NextDecade (NEXT) 10-Q 11 May 23 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
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	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		150,566,623

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 51,141	$ 62,789
Prepaid expenses and other current assets	1,570	1,149
Total current assets	52,711	63,938
Property, plant and equipment, net	243,870	218,646
Operating lease right-of-use assets, net	1,216	1,474
Other non-current assets, net	30,108	28,372
Total assets	327,905	312,430
Current liabilities
Accounts payable	1,854	1,084
Accrued liabilities and other current liabilities	28,661	23,184
Current common stock warrant liabilities	3,504	0
Current operating lease liabilities	873	1,093
Total current liabilities	34,892	25,361
Non-current common stock warrant liabilities	3,653	6,790
Non-current operating lease liabilities	395	465
Other non-current liabilities	23,000	23,000
Total liabilities	61,940	55,616
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock, $0.0001 par value Authorized: 480.0 million shares at March 31, 2023 and December 31, 2022; Issued and outstanding: 149.4 million shares and 143.5 million shares at March 31, 2023 and December 31, 2022, respectively	15	14
Treasury stock: 999,966 shares and 991,089 shares at March 31, 2023 and December 31, 2022, respectively, at cost	(4,634)	(4,587)
Preferred stock, $0.0001 par value Authorized: 0.5 million, after designation of the Convertible Preferred Stock Issued and outstanding: none at March 31, 2023 and December 31, 2022	0	0
Additional paid-in-capital	318,942	289,084
Accumulated deficit	(257,487)	(230,140)
Total stockholders’ equity	56,836	54,371
Total liabilities, convertible preferred stock and stockholders’ equity	327,905	312,430
Series A Convertible Preferred Stock [Member]
Current liabilities
Convertible Preferred Stock	75,532	73,026
Series B Convertible Preferred Stock [Member]
Current liabilities
Convertible Preferred Stock	75,798	73,408
Series C Convertible Preferred Stock [Member]
Current liabilities
Convertible Preferred Stock	$ 57,799	$ 56,009

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	149,400,000	143,500,000
Common stock, shares outstanding (in shares)	149,400,000	143,500,000
Treasury Stock, Common and Preferred, Shares	999,966	991,089
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	500,000	500,000
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)	85,454	82,948
Temporary equity, shares outstanding (in shares)	85,454	82,948
Series B Convertible Preferred Stock [Member]
Temporary equity, liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Temporary equity, shares issued (in shares)	81,629	79,239
Temporary equity, shares outstanding (in shares)	81,629	79,239
Series C Convertible Preferred Stock [Member]
Temporary equity, liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Temporary equity, shares issued (in shares)	61,156	59,366
Temporary equity, shares outstanding (in shares)	61,156	59,366

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues	$ 0	$ 0
Operating expenses
General and administrative expense	26,271	3,323
Development expense, net	464	1,545
Lease expense	337	219
Depreciation expense	38	47
Total operating expenses	27,110	5,134
Total operating loss	(27,110)	(5,134)
Other income (expense)
Loss on common stock warrant liabilities	(367)	(6,304)
Other, net	130	1
Total other expense	(237)	(6,303)
Net loss attributable to NextDecade Corporation	(27,347)	(11,437)
Preferred stock dividends	(6,700)	(5,754)
Net loss attributable to common stockholders	$ (34,047)	$ (17,191)
Net loss per common share - basic and diluted (in dollars per share)	$ (0.23)	$ (0.14)
Weighted average shares outstanding - basic and diluted (in shares)	146,931	121,328

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity and Convertible Preferred Stock (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Treasury Stock, Common and Preferred [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Series A Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]	Series C Convertible Preferred Stock [Member]	Total
Balance (in shares) at Dec. 31, 2021	120,838	346
Balance at Dec. 31, 2021	$ 12	$ (1,315)	$ 191,264	$ (170,069)	$ 63,791	$ 64,602	$ 40,007	$ 19,892
Share-based compensation			(2,372)					(2,372)
Restricted stock vesting (in shares)	911
Shares repurchased related to share-based compensation (in shares)	(195)	195
Shares repurchased related to share-based compensation		$ (464)						(464)
Issuance of common stock, net							9,806
Preferred stock dividends			(5,754)		2,225	2,123	1,387	(5,754)
Net loss				(11,437)				(11,437)
Balance (in shares) at Mar. 31, 2022	121,554	541
Balance at Mar. 31, 2022	$ 12	$ (1,779)	183,138	(181,506)	66,016	66,725	51,200	(135)
Balance (in shares) at Dec. 31, 2022	143,549	991
Balance at Dec. 31, 2022	$ 14	$ (4,587)	289,084	(230,140)	73,026	73,408	56,009	54,371
Share-based compensation			1,559					1,559
Restricted stock vesting (in shares)	56
Shares repurchased related to share-based compensation (in shares)	(9)	9
Shares repurchased related to share-based compensation		$ (47)						(47)
Issuance of common stock, net (in shares)	5,835
Issuance of common stock, net			34,999					35,000
Preferred stock dividends			(6,700)		2,506	2,390	1,790	(6,700)
Net loss				(27,347)				(27,347)
Balance (in shares) at Mar. 31, 2023	149,431	1,000
Balance at Mar. 31, 2023	$ 15	$ (4,634)	$ 318,942	$ (257,487)	$ 75,532	$ 75,798	$ 57,799	$ 56,836

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net loss attributable to NextDecade Corporation	$ (27,347)	$ (11,437)
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation	38	47
Share-based compensation expense (forfeiture)	1,559	(2,372)
Loss on common stock warrant liabilities	367	6,304
Amortization of right-of-use assets	258	140
Amortization of other non-current assets	0	354
Changes in operating assets and liabilities:
Prepaid expenses	(421)	(194)
Accounts payable	815	114
Operating lease liabilities	(290)	(156)
Accrued expenses and other liabilities	1,836	(2,994)
Net cash used in operating activities	(23,185)	(10,194)
Investing activities:
Acquisition of property, plant and equipment	(21,528)	(1,314)
Acquisition of other non-current assets	(1,875)	(1,703)
Net cash used in investing activities	(23,403)	(3,017)
Financing activities:
Proceeds from sale of Series C Convertible Preferred Stock	0	10,500
Proceeds from sale of common stock	35,000	0
Preferred stock dividends	(13)	(19)
Shares repurchased related to share-based compensation	(47)	(464)
Net cash provided by financing activities	34,940	10,017
Net decrease in cash and cash equivalents	(11,648)	(3,194)
Cash and cash equivalents – beginning of period	62,789	25,552
Cash and cash equivalents – end of period	51,141	22,358
Non-cash investing activities:
Accounts payable for acquisition of property, plant and equipment	72	339
Accrued liabilities for acquisition of property, plant and equipment	15,826	839
Accrued liabilities for acquisition of other non-current assets	140	0
Non-cash financing activities:
Paid-in-kind dividends on Convertible Preferred Stock	6,686	5,735
Accounts payable for equity issuance costs	$ 0	$ 50

Note 1 - Background and Basis o

Note 1 - Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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”) and the capture and storage of CO 2 third 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, 2022 three March 31, 2023 not Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications did not The Company has incurred operating losses since its inception and management expects operating losses and negative cash flows to continue for the foreseeable future and, as a result, the Company will require additional capital to fund its operations and execute its business plan. As of March 31, 2023 may not one not twelve The Company plans to alleviate the going concern issue by obtaining sufficient funding through additional equity, equity-based or debt instruments or any other means and managing certain operating and overhead costs. The Company's ability to raise additional capital in the equity and debt markets, should the Company choose to do so, is dependent on a number of factors, including, but not no These consolidated financial statements have been prepared on a going concern basis and do not may no

Note 2 - Prepaid Expenses and O

Note 2 - Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2023
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): March 31, December 31, 2023 2022 Prepaid subscriptions $ 556 $ 423 Prepaid insurance 300 619 Prepaid marketing and sponsorships 246 — Other 468 107 Total prepaid expenses and other current assets $ 1,570 $ 1,149

Note 3 - Sale of Equity Interes

Note 3 - Sale of Equity Interests in Rio Bravo	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	Note 3 On March 2, 2020, February 13, 2020, 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 fails to issue a full notice to proceed to the EPC Contractor on or prior to December 31, 2024, not not March 31, 2023

Note 4 - Property, Plant and Eq

Note 4 - Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	Note 4 Property, plant and equipment consisted of the following (in thousands): March 31, December 31, 2023 2022 Fixed Assets Computers $ 778 $ 780 Furniture, fixtures, and equipment 610 610 Leasehold improvements 101 101 Total fixed assets 1,489 1,491 Less: accumulated depreciation (1,044 ) (1,006 ) Total fixed assets, net 445 485 Project Assets (not placed in service) Terminal 222,408 197,144 Pipeline 21,017 21,017 Total Terminal and Pipeline assets 243,425 218,161 Total property, plant and equipment, net $ 243,870 $ 218,646 Depreciation expense was $38 thousand and $47 thousand for the three March 31, 2023 2022

Note 5 - Leases

Note 5 - Leases	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note 5 Our leased assets consist of office space. Operating lease right-of-use assets are as follows (in thousands): March 31, December 31, 2023 2022 Office leases $ 1,216 $ 1,474 Total operating lease right-of-use assets, net $ 1,216 $ 1,474 Operating lease liabilities are as follows (in thousands): March 31, December 31, 2023 2022 Office leases $ 873 $ 1,093 Total current lease liabilities $ 873 $ 1,093 Non-current office leases 395 465 Total lease liabilities $ 1,268 $ 1,558 Operating lease expense is as follows (in thousands): Three Months Ended March 31, 2023 2022 Office leases $ 309 $ 157 Total operating lease expense 309 157 Short-term lease expense 28 62 Total lease expense $ 337 $ 219 Maturity of operating lease liabilities as of March 31, 2023 2023 (remaining) $ 980 2024 275 2025 252 2026 — 2027 — Thereafter — Total undiscounted lease payments 1,507 Discount to present value (239 ) Present value of lease liabilities $ 1,268 Weighted average remaining lease term - years 2.0 Weighted average discount rate - percent 12.0 Other information related to our operating leases is as follows (in thousands): Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities: Cash flows from operating activities $ 290 $ 173

Note 6 - Other Non-current Asse

Note 6 - Other Non-current Assets	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Other Assets Disclosure [Text Block]	Note 6 Other non-current assets consisted of the following (in thousands): March 31, December 31, 2023 2022 Permitting costs (1) $ 8,680 $ 8,540 Rio Grande Site Lease initial direct costs 21,243 19,647 Deposits and other 185 185 Total other non-current assets, net $ 30,108 $ 28,372 ( 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 7 - Accrued Liabilities an

Note 7 - Accrued Liabilities and Other Current Liabilities	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	Note 7 Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, 2023 2022 Employee compensation expense $ 2,410 $ 6,650 Terminal costs 15,826 12,046 Permitting costs 140 279 Accrued legal services 9,284 3,124 Share-based compensation liability 182 182 Other accrued liabilities 819 903 Total accrued liabilities and other current liabilities $ 28,661 $ 23,184

Note 8 - Preferred Stock and Co

Note 8 - Preferred Stock and Common Stock Warrants	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
PreferredStockAndWarrants [Text Block]	8 – Preferred Stock and Common Stock Warrants Preferred Stock As of December 31, 2022, The shares of Convertible Preferred Stock bear dividends at a rate of 12% per annum, which are cumulative and accrue daily from the respective dates of issuance on the $1,000 stated value per share. Such dividends are payable quarterly and may three March 31, 2023 2022 April 12, 2023, March 15, 2023. April 17, 2023, As of March 31, 2023 The Company has the option to convert all, but not ten tenth 10th Common Stock Warrants The Company issued warrants exercisable to purchase Company common stock in connection with its issuances of Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock (collectively, the “Common Stock Warrants”). The Company revalues the Common Stock Warrants at each balance sheet date and recognized losses of $0.4 million and $6.3 million during the three March 31, 2023 2022 3 The assumptions used in the Monte Carlo simulation model to estimate the fair value of the Common Stock Warrants are as follows: March 31, December 31, 2023 2022 Stock price $ 4.97 $ 4.94 Exercise price $ 0.01 $ 0.01 Risk-free rate 4.1 % 4.6 % Volatility 48.3 % 52.5 % Term (years) 1.2 1.5

Note 9 - Stockholders' Equity

Note 9 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Equity [Text Block]	9 Common Stock Purchase Agreement On February 3, 2023 , five

Note 10 - Net Loss Per Share

Note 10 - Net Loss Per Share	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Three Months Ended March 31, 2023 2022 Weighted average common shares outstanding: Basic 146,931 121,328 Dilutive unvested stock, convertible preferred stock, Common Stock Warrants and IPO Warrants — — Diluted 146,931 121,328 Basic and diluted net loss per share attributable to common stockholders $ (0.23 ) $ (0.14 ) Potentially dilutive securities not Three Months Ended March 31, 2023 2022 Unvested stock and stock units (1) 2,053 1,347 Convertible preferred stock 52,622 37,671 Common Stock Warrants 1,380 1,452 IPO Warrants (2) — 12,082 Total potentially dilutive common shares 56,055 52,552 ( 1 Includes the impact of unvested shares containing performance conditions to the extent that the underlying performance conditions are satisfied based on actual results as of the respective dates. ( 2 The IPO Warrants were issued in connection with our initial public offering in 2015 July 24, 2022.

Note 11 - Share-based Compensat

Note 11 - Share-based Compensation	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	Note 11 We have granted shares of Company common stock, restricted Company common stock and restricted stock units to employees, consultants and non-employee directors under our 2017 “2017 Total share-based compensation consisted of the following (in thousands): Three Months Ended March 31, 2023 2022 Share-based compensation expense (forfeiture): Equity awards $ 1,559 $ (2,372 ) Liability awards — — Total share-based compensation (forfeiture) 1,559 (2,372 ) Capitalized share-based compensation — — Total share-based compensation expense (forfeiture) $ 1,559 $ (2,372 )

Note 12 - Income Taxes

Note 12 - Income Taxes	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 not three March 31, 2023 2022

Note 13 - Commitments and Conti

Note 13 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 13 Obligation under LNG Sale and Purchase Agreement In March 2019, 20 two million first three In the first 2020, first Other Commitments On March 6, 2019, April 20, 2022, May 6, 2023 ( May 6, 2024, no May 6, 2023. April 24, 2023. In connection with the Rio Grande Site Lease Amendment, Rio Grande is committed to pay approximately $1.6 million per quarter to the BND through the earlier of the Effective Date and lease commencement. Legal Proceedings From time to time the Company may March 31, 2023 not not

Note 14 - Recent Accounting Pro

Note 14 - Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2023
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 been adopted by the Company during the reporting period: Standard Description Date of Adoption Effect on our Consolidated Financial Statements or Other Significant Matters ASU 2020 06, Subtopic 470 20 Subtopic 815 40 This standard simplifies the accounting for convertible instruments primarily by eliminating the existing cash conversion and beneficial conversion models within Subtopic 470 20, January 1, 2022 The Company adopted this standard using the modified retrospective approach, which did not

Note 2 - Prepaid Expenses and_2

Note 2 - Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Prepaid Expense and Other Current Assets [Table Text Block]	March 31, December 31, 2023 2022 Prepaid subscriptions $ 556 $ 423 Prepaid insurance 300 619 Prepaid marketing and sponsorships 246 — Other 468 107 Total prepaid expenses and other current assets $ 1,570 $ 1,149

Note 4 - Property, Plant and _2

Note 4 - Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, December 31, 2023 2022 Fixed Assets Computers $ 778 $ 780 Furniture, fixtures, and equipment 610 610 Leasehold improvements 101 101 Total fixed assets 1,489 1,491 Less: accumulated depreciation (1,044 ) (1,006 ) Total fixed assets, net 445 485 Project Assets (not placed in service) Terminal 222,408 197,144 Pipeline 21,017 21,017 Total Terminal and Pipeline assets 243,425 218,161 Total property, plant and equipment, net $ 243,870 $ 218,646

Note 5 - Leases (Tables)

Note 5 - Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Lessee, Operating Lease Right-of-use Assets and Liabilities [Table Text Block]	March 31, December 31, 2023 2022 Office leases $ 1,216 $ 1,474 Total operating lease right-of-use assets, net $ 1,216 $ 1,474 March 31, December 31, 2023 2022 Office leases $ 873 $ 1,093 Total current lease liabilities $ 873 $ 1,093 Non-current office leases 395 465 Total lease liabilities $ 1,268 $ 1,558
Lease, Cost [Table Text Block]	Three Months Ended March 31, 2023 2022 Office leases $ 309 $ 157 Total operating lease expense 309 157 Short-term lease expense 28 62 Total lease expense $ 337 $ 219 Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities: Cash flows from operating activities $ 290 $ 173
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	2023 (remaining) $ 980 2024 275 2025 252 2026 — 2027 — Thereafter — Total undiscounted lease payments 1,507 Discount to present value (239 ) Present value of lease liabilities $ 1,268 Weighted average remaining lease term - years 2.0 Weighted average discount rate - percent 12.0

Note 6 - Other Non-current As_2

Note 6 - Other Non-current Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Other Assets, Noncurrent [Table Text Block]	March 31, December 31, 2023 2022 Permitting costs (1) $ 8,680 $ 8,540 Rio Grande Site Lease initial direct costs 21,243 19,647 Deposits and other 185 185 Total other non-current assets, net $ 30,108 $ 28,372

Note 7 - Accrued Liabilities _2

Note 7 - Accrued Liabilities and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block]	March 31, December 31, 2023 2022 Employee compensation expense $ 2,410 $ 6,650 Terminal costs 15,826 12,046 Permitting costs 140 279 Accrued legal services 9,284 3,124 Share-based compensation liability 182 182 Other accrued liabilities 819 903 Total accrued liabilities and other current liabilities $ 28,661 $ 23,184

Note 8 - Preferred Stock and _2

Note 8 - Preferred Stock and Common Stock Warrants (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	March 31, December 31, 2023 2022 Stock price $ 4.97 $ 4.94 Exercise price $ 0.01 $ 0.01 Risk-free rate 4.1 % 4.6 % Volatility 48.3 % 52.5 % Term (years) 1.2 1.5

Note 10 - Net Loss Per Share (T

Note 10 - Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2023 2022 Weighted average common shares outstanding: Basic 146,931 121,328 Dilutive unvested stock, convertible preferred stock, Common Stock Warrants and IPO Warrants — — Diluted 146,931 121,328 Basic and diluted net loss per share attributable to common stockholders $ (0.23 ) $ (0.14 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended March 31, 2023 2022 Unvested stock and stock units (1) 2,053 1,347 Convertible preferred stock 52,622 37,671 Common Stock Warrants 1,380 1,452 IPO Warrants (2) — 12,082 Total potentially dilutive common shares 56,055 52,552

Note 11 - Share-based Compens_2

Note 11 - Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]	Three Months Ended March 31, 2023 2022 Share-based compensation expense (forfeiture): Equity awards $ 1,559 $ (2,372 ) Liability awards — — Total share-based compensation (forfeiture) 1,559 (2,372 ) Capitalized share-based compensation — — Total share-based compensation expense (forfeiture) $ 1,559 $ (2,372 )

Note 1 - Background and Basis_2

Note 1 - Background and Basis of Presentation (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 51,141	$ 62,789	$ 22,358	$ 25,552

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	Mar. 31, 2023	Dec. 31, 2022
Prepaid subscriptions	$ 556	$ 423
Prepaid insurance	300	619
Prepaid marketing and sponsorships	246	0
Other	468	107
Total prepaid expenses and other current assets	$ 1,570	$ 1,149

Note 3 - Sale of Equity Inter_2

Note 3 - Sale of Equity Interests in Rio Bravo (Details Textual) - Rio Bravo [Member] - USD ($) $ in Millions	Mar. 02, 2020	Feb. 13, 2020	Dec. 31, 2022
Equity Method Investment, Ownership Percentage		100%
Disposal Group, Including Discontinued Operation, Consideration	$ 19.4
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 4 - Property, Plant and _3

Note 4 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Depreciation	$ 38	$ 47

Note 4 - Property, Plant and _4

Note 4 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, plant and equipment, net	$ 243,870	$ 218,646
Computer Equipment [Member]
Property, plant and equipment, gross	778	780
Furniture and Fixtures [Member]
Property, plant and equipment, gross	610	610
Leasehold Improvements [Member]
Property, plant and equipment, gross	101	101
Excluding Construction in Progress [Member]
Property, plant and equipment, gross	1,489	1,491
Less: accumulated depreciation	(1,044)	(1,006)
Property, plant and equipment, net	445	485
Construction in Progress [Member]
Property, plant and equipment, gross	243,425	218,161
Construction in Progress [Member] | Rio Grande [Member]
Property, plant and equipment, gross	222,408	197,144
Construction in Progress [Member] | Rio Bravo [Member]
Property, plant and equipment, gross	$ 21,017	$ 21,017

Note 5 - Leases - Supplemental

Note 5 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating lease right-of-use assets, net	$ 1,216	$ 1,474
Current lease liabilities	873	1,093
Non-current leases	395	465
Lease liabilities	1,268	1,558
Office Leases [Member]
Operating lease right-of-use assets, net	1,216	1,474
Current lease liabilities	873	1,093
Non-current leases	$ 395	$ 465

Note 5 - Leases - Lease Expense

Note 5 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating lease expense	$ 309	$ 157
Short-term lease expense	28	62
Total lease expense	337	219
Cash flows from operating activities	290	173
Office Leases [Member]
Operating lease expense	$ 309	$ 157

Note 5 - Leases - Maturity of O

Note 5 - Leases - Maturity of Operating Lease (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
2023 (remaining)	$ 980
2024	275
2025	252
2026	0
2027	0
Thereafter	0
Total undiscounted lease payments	1,507
Discount to present value	(239)
Present value of lease liabilities	$ 1,268	$ 1,558
Weighted average remaining lease term - years (Year)	2 years
Weighted average discount rate - percent	12%

Note 6 - Other Non-current As_3

Note 6 - Other Non-current Assets - Schedule of Other Non-current Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Permitting costs	[1]	$ 8,680	$ 8,540
Rio Grande Site Lease initial direct costs		21,243	19,647
Deposits and other		185	185
Total other non-current assets, net		$ 30,108	$ 28,372
[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 7 - Accrued Liabilities _3

Note 7 - Accrued Liabilities and Other Current Liabilities - Summary of Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Employee compensation expense	$ 2,410	$ 6,650
Terminal costs	15,826	12,046
Permitting costs, Current	140	279
Accrued legal services	9,284	3,124
Share-based compensation liability	182	182
Other accrued liabilities	819	903
Total accrued liabilities and other current liabilities	$ 28,661	$ 23,184

Note 8 - Preferred Stock and _3

Note 8 - Preferred Stock and Common Stock Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Apr. 17, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Gain (Loss) on Revaluation of Warrants		$ (367)	$ (6,304)
Series A Convertible Preferred Stock [Member]
Temporary Equity, Shares Outstanding (in shares)		85,454		82,948
Temporary Equity, Par or Stated Value Per Share (in dollars per share)				$ 0.0001
Preferred Stock, Convertible, Conversion Price (in dollars per share)		$ 5.27
Series B Convertible Preferred Stock [Member]
Temporary Equity, Shares Outstanding (in shares)		81,629		79,239
Temporary Equity, Par or Stated Value Per Share (in dollars per share)				$ 0.0001
Preferred Stock, Convertible, Conversion Price (in dollars per share)		$ 5.32
Series C Convertible Preferred Stock [Member]
Temporary Equity, Shares Outstanding (in shares)		61,156		59,366
Temporary Equity, Par or Stated Value Per Share (in dollars per share)				$ 0.0001
Preferred Stock, Convertible, Conversion Price (in dollars per share)		$ 2.87
Convertible Preferred Stock [Member]
Temporary Equity, Dividend Rate Percentage		12%
Temporary Equity, Issued Price Per Share (in dollars per share)		$ 1,000
Dividends, Preferred Stock, Paid-in-kind		$ 6,700	$ 5,700
Temporary Stock, Threshold Trading Days for Conversion (Day)				60 days
Temporary Stock, Threshold Consecutive Trading Days for Conversion (Day)				90 days
Temporary Stock, Conversion Price Minimum Percentage				175%
Temporary Stock, Maximum Business Days Following FID Event for Conversion (Day)				10 days
Convertible Preferred Stock [Member] | Subsequent Event [Member]
Dividends, Preferred Stock, Paid-in-kind	$ 6,700
Common Stock Warrants [Member]
Warrants and Rights Outstanding, Term (Year)				3 years

Note 8 - Preferred Stock and _4

Note 8 - Preferred Stock and Common Stock Warrants - Fair Value Assumptions (Details)	Mar. 31, 2023	Dec. 31, 2022
Measurement Input, Share Price [Member]
Warrant measurement input	4.97	4.94
Measurement Input, Exercise Price [Member]
Warrant measurement input	0.01	0.01
Measurement Input, Risk Free Interest Rate [Member]
Warrant measurement input	0.041	0.046
Measurement Input, Price Volatility [Member]
Warrant measurement input	0.483	0.525
Measurement Input, Expected Term [Member]
Warrant measurement input	1.2	1.5

Note 9 - Stockholders' Equity (

Note 9 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 03, 2023	Mar. 31, 2023	Mar. 31, 2022
Proceeds from Issuance of Common Stock		$ 35,000	$ 0
HGC NEXT INV LLC [Member]
Stock Issued During Period, Shares, New Issues (in shares)	5,835,277
Share Price (in dollars per share)	$ 5.998
Proceeds from Issuance of Common Stock	$ 35,000

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
	Mar. 31, 2023	Mar. 31, 2022
Weighted average shares outstanding - basic and diluted (in shares)	146,931	121,328
Dilutive unvested stock, convertible preferred stock, Common Stock Warrants and IPO Warrants (in shares)	0	0
Diluted (in shares)	146,931	121,328
Net loss per common share - basic and diluted (in dollars per share)	$ (0.23)	$ (0.14)

Note 10 - Net Loss Per Share _2

Note 10 - Net Loss Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Potentially dilutive common shares (in shares)		56,055	52,552
Unvested Stock [Member]
Potentially dilutive common shares (in shares)		2,053	1,347
Convertible Preferred Stocks [Member]
Potentially dilutive common shares (in shares)		52,622	37,671
Common Stock Warrants [Member]
Potentially dilutive common shares (in shares)		1,380	1,452
IPO Warrants [Member]
Potentially dilutive common shares (in shares)	[1]	0	12,082
[1]The IPO Warrants were issued in connection with our initial public offering in 2015 and expired July 24, 2022.

Note 11 - Share-based Compens_3

Note 11 - Share-based Compensation - Summary of Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity awards	$ (1,559)	$ 2,372
Liability awards	0	0
Total share-based compensation (forfeiture)	1,559	(2,372)
Capitalized share-based compensation	0	0
Total share-based compensation expense (forfeiture)	$ 1,559	$ (2,372)

Note 12 - Income Taxes (Details

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Expense (Benefit)	$ 0	$ 0

Note 13 - Commitments and Con_2

Note 13 - Commitments and Contingencies (Details Textual) - BND [Member] $ in Millions	Mar. 06, 2019 USD ($) a
Area Available for Lease (Acre) | a	984
Lessee, Operating Lease, Liability, to be Paid Per Quarter | $	$ 1.6