NextDecade (NEXT) 10-Q 4 Nov 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Document Information [Line Items]
Entity Central Index Key	0001612720
Entity Registrant Name	NextDecade Corp.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-36842
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5723951
Entity Address, Address Line One	1000 Louisiana Street, Suite 3900
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	574-1880
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	NEXT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		120,517,339

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 29,933	$ 15,736
Investment securities	0	62,207
Prepaid expenses and other current assets	800	859
Total current assets	30,733	78,802
Property, plant and equipment, net	158,363	134,591
Operating lease right-of-use assets, net	675	1,054
Other non-current assets, net	15,096	6,748
Total assets	204,867	221,195
Current liabilities
Accounts payable	561	11,912
Share-based compensation liability	182	182
Accrued liabilities and other current liabilities	1,374	8,751
Current common stock warrant liabilities	4,655	0
Current operating lease liabilities	596	698
Total current liabilities	7,368	21,543
Non-current common stock warrant liabilities	1,233	12,034
Non-current operating lease liabilities	0	3
Other non-current liabilities	21,670	0
Total liabilities	30,271	33,580
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock, $0.0001 par value Authorized: 480.0 million shares at September 30, 2020 and December 31, 2019 Issued and outstanding: 117.7 million shares and 117.3 million shares at September 30, 2020 and December 31, 2019, respectively	12	12
Treasury stock: 281,036 shares and 137,860 shares at September 30, 2020 and December 31, 2019, respectively, at cost	(1,007)	(685)
Preferred stock, $0.0001 par value Authorized: 0.9 million, after designation of the Series A and Series B Convertible Preferred Stock Issued and outstanding: none at September 30, 2020 and December 31, 2019	0	0
Additional paid-in-capital	212,807	224,091
Accumulated deficit	(145,751)	(133,701)
Total stockholders’ equity	66,061	89,717
Total liabilities, Series A and Series B Convertible Preferred Stock and stockholders’ equity	204,867	221,195
Series A Convertible Preferred Stock [Member]
Current liabilities
Convertible Preferred Stock	53,586	48,084
Series B Convertible Preferred Stock [Member]
Current liabilities
Convertible Preferred Stock	$ 54,949	$ 49,814

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	480,000,000	480,000,000
Common stock, shares issued (in shares)	117,700,000	117,300,000
Common stock, shares outstanding (in shares)	117,700,000	117,300,000
Treasury stock, shares (in shares)	281,036	137,860
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	900,000	900,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Series A Convertible Preferred Stock [Member]
Temporary equity, liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Temporary equity, shares issued (in shares)	63,586	58,197
Temporary equity, shares oustanding (in shares)	63,586	58,197
Series B Convertible Preferred Stock [Member]
Temporary equity, liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Temporary equity, shares issued (in shares)	60,780	55,645
Temporary equity, shares oustanding (in shares)	60,780	55,645

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues	$ 0	$ 0	$ 0	$ 0
Operating expenses
General and administrative expense	5,069	3,579	16,582	10,405
Invitation to bid contract costs	0	0	0	10,163
Land option and lease expense	423	754	1,281	1,750
Depreciation expense	65	80	146	164
Total operating expenses	5,557	4,413	18,009	22,482
Total operating loss	(5,557)	(4,413)	(18,009)	(22,482)
Other income (expense)
(Loss) gain on common stock warrant liabilities	(1,627)	873	6,147	(965)
Loss on redemption of investment securities	0	0	(412)	0
Interest income, net	7	319	241	1,193
Other	(1)	(7)	(17)	264
Total other (expense) income	(1,621)	1,185	5,959	492
Net loss attributable to NextDecade Corporation	(7,178)	(3,228)	(12,050)	(21,990)
Preferred stock dividends	(3,613)	(2,849)	(10,565)	(7,821)
Deemed dividends on Series A Convertible Preferred Stock	(16)	(286)	(113)	(1,324)
Net loss attributable to common stockholders	$ (10,807)	$ (6,363)	$ (22,728)	$ (31,135)
Net loss per common share - basic and diluted (in dollars per share)	$ (0.09)	$ (0.06)	$ (0.19)	$ (0.29)
Weighted average shares outstanding - basic and diluted (in shares)	117,564	107,181	117,450	107,062

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity, Series A and Series B Convertible Preferred Stock (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Treasury Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings [Member]	Series A Convertible Preferred Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Series A Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Series B Convertible Preferred Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Total
Balance (in shares) at Dec. 31, 2018		106,856		6
Balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018	$ 0		$ 0		$ 0		$ (213)		$ 0		$ 0		$ (213)
Balance (Accounting Standards Update 2018-07 [Member]) at Dec. 31, 2018	$ 0		$ 0		$ 2,116		$ 0		$ 0		$ 0		$ 2,116
Balance at Dec. 31, 2018		$ 11		$ (35)		$ 180,862		$ (97,617)		$ 40,091		$ 26,159		$ 83,221
Share-based compensation		$ 0		$ 0		(11,738)		0		0		0		(11,738)
Restricted stock vesting (in shares)		498		0
Restricted stock vesting		$ 0		$ 0		495		0		0		0		495
Shares repurchased related to share-based compensation (in shares)		(131)		131
Shares repurchased related to share-based compensation		$ 0		$ (650)		0		0		0		0		(650)
Preferred stock dividends		0		0		(7,821)		0		4,771		3,020		(7,821)
Deemed dividends - accretion of beneficial conversion feature		0		0		(1,324)		0		1,324		0		(1,324)
Net income (loss)		$ 0		$ 0		0		(21,990)		0		0		(21,990)
Issuance of Series B Convertible Preferred Stock (in shares)		0		0
Issuance of Series B Convertible Preferred Stock		$ 0		$ 0		0		0		0		19,009		0
Balance (in shares) at Sep. 30, 2019		107,223		137
Balance at Sep. 30, 2019		$ 11		$ (685)		162,590		(119,820)		46,186		48,188		42,096
Balance (in shares) at Jun. 30, 2019		107,169		103
Balance at Jun. 30, 2019		$ 11		$ (466)		170,374		(116,592)		44,263		46,987		53,327
Share-based compensation		$ 0		$ 0		(4,648)		0		0		0		(4,648)
Restricted stock vesting (in shares)		88		0
Restricted stock vesting		$ 0		$ 0		0		0		0		0		0
Shares repurchased related to share-based compensation (in shares)		(34)		34
Shares repurchased related to share-based compensation		$ 0		$ (219)		0		0		0		0		(219)
Preferred stock dividends		0		0		(2,850)		0		1,637		1,201		(2,850)
Deemed dividends - accretion of beneficial conversion feature		0		0		(286)		0		286		0		(286)
Net income (loss)		$ 0		$ 0		0		(3,228)		0		0		(3,228)
Balance (in shares) at Sep. 30, 2019		107,223		137
Balance at Sep. 30, 2019		$ 11		$ (685)		162,590		(119,820)		46,186		48,188		42,096
Balance (in shares) at Dec. 31, 2019		117,329		137
Balance at Dec. 31, 2019		$ 12		$ (685)		224,091		(133,701)		48,084		49,814		89,717
Share-based compensation		$ 0		$ 0		(606)		0		0		0		(606)
Restricted stock vesting (in shares)		496		0
Restricted stock vesting		$ 0		$ 0		0		0		0		0		0
Shares repurchased related to share-based compensation (in shares)		(105)		105
Shares repurchased related to share-based compensation		$ 0		$ (322)		0		0		0		0		(322)
Preferred stock dividends		0		0		(10,565)		0		5,389		5,135		(10,565)
Deemed dividends - accretion of beneficial conversion feature		0		0		(113)		0		113		0		(113)
Net income (loss)		$ 0		$ 0		0		(12,050)		0		0		(12,050)
Balance (in shares) at Sep. 30, 2020		117,720		242
Balance at Sep. 30, 2020		$ 12		$ (1,007)		212,807		(145,751)		53,586		54,949		66,061
Balance (in shares) at Jun. 30, 2020		117,492		178
Balance at Jun. 30, 2020		$ 12		$ (796)		215,807		(138,573)		51,727		53,192		76,450
Share-based compensation		$ 0		$ 0		629		0		0		0		629
Restricted stock vesting (in shares)		292		0
Restricted stock vesting		$ 0		$ 0		0		0		0		0		0
Shares repurchased related to share-based compensation (in shares)		(64)		64
Shares repurchased related to share-based compensation		$ 0		$ (211)		0		0		0		0		(211)
Preferred stock dividends		0		0		(3,613)		0		1,843		1,757		(3,613)
Deemed dividends - accretion of beneficial conversion feature		0		0		(16)		0		16		0		(16)
Net income (loss)		$ 0		$ 0		0		(7,178)		0		0		(7,178)
Balance (in shares) at Sep. 30, 2020		117,720		242
Balance at Sep. 30, 2020		$ 12		$ (1,007)		$ 212,807		$ (145,751)		$ 53,586		$ 54,949		$ 66,061

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities:
Net loss attributable to NextDecade Corporation	$ (12,050)	$ (21,990)
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation	146	164
Share-based compensation expense (forfeiture)	(759)	(12,537)
(Gain) loss on common stock warrant liabilities	(6,147)	965
Gain on investment securities	0	(276)
Realized loss (gain) on investment securities	423	(39)
Amortization of right-of-use assets	984	673
Amortization of other non-current assets	1,042	0
Changes in operating assets and liabilities:
Prepaid expenses	61	323
Accounts payable	(478)	84
Operating lease liabilities	(710)	(803)
Accrued expenses and other liabilities	(5,258)	153
Net cash used in operating activities	(22,746)	(33,283)
Investing activities:
Acquisition of property, plant and equipment	(30,088)	(18,609)
Acquisition of other non-current assets	(9,390)	0
Proceeds from sale of investment securities	61,972	48,500
Purchase of investment securities	(188)	(16,106)
Net cash provided by investing activities	22,306	13,785
Financing activities:
Proceeds from sale of Rio Bravo	15,000	0
Proceeds from equity issuance	0	20,945
Preferred stock dividends	(41)	(30)
Equity issuance costs	0	(95)
Shares repurchased related to share-based compensation	(322)	(650)
Net cash provided by financing activities	14,637	20,170
Net increase in cash and cash equivalents	14,197	672
Cash and cash equivalents – beginning of period	15,736	3,169
Cash and cash equivalents – end of period	29,933	3,841
Non-cash investing activities:
Accounts payable for acquisition of property, plant and equipment	479	964
Accrued liabilities for acquisition of property, plant and equipment	382	15,316
Pipeline assets obtained in exchange for other non-current liabilities	6,670	0
Non-cash financing activities:
Accrued liabilities for equity issuance costs	0	103
Paid-in-kind dividends on Series A and Series B Convertible Preferred Stock	10,524	7,791
Accretion of deemed dividends on Series A Convertible Preferred Stock	$ 113	$ 1,324

Note 1 - Background and Basis o

Note 1 - Background and Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	Note 1 NextDecade Corporation engages in development activities related to the liquefaction and sale of liquefied natural gas (“LNG”). We have focused and continue to focus our development activities on the Rio Grande LNG terminal facility at the Port of Brownsville in southern Texas (the “Terminal”). We also have executed surface lease agreements with the City of Texas City and the State of Texas for a 994-acre site for another potential LNG terminal (the “Galveston Bay Terminal”). Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with Rule 10 01 X. not 10 December 31, 2019 three September 30, 2020 not Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications did not

Note 2 - Prepaid Expenses and O

Note 2 - Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Prepaid Expense and Other Current Assets [Text Block]	Note 2 Prepaid expenses and other current assets consisted of the following (in thousands): September 30, December 31, 2020 2019 Prepaid subscriptions $ 139 $ 161 Prepaid insurance 316 292 Prepaid marketing and sponsorships 60 25 Other 285 381 Total prepaid expenses and other current assets $ 800 $ 859

Note 3 - Investment Securities

Note 3 - Investment Securities	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	Note 3 We previously invested in Class L shares of the JPMorgan Managed Income Fund. In March 2020, $0.4 Investment securities consisted of the following (in thousands): September 30, December 31, 2020 2019 Fair value Cost Fair value Cost JPMorgan Managed Income Fund $ — $ — $ 62,207 $ 62,178

Note 4 - Sale of Equity Interes

Note 4 - Sale of Equity Interests in Rio Bravo	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	Note 4 On March 2, 2020, February 13, 2020, 137 October 1, 2019 may not five Pursuant to the RBPL Precedent Agreement, Rio Bravo agreed to provide Rio Grande Gas Supply with firm natural gas transportation services on the Pipeline in a quantity sufficient to match the full operational capacity of each proposed liquefaction train of the Terminal. Rio Bravo’s obligation to construct, install, own, operate and maintain the Pipeline is conditioned on its receipt, no December 31, 2023, twenty Pursuant to the VCP Precedent Agreement, VCP agreed to provide Rio Grande Gas Supply with natural gas transportation services on the Valley Crossing Pipeline in a quantity sufficient to match the commissioning requirements of each proposed liquefaction train of the Terminal. VCP’s obligation to construct, install, own, operate and maintain the necessary interconnection to the Terminal and the Pipeline is conditioned on its receipt, no December 31, 2023, If Rio Grande or its affiliate fail to issue a full notice to proceed to the EPC Contractor on or prior to December 31, 2023, not not September 30, 2020

Note 5 - Property, Plant and Eq

Note 5 - Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	Note 5 Property, plant and equipment consisted of the following (in thousands): September 30, December 31, 2020 2019 Fixed Assets Computers $ 487 $ 487 Furniture, fixtures, and equipment 464 471 Leasehold improvements 101 547 Total fixed assets 1,052 1,505 Less: accumulated depreciation (611 ) (793 ) Total fixed assets, net 441 712 Project Assets (not placed in service) Terminal 138,151 121,081 Pipeline 19,771 12,798 Total Terminal and Pipeline assets 157,922 133,879 Total property, plant and equipment, net $ 158,363 $ 134,591 Depreciation expense was $65 thousand and $80 thousand for the three September 30, 2020 2019 nine September 30, 2020 2019

Note 6 - Leases

Note 6 - Leases	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note 6 Our leased assets primarily consist of office space and land sites. Operating lease right-of-use assets are as follows (in thousands): September 30, December 31, 2020 2019 Office leases $ 562 $ 610 Land leases 113 444 Total operating lease right-of-use assets, net $ 675 $ 1,054 Operating lease liabilities are as follows (in thousands): September 30, December 31, 2020 2019 Office leases $ 596 $ 698 Land leases — — Total current lease liabilities 596 698 Non-current office leases — 3 Non-current land leases — — Total lease liabilities $ 596 $ 701 Operating lease expense is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Office leases $ 238 $ 232 $ 691 $ 381 Land leases 113 328 332 815 Total operating lease expense 351 560 1,023 1,196 Short-term lease expense 72 38 249 78 Land option expense — 156 9 476 Total land option and lease expense $ 423 $ 754 $ 1,281 $ 1,750 Maturity of operating lease liabilities as of September 30, 2020 2020 (remaining) $ 123 2021 508 2022 — 2023 — 2024 — Thereafter — Total undiscounted lease payments 631 Discount to present value (35 ) Present value of lease liabilities $ 596 Weighted average remaining lease term - years 0.9 Weighted average discount rate - percent 12.0 Other information related to our operating leases is as follows (in thousands): Nine Months Ended September 30, 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities: Cash flows from operating activities $ 600 $ 969 Noncash right-of-use assets recorded for operating lease liabilities: Adoption of Topic 842 — 1,562 In exchange for new operating lease liabilities during the period 605 446

Note 7 - Other Non-current Asse

Note 7 - Other Non-current Assets	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Other Assets Disclosure [Text Block]	Note 7 Other non-current assets consisted of the following (in thousands) September 30, December 31, 2020 2019 Permitting costs (1) $ 7,362 $ 2,621 Enterprise resource planning system, net 2,159 3,181 Rio Grande Site Lease initial direct costs 5,575 946 Total other non-current assets, net $ 15,096 $ 6,748 ( 1 Permitting costs primarily represent costs incurred in connection with permit applications to the United States Army Corps of Engineers and the U.S. Fish and Wildlife Service for mitigation measures for potential impacts to wetlands and habitat that may

Note 8 - Accrued Liabilities an

Note 8 - Accrued Liabilities and Other Current Liabilities	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	Note 8 Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2020 2019 Employee compensation expense $ 715 $ 4,221 Terminal and Pipeline asset costs 382 2,503 Accrued legal services 15 1,060 Other accrued liabilities 262 967 Total accrued liabilities and other current liabilities $ 1,374 $ 8,751

Note 9 - Preferred Stock and Co

Note 9 - Preferred Stock and Common Stock Warrants	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 9 – Preferred Stock and Common Stock Warrants Preferred Stock In August 2018, September 2018, In May 2019, The shares of Convertible Preferred Stock bear dividends at a rate of 12% per annum, which are cumulative and accrue daily from the date of issuance on the $1,000 stated value. Such dividends are payable quarterly and may nine September 30, 2020 2019 October 8, 2020, September 15, 2020. October 15, 2020, Common Stock Warrants The Company revalues the Common Stock Warrants at each balance sheet date and recognized a loss of $1.6 million and a gain of $0.9 million during the three September 30, 2020 2019 nine September 30, 2020 2019 3 The Company used a Monte Carlo simulation model to estimate the fair value of the Common Stock Warrants using the following assumptions: September 30, December 31, 2020 2019 Stock price $ 2.98 $ 6.14 Exercise price $ 0.01 $ 0.01 Risk-free rate 0.1 % 1.6 % Volatility 53.9 % 27.6 % Term (years) 1.1 1.8 Beneficial Conversion Feature ASC 470 20 20 470 20” 470 20

Note 10 - Net Loss Per Share

Note 10 - Net Loss Per Share	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 10 The following table (in thousands, except for loss per share) reconciles basic and diluted weighted average common shares outstanding for each of the three nine September 30, 2020 2019 Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Weighted average common shares outstanding: Basic 117,564 107,181 117,450 107,062 Dilutive unvested stock, convertible preferred stock, Common Stock Warrants and IPO Warrants — — — — Diluted 117,564 107,181 117,450 107,062 Basic and diluted net loss per share attributable to common stockholders $ (0.09 ) $ (0.06 ) $ (0.19 ) $ (0.29 ) Potentially dilutive securities not Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Unvested stock (1) 848 989 993 768 Convertible preferred stock 16,869 14,678 16,386 12,829 Common Stock Warrants 1,979 1,801 1,972 1,576 IPO Warrants (2) 12,082 12,082 12,082 12,082 Total potentially dilutive common shares 31,778 29,550 31,433 27,255 ( 1 Does not three nine September 30, 2020 three nine September 30, 2019 not September 30, 2020 2019 ( 2 The IPO Warrants were issued in connection with our initial public offering in 2015. July 24, 2022. may

Note 11 - Share-based Compensat

Note 11 - Share-based Compensation	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	Note 11 We have granted shares of Company common stock and restricted Company common stock to employees, consultants and non-employee directors under our 2017 “2017 July 24, 2017. Total share-based compensation consisted of the following (in thousands): Three months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Share-based compensation: Equity awards $ 629 $ (4,648 ) $ (606 ) $ (11,738 ) Liability awards — — — (20 ) Total share-based compensation 629 (4,648 ) (606 ) (11,758 ) Capitalized share-based compensation 211 (71 ) (153 ) (780 ) Total share-based compensation expense $ 840 $ (4,719 ) $ (759 ) $ (12,538 )

Note 12 - Income Taxes

Note 12 - Income Taxes	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 12 Due to our cumulative loss position, we have established a full valuation allowance against our deferred tax assets at September 30, 2020 December 31, 2019 not three nine September 30, 2020 2019 In response to the global pandemic related to COVID- 19, March 27, 2020. 163 three nine September 30, 2020 no 19

Note 13 - Commitments and Conti

Note 13 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 13 Rio Grande Site Lease On March 6, 2019, On April 30, 2020, May 6, 2021 ( May 6, 2022 no In connection with the Rio Grande Site Lease Amendment, Rio Grande is committed to pay approximately $1.5 million per quarter to the BND through the earlier of the Effective Date and lease commencement. Obligation under LNG Sale and Purchase Agreement In March 2019, 20 two million first three In the first 2020, first Legal Proceedings From time to time the Company may September 30, 2020 not not

Note 14 - Recent Accounting Pro

Note 14 - Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	Note 14 The following table provides a brief description of recent accounting standards that have not September 30, 2020 Standard Description Expected Date of Adoption Effect on our Consolidated Financial Statements or Other Significant Matters ASU 2020 06, (Subtopic 815 40 This standard requires entities to provide expanded disclosures about the terms and features of January 1, 2022 We are currently evaluating the effect of this standard on our Consolidated Financial Statements.

Note 15 - Subsequent Events

Note 15 - Subsequent Events	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	Note 15 Extension of Contract Validity of Engineering, Procurement and Construction Contracts On May 24, 2019, two two 11.74 two 180,000m 3 one 1 2 5.87 3 By amendment dated October 5, 2020, 1 2 July 31, 2021 December 31, 2021. October 5, 2020, 3 July 31, 2021 December 31, 2021.

Note 2 - Prepaid Expenses and_2

Note 2 - Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Prepaid Expense and Other Current Assets [Table Text Block]	September 30, December 31, 2020 2019 Prepaid subscriptions $ 139 $ 161 Prepaid insurance 316 292 Prepaid marketing and sponsorships 60 25 Other 285 381 Total prepaid expenses and other current assets $ 800 $ 859

Note 3 - Investment Securities

Note 3 - Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Debt Securities, Available-for-sale [Table Text Block]	September 30, December 31, 2020 2019 Fair value Cost Fair value Cost JPMorgan Managed Income Fund $ — $ — $ 62,207 $ 62,178

Note 5 - Property, Plant and _2

Note 5 - Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]	September 30, December 31, 2020 2019 Fixed Assets Computers $ 487 $ 487 Furniture, fixtures, and equipment 464 471 Leasehold improvements 101 547 Total fixed assets 1,052 1,505 Less: accumulated depreciation (611 ) (793 ) Total fixed assets, net 441 712 Project Assets (not placed in service) Terminal 138,151 121,081 Pipeline 19,771 12,798 Total Terminal and Pipeline assets 157,922 133,879 Total property, plant and equipment, net $ 158,363 $ 134,591

Note 6 - Leases (Tables)

Note 6 - Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Lessee, Operating Lease Right-of-use Assets and Liabilities [Table Text Block]	September 30, December 31, 2020 2019 Office leases $ 562 $ 610 Land leases 113 444 Total operating lease right-of-use assets, net $ 675 $ 1,054 September 30, December 31, 2020 2019 Office leases $ 596 $ 698 Land leases — — Total current lease liabilities 596 698 Non-current office leases — 3 Non-current land leases — — Total lease liabilities $ 596 $ 701
Lease, Cost [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Office leases $ 238 $ 232 $ 691 $ 381 Land leases 113 328 332 815 Total operating lease expense 351 560 1,023 1,196 Short-term lease expense 72 38 249 78 Land option expense — 156 9 476 Total land option and lease expense $ 423 $ 754 $ 1,281 $ 1,750 Nine Months Ended September 30, 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities: Cash flows from operating activities $ 600 $ 969 Noncash right-of-use assets recorded for operating lease liabilities: Adoption of Topic 842 — 1,562 In exchange for new operating lease liabilities during the period 605 446
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	2020 (remaining) $ 123 2021 508 2022 — 2023 — 2024 — Thereafter — Total undiscounted lease payments 631 Discount to present value (35 ) Present value of lease liabilities $ 596 Weighted average remaining lease term - years 0.9 Weighted average discount rate - percent 12.0

Note 7 - Other Non-current As_2

Note 7 - Other Non-current Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Other Assets, Noncurrent [Table Text Block]	September 30, December 31, 2020 2019 Permitting costs (1) $ 7,362 $ 2,621 Enterprise resource planning system, net 2,159 3,181 Rio Grande Site Lease initial direct costs 5,575 946 Total other non-current assets, net $ 15,096 $ 6,748

Note 8 - Accrued Liabilities _2

Note 8 - Accrued Liabilities and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block]	September 30, December 31, 2020 2019 Employee compensation expense $ 715 $ 4,221 Terminal and Pipeline asset costs 382 2,503 Accrued legal services 15 1,060 Other accrued liabilities 262 967 Total accrued liabilities and other current liabilities $ 1,374 $ 8,751

Note 9 - Preferred Stock and _2

Note 9 - Preferred Stock and Common Stock Warrants (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	September 30, December 31, 2020 2019 Stock price $ 2.98 $ 6.14 Exercise price $ 0.01 $ 0.01 Risk-free rate 0.1 % 1.6 % Volatility 53.9 % 27.6 % Term (years) 1.1 1.8

Note 10 - Net Loss Per Share (T

Note 10 - Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Weighted average common shares outstanding: Basic 117,564 107,181 117,450 107,062 Dilutive unvested stock, convertible preferred stock, Common Stock Warrants and IPO Warrants — — — — Diluted 117,564 107,181 117,450 107,062 Basic and diluted net loss per share attributable to common stockholders $ (0.09 ) $ (0.06 ) $ (0.19 ) $ (0.29 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Unvested stock (1) 848 989 993 768 Convertible preferred stock 16,869 14,678 16,386 12,829 Common Stock Warrants 1,979 1,801 1,972 1,576 IPO Warrants (2) 12,082 12,082 12,082 12,082 Total potentially dilutive common shares 31,778 29,550 31,433 27,255

Note 11 - Share-based Compens_2

Note 11 - Share-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	Three months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Share-based compensation: Equity awards $ 629 $ (4,648 ) $ (606 ) $ (11,738 ) Liability awards — — — (20 ) Total share-based compensation 629 (4,648 ) (606 ) (11,758 ) Capitalized share-based compensation 211 (71 ) (153 ) (780 ) Total share-based compensation expense $ 840 $ (4,719 ) $ (759 ) $ (12,538 )

Note 1 - Background and Basis_2

Note 1 - Background and Basis of Presentation (Details Textual)	Sep. 30, 2020a
Texas City, Texas [Member]
Area of Real Estate Property (Acre)	994

Note 2 - Prepaid Expenses and_3

Note 2 - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Prepaid subscriptions	$ 139	$ 161
Prepaid insurance	316	292
Prepaid marketing and sponsorships	60	25
Other	285	381
Total prepaid expenses and other current assets	$ 800	$ 859

Note 3 - Investment Securitie_2

Note 3 - Investment Securities (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Realized Investment Gains (Losses), Total	$ (400)	$ 0	$ 0	$ (412)	$ 0

Note 3 - Investment Securitie_3

Note 3 - Investment Securities - Summary of Investment Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
JPMorgan Managed Income Fund, fair value	$ 0	$ 62,207
JPMorgan Managed Income Fund, cost	$ 0	$ 62,178

Note 4 - Sale of Equity Inter_2

Note 4 - Sale of Equity Interests in Rio Bravo (Details Textual) - Rio Bravo [Member] - USD ($) $ in Millions	Mar. 02, 2020	Feb. 13, 2020	Sep. 30, 2020
Equity Method Investment, Ownership Percentage		100.00%
Equity Method Investment, Amount Sold		$ 17.4
Equity Method Investment, Amount Sold		$ 25
Proceeds from Divestiture of Businesses	$ 15
Equity Method Investments, Rights to The Natural Gas Firm Transportation Capacity Term (Year)		20 years
Sale of Business, Failure to Issue Notice, Maximum Right Price to Sell Back Equity Interests			$ 23

Note 5 - Property, Plant and _3

Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Depreciation, Total	$ 65	$ 80	$ 146	$ 164

Note 5 - Property, Plant and _4

Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property, plant and equipment, net	$ 158,363	$ 134,591
Computer Equipment [Member]
Property, plant and equipment, gross	487	487
Furniture and Fixtures [Member]
Property, plant and equipment, gross	464	471
Leasehold Improvements [Member]
Property, plant and equipment, gross	101	547
Excluding Construction in Progress [Member]
Property, plant and equipment, gross	1,052	1,505
Less: accumulated depreciation	(611)	(793)
Property, plant and equipment, net	441	712
Construction in Progress [Member]
Property, plant and equipment, gross	157,922	133,879
Construction in Progress [Member] | Rio Grande [Member]
Property, plant and equipment, gross	138,151	121,081
Construction in Progress [Member] | Rio Bravo [Member]
Property, plant and equipment, gross	$ 19,771	$ 12,798

Note 6 - Leases - Supplemental

Note 6 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Operating lease right-of-use assets, net	$ 675	$ 1,054
Current lease liabilities	596	698
Non-current leases	0	3
Lease liabilities	596	701
Office Leases [Member]
Operating lease right-of-use assets, net	562	610
Current lease liabilities	596	698
Non-current leases	0	3
Land Leases [Member]
Operating lease right-of-use assets, net	113	444
Current lease liabilities	0	0
Non-current leases	$ 0	$ 0

Note 6 - Leases - Lease Expense

Note 6 - Leases - Lease Expense (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating lease expense	[1]	$ 351	$ 560	$ 1,023	$ 1,196
Short-term lease expense		72	38	249	78
Land option expense		0	156	9	476
Total land option and lease expense		423	754	1,281	1,750
Cash flows from operating activities				600	969
Adoption of Topic 842				0	1,562
In exchange for new operating lease liabilities during the period				605	446
Office Leases [Member]
Operating lease expense		238	232	691	381
Land Leases [Member]
Operating lease expense		$ 113	$ 328	$ 332	$ 815
[1]	Includes amortization of right-of-use assets for the three months ended March 31, 2020 and 2019 of $294 thousand and $184 thousand, respectively.

Note 6 - Leases - Maturity of O

Note 6 - Leases - Maturity of Operating Lease (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
2020 (remaining)	$ 123
2021	508
2022	0
2023	0
2024	0
Thereafter	0
Total undiscounted lease payments	631
Discount to present value	(35)
Present value of lease liabilities	$ 596	$ 701
Weighted average remaining lease term - years (Year)	10 months 24 days
Weighted average discount rate - percent	12.00%

Note 7 - Other Non-current As_3

Note 7 - Other Non-current Assets - Schedule of Other Non-current Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Permitting costs(1)	[1]	$ 7,362	$ 2,621
Enterprise resource planning system, net		2,159	3,181
Rio Grande Site Lease initial direct costs		5,575	946
Total other non-current assets, net		$ 15,096	$ 6,748
[1]	Permitting costs primarily represent costs incurred in connection with permit applications to the United States Army Corps of Engineers and the U.S. Fish and Wildlife Service for mitigation measures for potential impacts to wetlands and habitat that may be caused by the construction of the Terminal and the Pipeline.

Note 8 - Accrued Liabilities _3

Note 8 - Accrued Liabilities and Other Current Liabilities - Summary of Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Employee compensation expense	$ 715	$ 4,221
Terminal and Pipeline asset costs	382	2,503
Accrued legal services	15	1,060
Other accrued liabilities	262	967
Total accrued liabilities and other current liabilities	$ 1,374	$ 8,751

Note 9 - Preferred Stock and _3

Note 9 - Preferred Stock and Common Stock Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Oct. 15, 2020	May 31, 2019	Sep. 30, 2018	Aug. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Gain (Loss) on Revaluation of Warrants					$ (1,627)	$ 873	$ 6,147	$ (965)
Series A Convertible Preferred Stock [Member]
Temporary Equity, Stock Issued During Period, Shares, New Issues (in shares)				50,000
Temporary Equity, Par or Stated Value Per Share (in dollars per share)				$ 0.0001
Temporary Equity, Issued Price Per Share (in dollars per share)				$ 1,000
Temporary Equity, Stock Issued During Period, Value, New Issues				$ 50,000
Temporary Equity, Stock Issued During Period, Shares Issued for Services (in shares)				1,000
Accretion of Discount Amount							$ 2,500
Series B Convertible Preferred Stock [Member]
Temporary Equity, Stock Issued During Period, Shares, New Issues (in shares)		20,945	29,055
Temporary Equity, Par or Stated Value Per Share (in dollars per share)			$ 0.0001
Temporary Equity, Issued Price Per Share (in dollars per share)		$ 1,000	$ 1,000
Temporary Equity, Stock Issued During Period, Value, New Issues		$ 20,945	$ 29,055
Temporary Equity, Stock Issued During Period, Shares Issued for Services (in shares)		418	581
Convertible Preferred Stock [Member]
Temporary Equity, Issued Price Per Share (in dollars per share)					$ 1,000		$ 1,000
Temporary Equity, Dividend Rate Percentage							12.00%
Dividends, Preferred Stock, Paid-in-kind							$ 10,500	$ 7,800
Convertible Preferred Stock [Member] | Subsequent Event [Member]
Dividends, Preferred Stock, Paid-in-kind	$ 3,800

Note 9 - Preferred Stock and _4

Note 9 - Preferred Stock and Common Stock Warrants - Fair Value Assumptions (Details)	Sep. 30, 2020	Dec. 31, 2019
Measurement Input, Share Price [Member]
Warrant measurement input	2.98	6.14
Measurement Input, Exercise Price [Member]
Warrant measurement input	0.01	0.01
Measurement Input, Risk Free Interest Rate [Member]
Warrant measurement input	0.001	0.016
Measurement Input, Price Volatility [Member]
Warrant measurement input	0.539	0.276
Measurement Input, Expected Term [Member]
Warrant measurement input	1.1	1.8

Note 10 - Net Loss Per Share (D

Note 10 - Net Loss Per Share (Details Textual) - $ / shares shares in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2015
Securities Excluded from Computation of Earnings Per Share Amount, Performance Conditions (in shares)	3	3.2	3	3.2
Sale of Stock, Price Per Share (in dollars per share)					$ 17.50
Number of Trading Days of Share Price (Day)					20 days
Total Number of Trading Days Considered (Day)					30 days
IPO Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)					$ 11.50
Class of Warrant or Right, Redemption Price of Warrant or Right (in dollars per share)					$ 0.01
Class of Warrant or Right, Number of Days Notice to Redeem (Day)					30 days

Note 10 - Net Loss Per Share -

Note 10 - Net Loss Per Share - Basic and Diluted Common Shares (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic (in shares)	117,564	107,181	117,450	107,062
Dilutive unvested stock, convertible preferred stock, Common Stock Warrants and IPO Warrants (in shares)	0	0	0	0
Diluted (in shares)	117,564	107,181	117,450	107,062
Net loss per common share - basic and diluted (in dollars per share)	$ (0.09)	$ (0.06)	$ (0.19)	$ (0.29)

Note 10 - Net Loss Per Share _2

Note 10 - Net Loss Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Potentially dilutive common shares (in shares)		31,778	29,550	31,433	27,255
Unvested Stock [Member]
Potentially dilutive common shares (in shares)	[1]	848	989	993	768
Convertible Preferred Stocks [Member]
Potentially dilutive common shares (in shares)		16,869	14,678	16,386	12,829
Common Stock Warrants [Member]
Potentially dilutive common shares (in shares)		1,979	1,801	1,972	1,576
IPO Warrants [Member]
Potentially dilutive common shares (in shares)	[2]	12,082	12,082	12,082	12,082
[1]	Does not include 3.0 million shares for each of the three and nine months ended September 30, 2020 and 3.2 million shares for the three and nine months ended September 30, 2019, of unvested stock because the performance conditions had not yet been satisfied as of September 30, 2020 and 2019, respectively.
[2]	The IPO Warrants were issued in connection with our initial public offering in 2015. The IPO Warrants are exercisable at a price of $11.50 per share and expire on July 24, 2022. The Company may redeem the IPO Warrants at a price of $0.01 per IPO Warrant upon 30 days' notice only if the last sale price of our common stock is at least $17.50 per share for any 20 trading days within a 30-trading day period. If the Company redeems the IPO Warrants in this manner, the Company will have the option to do so on a cashless basis with the issuance of an economically equivalent number of shares of Company common stock.

Note 11 - Share-based Compens_3

Note 11 - Share-based Compensation - Summary of Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity awards	$ 629	$ (4,648)	$ (606)	$ (11,738)
Liability awards	0	0	0	(20)
Total share-based compensation	629	(4,648)	(606)	(11,758)
Capitalized share-based compensation	211	(71)	(153)	(780)
Total share-based compensation expense	$ 840	$ (4,719)	$ (759)	$ (12,538)

Note 13 - Commitments and Con_2

Note 13 - Commitments and Contingencies (Details Textual) - BND [Member] $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)	Mar. 06, 2019a
Area Available for Lease (Acre) | a		984
Lessee, Operating Lease, Liability, to be Paid Per Quarter | $	$ 1.5