Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 28, 2022 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 60,870,654 | ||
Entity Common Stock, Shares Outstanding | 30,263,791 | ||
Auditor Name | RSM US LLP | ||
Auditor Location | Chicago, Illinois | ||
Auditor Firm ID | 49 | ||
ICFR Auditor Attestation Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 35,893 | $ 10,640 |
Restricted cash | 891 | 1,595 |
Accounts receivable, net | 3,259 | 6,548 |
Inventories, net | 348 | 97 |
Prepaid expenses and other current assets | 1,074 | 2,193 |
Total current assets | 41,465 | 21,073 |
Property and equipment, net | 4,609 | 5,220 |
Goodwill | 2,116 | 2,116 |
Other intangible assets, net | 448 | 553 |
Restricted cash | 270 | 371 |
Right-of-use operating lease assets | 242 | 394 |
Other assets | 824 | 361 |
Total assets | 49,974 | 30,088 |
Current liabilities: | ||
Accounts payable | 1,561 | 2,353 |
Accrued liabilities: | ||
Operating lease liabilities - current | 113 | 149 |
Employee compensation | 688 | 930 |
Other accrued liabilities | 861 | 2,099 |
Total current liabilities | 3,223 | 5,531 |
Operating lease liabilities - non-current | 122 | 237 |
Long-term borrowings | 0 | 1,556 |
Deferred income taxes | 139 | 134 |
Other liabilities | 290 | 309 |
Total liabilities | 3,774 | 7,767 |
Commitments and contingencies (Note 9) | ||
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 in 2021 and 2020, respectively | 312 | 262 |
Additional paid-in capital | 164,199 | 140,138 |
Accumulated deficit | (114,549) | (114,603) |
Accumulated other comprehensive loss | (1,604) | (1,370) |
Nil coupon perpetual loan notes | 76 | 76 |
Treasury stock, at cost (Note 5) | (2,234) | (2,182) |
Total stockholders’ equity | 46,200 | 22,321 |
Total liabilities and stockholders’ equity | $ 49,974 | $ 30,088 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 24,261 | $ 22,550 |
Costs and expenses: | ||
Cost of sales | 12,363 | 11,912 |
Selling, general and administrative | 12,055 | 13,600 |
Research and development | 1,332 | 1,177 |
Intangible assets abandonment | 0 | 197 |
Total Costs and expenses | 25,750 | 26,886 |
Operating loss | (1,489) | (4,336) |
Interest expense | (13) | (4) |
Other income, net | 1,570 | 119 |
Income (loss) before income taxes | 68 | (4,221) |
Income tax expense | (14) | (57) |
Net income (loss) | $ 54 | $ (4,278) |
Net income (loss) per common share: | ||
Basic net income (loss) per common share (in dollars per share) | $ 0 | $ (0.17) |
Diluted net income (loss) per common share (in dollars per share) | $ 0 | $ (0.17) |
Weighted-average number of common shares outstanding: | ||
Basic weighted-average shares (in shares) | 29,585,000 | 24,691,000 |
Diluted (in shares) | 29,694,000 | 24,691,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income (loss) | $ 54 | $ (4,278) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | (234) | 408 |
Total other comprehensive (loss) income | (234) | 408 |
Comprehensive loss | $ (180) | $ (3,870) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ 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 |
Beginning balance (in shares) at Dec. 31, 2019 | 24,592,000 | ||||||
Beginning balance at Dec. 31, 2019 | $ 254 | $ 139,560 | $ (110,325) | $ (1,778) | $ 76 | $ (1,612) | $ 26,175 |
Net loss | (4,278) | (4,278) | |||||
Foreign currency translation adjustments | 408 | 408 | |||||
Stock compensation expense | 290 | $ 290 | |||||
Exercise of stock options (in shares) | 183,000 | 183,000 | |||||
Exercise of stock options | $ 2 | 294 | $ 296 | ||||
Common stock issued upon vesting of restricted stock units (in shares) | 606,000 | ||||||
Common stock issued upon vesting of restricted stock units | $ 6 | (6) | $ 0 | ||||
Treasury shares withheld (in shares) | (152,000) | (152,257) | |||||
Treasury shares withheld | (570) | $ (570) | |||||
Net income (loss) | (4,278) | (4,278) | |||||
Ending balance (in shares) at Dec. 31, 2020 | 25,229,000 | ||||||
Ending balance at Dec. 31, 2020 | $ 262 | 140,138 | (114,603) | (1,370) | 76 | (2,182) | 22,321 |
Net loss | 54 | 54 | |||||
Foreign currency translation adjustments | (234) | (234) | |||||
Stock compensation expense | 82 | $ 82 | |||||
Exercise of stock options (in shares) | 0 | ||||||
Exercise of stock options | $ 0 | ||||||
Common stock issued upon vesting of restricted stock units (in shares) | 50,000 | ||||||
Common stock issued upon vesting of restricted stock units | $ 0 | 0 | $ 0 | ||||
Treasury shares withheld (in shares) | (15,000) | (15,162) | |||||
Treasury shares withheld | (52) | $ (52) | |||||
Net income (loss) | 54 | 54 | |||||
Common stock issued in connection with private placement, net (in shares) | 5,000,000 | ||||||
Common stock issued in connection with private placement, net | $ 50 | 23,979 | 24,029 | ||||
Ending balance (in shares) at Dec. 31, 2021 | 30,264,000 | ||||||
Ending balance at Dec. 31, 2021 | $ 312 | $ 164,199 | $ (114,549) | $ (1,604) | $ 76 | $ (2,234) | $ 46,200 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 54 | $ (4,278) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation | 584 | 663 |
Amortization | 157 | 185 |
Loss (gain) on sale of equipment | 54 | (5) |
Provision for doubtful accounts, net of recoveries | (619) | (1,026) |
Deferred income taxes | 5 | (38) |
Stock-based compensation, net of forfeitures | 82 | 290 |
Intangible assets abandonment | 0 | 197 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,794 | 1,095 |
Inventories | (252) | 171 |
Prepaid expenses, other current assets and other non-current assets | 634 | (161) |
Accounts payable | (772) | 198 |
Accrued liabilities and other non-current liabilities | (1,404) | 2 |
Net cash provided by (used in) operating activities | 761 | (2,707) |
INVESTING ACTIVITIES | ||
Purchases of equipment and patents | (84) | (247) |
Net cash used in investing activities | (84) | (247) |
FINANCING ACTIVITIES | ||
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 |
Proceeds from option exercises | 0 | 296 |
Taxes paid on behalf of equity award participants | (52) | (570) |
Net cash provided by financing activities | 23,977 | 1,282 |
Effect of exchange rate fluctuations on cash | (206) | 777 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 24,448 | (895) |
Cash, cash equivalents and restricted cash at beginning of period | 12,606 | 13,501 |
Cash, cash equivalents and restricted cash at end of period | 37,054 | 12,606 |
Supplemental Cash Flow Information: | ||
Cash income taxes paid (received), net | (51) | 95 |
Paycheck Protection Program CARES Act [Member] | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Gain of forgiveness on Paycheck Protection Plan Loan | (1,556) | 0 |
FINANCING ACTIVITIES | ||
Proceeds from borrowings | $ 0 | $ 1,556 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES 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. Our primary focus is on the worldwide marketing and sale of Air Pollution Control (APC) technologies and our FUEL CHEM program. The Company’s nitrogen oxide (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 (FGC) systems which modify the ash properties of particulate for improved collection efficiency. Our FUEL CHEM program is based on proprietary TIFI ® Our business is materially dependent on the continued existence and enforcement of air quality regulations, particularly in the U.S. We have expended significant resources in the research and development of new technologies in building our proprietary portfolio of air pollution control, fuel and boiler treatment chemicals, computer modeling and advanced visualization technologies. Many of Fuel Tech's products and services rely heavily on the Company's CFD modeling capabilities, which are enhanced by internally developed, high-end visualization software. International revenues were $4,746 and $3,928 for the years ended December 31, 2021 2020 not Basis of Presentation The consolidated financial statements include the accounts of Fuel Tech and its wholly owned subsidiaries. All intercompany transactions have been eliminated. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (GAAP). The books and records of subsidiaries located in foreign countries are maintained according to generally accepted accounting principles in those countries. Upon consolidation, the Company evaluates the differences in accounting principles and determines whether adjustments are necessary to convert the foreign financial statements to the accounting principles upon which the consolidated financial statements are based. All intercompany transactions have been eliminated. COVID- 19 The effects of the coronavirus (COVID- 19 not 19 twelve December 31, 2021 2020. may third Management cannot predict the full impact of the COVID- 19 19 Private Placement Offering On February 11, 2021, five one five one 12 Liquidity We have experienced declines in revenues and net losses in recent years. 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. As a result, we have evaluated our ongoing business needs, and considered the cash requirements of our 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 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 Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company uses estimates in accounting for, among other items, revenue recognition, allowance for doubtful accounts, income tax provisions, excess and obsolete inventory reserve, impairment of long-lived assets, and warranty expenses. Actual results could differ from those estimates. Fair Value Measurements The carrying values of cash and cash equivalents, accounts receivable, accounts payable and long-term borrowings are reasonable estimates of their fair value due to their short-term nature or interest rates. We apply authoritative accounting guidance for fair value measurements of financial and non-financial assets and liabilities. This guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis and clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a three • Level 1 • Level 2 • Level 3 no Transfers between levels of the fair value hierarchy are recognized based on the actual date of the event or change in circumstances that caused the transfer. We had no 2 3 no December 31, 2021 2020 Cash, cash equivalents and restricted cash We include cash and investments having an original maturity of three December 31, 2021 may December 31, 2021 December 31, 2021 Restricted cash represents funds that are restricted to satisfy any amount borrowed against the Company's Cash Collateral Security agreement with BMO Harris Bank N.A. At December 31, 2021 no December 31, 2022 February 1, 2023) 11 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheet that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: December 31, 2021 December 31, 2020 Cash and cash equivalents $ 35,893 $ 10,640 Restricted cash included in current assets 891 1,595 Restricted cash included in long-term assets 270 371 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows $ 37,054 $ 12,606 Foreign Currency Risk Management Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates. We do not Accounts Receivable Accounts receivable consist of amounts due to us in the normal course of our business, are not not 606 Revenue from Contracts with Customers December 31, 2021 2020 2 Allowance for Doubtful Accounts The allowance for doubtful accounts is our management's best estimate of the amount of credit losses in accounts receivable. In order to control and monitor the credit risk associated with our customer base, we review the credit worthiness of customers on a recurring basis. Factors influencing the level of scrutiny include the level of business the customer has with Fuel Tech, the customer’s payment history, and the customer’s financial stability. Receivables are considered past due if payment is not 30 not December 31. Year Balance at January 1 Provision charged to expense Write-offs / Recoveries Balance at December 31 2020 $ 1,816 $ (498 ) $ (483 ) $ 835 2021 $ 835 $ 227 $ (839 ) $ 223 Prepaid expenses and other current assets Prepaid expenses and other current assets include Chinese banker acceptances of $55 and $549 as of December 31, 2021 2020 three six Inventories Inventories consist primarily of equipment constructed for resale and spare parts and are stated at the lower of cost or net realizable value, using the weighted-average cost method. At December 31, 2021, not December 31. Year Balance at January 1 Provision charged to expense Write-offs / Recoveries Balance at December 31 2020 $ 1,000 $ — $ (93 ) $ 907 2021 $ 907 $ — $ 20 $ 927 Foreign Currency Translation and Transactions Assets and liabilities of consolidated foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at year end. Revenues and expenses are translated at average exchange rates prevailing during the year. Gains or losses on foreign currency transactions and the related tax effects are reflected in net income. The resulting translation adjustments are included in stockholders’ equity as part of accumulated other comprehensive loss. Accumulated Other Comprehensive Loss December 31, 2021 2020 Foreign currency translation Balance at beginning of period $ (1,370 ) $ (1,778 ) Other comprehensive income (loss): Foreign currency translation adjustments (1) (234 ) 408 Balance at end of period $ (1,604 ) $ (1,370 ) Total accumulated other comprehensive loss $ (1,604 ) $ (1,370 ) ( 1 In all periods presented, there were no Research and Development Research and development costs are expensed as incurred. Research and development projects funded by customer contracts are reported as part of cost of goods sold. Internally funded research and development expenses are reported as operating expenses. The DGI™ equipment developed and constructed as part of our water treatment technologies is reported in Other assets on our Consolidated Balance Sheets. Product/System Warranty We typically warrant our air pollution control products and systems against defects in design, materials and workmanship for one two Goodwill Goodwill is tested for impairment at least annually as of the first fourth may not first not may two may October 1, 2021 no Goodwill is evaluated for impairment at the reporting unit level, which is defined as an operating segment or one two no December 31, 2021 2020 not December 31, 2021 2020 Other Intangible Assets Management reviews other finite-lived intangible assets, patent assets, trade names, and lease assets for impairment when events or changes in circumstances indicate the carrying amount of an asset or asset group may not may During the year ended December 31, 2020 no no December 31, 2020 December 31, 2021 no Third-party costs related to the development of patents are included within other intangible assets on the consolidated balance sheets. The third December 31, 2021 2020 Our intellectual property portfolio has been a significant building block for the Air Pollution Control and FUEL CHEM technology segments. The patents are essential to the generation of revenue for our businesses and are essential to protect us from competition in the markets in which we serve. These costs are being amortized on the straight-line method over the period beginning with the patent issuance date and ending on the patent expiration date. Patent maintenance fees are charged to operations as incurred. Amortization expense from continuing operations for intangible assets was $157 and $185 for the years ended December 31, 2021 2020 December 31, 2021 2020 2021 2020 Description of Other Intangibles Amortization Period (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patent assets 1 - 20 789 (341 ) 448 1,310 (757 ) 553 Total $ 789 $ (341 ) $ 448 $ 1,310 $ (757 ) $ 553 The table below shows the estimated future amortization expense for intangible assets: Year Estimated Amortization Expense 2022 $ 57 2023 57 2024 49 2025 28 2026 28 Thereafter 229 Total $ 448 Property and Equipment Property and equipment is stated at historical cost and does not December 31, 2021 2020 December 31, 2021 2020 Description of Property and Equipment Depreciable Life (years) 2021 2020 Land $ 1,050 $ 1,050 Building 39 3,950 3,950 Building and leasehold improvements 3 - 39 2,626 2,886 Field equipment 3 - 4 11,787 19,748 Computer equipment and software 2 - 3 2,099 2,954 Furniture and fixtures 3 - 10 1,308 1,477 Vehicles 5 32 32 Construction in process — 12 Total cost 22,852 32,109 Less accumulated depreciation (18,243 ) (26,889 ) Total net book value $ 4,609 $ 5,220 Property and equipment is reviewed for impairment when events and circumstances indicate that the carrying amount of the assets (or asset group) may not Revenue Recognition 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. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not not 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 projects 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. Cost of Sales Cost of sales includes all internal and external engineering costs, equipment and chemical 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). Certain depreciation and amortization expenses related to tangible and intangible assets, respectively, are allocated to cost of sales. We classify shipping and handling costs in cost of sales in the consolidated statements of operations. Selling, General and Administrative Expenses Selling, general and administrative expenses primarily include the following categories except where an allocation to the cost of sales line item is warranted due to the project- or product-line nature of a portion of the expense category: salaries and wages, employee benefits, non-project travel, insurance, legal, rent, accounting and auditing, recruiting, telephony, employee training, Board of Directors’ fees, auto rental, office supplies, dues and subscriptions, utilities, real estate taxes, commissions and bonuses, marketing materials, postage and business taxes. Departments comprising the selling, general and administrative line item primarily include the functions of executive management, finance and accounting, investor relations, regulatory affairs, marketing, business development, information technology, human resources, sales, legal and general administration. Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision for income taxes represents income taxes paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid, and result from differences between the financial and tax bases of our assets and liabilities and are adjusted for changes in tax rates and tax laws when enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not not not no may not Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not Leases The Company applies the provisions of 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 Stock-Based Compensation Our stock-based employee compensation plan, referred to as the Fuel Tech, Inc. 2014 May 2014 may may December 31, 2021 December 31, 2021 Defined Contribution Plan We have a retirement savings plan available for all our U.S. employees who have met minimum length-of-service requirements. Our contributions are determined based upon amounts contributed by the employees with additional contributions made at the discretion of the Board of Directors. Costs related to this plan were $206 and $222 in 2021 2020 Basic and Diluted Earnings per Common Share Basic earnings per share excludes the antidilutive effects of stock options, restricted stock units (RSUs), warrants, and the nil 6 nil December 31, 2021 2020 December 31, 2021 December 31, 2020 The table below sets forth the weighted-average shares used at December 31 2021 2020 Basic weighted-average shares 29,585,000 24,691,000 Conversion of unsecured loan notes — — Unexercised options and unvested restricted stock units 109,000 — Diluted weighted-average shares 29,694,000 24,691,000 Risk Concentrations Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. However, management believes the Company is not For the year ended December 31, 2021 four 10% one four no 10% December 31, 2021 For the year ended December 31, 2020 two 10% no 10% December 31, 2020 We control credit risk through requiring milestone payments on long-term contracts, performing ongoing credit evaluations of its customers, and in some cases obtaining security for payment through bank guarantees and letters of credit. Treasury Stock We use the cost method to account for common stock repurchases. During the years ended December 31, 2021 2020 5, Recently Issued Accounting Pronouncements In June 2016, 2016 13, 326 November 2019, 2019 10, 326 815 842 December 15, 2022, not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Disaggregated Revenue by Product Technology The following table presents our revenues disaggregated by product technology: Twelve Months Ended December 31, 2021 2020 Air Pollution Control Technology solutions $ 4,189 $ 5,668 Spare parts 1,138 906 Ancillary revenue 1,569 1,983 Total Air Pollution Control Technology 6,896 8,557 FUEL CHEM FUEL CHEM technology solutions 17,365 13,993 Total Revenues $ 24,261 $ 22,550 Disaggregated Revenue by Geography The following table presents our revenues disaggregated by geography, based on the billing addresses of our customers: Twelve Months Ended December 31, 2021 2020 United States $ 19,515 $ 18,622 Foreign Revenues Americas 356 549 Europe 1,894 1,656 Asia 2,496 1,723 Total Foreign Revenues 4,746 3,928 Total Revenues $ 24,261 $ 22,550 Timing of Revenue Recognition The following table presents the timing of our revenue recognition: Twelve Months Ended December 31, 2021 2020 Products transferred at a point in time $ 20,072 $ 15,787 Products and services transferred over time 4,189 6,763 Total Revenues $ 24,261 $ 22,550 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 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 December 31, 2021 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 $390 and $850 at December 31, 2021 2020 Changes in the contract asset and liability balances during the year ended December 31, 2021 not December 31, 2021 2020 As of December 31, 2021 December 31, 2020 9 Remaining Performance Obligations Remaining performance obligations, represents the transaction price of Air Pollution Control technology booked orders for which work has not December 31, 2021 Practical Expedients and Exemptions We generally expense sales commissions on a ratable basis when incurred because the amortization period would have been one not 606. Accounts Receivable The components of accounts receivable are as follows: As of December 31, 2021 December 31, 2020 Trade receivables $ 2,122 $ 5,015 Unbilled receivables 1,277 2,348 Other short-term receivables 83 20 Allowance for doubtful accounts (223 ) (835 ) Total accounts receivable $ 3,259 $ 6,548 |
Note 3 - Income Taxes
Note 3 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 3. INCOME TAXES Within the calculation of the Company’s annual effective tax rate, the Company has used assumptions and estimates that may On March 27, 2020 ● Amended federal tax laws to permit 100% December 31, 2017 January 1, 2023. ● Eliminated the 80% 2018, 2019 2020. 80% 2020. ● Increased the net interest expense deduction limit to 50% 30% January 1, 2019 2020. ● Allowed taxpayers with alternative minimum tax credits to claim a refund in 2020 2017. ● Allowed taxpayers the carryback of Net Operating Losses (NOL) as a result of tax years beginning after December 31, 2017, January 1, 2021 five The components of loss before taxes for the years ended December 31 Origin of income before taxes 2021 2020 United States $ 798 $ (3,411 ) Foreign (730 ) (810 ) Income (loss) before income taxes $ 68 $ (4,221 ) Significant components of income tax benefit (expense) for the years ended December 31 2021 2020 Current: Federal $ — $ — State (9 ) (7 ) Foreign — (88 ) Total current (9 ) (95 ) Deferred: Federal — 22 State (5 ) 16 Total deferred (5 ) 38 Income tax expense $ (14 ) $ (57 ) A reconciliation between the provision for income taxes calculated at the U.S. federal statutory income tax rate and the consolidated income tax expense in the consolidated statements of operations for the years ended December 31 2021 2020 Provision at the U.S. federal statutory rate 21.0 % 21.0 % State taxes, net of federal benefit (15.5 )% 1.5 % Foreign tax rate differential (30.2 )% 0.5 % Valuation allowance (1504.6 )% (13.9 )% Chile outside basis differential 34.4 % — % PPP Loan Forgiveness (484.6 )% — % Accrual to return (329.3 )% — % Research and development credit (144.9 )% — % State rate change (124.0 )% (6.5 )% China deferred adjustment 1006.0 % — % China enterprise tax — % (2.1 )% Share based compensation 1590.3 % (2.0 )% Other true up — % (2.7 )% Intangible assets impairment and other non-deductibles — % 1.8 % Other 2.0 % 1.0 % Income tax (expense) benefit effective rate 20.6 % (1.4 )% The deferred tax assets and liabilities at December 31 2021 2020 Deferred tax assets: Stock compensation expense $ 173 $ 1,240 Goodwill 591 986 Royalty accruals 10 560 Bad debt allowance 51 338 Net operating loss carryforwards 11,950 10,959 Credit carry-forwards 992 841 Inventory reserve 217 206 Depreciation 556 499 Other 376 334 Total deferred tax assets 14,916 15,963 Deferred tax liabilities: Intangible assets (105 ) (126 ) Total deferred tax liabilities (105 ) (126 ) Net deferred tax asset before valuation allowance 14,811 15,837 Valuation allowances for deferred tax assets (14,950 ) (15,971 ) Net deferred tax liability $ (139 ) $ (134 ) The change in the valuation allowance for deferred tax assets for the years ended December 31 Year Balance at January 1 Charged to costs and expenses (Deductions)/Other Balance at December 31 2020 $ 15,394 577 — $ 15,971 2021 $ 15,971 (1,021 ) — $ 14,950 For the years ended December 31, 2021 2020 As required by ASC 740, not not 50% We recognize interest and penalties related to unrecognized tax benefits in income tax expense for all periods presented. There were no interest and penalties recognized in income tax expense during the years ended December 31, 2021 2020 December 31, 2021 2020 We are subject to taxation in the U.S., various states, and in non-U.S. jurisdictions. Our U.S. income tax returns are primarily subject to examination from 2018 2020; 2013 2020 Management periodically estimates our probable tax obligations using historical experience in tax jurisdictions and informed judgments. There are inherent uncertainties related to the interpretation of tax regulations in the jurisdictions in which we transact business. The judgments and estimates made at a point in time may may The investment in foreign subsidiaries other than Fuel Tech S.p.A (Chile) and Beijing Fuel Tech is considered to be indefinite in duration and therefore we have not not not As required by ASC 740, not not December 31, 2021. December 31, 2017 2034. December 31, 2021. no December 31, 2021. 2022. As of December 31, 2019, no December 31, 2020, December 31, 2021, |
Note 4 - Common Stock
Note 4 - Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 4. At December 31, 2021 2020 nil 6 December 31, 2021 8 |
Note 5 - Treasury Stock
Note 5 - Treasury Stock | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 5. Common stock held in treasury totaled 963,509 and 948,347 with a cost of $2,234 and $2,182 at December 31, 2021 2020 |
Note 6 - Nil Coupon Non-redeema
Note 6 - Nil Coupon Non-redeemable Convertible Unsecured Loan Notes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. On June 19, 2019, no December 31, 2021 December 31, 2021 On April 17, 2020, April 15, 2020 On January 8, 2021, 470, 835 30. 6 |
NIL Coupon Non-redeemable Convertible Unsecured Loan Notes [Member] | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. NIL At December 31, 2021 2020 nil December 31, 2021 nil December 31, 2021 no not not For the years ended December 31, 2021 2020 |
Note 7 - Warrants
Note 7 - Warrants | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Warrants Disclosure [Text Block] | 7. 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 consolidated balance sheets. The issuance of warrants to purchase shares of the Company's common stock are summarized as follows: Shares Outstanding as of December 31, 2020 — Granted 2,850,000 Exercised — Outstanding as of December 31, 2021 2,850,000 The following table summarizes information about warrants outstanding and exercisable at December 31, 2021 Number Weighted-Average Outstanding/ Remaining Life Weighted-Average Range of Exercise Price Exercisable in Years Exercise Price $ 5.10 2,500,000 4.62 $ 5.10 $ 6.45 350,000 4.62 $ 6.45 2,850,000 |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 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 May 2018. December 31, 2021 We did not December 31, 2021 2020 no no Stock-based compensation is included in selling, general and administrative costs in our consolidated statements of operations. The components of stock-based compensation from continuing operations for the years ended December 31, 2021 2020 For the Year Ended December 31, 2021 2020 Stock options and restricted stock units, net of forfeited $ 82 $ 290 After-tax effect of stock based compensation $ 82 $ 290 Stock Options The stock options granted to employees under the Incentive Plan 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 There were no stock options granted during the years ended December 31, 2021 2020 The following table presents a summary of our stock option activity and related information for the years ended December 31: 2021 2020 Number of Options Weighted-Average Exercise Price Number of Options Weighted-Average Exercise Price Outstanding at beginning of year 484,500 $ 3.57 747,500 $ 3.33 Granted — — — — Exercised — — (183,000 ) 1.61 Expired or forfeited (50,000 ) 8.16 (80,000 ) 5.79 Outstanding at end of year 434,500 $ 3.05 484,500 $ 3.57 Exercisable at end of year 434,500 $ 3.05 484,500 $ 3.57 Weighted-Average Remaining Contractual Life (years) 3.08 3.70 Aggregate Intrinsic Value $ 38 $ 488 The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on our closing stock price of $1.40 as of December 31, 2021 The following table summarizes information about stock options outstanding at December 31, 2021 Options Outstanding and Exercisable Range of Exercise Prices Number of Options Weighted-Average Remaining Contractual Life (years) Weighted-Average Exercise Price $0.96 - $1.27 88,000 5.9 $ 0.97 $1.28 - $3.00 132,000 3.6 2.26 $3.01 - $4.54 120,000 1.0 3.72 $4.55 - $5.22 94,500 2.4 5.22 434,500 3.1 $ 3.05 As of and for the 12 months ended December 31, 2021 no December 31, 2021 2020 not not 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, no 2021. 1/3, 1/3 1/3 three one No no not During the years ended December 31, 2021 2020 December 31, 2021 A summary of restricted stock unit activity for the years ended December 31, 2021 2020 Shares Weighted Average Grant Date Fair Value Unvested restricted stock units at December 31, 2019 775,635 $ 1.47 Forfeited (70,000 ) 1.03 Vested (605,630 ) 1.09 Unvested restricted stock units at December 31, 2020 100,005 1.50 Forfeited (5,000 ) 0.97 Vested (50,002 ) 1.50 Unvested restricted stock units at December 31, 2021 45,003 $ 1.51 Deferred Directors Fees In addition to the Incentive Plan, 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, 2021 2020 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. 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 As of December 31, 2021 2020 third 2020, third 2021. 2018, second 2020 third 2020, October 2020. Performance Guarantees The majority of Fuel Tech’s long-term equipment construction contracts contain language guaranteeing that the performance of the system that is being sold to the customer will meet specific criteria. On occasion, performance surety bonds and bank performance guarantees/letters of credit are issued to the customer in support of the construction contracts as follows: • in support of the warranty period defined in the contract; or • in support of the system performance criteria that are defined in the contract. As of December 31, 2021 not January 2022 February 2023. may not Product Warranties Fuel Tech issues a standard product warranty with the sale of our products to customers. Our recognition of warranty liability is based primarily on analyses of warranty claims experience 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 included in the Other accrued liabilities line of the Consolidated Balance Sheet in 2021 2020 December 31, 2021 2020 |
Note 10 - Leases
Note 10 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 10. The terms of the Company’s three • The Gallarate, Italy building lease, for approximately 1,335 square feet, runs through April 30, 2025. • The Aurora, IL warehouse lease, for approximately 11,000 square feet, runs through December 31, 2023. • The Overland Park, KS lease, for approximately 600 square feet, runs through October 15, 2022. The Company also has three one December 31, 2021, one three not not no no 842. Total operating lease expense for the years ended December 31, 2021 2021 2020 Operating lease cost $ 198 $ 205 Short-term lease cost 21 20 Total lease cost $ 219 $ 225 The weighted average remaining lease term was 2.30 years as of December 31, 2021 December 31, 2021 Remaining maturities of our existing lease liabilities as of December 31, 2021 Year Ending December 31, Operating Leases 2022 $ 132 2023 114 2024 28 2025 7 Thereafter — Total lease payments $ 281 Less imputed interest (46 ) Total $ 235 The following is the balance sheet classification of our existing lease liabilities: 2021 2020 Operating lease liabilities - current $ 113 $ 149 Operating lease liabilities - non-current 122 237 Total operating lease liabilities $ 235 $ 386 Supplemental cash flow information related to leases was as follows: For the Twelve Months ended December 31, 2021 For the twelve months ended December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities $ 178 $ 192 Leased assets obtained in exchange for operating lease liabilities 158 179 |
Note 11 - Debt Financing
Note 11 - Debt Financing | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. On June 19, 2019, no December 31, 2021 December 31, 2021 On April 17, 2020, April 15, 2020 On January 8, 2021, 470, 835 30. 6 |
Note 12 - Business Segment and
Note 12 - Business Segment and Geographic Financial Data | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. Business Segment Financial Data We segregate our financial results into two two • The Air Pollution Control technology segment includes technologies to reduce NOx emissions in flue gas generated by the firing of natural gas or coal from boilers, incinerators, furnaces and other stationary combustion sources. These include 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 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. We do not Information about reporting segment net sales and gross margin from continuing operations are provided below: For the year ended December 31, 2021 Air Pollution Control Segment FUEL CHEM Segment Other Total Revenues from external customers $ 6,896 $ 17,365 $ — $ 24,261 Cost of sales (3,529 ) (8,834 ) — (12,363 ) Gross margin 3,367 8,531 — 11,898 Selling, general and administrative — — (12,055 ) (12,055 ) Research and development — — (1,332 ) (1,332 ) Operating income (loss) from continuing operations $ 3,367 $ 8,531 $ (13,387 ) $ (1,489 ) For the year ended December 31, 2020 Air Pollution Control Segment FUEL CHEM Segment Other Total Revenues from external customers $ 8,557 $ 13,993 $ — $ 22,550 Cost of sales (4,583 ) (7,329 ) — (11,912 ) Gross margin 3,974 6,664 — 10,638 Selling, general and administrative — — (13,600 ) (13,600 ) Research and development — — (1,177 ) (1,177 ) Intangible assets abandonment — — (197 ) (197 ) Operating income (loss) from continuing operations $ 3,974 $ 6,664 $ (14,974 ) $ (4,336 ) 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. For the years ended December 31, 2021 2020 Revenues: United States $ 19,515 $ 18,622 Foreign 4,746 3,928 $ 24,261 $ 22,550 As of December 31, 2021 2020 Assets: United States $ 46,271 $ 24,524 Foreign 3,703 5,564 $ 49,974 $ 30,088 |
Note 13 - Restructuring Activit
Note 13 - Restructuring Activities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 13. On January 18, 2019, The following table presents our revenues and net loss in China for the years ended December 31, 2021 2020 2021 2020 Total revenues $ 22 $ 25 Net loss (114 ) (281 ) The following table presents net assets in China for the years ended December 31, 2021 2020 2021 2020 Total assets $ 1,235 $ 2,463 Total liabilities 92 396 Total net assets $ 1,143 $ 2,067 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 Company recorded no restructuring charges for the years ended December 31, 2021 2020 |
Note 14 - Accrued Liabilities
Note 14 - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 14. ACCRUED LIABILITIES The components of other accrued liabilities are as follows: As of December 31, 2021 December 31, 2020 Contract liabilities (Note 2) $ 390 $ 850 Accrued remediation contingency (Note 9) — 176 Other accrued liabilities 471 1,073 Total other accrued liabilities $ 861 $ 2,099 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of Fuel Tech and its wholly owned subsidiaries. All intercompany transactions have been eliminated. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (GAAP). The books and records of subsidiaries located in foreign countries are maintained according to generally accepted accounting principles in those countries. Upon consolidation, the Company evaluates the differences in accounting principles and determines whether adjustments are necessary to convert the foreign financial statements to the accounting principles upon which the consolidated financial statements are based. All intercompany transactions have been eliminated. |
COVID-19 Pandemic [Policy Text Block] | COVID- 19 The effects of the coronavirus (COVID- 19 not 19 twelve December 31, 2021 2020. may third Management cannot predict the full impact of the COVID- 19 19 |
Private Placement Offering [Policy Text Block] | Private Placement Offering On February 11, 2021, five one five one 12 |
Liquidity, Policy [Policy Text Block] | Liquidity We have experienced declines in revenues and net losses in recent years. 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. As a result, we have evaluated our ongoing business needs, and considered the cash requirements of our 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 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 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company uses estimates in accounting for, among other items, revenue recognition, allowance for doubtful accounts, income tax provisions, excess and obsolete inventory reserve, impairment of long-lived assets, and warranty expenses. Actual results could differ from those estimates. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The carrying values of cash and cash equivalents, accounts receivable, accounts payable and long-term borrowings are reasonable estimates of their fair value due to their short-term nature or interest rates. We apply authoritative accounting guidance for fair value measurements of financial and non-financial assets and liabilities. This guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis and clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a three • Level 1 • Level 2 • Level 3 no Transfers between levels of the fair value hierarchy are recognized based on the actual date of the event or change in circumstances that caused the transfer. We had no 2 3 no December 31, 2021 2020 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, cash equivalents and restricted cash We include cash and investments having an original maturity of three December 31, 2021 may December 31, 2021 December 31, 2021 Restricted cash represents funds that are restricted to satisfy any amount borrowed against the Company's Cash Collateral Security agreement with BMO Harris Bank N.A. At December 31, 2021 no December 31, 2022 February 1, 2023) 11 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheet that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: December 31, 2021 December 31, 2020 Cash and cash equivalents $ 35,893 $ 10,640 Restricted cash included in current assets 891 1,595 Restricted cash included in long-term assets 270 371 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows $ 37,054 $ 12,606 |
Foreign Currency Risk Management [Policy Text Block] | Foreign Currency Risk Management Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates. We do not |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable consist of amounts due to us in the normal course of our business, are not not 606 Revenue from Contracts with Customers December 31, 2021 2020 2 |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts The allowance for doubtful accounts is our management's best estimate of the amount of credit losses in accounts receivable. In order to control and monitor the credit risk associated with our customer base, we review the credit worthiness of customers on a recurring basis. Factors influencing the level of scrutiny include the level of business the customer has with Fuel Tech, the customer’s payment history, and the customer’s financial stability. Receivables are considered past due if payment is not 30 not December 31. Year Balance at January 1 Provision charged to expense Write-offs / Recoveries Balance at December 31 2020 $ 1,816 $ (498 ) $ (483 ) $ 835 2021 $ 835 $ 227 $ (839 ) $ 223 |
Prepaid Expenses and Other Current Assets [Policy Text Block] | Prepaid expenses and other current assets Prepaid expenses and other current assets include Chinese banker acceptances of $55 and $549 as of December 31, 2021 2020 three six |
Inventory, Policy [Policy Text Block] | Inventories Inventories consist primarily of equipment constructed for resale and spare parts and are stated at the lower of cost or net realizable value, using the weighted-average cost method. At December 31, 2021, not December 31. Year Balance at January 1 Provision charged to expense Write-offs / Recoveries Balance at December 31 2020 $ 1,000 $ — $ (93 ) $ 907 2021 $ 907 $ — $ 20 $ 927 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation and Transactions Assets and liabilities of consolidated foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at year end. Revenues and expenses are translated at average exchange rates prevailing during the year. Gains or losses on foreign currency transactions and the related tax effects are reflected in net income. The resulting translation adjustments are included in stockholders’ equity as part of accumulated other comprehensive loss. |
Accumulated Other Comprehensive Income (Loss), Policy [Policy Text Block] | Accumulated Other Comprehensive Loss December 31, 2021 2020 Foreign currency translation Balance at beginning of period $ (1,370 ) $ (1,778 ) Other comprehensive income (loss): Foreign currency translation adjustments (1) (234 ) 408 Balance at end of period $ (1,604 ) $ (1,370 ) Total accumulated other comprehensive loss $ (1,604 ) $ (1,370 ) ( 1 In all periods presented, there were no |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs are expensed as incurred. Research and development projects funded by customer contracts are reported as part of cost of goods sold. Internally funded research and development expenses are reported as operating expenses. The DGI™ equipment developed and constructed as part of our water treatment technologies is reported in Other assets on our Consolidated Balance Sheets. |
Standard Product Warranty, Policy [Policy Text Block] | Product/System Warranty We typically warrant our air pollution control products and systems against defects in design, materials and workmanship for one two |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill Goodwill is tested for impairment at least annually as of the first fourth may not first not may two may October 1, 2021 no Goodwill is evaluated for impairment at the reporting unit level, which is defined as an operating segment or one two no December 31, 2021 2020 not December 31, 2021 2020 Other Intangible Assets Management reviews other finite-lived intangible assets, patent assets, trade names, and lease assets for impairment when events or changes in circumstances indicate the carrying amount of an asset or asset group may not may During the year ended December 31, 2020 no no December 31, 2020 December 31, 2021 no Third-party costs related to the development of patents are included within other intangible assets on the consolidated balance sheets. The third December 31, 2021 2020 Our intellectual property portfolio has been a significant building block for the Air Pollution Control and FUEL CHEM technology segments. The patents are essential to the generation of revenue for our businesses and are essential to protect us from competition in the markets in which we serve. These costs are being amortized on the straight-line method over the period beginning with the patent issuance date and ending on the patent expiration date. Patent maintenance fees are charged to operations as incurred. Amortization expense from continuing operations for intangible assets was $157 and $185 for the years ended December 31, 2021 2020 December 31, 2021 2020 2021 2020 Description of Other Intangibles Amortization Period (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patent assets 1 - 20 789 (341 ) 448 1,310 (757 ) 553 Total $ 789 $ (341 ) $ 448 $ 1,310 $ (757 ) $ 553 The table below shows the estimated future amortization expense for intangible assets: Year Estimated Amortization Expense 2022 $ 57 2023 57 2024 49 2025 28 2026 28 Thereafter 229 Total $ 448 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is stated at historical cost and does not December 31, 2021 2020 December 31, 2021 2020 Description of Property and Equipment Depreciable Life (years) 2021 2020 Land $ 1,050 $ 1,050 Building 39 3,950 3,950 Building and leasehold improvements 3 - 39 2,626 2,886 Field equipment 3 - 4 11,787 19,748 Computer equipment and software 2 - 3 2,099 2,954 Furniture and fixtures 3 - 10 1,308 1,477 Vehicles 5 32 32 Construction in process — 12 Total cost 22,852 32,109 Less accumulated depreciation (18,243 ) (26,889 ) Total net book value $ 4,609 $ 5,220 Property and equipment is reviewed for impairment when events and circumstances indicate that the carrying amount of the assets (or asset group) may not |
Revenue [Policy Text Block] | Revenue Recognition 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. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not not 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 projects 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. |
Cost of Goods and Service [Policy Text Block] | Cost of Sales Cost of sales includes all internal and external engineering costs, equipment and chemical 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). Certain depreciation and amortization expenses related to tangible and intangible assets, respectively, are allocated to cost of sales. We classify shipping and handling costs in cost of sales in the consolidated statements of operations. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative Expenses Selling, general and administrative expenses primarily include the following categories except where an allocation to the cost of sales line item is warranted due to the project- or product-line nature of a portion of the expense category: salaries and wages, employee benefits, non-project travel, insurance, legal, rent, accounting and auditing, recruiting, telephony, employee training, Board of Directors’ fees, auto rental, office supplies, dues and subscriptions, utilities, real estate taxes, commissions and bonuses, marketing materials, postage and business taxes. Departments comprising the selling, general and administrative line item primarily include the functions of executive management, finance and accounting, investor relations, regulatory affairs, marketing, business development, information technology, human resources, sales, legal and general administration. |
Income Tax, Policy [Policy Text Block] | Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision for income taxes represents income taxes paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid, and result from differences between the financial and tax bases of our assets and liabilities and are adjusted for changes in tax rates and tax laws when enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not not not no may not Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not |
Lessee, Leases [Policy Text Block] | Leases The Company applies the provisions of 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 |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Our stock-based employee compensation plan, referred to as the Fuel Tech, Inc. 2014 May 2014 may may December 31, 2021 December 31, 2021 |
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block] | Defined Contribution Plan We have a retirement savings plan available for all our U.S. employees who have met minimum length-of-service requirements. Our contributions are determined based upon amounts contributed by the employees with additional contributions made at the discretion of the Board of Directors. Costs related to this plan were $206 and $222 in 2021 2020 |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Earnings per Common Share Basic earnings per share excludes the antidilutive effects of stock options, restricted stock units (RSUs), warrants, and the nil 6 nil December 31, 2021 2020 December 31, 2021 December 31, 2020 The table below sets forth the weighted-average shares used at December 31 2021 2020 Basic weighted-average shares 29,585,000 24,691,000 Conversion of unsecured loan notes — — Unexercised options and unvested restricted stock units 109,000 — Diluted weighted-average shares 29,694,000 24,691,000 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Risk Concentrations Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. However, management believes the Company is not For the year ended December 31, 2021 four 10% one four no 10% December 31, 2021 For the year ended December 31, 2020 two 10% no 10% December 31, 2020 We control credit risk through requiring milestone payments on long-term contracts, performing ongoing credit evaluations of its customers, and in some cases obtaining security for payment through bank guarantees and letters of credit. |
Stockholders' Equity, Policy [Policy Text Block] | Treasury Stock We use the cost method to account for common stock repurchases. During the years ended December 31, 2021 2020 5, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In June 2016, 2016 13, 326 November 2019, 2019 10, 326 815 842 December 15, 2022, not |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | December 31, 2021 December 31, 2020 Cash and cash equivalents $ 35,893 $ 10,640 Restricted cash included in current assets 891 1,595 Restricted cash included in long-term assets 270 371 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows $ 37,054 $ 12,606 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Year Balance at January 1 Provision charged to expense Write-offs / Recoveries Balance at December 31 2020 $ 1,816 $ (498 ) $ (483 ) $ 835 2021 $ 835 $ 227 $ (839 ) $ 223 |
Schedule of Excess and Obsolete Inventory Reserve [Table Text Block] | Year Balance at January 1 Provision charged to expense Write-offs / Recoveries Balance at December 31 2020 $ 1,000 $ — $ (93 ) $ 907 2021 $ 907 $ — $ 20 $ 927 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2021 2020 Foreign currency translation Balance at beginning of period $ (1,370 ) $ (1,778 ) Other comprehensive income (loss): Foreign currency translation adjustments (1) (234 ) 408 Balance at end of period $ (1,604 ) $ (1,370 ) Total accumulated other comprehensive loss $ (1,604 ) $ (1,370 ) |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2021 2020 Description of Other Intangibles Amortization Period (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patent assets 1 - 20 789 (341 ) 448 1,310 (757 ) 553 Total $ 789 $ (341 ) $ 448 $ 1,310 $ (757 ) $ 553 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Estimated Amortization Expense 2022 $ 57 2023 57 2024 49 2025 28 2026 28 Thereafter 229 Total $ 448 |
Property, Plant and Equipment [Table Text Block] | Description of Property and Equipment Depreciable Life (years) 2021 2020 Land $ 1,050 $ 1,050 Building 39 3,950 3,950 Building and leasehold improvements 3 - 39 2,626 2,886 Field equipment 3 - 4 11,787 19,748 Computer equipment and software 2 - 3 2,099 2,954 Furniture and fixtures 3 - 10 1,308 1,477 Vehicles 5 32 32 Construction in process — 12 Total cost 22,852 32,109 Less accumulated depreciation (18,243 ) (26,889 ) Total net book value $ 4,609 $ 5,220 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2021 2020 Basic weighted-average shares 29,585,000 24,691,000 Conversion of unsecured loan notes — — Unexercised options and unvested restricted stock units 109,000 — Diluted weighted-average shares 29,694,000 24,691,000 |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Twelve Months Ended December 31, 2021 2020 Air Pollution Control Technology solutions $ 4,189 $ 5,668 Spare parts 1,138 906 Ancillary revenue 1,569 1,983 Total Air Pollution Control Technology 6,896 8,557 FUEL CHEM FUEL CHEM technology solutions 17,365 13,993 Total Revenues $ 24,261 $ 22,550 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Twelve Months Ended December 31, 2021 2020 United States $ 19,515 $ 18,622 Foreign Revenues Americas 356 549 Europe 1,894 1,656 Asia 2,496 1,723 Total Foreign Revenues 4,746 3,928 Total Revenues $ 24,261 $ 22,550 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Twelve Months Ended December 31, 2021 2020 Products transferred at a point in time $ 20,072 $ 15,787 Products and services transferred over time 4,189 6,763 Total Revenues $ 24,261 $ 22,550 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of December 31, 2021 December 31, 2020 Trade receivables $ 2,122 $ 5,015 Unbilled receivables 1,277 2,348 Other short-term receivables 83 20 Allowance for doubtful accounts (223 ) (835 ) Total accounts receivable $ 3,259 $ 6,548 |
Note 3 - Income Taxes (Tables)
Note 3 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Origin of income before taxes 2021 2020 United States $ 798 $ (3,411 ) Foreign (730 ) (810 ) Income (loss) before income taxes $ 68 $ (4,221 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2021 2020 Current: Federal $ — $ — State (9 ) (7 ) Foreign — (88 ) Total current (9 ) (95 ) Deferred: Federal — 22 State (5 ) 16 Total deferred (5 ) 38 Income tax expense $ (14 ) $ (57 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2021 2020 Provision at the U.S. federal statutory rate 21.0 % 21.0 % State taxes, net of federal benefit (15.5 )% 1.5 % Foreign tax rate differential (30.2 )% 0.5 % Valuation allowance (1504.6 )% (13.9 )% Chile outside basis differential 34.4 % — % PPP Loan Forgiveness (484.6 )% — % Accrual to return (329.3 )% — % Research and development credit (144.9 )% — % State rate change (124.0 )% (6.5 )% China deferred adjustment 1006.0 % — % China enterprise tax — % (2.1 )% Share based compensation 1590.3 % (2.0 )% Other true up — % (2.7 )% Intangible assets impairment and other non-deductibles — % 1.8 % Other 2.0 % 1.0 % Income tax (expense) benefit effective rate 20.6 % (1.4 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2021 2020 Deferred tax assets: Stock compensation expense $ 173 $ 1,240 Goodwill 591 986 Royalty accruals 10 560 Bad debt allowance 51 338 Net operating loss carryforwards 11,950 10,959 Credit carry-forwards 992 841 Inventory reserve 217 206 Depreciation 556 499 Other 376 334 Total deferred tax assets 14,916 15,963 Deferred tax liabilities: Intangible assets (105 ) (126 ) Total deferred tax liabilities (105 ) (126 ) Net deferred tax asset before valuation allowance 14,811 15,837 Valuation allowances for deferred tax assets (14,950 ) (15,971 ) Net deferred tax liability $ (139 ) $ (134 ) |
Summary of Valuation Allowance [Table Text Block] | Year Balance at January 1 Charged to costs and expenses (Deductions)/Other Balance at December 31 2020 $ 15,394 577 — $ 15,971 2021 $ 15,971 (1,021 ) — $ 14,950 |
Note 7 - Warrants (Tables)
Note 7 - Warrants (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Warrant Activity [Table Text Block] | Shares Outstanding as of December 31, 2020 — Granted 2,850,000 Exercised — Outstanding as of December 31, 2021 2,850,000 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number Weighted-Average Outstanding/ Remaining Life Weighted-Average Range of Exercise Price Exercisable in Years Exercise Price $ 5.10 2,500,000 4.62 $ 5.10 $ 6.45 350,000 4.62 $ 6.45 2,850,000 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the Year Ended December 31, 2021 2020 Stock options and restricted stock units, net of forfeited $ 82 $ 290 After-tax effect of stock based compensation $ 82 $ 290 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2021 2020 Number of Options Weighted-Average Exercise Price Number of Options Weighted-Average Exercise Price Outstanding at beginning of year 484,500 $ 3.57 747,500 $ 3.33 Granted — — — — Exercised — — (183,000 ) 1.61 Expired or forfeited (50,000 ) 8.16 (80,000 ) 5.79 Outstanding at end of year 434,500 $ 3.05 484,500 $ 3.57 Exercisable at end of year 434,500 $ 3.05 484,500 $ 3.57 Weighted-Average Remaining Contractual Life (years) 3.08 3.70 Aggregate Intrinsic Value $ 38 $ 488 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding and Exercisable Range of Exercise Prices Number of Options Weighted-Average Remaining Contractual Life (years) Weighted-Average Exercise Price $0.96 - $1.27 88,000 5.9 $ 0.97 $1.28 - $3.00 132,000 3.6 2.26 $3.01 - $4.54 120,000 1.0 3.72 $4.55 - $5.22 94,500 2.4 5.22 434,500 3.1 $ 3.05 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Unvested restricted stock units at December 31, 2019 775,635 $ 1.47 Forfeited (70,000 ) 1.03 Vested (605,630 ) 1.09 Unvested restricted stock units at December 31, 2020 100,005 1.50 Forfeited (5,000 ) 0.97 Vested (50,002 ) 1.50 Unvested restricted stock units at December 31, 2021 45,003 $ 1.51 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | 2021 2020 Operating lease cost $ 198 $ 205 Short-term lease cost 21 20 Total lease cost $ 219 $ 225 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, Operating Leases 2022 $ 132 2023 114 2024 28 2025 7 Thereafter — Total lease payments $ 281 Less imputed interest (46 ) Total $ 235 |
Operating Lease Liabilities [Table Text Block] | 2021 2020 Operating lease liabilities - current $ 113 $ 149 Operating lease liabilities - non-current 122 237 Total operating lease liabilities $ 235 $ 386 |
Lessee, Operating Leases, Supplemental Cash Flow Information [Table Text Block] | For the Twelve Months ended December 31, 2021 For the twelve months ended December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities $ 178 $ 192 Leased assets obtained in exchange for operating lease liabilities 158 179 |
Note 12 - Business Segment an_2
Note 12 - Business Segment and Geographic Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the year ended December 31, 2021 Air Pollution Control Segment FUEL CHEM Segment Other Total Revenues from external customers $ 6,896 $ 17,365 $ — $ 24,261 Cost of sales (3,529 ) (8,834 ) — (12,363 ) Gross margin 3,367 8,531 — 11,898 Selling, general and administrative — — (12,055 ) (12,055 ) Research and development — — (1,332 ) (1,332 ) Operating income (loss) from continuing operations $ 3,367 $ 8,531 $ (13,387 ) $ (1,489 ) For the year ended December 31, 2020 Air Pollution Control Segment FUEL CHEM Segment Other Total Revenues from external customers $ 8,557 $ 13,993 $ — $ 22,550 Cost of sales (4,583 ) (7,329 ) — (11,912 ) Gross margin 3,974 6,664 — 10,638 Selling, general and administrative — — (13,600 ) (13,600 ) Research and development — — (1,177 ) (1,177 ) Intangible assets abandonment — — (197 ) (197 ) Operating income (loss) from continuing operations $ 3,974 $ 6,664 $ (14,974 ) $ (4,336 ) |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | For the years ended December 31, 2021 2020 Revenues: United States $ 19,515 $ 18,622 Foreign 4,746 3,928 $ 24,261 $ 22,550 As of December 31, 2021 2020 Assets: United States $ 46,271 $ 24,524 Foreign 3,703 5,564 $ 49,974 $ 30,088 |
Note 13 - Restructuring Activ_2
Note 13 - Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | 2021 2020 Total revenues $ 22 $ 25 Net loss (114 ) (281 ) 2021 2020 Total assets $ 1,235 $ 2,463 Total liabilities 92 396 Total net assets $ 1,143 $ 2,067 |
Note 14 - Accrued Liabilities (
Note 14 - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Other Current Liabilities [Table Text Block] | As of December 31, 2021 December 31, 2020 Contract liabilities (Note 2) $ 390 $ 850 Accrued remediation contingency (Note 9) — 176 Other accrued liabilities 471 1,073 Total other accrued liabilities $ 861 $ 2,099 |
Note 1 - Organization and Sig_3
Note 1 - Organization and Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | Feb. 11, 2021USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019shares |
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 | 1,783 | 0 | |
Restricted Cash and Cash Equivalents, Total | 1,161 | |||
Restricted Cash and Cash Equivalents, Current, Total | 891 | 1,595 | ||
Restricted Cash and Cash Equivalents, Noncurrent, Total | 270 | 371 | ||
Unbilled Contracts Receivable | 1,277 | 2,348 | ||
Due from Customer Acceptances | 55 | 549 | ||
Inventory, Net, Total | $ 348 | 97 | ||
Number of Reporting Units | 2 | |||
Goodwill, Ending Balance | $ 2,116 | 2,116 | ||
Goodwill, Impairment Loss | 0 | 0 | ||
Impairment of Intangible Assets (Excluding Goodwill), Total | 197 | |||
Amortization of Intangible Assets, Total | 157 | 185 | ||
Depreciation, Total | $ 584 | 663 | ||
Number of Units with APC Technology | 1,200 | |||
Defined Contribution Plan, Cost | $ 206 | $ 222 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | shares | 434,500 | 484,500 | 747,500 | |
Class of Warrant or Right, Outstanding (in shares) | shares | 2,850,000 | 0 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 547,000 | |||
Treasury Stock, Shares, Acquired (in shares) | shares | 15,162 | 152,257 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 52 | $ 570 | ||
Antidilutive [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | shares | 214,500 | 584,505 | ||
The 2014 Long-term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares | 5,600,676 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | shares | 2,603,801 | |||
FUEL CHEM [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Four Customers [Member] | ||||
Number of Major Customers | 4 | |||
Concentration Risk, Percentage | 60.00% | |||
FUEL CHEM [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customers [Member] | ||||
Number of Major Customers | 2 | |||
Concentration Risk, Percentage | 28.00% | |||
Capitalized Third-party Costs [Member] | ||||
Finite-Lived Patents, Gross | $ 52 | $ 0 | ||
Minimum [Member] | ||||
Standard Product Warranty Period (Year) | 1 year | |||
Minimum [Member] | APC Technology [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 6 months | |||
Maximum [Member] | ||||
Standard Product Warranty Period (Year) | 2 years | |||
Maximum [Member] | APC Technology [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 18 months | |||
Equipment Contstructed for Resale [Member] | ||||
Inventory, Net, Total | $ 227 | |||
Spare Parts [Member] | ||||
Inventory, Net, Total | 121 | |||
Chinese Subsidiary [Member] | ||||
Restricted Cash and Cash Equivalents, Total | 886 | |||
Italian Subsidiary [Member] | ||||
Cash, Ending Balance | 1,391 | |||
Chilean Subsidiary [Member] | ||||
Cash, Ending Balance | $ 244 | |||
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 | |||
Class of Warrant or Right, Outstanding (in shares) | shares | 2,500,000 | |||
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 | |||
Class of Warrant or Right, Outstanding (in shares) | shares | 350,000 | |||
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 | |||
Private Placement [Member] | 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 | |||
Non-US [Member] | ||||
Revenues, Total | $ 4,746 | $ 3,928 | ||
Percentage of Revenue | 20.00% | 17.00% |
Note 1 - Organization and Sig_4
Note 1 - Organization and Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 35,893 | $ 10,640 |
Restricted cash included in current assets | 891 | 1,595 |
Restricted cash included in long-term assets | 270 | 371 |
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows | $ 37,054 | $ 12,606 |
Note 1 - Organization and Sig_5
Note 1 - Organization and Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance at January 1 | $ 835 | $ 1,816 |
Provision charged to expense | 227 | (498) |
Write-offs / Recoveries | (839) | (483) |
Balance at December 31 | $ 223 | $ 835 |
Note 1 - Organization and Sig_6
Note 1 - Organization and Significant Accounting Policies - Excess and Obsolete Inventory Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Excess and obsolete inventory reserve, beginning balance | $ 907 | $ 1,000 |
Provision charged to expense | 0 | 0 |
Write-offs / Recoveries | 20 | (93) |
Excess and obsolete inventory reserve, ending balance | $ 927 | $ 907 |
Note 1 - Organization and Sig_7
Note 1 - Organization and Significant Accounting Policies - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Beginning balance | $ 22,321 | $ 26,175 | |
Ending balance | 46,200 | 22,321 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Beginning balance | (1,370) | (1,778) | |
Foreign currency translation adjustments (1) | [1] | (234) | 408 |
Ending balance | $ (1,604) | $ (1,370) | |
[1] | In all periods presented, there were no tax impacts related to rate changes. |
Note 1 - Organization and Sig_8
Note 1 - Organization and Significant Accounting Policies - Summary of Intangible Asset Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gross Carrying Amount | $ 789 | $ 1,310 |
Accumulated Amortization | (341) | (757) |
Net Carrying Amount | 448 | 553 |
Patents [Member] | ||
Gross Carrying Amount | 789 | 1,310 |
Accumulated Amortization | (341) | (757) |
Net Carrying Amount | $ 448 | $ 553 |
Patents [Member] | Minimum [Member] | ||
Amortization Period (Year) | 1 year | |
Patents [Member] | Maximum [Member] | ||
Amortization Period (Year) | 20 years |
Note 1 - Organization and Sig_9
Note 1 - Organization and Significant Accounting Policies - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 57 | |
2023 | 57 | |
2024 | 49 | |
2025 | 28 | |
2026 | 28 | |
Thereafter | 229 | |
Total | $ 448 | $ 553 |
Note 1 - Organization and Si_10
Note 1 - Organization and Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Total cost | $ 22,852 | $ 32,109 |
Less accumulated depreciation | (18,243) | (26,889) |
Total net book value | 4,609 | 5,220 |
Land [Member] | ||
Total cost | 1,050 | 1,050 |
Building [Member] | ||
Total cost | $ 3,950 | 3,950 |
Depreciable Life (Year) | 39 years | |
Building and Leasehold Improvements [Member] | ||
Total cost | $ 2,626 | 2,886 |
Building and Leasehold Improvements [Member] | Minimum [Member] | ||
Depreciable Life (Year) | 3 years | |
Building and Leasehold Improvements [Member] | Maximum [Member] | ||
Depreciable Life (Year) | 39 years | |
Field Equipment [Member] | ||
Total cost | $ 11,787 | 19,748 |
Field Equipment [Member] | Minimum [Member] | ||
Depreciable Life (Year) | 3 years | |
Field Equipment [Member] | Maximum [Member] | ||
Depreciable Life (Year) | 4 years | |
Computer Equipment and Software [Member] | ||
Total cost | $ 2,099 | 2,954 |
Computer Equipment and Software [Member] | Minimum [Member] | ||
Depreciable Life (Year) | 2 years | |
Computer Equipment and Software [Member] | Maximum [Member] | ||
Depreciable Life (Year) | 3 years | |
Furniture and Fixtures [Member] | ||
Total cost | $ 1,308 | 1,477 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Depreciable Life (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Depreciable Life (Year) | 10 years | |
Vehicles [Member] | ||
Total cost | $ 32 | 32 |
Depreciable Life (Year) | 5 years | |
Construction in Progress [Member] | ||
Total cost | $ 0 | $ 12 |
Note 1 - Organization and Si_11
Note 1 - Organization and Significant Accounting Policies - Summary of Earnings (Loss) Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Basic weighted-average shares (in shares) | 29,585,000 | 24,691,000 |
Conversion of unsecured loan notes (in shares) | 0 | 0 |
Unexercised options and unvested restricted stock units (in shares) | 109,000 | 0 |
Diluted weighted-average shares (in shares) | 29,694,000 | 24,691,000 |
Note 2 - Revenue Recognition 1
Note 2 - Revenue Recognition 1 (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Contract with Customer, Liability, Current | $ 390 | $ 850 |
Contract with Customer, Liability, Revenue Recognized | $ 776 | $ 565 |
Contract with Customer, Contracts in Progress, Number of Contracts Identified as Loss Contracts | 0 | 1 |
Provision for Loss on Contracts | $ 0 | $ 176 |
Revenue, Remaining Performance Obligation, Amount | 9,119 | |
Air Pollution Control [Member] | ||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 1,277 | 2,079 |
FUEL CHEM [Member] | ||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 0 | $ 269 |
Note 2 - Revenue Recognition 2
Note 2 - Revenue Recognition 2 (Details Textual) $ in Thousands | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 9,119 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 5,608 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Revenues Disaggregated by Product Technology (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 24,261 | $ 22,550 |
Air Pollution Control [Member] | ||
Revenues | 6,896 | 8,557 |
Air Pollution Control [Member] | ||
Revenues | 6,896 | 8,557 |
Air Pollution Control [Member] | Technology Solutions [Member] | ||
Revenues | 4,189 | 5,668 |
Air Pollution Control [Member] | Spare Parts [Member] | ||
Revenues | 1,138 | 906 |
Air Pollution Control [Member] | Ancillary Revenue [Member] | ||
Revenues | 1,569 | 1,983 |
FUEL CHEM [Member] | ||
Revenues | 17,365 | 13,993 |
FUEL CHEM [Member] | Technology Solutions [Member] | ||
Revenues | $ 17,365 | $ 13,993 |
Note 2 - Revenue Recognition _2
Note 2 - Revenue Recognition - Revenues Disaggregated by Geography (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 24,261 | $ 22,550 |
UNITED STATES | ||
Revenues | 19,515 | 18,622 |
Americas, Excluding United States [Member] | ||
Revenues | 356 | 549 |
Europe [Member] | ||
Revenues | 1,894 | 1,656 |
Asia [Member] | ||
Revenues | 2,496 | 1,723 |
Non-US [Member] | ||
Revenues | $ 4,746 | $ 3,928 |
Note 2 - Revenue Recognition _3
Note 2 - Revenue Recognition - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 24,261 | $ 22,550 |
Transferred at Point in Time [Member] | ||
Revenues | 20,072 | 15,787 |
Transferred over Time [Member] | ||
Revenues | $ 4,189 | $ 6,763 |
Note 2 - Revenue Recognition _4
Note 2 - Revenue Recognition - Components of Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Trade receivables | $ 2,122 | $ 5,015 | |
Unbilled receivables | 1,277 | 2,348 | |
Other short-term receivables | 83 | 20 | |
Allowance for doubtful accounts | (223) | (835) | $ (1,816) |
Total accounts receivable | $ 3,259 | $ 6,548 |
Note 3 - Income Taxes (Details
Note 3 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2017 | |
Stock Issued During Period, Value, Stock Options Exercised | $ 0 | $ 296 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | 0 | |
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | |
Deferred Federal Income Tax Expense (Benefit) | 0 | (22) | |
Fuel Tech S.p.A [Member] | |||
Deferred Federal Income Tax Expense (Benefit) | $ 155 | ||
Increase (Decrease) in Deferred Income Taxes | (19) | ||
Deferred Federal Income Tax Expense (Benefit), Net of Adjustment | 136 | ||
Deferred Income Tax Expense, Valuation Allowance | 136 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | 27,701 | $ 10,733 | |
Foreign Tax Authority [Member] | Ministry of Economic Affairs and Finance, Italy [Member] | |||
Operating Loss Carryforwards, Total | 6,847 | ||
Foreign Tax Authority [Member] | State Administration of Taxation, China [Member] | |||
Operating Loss Carryforwards, Total | $ 13,476 |
Note 3 - Income Taxes - Compone
Note 3 - Income Taxes - Components of Income (Loss) Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
United States | $ 798 | $ (3,411) |
Foreign | (730) | (810) |
Income (loss) before income taxes | $ 68 | $ (4,221) |
Note 3 - Income Taxes - Compo_2
Note 3 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | ||
Federal | $ 0 | $ 0 |
State | (9) | (7) |
Foreign | 0 | (88) |
Total current | (9) | (95) |
Deferred: | ||
Federal | 0 | 22 |
State | (5) | 16 |
Total deferred | (5) | 38 |
Income tax expense | $ (14) | $ (57) |
Note 3 - Income Taxes - Income
Note 3 - Income Taxes - Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Provision at the U.S. federal statutory rate | 21.00% | 21.00% |
State taxes, net of federal benefit | (15.50%) | 1.50% |
Foreign tax rate differential | (30.20%) | 0.50% |
Valuation allowance | (1504.60%) | (13.90%) |
Chile outside basis differential | 34.40% | 0.00% |
PPP Loan Forgiveness | (484.60%) | 0.00% |
Accrual to return | (329.30%) | 0.00% |
Research and development credit | (144.90%) | 0.00% |
State rate change | (124.00%) | (6.50%) |
China deferred adjustment | 1006.00% | 0.00% |
China enterprise tax | 0.00% | (2.10%) |
Share based compensation | 1590.30% | (2.00%) |
Other true up | 0.00% | (2.70%) |
Intangible assets impairment and other non-deductibles | 0.00% | 1.80% |
Other | 2.00% | 1.00% |
Income tax (expense) benefit effective rate | 20.60% | (1.40%) |
Note 3 - Income Taxes - Summary
Note 3 - Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | |||
Stock compensation expense | $ 173 | $ 1,240 | |
Goodwill | 591 | 986 | |
Royalty accruals | 10 | 560 | |
Bad debt allowance | 51 | 338 | |
Net operating loss carryforwards | 11,950 | 10,959 | |
Credit carry-forwards | 992 | 841 | |
Inventory reserve | 217 | 206 | |
Depreciation | 556 | 499 | |
Other | 376 | 334 | |
Total deferred tax assets | 14,916 | 15,963 | |
Deferred tax liabilities: | |||
Intangible assets | (105) | (126) | |
Total deferred tax liabilities | (105) | (126) | |
Net deferred tax asset before valuation allowance | 14,811 | 15,837 | |
Valuation allowances for deferred tax assets | (14,950) | (15,971) | $ (15,394) |
Net deferred tax liability | $ (139) | $ (134) |
Note 3 - Income Taxes - Valuati
Note 3 - Income Taxes - Valuation Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance at January 1 | $ 15,971 | $ 15,394 |
Charged to costs and expenses | (1,021) | 577 |
(Deductions)/Other | 0 | 0 |
Balance at December 31 | $ 14,950 | $ 15,971 |
Note 4 - Common Stock (Details
Note 4 - Common Stock (Details Textual) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Common Stock, Shares, Issued, Total (in shares) | 31,227,300 | 25,639,702 |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 30,263,791 | 25,228,951 |
Reserved For Issuance Upon Exercise Or Vesting Of Equity Awards [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 5,600,676 | |
Reserved For Issuance Upon Exercise Or Vesting Of Equity Awards [Member] | Share-based Payment Arrangement, Option [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 434,500 | |
NIL Coupon Non-redeemable Convertible Unsecured Loan Notes [Member] | Unsecured Debt [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 6,715 |
Note 5 - Treasury Stock (Detail
Note 5 - Treasury Stock (Details Textual) - USD ($) $ in Thousands | Dec. 31, 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 6 - Nil Coupon Non-redee_2
Note 6 - Nil Coupon Non-redeemable Convertible Unsecured Loan Notes (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) | |
Share Price (in dollars per share) | $ / shares | $ 1.40 | |
Unsecured Debt [Member] | NIL Coupon Non-redeemable Convertible Unsecured Loan Notes [Member] | ||
Debt Instrument, Face Amount | $ | $ 76 | |
Debt Instrument, Convertible, Number of Equity Instruments | 6,715 | |
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ | $ 9 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |
Debt Instrument, Repurchase Amount | $ | $ 0 | $ 0 |
Unsecured Debt [Member] | NIL Coupon Non-redeemable Convertible Unsecured Loan Notes [Member] | Minimum [Member] | ||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 6.50 | |
Unsecured Debt [Member] | NIL Coupon Non-redeemable Convertible Unsecured Loan Notes [Member] | Maximum [Member] | ||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 11.43 |
Note 7 - Warrants (Details Text
Note 7 - Warrants (Details Textual) $ / shares in Units, $ in Thousands | Feb. 11, 2021USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($) |
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 | $ 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) | 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) | $ / 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) | 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) | 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 | ||
Private Placement [Member] | 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) | $ / shares | $ 5.10 |
Note 7 - Warrants - Warrant Act
Note 7 - Warrants - Warrant Activity (Details) | 12 Months Ended |
Dec. 31, 2021shares | |
Beginning balance (in shares) | 0 |
Granted (in shares) | 2,850,000 |
Exercised (in shares) | 0 |
Ending balance (in shares) | 2,850,000 |
Note 7 - Warrants - Summary of
Note 7 - Warrants - Summary of Warrants Outstanding and Exerciseable (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 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) | 4 years 7 months 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) | 4 years 7 months 13 days | ||
Weighted average exercise price (in dollars per share) | $ 6.45 | $ 6.45 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | |
Share Price (in dollars per share) | $ 1.40 | ||
Proceeds from Stock Options Exercised | $ 0 | $ 296 | |
Deferred Compensation Plan for Directors [Member] | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 0 | $ 0 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 50,002 | 605,630 | |
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 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 1,200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 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 Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 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, Award Vesting Period (Year) | 3 years | ||
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 (in shares) | 50,002 | 605,630 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 75 | $ 658 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 18 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 months 12 days | ||
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) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Stock options and restricted stock units, net of forfeited | $ 82 | $ 290 |
After-tax effect of stock based compensation | $ 82 | $ 290 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding at beginning of year, options (in shares) | 484,500 | 747,500 |
Outstanding at beginning of year, weighted average exercise price (in dollars per share) | $ 3.57 | $ 3.33 |
Granted, options (in shares) | 0 | 0 |
Granted, option, weighted average exercise price (in dollars per share) | $ 0 | $ 0 |
Exercised, options (in shares) | 0 | (183,000) |
Exercised, option, weighted average exercise price (in dollars per share) | $ 0 | $ 1.61 |
Expired or forfeited, options (in shares) | (50,000) | (80,000) |
Expired or forfeited, option, weighted average exercise price (in dollars per share) | $ 8.16 | $ 5.79 |
Outstanding at end of year, options (in shares) | 434,500 | 484,500 |
Outstanding at end of year, weighted average exercise price (in dollars per share) | $ 3.05 | $ 3.57 |
Exercisable, options (in shares) | 434,500 | 484,500 |
Exercisable, option, weighted average exercise price (in dollars per share) | $ 3.05 | $ 3.57 |
Weighted-Average Remaining Contractual Life (years) (Year) | 3 years 29 days | 3 years 8 months 12 days |
Aggregate Intrinsic Value | $ 38 | $ 488 |
Note 8 - Stock-based Compensa_6
Note 8 - Stock-based Compensation - Summary of Outstanding Stock Options by Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Number of Options (in shares) | shares | 434,500 |
Weighted- Average Remaining Contractual Life (Year) | 3 years 1 month 6 days |
Weighted-Average Exercise Price (in dollars per share) | $ 3.05 |
Range One [Member] | |
Lower Range Limit (in dollars per share) | 0.96 |
Upper Range Limit (in dollars per share) | $ 1.27 |
Number of Options (in shares) | shares | 88,000 |
Weighted- Average Remaining Contractual Life (Year) | 5 years 10 months 24 days |
Weighted-Average Exercise Price (in dollars per share) | $ 0.97 |
Range Two [Member] | |
Lower Range Limit (in dollars per share) | 1.28 |
Upper Range Limit (in dollars per share) | $ 3 |
Number of Options (in shares) | shares | 132,000 |
Weighted- Average Remaining Contractual Life (Year) | 3 years 7 months 6 days |
Weighted-Average Exercise Price (in dollars per share) | $ 2.26 |
Range Three [Member] | |
Lower Range Limit (in dollars per share) | 3.01 |
Upper Range Limit (in dollars per share) | $ 4.54 |
Number of Options (in shares) | shares | 120,000 |
Weighted- Average Remaining Contractual Life (Year) | 1 year |
Weighted-Average Exercise Price (in dollars per share) | $ 3.72 |
Range Four [Member] | |
Lower Range Limit (in dollars per share) | 4.55 |
Upper Range Limit (in dollars per share) | $ 5.22 |
Number of Options (in shares) | shares | 94,500 |
Weighted- Average Remaining Contractual Life (Year) | 2 years 4 months 24 days |
Weighted-Average Exercise Price (in dollars per share) | $ 5.22 |
Note 8 - Stock-based Compensa_7
Note 8 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning balance, unvested restricted stock units, shares (in shares) | 100,005 | 775,635 |
Beginning balance, unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ 1.50 | $ 1.47 |
Forfeited, restricted stock units, shares (in shares) | (5,000) | (70,000) |
Forfeited, restricted stock units, weighted average grant date fair value (in dollars per share) | $ 0.97 | $ 1.03 |
Vested, restricted stock units, shares (in shares) | (50,002) | (605,630) |
Vested, restricted stock units, weighted average grant date fair value (in dollars per share) | $ 1.50 | $ 1.09 |
Ending balance, unvested restricted stock units, shares (in shares) | 45,003 | 100,005 |
Ending balance, unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ 1.51 | $ 1.50 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Loss Contingency Accrual, Provision | $ 1,150 | |||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 499 | $ (619) | $ (1,026) | |
Standard Product Warranty Accrual, Period Increase (Decrease), Total | 0 | 0 | ||
Standard Product Warranty Accrual, Ending Balance | 159 | 159 | ||
Performance Guarantees [Member] | ||||
Debt Instrument, Face Amount | 0 | |||
Standby Letters of Credit [Member] | Cash Collateral Security Agreement [Member] | ||||
Letters of Credit Outstanding, Amount | 1,104 | |||
Receivables [Member] | ||||
Loss Contingency, Receivable, Ending Balance | $ 2,589 | |||
Failure of Equipment to Be Remedied Under Warranty Provision [Member] | Other Accrued Liabilities [Member] | ||||
Loss Contingency Accrual, Ending Balance | $ 0 | $ 176 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) $ in Thousands | Dec. 31, 2021USD ($)ft² |
Additional Number of Leases | 3 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 3 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.52% |
Three Year Equipment Lease [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 3 years |
Lessee, Operating Lease, Not Yet Commenced, Amount | $ | $ 64 |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 months 12 days |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 3 years 3 months 18 days |
Office Building [Member] | Gallarate Italy [Member] | |
Area of Real Estate Property (Square Foot) | 1,335 |
Office Building [Member] | Aurora Illinois [Member]] | |
Area of Real Estate Property (Square Foot) | 11,000 |
Office Building [Member] | Overland Park [Member] | |
Area of Real Estate Property (Square Foot) | 600 |
Note 10 - Leases - Operating Le
Note 10 - Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease cost | $ 198 | $ 205 |
Short-term lease cost | 21 | 20 |
Total lease cost | $ 219 | $ 225 |
Note 10 - Leases - Remaining Ma
Note 10 - Leases - Remaining Maturities of Existing Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 132 | |
2023 | 114 | |
2024 | 28 | |
2025 | 7 | |
Thereafter | 0 | |
Total lease payments | 281 | |
Less imputed interest | (46) | |
Total | $ 235 | $ 386 |
Note 10 - Leases - Lease Liabil
Note 10 - Leases - Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating lease liabilities - current | $ 113 | $ 149 |
Operating lease liabilities - non-current | 122 | 237 |
Total operating lease liabilities | $ 235 | $ 386 |
Note 10 - Leases - Supplemental
Note 10 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 178 | $ 192 |
Leased assets obtained in exchange for operating lease liabilities | $ 158 | $ 179 |
Note 11 - Debt Financing (Detai
Note 11 - Debt Financing (Details Textual) - USD ($) $ in Thousands | Jan. 08, 2021 | Apr. 17, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 19, 2019 |
The BMO Harris Agreement [Member] | |||||
Debt Instrument, Cash Collateral, Percentage Of Face Amount Of Outstanding Debt | 105.00% | ||||
Letters of Credit Outstanding, Amount | $ 1,104 | ||||
Restricted Cash, Total | 1,161 | ||||
The BMO Harris Agreement [Member] | Standby Letters of Credit [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ||||
Paycheck Protection Program CARES Act [Member] | |||||
Proceeds from Issuance of Long-term Debt, Total | $ 1,556 | $ 0 | $ 1,556 | ||
Debt Instrument, Decrease, Forgiveness | $ 1,556 |
Note 12 - Business Segment an_3
Note 12 - Business Segment and Geographic Financial Data (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Number of Reportable Segments | 2 |
Note 12 - Business Segment an_4
Note 12 - Business Segment and Geographic Financial Data - Reporting Segment Net Sales and Gross Margin (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from external customers | $ 24,261 | $ 22,550 |
Cost of sales | (12,363) | (11,912) |
Gross margin | 11,898 | 10,638 |
Selling, general and administrative | (12,055) | (13,600) |
Research and development | (1,332) | (1,177) |
Operating income (loss) from continuing operations | (1,489) | (4,336) |
Intangible assets abandonment | 0 | (197) |
Air Pollution Control [Member] | ||
Revenues from external customers | 6,896 | 8,557 |
Cost of sales | (3,529) | (4,583) |
Gross margin | 3,367 | 3,974 |
Selling, general and administrative | 0 | 0 |
Research and development | 0 | 0 |
Operating income (loss) from continuing operations | 3,367 | 3,974 |
Intangible assets abandonment | 0 | |
FUEL CHEM [Member] | ||
Revenues from external customers | 17,365 | 13,993 |
Cost of sales | (8,834) | (7,329) |
Gross margin | 8,531 | 6,664 |
Selling, general and administrative | 0 | 0 |
Research and development | 0 | 0 |
Operating income (loss) from continuing operations | 8,531 | 6,664 |
Intangible assets abandonment | 0 | |
Other Segments [Member] | ||
Revenues from external customers | 0 | 0 |
Cost of sales | 0 | 0 |
Gross margin | 0 | 0 |
Selling, general and administrative | (12,055) | (13,600) |
Research and development | (1,332) | (1,177) |
Operating income (loss) from continuing operations | $ (13,387) | (14,974) |
Intangible assets abandonment | $ (197) |
Note 12 - Business Segment an_5
Note 12 - Business Segment and Geographic Financial Data - Geographic Segment Financial Data (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 24,261 | $ 22,550 |
Assets | 49,974 | 30,088 |
UNITED STATES | ||
Revenues | 19,515 | 18,622 |
Assets | 46,271 | 24,524 |
Non-US [Member] | ||
Revenues | 4,746 | 3,928 |
Assets | $ 3,703 | $ 5,564 |
Note 13 - Restructuring Activ_3
Note 13 - Restructuring Activities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Charges, Total | $ 0 | $ 0 |
CHINA | ||
Discontinued Operations, Revenue, Remaining Performance Obligation, Amount | $ 6 |
Note 13 - Restructuring Activ_4
Note 13 - Restructuring Activities - Charges and Net Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 24,261 | $ 22,550 |
Net loss | 54 | (4,278) |
Total assets | 49,974 | 30,088 |
Total liabilities | 3,774 | 7,767 |
CHINA | ||
Revenues | 22 | 25 |
Net loss | (114) | (281) |
Total assets | 1,235 | 2,463 |
Total liabilities | 92 | 396 |
Total net assets | $ 1,143 | $ 2,067 |
Note 14 - Accrued Liabilities -
Note 14 - Accrued Liabilities - Components of Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Contract liabilities (Note 2) | $ 390 | $ 850 |
Accrued remediation contingency (Note 9) | 0 | 176 |
Other accrued liabilities | 471 | 1,073 |
Total other accrued liabilities | $ 861 | $ 2,099 |