Winter Storm Uri are to be securitized and the proceeds of the securitization will be provided to the load serving entities who originally incurred the charges. Under HB 4492, the Company is entitled to recover a portion of the costs incurred from the effect of Winter Storm Uri with a calculated range of $1.5 million to $2.6 million. In the second quarter of 2021, the Company recorded a reduction in cost of revenues of $1.5 million. In September 2021, the Public Utility Commission of Texas ("PUC") approved the Debt Obligation Order to grant ERCOT's application for a debt financing mechanism to pay for certain costs associated with Winter Storm Uri. Under the Debt Obligation Order, the amount that the Company is entitled to recover increased to approximately $3.4 million. In the third quarter of 2021, the Company recorded an additional reduction in the cost of revenues of $1.9 million for an aggregate amount of $3.4 million for the year ended December 31, 2021. Seasonality and Weather The weather and the seasons, among other things, affect GRE’s revenues. Weather conditions have a significant impact on the demand for natural gas used for heating and electricity used for heating and cooling. Typically, colder winters increase demand for natural gas and electricity, and hotter summers increase demand for electricity. Milder winters and/or summers have the opposite effect. Unseasonal temperatures in other periods may also impact demand levels. Natural gas revenues typically increase in the first quarter due to increased heating demands and electricity revenues typically increase in the third quarter due to increased air conditioning use. Approximately 44.5% and 47.7% of GRE’s natural gas revenues for the relevant years were generated in the first quarters of 2021 and 2020, respectively, when demand for heating was highest. Although the demand for electricity is not as seasonal as natural gas (due, in part, to usage of electricity for both heating and cooling), approximately 30.3% and 31.8% of GRE’s electricity revenues for the relevant years were generated in the third quarters of 2021 and 2020, respectively. GRE’s REPs’ revenues and operating income are subject to material seasonal variations, and the interim financial results are not necessarily indicative of the estimated financial results for the full year. |
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 14). All significant intercompany accounts and transactions between the consolidated entities are eliminated. |
Equity Method Investments | Equity Method 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 consolidated 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. Significant estimates affecting amounts reported or disclosed in the consolidated financial statements include revenues, marketable equity securities and other investments, accounts receivables, allowances for doubtful accounts receivable, net realizable value of inventories, valuation of intangible assets, depreciation and amortization periods for long-lived assets, valuation allowances recorded against deferred tax assets, the valuation of stock-based compensation, valuation of derivative instruments, valuation of debt instruments and loss contingencies. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the current circumstances. Actual results may differ from those estimates. |
Revenue Recognition | Revenue Recognition Revenues from the Sale of Electricity and Natural Gas Revenue from the single performance obligation to deliver a unit of electricity and/or natural gas is recognized as the customer simultaneously receives and consumes the benefit. Variable quantities in requirements contracts are considered to be options for additional goods and services because the customer has a current contractual right to choose the amount of additional distinct goods to purchase. GRE and Genie Japan (prior to its sale in May 2021) record unbilled revenues for the estimated amount customers will be billed for services rendered from the time meters were last read to the end of the respective accounting period. The unbilled revenue is estimated each month based on available per day usage data, the number of unbilled days in the period and historical trends. Many utility companies in the U.S. offer purchase of receivable, or POR, programs in most of the service territ The Company recognizes the incremental costs of obtaining a contract with a customer as an asset if it expects the benefit of those costs to be longer than one year. The Company determined that certain sales commissions to acquire customers meet the requirements to be capitalized. For GRE, the Company applies a practical expedient to expense costs as incurred for sales commissions to acquire customers as the period would have been one year or less. Incremental customer acquisition costs of certain GRE International entities are capitalized and amortized over the range of between eighteen and twenty-four months . These costs and the related amortization are recorded within sales and marketing expenses. Total capitalized customer acq uisition costs to obtain a contract were $1.0 million and $0.8 million for the years ended December 31, 2021 and 2020, respectively. At December 31, 2021 customer acquisition costs of $0.5 million and $ 0.2 At December 31, 2020 customer acquisition costs were included in other current assets and other assets, respectively, on the consolidated balance sheet. Revenues from Sale of Solar Panels Revenues from sales of solar panels are recognized at a point in time following the transfer of control of the solar panels to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. For sales contracts that contain multiple performance obligations, such as the shipment or delivery of solar modules, the Company allocates the transaction price to each performance obligation identified in the contract based on relative standalone selling prices, or estimates of such prices, and recognize the related revenue as control of each individual product is transferred to the customer, in satisfaction of the corresponding performance obligations. Revenues from sale of solar panels are included in other revenues in the consolidated statements of operations. Revenues from sales of solar panels are included under the Other Revenues in the consolidated statements of operations. The following table shows the Company’s revenues disaggregated by pricing plans offered to customers: Electricity Natural Gas Other Total (in thousands) For the year ended December 31, 2021 Fixed rate $ 142,249 $ 5,379 $ — $ 147,628 Variable rate 174,071 33,433 — 207,504 Other — — 8,593 8,593 Total $ 316,320 $ 38,812 $ 8,593 $ 363,725 For the year ended December 31, 2020 Fixed rate $ 131,307 $ 4,517 $ — $ 135,824 Variable rate 166,209 29,044 — 195,253 Other — — 25,853 25,853 Total $ 297,516 $ 33,561 $ 25,853 $ 356,930 The following table shows the Company’s revenues disaggregated by non-commercial and commercial channels: Electricity Natural Gas Other Total (in thousands) For the year ended December 31, 2021 Non-Commercial Channel $ 246,289 $ 30,567 $ — $ 276,856 Commercial Channel 70,031 8,245 — 78,276 Other — — 8,593 8,593 Total $ 316,320 $ 38,812 $ 8,593 $ 363,725 For the year ended December 31, 2020 Non-Commercial Channel $ 248,525 $ 28,182 $ — $ 276,707 Commercial Channel 48,991 5,379 — 54,370 Other — — 25,853 25,853 Total $ 297,516 $ 33,561 $ 25,853 $ 356,930 |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheet that equals the total of the same amounts reported in the consolidated statement of cash flows: December 31, 2021 2020 (in thousands) Cash and cash equivalents $ 95,492 $ 31,902 Restricted cash—short-term 6,657 6,271 Total cash, cash equivalents, and restricted cash $ 102,149 $ 38,173 Restricted cash—short-term includes amounts set aside in accordance with the Amended and Restated Preferred Supplier Agreement with BP Energy Company (“BP”) (see Note Note Included in the cash and cash equivalents as of December 31, 2021 is cash received from Orbit Energy (see Note 2 |
MarketableSecuritiesPolicy | Marketable Equity Securities and Other Investment Marketable equity securities that are traded in the public market are carried at fair value using the quoted price at the end of each reporting period. Investments in warrants to purchase additional equity securities are carried at their fair value using Black-Scholes valuation model. Changes in the fair value are recorded as unrealized gains or losses on investments in the consolidated statements of operations. |
Trade Accounts Receivable, Net | Trade Accounts Receivable, Net Trade accounts receivable, net is reported in the balance sheet as gross outstanding amounts adjusted for doubtful accounts. |
Inventories | Inventories Inventory consists of natural gas, renewable energy credits and solar panels. Natural Gas Natural gas inventory is stored at various third parties’ underground storage facilities and is stated at lower of cost or net realizable value. 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 net realizable value. Gains and losses from the sale of renewable energy credits are recognized in cost of revenues when the credits are transferred to the buyer. Solar Panels Inventories related to solar panels are stated at the lower of cost or net realizable value. The cost is determine using the first-in, first-out basis and includes both the costs of acquisition and the costs of manufacturing. These costs include direct material, direct labor, and indirect manufacturing costs. The Company regularly reviews the cost of inventories against their estimated net realizable value and records write-downs if any inventories have costs in excess of their net realizable values. The Company also regularly evaluates the quantities and values of inventories, in light of current market conditions and trends among other factors and records write-downs for any quantities in excess of demand or for any obsolescence. This evaluation considers the use of modules in the systems business, expected demand, anticipated sales prices, strategic raw material requirements, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, product merchantability, and other factors. Market conditions are subject to change, and actual consumption of our inventory could differ from forecasted demand. Inventories consisted of the following: December 31, 2021 2020 (in thousands) Natural gas $ 1,891 $ 1,021 Renewable credits 15,610 15,574 Solar panels 219 335 Totals $ 17,720 $ 16,930 |
Long-Lived Assets | Long-lived Assets Property, plant and equipment - net is stated at historical cost less accumulated depreciation and any impairment. The Company provides for depreciation using a straight-line method over estimated useful life of the assets. Any leasehold improvements are amortized over the lesser of the lease term or the useful life. The cost of major additions and improvements are capitalized, while maintenance and repair costs that do not improve or extend the lives of the respective assets are charged to operations as incurred. The estimated useful life of property plant and equipment as follows: Years Building and improvements 4 27 Machinery and equipment 2 - 9 Computer software and development 2 - 5 Computers and computer hardware 2 - 5 Office equipment and other 5 - 7 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 a 5 to 20-year period; non-compete agreements are amortized on a straight-line basis 3-year term; customer relationships are amortized ratably over a 2 to 9-year period; and licenses are amortized on a straight-line basis over a 10-year period. 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 excess of carrying value over fair value of the assets. 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. |
Acquisitions | Acquisitions Results of operations of acquired companies are included in the Company’s results of operations as of the respective acquisition dates. The purchase price of each acquisition is allocated to the net assets acquired based on estimates of their fair values at the date of the acquisition. Any purchase price in excess of these net assets is recorded as goodwill. The allocation of purchase price in certain cases may be subject to revision based on the final determination of fair values during the measurement period, which may be up to one year from the acquisition date. For each acquisition, the Company undertakes a detailed review to identify other intangibles assets and a valuation is performed for all such identified assets. The Company uses several market participant measures to determine estimated value. This approach includes consideration of similar recent transactions, as well as utilizing discounted expected cash flow methodologies. A substantial portion of the intangible asset value that the Company acquired is the specialized know-how of the workforce, which is treated as part of goodwill and is not required to be valued separately. The majority of the value of the identifiable intangible assets acquired is derived from customer relationships, including the related customer contracts, non-compete agreements, trademarks, patents as well as licenses. If the actual results differ from the estimates, the amount recorded in the financial statements could result in a possible impairment of the intangible assets and goodwill, or require acceleration of the amortization expenses of finite-lived intangible assets. |
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. The Company has three reportable segments with four underlying reporting units: GRE, GRE International, and Genie Renewables, which is comprised of Prism and Diversegy. The fair value of each 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 performs its annual goodwill impairment test as of October 1. In reviewing goodwill for impairment, the Company has the option, for any or all of its reporting units that carry goodwill - to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (i.e. greater than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines that an impairment is more likely than not, the Company is then required to perform the quantitative impairment test, otherwise no further analysis is required. The Company also may elect not to perform the qualitative assessment and, instead, proceed directly to quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether the Company chooses to perform the qualitative assessment or proceeds directly to the quantitative impairment test. T he determination of the fair value of our reporting units is based on an income approach that utilizes discounted cash flows for each reporting 3 820, Fair Value Measurements and Disclosure |
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 on the type of hedging relationship. Due to the volatility of electricity and natural gas prices, GRE and GRE International enter 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 current and noncurrent assets or liabilities and any changes in fair value are recorded in “Cost of revenues” in the consolidated statements of operations. In addition to the above, GRE and GRE International utilize forward physical delivery contracts for a portion of their purchases of electricity and natural gas, which are defined as commodity derivative contracts. Using the exemption available for qualifying contracts, GRE and GRE International apply the normal purchase and normal sale accounting treatment to its forward physical delivery contracts, thereby these contracts are not adjusted to fair value. GRE and GRE International also apply 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 and GRE International recognize revenue from customer sales, and the related cost of revenues, at the contracted price, as electricity and natural gas is delivered to retail customers. |
Shipping and Handling Fees and Costs | Shipping and Handling Fees and Costs Amounts billed to customers for shipping and handling are included in revenues. The related minimal amount of shipping and freight charges incurred by the Company are included in cost of goods sold. Distribution and handling costs of $0.1 million and $0.2 million were recorded in selling, general and administrative expense during the years ended December 31, 2021 and 2020, respectively. |
Foreign Currency | Foreign Currency 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 consolidated balance sheets. Foreign currency transaction gains and losses are reported in “Other (expense) income, net” in the consolidated statements of operations. |
Advertising Expense | Advertising Expense Cost of advertising for customer acquisitions is charged to selling, general and administrative expense in the period in which it is incurred. In the years ended December 31, 2021 and 2020, advertising expense included in selling, general and administrative expense was $7.9 million and $6.1 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 has a greater than 50 percent likelihood 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 issued and 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 and warrants using the treasury stock method, unless the effect of such increase is anti-dilutive. The weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following: Year ended December 31, 2021 2020 (in thousands) Basic weighted-average number of shares $ 25,879 $ 26,109 Effect of dilutive securities Stock options and warrants 390 628 Non-vested restricted Class B common stock 47 76 Diluted weighted-average number of shares $ 26,316 $ 26,813 The following shares were excluded from the diluted earnings per share computations: Year ended December 31, (in thousands) 2021 2020 Shares underlying stock options 126 112 Non-vested deferred stock units 580 610 Stock options were excluded from the diluted earnings per share computation in the years ended December 31, 2021 and 2020 because the exercise prices of the stock options were greater than the average market prices of the Company's Class B common stock during the periods. Non-vested deferred stock units were excluded from the basic and diluted weighted average shares outstanding calculation because the market condition for vesting of those deferred stock units was not met as of December 31, 2021 or 2020. |
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. 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. Forfeitures of equity grants are recognized as incurred. |
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 and restricted cash at several major financial institutions, much of which exceeds 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, or POR, programs for a majority of their receivables. In addition to providing billing and collection services, certain utility companies purchase those REPs’ receivables and assume all credit risk without recourse to those REPs for those purchased receivables. GRE’s REPs’ primary credit risk with respect to those purchased receivables 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 during certain period, 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 customer that equal or exceed revenues in the period (no other single customer accounted for more than 10.0 % of consolidated revenues in these periods): Year ended December 31, 2021 2020 Customer A 10 % 10 % |
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) Balance at end of period Year ended December 31, 2021 Reserves deducted from accounts receivable: Allowance for doubtful accounts $ 4,819 $ 1,750 $ (204 ) $ 6,365 Year ended December 31, 2020 Reserves deducted from accounts receivable: Allowance for doubtful accounts $ 2,631 $ 2,844 $ (656 ) $ 4,819 |
Reclassifications | 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's 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 June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments The Company is currently evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Schedule of revenues disaggregated | Electricity Natural Gas Other Total (in thousands) For the year ended December 31, 2021 Fixed rate $ 142,249 $ 5,379 $ — $ 147,628 Variable rate 174,071 33,433 — 207,504 Other — — 8,593 8,593 Total $ 316,320 $ 38,812 $ 8,593 $ 363,725 For the year ended December 31, 2020 Fixed rate $ 131,307 $ 4,517 $ — $ 135,824 Variable rate 166,209 29,044 — 195,253 Other — — 25,853 25,853 Total $ 297,516 $ 33,561 $ 25,853 $ 356,930 |
Schedule of company's revenue disaggregated by customer commercial and non commercial | Electricity Natural Gas Other Total (in thousands) For the year ended December 31, 2021 Non-Commercial Channel $ 246,289 $ 30,567 $ — $ 276,856 Commercial Channel 70,031 8,245 — 78,276 Other — — 8,593 8,593 Total $ 316,320 $ 38,812 $ 8,593 $ 363,725 For the year ended December 31, 2020 Non-Commercial Channel $ 248,525 $ 28,182 $ — $ 276,707 Commercial Channel 48,991 5,379 — 54,370 Other — — 25,853 25,853 Total $ 297,516 $ 33,561 $ 25,853 $ 356,930 |
Schedule of reconciliation of cash and restricted cash | December 31, 2021 2020 (in thousands) Cash and cash equivalents $ 95,492 $ 31,902 Restricted cash—short-term 6,657 6,271 Total cash, cash equivalents, and restricted cash $ 102,149 $ 38,173 |
Schedule of inventory | December 31, 2021 2020 (in thousands) Natural gas $ 1,891 $ 1,021 Renewable credits 15,610 15,574 Solar panels 219 335 Totals $ 17,720 $ 16,930 |
Schedule of estimated useful life of property plant and equipment | Years Building and improvements 4 27 Machinery and equipment 2 - 9 Computer software and development 2 - 5 Computers and computer hardware 2 - 5 Office equipment and other 5 - 7 |
Schedule of antidilutive shares were excluded from the diluted earnings per share computations | Year ended December 31, 2021 2020 (in thousands) Basic weighted-average number of shares $ 25,879 $ 26,109 Effect of dilutive securities Stock options and warrants 390 628 Non-vested restricted Class B common stock 47 76 Diluted weighted-average number of shares $ 26,316 $ 26,813 |
Schedule of exercise price of stock options | Year ended December 31, (in thousands) 2021 2020 Shares underlying stock options 126 112 Non-vested deferred stock units 580 610 |
Schedule of change in allowance for doubtful accounts | (in thousands) Balance at beginning of period Additions charged (reversals credited) to expense Additions (deductions) Balance at end of period Year ended December 31, 2021 Reserves deducted from accounts receivable: Allowance for doubtful accounts $ 4,819 $ 1,750 $ (204 ) $ 6,365 Year ended December 31, 2020 Reserves deducted from accounts receivable: Allowance for doubtful accounts $ 2,631 $ 2,844 $ (656 ) $ 4,819 |
Schedule of percentage of consolidated revenues | Year ended December 31, 2021 2020 Customer A 10 % 10 % |
Discontinued Operations and D_2
Discontinued Operations and Divestiture (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of results of operations of the discontinued operations | Year ended December 31, 2021 2020 (in thousands) Total revenues $ 86,269 $ 22,382 Cost of revenues 89,059 19,750 Gross (loss) profit (2,790 ) 2,632 Selling, general and administrative expenses 47,894 5,168 Impairment of assets 6,650 — Loss from operations (57,334 ) ( ) Gain from settlement of contract with supplier 69,120 — Equity in net loss of equity method investees — ( ) Gain on acquisition of a subsidiary — 5,473 Other loss (932 ) — Net income before taxes 10,854 1,435 Income taxes 6,884 683 Income from discontinued operations, net of taxes $ 3,970 $ 752 |
Schedule of carrying value of assets and liabilities of the discontinued operations | Cash $ 5,011 Accounts receivables 12,408 Other current assets 220 Total current assets of discontinued operation $ 17,639 Goodwill 14,050 Other intangibles 6,956 Other assets 3,119 Total noncurrent assets of discontinued operations $ 24,125 Liabilities Accounts payable $ 16,077 Accrued expenses 7,747 Contract liabilities 3,870 Other current liabilities 1,342 Total current liabilit $ 29,036 Other liabilities $ 1,785 Total noncurrent liabilities of discontinued operations $ 1,785 |
Schedule of assets and liabilities divested which was previously classified as held for sale | (in thousands) Cash $ 83 Trade accounts receivable 1,737 Prepaid and other current assets 391 Intangible (license) 540 Other noncurrent assets 296 Accounts payable (611 ) Accrued expenses and other current liabilities (588 ) Loans payable (1,372 ) Cumulative translation adjustment (181 ) Noncontrolling interest 114 Liabilities held for sale included in other current liabilities $ 409 Year Ended December 31, 2021 2020 (in thousands) Operating Activities Net income $ 3,970 $ 752 Non-cash items 36,550 (2,278 ) Changes in assets and liabilities 5,159 (383 ) Cash flows used in operating activities of discontinued operation $ 45,679 $ (1,909 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 Assets: Marketable equity securities $ 1,336 $ — $ — $ 1,336 Derivative contracts $ 14,405 $ 44 $ — $ 14,449 Liabilities: Derivative contracts $ 1,230 $ — $ — $ 1,230 December 31, 2020 Assets: Marketable equity securities $ 5,089 $ — $ — $ 5,089 Other current assets (investment in warrants) $ — $ — $ 259 $ 259 Derivative contracts $ 1,237 $ 118 $ — $ 1,355 Liabilities: Derivative contracts $ 286 $ 410 $ — $ 696 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments [Abstract] | |
Summarized volume of GRE's outstanding contracts and options | Commodity Settlement Dates Electricity (In MWH) Natural Gas (In Dth) First quarter 2022 164,063 815,100 Second quarter 2022 58,082 147,400 Third quarter 2022 75,440 95,490 Fourth quarter 2022 53,253 106,550 First quarter 2023 27,502 113,440 Second quarter 2023 24,356 77,050 Third quarter 2023 25,767 56,050 Fourth quarter 2023 25,767 54,850 First quarter 2024 6,543 48,400 Second quarter 2024 4,368 33,600 Third quarter 2024 4,416 18,100 Fourth quarter 2024 4,416 8,850 First quarter 2025 2,832 — |
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | December 31, 2021 2020 Asset Derivatives Balance Sheet Location (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options (1) Other current assets $ 13,750 $ 1,338 Energy contracts and options Other assets 699 17 Total derivatives not designated or not qualifying as a hedging instruments — $ 14,449 $ 1,355 Liability Derivatives Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options (1) Other current liabilities $ 697 $ 245 Energy Contracts and options Other liabilities 533 41 Total derivatives not designated or not qualifying as a hedging instruments — $ 1,230 $ 286 (1) The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 months . |
Effects of derivative instruments on the consolidated statements of operations | Amount of (Gain) Loss Recognized on Derivatives Year ended December 31, (in thousands) 2021 2020 Derivatives not designated or not qualifying as hedging instruments Location of (Gain) Loss Recognized on Derivatives Energy contracts and options Cost of revenues $ (54,441 ) $ 26,814 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Line Items] | |
Schedule of operating lease expense | December 31, 2021 2020 (in thousands) ROU assets $ 1,656 $ 1,879 Current portion of operating lease liabilities $ 229 $ 446 Noncurrent portion of operating lease liabilities 1,495 1,485 Total $ 1,724 $ 1,931 |
Schedule of supplemental cash flow information | For the Year Ended December 31, 2021 December 31, 2020 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating activities $ 801 $ 810 ROU assets obtained in the exchange for lease liabilities Operating leases $ 241 $ — |
Schedule of future operating lease | (in thousands) 2022 334 2023 315 2024 282 2025 233 2026 239 Thereafter 832 Total future lease payments 2,235 Less imputed interest 511 Total operating lease liabilities $ 1,724 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property and Equipment [Abstract] | |
Schedule of property and equipment | December 31, 2021 2020 (in thousands) Building and improvements 16 56 Computer software 2,256 2,577 Computers and computer hardware 219 237 Office equipment and other 351 267 2,842 3,137 Less: accumulated depreciation (2,545 ) (2,890 ) Property and equipment, net $ 297 $ 247 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Other Intangibles [Abstract] | |
Schedule of goodwill | GRE GRE Intern ational Genie Renewables Total (in thousands) Balance at January 1, 2020 $ 9,998 $ 1,733 $ 404 $ 12,135 Impairment of Prism goodwill — — (404 ) (404 ) Cumulative translation adjustment — 148 — 148 Balance at December 31, 2020 9,998 1,881 — 11,879 Cumulative translation adjustment — (124 ) — (124 ) Balance at December 31, 2021 $ 9,998 $ 1,757 $ — $ 11,755 |
Schedule of other intangible assets | Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Balance December 31, 2021 (in thousands) Patents and trademarks 17.1 years $ 3,805 $ (1,103) $ 2,702 Customer relationships 9.0 years 1,100 (530) 570 Licenses 10.0 years 479 (103) 376 TOTAL $ 5,384 $ (1,736) $ 3,648 December 31, 2020 Trademark 17.0 years $ 3,880 $ (878) $ 3,002 Non-compete agreement 3.0 years 35 (23) 12 Customer relationships 4.5 years 3,093 (2,401) 692 Licenses 10.0 years 1,224 (241) 983 TOTAL $ 8,232 $ (3,543) $ 4,689 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | December 31, 2021 2020 (in thousands) Renewable energy $ 23,247 $ 19,848 Liability to customers related to promotional and retention incentives 9,071 9,558 Payroll and employee benefits 3,297 3,174 Other accrued expenses 3,908 2,435 Total accrued expenses $ 39,523 $ 35,015 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Schedule of components of income before income taxes | Year ended December 31, 2021 2020 (in thousands) Domestic $ 15,446 $ 27,536 Foreign 17,215 ( 5,103 ) INCOME BEFORE INCOME TAXES $ 32,661 $ 22,433 |
Schedule of components of deferred income tax assets | December 31, 2021 2020 (in thousands) Deferred income tax assets (liabilities): Bad debt reserve $ 1,770 $ 1,317 Accrued expenses 1,386 1,475 State taxes 57 66 Charitable contributions 37 201 Net operating loss 12,477 16,870 ROU assets (455) 450 Lease liability 474 (401 ) Stock options and restricted stock 178 321 Unrealized gain (1,088) — Amortization 259 475 Total deferred income tax assets 15,095 20,774 Valuation allowance (10,836 ) (15,675 ) DEFERRED INCOME TAX ASSETS, NET $ 4,259 $ 5,099 |
Schedule of provision for income taxes | Year ended December 31, 2021 2020 (in thousands) Current: Federal $ 5,566 $ — State and local 2,383 1,105 Foreign — — 7,949 1,105 Deferred: Federal 939 5,530 State and local (367 ) 996 Foreign 268 — 840 6,526 PROVISION FOR INCOME TAXES $ 8,789 $ 7,631 |
Schedule of income tax reconciliation | Year ended December 31, 2021 2020 (in thousands) U.S. federal income tax benefit at statutory rate $ 6,859 $ 4,710 Valuation allowance (4,839 ) (28,204 ) Nondeductible expense 269 67 Impact of foreign operations 3,256 (38 ) Deferred tax adjustments 479 (1,097 ) Net operating loss carry-forwards adjustment 1,189 31,228 State and local income tax, net of federal benefit 1,898 432 Others (322) 533 PROVISION FOR INCOME TAXES $ 8,789 $ 7,631 |
Schedule of change in the valuation allowance for deferred income taxes | Balance at beginning of period Additions charged to costs and expenses Deductions Balance at end of period (in thousands) Year ended December 31, 2021 Reserves for valuation allowances deducted from deferred income taxes, net $ 15,675 $ — $ (4,839 ) $ 10,836 Year ended December 31, 2020 Reserves for valuation allowances deducted from deferred income taxes, net $ 42,420 $ 3,569 $ (30,314 ) $ 15,675 |
Schedule of change in the balance of unrecognized income tax benefits | Year ended December 31, 2021 2020 (in thousands) Balance at beginning of period $ 383 $ 433 Additions based on tax positions related to the current period 81 84 Additions based on tax positions related to prior periods — — Lapses of statutes of limitations (104 ) ( 134 ) Balance at end of period $ 360 $ 383 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stock-Based Compensation [Abstract] | |
Summary of status of Company's grants of restricted shares of Class B common stock | Number of Non-vested Shares Weighted- Average Grant Date Fair Value (in thousands) Non-vested restricted shares at December 31, 2020 256 $ 7.31 Granted 379 6.37 Vested (166 ) 5.75 Forfeited — — NON-VESTED RESTRICTED SHARES AT DECEMBER 31, 2021 469 $ 6.78 |
Summary of stock option activity | Number of Options (in thousands) Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 552 $ 8.96 2.1 $ 798 Granted — — Exercised — — Cancelled/Forfeited (169 ) 6.85 OUTSTANDING AT DECEMBER 31, 2021 383 5.56 1.6 $ 316 EXERCISABLE AT DECEMBER 31, 2021 280 $ 6.01 1.7 $ 190 |
Variable Interest Entity (Table
Variable Interest Entity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Variable Interest Entity [Abstract] | |
Schedule of net income (loss) related to CCE and aggregate net funding | Year ended December 31, 2021 2020 (in thousands) Net loss $ 1,445 $ 1,452 Aggregate funding provided by the Company, net $ 625 $ 1,524 |
Summarized consolidated balance sheet amounts related to CCE | December 31, 2021 2020 (in thousands) ASSETS Cash, cash equivalents and restricted cash $ 559 $ 491 Trade accounts receivable 544 433 Prepaid expenses and other current assets 367 416 Other assets 359 359 TOTAL ASSETS $ 1,829 $ 1,699 LIABILITIES AND NONCONTROLLING INTERESTS Current liabilities $ 547 $ 518 Due to IDT Energy 5,668 4,122 Noncontrolling interests from CCE (4,386 ) (2,941 ) TOTAL LIABILITIES AND NONCONTROLLING INTERESTS $ 1,829 $ 1,699 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies [Abstract] | |
Schedule of purchase commitments outstanding | 2022 $ 82,246 2023 48,354 2024 12,426 2025 1,006 Thereafter — Total payments $ 144,032 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Summary of related party transactions | Year ended December 31, 2021 2020 (in thousands) Amount IDT charged the Company $ 1,172 $ 1,282 Amount the Company charged IDT $ 134 $ 155 Amount Rafael charged the Company $ 247 $ 225 |
Schedule of receivables and payables | December 31, 2021 2020 (in thousands) Due to IDT $ 551 $ 299 Due from IDT $ 19 $ 40 Due to Rafael $ — $ — |
Business Segment and Geograph_2
Business Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Segment and Geographic Information [Abstract] | |
Schedule of operating results for the business segments | GRE GRE International Genie Renewables Corporate Total (in thousands) Year ended December 31, 2021 Revenues $ 311,831 $ 44,386 $ 7,508 $ — $ 363,725 Income (loss) from continuing operations 34,695 4,788 252 (6,644 ) 33,091 Depreciation and amortization 375 859 46 2 1,282 Provision for doubtful accounts receivable 1,657 77 16 — 1,750 Stock-based compensation 933 134 — 1,863 2,930 Impairment of assets — — — — — Provision for (benefit from) income taxes 8,246 (1,139 ) 131 1,551 8,789 Year ended December 31, 2020 Revenues $ 304,450 $ 27,266 $ 25,214 $ — $ 356,930 Income (loss) from continuing operations 36,508 (5,097 ) (2,572 ) (6,967 ) 21,872 Depreciation and amortization 465 2,064 326 107 2,962 Provision for doubtful accounts receivables 2,589 255 — — 2,844 Stock-based compensation 463 161 — 510 1,134 Impairment of assets — — 1,397 — 1,397 Provision for (benefit from) income taxes 10,350 (1,161 ) — (1,558 ) 7,631 |
Schedule of total assets for the business segments | December 31, 2021 2020 (in thousands) GRE $ 174,442 $ 101,904 GRE International 34,674 13,509 Genie Renewables 3,946 3,171 Corporate 16,403 26,991 Total assets of continuing operations 229,465 145,575 Assets of discontinued operations — 41,764 Total assets $ 229,465 $ 187,339 |
Schedule of revenues from customers located outside of the united states | United States Finland Other Foreign Countries Total (in thousands) Year ended December 31, 2021 $ 319,339 $ 36,775 $ 7,611 $ 363,725 Year ended December 31, 2020 329,664 17,797 9,469 356,930 |
Schedule of net long-lived assets and total assets held outside of the United States | United States Finland Other Foreign Countries Total (in thousands) December 31, 2021 Long-lived assets, net $ 15,238 $ 1,875 $ 244 $ 17,357 Total assets 194,791 25,125 9,549 229,465 December 31, 2020 Long-lived assets of continuing operations, net $ 15,623 2,157 $ 913 $ 18,693 Total assets of continuing operations 132,066 8,756 4,753 145,575 |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Fixed rate | $ 147,628 | $ 135,824 |
Variable rate | 207,504 | 195,253 |
Other | 8,593 | 25,853 |
Total | 363,725 | 356,930 |
Electricity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Fixed rate | 142,249 | 131,307 |
Variable rate | 174,071 | 166,209 |
Other | ||
Total | 316,320 | 297,516 |
Oil and Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Fixed rate | 5,379 | 4,517 |
Variable rate | 33,433 | 29,044 |
Other | ||
Total | 38,812 | 33,561 |
Others [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Fixed rate | ||
Variable rate | ||
Other | 8,593 | $ 25,853 |
Total | $ 8,593 |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Non-Commercial Channel | $ 276,856 | $ 276,707 |
Commercial Channel | 78,276 | 54,370 |
Other | 8,593 | 25,853 |
Total | 363,725 | 356,930 |
Electricity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Non-Commercial Channel | 246,289 | 248,525 |
Commercial Channel | 70,031 | 48,991 |
Other | ||
Total | 316,320 | 297,516 |
Oil and Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Non-Commercial Channel | 30,567 | 28,182 |
Commercial Channel | 8,245 | 5,379 |
Other | ||
Total | 38,812 | 33,561 |
Others [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Non-Commercial Channel | ||
Commercial Channel | ||
Other | 8,593 | 25,853 |
Total | $ 8,593 | $ 25,853 |
Description of Business and S_6
Description of Business and Summary of Significant Accounting Policies (Details 4) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 95,492 | $ 31,902 | |
Restricted cash - short-term | 6,657 | 6,271 | |
Total cash, cash equivalents, and restricted cash | $ 102,149 | $ 38,173 | $ 38,554 |
Description of Business and S_7
Description of Business and Summary of Significant Accounting Policies (Details 6) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Description of Business and Summary of Significant Accounting Policies [Abstract] | ||
Natural gas | $ 1,891 | $ 1,021 |
Renewable credits | 15,610 | 15,574 |
Solar Panels: | ||
Raw materials | 219 | 335 |
Totals | $ 17,720 | $ 16,930 |
Description of Business and S_8
Description of Business and Summary of Significant Accounting Policies (Details 7) | 12 Months Ended |
Dec. 31, 2021 | |
Building and improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 27 years |
Building and improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 4 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 9 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Computer Software And Development [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Computer Software And Development [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Computers and computer hardware [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Computers and computer hardware [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Office equipment and other [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Office equipment and other [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Description of Business and S_9
Description of Business and Summary of Significant Accounting Policies (Details 8) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | ||
Basic weighted-average number of shares | 25,879,000 | 26,109,000 |
Effect of dilutive securities | ||
Stock options and warrants | 390 | 628 |
Non-vested restricted Class B common stock | $ 47 | $ 76 |
Diluted weighted-average number of shares | 26,316,000 | 26,813,000 |
Description of Business and _10
Description of Business and Summary of Significant Accounting Policies (Details 9) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the calculation of diluted earnings per share | 126 | 112 |
Non-Vested Deferred Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the calculation of diluted earnings per share | 580 |
Description of Business and _11
Description of Business and Summary of Significant Accounting Policies (Details 10) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Concentration risk percentage | 10.00% | 10.00% |
Description of Business and _12
Description of Business and Summary of Significant Accounting Policies (Details 11) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Balance at beginning of period | $ 4,819 | $ 2,631 |
Additions charged (reversals credited) to expense | 1,750 | 2,844 |
Additions (deductions) | 204 | (656) |
Balance at end of period | $ 6,365 | $ 4,819 |
Description of Business and _13
Description of Business and Summary of Significant Accounting Policies (Details Textual) | May 11, 2021 | Jun. 12, 2018USD ($)$ / sharesshares | Jun. 08, 2018USD ($) | Nov. 30, 2021 | Oct. 31, 2021shares | Sep. 30, 2021USD ($)shares | Jun. 30, 2021USD ($) | Jan. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021USD ($)Segment$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 07, 2020$ / shares | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Company's investment, ownership percentage in subsidiary | 98.80% | 100.00% | 9550000.00% | 93.50% | |||||||||||||
Amount of advertising expense included in selling general and administrative expense | $ 7,900,000 | $ 6,100,000 | |||||||||||||||
Percentage of gas revenue generated in given period | 44.50% | 47.70% | 30.30% | 31.80% | |||||||||||||
Interest rate | 100.00% | ||||||||||||||||
Number of reportable segments | Segment | 3 | ||||||||||||||||
Distribution and handling costs | $ 100,000 | 200,000 | |||||||||||||||
Accumulated deficit | (29,115,000) | (56,658,000) | |||||||||||||||
Customer acquisition costs | 600,000 | ||||||||||||||||
Amortization of capitalized customer acquisition cost | 800,000 | 800,000 | |||||||||||||||
Impairment of customer relationship | $ 800,000 | ||||||||||||||||
Warrants exercise price per share | $ / shares | $ 4.77 | $ 7.01 | |||||||||||||||
Unrealized gain (loss) on investment | $ 5,000,000 | $ 300,000 | |||||||||||||||
Concentration risk percentage | 10.00% | 10.00% | |||||||||||||||
Cost of revenue | $ 3,400,000 | $ 1,500,000 | $ 2,500,000 | $ 3,400,000 | |||||||||||||
Acquisition costs of other current assets | $ 200,000 | ||||||||||||||||
Maximum [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Cost of revenue | 2,600,000 | ||||||||||||||||
Minimum [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Cost of revenue | $ 1,500,000 | ||||||||||||||||
Customer Relationships [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Amortization period | 10 years | ||||||||||||||||
Customer Relationships [Member] | Maximum [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Amortization period | 9 years | ||||||||||||||||
Customer Relationships [Member] | Minimum [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Amortization period | 2 years | ||||||||||||||||
Patents and trademarks [Member] | Maximum [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Amortization period | 20 years | ||||||||||||||||
Patents and trademarks [Member] | Minimum [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Amortization period | 5 years | ||||||||||||||||
Non-compete agreement [Member] | Maximum [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Amortization period | 3 years | ||||||||||||||||
Common Class B [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Number of common stock shares issued | shares | 36,591 | 218,862 | |||||||||||||||
Warrants to purchase shares | shares | 209,644 | 1,257,862 | |||||||||||||||
Warrants exercise price per share | $ / shares | $ 4.77 | $ 22.91 | |||||||||||||||
Investment in common stock | $ 1,000,000 | $ 5,000,000 | |||||||||||||||
Genie Retail Energy [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Company's investment, ownership percentage in subsidiary | 100.00% | ||||||||||||||||
Genie Retail Energy One [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Company's investment, ownership percentage in subsidiary | 100.00% | ||||||||||||||||
GRE International [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Cost of revenue | $ 13,000,000 | ||||||||||||||||
Lumo [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Company's investment, ownership percentage in subsidiary | 90.80% | ||||||||||||||||
Total capitalized customer acquisition costs | $ 1,000,000 | $ 800 | |||||||||||||||
Customer acquisition costs | 500,000 | ||||||||||||||||
Acquisition costs of other current assets | $ 200,000 | ||||||||||||||||
Genie Energy International Corporation [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Company's investment, ownership percentage in subsidiary | 9950000.00% | ||||||||||||||||
Prism Solar Technology, Inc. [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Company's investment, ownership percentage in subsidiary | 60.00% | ||||||||||||||||
Lumo Energi AB [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Ownership interest of company | 97.70% | ||||||||||||||||
Public Utility Commission of Texas [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Cost of revenue | $ 1,900,000 |
Discontinued Operations and D_3
Discontinued Operations and Divestiture (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||
Total revenues | $ 363,725 | $ 356,930 |
Cost of revenues | 258,864 | 261,877 |
Gross profit | 104,861 | 95,053 |
Selling, general and administrative | 71,770 | 71,784 |
Impairment of assets | 1,397 | |
Equity in the net loss in equity method investees | 438 | 59 |
Income from discontinued operations, net of tax | 3,970 | 752 |
Discontinued Operations [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total revenues | 86,269 | 22,382 |
Cost of revenues | 89,059 | 19,750 |
Gross profit | (2,790) | 2,632 |
Selling, general and administrative | 47,894 | 5,168 |
Impairment of assets | 6,650 | |
Loss from operations | (57,334) | (2,536) |
Gain from settlement of contract with supplier | 69,120 | |
Equity in the net loss in equity method investees | (1,502) | |
Gain on acquisition of a subsidiary | 5,473 | |
Other income (expenses), net | 932 | |
Net loss before income tax | 10,854 | 1,435 |
Provision for (benefit from) income taxes | 6,884 | 683 |
Income from discontinued operations, net of tax | $ 3,970 | $ 752 |
Discontinued Operations and D_4
Discontinued Operations and Divestiture (Details 1) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Cash | $ 5,011 | |
Accounts receivables | 12,408 | |
Other current assets | 220 | |
Total current assets of discontinued operation | 17,639 | |
Goodwill | 14,050 | |
Other intangibles | 6,956 | |
Other assets | 3,119 | |
Total noncurrent assets of discontinued operations | 24,125 | |
Liabilities | ||
Accounts payable | 588 | 16,077 |
Accrued expenses | 7,747 | |
Liabilities held for sale included in other current liabilities | 409 | 3,870 |
Contract liabilities | 1,342 | |
Current liabilities of discontinued operations | $ 30,766 | 29,036 |
Other liabilities | 1,785 | |
Total noncurrent liabilities of discontinued operations | $ 1,785 |
Discontinued Operations and D_5
Discontinued Operations and Divestiture (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Net income | $ 3,970 | $ 752 |
Non-cash items | 36,550 | (2,278) |
Changes in assets and liabilities | 5,159 | (383) |
Cash flows used in operating activities of discontinued operation | $ 45,679 | $ (1,909) |
Discontinued Operations and D_6
Discontinued Operations and Divestiture (Details 3) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Cash | $ 83 | |
Trade accounts receivable | 1,737 | |
Prepaid and other current assets | 391 | |
Intangible (license) | 540 | |
Other noncurrent assets | 296 | |
Accounts payable | 611 | |
Accrued expenses and other current liabilities | 588 | $ 16,077 |
Loans payable | 1,372 | |
Cumulative translation adjustment | (181) | |
Noncontrolling interest | 114 | |
Liabilities held for sale included in other current liabilities | $ 409 | $ 3,870 |
Discontinued Operations and D_7
Discontinued Operations and Divestiture (Details Textual) ¥ in Millions | May 11, 2021JPY (¥) | May 11, 2021USD ($) | Oct. 08, 2020USD ($) | Feb. 28, 2022USD ($) | Apr. 30, 2021USD ($) | Apr. 26, 2021JPY (¥) | Jun. 30, 2020USD ($) | Dec. 31, 2021USD ($) |
Discontinued Operations and Divestiture [Line Items] | ||||||||
Company contribution | $ 9,500,000 | $ 1,500,000 | ||||||
Outstanding equity percentage | 77.00% | |||||||
Company Investment Description | 1.3</span> million (equivalent to $<span style="line-height: inherit;">1.7</span> million on the date of closing) offset by £<span style="line-height: inherit;">0.2</span> million (equivalent to $<span style="line-height: inherit;">0.2</span> million on the date of closing) in amounts owing from EGC to the Company under a loan provided to EGC in <span style="line-height: inherit;">2018</span> related to EGC’s capital contributions to Shoreditch. Prior to October 8, 2020, the estimated fair value and net book value of the Company's investment in Shoreditch was $<span style="line-height: inherit;">5.5</span> million and <span style="border-right: none; border-left: none; line-height: inherit;">nil</span>, respectively." id="sjs-D5">the Company entered into an agreement (the “Purchase Agreement”) with EGC under which GEUK purchased EGC’s remaining interest in Shoreditch, in exchange for a cash payment of £<span style="line-height: inherit;">1.3</span> million (equivalent to $<span style="line-height: inherit;">1.7</span> million on the date of closing) offset by £<span style="line-height: inherit;">0.2</span> million (equivalent to $<span style="line-height: inherit;">0.2</span> million on the date of closing) in amounts owing from EGC to the Company under a loan provided to EGC in <span style="line-height: inherit;">2018</span> related to EGC’s capital contributions to Shoreditch. Prior to October 8, 2020, the estimated fair value and net book value of the Company's investment in Shoreditch was $<span style="line-height: inherit;">5.5</span> million and <span style="border-right: none; border-left: none; line-height: inherit;">nil</span>, respectively. | |||||||
Contract Termination Claims, Description | In the fourth quarter of 2021, Orbit transferred to GEIC a net amount of $49.7 million from the proceeds of the settlement of the contact with Shell which is included in cash and cash equivalents in the consolidated balance sheet as of December 31, 2021. In January 2022, the Company transferred $21.5 million to the Administrators of Orbit Energy to fund the settlement of the expected remaining liabilities of Orbit of $30.8 million, which were included in the current liabilities of discontinued operations in the consolidated balance sheet as of December 31, 2021 | |||||||
Significant losses | $ 28,300 | |||||||
Net realized values | 30,800,000 | |||||||
Company agreed interest | $ 5,300,000 | ¥ 570 | ||||||
Cash consideration | ¥ 570 | $ 5,200,000 | ||||||
Recognized pre-tax gain | 4,200,000 | |||||||
Commission Paid | $ 600,000 | |||||||
Subsequent Event [Member] | ||||||||
Discontinued Operations and Divestiture [Line Items] | ||||||||
Company deposite | $ 28,300 | |||||||
Shoreditch [Member] | ||||||||
Discontinued Operations and Divestiture [Line Items] | ||||||||
Outstanding equity percentage | 23.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | ||
Assets: | ||||
Marketable equity security | $ 1,336 | $ 5,089 | ||
Recurring [Member] | ||||
Assets: | ||||
Marketable equity security | 1,336 | 5,089 | ||
Other current assets (Investment in warrants) | 259 | |||
Derivative contracts | 14,449 | 1,355 | ||
Liabilities: | ||||
Derivative contracts | 1,230 | 696 | ||
Recurring [Member] | Level 1 [Member] | ||||
Assets: | ||||
Marketable equity security | 1,336 | [1] | 5,089 | |
Other current assets (Investment in warrants) | ||||
Derivative contracts | [1] | 14,405 | 1,237 | |
Liabilities: | ||||
Derivative contracts | [1] | 1,230 | 286 | |
Recurring [Member] | Level 2 [Member] | ||||
Assets: | ||||
Marketable equity security | [2] | |||
Other current assets (Investment in warrants) | ||||
Derivative contracts | [2] | 44 | 118 | |
Liabilities: | ||||
Derivative contracts | [2] | 410 | ||
Recurring [Member] | Level 3 [Member] | ||||
Assets: | ||||
Marketable equity security | [3] | |||
Other current assets (Investment in warrants) | 259 | |||
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 |
Derivative Instruments (Details
Derivative Instruments (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Electricity (In MWH) [Member] | First quarter 2021 [Member] | |
Derivative [Line Items] | |
Volume | 164,063 |
Electricity (In MWH) [Member] | Second quarter 2021 [Member] | |
Derivative [Line Items] | |
Volume | 58,082 |
Electricity (In MWH) [Member] | Third quarter 2021 [Member] | |
Derivative [Line Items] | |
Volume | 75,440 |
Electricity (In MWH) [Member] | Fourth quarter 2021 [Member] | |
Derivative [Line Items] | |
Volume | 53,253 |
Electricity (In MWH) [Member] | First quarter 2022 [Member] | |
Derivative [Line Items] | |
Volume | 27,502 |
Electricity (In MWH) [Member] | Second quarter 2022 [Member] | |
Derivative [Line Items] | |
Volume | 24,356 |
Electricity (In MWH) [Member] | Third quarter 2022 [Member] | |
Derivative [Line Items] | |
Volume | 25,767 |
Electricity (In MWH) [Member] | Fourth quarter 2022 [Member] | |
Derivative [Line Items] | |
Volume | 25,767 |
Electricity (In MWH) [Member] | First quarter 2023 [Member] | |
Derivative [Line Items] | |
Volume | 6,543 |
Electricity (In MWH) [Member] | Second quarter 2023 [Member] | |
Derivative [Line Items] | |
Volume | 4,368 |
Electricity (In MWH) [Member] | Third quarter 2023 [Member] | |
Derivative [Line Items] | |
Volume | 4,416 |
Electricity (In MWH) [Member] | Fourth quarter 2023 [Member] | |
Derivative [Line Items] | |
Volume | 4,416 |
Electricity (In MWH) [Member] | First quarter 2024 [Member] | |
Derivative [Line Items] | |
Volume | 2,832 |
Natural gas (in Dth) [Member] | First quarter 2021 [Member] | |
Derivative [Line Items] | |
Volume | 815,100 |
Natural gas (in Dth) [Member] | Second quarter 2021 [Member] | |
Derivative [Line Items] | |
Volume | 147,400 |
Natural gas (in Dth) [Member] | Third quarter 2021 [Member] | |
Derivative [Line Items] | |
Volume | 95,490 |
Natural gas (in Dth) [Member] | Fourth quarter 2021 [Member] | |
Derivative [Line Items] | |
Volume | 106,550 |
Natural gas (in Dth) [Member] | First quarter 2022 [Member] | |
Derivative [Line Items] | |
Volume | 113,440 |
Natural gas (in Dth) [Member] | Second quarter 2022 [Member] | |
Derivative [Line Items] | |
Volume | 77,050 |
Natural gas (in Dth) [Member] | Third quarter 2022 [Member] | |
Derivative [Line Items] | |
Volume | 56,050 |
Natural gas (in Dth) [Member] | Fourth quarter 2022 [Member] | |
Derivative [Line Items] | |
Volume | 54,850 |
Natural gas (in Dth) [Member] | First quarter 2023 [Member] | |
Derivative [Line Items] | |
Volume | 48,400 |
Natural gas (in Dth) [Member] | Second quarter 2023 [Member] | |
Derivative [Line Items] | |
Volume | 33,600 |
Natural gas (in Dth) [Member] | Third quarter 2023 [Member] | |
Derivative [Line Items] | |
Volume | 18,100 |
Natural gas (in Dth) [Member] | Fourth quarter 2023 [Member] | |
Derivative [Line Items] | |
Volume | 8,850 |
Natural gas (in Dth) [Member] | First quarter 2024 [Member] | |
Derivative [Line Items] | |
Volume | — |
Derivative Instruments (Detai_2
Derivative Instruments (Details 1) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Asset Derivatives, not designated or not qualifying as hedging instruments | $ 14,449 | $ 1,355 | |
Liability Derivatives, not designated or not qualifying as hedging instruments | 1,230 | 286 | |
Energy contracts and options [Member] | 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 | 13,750 | 1,338 | [1] |
Energy contracts and options [Member] | Other 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 | 699 | 17 | |
Energy contracts and options [Member] | 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 | 697 | 245 | [1] |
Energy contracts and options [Member] | Other 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 | $ 533 | $ 41 | |
[1] | The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 months. |
Derivative Instruments (Detai_3
Derivative Instruments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ (54,441) | $ 26,814 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
ROU assets | $ 1,656 | $ 1,879 |
Current Portion Of Operating Lease Liabilities | 229 | 446 |
Noncurrent portion of operating lease liabilities | 1,495 | 1,485 |
Total operating lease liabilities | $ 1,724 | $ 1,931 |
Leases (Details 1)
Leases (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating activities | $ 801 | $ 810 |
ROU assets obtained in the exchange for lease liabilities | ||
Operating leases | $ 241 |
Leases (Details 2)
Leases (Details 2) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Total operating lease liabilities | $ 1,724 | $ 1,931 |
Operating Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
2022 | 334 | |
2023 | 315 | |
2024 | 282 | |
2025 | 233 | |
2026 | 239 | |
Thereafter | 832 | |
Total future lease payments | 2,235 | |
Less imputed interest | 511 | |
Total operating lease liabilities | $ 1,724 |
Leases (Details Textual)
Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease rent | $ 0.8 | $ 0.8 |
Weighted average remaining lease term | 7 years 4 months 24 days | |
Weighted average discounts rate | 6.40% |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets [Abstract] | ||
Fair value of derivative contracts | $ 13,750 | $ 1,338 |
Receivables from the settlement of derivative contracts | 4,655 | |
Other current assets | 3,384 | 1,828 |
Other current assets | $ 21,789 | $ 3,166 |
Investments In Equity Method In
Investments In Equity Method Investees (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||
Capital contributions | $ 750 | |
Equity in the net loss | $ 438 | $ 59 |
Investments In Equity Method _2
Investments In Equity Method Investees (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Oct. 08, 2020 | |
Business Acquisition [Line Items] | |||
Investment in joint venture | $ 750 | ||
Percentage of ownership | 77.00% |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,842 | $ 3,137 |
Less: accumulated depreciation | (2,545) | (2,890) |
Property and equipment, net | 297 | 247 |
Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 16 | 56 |
Computer software and development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,256 | 2,577 |
Computers and computer hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 219 | 237 |
Office equipment and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 267 | |
Property and equipment, net | $ 351 |
Property and Equipment (Detai_2
Property and Equipment (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Oct. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, net | $ 297 | $ 247 | |||
Notes payable net book value | $ 900 | ||||
Written down value | $ 200 | ||||
Property, plant and equipment, description | the Company initiated a plan to sell the property, plant and equipment of Prism. Prism's<span> 4.75% notes payable to Catskill Hudson Bank were collateralized by Prism's land, building and improvements. In the first quarter of 2020</span>, Prism's property, plant and equipment and notes payable with net book value of $2.9 million and $0.9 million, respectively, were reclassified as assets and liabilities held for sale and reported at lower of fair value less cost to sell. In the first quarter of 2020, the Company recorded a $0.2 million write-down to the fair value of certain property and equipment. | ||||
Net loss from disposal | $ 300 | ||||
Notes payable percentage | 4.75% | 4.75% | |||
Payment of principal amount | $ 900 | ||||
Property and equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense | $ 100 | $ 400 | |||
Property and equipment, net | $ 2,900 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 11,879 | $ 12,135 |
Impairment of Prism goodwill | (400) | (404) |
Cumulative translation adjustment | (124) | 148 |
Ending Balance | 11,755 | 11,879 |
GRE [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 9,998 | 9,998 |
Impairment of Prism goodwill | ||
Cumulative translation adjustment | ||
Ending Balance | 9,998 | 9,998 |
GRE International [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 1,881 | 1,733 |
Impairment of Prism goodwill | ||
Cumulative translation adjustment | (124) | 148 |
Ending Balance | 1,757 | 1,881 |
GES [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 404 | |
Impairment of Prism goodwill | (404) | |
Cumulative translation adjustment | ||
Ending Balance |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 5,384 | $ 8,232 |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,736 | 3,543 |
Net Balance | $ 3,648 | $ 4,689 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years 1 month 6 days | 17 years |
Finite-Lived Intangible Assets, Gross | $ 3,805 | $ 3,880 |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,103 | 878 |
Net Balance | $ 2,702 | $ 3,002 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |
Finite-Lived Intangible Assets, Gross | $ 35 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 23 | |
Net Balance | $ 12 | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | 4 years 6 months |
Finite-Lived Intangible Assets, Gross | $ 1,100 | $ 3,093 |
Finite-Lived Intangible Assets, Accumulated Amortization | 530 | 2,401 |
Net Balance | $ 570 | $ 692 |
Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | 10 years |
Finite-Lived Intangible Assets, Gross | $ 479 | $ 1,224 |
Finite-Lived Intangible Assets, Accumulated Amortization | 103 | 241 |
Net Balance | $ 376 | $ 983 |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Other Intangibles [Abstract] | ||
Amortization expense of intangible assets | $ 1,200 | $ 2,500 |
Amortization expense of finite lives intangible assets, 2021 | 400 | |
Amortization expense of finite lives intangible assets, 2022 | 400 | |
Amortization expense of finite lives intangible assets, 2023 | 400 | |
Amortization expense of finite lives intangible assets, 2024 | 400 | |
Amortization expense of finite lives intangible assets, 2025 | 300 | |
Amortization expense of finite lives intangible assets, 2026 | 1,700 | |
Goodwill impairment charge | $ 400 | $ 404 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Renewable energy | $ 23,247 | $ 19,848 |
Liability to customers related to promotions and retention incentives | 9,071 | 9,558 |
Payroll and employee benefits | 3,297 | 3,174 |
Other accrued expenses | 3,908 | 2,435 |
Total accrued expenses | $ 39,523 | $ 35,015 |
Debt (Details)
Debt (Details) | 1 Months Ended | 13 Months Ended | |||||||
Dec. 08, 2020USD ($) | Nov. 28, 2020 | Dec. 31, 2021USD ($) | Nov. 13, 2020JPY (¥) | Nov. 13, 2020USD ($) | May 13, 2020JPY (¥) | May 13, 2020USD ($) | Nov. 28, 2019JPY (¥) | Nov. 28, 2019USD ($) | |
Revolving Lines of Credit (Textual) | |||||||||
Maturity date | May 13, 2020 | ||||||||
Line of credit facility, amount outstanding | $ 5,000,000 | ¥ 100,000 | $ 900,000 | ||||||
Short-term credit facility | ¥ 150,000 | $ 1,400,000 | ¥ 100,000 | $ 900,000 | |||||
Outstanding principal interest rate | 3.00% | 3.00% | |||||||
Short-term prime rate | 0.25% | 0.25% | |||||||
JPMorgan [Member] | |||||||||
Revolving Lines of Credit (Textual) | |||||||||
Maximum principal amount on working capital financing | 5,100 | ||||||||
Maximum amount of collateral under condition one | $ 500,000 | ||||||||
Effective interest rate | 1.00% | ||||||||
Quarterly unused commitment fee | 0.10% | ||||||||
Cash collateral released | $ 5,600,000 | ||||||||
Line of credit facility, amount outstanding | ¥ 100,000 | $ 900,000 | |||||||
Short-term credit facility | ¥ 150,000 | $ 1,400,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | ||
Domestic | $ 15,446 | $ 27,536 |
Foreign | 17,215 | (5,103) |
INCOME BEFORE INCOME TAXES | $ 32,661 | $ 22,433 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred income tax assets: | ||
Bad debt reserve | $ 1,770 | $ 1,317 |
Accrued expenses | 1,386 | 1,475 |
State taxes | 57 | 66 |
Charitable contributions | 37 | 201 |
Net operating loss | 12,477 | 16,870 |
ROU assets | (455) | 450 |
Lease liability | (474) | (401) |
Stock options and restricted stock | 178 | 321 |
Unrealized gain | (1,088) | |
Amortization | 259 | 475 |
Total deferred income tax assets | 15,095 | 20,774 |
Valuation allowance | (10,836) | (15,675) |
DEFERRED INCOME TAX ASSETS, NET | $ 4,259 | $ 5,099 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | ||
Federal | $ 5,566 | |
State and local | 2,383 | 1,105 |
Foreign | ||
Total current income taxes | 7,949 | 1,105 |
Deferred: | ||
Federal | 939 | 5,530 |
State and local | (367) | 996 |
Foreign | 268 | |
Total deferred income taxes | 840 | 6,526 |
PROVISION FOR INCOME TAXES | $ (8,789) | $ (7,631) |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
U.S. federal income tax benefit at statutory rate | $ 6,859 | $ 4,710 |
Valuation allowance | (4,839) | 28,204 |
Nondeductible expense | 269 | 67 |
Impact of foreign operations | 3,256 | (38) |
Deferred tax adjustments | 479 | (1,097) |
Net operating loss carry-forwards adjustment | 1,189 | 31,228 |
State and local income tax, net of federal benefit | 1,898 | 432 |
Other | (322) | 533 |
PROVISION FOR INCOME TAXES | $ (8,789) | $ (7,631) |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of change in the valuation allowance for deferred income taxes | ||
Balance at beginning of period | $ 15,675 | $ 42,420 |
Additions charged to costs and expenses | 3,569 | |
Deductions | (4,839) | (30,314) |
Balance at end of period | $ 10,836 | $ 15,675 |
Income Taxes (Details 5)
Income Taxes (Details 5) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of change in the balance of unrecognized income tax benefits | ||
Balance at beginning of period | $ 383 | $ 433 |
Additions based on tax positions related to the current period | 81 | 84 |
Additions for tax positions of prior periods | ||
Lapses of statutes of limitations | (104) | (134) |
Balance at end of period | $ 360 | $ 383 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes (Textual) | ||
Net operating loss carryforwards | $ 28,000 | |
Operating loss carry forwards amount no expiration | 500,000 | |
Impact of foreign operations | 3,256,000 | $ (38,000) |
Unconsolidated Entities [Member] | ||
Income Taxes (Textual) | ||
Net operating loss carryforwards | $ 38,500,000 | |
Operating loss carryforwards, expiration date | Dec. 31, 2025 | |
Expire in 2028 [Member] | ||
Income Taxes (Textual) | ||
Net operating loss carryforwards | $ 6,900 | |
U.S. federal [Member] | ||
Income Taxes (Textual) | ||
Operating loss carryforwards, expiration date | Dec. 31, 2034 | |
U.S. federal [Member] | Minimum [Member] | ||
Income Taxes (Textual) | ||
Income tax returns period | 2016 | |
U.S. federal [Member] | Maximum [Member] | ||
Income Taxes (Textual) | ||
Income tax returns period | 2019 | |
Foreign [Member] | ||
Income Taxes (Textual) | ||
Net operating loss carryforwards | $ 8,900,000 | |
Foreign [Member] | Minimum [Member] | ||
Income Taxes (Textual) | ||
Income tax returns period | 2016 | |
Foreign [Member] | Maximum [Member] | ||
Income Taxes (Textual) | ||
Income tax returns period | 2020 | |
State [Member] | ||
Income Taxes (Textual) | ||
Net operating loss carryforwards | $ 8,100,000 | |
State [Member] | Minimum [Member] | ||
Income Taxes (Textual) | ||
Income tax returns period | 2016 | |
State [Member] | Maximum [Member] | ||
Income Taxes (Textual) | ||
Income tax returns period | 2020 |
Equity (Details)
Equity (Details) - USD ($) | Feb. 09, 2022 | Jun. 12, 2018 | Jun. 08, 2018 | Feb. 15, 2022 | Oct. 31, 2021 | Sep. 30, 2021 | Mar. 21, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 07, 2020 | Dec. 31, 2019 | Mar. 11, 2013 |
Equity (Textual) | ||||||||||||
Common stock dividend | $ 8,661,000 | |||||||||||
Number of shares repurchased, value | $ 1,700,000 | |||||||||||
Dividends on common stock | $ 0.33 | |||||||||||
Remaining number of shares available for repurchase | 5,300,000 | |||||||||||
Preferred stock dividend declared | $ 1,671,000 | $ 1,481,000 | ||||||||||
Cash dividend paid | $ 4,000,000 | |||||||||||
Unrecognized compensation cost | 3,300,000 | |||||||||||
Purchases of equity of subsidiary | $ 45,000 | |||||||||||
Warrants exercise price per share | $ 4.77 | $ 7.01 | ||||||||||
Warrants expiry term | June 2023 | June 2023 | ||||||||||
Description of sales of shares and warrants | The Company sold to a third-party investor (1) 230,415 treasury shares of the Company’s Class B common stock, at a price of $4.34 per share for an aggregate sales price of $1.0 million, and (2) warrants to purchase an additional 209,644 shares of the Company’s Class B common stock at an exercise price of $4.77 per share for an aggregate exercise price of $1.0 million. | |||||||||||
Percentage of liquidation | 100.00% | |||||||||||
Board of Directors Chairman [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Preferred stock, liquidation preference per share | $ 8.5 | |||||||||||
Preferred Stock, Liquidation Preference, Value | $ 1,000,000 | |||||||||||
Description of sales of shares and warrants | The Company sold to Howard S. Jonas, the Chairman of the Company’s Board of Directors and a principal owner, (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. | |||||||||||
Genie Mongolia [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Warrants exercise price per share | $ 7.46 | |||||||||||
Treasury shares | 2,000,000 | 1,300,000 | ||||||||||
Treasury stock, values | $ 14,000,000 | $ 9,800,000 | ||||||||||
Preferred Stock [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Preferred stock dividend rate | $ 0.6376 | |||||||||||
Common stock dividend | ||||||||||||
Preferred stock dividend declared | ||||||||||||
Purchases of equity of subsidiary | ||||||||||||
Preferred Stock [Member] | Subsequent Event [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Preferred stock dividend rate | $ 0.1594 | |||||||||||
Record date of declared dividend | Feb. 7, 2022 | |||||||||||
Dividend Paid [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Preferred stock dividend rate | $ 0.0848 | |||||||||||
Preferred stock dividend declared | $ 200,000 | |||||||||||
Dividend Paid [Member] | Preferred Stock [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Preferred stock dividend rate | $ 0.6376 | $ 0.6376 | ||||||||||
Preferred stock dividend declared | $ 1,700,000 | $ 1,700,000 | ||||||||||
Class A Common Stock | ||||||||||||
Equity (Textual) | ||||||||||||
Common stock dividend | ||||||||||||
Preferred stock dividend declared | ||||||||||||
Cash dividend paid | $ 0.3 | |||||||||||
Purchases of equity of subsidiary | ||||||||||||
Common stock, Shares | 1,574,000 | 1,574,000 | ||||||||||
Class A Common Stock | Board of Directors Chairman [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Dividends on common stock | $ 0.075 | |||||||||||
Class B Common Stock | ||||||||||||
Equity (Textual) | ||||||||||||
Common stock dividend | ||||||||||||
Number of shares repurchased, shares | 62,008 | 56,650 | ||||||||||
Number of shares repurchased, value | $ 300,000 | $ 500,000 | ||||||||||
Number of stock authorized to be repurchased | 622,932 | 233,602 | 7,000,000 | |||||||||
Preferred stock dividend declared | ||||||||||||
Cash dividend paid | $ 0.3 | |||||||||||
Purchases of equity of subsidiary | $ 2,000 | |||||||||||
Sale of shares | 1,152,074 | |||||||||||
Sale of shares price per share | $ 4.34 | $ 4.34 | ||||||||||
Amount of aggregate sales price | $ 1,000,000 | $ 5,000,000 | ||||||||||
Warrants to purchase shares | 209,644 | 1,257,862 | ||||||||||
Warrants exercise price per share | $ 4.77 | $ 22.91 | ||||||||||
Amount of warrants aggregate exercise price | $ 1,000,000 | |||||||||||
Common stock, Shares | 26,620,000 | 25,966,000 | ||||||||||
Treasury shares | 230,415 | |||||||||||
Stock repurchase program of an aggregate amount | $ 3,800,000 | |||||||||||
Percenatge of vested interest | 0.20% | 4.30% | ||||||||||
Number of common stock shares issued | 36,591 | 218,862 | ||||||||||
Class B Common Stock | Board of Directors Chairman [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Dividends on common stock | $ 0.075 | |||||||||||
Class B Common Stock | 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 | |||||||||||
Series 2012-A Preferred Stock [Member] | ||||||||||||
Equity (Textual) | ||||||||||||
Preferred stock, liquidation preference per share | $ 8.5 | |||||||||||
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 dividend declared | $ 8,750,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2021$ / 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 | 256 |
Number of Non-vested Shares, Granted | shares | 379,000 |
Number of Non-vested Shares, Vested | shares | (166,000) |
Number of Non-vested Shares, Forfeited | shares | |
Ending balance, Number of Non-vested Shares | shares | 469,000 |
Beginning balance, Weighted- Average Grant Date Fair Value | $ / shares | $ 7.31 |
Weighted- Average Grant Date Fair Value, Granted | $ / shares | 6.37 |
Weighted- Average Grant Date Fair Value, Vested | $ / shares | 5.75 |
Weighted- Average Grant Date Fair Value, Forfeited | $ / shares | |
Ending balance, Weighted- Average Grant Date Fair Value | $ / shares | $ 6.78 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Options | ||
Number of Options, Outstanding, Beginning Balance | 552 | |
Number of Options, Granted | ||
Number of Options, Exercised | ||
Number of Options, Cancelled/Forfeited | (169) | |
Number of Options, Outstanding, Ending Balance | 383 | 552 |
Number of Options, Exercisable | 280 | |
Weighted- Average Exercise Price | ||
Weighted-Average Exercise Price Outstanding, Beginning Balance | $ 8.96 | |
Weighted-Average Exercise Price, Granted | ||
Weighted-Average Exercise Price, Exercised | ||
Weighted-Average Exercise Price, Cancelled/Forfeited | 6.85 | |
Weighted-Average Exercise Price Outstanding, Ending Balance | 5.56 | $ 8.96 |
Weighted-Average Exercise Price, Exercisable | $ 6.01 | |
Weighted-Average Remaining Contractual Term, Outstanding | 1 year 7 months 6 days | 2 years 1 month 6 days |
Weighted-Average Remaining Contractual Term, Exercisable | 1 year 8 months 12 days | |
Aggregate Intrinsic Value, Outstanding | $ 316 | $ 798 |
Aggregate Intrinsic Value, Exercisable | $ 190 |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details Textual) | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2021shares | Feb. 29, 2020EUR (€)shares | Feb. 29, 2020USD ($)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | |
Stock-Based Compensation (Textual) | |||||
Total unrecognized compensation cost | $ 3,300,000 | ||||
Period of unrecognized compensation cost expected to be recognized | 2 years 3 months 18 days | ||||
Total grant date fair value of shares vested | $ 500,000 | $ 500,000 | |||
Stock-based compensation | 2,930,000 | 1,134,000 | |||
Repurchase of Class B common stock from stock repurchase program | $ (3,847,000) | (1,704,000) | |||
Option awards vest contractual term | 3 years 6 months | 3 years 6 months | 3 years 6 months | 10 years | |
Proceeds from exercise of stock options | 28,000 | ||||
Deferred stock shares | shares | 15,000 | ||||
Lumo Finland Grant [Member] | |||||
Stock-Based Compensation (Textual) | |||||
Total grant date fair value of shares vested | $ 100 | ||||
Fair value of the deferred stock units grants | € 4,660 | $ 5,080 | $ 100 | ||
Option awards vest services contractual term | 1 year 1 month 6 days | ||||
Deferred stock shares | shares | 59,499 | 59,499 | |||
Chief Executive Officer [Member] | |||||
Stock-Based Compensation (Textual) | |||||
Deferred stock shares | shares | 305,000 | 305,000 | 305,000 | ||
Officers and employees [Member] | |||||
Stock-Based Compensation (Textual) | |||||
Option awards vest services contractual term | 3 years | ||||
Restricted Stock Granted [Member] | |||||
Stock-Based Compensation (Textual) | |||||
Stock-based compensation | $ 1,300,000 | 1,000 | |||
Stock Options [Member] | |||||
Stock-Based Compensation (Textual) | |||||
Total unrecognized compensation cost | 0 | ||||
Stock-based compensation | 0 | 0 | |||
Total intrinsic value of options exercised | $ 0 | $ 800 | |||
Common Class B [Member] | |||||
Stock-Based Compensation (Textual) | |||||
Repurchase of Class B common stock from stock repurchase program, Shares | shares | |||||
Repurchase of Class B common stock from stock repurchase program | |||||
Common Class B [Member] | Restricted Stock [Member] | |||||
Stock-Based Compensation (Textual) | |||||
Total unrecognized compensation cost | $ 2,600 | ||||
Period of unrecognized compensation cost expected to be recognized | 2 years 2 months 12 days | ||||
Deferred Stock [Member] | |||||
Stock-Based Compensation (Textual) | |||||
Stock-based compensation | $ 1,500,000 | ||||
2011 Stock Option and Incentive Plan [Member] | |||||
Stock-Based Compensation (Textual) | |||||
Shares available for future grants, Shares | shares | 532,845 | ||||
2011 Stock Option and Incentive Plan [Member] | Common Class B [Member] | |||||
Stock-Based Compensation (Textual) | |||||
Shares available for future grants, Shares | shares | 1 |
Variable Interest Entity (Detai
Variable Interest Entity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Variable Interest Entity [Abstract] | ||
Net loss | $ 1,445 | $ 1,452 |
Aggregate provided by repaid to the Company, net | $ 625 | $ 1,524 |
Variable Interest Entity (Det_2
Variable Interest Entity (Details 1) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL ASSETS | $ 229,465 | $ 187,339 |
Citizens Choice Energy [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL ASSETS | 1,829 | 1,699 |
TOTAL LIABILITIES AND NONCONTROLLING INTERESTS | 1,829 | 1,699 |
Citizens Choice Energy [Member] | Prepaid expenses and other current assets [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL ASSETS | 367 | 416 |
Citizens Choice Energy [Member] | Other assets [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL ASSETS | 359 | 359 |
Citizens Choice Energy [Member] | Cash and cash equivalents [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL ASSETS | 559 | 491 |
Citizens Choice Energy [Member] | Noncontrolling interests [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL LIABILITIES AND NONCONTROLLING INTERESTS | 4,386 | (2,941) |
Citizens Choice Energy [Member] | Due to IDT Energy [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL LIABILITIES AND NONCONTROLLING INTERESTS | 5,668 | 4,122 |
Citizens Choice Energy [Member] | Current liabilities [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL LIABILITIES AND NONCONTROLLING INTERESTS | 547 | 518 |
Citizens Choice Energy [Member] | Trade accounts receivable [Member] | ||
Summarized consolidated balance sheet amounts related to CCE | ||
TOTAL ASSETS | $ 544 | $ 433 |
Variable Interest Entity (Det_3
Variable Interest Entity (Details Textual) $ in Millions | 1 Months Ended |
Oct. 31, 2015USD ($) | |
Variable Interest Entity (Textual) | |
Options Expiration Date | Oct. 22, 2023 |
CCE [Member] | |
Variable Interest Entity (Textual) | |
Payment to owner of limited liability company | $ 0.2 |
Loan amount | $ 0.5 |
Percentage of option to purchase | 100.00% |
Forgiveness of loan | $ 0.5 |
Legal and Regulatory Proceedi_2
Legal and Regulatory Proceedings (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2021USD ($) | Aug. 31, 2020USD ($) | Dec. 31, 2021USD ($)Plaintiffs | Dec. 31, 2020USD ($) | Jul. 31, 2021USD ($) | |
Legal and Regulatory Proceedings (Textual) | |||||
Total payments reasonable settlement | $ 1,500 | ||||
Selling, general and administrative expense | $ 71,770 | $ 71,784 | |||
Accrued expenses | 39,523 | 35,015 | |||
Other current liabilities | 2,125 | 2,891 | |||
Gross revenue | $ 200 | $ 1,500 | $ 1,200 | ||
Concentration Risk, Percentage | 10.00% | 10.00% | |||
Number of plaintiffs | Plaintiffs | 3 | ||||
Loss Contingency Accrual | $ 300 | $ 400 | |||
Loss contingency penalty period for marketing activities | 36 months | ||||
State of Connecticut Public Utilities Regulatory Authority [Member] | |||||
Legal and Regulatory Proceedings (Textual) | |||||
Gross revenue | $ 29,000 | $ 38,000 | |||
State of Illinois Office of Attorney General [Member] | |||||
Legal and Regulatory Proceedings (Textual) | |||||
Gross revenue | $ 26,000 | $ 29,900 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Purchase Commitments | |
2022 | $ 82,246 |
2023 | 48,354 |
2024 | 12,426 |
2025 | 1,006 |
Thereafter | |
Total payments | $ 144,032 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies (Textual) | ||
Purchase and other commitments | $ 144 | |
Future purchases of electricity | 103.6 | |
Purchase of renewable energy credit | 40.5 | |
Electricity Purchase Commitment Included In Other Commitment | 103.6 | |
Electricity [Member] | ||
Commitments and Contingencies (Textual) | ||
Purchase and other commitments | 14 | $ 68.1 |
Renewable Energy [Member] | ||
Commitments and Contingencies (Textual) | ||
Purchase and other commitments | 18.2 | $ 13.1 |
Genie Retail Energy [Member] | ||
Commitments and Contingencies (Textual) | ||
Aggregate performance bond outstanding | 13.5 | |
BP [Member] | ||
Commitments and Contingencies (Textual) | ||
Payment of trade accounts payable to BP Energy | 13.9 | |
Trade Accounts Receivable [Member] | ||
Commitments and Contingencies (Textual) | ||
Assets pledged as collateral to BP Energy | 46.4 | |
Restricted Cash [Member] | ||
Commitments and Contingencies (Textual) | ||
Assets pledged as collateral to BP Energy | $ 1 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IDT [Member] | ||
Summary of related party transactions | ||
Amount charged to the Company | $ 1,172 | $ 1,282 |
Amount charged by the Company | 134 | 155 |
Rafael [Member] | ||
Summary of related party transactions | ||
Amount charged to the Company | $ 247 | $ 225 |
Related Party Transactions (D_2
Related Party Transactions (Details 1) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
IDT [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Related Parties | $ 551 | $ 299 |
Due from Related Parties | 19 | 40 |
Rafael [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Related Parties |
Related Party Transactions (D_3
Related Party Transactions (Details Textual) $ / shares in Units, $ in Thousands, ₪ in Millions | Aug. 31, 2018 | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) | May 31, 2021USD ($) | Dec. 07, 2020USD ($)$ / sharesshares | Oct. 08, 2020 | Aug. 31, 2019USD ($) | Aug. 12, 2019ILS (₪) | Sep. 30, 2018 | Jun. 12, 2018$ / shares | Jun. 08, 2018$ / shares |
Related Party Transactions (Textual) | ||||||||||||
Balance of loan receivable | $ 438 | $ 59 | ||||||||||
Percentage of ownership | 77.00% | |||||||||||
Investments | 1,300 | |||||||||||
Unrealized gain (loss) on investment | 5,000 | 300 | ||||||||||
Amount of warrants aggregate exercise price | $ 1,000 | |||||||||||
New note payment terms, description | required scheduled payments from December 31, 2020 to December 2052. | |||||||||||
Payment of insurance premium | $ 300 | |||||||||||
Warrants exercise price per share | $ / shares | $ 7.01 | $ 4.77 | ||||||||||
Warrants expiry | Jun. 6, 2022 | |||||||||||
Atid613 Member | ||||||||||||
Related Party Transactions (Textual) | ||||||||||||
Balance of loan receivable | ||||||||||||
Annual interest rate | 5.50% | |||||||||||
Agreed to loan amount | $ 1,500 | ₪ 5.1 | ||||||||||
Maximum principal amount on working capital financing | 400 | |||||||||||
Carrying value of investments | 100 | |||||||||||
Percentage of ownership | 37.50% | |||||||||||
Outstanding balance | $ 200 | |||||||||||
Recognized equity net loss | $ 200 | |||||||||||
Additional loan amount | 800 | $ 200 | ||||||||||
Commitment to loan amount | $ 500 | ₪ 1.9 | ||||||||||
Class B Common Stock | ||||||||||||
Related Party Transactions (Textual) | ||||||||||||
Purchase price | $ 5,000 | |||||||||||
Purchase of shares | shares | 218,245,000,000 | |||||||||||
Warrants To Purchase | shares | 43,649 | |||||||||||
Stock price | $ / shares | $ 4.34 | $ 4.34 | ||||||||||
Warrants exercise price per share | $ / shares | $ 4.77 | $ 22.91 | ||||||||||
New Note [Member] | ||||||||||||
Related Party Transactions (Textual) | ||||||||||||
Outstanding balance | $ 100 | $ 100 |
Business Segment and Geograph_3
Business Segment and Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
Operating results for the business segments | |||
Revenues | $ 363,725 | $ 356,930 | |
Income (loss) from operations | 33,091 | 21,872 | |
Depreciation and amortization | 1,282 | 2,962 | |
Allowance for Doubtful Accounts, Premiums and Other Receivables | 1,750 | 2,844 | |
Stock based compensation | 2,930 | 1,134 | |
Impairment of assets | 1,397 | ||
Provision for (benefit from) income taxes | 8,789 | 7,631 | |
Write-off of capitalized exploration costs | 1,397 | ||
Equity in the net loss in equity method investees | 438 | 59 | |
GRE [Member] | |||
Operating results for the business segments | |||
Revenues | 311,831 | 304,450 | |
Income (loss) from operations | 34,695 | 36,508 | |
Depreciation and amortization | 375 | 465 | |
Allowance for Doubtful Accounts, Premiums and Other Receivables | 1,657 | 2,589 | |
Stock based compensation | 933 | 463 | |
Impairment of assets | |||
Provision for (benefit from) income taxes | 8,246 | (10,350) | |
Write-off of capitalized exploration costs | |||
GRE International [Member] | |||
Operating results for the business segments | |||
Revenues | 44,386 | 27,266 | |
Income (loss) from operations | 4,788 | (5,097) | |
Depreciation and amortization | 859 | 2,064 | |
Allowance for Doubtful Accounts, Premiums and Other Receivables | 77 | 255 | |
Stock based compensation | 134 | 161 | |
Impairment of assets | |||
Provision for (benefit from) income taxes | 1,139 | 1,161 | |
Write-off of capitalized exploration costs | |||
GES [Member] | |||
Operating results for the business segments | |||
Revenues | 7,508 | 25,214 | |
Income (loss) from operations | 252 | (2,572) | |
Depreciation and amortization | 46 | 326 | |
Allowance for Doubtful Accounts, Premiums and Other Receivables | 16 | ||
Stock based compensation | |||
Impairment of assets | |||
Provision for (benefit from) income taxes | 131 | ||
Write-off of capitalized exploration costs | 1,397 | ||
Corporate [Member] | |||
Operating results for the business segments | |||
Revenues | |||
Income (loss) from operations | (6,644) | (6,967) | |
Depreciation and amortization | 2 | 107 | |
Allowance for Doubtful Accounts, Premiums and Other Receivables | |||
Stock based compensation | 1,863 | 510 | |
Impairment of assets | |||
Provision for (benefit from) income taxes | $ 1,551 | 1,558 | |
Write-off of capitalized exploration costs |
Business Segment and Geograph_4
Business Segment and Geographic Information (Details 1) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets of continuing operations | $ 229,465 | $ 145,575 |
Current and non-current assets of discontinued operations | 41,764 | |
Total assets | 229,465 | 187,339 |
GRE [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets of continuing operations | 174,442 | 101,904 |
GRE International [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets of continuing operations | 34,674 | 13,509 |
GES [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets of continuing operations | 3,946 | 3,171 |
Corporate [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets of continuing operations | $ 16,403 | $ 26,991 |
Business Segment and Geograph_5
Business Segment and Geographic Information (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues From Customers [Abstract] | ||
Revenue from customer | $ 363,725 | $ 356,930 |
United States [Member] | ||
Revenues From Customers [Abstract] | ||
Revenue from customer | 319,339 | 329,664 |
FINLAND [Member] | ||
Revenues From Customers [Abstract] | ||
Revenue from customer | 36,775 | 17,797 |
Foreign Countries [Member] | ||
Revenues From Customers [Abstract] | ||
Revenue from customer | $ 7,611 | $ 9,469 |
Business Segment and Geograph_6
Business Segment and Geographic Information (Details 4) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Net Long Lived Assets and Assets Held Outside Country [Abstract] | ||
Total assets | $ 229,465 | $ 187,339 |
Total [Member] | ||
Net Long Lived Assets and Assets Held Outside Country [Abstract] | ||
Long-lived assets, net | 17,357 | 18,693 |
Total assets | 229,465 | 145,575 |
United States [Member] | ||
Net Long Lived Assets and Assets Held Outside Country [Abstract] | ||
Long-lived assets, net | 15,238 | 15,623 |
Total assets | 194,791 | 132,066 |
FINLAND [Member] | ||
Net Long Lived Assets and Assets Held Outside Country [Abstract] | ||
Long-lived assets, net | 1,875 | 2,157 |
Total assets | 25,125 | 8,756 |
Foreign Countries [Member] | ||
Net Long Lived Assets and Assets Held Outside Country [Abstract] | ||
Long-lived assets, net | 244 | 913 |
Total assets | $ 9,549 | $ 4,753 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2021 | Feb. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Acquisitions (Textual) | ||||
Vesting period | 3 years 6 months | 3 years 6 months | 10 years | |
Revenues | $ 363,725 | $ 356,930 | ||
Customer Relationships [Member] | ||||
Acquisitions (Textual) | ||||
Amortization period | 10 years |
Discontinued Operations (Detail
Discontinued Operations (Details Textual) | May 11, 2021 | Nov. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 |
Subsidiary or Equity Method Investee [Line Items] | ||||
Company's investment, ownership percentage in subsidiary | 98.80% | 100.00% | 9550000.00% | 93.50% |