Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000846913 | |
Entity Registrant Name | FUEL TECH, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-33059 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-5657551 | |
Entity Address, Address Line One | 27601 Bella Vista Parkway | |
Entity Address, City or Town | Warrenville | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60555-1617 | |
City Area Code | 630 | |
Local Phone Number | 845-4500 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FTEK | |
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 | 30,263,791 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 36,194 | $ 10,640 |
Restricted cash | 98 | 1,595 |
Accounts receivable, net | 3,403 | 6,548 |
Inventories, net | 194 | 97 |
Prepaid expenses and other current assets | 1,555 | 2,193 |
Total current assets | 41,444 | 21,073 |
Property and equipment, net of accumulated depreciation of $18,459 and $26,889, respectively | 5,087 | 5,220 |
Goodwill | 2,116 | 2,116 |
Other intangible assets, net of accumulated amortization of $828 and $757, respectively | 516 | 553 |
Restricted cash | 270 | 371 |
Right-of-use operating lease assets | 311 | 394 |
Other assets | 317 | 361 |
Total assets | 50,061 | 30,088 |
Current liabilities: | ||
Accounts payable | 1,400 | 2,353 |
Accrued liabilities: | ||
Operating lease liabilities - current | 132 | 149 |
Employee compensation | 681 | 930 |
Other accrued liabilities | 1,339 | 2,099 |
Total current liabilities | 3,552 | 5,531 |
Operating lease liabilities - non-current | 171 | 237 |
Long-term borrowings | 0 | 1,556 |
Deferred income taxes, net | 134 | 134 |
Other liabilities | 306 | 309 |
Total liabilities | 4,163 | 7,767 |
Stockholders’ equity: | ||
Common stock, $.01 par value, 40,000,000 shares authorized, 31,227,300 and 25,639,702 shares issued, and 30,263,791 and 25,228,951 shares outstanding, respectively | 312 | 262 |
Additional paid-in capital | 164,157 | 140,138 |
Accumulated deficit | (114,983) | (114,603) |
Accumulated other comprehensive loss | (1,430) | (1,370) |
Nil coupon perpetual loan notes | 76 | 76 |
Treasury stock, at cost | (2,234) | (2,182) |
Total stockholders’ equity | 45,898 | 22,321 |
Total liabilities and stockholders’ equity | $ 50,061 | $ 30,088 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accumulated depreciation | $ 18,459 | $ 26,889 |
Accumulated amortization, intangible assets | $ 828 | $ 757 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 31,227,300 | 25,639,702 |
Common stock, shares outstanding (in shares) | 30,263,791 | 25,228,951 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 5,218 | $ 4,401 | $ 10,251 | $ 8,179 |
Costs and expenses: | ||||
Cost of sales | 2,635 | 3,799 | 5,310 | 6,050 |
Selling, general and administrative | 2,957 | 2,755 | 6,057 | 6,641 |
Research and development | 315 | 271 | 730 | 595 |
Costs and Expenses, Total | 5,907 | 6,825 | 12,097 | 13,286 |
Operating loss | (689) | (2,424) | (1,846) | (5,107) |
Interest expense | (5) | (3) | (9) | (6) |
Interest income | 2 | 2 | 3 | 13 |
Other (expense) income, net | (76) | (88) | 1,482 | 138 |
Loss before income taxes | (768) | (2,513) | (370) | (4,962) |
Income tax expense | (10) | (31) | (10) | (149) |
Net loss | $ (778) | $ (2,544) | $ (380) | $ (5,111) |
Net loss per common share: | ||||
Basic net loss per common share (in dollars per share) | $ (0.03) | $ (0.10) | $ (0.01) | $ (0.21) |
Diluted net loss per common share (in dollars per share) | $ (0.03) | $ (0.10) | $ (0.01) | $ (0.21) |
Weighted-average number of common shares outstanding: | ||||
Basic (in shares) | 30,264,000 | 24,668,000 | 28,895,000 | 24,633,000 |
Diluted (in shares) | 30,264,000 | 24,668,000 | 28,895,000 | 24,633,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net loss | $ (778) | $ (2,544) | $ (380) | $ (5,111) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 133 | 152 | (60) | (79) |
Comprehensive loss | $ (645) | $ (2,392) | $ (440) | $ (5,190) |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Nil Coupon Perpetual Loan Notes [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 24,592 | ||||||
Balance at Dec. 31, 2019 | $ 254 | $ 139,560 | $ (110,325) | $ (1,778) | $ 76 | $ (1,612) | $ 26,175 |
Net income (loss) | 0 | 0 | (2,567) | 0 | 0 | 0 | (2,567) |
Foreign currency translation adjustments | 0 | 0 | 0 | (231) | 0 | 0 | (231) |
Stock compensation expense | $ 0 | 81 | 0 | 0 | 0 | 0 | 81 |
Common shares issued upon vesting of restricted stock units (in shares) | 55 | ||||||
Common shares issued upon vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Treasury shares withheld (in shares) | (11) | ||||||
Treasury shares withheld | $ 0 | 0 | 0 | 0 | 0 | (5) | (5) |
Balance (in shares) at Mar. 31, 2020 | 24,636 | ||||||
Balance at Mar. 31, 2020 | $ 254 | 139,641 | (112,892) | (2,009) | 76 | (1,617) | 23,453 |
Balance (in shares) at Dec. 31, 2019 | 24,592 | ||||||
Balance at Dec. 31, 2019 | $ 254 | 139,560 | (110,325) | (1,778) | 76 | (1,612) | 26,175 |
Net income (loss) | (5,111) | ||||||
Foreign currency translation adjustments | (79) | ||||||
Balance (in shares) at Jun. 30, 2020 | 24,701 | ||||||
Balance at Jun. 30, 2020 | $ 255 | 139,710 | (115,436) | (1,857) | 76 | (1,618) | 21,130 |
Balance (in shares) at Mar. 31, 2020 | 24,636 | ||||||
Balance at Mar. 31, 2020 | $ 254 | 139,641 | (112,892) | (2,009) | 76 | (1,617) | 23,453 |
Net income (loss) | 0 | 0 | (2,544) | 0 | 0 | 0 | (2,544) |
Foreign currency translation adjustments | 0 | 0 | 0 | 152 | 0 | 0 | 152 |
Stock compensation expense | $ 0 | 69 | 0 | 0 | 0 | 0 | 69 |
Common shares issued upon vesting of restricted stock units (in shares) | 66 | ||||||
Common shares issued upon vesting of restricted stock units | $ 1 | 0 | 0 | 0 | 0 | (1) | 0 |
Treasury shares withheld (in shares) | (1) | ||||||
Treasury shares withheld | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Balance (in shares) at Jun. 30, 2020 | 24,701 | ||||||
Balance at Jun. 30, 2020 | $ 255 | 139,710 | (115,436) | (1,857) | 76 | (1,618) | 21,130 |
Balance (in shares) at Dec. 31, 2020 | 25,229 | ||||||
Balance at Dec. 31, 2020 | $ 262 | 140,138 | (114,603) | (1,370) | 76 | (2,182) | 22,321 |
Net income (loss) | 0 | 0 | 398 | 0 | 0 | 0 | 398 |
Foreign currency translation adjustments | 0 | 0 | 0 | (193) | 0 | 0 | (193) |
Stock compensation expense | $ 0 | 20 | 0 | 0 | 0 | 0 | 20 |
Common shares issued upon vesting of restricted stock units (in shares) | 50 | ||||||
Common shares issued upon vesting of restricted stock units | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Treasury shares withheld (in shares) | (15) | ||||||
Treasury shares withheld | $ 0 | 0 | 0 | 0 | 0 | (52) | (52) |
Common stock issued in connection with private placement, net (in shares) | 5,000 | ||||||
Common stock issued in connection with private placement, net | $ 50 | 23,979 | 0 | 0 | 0 | 0 | 24,029 |
Balance (in shares) at Mar. 31, 2021 | 30,264 | ||||||
Balance at Mar. 31, 2021 | $ 312 | 164,137 | (114,205) | (1,563) | 76 | (2,234) | 46,523 |
Balance (in shares) at Dec. 31, 2020 | 25,229 | ||||||
Balance at Dec. 31, 2020 | $ 262 | 140,138 | (114,603) | (1,370) | 76 | (2,182) | 22,321 |
Net income (loss) | (380) | ||||||
Foreign currency translation adjustments | (60) | ||||||
Balance (in shares) at Jun. 30, 2021 | 30,264 | ||||||
Balance at Jun. 30, 2021 | $ 312 | 164,157 | (114,983) | (1,430) | 76 | (2,234) | 45,898 |
Balance (in shares) at Mar. 31, 2021 | 30,264 | ||||||
Balance at Mar. 31, 2021 | $ 312 | 164,137 | (114,205) | (1,563) | 76 | (2,234) | 46,523 |
Net income (loss) | 0 | 0 | (778) | 0 | 0 | 0 | (778) |
Foreign currency translation adjustments | 0 | 0 | 0 | 133 | 0 | 0 | 133 |
Stock compensation expense | $ 0 | 20 | 0 | 0 | 0 | 0 | 20 |
Balance (in shares) at Jun. 30, 2021 | 30,264 | ||||||
Balance at Jun. 30, 2021 | $ 312 | $ 164,157 | $ (114,983) | $ (1,430) | $ 76 | $ (2,234) | $ 45,898 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||
Net loss | $ (380) | $ (5,111) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 319 | 329 |
Amortization | 71 | 85 |
Loss on disposal of equipment | 13 | 0 |
Provision for doubtful accounts, net of recoveries | 23 | (1,082) |
Stock-based compensation, net of forfeitures | 40 | 150 |
Gain on forgiveness of Paycheck Protection Plan Loan | (1,556) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,079 | 1,863 |
Inventories | (97) | (78) |
Prepaid expenses, other current assets and other non-current assets | 681 | 424 |
Accounts payable | (943) | (531) |
Accrued liabilities and other non-current liabilities | (1,021) | 537 |
Net cash provided by (used in) operating activities | 229 | (3,414) |
Investing Activities | ||
Purchases of equipment and patents | (237) | (122) |
Net cash used in investing activities | (237) | (122) |
Financing Activities | ||
Proceeds from borrowings | 0 | 1,556 |
Proceeds from sale of common stock issued in connection with private placement | 25,812 | 0 |
Costs related to sale of common stock issued in connection with private placement | (1,783) | 0 |
Taxes paid on behalf of equity award participants | (52) | (6) |
Net cash provided by financing activities | 23,977 | 1,550 |
Effect of exchange rate fluctuations on cash | (13) | (258) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 23,956 | (2,244) |
Cash, cash equivalents, and restricted cash at beginning of period (Note 2) | 12,606 | 13,501 |
Cash, cash equivalents and restricted cash at end of period (Note 2) | $ 36,562 | $ 11,257 |
Note 1 - General
Note 1 - General | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization Fuel Tech, Inc. and subsidiaries ("Fuel Tech", the "Company", "we", "us" or "our") develops and provides proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. The Company’s NOx reduction technologies reduce nitrogen oxide emissions from boilers, furnaces and other stationary combustion sources. To reduce NOx emissions, our technologies utilize advanced combustion modification techniques and post-combustion NOx control approaches including non-catalytic, catalytic and combined systems. The Company also provides solutions for the mitigation of particulate matter, including particulate control with electrostatic precipitator products and services, and using flue gas conditioning systems which modify the ash properties of particulate for improved collection efficiency. The Company’s FUEL CHEM® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion, and opacity. Water treatment technologies include DGI™ Dissolved Gas Infusion Systems which utilize a patented nozzle to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment, and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. 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") for interim financial information and with the instructions to Form 10 10 X not three six June 30, 2021 not December 31, 2021. 10 December 31, 2020 COVID- 19 The effects of the coronavirus (COVID- 19 not may third Management cannot predict the full impact of the COVID- 19 19 Private Placement Offering On February 11, 2021, five one five one |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Restricted cash Restricted cash as of June 30, 2021 no June 30, 2022 February 1, 2023) 10 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows: June 30, June 30, 2021 2020 Cash and cash equivalents $ 36,194 $ 8,254 Restricted cash included in current assets 98 2,639 Restricted cash included in long-term assets 270 364 Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 36,562 $ 11,257 Leases The Company applies the provisions of Accounting Standards Codification ("ASC") 842, Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not may We have lease agreements with lease and non-lease components, and we elected the practical expedient to not 12 |
Note 3 - Revenue
Note 3 - Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. The Company recognizes revenue when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Fuel Tech’s sales of products to customers generally represent single performance obligations. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not not We generally expense sales commissions on a ratable basis when incurred because the amortization period would have been one Air Pollution Control Technology Fuel Tech’s APC contracts are typically six eighteen three four As part of most of its contractual APC project agreements, Fuel Tech will agree to customer-specific acceptance criteria that relate to the operational performance of the system that is being sold. These criteria are determined based on modeling that is performed by Fuel Tech personnel, which is based on operational inputs that are provided by the customer. The customer will warrant that these operational inputs are accurate as they are specified in the binding contractual agreement. Further, the customer is solely responsible for the accuracy of the operating condition information; typically all performance guarantees and equipment warranties granted by us are voidable if the operating condition information is inaccurate or is not Since control transfers over time, revenue is recognized based on the extent of progress towards completion of the single performance obligation. Fuel Tech uses the cost-to-cost input measure of progress for our contracts since it best depicts the transfer of assets to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost input measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. Costs to fulfill include all internal and external engineering costs, equipment charges, inbound and outbound freight expenses, internal and site transfer costs, installation charges, purchasing and receiving costs, inspection costs, warehousing costs, project personnel travel expenses and other direct and indirect expenses specifically identified as project- or product-line related, as appropriate (e.g. test equipment depreciation and certain insurance expenses). Fuel Tech’s APC product line also includes ancillary revenue for post contractual goods and services. Revenue associated with these activities are recognized at point in time when delivery of goods or completion of the service obligation is performed. Fuel Tech has installed over 1,200 units with APC technology and normally provides performance guarantees to our customers based on the operating conditions for the project. As part of the project implementation process, we perform system start-up and optimization services that effectively serve as a test of actual project performance. We believe that this test, combined with the accuracy of the modeling that is performed, enables revenue to be recognized prior to the receipt of formal customer acceptance. FUEL CHEM Revenues from the sale of chemical products are recognized when control transfers to customer upon shipment or delivery of the product based on the applicable shipping terms. We generally recognize revenue for these arrangements at a point in time based on our evaluation of when the customer obtains control of the promised goods or services. On occasion, Fuel Tech will engineer and sell its chemical pumping equipment. These projects are similar in nature to the APC projects described above and for those project where control transfers over time, revenue is recognized based on the extent of progress towards completion of the single performance obligation. For projects containing multiple performance obligations, the Company allocates the transaction price based on the estimated standalone selling price. The Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company utilizes key assumptions to determine the stand-alone selling price, which may one The consideration allocated to each performance obligation is recognized as revenue when control is transferred for the related goods or services. For performance obligations which consist of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The Company receives payments from its customers based on billing schedules established in each contract. Up-front payments and fees are recorded as deferred revenue upon receipt or when due until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. Disaggregated Revenue by Product Technology The following table presents our revenues disaggregated by product technology: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Air Pollution Control Technology solutions $ 223 $ 1,469 $ 596 $ 2,198 Spare parts 236 214 416 413 Ancillary revenue 527 254 881 522 Total Air Pollution Control Technology revenues 986 1,937 1,893 3,133 FUEL CHEM FUEL CHEM technology solutions 4,232 2,464 8,358 5,046 Total Revenues $ 5,218 $ 4,401 $ 10,251 $ 8,179 Disaggregated Revenue by Geography The following table presents our revenues disaggregated by geography, based on the billing addresses of our customers: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 United States $ 4,588 $ 3,310 $ 9,051 $ 6,407 Foreign Revenues Latin America 142 59 217 205 Europe 301 197 676 590 Asia 187 835 307 977 Total Foreign Revenues 630 1,091 1,200 1,772 Total Revenues $ 5,218 $ 4,401 $ 10,251 $ 8,179 Timing of Revenue Recognition The following table presents the timing of our revenue recognition: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Products transferred at a point in time $ 4,995 $ 2,932 $ 9,655 $ 5,981 Products and services transferred over time 223 1,469 596 2,198 Total Revenues $ 5,218 $ 4,401 $ 10,251 $ 8,179 Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the consolidated balance sheets. In our Air Pollution Control Technology segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. For the FUEL CHEM technology segment, deliveries made in the current period but billed in subsequent periods are also considered unbilled receivables (contract assets). These assets are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. At June 30, 2021 December 31, 2020 However, the Company will periodically bill in advance of costs incurred before revenue is recognized, resulting in contract liabilities. These liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. Contract liabilities were $694 and $850, at June 30, 2021 December 31, 2020 Changes in the contract asset and liability balances during the six June 30, 2021 not three six June 30, 2021 three six June 30, 2020 As of June 30, 2021 14 December 31, 2020 Remaining Performance Obligations Remaining performance obligations represents the transaction price of Air Pollution Control technology booked orders for which work has not June 30, 2021 Accounts Receivable The components of accounts receivable are as follows: As of June 30, 2021 December 31, 2020 Trade receivables $ 3,700 $ 5,015 Unbilled receivables 406 2,348 Other short-term receivables 162 20 Allowance for doubtful accounts (865 ) (835 ) Total accounts receivable $ 3,403 $ 6,548 |
Note 4 - Restructuring Activiti
Note 4 - Restructuring Activities | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 4. On January 18, 2019, June 30, 2021 The following table presents our revenues and net income (loss) which includes the Restructuring charge line item within the Condensed Statements of Operations for 2021 2020 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Total revenues $ 4 $ 3 $ 15 $ 5 Net income (loss) (63 ) (85 ) (38 ) 42 Total assets primarily consist of cash, accounts receivable, contract assets, prepaid expenses and other current assets. Total liabilities consist of accounts payable and certain accrued liabilities. The following table presents net assets in China as follows: As of June 30, 2021 December 31, 2020 Total assets $ 1,428 $ 2,463 Total liabilities 292 396 Total net assets $ 1,136 $ 2,067 |
Note 5 - Accumulated Other Comp
Note 5 - Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 5. The changes in accumulated other comprehensive loss by component were as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Foreign currency translation Balance at beginning of period $ (1,563 ) $ (2,009 ) $ (1,370 ) $ (1,778 ) Other comprehensive income (loss): Foreign currency translation adjustments (1) 133 152 (60 ) (79 ) Total accumulated other comprehensive loss $ (1,430 ) $ (1,857 ) $ (1,430 ) $ (1,857 ) ( 1 In all periods presented, there were no no |
Note 6 - Treasury Stock
Note 6 - Treasury Stock | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 6. Common stock held in treasury totaled 963,509 and 948,347 with a cost of $2,234 and $2,182 at June 30, 2021 December 31, 2020 |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. Basic earnings per share excludes the dilutive effects of stock options, restricted stock units (RSUs), and the nil nil three six June 30, 2021 June 30, 2020 The following table sets forth the weighted-average shares used in calculating the earnings per share for the three six June 30, 2021 2020 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Basic weighted-average shares 30,264,000 24,668,000 28,895,000 24,633,000 Conversion of unsecured loan notes — — — — Unexercised options and unvested RSUs — — — — Diluted weighted-average shares 30,264,000 24,668,000 28,895,000 24,633,000 Fuel Tech had 160,000 and 553,000 weighted average equity awards outstanding at June 30, 2021 2020, not |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 8. Under our stock-based employee compensation plan, referred to as the Fuel Tech, Inc. 2014 may may may June 30, 2021 2014 We did not three six June 30, 2021 no three six June 30, 2021 no Stock-based compensation is included in selling, general, and administrative costs in our Condensed Consolidated Statements of Operations. The components of stock-based compensation for the three six June 30, 2021 2020 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Stock options and restricted stock units, net of forfeited $ 20 $ 69 $ 40 $ 150 After-tax effect of stock-based compensation $ 20 $ 69 $ 40 $ 150 Stock Options Stock options granted to employees under the Incentive Plans have a 10-year life and they vest as follows: 50% after the second third fourth four Fuel Tech uses the Black-Scholes option pricing model to estimate the grant date fair value of employee stock options. The principal variable assumptions utilized in valuing options and the methodology for estimating such model inputs include: ( 1 2 3 Stock option activity for Fuel Tech’s Incentive Plans for the six June 30, 2021 Weighted- Average Number Weighted- Remaining Aggregate of Average Contractual Intrinsic Options Exercise Price Term Value Outstanding on January 1, 2021 484,500 $ 3.57 Granted — — Exercised — — Expired or forfeited (50,000 ) 8.16 Outstanding on June 30, 2021 434,500 $ 3.05 3.59 $ 142,670 Exercisable on June 30, 2021 434,500 $ 3.05 3.59 $ 142,670 As of June 30, 2021 Restricted Stock Units Restricted stock units (RSUs) granted to employees vest over time based on continued service (typically vesting over a period between two four In addition to the time vested RSUs, the Company entered into a 2021 “2021 2021 2021 no 2021. i.e., 1/3, 1/3 1/3 three one no not At June 30, 2021 A summary of restricted stock unit activity for the six June 30, 2021 Weighted Average Grant Date Shares Fair Value Unvested restricted stock units at January 1, 2021 100,005 $ 4.08 Granted — — Forfeited (5,000 ) 0.97 Vested (50,002 ) 1.50 Unvested restricted stock units at June 30, 2021 45,003 $ 7.29 The fair value of restricted stock that vested during the six June 30, 2021 Deferred Directors Fees In addition to the Incentive Plans, Fuel Tech has a Deferred Compensation Plan for Directors (Deferred Plan). Under the terms of the Deferred Plan, Directors can elect to defer Directors’ fees for shares of Fuel Tech Common Stock that are issuable at a future date as defined in the agreement. In accordance with ASC 718, six June 30, 2021 2020 |
Note 9 - Warrants
Note 9 - Warrants | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Warrants Disclosure [Text Block] | 9. On February 11, 2021, five one five one Fuel Tech uses the Black-Scholes option pricing model to estimate the grant date fair value of the warrants. The principal variable assumptions utilized in valuing warrants and the methodology for estimating such model inputs are: ( 1 2 3 five one The calculated fair value allocated to the warrants is $7,337. This amount has been recorded as Additional paid in capital - warrants and is shown net in the Additional paid in capital line of the condensed consolidated balance sheets. The issuance of warrants to purchase shares of the Company's common stock are summarized as follows: Shares Outstanding on December 31, 2020 — Granted 2,850,000 Exercised — Outstanding as of June 30, 2021 2,850,000 The following table summarizes information about warrants outstanding and exercisable at June 30, 2021 Range of Exercise Price Number Outstanding/Exercisable Weighted Average Remaining Life in Years Weighted Average Exercise Price $5.10 2,500,000 5.12 $ 5.10 $6.45 350,000 5.12 $ 6.45 2,850,000 |
Note 10 - Debt Financing
Note 10 - Debt Financing | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. On April 17, 2020, April 15, 2020 ( On January 8, 2021, 470, 835 30. |
Note 11 - Business Segment and
Note 11 - Business Segment and Geographic Financial Data | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. Business Segment Financial Data We segregate our financial results into two reportable segments representing two • The Air Pollution Control technology segment includes technologies to reduce NOx emissions in flue gas from boilers, incinerators, furnaces and other stationary combustion sources. These include Low and Ultra Low NOx Burners (LNB and ULNB), Over-Fire Air (OFA) systems, NOxOUT ® ™ ® ® • The FUEL CHEM ® ® The “Other” classification includes those profit and loss items not no We evaluate performance and allocate resources based on reviewing gross margin by reportable segment. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies (Note 1 10 not Information about reporting segment net sales and gross margin from operations are provided below: Air Pollution FUEL CHEM Three months ended June 30, 2021 Control Segment Segment Other Total Revenues from external customers $ 986 $ 4,232 $ — $ 5,218 Cost of sales (507 ) (2,128 ) — (2,635 ) Gross margin 479 2,104 — 2,583 Selling, general and administrative — — (2,957 ) (2,957 ) Research and development — — (315 ) (315 ) Operating income (loss) from operations $ 479 $ 2,104 $ (3,272 ) $ (689 ) Air Pollution FUEL CHEM Three months ended June 30, 2020 Control Segment Segment Other Total Revenues from external customers $ 1,937 $ 2,464 $ — $ 4,401 Cost of sales (2,320 ) (1,479 ) — (3,799 ) Gross margin (383 ) 985 — 602 Selling, general and administrative — — (2,755 ) (2,755 ) Research and development — — (271 ) (271 ) Operating (loss) income from operations $ (383 ) $ 985 $ (3,026 ) $ (2,424 ) Air Pollution FUEL CHEM Six months ended June 30, 2021 Control Segment Segment Other Total Revenues from external customers $ 1,893 $ 8,358 $ — $ 10,251 Cost of sales (1,038 ) (4,272 ) — (5,310 ) Gross margin 855 4,086 — 4,941 Selling, general and administrative — — (6,057 ) (6,057 ) Research and development — — (730 ) (730 ) Operating income (loss) from operations $ 855 $ 4,086 $ (6,787 ) $ (1,846 ) Air Pollution FUEL CHEM Six months ended June 30, 2020 Control Segment Segment Other Total Revenues from external customers $ 3,133 $ 5,046 $ — $ 8,179 Cost of sales (3,086 ) (2,964 ) — (6,050 ) Gross margin 47 2,082 — 2,129 Selling, general and administrative — — (6,641 ) (6,641 ) Research and development — — (595 ) (595 ) Operating income (loss) from operations $ 47 $ 2,082 $ (7,236 ) $ (5,107 ) Geographic Segment Financial Data Information concerning our operations by geographic area is provided below. Revenues are attributed to countries based on the location of the customer. Assets are those directly associated with operations of the geographic area. Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Revenues: United States $ 4,588 $ 3,310 $ 9,051 $ 6,407 Foreign 630 1,091 1,200 1,772 $ 5,218 $ 4,401 $ 10,251 $ 8,179 June 30, December 31, 2021 2020 Assets: United States $ 46,186 $ 24,524 Foreign 3,875 5,564 $ 50,061 $ 30,088 |
Note 12 - Leases
Note 12 - Leases | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 12. Leases We have seven not no 842. Total operating lease expense for the three six June 30, 2021 2020 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Operating lease cost $ 45 $ 47 $ 89 $ 103 Short-term lease cost 4 4 11 7 Total lease cost $ 49 $ 51 $ 100 $ 110 The weighted average remaining lease term was 2.67 years as of June 30, 2021 June 30, 2021 Remaining maturities of our existing lease liabilities as of June 30, 2021 Year Ending December 31, Operating Leases 2021 (excluding the six months ended June 30, 2021) 87 2022 122 2023 115 2024 29 2025 7 Total lease payments $ 360 Less imputed interest (57 ) Total $ 303 The following is the balance sheet classification of our existing lease liabilities as of June 30, 2021 As of June 30, 2021 December 31, 2020 Operating lease liabilities - current $ 132 $ 149 Operating lease liabilities - non-current 171 237 Total operating lease liabilities $ 303 $ 386 Supplemental cash flow information related to leases, was as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities $ 49 $ 51 $ 98 $ 110 Leased assets obtained in exchange for operating lease liabilities 40 44 80 96 |
Note 13 - Accrued Liabilities
Note 13 - Accrued Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 13. The components of other accrued liabilities are as follows: As of June 30, 2021 December 31, 2020 Contract liabilities (Note 3) $ 694 $ 850 Accrued remediation contingency (Note 14) 11 176 Other accrued liabilities 634 1,073 Total other accrued liabilities $ 1,339 $ 2,099 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Fuel Tech is subject to various claims and contingencies related to, among other things, workers compensation, general liability (including product liability), and lawsuits. The Company records liabilities where a contingent loss is probable and can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no not not may From time to time we are involved in litigation with respect to matters arising from the ordinary conduct of our business. In the opinion of management, based upon presently available information, either adequate provision for anticipated costs have been accrued or the ultimate anticipated costs will not not During the third 2020, June 30, 2021 December 31, 2020, Fuel Tech issues a standard product warranty with the sale of its products to customers. Our recognition of warranty liability is based primarily on analyses of warranty claims experienced in the preceding years as the nature of our historical product sales for which we offer a warranty are substantially unchanged. This approach provides an aggregate warranty accrual that is historically aligned with actual warranty claims experienced. There was no change in the warranty liability balance included in the other accrued liabilities line of the Condensed Consolidated Balance Sheets during the six June 30, 2021 2020 June 30, 2021 December 31, 2020. |
Note 15 - Income Taxes
Note 15 - Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. The Company’s effective tax rate is approximately 2.6% and 3% for the six June 30, 2021 2020 six June 30, 2021 no six June 30, 2021 2020 six June 30, 2021 Fuel Tech had no unrecognized tax benefits as of June 30, 2021 December 31, 2020 |
Note 16 - Goodwill and Other In
Note 16 - Goodwill and Other Intangibles | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 16. Goodwill is allocated among and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one ® June 30, 2021 December 31, 2020 ® Goodwill is allocated to each of our reporting units after considering the nature of the net assets giving rise to the goodwill and how each reporting unit would enjoy the benefits and synergies of the net assets acquired. There were no indications of goodwill impairment in the six June 30, 2021 2020 Fuel Tech reviews other intangible assets, which include patent assets, for impairment on a recurring basis or when events or changes in circumstances indicate the carrying amount of an asset may not may There were no indications of intangible asset impairments for the six June 30, 2021 2020 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10 no |
Note 18 - Liquidity
Note 18 - Liquidity | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 18 We continue to monitor our liquidity needs and in response to our continued losses have taken measures to reduce expenses and restructure operations which we feel are necessary to ensure we maintain sufficient working capital and liquidity to operate the business and invest in our future. We have experienced continued declines in revenues and recurring losses historically. As a result, we have evaluated our ongoing business needs, and considered the cash requirements of our base business of Air Pollution Control (APC) and Fuel Chem businesses. This evaluation included consideration of the following: a) customer and revenue trends in our APC and Fuel Chem business segments, b) current operating structure and expenditure levels, c) current availability of working capital, and d) support for our research and development initiatives. We continue to monitor our liquidity needs and have taken measures to reduce expenses and restructure operations which we feel are necessary to ensure we maintain sufficient working capital and liquidity to operate the business and invest in our future. We believe our current cash position and net cash flows expected to be generated from operations are adequate to fund planned operations of the Company for the next 12 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash Restricted cash as of June 30, 2021 no June 30, 2022 February 1, 2023) 10 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows: June 30, June 30, 2021 2020 Cash and cash equivalents $ 36,194 $ 8,254 Restricted cash included in current assets 98 2,639 Restricted cash included in long-term assets 270 364 Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 36,562 $ 11,257 |
Lessee, Leases [Policy Text Block] | Leases The Company applies the provisions of Accounting Standards Codification ("ASC") 842, Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not may We have lease agreements with lease and non-lease components, and we elected the practical expedient to not 12 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | June 30, June 30, 2021 2020 Cash and cash equivalents $ 36,194 $ 8,254 Restricted cash included in current assets 98 2,639 Restricted cash included in long-term assets 270 364 Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 36,562 $ 11,257 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Air Pollution Control Technology solutions $ 223 $ 1,469 $ 596 $ 2,198 Spare parts 236 214 416 413 Ancillary revenue 527 254 881 522 Total Air Pollution Control Technology revenues 986 1,937 1,893 3,133 FUEL CHEM FUEL CHEM technology solutions 4,232 2,464 8,358 5,046 Total Revenues $ 5,218 $ 4,401 $ 10,251 $ 8,179 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 United States $ 4,588 $ 3,310 $ 9,051 $ 6,407 Foreign Revenues Latin America 142 59 217 205 Europe 301 197 676 590 Asia 187 835 307 977 Total Foreign Revenues 630 1,091 1,200 1,772 Total Revenues $ 5,218 $ 4,401 $ 10,251 $ 8,179 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Products transferred at a point in time $ 4,995 $ 2,932 $ 9,655 $ 5,981 Products and services transferred over time 223 1,469 596 2,198 Total Revenues $ 5,218 $ 4,401 $ 10,251 $ 8,179 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of June 30, 2021 December 31, 2020 Trade receivables $ 3,700 $ 5,015 Unbilled receivables 406 2,348 Other short-term receivables 162 20 Allowance for doubtful accounts (865 ) (835 ) Total accounts receivable $ 3,403 $ 6,548 |
Note 4 - Restructuring Activi_2
Note 4 - Restructuring Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Total revenues $ 4 $ 3 $ 15 $ 5 Net income (loss) (63 ) (85 ) (38 ) 42 As of June 30, 2021 December 31, 2020 Total assets $ 1,428 $ 2,463 Total liabilities 292 396 Total net assets $ 1,136 $ 2,067 |
Note 5 - Accumulated Other Co_2
Note 5 - Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Foreign currency translation Balance at beginning of period $ (1,563 ) $ (2,009 ) $ (1,370 ) $ (1,778 ) Other comprehensive income (loss): Foreign currency translation adjustments (1) 133 152 (60 ) (79 ) Total accumulated other comprehensive loss $ (1,430 ) $ (1,857 ) $ (1,430 ) $ (1,857 ) |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Basic weighted-average shares 30,264,000 24,668,000 28,895,000 24,633,000 Conversion of unsecured loan notes — — — — Unexercised options and unvested RSUs — — — — Diluted weighted-average shares 30,264,000 24,668,000 28,895,000 24,633,000 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Stock options and restricted stock units, net of forfeited $ 20 $ 69 $ 40 $ 150 After-tax effect of stock-based compensation $ 20 $ 69 $ 40 $ 150 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Average Number Weighted- Remaining Aggregate of Average Contractual Intrinsic Options Exercise Price Term Value Outstanding on January 1, 2021 484,500 $ 3.57 Granted — — Exercised — — Expired or forfeited (50,000 ) 8.16 Outstanding on June 30, 2021 434,500 $ 3.05 3.59 $ 142,670 Exercisable on June 30, 2021 434,500 $ 3.05 3.59 $ 142,670 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted Average Grant Date Shares Fair Value Unvested restricted stock units at January 1, 2021 100,005 $ 4.08 Granted — — Forfeited (5,000 ) 0.97 Vested (50,002 ) 1.50 Unvested restricted stock units at June 30, 2021 45,003 $ 7.29 |
Note 9 - Warrants (Tables)
Note 9 - Warrants (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Warrant Activity [Table Text Block] | Shares Outstanding on December 31, 2020 — Granted 2,850,000 Exercised — Outstanding as of June 30, 2021 2,850,000 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Range of Exercise Price Number Outstanding/Exercisable Weighted Average Remaining Life in Years Weighted Average Exercise Price $5.10 2,500,000 5.12 $ 5.10 $6.45 350,000 5.12 $ 6.45 2,850,000 |
Note 11 - Business Segment an_2
Note 11 - Business Segment and Geographic Financial Data (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Air Pollution FUEL CHEM Three months ended June 30, 2021 Control Segment Segment Other Total Revenues from external customers $ 986 $ 4,232 $ — $ 5,218 Cost of sales (507 ) (2,128 ) — (2,635 ) Gross margin 479 2,104 — 2,583 Selling, general and administrative — — (2,957 ) (2,957 ) Research and development — — (315 ) (315 ) Operating income (loss) from operations $ 479 $ 2,104 $ (3,272 ) $ (689 ) Air Pollution FUEL CHEM Three months ended June 30, 2020 Control Segment Segment Other Total Revenues from external customers $ 1,937 $ 2,464 $ — $ 4,401 Cost of sales (2,320 ) (1,479 ) — (3,799 ) Gross margin (383 ) 985 — 602 Selling, general and administrative — — (2,755 ) (2,755 ) Research and development — — (271 ) (271 ) Operating (loss) income from operations $ (383 ) $ 985 $ (3,026 ) $ (2,424 ) Air Pollution FUEL CHEM Six months ended June 30, 2021 Control Segment Segment Other Total Revenues from external customers $ 1,893 $ 8,358 $ — $ 10,251 Cost of sales (1,038 ) (4,272 ) — (5,310 ) Gross margin 855 4,086 — 4,941 Selling, general and administrative — — (6,057 ) (6,057 ) Research and development — — (730 ) (730 ) Operating income (loss) from operations $ 855 $ 4,086 $ (6,787 ) $ (1,846 ) Air Pollution FUEL CHEM Six months ended June 30, 2020 Control Segment Segment Other Total Revenues from external customers $ 3,133 $ 5,046 $ — $ 8,179 Cost of sales (3,086 ) (2,964 ) — (6,050 ) Gross margin 47 2,082 — 2,129 Selling, general and administrative — — (6,641 ) (6,641 ) Research and development — — (595 ) (595 ) Operating income (loss) from operations $ 47 $ 2,082 $ (7,236 ) $ (5,107 ) |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Revenues: United States $ 4,588 $ 3,310 $ 9,051 $ 6,407 Foreign 630 1,091 1,200 1,772 $ 5,218 $ 4,401 $ 10,251 $ 8,179 June 30, December 31, 2021 2020 Assets: United States $ 46,186 $ 24,524 Foreign 3,875 5,564 $ 50,061 $ 30,088 |
Note 12 - Leases (Tables)
Note 12 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Operating lease cost $ 45 $ 47 $ 89 $ 103 Short-term lease cost 4 4 11 7 Total lease cost $ 49 $ 51 $ 100 $ 110 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, Operating Leases 2021 (excluding the six months ended June 30, 2021) 87 2022 122 2023 115 2024 29 2025 7 Total lease payments $ 360 Less imputed interest (57 ) Total $ 303 |
Operating Lease Liabilities [Table Text Block] | As of June 30, 2021 December 31, 2020 Operating lease liabilities - current $ 132 $ 149 Operating lease liabilities - non-current 171 237 Total operating lease liabilities $ 303 $ 386 |
Lessee, Operating Leases, Supplemental Cash Flow Information [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities $ 49 $ 51 $ 98 $ 110 Leased assets obtained in exchange for operating lease liabilities 40 44 80 96 |
Note 13 - Accrued Liabilities (
Note 13 - Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Other Current Liabilities [Table Text Block] | As of June 30, 2021 December 31, 2020 Contract liabilities (Note 3) $ 694 $ 850 Accrued remediation contingency (Note 14) 11 176 Other accrued liabilities 634 1,073 Total other accrued liabilities $ 1,339 $ 2,099 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 11, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Class of Warrant or Right, Number of Warrants Issued (in shares) | 2,850,000 | ||
Proceeds from Issuance of Private Placement | $ 25,812 | $ 0 | |
Payments of Stock Issuance Costs | $ 1,783 | $ 0 | |
Warrants Issued in Connection with Private Placement [Member] | |||
Class of Warrant or Right, Number of Warrants Issued (in shares) | 2,500,000 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,500,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 5.10 | $ 5.10 | |
Warrants and Rights Outstanding, Term (Year) | 5 years 6 months | ||
The Placement Agent Warrants [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 350,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6.45 | $ 6.45 | |
Warrants and Rights Outstanding, Term (Year) | 5 years 6 months | ||
Private Placement [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 5,000,000 | ||
Shares Issued, Price Per Share (in dollars per share) | $ 5.1625 | ||
Proceeds from Issuance of Private Placement | $ 25,812 | ||
Payments of Stock Issuance Costs | $ 1,783 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Restricted Cash and Cash Equivalents, Total | $ 368 | ||
Restricted Cash and Cash Equivalents, Current, Total | 98 | $ 1,595 | $ 2,639 |
Restricted Cash and Cash Equivalents, Noncurrent, Total | $ 270 | $ 371 | $ 364 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Cash and cash equivalents | $ 36,194 | $ 10,640 | $ 8,254 |
Restricted cash included in current assets | 98 | 1,595 | 2,639 |
Restricted cash included in long-term assets | 270 | $ 371 | 364 |
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ 36,562 | $ 11,257 |
Note 3 - Revenue 1 (Details Tex
Note 3 - Revenue 1 (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Number Of Units Installed | 1,200 | 1,200 | |||
Contract with Customer, Liability, Current | $ 694 | $ 694 | $ 850 | ||
Contract with Customer, Liability, Revenue Recognized | $ 49 | $ 210 | $ 157 | $ 458 | |
Contract with Customer, Contracts in Progress, Number of Contracts Identified as Loss Contracts | 1 | 1 | 1 | ||
Provision for Loss on Contracts | $ 11 | $ 11 | $ 176 | ||
Revenue, Remaining Performance Obligation, Amount | 4,943 | 4,943 | |||
Air Pollution Control [Member] | |||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 406 | 406 | 2,080 | ||
FUEL CHEM [Member] | |||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 0 | $ 0 | $ 269 | ||
Minimum [Member] | |||||
Contract Term (Month) | 6 months | ||||
Maximum [Member] | |||||
Contract Term (Month) | 18 months |
Note 3 - Revenue 2 (Details Tex
Note 3 - Revenue 2 (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Revenue, Remaining Performance Obligation, Amount | $ 4,943 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 2,825 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months |
Note 3 - Revenue - Revenues Dis
Note 3 - Revenue - Revenues Disaggregated by Product Technology (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 5,218 | $ 4,401 | $ 10,251 | $ 8,179 |
Air Pollution Control [Member] | ||||
Revenues | 986 | 1,937 | 1,893 | 3,133 |
Air Pollution Control [Member] | Technology Solutions [Member] | ||||
Revenues | 223 | 1,469 | 596 | 2,198 |
Air Pollution Control [Member] | Spare Parts [Member] | ||||
Revenues | 236 | 214 | 416 | 413 |
Air Pollution Control [Member] | Ancillary Revenue [Member] | ||||
Revenues | 527 | 254 | 881 | 522 |
FUEL CHEM [Member] | ||||
Revenues | 4,232 | 2,464 | 8,358 | 5,046 |
FUEL CHEM [Member] | Technology Solutions [Member] | ||||
Revenues | $ 4,232 | $ 2,464 | $ 8,358 | $ 5,046 |
Note 3 - Revenue - Revenues D_2
Note 3 - Revenue - Revenues Disaggregated by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 5,218 | $ 4,401 | $ 10,251 | $ 8,179 |
UNITED STATES | ||||
Revenues | 4,588 | 3,310 | 9,051 | 6,407 |
Latin America [Member] | ||||
Revenues | 142 | 59 | 217 | 205 |
Europe [Member] | ||||
Revenues | 301 | 197 | 676 | 590 |
Asia [Member] | ||||
Revenues | 187 | 835 | 307 | 977 |
Non-US [Member] | ||||
Revenues | $ 630 | $ 1,091 | $ 1,200 | $ 1,772 |
Note 3 - Revenue - Timing of Re
Note 3 - Revenue - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 5,218 | $ 4,401 | $ 10,251 | $ 8,179 |
Transferred at Point in Time [Member] | ||||
Revenues | 4,995 | 2,932 | 9,655 | 5,981 |
Transferred over Time [Member] | ||||
Revenues | $ 223 | $ 1,469 | $ 596 | $ 2,198 |
Note 3 - Revenue - Components o
Note 3 - Revenue - Components of Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Trade receivables | $ 3,700 | $ 5,015 |
Unbilled receivables | 406 | 2,348 |
Other short-term receivables | 162 | 20 |
Allowance for doubtful accounts | (865) | (835) |
Total accounts receivable | $ 3,403 | $ 6,548 |
Note 4 - Restructuring Activi_3
Note 4 - Restructuring Activities (Details Textual) $ in Thousands | Jun. 30, 2021USD ($) |
CHINA | |
Discontinued Operations, Revenue, Remaining Performance Obligation, Amount | $ 12 |
Note 4 - Restructuring Activi_4
Note 4 - Restructuring Activities - Charges and Net Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenues | $ 5,218 | $ 4,401 | $ 10,251 | $ 8,179 | |||
Net income (loss) | (778) | $ 398 | (2,544) | $ (2,567) | (380) | (5,111) | |
Total assets | 50,061 | 50,061 | $ 30,088 | ||||
Total liabilities | 4,163 | 4,163 | 7,767 | ||||
CHINA | |||||||
Revenues | 4 | 3 | 15 | 5 | |||
Net income (loss) | (63) | $ (85) | (38) | $ 42 | |||
Total assets | 1,428 | 1,428 | 2,463 | ||||
Total liabilities | 292 | 292 | 396 | ||||
Total net assets | $ 1,136 | $ 1,136 | $ 2,067 |
Note 5 - Accumulated Other Co_3
Note 5 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Balance | $ 46,523 | $ 23,453 | $ 22,321 | $ 26,175 | |
Balance | 45,898 | 21,130 | 45,898 | 21,130 | |
AOCI Attributable to Parent [Member] | |||||
Balance | (1,563) | (2,009) | (1,370) | (1,778) | |
Foreign currency translation adjustments (1) | [1] | 133 | 152 | (60) | (79) |
Balance | $ (1,430) | $ (1,857) | $ (1,430) | $ (1,857) | |
[1] | In all periods presented, there were no tax impacts related to rate changes and no amounts were reclassified to earnings. |
Note 6 - Treasury Stock (Detail
Note 6 - Treasury Stock (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Treasury Stock, Shares, Ending Balance (in shares) | 963,509 | 948,347 |
Treasury Stock, Value, Ending Balance | $ 2,234 | $ 2,182 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 160,000 | 553,000 |
Note 7 - Earnings Per Share - E
Note 7 - Earnings Per Share - Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Basic weighted-average shares (in shares) | 30,264,000 | 24,668,000 | 28,895,000 | 24,633,000 |
Conversion of unsecured loan notes (in shares) | 0 | 0 | 0 | 0 |
Unexercised options and unvested RSUs (in shares) | 0 | 0 | 0 | 0 |
Diluted weighted-average shares (in shares) | 30,264,000 | 24,668,000 | 28,895,000 | 24,633,000 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 59 | $ 59 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 8 months 19 days | ||
Deferred Compensation Plan for Directors [Member] | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 0 | $ 0 | |
The 2014 Long-term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 5,600,676 | 5,600,676 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,603,801 | 2,603,801 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0 | $ 0 | |
The 2014 Long-term Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 | $ 0 | |
The 2014 Long-term Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||
The 2014 Long-term Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
The 2014 Long-term Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
The 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement By Share-based Payment Award, Performance Threshold, Operating Income | $ 1,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 75 | ||
The 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||
The 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||
The 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||
The 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||
The 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Stock-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stock options and restricted stock units, net of forfeited | $ 20 | $ 69 | $ 40 | $ 150 |
After-tax effect of stock-based compensation | $ 20 | $ 69 | $ 40 | $ 150 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Outstanding, number of options (in shares) | shares | 484,500 |
Outstanding, option, weighted average exercise price (in dollars per share) | $ / shares | $ 3.57 |
Granted, options (in shares) | shares | 0 |
Grantedg, option, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Exercised, options (in shares) | shares | 0 |
Exercisedg, option, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Expired or forfeited, options (in shares) | shares | (50,000) |
Expired or forfeitedg, option, weighted average exercise price (in dollars per share) | $ / shares | $ 8.16 |
Outstanding, number of options (in shares) | shares | 434,500 |
Outstandingg, option, weighted average exercise price (in dollars per share) | $ / shares | $ 3.05 |
Outstanding, weighted average remaining contractual term (Year) | 3 years 7 months 2 days |
Outstanding, aggregate intrinsic value | $ | $ 142,670 |
Exercisable, options (in shares) | shares | 434,500 |
Exercisableg, option, weighted average exercise price (in dollars per share) | $ / shares | $ 3.05 |
Exercisable, weighted average remaining contractual term (Year) | 3 years 7 months 2 days |
Exercisable, aggregate intrinsic value | $ | $ 142,670 |
Note 8 - Stock-based Compensa_6
Note 8 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Unvested restricted stock units, shares (in shares) | shares | 100,005 |
Unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.08 |
Granted, restricted stock units, shares (in shares) | shares | 0 |
Granted, restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Forfeited, restricted stock units, shares (in shares) | shares | (5,000) |
Forfeited, restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.97 |
Vested, restricted stock units, shares (in shares) | shares | (50,002) |
Vested, restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.50 |
Unvested restricted stock units, shares (in shares) | shares | 45,003 |
Unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.29 |
Note 9 - Warrants (Details Text
Note 9 - Warrants (Details Textual) $ / shares in Units, $ in Thousands | Feb. 11, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($) |
Class of Warrant or Right, Number of Warrants Issued (in shares) | shares | 2,850,000 | ||
Proceeds from Issuance of Private Placement | $ | $ 25,812 | $ 0 | |
Payments of Stock Issuance Costs | $ | $ 1,783 | $ 0 | |
Warrants and Rights Outstanding | $ | $ 7,337 | ||
Measurement Input, Risk Free Interest Rate [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0.0059 | ||
Measurement Input, Price Volatility [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0.9466 | ||
Measurement Input, Expected Term [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 5.5 | ||
Warrants Issued in Connection with Private Placement [Member] | |||
Class of Warrant or Right, Number of Warrants Issued (in shares) | shares | 2,500,000 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 2,500,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 5.10 | $ 5.10 | |
Warrants and Rights Outstanding, Term (Year) | 5 years 6 months | ||
The Placement Agent Warrants [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 350,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 6.45 | $ 6.45 | |
Warrants and Rights Outstanding, Term (Year) | 5 years 6 months | ||
Private Placement [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 5,000,000 | ||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 5.1625 | ||
Proceeds from Issuance of Private Placement | $ | $ 25,812 | ||
Payments of Stock Issuance Costs | $ | $ 1,783 |
Note 9 - Warrants - Warrant Act
Note 9 - Warrants - Warrant Activity (Details) | 6 Months Ended |
Jun. 30, 2021shares | |
Outstanding on December 31, 2020 (in shares) | 0 |
Granted (in shares) | 2,850,000 |
Exercised (in shares) | 0 |
Outstanding as of June 30, 2021 (in shares) | 2,850,000 |
Note 9 - Warrants - Summary of
Note 9 - Warrants - Summary of Warrants Outstanding and Exerciseable (Details) - $ / shares | 6 Months Ended | ||
Jun. 30, 2021 | Feb. 11, 2021 | Dec. 31, 2020 | |
Number outstanding/ exercisable (in shares) | 2,850,000 | 0 | |
Warrants Issued in Connection with Private Placement [Member] | |||
Number outstanding/ exercisable (in shares) | 2,500,000 | ||
Weighted average remaining life (Year) | 5 years 1 month 13 days | ||
Weighted average exercise price (in dollars per share) | $ 5.10 | $ 5.10 | |
The Placement Agent Warrants [Member] | |||
Number outstanding/ exercisable (in shares) | 350,000 | ||
Weighted average remaining life (Year) | 5 years 1 month 13 days | ||
Weighted average exercise price (in dollars per share) | $ 6.45 | $ 6.45 |
Note 10 - Debt Financing (Detai
Note 10 - Debt Financing (Details Textual) - Paycheck Protection Program CARES Act [Member] - USD ($) | Jan. 08, 2021 | Apr. 17, 2020 |
Proceeds from Issuance of Long-term Debt, Total | $ 1,556 | |
Debt Instrument, Decrease, Forgiveness | $ 1,556 |
Note 11 - Business Segment an_3
Note 11 - Business Segment and Geographic Financial Data (Details Textual) | 6 Months Ended |
Jun. 30, 2021 | |
Number of Reportable Segments | 2 |
Note 11 - Business Segment an_4
Note 11 - Business Segment and Geographic Financial Data - Reporting Segment Net Sales and Gross Margin (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues from external customers | $ 5,218 | $ 4,401 | $ 10,251 | $ 8,179 |
Cost of sales | (2,635) | (3,799) | (5,310) | (6,050) |
Gross margin | 2,583 | 602 | 4,941 | 2,129 |
Selling, general and administrative | (2,957) | (2,755) | (6,057) | (6,641) |
Research and development | (315) | (271) | (730) | (595) |
Operating income (loss) from operations | (689) | (2,424) | (1,846) | (5,107) |
Air Pollution Control [Member] | ||||
Revenues from external customers | 986 | 1,937 | 1,893 | 3,133 |
Cost of sales | (507) | (2,320) | (1,038) | (3,086) |
Gross margin | 479 | (383) | 855 | 47 |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Research and development | 0 | 0 | 0 | 0 |
Operating income (loss) from operations | 479 | (383) | 855 | 47 |
FUEL CHEM [Member] | ||||
Revenues from external customers | 4,232 | 2,464 | 8,358 | 5,046 |
Cost of sales | (2,128) | (1,479) | (4,272) | (2,964) |
Gross margin | 2,104 | 985 | 4,086 | 2,082 |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Research and development | 0 | 0 | 0 | 0 |
Operating income (loss) from operations | 2,104 | 985 | 4,086 | 2,082 |
Other Segments [Member] | ||||
Revenues from external customers | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross margin | 0 | 0 | 0 | 0 |
Selling, general and administrative | (2,957) | (2,755) | (6,057) | (6,641) |
Research and development | (315) | (271) | (730) | (595) |
Operating income (loss) from operations | $ (3,272) | $ (3,026) | $ (6,787) | $ (7,236) |
Note 11 - Business Segment an_5
Note 11 - Business Segment and Geographic Financial Data - Geographic Segment Financial Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenues | $ 5,218 | $ 4,401 | $ 10,251 | $ 8,179 | |
Assets | 50,061 | 50,061 | $ 30,088 | ||
UNITED STATES | |||||
Revenues | 4,588 | 3,310 | 9,051 | 6,407 | |
Assets | 46,186 | 46,186 | 24,524 | ||
Non-US [Member] | |||||
Revenues | 630 | $ 1,091 | 1,200 | $ 1,772 | |
Assets | $ 3,875 | $ 3,875 | $ 5,564 |
Note 12 - Leases (Details Textu
Note 12 - Leases (Details Textual) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Number of Operating Leases | 7 |
Finance Lease, Liability, Total | $ 0 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 8 months 1 day |
Operating Lease, Weighted Average Discount Rate, Percent | 4.63% |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Month) | 4 months |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Month) | 4 years |
Note 12 - Leases - Operating Le
Note 12 - Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating lease cost | $ 45 | $ 47 | $ 89 | $ 103 |
Short-term lease cost | 4 | 4 | 11 | 7 |
Total lease cost | $ 49 | $ 51 | $ 100 | $ 110 |
Note 12 - Leases - Remaining Ma
Note 12 - Leases - Remaining Maturities of Existing Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
2021 (excluding the six months ended June 30, 2021) | $ 87 | |
2022 | 122 | |
2023 | 115 | |
2024 | 29 | |
2025 | 7 | |
Total lease payments | 360 | |
Less imputed interest | (57) | |
Total | $ 303 | $ 386 |
Note 12 - Leases - Lease Liabil
Note 12 - Leases - Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Operating lease liabilities - current | $ 132 | $ 149 |
Operating lease liabilities - non-current | 171 | 237 |
Total operating lease liabilities | $ 303 | $ 386 |
Note 12 - Leases - Supplemental
Note 12 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 49 | $ 51 | $ 98 | $ 110 |
Leased assets obtained in exchange for operating lease liabilities | $ 40 | $ 44 | $ 80 | $ 96 |
Note 13 - Accrued Liabilities -
Note 13 - Accrued Liabilities - Components of Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Contract liabilities (Note 3) | $ 694 | $ 850 |
Accrued remediation contingency (Note 14) | 11 | 176 |
Other accrued liabilities | 634 | 1,073 |
Total other accrued liabilities | $ 1,339 | $ 2,099 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Standard Product Warranty Accrual, Period Increase (Decrease), Total | $ 0 | $ 0 | |
Standard Product Warranty Accrual, Ending Balance | 159 | $ 159 | |
Failure of Equipment to Be Remedied Under Warranty Provision [Member] | |||
Loss Contingency Accrual, Ending Balance | $ 11 | $ 176 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 2.60% | 3.00% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Note 16 - Goodwill and Other _2
Note 16 - Goodwill and Other Intangibles (Details Textual) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Number of Reporting Units | 2 | ||
Goodwill, Ending Balance | $ 2,116 | $ 2,116 | |
Goodwill, Impairment Loss | 0 | $ 0 | |
Impairment of Intangible Assets, Finite-lived | 0 | $ 0 | |
Air Pollution Control [Member] | |||
Goodwill, Ending Balance | 0 | ||
FUEL CHEM [Member] | |||
Goodwill, Ending Balance | $ 2,116 | $ 2,116 |