Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 15, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001621832 | |
Entity Registrant Name | Aqua Metals, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-37515 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-1169572 | |
Entity Address, Address Line One | 5370 Kietzke Lane, Suite 201 | |
Entity Address, City or Town | Reno | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89511 | |
City Area Code | 775 | |
Local Phone Number | 446-4418 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | AQMS | |
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 | 76,949,582 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 6,425 | $ 8,137 |
Accounts receivable | 234 | 269 |
Lease receivable, current portion | 16,037 | 920 |
Inventory | 28 | 123 |
Assets held for sale | 1,100 | 2,633 |
Prepaid expenses and other current assets | 310 | 356 |
Total current assets | 24,134 | 12,438 |
Non-current assets | ||
Property and equipment, net | 3,308 | 2,367 |
Intellectual property, net | 550 | 640 |
Investment in LINICO | 2,000 | 1,500 |
Lease receivable, non-current portion | 0 | 15,528 |
Other assets | 893 | 796 |
Total non-current assets | 6,751 | 20,831 |
Total assets | 30,885 | 33,269 |
Current liabilities | ||
Accounts payable | 898 | 685 |
Accrued expenses | 2,331 | 3,005 |
Lease liability, current portion | 288 | 388 |
Total current liabilities | 3,517 | 4,078 |
Building purchase deposit | 1,250 | 1,328 |
Lease liability, non-current portion | 434 | 330 |
Total liabilities | 5,201 | 5,736 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Common stock; $0.001 par value; 200,000,000 shares authorized; 75,772,815 and 70,416,552 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 76 | 70 |
Additional paid-in capital | 217,030 | 211,309 |
Accumulated deficit | (191,422) | (183,846) |
Total stockholders’ equity | 25,684 | 27,533 |
Total liabilities and stockholders’ equity | $ 30,885 | $ 33,269 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 75,772,815 | 70,416,552 |
Common stock, shares outstanding (in shares) | 75,772,815 | 70,416,552 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Product sales | $ 4 | $ 0 | $ 4 | $ 0 |
Operating cost and expense | ||||
Cost of product sales | 1,048 | 2,138 | 2,043 | 3,749 |
Research and development cost | 521 | 176 | 1,072 | 465 |
General and administrative expense | 2,390 | 2,129 | 5,154 | 4,428 |
Total operating expense | 3,959 | 4,443 | 8,269 | 8,642 |
Loss from operations | (3,955) | (4,443) | (8,265) | (8,642) |
Other income and (expense) | ||||
Insurance proceeds net of related expenses | 0 | 460 | 0 | 448 |
PPP loan forgiveness | 0 | 201 | 0 | 332 |
Gain (loss) on disposal of property and equipment | 739 | (4,254) | 590 | (4,254) |
Interest expense | (12) | (4) | (12) | (9) |
Interest and other income | 62 | 24 | 113 | 25 |
Total other income (expense), net | 789 | (3,573) | 691 | (3,458) |
Loss before income tax expense | (3,166) | (8,016) | (7,574) | (12,100) |
Income tax expense | 0 | 0 | (2) | (2) |
Net loss | $ (3,166) | $ (8,016) | $ (7,576) | $ (12,102) |
Weighted average shares outstanding, basic and diluted (in shares) | 75,215,009 | 68,152,296 | 73,584,761 | 67,518,650 |
Basic and diluted net loss per share (in dollars per share) | $ (0.04) | $ (0.12) | $ (0.10) | $ (0.18) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 64,461,065 | |||
Balance at Dec. 31, 2020 | $ 64 | $ 196,728 | $ (165,653) | $ 31,139 |
Stock-based compensation | $ 0 | 1,298 | 0 | 1,298 |
Common stock issued to employees and directors, includes RSUs vesting (in shares) | 884,411 | |||
Common stock issued to employees and directors, includes RSUs vesting | $ 1 | 0 | 0 | 1 |
Common stock issued for ATM share sales, net (in shares) | 2,473,359 | |||
Common stock issued for ATM share sales, net | $ 3 | 9,328 | 0 | 9,331 |
Net loss | $ 0 | 0 | (12,102) | (12,102) |
Common stock issued upon exercise of employee stock options (in shares) | 347,901 | |||
Common stock issued upon exercise of employee stock options | $ 0 | 727 | 0 | 727 |
RSUs issued for consulting services | $ 0 | 34 | 0 | 34 |
Common stock issued upon warrant exercise (in shares) | 65,590 | |||
Common stock issued upon warrant exercise | $ 0 | 0 | 0 | 0 |
Common stock issued related to LINICO investment (in shares) | 375,000 | |||
Common stock issued related to LINICO investment | $ 1 | 1,267 | 0 | 1,268 |
Balance (in shares) at Jun. 30, 2021 | 68,607,326 | |||
Balance at Jun. 30, 2021 | $ 69 | 209,382 | (177,755) | 31,696 |
Balance (in shares) at Mar. 31, 2021 | 67,755,336 | |||
Balance at Mar. 31, 2021 | $ 68 | 206,914 | (169,739) | 37,243 |
Stock-based compensation | $ 0 | 619 | 0 | 619 |
Common stock issued to employees and directors, includes RSUs vesting (in shares) | 300,162 | |||
Common stock issued to employees and directors, includes RSUs vesting | $ 0 | 0 | 0 | 0 |
Common stock issued for ATM share sales, net (in shares) | 549,745 | |||
Common stock issued for ATM share sales, net | $ 1 | 1,846 | 0 | 1,847 |
Net loss | $ 0 | 0 | (8,016) | (8,016) |
Common stock issued upon exercise of employee stock options (in shares) | 2,083 | |||
Common stock issued upon exercise of employee stock options | $ 0 | 3 | 0 | 3 |
Balance (in shares) at Jun. 30, 2021 | 68,607,326 | |||
Balance at Jun. 30, 2021 | $ 69 | 209,382 | (177,755) | 31,696 |
Balance (in shares) at Dec. 31, 2021 | 70,416,552 | |||
Balance at Dec. 31, 2021 | $ 70 | 211,309 | (183,846) | 27,533 |
Stock-based compensation | $ 0 | 1,138 | 0 | 1,138 |
Common stock issued to employees and directors, includes RSUs vesting (in shares) | 1,139,129 | |||
Common stock issued to employees and directors, includes RSUs vesting | $ 1 | 0 | 0 | 1 |
Common stock issued for ATM share sales, net (in shares) | 4,217,134 | |||
Common stock issued for ATM share sales, net | $ 5 | 4,583 | 0 | 4,588 |
Net loss | $ 0 | 0 | (7,576) | (7,576) |
Balance (in shares) at Jun. 30, 2022 | 75,772,815 | |||
Balance at Jun. 30, 2022 | $ 76 | 217,030 | (191,422) | 25,684 |
Balance (in shares) at Mar. 31, 2022 | 74,934,199 | |||
Balance at Mar. 31, 2022 | $ 75 | 215,799 | (188,256) | 27,618 |
Stock-based compensation | $ 0 | 534 | 0 | 534 |
Common stock issued to employees and directors, includes RSUs vesting (in shares) | 19,481 | |||
Common stock issued to employees and directors, includes RSUs vesting | $ 0 | 0 | 0 | 0 |
Common stock issued for ATM share sales, net (in shares) | 819,135 | |||
Common stock issued for ATM share sales, net | $ 1 | 697 | 0 | 698 |
Net loss | $ 0 | 0 | (3,166) | (3,166) |
Balance (in shares) at Jun. 30, 2022 | 75,772,815 | |||
Balance at Jun. 30, 2022 | $ 76 | $ 217,030 | $ (191,422) | $ 25,684 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Common stock issued, transaction costs | $ 22 | $ 67 | $ 143 | $ 311 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (7,576,000) | $ (12,102,000) |
Reconciliation of net loss to net cash used in operating activities | ||
Depreciation | 548,000 | 724,000 |
Amortization of intellectual property | 90,000 | 90,000 |
Fair value of RSUs issued for consulting services | 0 | 34,000 |
Stock-based compensation | 1,139,000 | 1,299,000 |
Inventory NRV adjustment | 0 | 146,000 |
Loss (gain) on disposal of property and equipment | (590,000) | 4,254,000 |
PPP loan forgiveness | 0 | (332,000) |
Changes in operating assets and liabilities | ||
Accounts receivable | 273,000 | (258,000) |
Inventory | 95,000 | 283,000 |
Prepaid expenses and other current assets | 45,000 | 320,000 |
Accounts payable | (5,000) | 222,000 |
Accrued expenses | (11,000) | 680,000 |
Other assets and liabilities | (357,000) | (300,000) |
Net cash used in operating activities | (6,349,000) | (4,940,000) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (973,000) | (1,217,000) |
Proceeds from sale of equipment | 1,145,000 | 275,000 |
Equipment deposits and other assets | (33,000) | 43,000 |
Investment in LINICO | (500,000) | (232,000) |
Net cash used in investing activities | (361,000) | (1,131,000) |
Cash flows from financing activities: | ||
Lease of building | 410,000 | 184,000 |
Proceeds from exercise of stock options | 0 | 727,000 |
Proceeds from ATM, net | 4,588,000 | 9,331,000 |
Net cash provided by financing activities | 4,998,000 | 10,242,000 |
Net increase (decrease) in cash and cash equivalents | (1,712,000) | 4,171,000 |
Cash and cash equivalents at beginning of period | 8,137,000 | 6,533,000 |
Cash and cash equivalents at end of period | 6,425,000 | 10,704,000 |
Supplemental disclosure of cash flows information | ||
Cash paid for income taxes | 0 | 2,000 |
Cash paid for interest | 5,000 | 0 |
Supplemental disclosure of non-cash transactions | ||
Change in property and equipment resulting from change in accounts payable | (218,000) | 538,000 |
Change in investing activity resulting from issuance of equity | $ 0 | $ (1,268,000) |
Note 1 - Organization
Note 1 - Organization | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Aqua Metals (NASDAQ: AQMS one $20 $9 2025. We completed the development of our first first 2017. April 2017 April 2018, 2018, two November 2018, 2019, 35,000 twenty-four seven one During the first 2020, first second V1.25L three V1.25a, V1.25b V1.25L. fourth 2020, V1.25L 100% V1.0 2018 2019. August 2021, V1.5 300% V1.0 2018 2019. 60% V1.0 97%, In February 2021, November 2021, two 2021. In August 2021, first 2022, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. The significant accounting policies and estimates used in preparation of the condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2021 10 December 31, 2021 February 24, 2022. no three six June 30, 2022 Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates ("ASU") of the Financial Accounting Standards Board (“FASB”) and pursuant to the rules and regulations of the SEC. Accordingly, they do not June 30, 2022 three six June 30, 2022 June 30, 2021 three six June 30, 2022 June 30, 2021 six June 30, 2022 June 30, 2021 December 31, 2021 not December 31, 2021 10 February 24, 2022. The results of operations for the three six June 30, 2022 not may December 31, 2022 Principles of consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its Subsidiaries, both of which are wholly-owned subsidiaries. Significant inter-company accounts and transactions have been eliminated in consolidation. Use of estimates The preparation of the condensed consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the period. Significant items subject to such estimates and assumptions include the carrying amount and valuation of long-lived assets, valuation allowances for deferred tax assets, the determination of stock option expense and the determination of the fair value of stock warrants issued. Actual results could differ from those estimates. Net loss per share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method or the if-converted method, as applicable. For purposes of this calculation, stock options, restricted stock units (RSUs) and warrants to purchase common stock are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following shares underlying outstanding convertible notes, stock options, RSUs and warrants to purchase common stock were antidilutive due to a net loss in the periods presented and, therefore, were excluded from the dilutive securities computation for the six June 30 June 30, Excluded potentially dilutive securities (1): 2022 2021 Options to purchase common stock 1,009,230 1,038,439 Unvested restricted stock units 4,307,768 4,840,763 Financing warrants to purchase common stock 6,372 6,372 Total potential dilutive securities 5,323,370 5,885,574 ( 1 The number of shares is based on the maximum number of shares issuable on exercise or conversion of the related securities as of the period end. Such amounts have not Segment and geographic information Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker views its operations and manages its business in one one Concentration of credit risk The Company did not three six June 30, 2022 three six June 30, 2021 June 30, 2022 December 31, 2021 Recent accounting pronouncements There were no six June 30, 2022 Insurance Proceeds On November 29, 2019, December 31, 2021, not |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. The Company has historically generated revenues by recycling lead acid batteries (“LABs”) and selling the recovered lead to its customers. Primary components of the recycling process include sales of recycled lead consisting of lead compounds, ingoted hard lead and ingoted AquaRefined lead as well as plastics. The Company commenced the shipment of products for sale, consisting of lead compounds and plastics, in April 2017, March 31, 2018, April 2018, June 2018, The Company was not three six June 30, 2022 three six June 30, 2021 |
Note 4 - Lease Receivable
Note 4 - Lease Receivable | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessor, Sales-type Leases [Text Block] | 4. The Company has entered into an Industrial Lease Agreement with LINICO Corporation, a Nevada corporation, or ("LINICO"), dated February 15, 2021 April 1, 2021 March 31, 2023. October 1, 2022 October 1, 2022 March 31, 2023. October 15, 2021, second November 22, 2022, six With respect to the portion of the facility that was damaged in the November 2019 first The Company accounted for the Industrial Lease and Option to Purchase Agreement as a sales-type lease. As a component of the accounting for the agreement, the Company recognized the estimated fair market value of the land and plant of $17.0 million as a lease receivable, which is reflected on the Company's condensed consolidated balance sheets. The implied interest rate of 0.5% was utilized for the amortization of the scheduled building lease/purchase payments outlined in the agreement. The Company applies the monthly payments received as a reduction to lease receivable and interest income. The interest income recognized from the agreement is included in "Interest and other income" on the Company's condensed consolidated statements of operations. For the six June 30, 2022 |
Note 5 - Inventory
Note 5 - Inventory | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventory consisted of the following (in thousands): June 30, 2022 December 31, 2021 Finished goods $ 28 $ 28 Work in process — 9 Raw materials — 86 Total inventory $ 28 $ 123 |
Note 6 - Assets Held for Sale
Note 6 - Assets Held for Sale | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 6. Assets are classified as held for sale when, among other factors, they are identified and marketed for sale in their present condition, management is committed to their disposal, and the sale of the asset is probable within one no June 30, 2022 |
Note 7 - Property and Equipment
Note 7 - Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Property and equipment, net, consisted of the following (in thousands): Useful Life Asset Class (Years) June 30, 2022 December 31, 2021 Operational equipment 3 - 10 $ 1,469 $ 1,539 Lab equipment 5 730 530 Computer equipment 3 6 8 Office furniture and equipment 3 90 91 Leasehold improvements 2.5 80 — Equipment under construction 2,232 1,328 4,607 3,496 Less: accumulated depreciation (1,299 ) (1,129 ) Total property and equipment, net $ 3,308 $ 2,367 Property and equipment depreciation expense was $0.1 million and $0.2 million for the three six June 30, 2022 three six June 30, 2021 |
Note 8 - Investments
Note 8 - Investments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Investment [Text Block] | 8. On February 15, 2021, three 500 $1,000 three March 31, 2022, The Company accounted for the LINICO investment under ASC 321, The LINICO Series A Preferred Stock is senior to all other capital stock of LINICO with regard to dividends and distributions upon liquidation, dissolution and sale of the company. Each share of LINICO Series A Preferred Stock is entitled to one $1,000 The Series A Preferred Stock Purchase Agreement includes customary representations, warranties, and covenants by LINICO and the Company. As LINICO’s sale of the 375,000 of Aqua Shares resulted in net proceeds to LINICO that were less than $1,500,000, the Company was required to pay LINICO the difference of $232,000 in cash. In connection with the investment transactions, the Company also entered into an Investors Rights Agreement and a Voting Agreement, each dated February 15, 2021, one 10% Comstock Mining Inc., a Nevada corporation (NYSE-MKT: LODE), is the beneficial owner of approximately 88% of the common shares of LINICO. The Company's Chief Financial Officer, Judd Merrill, is a member of the board of directors of Comstock Mining. |
Note 9 - Accrued Liabilities
Note 9 - Accrued Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 9. Accrued liabilities consist of the following (in thousands): June 30, 2022 December 31, 2021 Property and equipment related $ 715 $ 2,242 Class action settlement 500 500 Payroll related 828 180 Professional 103 56 Other 185 27 $ 2,331 $ 3,005 |
Note 10 - Leases
Note 10 - Leases | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 10. As of June 30, 2022 two two one three six June 30, 2022 first 2022. three six June 30, 2021 Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, as of June 30, 2022 June 30, 2021 The Company currently maintains two November 2021, October 2024. second September 2023. Information related to the Company's right-of-use assets and related lease liabilities were as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Cash paid for operating lease liabilities $ 150 $ 164 $ 214 $ 327 Operating lease cost $ 141 $ 144 $ 207 $ 289 Cash paid for finance lease liabilities $ 15 $ 2 $ 29 $ 3 Interest expense $ 2 $ — $ 5 $ — June 30, 2022 Weighted-average remaining lease term (Years) - operating leases 2.4 Weighted-average discount rate - operating leases 6.15 % Weighted-average remaining lease term (Years) - finance leases 1.8 Weighted-average discount rate - finance leases 7.51 % Future maturities of lease liabilities as of June 30, 2022 Due in 12-month period ended June 30, Operating Leases Finance Leases 2022 $ 263 $ 61 2023 $ 280 $ 64 2024 $ 91 $ 18 Less imputed interest $ (44 ) $ (11 ) Total lease liabilities $ 590 $ 132 Current lease liabilities $ 235 $ 53 Non-current lease liabilities $ 355 $ 79 $ 590 $ 132 |
Note 11 - Notes Payable
Note 11 - Notes Payable | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. As of June 30, 2022, not December 31, 2021, two |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 12. Shares issued During the six June 30, 2022 During the six June 30, 2022 During the six June 30, 2022 Stock-based compensation The stock-based compensation expense was allocated as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of product sales $ 23 $ 16 $ 48 $ 47 Research and development cost 18 11 36 53 General and administrative expense 493 592 1,055 1,198 Total $ 534 $ 619 $ 1,139 $ 1,298 There were no options issued during the three six June 30, 2022 three six June 30, 2021 Restricted stock units In January 2022, three three In February 2022, three three In April 2022, three three In May 2022, four twelve In June 2022, three three |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. Legal proceedings See Item 1. |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. The Company has evaluated subsequent events through the date which the condensed consolidated financial statements were available to be issued. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates ("ASU") of the Financial Accounting Standards Board (“FASB”) and pursuant to the rules and regulations of the SEC. Accordingly, they do not June 30, 2022 three six June 30, 2022 June 30, 2021 three six June 30, 2022 June 30, 2021 six June 30, 2022 June 30, 2021 December 31, 2021 not December 31, 2021 10 February 24, 2022. The results of operations for the three six June 30, 2022 not may December 31, 2022 |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its Subsidiaries, both of which are wholly-owned subsidiaries. Significant inter-company accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of the condensed consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the period. Significant items subject to such estimates and assumptions include the carrying amount and valuation of long-lived assets, valuation allowances for deferred tax assets, the determination of stock option expense and the determination of the fair value of stock warrants issued. Actual results could differ from those estimates. |
Earnings Per Share, Policy [Policy Text Block] | Net loss per share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method or the if-converted method, as applicable. For purposes of this calculation, stock options, restricted stock units (RSUs) and warrants to purchase common stock are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following shares underlying outstanding convertible notes, stock options, RSUs and warrants to purchase common stock were antidilutive due to a net loss in the periods presented and, therefore, were excluded from the dilutive securities computation for the six June 30 June 30, Excluded potentially dilutive securities (1): 2022 2021 Options to purchase common stock 1,009,230 1,038,439 Unvested restricted stock units 4,307,768 4,840,763 Financing warrants to purchase common stock 6,372 6,372 Total potential dilutive securities 5,323,370 5,885,574 ( 1 The number of shares is based on the maximum number of shares issuable on exercise or conversion of the related securities as of the period end. Such amounts have not |
Segment Reporting, Policy [Policy Text Block] | Segment and geographic information Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker views its operations and manages its business in one one |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk The Company did not three six June 30, 2022 three six June 30, 2021 June 30, 2022 December 31, 2021 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements There were no six June 30, 2022 |
Insurance Proceeds [Policy Text Block] | Insurance Proceeds On November 29, 2019, December 31, 2021, not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | June 30, Excluded potentially dilutive securities (1): 2022 2021 Options to purchase common stock 1,009,230 1,038,439 Unvested restricted stock units 4,307,768 4,840,763 Financing warrants to purchase common stock 6,372 6,372 Total potential dilutive securities 5,323,370 5,885,574 |
Note 5 - Inventory (Tables)
Note 5 - Inventory (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2022 December 31, 2021 Finished goods $ 28 $ 28 Work in process — 9 Raw materials — 86 Total inventory $ 28 $ 123 |
Note 7 - Property and Equipme_2
Note 7 - Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful Life Asset Class (Years) June 30, 2022 December 31, 2021 Operational equipment 3 - 10 $ 1,469 $ 1,539 Lab equipment 5 730 530 Computer equipment 3 6 8 Office furniture and equipment 3 90 91 Leasehold improvements 2.5 80 — Equipment under construction 2,232 1,328 4,607 3,496 Less: accumulated depreciation (1,299 ) (1,129 ) Total property and equipment, net $ 3,308 $ 2,367 |
Note 9 - Accrued Liabilities (T
Note 9 - Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, 2022 December 31, 2021 Property and equipment related $ 715 $ 2,242 Class action settlement 500 500 Payroll related 828 180 Professional 103 56 Other 185 27 $ 2,331 $ 3,005 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Cash paid for operating lease liabilities $ 150 $ 164 $ 214 $ 327 Operating lease cost $ 141 $ 144 $ 207 $ 289 Cash paid for finance lease liabilities $ 15 $ 2 $ 29 $ 3 Interest expense $ 2 $ — $ 5 $ — June 30, 2022 Weighted-average remaining lease term (Years) - operating leases 2.4 Weighted-average discount rate - operating leases 6.15 % Weighted-average remaining lease term (Years) - finance leases 1.8 Weighted-average discount rate - finance leases 7.51 % |
Lessee, Lease Liability, Maturity [Table Text Block] | Due in 12-month period ended June 30, Operating Leases Finance Leases 2022 $ 263 $ 61 2023 $ 280 $ 64 2024 $ 91 $ 18 Less imputed interest $ (44 ) $ (11 ) Total lease liabilities $ 590 $ 132 Current lease liabilities $ 235 $ 53 Non-current lease liabilities $ 355 $ 79 $ 590 $ 132 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of product sales $ 23 $ 16 $ 48 $ 47 Research and development cost 18 11 36 53 General and administrative expense 493 592 1,055 1,198 Total $ 534 $ 619 $ 1,139 $ 1,298 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) - USD ($) $ in Millions | Mar. 31, 2022 | Feb. 28, 2021 |
LiNiCo [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 12% | 12% |
LiNiCo [Member] | Maximum [Member] | ||
Equity Securities without Readily Determinable Fair Value, Amount | $ 2 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 4 | $ 0 | $ 4 | $ 0 | |
AquaRefining Fire [Member] | |||||
Proceeds from Insurance Settlement, Investing Activities | $ 30,250 | ||||
Sale of Inventory [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 0 | $ 0 | $ 0 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
Total potential dilutive securities (in shares) | [1] | 5,323,370 | 5,885,574 |
Share-Based Payment Arrangement, Option [Member] | |||
Total potential dilutive securities (in shares) | [1] | 1,009,230 | 1,038,439 |
Restricted Stock Units (RSUs) [Member] | |||
Total potential dilutive securities (in shares) | [1] | 4,307,768 | 4,840,763 |
Warrant [Member] | |||
Total potential dilutive securities (in shares) | [1] | 6,372 | 6,372 |
[1]The number of shares is based on the maximum number of shares issuable on exercise or conversion of the related securities as of the period end. Such amounts have not been adjusted for the treasury stock method or weighted average outstanding calculations as required if the securities were dilutive. |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) | 6 Months Ended |
Jun. 30, 2022 | |
Percentage of Revenue From Products Transferred at Point in Time | 100% |
Note 4 - Lease Receivable (Deta
Note 4 - Lease Receivable (Details Textual) | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Feb. 15, 2021 USD ($) ft² | Nov. 30, 2019 ft² | |
Area of Land Damaged by Fire (Square Foot) | ft² | 30,000 | |||
Sales-Type Lease, Net Investment in Lease, Excluding Accrued Interest, after Allowance for Credit Loss, Total | $ 17,000,000 | |||
Sales-Type Lease, Net Investment in Lease, Excluding Accrued Interest, after Allowance for Credit Loss, Implied Interest Rate | 0.50% | |||
Proceeds from Sales-type Lease Payments, Financing Activities | $ 410,000 | $ 184,000 | ||
Sales-type Lease, Lease Income, Total | $ 38,000 | |||
Recycling Facility at TRIC [Member] | ||||
Area of Real Estate Property (Square Foot) | ft² | 136,750 | |||
Lessor, Operating Lease, Lessee's First Option to Purchase | $ 14,250,000 | |||
Lessor, Operating Lease, Lessee's Second Option to Purchase | 15,250,000 | |||
First Nonrefundable Deposit Subject to Purchase Option | 1,250,000 | |||
Second Nonrefundable Deposit Subject to Purchase Option | 2,000,000 | |||
Lessor, Operating Lease, Monthly Payments to be Received | 68,000 | |||
Lessor, Operating Lease, Monthly Payments to be Received in Last Six Months of Lease Term | $ 100,640 |
Note 5 - Inventory - Inventory
Note 5 - Inventory - Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Finished goods | $ 28 | $ 28 |
Work in process | 0 | 9 |
Raw materials | 0 | 86 |
Total inventory | $ 28 | $ 123 |
Note 6 - Assets Held for Sale (
Note 6 - Assets Held for Sale (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Assets Held for Sale, Additions | $ 1.1 |
Note 7 - Property and Equipme_3
Note 7 - Property and Equipment, Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Depreciation, Total | $ 0.1 | $ 0.3 | $ 0.2 | $ 0.5 |
Note 7 - Property and Equipme_4
Note 7 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Property and equipment, gross | $ 4,607 | $ 3,496 |
Less: accumulated depreciation | (1,299) | (1,129) |
Total property and equipment, net | 3,308 | 2,367 |
Operational Equipment [Member] | ||
Property and equipment, gross | $ 1,469 | 1,539 |
Operational Equipment [Member] | Minimum [Member] | ||
Property and equipment, net, useful life (Year) | 3 years | |
Operational Equipment [Member] | Maximum [Member] | ||
Property and equipment, net, useful life (Year) | 10 years | |
Laboratory Equipment [Member] | ||
Property and equipment, net, useful life (Year) | 5 years | |
Property and equipment, gross | $ 730 | 530 |
Computer Equipment [Member] | ||
Property and equipment, net, useful life (Year) | 3 years | |
Property and equipment, gross | $ 6 | 8 |
Office Furniture and Equipment [Member] | ||
Property and equipment, net, useful life (Year) | 3 years | |
Property and equipment, gross | $ 90 | 91 |
Building [Member] | ||
Property and equipment, net, useful life (Year) | 2 years 6 months | |
Property and equipment, gross | $ 80 | 0 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 2,232 | $ 1,328 |
Note 8 - Investments (Details T
Note 8 - Investments (Details Textual) - USD ($) | 3 Months Ended | ||
Feb. 15, 2021 | Mar. 31, 2022 | Feb. 28, 2021 | |
LiNiCo [Member] | |||
Series A Preferred Stock Purchase Agreement, Initial Sale of Stock (in shares) | 375,000 | ||
Series A Preferred Stock Purchase Agreement, Approximate Proceeds from Initial Sale of Stock | $ 1,500,000 | ||
Series A Preferred Stock Purchase Agreement, Approximate Proceeds from Aggregate Sale of Stock | $ 232,000 | ||
LiNiCo [Member] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 12% | 12% | |
LiNiCo [Member] | Comstock Mining Inc. [Member] | |||
Ownership Percentage | 88% | ||
Series A Preferred Stock [Member] | LiNiCo [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 8% | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 1,000 | ||
LiNiCo [Member] | |||
Stock Issued During Period, Shares, Equity Method Invesment (in shares) | 375,000 | ||
LiNiCo [Member] | Series A Warrant [Member] | |||
Investment Warrant, Term (Year) | 3 years | ||
Investment Warrant, Exercised During Period (in shares) | 500 | ||
LiNiCo [Member] | Series A Preferred Stock [Member] | |||
Shares Received in Exchange of Common Stock Issued (in shares) | 1,500 | ||
Value of Shares Received in Exchange of Common Stock Issued | $ 1,500,000 | ||
Investment Owned, Balance, Shares (in shares) | 2,000 |
Note 9 - Accrued Liabilities -
Note 9 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property and equipment related | $ 715 | $ 2,242 |
Class action settlement | 500 | 500 |
Payroll related | 828 | 180 |
Professional | 103 | 56 |
Other | 185 | 27 |
Accrued Liabilities, Current, Total | $ 2,331 | $ 3,005 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | |
Sublease Income | $ 0 | $ 127,000 | $ 85,000 | $ 255,000 | |
Operating Lease and Finance lease, Right-of-Use Asset | 580,000 | 460,000 | 580,000 | 460,000 | |
Operating Lease, Liability, Total | $ 590,000 | $ 540,000 | $ 590,000 | $ 540,000 | |
Real Estate Lease One [Member] | |||||
Lessee, Operating Lease, Term of Contract (Month) | 36 months | ||||
Real Estate Lease Two [Member] | |||||
Lessee, Operating Lease, Term of Contract (Month) | 37 months |
Note 10 - Leases - Right-of-Use
Note 10 - Leases - Right-of-Use Assets and Related Lease Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash paid for operating lease liabilities | $ 150 | $ 164 | $ 214 | $ 327 |
Operating lease cost | 141 | 144 | 207 | 289 |
Cash paid for finance lease liabilities | 15 | 2 | 29 | 3 |
Interest expense | $ 2 | $ 0 | $ 5 | $ 0 |
Weighted-average remaining lease term (Years) - operating leases (Year) | 2 years 4 months 24 days | 2 years 4 months 24 days | ||
Weighted-average discount rate - operating leases | 6.15% | 6.15% | ||
Weighted-average remaining lease term (Years) - finance leases (Year) | 1 year 9 months 18 days | 1 year 9 months 18 days | ||
Weighted-average discount rate - finance leases | 7.51% | 7.51% |
Note 10 - Leases - Maturities o
Note 10 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
2022, operating lease | $ 263 | |
2022, finance lease | 61 | |
2023, operating lease | 280 | |
2023, finance lease | 64 | |
2024, operating lease | 91 | |
2024, finance lease | 18 | |
Less imputed interest, operating lease | (44) | |
Less imputed interest, finance lease | (11) | |
Total operating lease | 590 | |
Total finance lease | 132 | |
Operating lease | 590 | $ 540 |
Lease Liability, Current Portion [Member] | ||
Current lease liabilities, operating lease | 235 | |
Current lease liabilities, finance lease | 53 | |
Lease Liability, Noncurrent Portion [Member] | ||
Non-current lease liabilities, operating lease | 355 | |
Non-current lease liabilities, finance lease | 79 | |
Lease Liability, Current and Noncurrent Portion [Member] | ||
Operating lease | 590 | |
Finance lease | $ 132 |
Note 11 - Notes Payable (Detail
Note 11 - Notes Payable (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2022 | |
Notes Payable, Total | $ 0 | |
Paycheck Protection Program, CARES Act [Member] | ||
Debt Instrument, Decrease, Forgiveness | $ 332,000 |
Note 12 - Stockholders' Equit_2
Note 12 - Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | May 31, 2022 | Apr. 30, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Proceeds from Issuance of Common Stock | $ 4,588,000 | $ 9,331,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | 0 | |||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 12,121 | 182,293 | 9,615 | 47,933 | 44,780 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 10,000 | $ 175,000 | $ 10,000 | $ 50,000 | $ 50,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | 12 months | 3 years | 3 years | 3 years | ||||
ATM [Member] | |||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 4,217,134 | ||||||||
Proceeds from Issuance of Common Stock | $ 4.6 | ||||||||
Management and Employees [Member] | |||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 1,105,011 | ||||||||
Board Members [Member] | |||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 34,118 |
Note 12 - Stockholders' Equit_3
Note 12 - Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock-based compensation expense | $ 534 | $ 619 | $ 1,139 | $ 1,298 |
Cost of Sales [Member] | ||||
Stock-based compensation expense | 23 | 16 | 48 | 47 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 18 | 11 | 36 | 53 |
General and Administrative Expense [Member] | ||||
Stock-based compensation expense | $ 493 | $ 592 | $ 1,055 | $ 1,198 |