Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 04, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | PERMA FIX ENVIRONMENTAL SERVICES INC | |
Entity Central Index Key | 0000891532 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,180,324 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 713 | $ 7,924 |
Accounts receivable, net of allowance for doubtful accounts of $387 and $404, respectively | 20,121 | 9,659 |
Unbilled receivables | 9,229 | 14,453 |
Inventories | 593 | 610 |
Prepaid and other assets | 3,810 | 3,967 |
Current assets related to discontinued operations | 20 | 22 |
Total current assets | 34,486 | 36,635 |
Property and equipment: | ||
Buildings and land | 20,123 | 20,139 |
Equipment | 22,118 | 22,090 |
Vehicles | 454 | 457 |
Leasehold improvements | 23 | 23 |
Office furniture and equipment | 1,425 | 1,413 |
Construction-in-progress | 1,903 | 1,569 |
Total property and equipment | 46,046 | 45,691 |
Less accumulated depreciation | (28,224) | (27,908) |
Net property and equipment | 17,822 | 17,783 |
Property and equipment related to discontinued operations | 81 | 81 |
Operating lease right-of-use assets | 2,220 | 2,287 |
Intangibles and other long term assets: | ||
Permits | 9,025 | 8,922 |
Other intangible assets - net | 842 | 875 |
Finite risk sinking fund (restricted cash) | 11,464 | 11,446 |
Other assets | 870 | 890 |
Total assets | 76,810 | 78,919 |
Current liabilities: | ||
Accounts payable | 15,426 | 15,382 |
Accrued expenses | 7,075 | 6,381 |
Disposal/transportation accrual | 1,081 | 1,220 |
Deferred revenue | 3,106 | 4,614 |
Accrued closure costs - current | 74 | 75 |
Current portion of long-term debt | 5,196 | 3,595 |
Current portion of operating lease liabilities | 241 | 273 |
Current portion of finance lease liabilities | 467 | 525 |
Current liabilities related to discontinued operations | 817 | 898 |
Total current liabilities | 33,483 | 32,963 |
Accrued closure costs | 6,378 | 6,290 |
Deferred tax liabilities | 471 | 471 |
Long-term debt, less current portion | 1,461 | 3,134 |
Long-term operating lease liabilities, less current portion | 2,044 | 2,070 |
Long-term finance lease liabilities, less current portion | 609 | 662 |
Other long-term liabilities | 626 | 626 |
Long-term liabilities related to discontinued operations | 296 | 252 |
Total long-term liabilities | 11,885 | 13,505 |
Total liabilities | 45,368 | 46,468 |
Stockholders' Equity: | ||
Preferred Stock, $.001 par value; 2,000,000 shares authorized, no shares issued and outstanding | ||
Common Stock, $.001 par value; 30,000,000 shares authorized; 12,173,376 and 12,161,539 shares issued, respectively; 12,165,734 and 12,153,897 shares outstanding, respectively | 12 | 12 |
Additional paid-in capital | 109,055 | 108,931 |
Accumulated deficit | (75,578) | (74,455) |
Accumulated other comprehensive loss | (187) | (207) |
Less Common Stock in treasury, at cost; 7,642 shares | (88) | (88) |
Total Perma-Fix Environmental Services, Inc. stockholders' equity | 33,214 | 34,193 |
Non-controlling interest | (1,772) | (1,742) |
Total stockholders' equity | 31,442 | 32,451 |
Total liabilities and stockholders' equity | $ 76,810 | $ 78,919 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 387 | $ 7,924 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 12,173,376 | 12,161,539 |
Common stock, shares outstanding | 12,165,734 | 12,153,897 |
Treasury stock, shares | 7,642 | 7,642 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 23,133 | $ 24,860 |
Cost of goods sold | 20,777 | 20,220 |
Gross profit | 2,356 | 4,640 |
Selling, general and administrative expenses | 3,205 | 2,928 |
Research and development | 150 | 232 |
Loss on disposal of property and equipment | 31 | |
(Loss) Income from operations | (999) | 1,449 |
Other income (expense): | ||
Interest income | 18 | 56 |
Interest expense | (67) | (120) |
Interest expense-financing fees | (8) | (68) |
Other | 1 | 5 |
(Loss) income from continuing operations before taxes | (1,055) | 1,322 |
Income tax (benefit) expense | (17) | 14 |
(Loss) income from continuing operations, net of taxes | (1,038) | 1,308 |
Loss from discontinued operations (net of taxes of $0) | (115) | (114) |
Net (loss) income | (1,153) | 1,194 |
Net loss attributable to non-controlling interest | (30) | (26) |
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ (1,123) | $ 1,220 |
Net income (loss) per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic and diluted: | ||
Continuing operations | $ (0.08) | $ 0.11 |
Discontinued operations | (0.01) | (0.01) |
Net (loss) income per common share | $ (0.09) | $ 0.10 |
Number of common shares used in computing net (loss) income per share: | ||
Basic | 12,165 | 12,122 |
Diluted | 12,165 | 12,346 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Loss from discontinued operations, tax | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (1,153) | $ 1,194 |
Other comprehensive income (loss): | ||
Foreign currency translation gain (loss) | 20 | (79) |
Total other comprehensive income (loss) | 20 | (79) |
Comprehensive (loss) income | (1,133) | 1,115 |
Comprehensive loss attributable to non-controlling interest | (30) | (26) |
Comprehensive (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ (1,103) | $ 1,141 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Common Stock Held In Treasury [Member] | Accumulated Other Comprehensive Loss [Member] | Non-controlling Interest in Subsidiary [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2019 | $ 12 | $ 108,457 | $ (88) | $ (211) | $ (1,619) | $ (77,315) | $ 29,236 |
Balance, shares at Dec. 31, 2019 | 12,123,520 | ||||||
Net Income (loss) | (26) | 1,220 | 1,194 | ||||
Foreign currency translation | (79) | (79) | |||||
Issuance of Common Stock upon exercise of options | 6 | 6 | |||||
Issuance of Common Stock upon exercise of options, shares | 3,643 | ||||||
Issuance of Common Stock for services | 48 | 48 | |||||
Issuance of Common Stock for services, shares | 5,128 | ||||||
Stock-Based Compensation | 44 | 44 | |||||
Balance at Mar. 31, 2020 | $ 12 | 108,555 | (88) | (290) | (1,645) | (76,095) | 30,449 |
Balance, shares at Mar. 31, 2020 | 12,132,291 | ||||||
Balance at Dec. 31, 2020 | $ 12 | 108,931 | (88) | (207) | (1,742) | (74,455) | 32,451 |
Balance, shares at Dec. 31, 2020 | 12,161,539 | ||||||
Net Income (loss) | (30) | (1,123) | (1,153) | ||||
Foreign currency translation | 20 | 20 | |||||
Issuance of Common Stock for services | 79 | 79 | |||||
Issuance of Common Stock for services, shares | 11,837 | ||||||
Stock-Based Compensation | 45 | 45 | |||||
Balance at Mar. 31, 2021 | $ 12 | $ 109,055 | $ (88) | $ (187) | $ (1,772) | $ (75,578) | $ 31,442 |
Balance, shares at Mar. 31, 2021 | 12,173,376 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Cash flows from operating activities: | |||
Net (loss) income | $ (1,153) | $ 1,194 | |
Less: loss from discontinued operations, net of taxes of $0 | (115) | (114) | |
(Loss) income from continuing operations, net of taxes | (1,038) | 1,308 | |
Adjustments to reconcile (loss) income from continuing operations to cash provided by operating activities: | |||
Depreciation and amortization | 400 | 346 | |
Interest on finance lease with purchase option | 2 | 2 | |
Amortization of debt issuance/debt discount costs | 8 | 68 | |
Deferred tax expense | 3 | ||
Recovery of bad debt reserves | (17) | (60) | |
Loss on disposal of plant, property, and equipment | 31 | ||
Issuance of common stock for services | 79 | 48 | |
Stock-based compensation | 45 | 44 | |
Changes in operating assets and liabilities of continuing operations: | |||
Accounts receivable | (10,445) | 3,012 | |
Unbilled receivables | 5,224 | (2,204) | |
Prepaid expenses, inventories and other assets | 557 | (449) | |
Accounts payable, accrued expenses and unearned revenue | (1,270) | 1,275 | |
Cash (used in) provided by continuing operations | (6,455) | 3,424 | |
Cash used in discontinued operations | (149) | (151) | |
Cash (used in) provided by operating activities | (6,604) | 3,273 | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (361) | (896) | [1] |
Proceeds from sale of plant, property, and equipment | 1 | 1 | |
Cash used in investing activities of continuing operations | (360) | (895) | |
Cash provided by investing activities of discontinued operations | 13 | ||
Cash used in investing activities | (360) | (882) | |
Cash flows from financing activities: | |||
Repayments of revolving credit borrowings | (14,780) | (24,204) | |
Borrowing on revolving credit | 14,780 | 23,883 | |
Proceeds from issuance of common stock upon exercise of option | 6 | ||
Principal repayments of finance lease liabilities | (114) | (101) | |
Principal repayments of long term debt | (109) | (418) | |
Cash used in financing activities | (223) | (834) | |
Effect of exchange rate changes on cash | (6) | (32) | |
(Decrease) increase in cash and finite risk sinking fund (restricted cash) | (7,193) | 1,525 | |
Cash and finite risk sinking fund (restricted cash) at beginning of period | 19,370 | 11,697 | |
Cash and finite risk sinking fund (restricted cash) at end of period | 12,177 | 13,222 | |
Supplemental disclosure: | |||
Interest paid | 54 | 112 | |
Income taxes paid | 30 | ||
Non-cash investing and financing activities: | |||
Equipment purchase subject to finance lease | 82 | ||
Equipment purchase subject to financing | $ 29 | ||
[1] | Net of financed amount of $82,000 and $4,000 for the three month ended March 31, 2020 and 2019, respectively. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Cash Flows [Abstract] | ||
Loss from discontinued operations, tax | $ 0 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The consolidated financial statements included herein have been prepared by the Company (which may be referred to as we, us or our), without an audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“the Commission”). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures which are made are adequate to make the information presented not misleading. Further, the consolidated financial statements reflect, in the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position and results of operations as of and for the periods indicated. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2021. The Company suggests that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The consolidated financial statements include our accounts, those of our wholly-owned subsidiaries, and our majority-owned Polish subsidiary, Perma-Fix Medical. Additionally, the Company’s financial statements include the account of a variable interest entity (“VIE”), Perma-Fix ERRG for which we are the primary beneficiary (See “Note 13 - VIE” for a discussion of this VIE). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Our accounting policies are as set forth in the notes to the December 31, 2020 consolidated financial statements referred to above. Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The adoption of ASU No. 2019-12 by the Company effective January 1, 2021 did not have a material impact on the Company’s financial statements. In January 2020, the FASB issued ASU 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” In October 2020, the FASB issued ASU No 2020-10, “Codification Improvements.” ASU 2020-10 updates various codification topics by clarifying or improving disclosure requirements. ASU 2020-10 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of ASU No. 2020-01 by the Company effective January 1, 2021 did not have a material impact on the Company’s financial statements or disclosures. Recently Issued Accounting Standards – Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance: ASU 2018-19 “Codification Improvements to Topic 326, Financial Instruments - Credit Losses,” ASU 2019-04 “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” ASU 2019-05 “Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief,” ASU 2019-11 “Codification Improvements to Topic 326, Financial Instruments - Credit Losses” and ASU 2020-02, “Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842)” (collectively, “Topic 326”). Topic 326 introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables and loans. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. These ASUs are effective January 1, 2023 for the Company as a smaller reporting company. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity.” ASU 2020-06 simplifies the accounting for convertible instruments by removing major separation models and removing certain settlement condition qualifiers for the derivatives scope exception for contracts in an entity’s own equity, and simplifies the related diluted net income per share calculation for both Subtopics. ASU 2020-06 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, for the Company as a smaller reporting company. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and disclosures. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 3. Revenue Disaggregation of Revenue In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of our services and provides meaningful disaggregation of each business segment’s results of operations. The nature of the Company’s performance obligations within our Treatment and Services Segments result in the recognition of our revenue primarily over time. The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments: Revenue by Contract Type (In thousands) Three Months Ended Three Months Ended March 31, 2021 March 31, 2020 Treatment Services Total Treatment Services Total Fixed price $ 7,495 $ 2,581 $ 10,076 $ 9,563 $ 1,392 $ 10,955 Time and materials — 13,057 13,057 — 13,905 13,905 Total $ 7,495 $ 15,638 $ 23,133 $ 9,563 $ 15,297 $ 24,860 Revenue by generator (In thousands) Three Months Ended Three Months Ended March 31, 2021 March 31, 2020 Treatment Services Total Treatment Services Total Domestic government $ 4,598 $ 12,661 $ 17,259 $ 7,690 $ 13,798 $ 21,488 Domestic commercial 2,265 590 2,855 1,873 462 2,335 Foreign government 534 2,364 2,898 — 1,014 1,014 Foreign commercial 98 23 121 — 23 23 Total $ 7,495 $ 15,638 $ 23,133 $ 9,563 $ 15,297 $ 24,860 Contract Balances The timing of revenue recognition, billings, and cash collections results in accounts receivable and unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represents advance payment from customers in advance of the completion of our performance obligation. The following table represents changes in our contract assets and contract liabilities balances: Year-to-date Year-to-date (In thousands) March 31, 2021 December 31, 2020 Change ($) Change (%) Contract assets Account receivables, net of allowance $ 20,121 $ 9,659 $ 10,462 108.3 % Unbilled receivables - current 9,229 14,453 (5,224 ) (36.1 )% Contract liabilities Deferred revenue $ 3,106 $ 4,614 $ (1,508 ) (32.7 )% During the three months ended March 31, 2021 and 2020, the Company recognized revenue of $4,311,000 and $4,023,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of each respective year. Revenue recognized in each period related to performance obligations satisfied within the respective period. Remaining Performance Obligations The Company applies the practical expedient in paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Within our Services Segment, there are service contracts which provide that the Company has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date. For those contracts, the Company has utilized the practical expedient in ASC 606-10-55-18, which allows the Company to recognize revenue in the amount for which we have the right to invoice; accordingly, the Company does not disclose the value of remaining performance obligations for those contracts. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 4. Leases At the inception of an arrangement, the Company determines if an arrangement is, or contains, a lease based on facts and circumstances present in that arrangement. Lease classifications, recognition, and measurement are then determined at the lease commencement date. The Company’s operating lease right-of-use (“ROU”) assets and operating lease liabilities represent primarily leases for office and warehouse spaces used to conduct our business. Finance leases consist primarily of processing and transport equipment used by our facilities’ operations and also include a building with land for our waste treatment operations. The components of lease cost for the Company’s leases were as follows (in thousands): Three Months Ended March 31, 2021 2020 Operating Lease: Lease cost $ 111 $ 114 Finance Leases: Amortization of ROU assets 59 26 Interst on lease liablity 19 21 78 47 Short-term lease rent expense 3 3 Total lease cost $ 192 $ 164 The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at March 31, 2021 were: Operating Leases Finance Leases Weighted average remaining lease terms (years) 7.8 3.4 Weighted average discount rate 7.8 % 6.8 % The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at March 31, 2020 were: Operating Leases Finance Leases Weighted average remaining lease terms (years) 8.6 1.6 Weighted average discount rate 8.0 % 12.1 % The following table reconciles the undiscounted cash flows for the operating and finance leases at March 31, 2021 to the operating and finance lease liabilities recorded on the balance sheet (in thousands): Operating Leases Finance Leases 2021 (Remaining) $ 296 $ 458 2022 455 271 2023 463 150 2024 395 146 2025 304 146 2025 and thereafter 1,154 18 Total undiscounted lease payments 3,067 1,189 Less: Imputed interest (782 ) (113 ) Present value of lease payments $ 2,285 $ 1,076 Current portion of operating lease obligations $ 241 $ — Long-term operating lease obligations, less current portion $ 2,044 — Current portion of finance lease obligations $ — $ 467 Long-term finance lease obligations, less current portion $ — $ 609 Supplemental cash flow and other information related to our leases were as follows (in thousands): Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating leases $ 101 $ 110 Operating cash flow from finance leases $ 19 $ 21 Financing cash flow from finance leases $ 114 $ 101 ROU assets obtained in exchange for lease obligations for: Finance liabilities $ — $ 82 Operating liabilities $ — $ — |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets The following table summarizes information relating to the Company’s definite-lived intangible assets: March 31, 2021 December 31, 2020 Weighted Average Amortization Gross Net Gross Net Period Carrying Accumulated Carrying Carrying Accumulated Carrying (Years) Amount Amortization Amount Amount Amortization Amount Intangibles (amount in thousands) Patent 12.5 $ 746 $ (339 ) $ 407 $ 742 $ (334 ) $ 408 Software 3 431 (411 ) 20 418 (411 ) 7 Customer relationships 10 3,370 (2,955 ) 415 3,370 (2,910 ) 460 Total $ 4,547 $ (3,705 ) $ 842 $ 4,530 $ (3,655 ) $ 875 The intangible assets noted above are amortized on a straight-line basis over their useful lives with the exception of customer relationships which are being amortized using an accelerated method. The following table summarizes the expected amortization over the next five years for our definite-lived intangible assets: Amount Year (In thousands) 2021 (Remaining) 162 2022 172 2023 132 2024 11 2025 11 Amortization expenses relating to the definite-lived intangible assets as discussed above were $50,000 and $54,000 for the three months ended March 31, 2021 and 2020, respectively. |
Capital Stock, Stock Plans, War
Capital Stock, Stock Plans, Warrants and Stock Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Capital Stock, Stock Plans,Warrants, and Stock Based Compensation | 6. Capital Stock, Stock Plans, Warrants and Stock Based Compensation The Company has certain stock option plans under which it may award incentive stock options (“ISOs”) and/or non-qualified stock options (“NQSOs”) to employees, officers, outside directors, and outside consultants. No stock options were granted in the first quarter of 2021. The Company granted a NQSO to Robert Ferguson on July 27, 2017 from the Company’s 2017 Stock Option Plan (“2017 Plan”) for the purchase of up to 100,000 shares of the Company’s Common Stock (“Ferguson Stock Option”) in connection with his work as a consultant to the Company’s Test Bed Initiative (“TBI”) at our Perma-Fix Northwest Richland, Inc. (“PFNWR”) facility at an exercise price of $3.65 per share, which was the fair market value of the Company’s Common Stock on the date of grant. The term of the Ferguson Stock Option is seven years from the grant date. The vesting of the Ferguson Stock Option is subject to the achievement of three separate milestones by certain dates. The 10,000 options under the first milestone were exercised by Robert Ferguson in 2018. The vesting date for the second and third milestones for the purchase of up to 30,000 and 60,000 shares of the Company’s Common Stock was previously extended to December 31, 2021 and December 31, 2022, respectively. The Company has not recognized compensation costs (fair value of approximately $262,000 at March 31, 2021) for the remaining 90,000 Ferguson Stock Option under the remaining two milestones since achievement of the performance obligation under each of the two remaining milestones is uncertain at March 31, 2021. All other terms of the Ferguson Stock Option remain unchanged. The following table summarizes stock-based compensation recognized for the three months ended March 31, 2021 and 2020 for our employee and director stock options. Three Months Ended Stock Options March 31, 2021 2020 Employee Stock Options $ 33,000 $ 32,000 Director Stock Options 12,000 12,000 Total $ 45,000 $ 44,000 At March 31, 2021, the Company has approximately $229,000 of total unrecognized compensation costs related to unvested options for employee and directors. The weighted average period over which the unrecognized compensation costs are expected to be recognized is approximately 2.0 years. The summary of the Company’s total Stock Option Plans as of March 31, 2021 and March 31, 2020, and changes during the periods then ended, are presented below. The Company’s Plans consist of the 2010 Stock Option Plan, the 2017 Plan and the 2003 Outside Directors Stock Plan (“2003 Plan”): Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (3) Options outstanding January 1, 2021 658,400 $ 3.87 Granted — — Exercised — — — Forfeited/expired — — Options outstanding end of period (1) 658,400 $ 3.87 3.2 $ 2,279,267 Options exercisable at March 31, 2021 (1) 392,400 $ 4.08 3.4 $ 1,274,287 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (3) Options outstanding January 1, 2020 681,300 $ 3.84 Granted 6,000 7.00 Exercised (12,000 ) 3.48 14,600 Forfeited/expired (20,000 ) 3.45 Options outstanding end of period (2) 655,300 $ 3.88 4.0 $ 962,189 Options exercisable at March 31, 2020 (2) 306,800 $ 4.20 3.9 $ 392,614 (1) (2) (3) During the three months ended March 31, 2021, the Company issued a total of 11,837 shares of its Common Stock under the 2003 Plan to its outside directors as compensation for serving on our Board of Directors (the “Board”). The Company recorded approximately $107,000 in compensation expenses (included in selling, general and administration (“SG&A”) expenses) in connection with the issuance of shares of its Common Stock to outside directors. See “Note 16 – Subsequent Events - 2003 Plan” for a discussion of a proposed amendment to the 2003 Plan as approved by the Company’s Board of Directors (the “Board”), subject to the approval by the Company’s Stockholder at the Company’s 2021 Annual Meeting of Stockholders to be held on July 20, 2021. In connection with a $2,500,000 loan that the Company entered into with Mr. Robert Ferguson (the “Ferguson Loan”) on April 1, 2019, the Company issued a warrant to Mr. Ferguson for the purchase of up to 60,000 shares of our Common Stock at an exercise price of $3.51 per share. The warrant is exercisable six months from April 1, 2019 and expires on April 1, 2024 and remains outstanding at March 31, 2021. The Ferguson Loan was paid-in-full in December 2020. |
(Loss) Income Per Share
(Loss) Income Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
(Loss) Income Per Share | 7. (Loss) Income Per Share Basic (loss) income per share is calculated based on the weighted-average number of outstanding common shares during the applicable period. Diluted (loss) income per share is based on the weighted-average number of outstanding common shares plus the weighted-average number of potential outstanding common shares. In periods where they are anti-dilutive, such amounts are excluded from the calculations of dilutive (loss) earnings per shares. The following table reconciles the (loss) income and average share amounts used to compute both basic and diluted (loss) income per share: Three Months Ended (Unaudited) March 31, (Amounts in Thousands, Except for Per Share Amounts) 2021 2020 Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders: (Loss) income from continuing operations, net of taxes $ (1,038 ) $ 1,308 Net loss attributable to non-controlling interest (30 ) (26 ) (Loss) income from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders (1,008 ) 1,334 Loss from discontinuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders (115 ) (114 ) Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (1,123 ) $ 1,220 Basic (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (.09 ) $ .10 Diluted (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (.09 ) $ .10 Weighted average shares outstanding: Basic weighted average shares outstanding 12,165 12,122 Add: dilutive effect of stock options — 201 Add: dilutive effect of warrants — 23 Diluted weighted average shares outstanding 12,165 12,346 Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: Stock options 30 14 Warrant — — |
Long Term Debt
Long Term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long Term Debt | 8. Long Term Debt Long-term debt consists of the following: (Amounts in Thousands) March 31, 2021 December 31, 2020 Revolving Credit 2024. Effective interest rate for the first quarter of 2021 was 5.3%. (1) $ — $ — Term Loan (1) 1,290 (2) 1,388 (2) Promissory Note (3) 5,318 (4) 5,318 (4) Notes Payable 49 23 Total debt 6,657 6,729 Less current portion of long-term debt 5,196 3,595 Long-term debt $ 1,461 $ 3,134 (1) (2) (3) (4) Revolving Credit and Term Loan Agreement The Company entered into a Second Amended and Restated Revolving Credit, Term Loan and Security Agreement, dated May 8, 2020 (“Loan Agreement”), with PNC National Association (“PNC”), acting as agent and lender. The Loan Agreement provides the Company with the following credit facility with a maturity date of March 15, 2024: (a) up to $18,000,000 revolving credit (“revolving credit”) and (b) a term loan (“term loan”) of approximately $1,742,000, requiring monthly installments of $35,547. The maximum that the Company can borrow under the revolving credit is based on a percentage of eligible receivables (as defined) at any one time reduced by outstanding standby letters of credit and borrowing reductions that our lender may impose from time to time. Payment of annual rate of interest due on the revolving credit is at prime (3.25% at March 31, 2021) plus 2% or London InterBank Offer Rate (“LIBOR”) plus 3.00% and the term loan at prime plus 2.50% or LIBOR plus 3.50%. Under the LIBOR option of interest payment, a LIBOR floor of 0.75% applies in the event that LIBOR falls below 0.75% at any point in time. Pursuant to the Loan Agreement, the Company may terminate the Loan Agreement upon 90 days’ prior written notice upon payment in full of our obligations under the Loan Agreement. The Company has agreed to pay PNC 1.0% of the total financing in the event we pay off our obligations on or before May 7, 2021 and 0.5% of the total financing if we pay off our obligations after May 7, 2021 but prior to or on May 7, 2022. No early termination fee will apply if we pay off our obligations under the New Loan Agreement after May 7, 2022. At March 31, 2021, the borrowing availability under our revolving credit was approximately $10,280,000, based on our eligible receivables and includes a reduction in borrowing availability of approximately $3,026,000 from outstanding standby letters of credit. The Company’s credit facility under its Loan Agreement with PNC contains certain financial covenants, along with customary representations and warranties. A breach of any of these financial covenants, unless waived by PNC, could result in a default under our credit facility allowing our lender to immediately require the repayment of all outstanding debt under our credit facility and terminate all commitments to extend further credit. The Company met its financial covenant requirements in the first quarter of 2021. The Company’s fixed charge coverage ratio (“FCCR”) calculation in the first quarter of 2021 included the add-back of approximately $5,318,000 in eligible expenses that were incurred and covered by the PPP Loan that the Company received in 2020. This add-back was permitted by an amendment to our Loan Agreement that the Company entered into with our lender in May 2021 and was applied retroactively to the second and third quarters of 2020 pursuant to the amendment (see “Note 16 – Subsequent Events – Credit Facility” for a discussion of this amendment). Paycheck Protection Program (“PPP”) Loan On April 14, 2020, the Company entered into a promissory note under the PPP with PNC, our credit facility lender, which has a balance of approximately $5,318,000 (the “PPP Loan”) at March 31, 2021. The PPP was established under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and is administered by the Small Business Administration (“SBA”). The CARES Act was subsequently amended by the Paycheck Protection Program Flexibility Act of 2020 (“Flexibility Act”). The note evidencing the PPP Loan contains events of default relating to, among other things, payment defaults, breach of representations and warranties, and provisions of the promissory note. Under the terms of the Flexibility Act, the Company can apply for and be granted forgiveness for all or a portion of the PPP Loan. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds by the Company for eligible payroll costs, mortgage interest, rent and utility costs and the maintenance of employee and compensation levels for the covered period (which is defined as a 24-week period, beginning April 14, 2020, the date in which proceeds from the PPP Loan was disbursed to the Company by PNC). On October 5, 2020, the Company applied for forgiveness on repayment of the loan balance as permitted under the program, which is subject to the review and approval of our lender and the SBA. If all or a portion of the PPP Loan is not forgiven, all or the remaining portion of the loan will be for a term of two years but can be prepaid at any time prior to maturity without any prepayment penalties. The annual interest rate on the PPP Loan is 1.0% and no payments of principal or interest are due until SBA remits the loan forgiveness amount to our lender. While the Company’s PPP Loan currently has a two year maturity, the Flexibility Act permits the Company to request a five year maturity with our lender. At March 31, 2021, the Company has not received a determination on potential forgiveness on any portion of the PPP Loan balance; therefore, the Company has classified approximately $4,786,000 of the PPP Loan balance as “Current portion of long-term debt,” on its Consolidated Balance Sheets, which was based on payment of the PPP Loan starting in July 2021 (10 months from end of our covered period) in accordance with the terms of our PPP Loan agreement. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Hazardous Waste In connection with our waste management services, the Company processes both hazardous and non-hazardous waste, which we transport to our own, or other, facilities for destruction or disposal. As a result of disposing of hazardous substances, in the event any cleanup is required at the disposal site, the Company could be a potentially responsible party for the costs of the cleanup notwithstanding any absence of fault on our part. Legal Matters In the normal course of conducting our business, we are involved in various litigation. We are not a party to any litigation or governmental proceeding which our management believes could result in any judgments or fines against us that could would have a material adverse effect on our financial position, liquidity or results of future operations. During July 2020, Tetra Tech EC, Inc. (“Tetra Tech”) filed a complaint in the United States District Court for the Northern District of California against CH2M Hill, Inc. (“CH2M”) and four subcontractors of CH2M, including the Company (“Defendants”). The complaint alleges claims for negligence, negligent misrepresentation and equitable indemnification against all defendants related to alleged damages suffered by Tetra Tech in respect of certain draft reports prepared by defendants at the request of the U.S. Navy as part of an investigation and review of certain whistleblower complaints about Tetra Tech’s environmental restoration at the Hunter’s Point Naval Shipyard in San Francisco. CH2M was hired by the Navy in 2016 to review Tetra Tech’s work. CH2M subcontracted with environmental consulting and cleanup firms Battelle Memorial Institute, Cabrera Services, Inc., SC&A, Inc. and the Company to assist with the review, according to the complaint. The complaint alleges that the subject draft reports were prepared negligently and in a biased manner, made public, and caused damage to Tetra Tech’s reputation; triggering related lawsuits and costing it opportunities for both government and commercial contracts. The Company has provided notice of this lawsuit to our insurance carrier. Our insurance carrier is providing a defense on our behalf in connection with this lawsuit, subject to a $100,000 self-insured retention and the terms and limitations contained in the insurance policy. On January 7, 2021, Defendants’ motion to dismiss the complaint in its entirety was granted without prejudice, with leave to amend. Tetra Tech subsequently filed a First Amended Complaint (“FAC”) and Defendants filed a motion to dismiss Tetra Tech’s FAC. Tetra Tech filed an opposition to Defendant’s motion to dismiss Tetra Tech’s FAC. Defendants, subsequently filed a joint reply to Tetra Tech’s motion in opposition. A hearing on Defendants’ motion to dismiss is pending. At this time, the Company continues to believe it does not have any liability to Tetra Tech. Insurance The Company has a 25-year finite risk insurance policy entered into in June 2003 (“2003 Closure Policy”) with AIG Specialty Insurance Company (“AIG”), which provides financial assurance to the applicable states for our permitted facilities in the event of unforeseen closure. The 2003 Closure Policy, as amended, provides for a maximum allowable coverage of $28,177,000 which includes available capacity to allow for annual inflation and other performance and surety bond requirements. Total coverage under the 2003 Closure Policy, as amended, was $19,897,000 at March 31, 2021. At March 31, 2021 and December 31, 2020, finite risk sinking funds contributed by the Company related to the 2003 Closure Policy which is included in other long term assets on the accompanying Consolidated Balance Sheets totaled $11,464,000 and $11,446,000, respectively, which included interest earned of $1,993,000 and $1,975,000 on the finite risk sinking funds as of March 31, 2021 and December 31, 2020, respectively. Interest income for the three months ended March 31, 2021 and 2020 was approximately $18,000 and $56,000, respectively. If we so elect, AIG is obligated to pay us an amount equal to 100% of the finite risk sinking fund account balance in return for complete release of liability from both us and any applicable regulatory agency using this policy as an instrument to comply with financial assurance requirements. Letter of Credits and Bonding Requirements From time to time, the Company is required to post standby letters of credit and various bonds to support contractual obligations to customers and other obligations, including facility closures. At March 31, 2021, the total amount of standby letters of credit outstanding was approximately $3,026,000 and the total amount of bonds outstanding was approximately $42,973,000. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 10. Discontinued Operations The Company’s discontinued operations consist of all our subsidiaries included in our previous Industrial Segment which encompasses subsidiaries divested in 2011 and prior and three previously closed locations. The Company’s discontinued operations had net losses of $115,000 and $114,000 for the three months ended March 31, 2021 and 2020 (net of taxes of $0 for each period). The losses were primarily due to costs incurred in the administration and continued monitoring of our discontinued operations. The Company’s discontinued operations had no revenues for each of the periods noted above. The following table presents the major class of assets of discontinued operations as of March 31, 2021 and December 31, 2020. No assets and liabilities were held for sale at each of the periods noted. March 31, December 31, (Amounts in Thousands) 2021 2020 Current assets Other assets $ 20 $ 22 Total current assets 20 22 Long-term assets Property, plant and equipment, net (1) 81 81 Other assets — — Total long-term assets 81 81 Total assets $ 101 $ 103 Current liabilities Accounts payable $ 4 $ 4 Accrued expenses and other liabilities 154 150 Environmental liabilities 659 744 Total current liabilities 817 898 Long-term liabilities Closure liabilities 144 142 Environmental liabilities 152 110 Total long-term liabilities 296 252 Total liabilities $ 1,113 $ 1,150 (1) |
Operating Segments
Operating Segments | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Operating Segments | 11. Operating Segments In accordance with ASC 280, “Segment Reporting”, the Company defines an operating segment as a business activity: (1) from which we may earn revenue and incur expenses; (2) whose operating results are regularly reviewed by the chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance; and (3) for which discrete financial information is available. Our reporting segments are defined as below: TREATMENT SEGMENT, which includes: - nuclear, low-level radioactive, mixed waste (containing both hazardous and low-level radioactive constituents), hazardous and non-hazardous waste treatment, processing and disposal services primarily through four uniquely licensed and permitted treatment and storage facilities; and - Research & Development (“R&D”) activities to identify, develop and implement innovative waste processing techniques for problematic waste streams. SERVICES SEGMENT, which includes: - Technical services, which include: ○ professional radiological measurement and site survey of large government and commercial installations using advanced methods, technology and engineering; ○ health physics services including health physicists, radiological engineers, nuclear engineers and health physics technicians support to government and private radioactive materials licensees ○ integrated Occupational Safety and Health services including industrial hygiene (“IH”) assessments; hazardous materials surveys, e.g., exposure monitoring; lead and asbestos management/abatement oversight; indoor air quality evaluations; health risk and exposure assessments; health & safety plan/program development, compliance auditing and training services; and Occupational Safety and Health Administration (“OSHA”) citation assistance; ○ global technical services providing consulting, engineering (civil, nuclear, mechanical, chemical, radiological and environmental), project management, waste management, environmental, and decontamination and decommissioning field, technical, and management personnel and services to commercial and government customers; and ○ waste management services to commercial and governmental customers. - Nuclear services, which include: ○ decontamination and decommissioning (“D&D”) of government and commercial facilities impacted with radioactive material and hazardous constituents including engineering, technology applications, specialty services, logistics, transportation, processing and disposal; ○ license termination support of radioactive material licensed and federal facilities over the entire cycle of the termination process: project management, planning, characterization, waste stream identification and delineation, remediation/demo, final status survey, compliance demonstration, reporting, transportation, disposal and emergency response. - A company owned equipment calibration and maintenance laboratory that services, maintains, calibrates, and sources (i.e., rental) health physics, IH and customized nuclear, environmental, and occupational safety and health (“NEOSH”) instrumentation. - A company owned gamma spectroscopy laboratory for the analysis of oil and gas industry solids and liquids. MEDICAL SEGMENT, which is currently involved on a limited basis in the R&D of the Company’s medical isotope production technology, has not generated any revenue and has substantially reduced R&D costs and activities due to the need for capital to fund these activities. The Company anticipates that the Medical Segment will not resume full R&D activities until the necessary capital is obtained through its own credit facility or additional equity raise, or obtains partners willing to provide funding for its R&D. Our reporting segments exclude our corporate headquarters and our discontinued operations (see “Note 10 – Discontinued Operations”) which do not generate revenues. The table below presents certain financial information of our operating segments for the three months ended March 31, 2021 and 2020 (in thousands): Segment Reporting for the Quarter Ended March 31, 2021 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 7,495 $ 15,638 — $ 23,133 $ — $ 23,133 Intercompany revenues 660 7 — 667 — — Gross profit 925 1,431 — 2,356 — 2,356 Research and development 47 13 76 136 14 150 Interest income — — — — 18 18 Interest expense (19 ) (8 ) — (27 ) (40 ) (67 ) Interest expense-financing fees — — — — (8 ) (8 ) Depreciation and amortization 310 85 — 395 5 400 Segment (loss) income before income taxes (119 ) 555 (76 ) 360 (1,415 ) (1,055 ) Income tax benefit (17 ) — — (17 ) — (17 ) Segment (loss) income (102 ) 555 (76 ) 377 (1,415 ) (1,038 ) Expenditures for segment assets 357 4 — 361 — 361 (2) Segment Reporting for the Quarter Ended March 31, 2020 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 9,563 $ 15,297 — $ 24,860 $ — $ 24,860 Intercompany revenues 207 8 — 215 — — Gross profit 2,745 1,895 — 4,640 — 4,640 Research and development 94 66 66 226 6 232 Interest income — — — — 56 56 Interest expense (18 ) (6 ) — (24 ) (96 ) (120 ) Interest expense-financing fees — — — — (68 ) (68 ) Depreciation and amortization 264 77 — 341 5 346 Segment income (loss) before income taxes 1,547 1,318 (66 ) 2,799 (1,477 ) 1,322 Income tax expense 14 — — 14 — 14 Segment income (loss) 1,533 1,318 (66 ) 2,785 (1,477 ) 1,308 Expenditures for segment assets 679 214 — 893 3 896 (2) (1) (2) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates, to determine its quarterly provision for income taxes. The Company had income tax benefit of approximately $17,000 for continuing operations for the three months ended March 31, 2021 as compared to income tax expense of approximately $14,000 for the corresponding period of 2020. The Company’s effective tax rate was approximately 1.6% and 1.0% for the three months ended March 31, 2021 and the corresponding period of 2020, respectively. The Company’s tax rate for each of the periods discussed above was impacted by the Company’s full valuation on its net deferred tax assets. |
Variable Interest Entities (VIE
Variable Interest Entities (VIE) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities ("VIE") | 13. Variable Interest Entities (“VIE”) The Company and Engineering/Remediation Resources Group, Inc. (“ERRG”) previously entered into an unpopulated joint venture agreement for project work bids within the Company’s Services Segment with the joint venture doing business as Perma-Fix ERRG, a general partnership. The Company has a 51% partnership interest in the joint venture and ERRG has a 49% partnership interest in the joint venture. The Company determines whether joint ventures in which it has invested meet the criteria of a VIE at the start of each new venture and when a reconsideration event has occurred. A VIE is a legal entity that satisfies any of the following characteristics: (a) the legal entity does not have sufficient equity investment at risk; (b) the equity investors at risk as a group, lack the characteristics of a controlling financial interest; or (c) the legal entity is structured with disproportionate voting rights. The Company consolidates a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s evaluation of Perma-Fix ERRG and related agreements with Perma-Fix ERRG, the Company determined that Perma-Fix ERRG continues to be a VIE in which we are the primary beneficiary. At March 31, 2021, Perma-Fix ERRG had total assets of $4,865,000 and total liabilities of $4,865,000 which are all recorded as current. |
Deferral of Employment Tax Depo
Deferral of Employment Tax Deposits | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Deferral of Employment Tax Deposits | 14. Deferral of Employment Tax Deposits The Flexibility Act provides employers the option to defer the payment of an employer’s share of social security taxes beginning on March 27, 2020 through December 31, 2020 with 50% of the amount of social security taxes deferred to become due on December 31, 2021 with the remaining 50% due on December 31, 2022. The Company elected to defer such taxes starting in mid-April 2020. At March 31, 2021, the Company has deferred payment of approximately $1,252,000 in its share of social security taxes, of which approximately $626,000 is included in “Other long-term liabilities,” with the remaining balance included in “Accrued expenses” within current liabilities in the Company’s Consolidated Balance Sheets. |
Executive Officer and Board of
Executive Officer and Board of Director Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Executive Officer And Board Of Director Compensation Abstract | |
Executive Officer and Board of Director Compensation | 15. Executive Officer and Board of Director Compensation Management Incentive Plans (“MIP”) On January 21, 2021, the Company’s Compensation and Stock Option Committee (the “Compensation Committee”) and the Board approved individual MIP for the calendar year 2021 for each Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), Executive Vice President (“EVP”) of Strategic Initiatives, EVP of Nuclear and Technical Services and EVP of Waste Treatment Operations. Each of the MIPs is effective January 1, 2021 and applicable for year 2021. Each MIP provides guidelines for the calculation of annual cash incentive-based compensation, subject to Compensation Committee oversight and modification. Each MIP awards cash compensation based on achievement of performance thresholds, with the amount of such compensation established as a percentage of the executive’s 2021 annual base salary at the time of the approval of the MIP. The potential target performance compensation ranges from 5% to 150% of the base salary for the CEO ($17,220 to $516,600), 5% to 100% of the base salary for the CFO ($14,000 to $280,000), 5% to 100% of the base salary for the EVP of Strategic Initiatives ($11,667 to $233,336), 5% to 100% of the base salary for the EVP of Nuclear and Technical Services ($14,000 to $280,000) and 5% to 100% ($12,000 to $240,000) of the base salary for the EVP of Waste Treatment Operations. Subsequent to the approval of the MIPs for fiscal year 2021 on January 21, 2021 as described above, in February 2021, the Compensation Committee approved a cost of living adjustment of approximately 2.3% to each executive officer’s base salary, effective April 1, 2021. As such, compensation payable, if any, under each of the MIPs for fiscal year 2021 as discussed above for our executives will be adjusted accordingly to reflect this cost of living adjustment. Board Compensation On January 21, 2021, the Company’s Compensation Committee and the Board approved the following revision to the annual compensation of each non-employee Board member and the Board Committee(s) for which the Board member serves, effective January 1, 2021. ● each director is to be paid a quarterly fee of $11,500, compared to the previous quarterly fee of $8,000; ● the Chairman of the Board is to be paid an additional quarterly fee of $8,750, compared to the Chairman’s previous additional quarterly fee of $7,500; ● the Chairman of the Audit Committee is to be paid an additional quarterly fee of $6,250, compared to the Audit Chairman’s previous additional quarterly fee of $5,500; ● the Chairman of each of the Compensation Committee, the Corporate Governance and Nominating Committee (the “Nominating Committee”), and the Strategic Advisory Committee (the “Strategic Committee”) is to receive $3,125 in additional quarterly fees. No additional quarterly fees were previously paid to the Chairman of such committees. The Chairman of the Board is not eligible to receive a quarterly fee for serving as the Chairman of any the aforementioned committees ; ● each Audit Committee member (excluding the Chairman of the Audit Committee) is to receive an additional quarterly fee of $1,250; and ● each member of the Compensation Committee, the Nominating Committee, and the Strategic Committee is to receive a quarterly fee of $500. Such fee is payable only if the member does not serve as the Chairman of the Audit Committee, the Nominating Committee, the Strategic Committee or as the Chairman of the Board. Each non-employee Board member will continue to receive $1,000 for each board meeting attendance and a $500 fee for meeting attendance via conference call. Also, each director will continue to receive an option to purchase up to 2,400 shares of the Company’s Common Stock on the date of his re-election to the Board at the Company’s Annual Meeting of Stockholders, with each option having a 10-year term and becoming fully vested after six months from grant date. Each director may continue to elect to have either 65% or 100% of such fees payable in Common Stock under the 2003 Plan, with the balance, if any, payable in cash. See below “Note 16 – Subsequent Events - 2003 Plan” for a discussion of a proposed amendment to the 2003 Plan as approved by the Board, subject to the approval by the Company’s Stockholder at the Company’s 2021 Annual Meeting of Stockholders to be held on July 20, 2021. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events Management evaluated events occurring subsequent to March 31, 2021 through May 6, 2021, the date these consolidated financial statements were available for issuance, and other than as noted below determined that no material recognizable subsequent events occurred. Credit Facility On May 4, 2021, the Company entered into an amendment to our Loan Agreement with our lender which provided the following, among other things: ● revised the Company’s FCCR calculation requirement which allows for the add-back of approximately $5,318,000 in eligible expenses that were incurred and covered by the PPP Loan that the Company received in 2020. The add-back is to be applied retroactively to the second and third quarters of 2020. (see “Note 8 – Long Term Debt – Paycheck Protection Program (“PPP”) Loan” for a discussion of the PPP Loan); and ● a capital expenditure line of up to $1,000,000 with advances on the line, subject to certain limitations, permitted for up to twelve months starting May 4, 2021 (the “Borrowing Period”). Only interest is payable on advances during the Borrowing Period at annual rate of prime plus 2.50% or LIBOR (with minimum floor rate of 0.75%) plus 3.50%. At the end of the Borrowing Period, the total amount advanced under the line will amortize equally based on a five-year amortization schedule with principal payment due monthly plus interest. At the maturity date of the Loan Agreement, any unpaid principal balance plus interest, if any, will become due. In connection with the amendment, the Company paid our lender a fee of $15,000. All other terms of the Loan Agreement remains principally unchanged. 2003 Plan During April 2021, the Company’s Board approved, subject to the Company’s Shareholder approval, a proposed amendment to the 2003 Plan that provides, among other things, the following: ● The number of shares of Common Stock available for issuance under the 2003 Plan be increased by an additional 500,000 shares; ● Each outside director be granted an option to purchase up to 10,000 shares of Common Stock on each date the director is reelected to the Board; ● Each newly-elected outside director be granted an option to purchase up to 20,000 shares of Common Stock upon initial election to the Board; and ● Changes to the vesting schedule of each option granted under the 2003 Plan to outside directors subsequent to the amendment becoming effective. Preferred Share Rights Plan (“Rights Plan”) The Company’s Rights Plan had a termination date of May 2, 2021. As previously reported, during April 2021, the Company’s Board decided not to renew or extend the Rights Plan and, as a result, such Rights Plan terminated as of May 2, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The adoption of ASU No. 2019-12 by the Company effective January 1, 2021 did not have a material impact on the Company’s financial statements. In January 2020, the FASB issued ASU 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” In October 2020, the FASB issued ASU No 2020-10, “Codification Improvements.” ASU 2020-10 updates various codification topics by clarifying or improving disclosure requirements. ASU 2020-10 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of ASU No. 2020-01 by the Company effective January 1, 2021 did not have a material impact on the Company’s financial statements or disclosures. |
Recently Issued Accounting Standards - Not Yet Adopted | Recently Issued Accounting Standards – Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance: ASU 2018-19 “Codification Improvements to Topic 326, Financial Instruments - Credit Losses,” ASU 2019-04 “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” ASU 2019-05 “Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief,” ASU 2019-11 “Codification Improvements to Topic 326, Financial Instruments - Credit Losses” and ASU 2020-02, “Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842)” (collectively, “Topic 326”). Topic 326 introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables and loans. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. These ASUs are effective January 1, 2023 for the Company as a smaller reporting company. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity.” ASU 2020-06 simplifies the accounting for convertible instruments by removing major separation models and removing certain settlement condition qualifiers for the derivatives scope exception for contracts in an entity’s own equity, and simplifies the related diluted net income per share calculation for both Subtopics. ASU 2020-06 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, for the Company as a smaller reporting company. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and disclosures. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments: Revenue by Contract Type (In thousands) Three Months Ended Three Months Ended March 31, 2021 March 31, 2020 Treatment Services Total Treatment Services Total Fixed price $ 7,495 $ 2,581 $ 10,076 $ 9,563 $ 1,392 $ 10,955 Time and materials — 13,057 13,057 — 13,905 13,905 Total $ 7,495 $ 15,638 $ 23,133 $ 9,563 $ 15,297 $ 24,860 Revenue by generator (In thousands) Three Months Ended Three Months Ended March 31, 2021 March 31, 2020 Treatment Services Total Treatment Services Total Domestic government $ 4,598 $ 12,661 $ 17,259 $ 7,690 $ 13,798 $ 21,488 Domestic commercial 2,265 590 2,855 1,873 462 2,335 Foreign government 534 2,364 2,898 — 1,014 1,014 Foreign commercial 98 23 121 — 23 23 Total $ 7,495 $ 15,638 $ 23,133 $ 9,563 $ 15,297 $ 24,860 |
Schedule of Contract Assets and Liabilities | The following table represents changes in our contract assets and contract liabilities balances: Year-to-date Year-to-date (In thousands) March 31, 2021 December 31, 2020 Change ($) Change (%) Contract assets Account receivables, net of allowance $ 20,121 $ 9,659 $ 10,462 108.3 % Unbilled receivables - current 9,229 14,453 (5,224 ) (36.1 )% Contract liabilities Deferred revenue $ 3,106 $ 4,614 $ (1,508 ) (32.7 )% |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Components of Lease Cost | The components of lease cost for the Company’s leases were as follows (in thousands): Three Months Ended March 31, 2021 2020 Operating Lease: Lease cost $ 111 $ 114 Finance Leases: Amortization of ROU assets 59 26 Interst on lease liablity 19 21 78 47 Short-term lease rent expense 3 3 Total lease cost $ 192 $ 164 |
Schedule of Weighted Average Lease | The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at March 31, 2021 were: Operating Leases Finance Leases Weighted average remaining lease terms (years) 7.8 3.4 Weighted average discount rate 7.8 % 6.8 % The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at March 31, 2020 were: Operating Leases Finance Leases Weighted average remaining lease terms (years) 8.6 1.6 Weighted average discount rate 8.0 % 12.1 % |
Schedule of Operating Lease Liability Maturity | The following table reconciles the undiscounted cash flows for the operating and finance leases at March 31, 2021 to the operating and finance lease liabilities recorded on the balance sheet (in thousands): Operating Leases Finance Leases 2021 (Remaining) $ 296 $ 458 2022 455 271 2023 463 150 2024 395 146 2025 304 146 2025 and thereafter 1,154 18 Total undiscounted lease payments 3,067 1,189 Less: Imputed interest (782 ) (113 ) Present value of lease payments $ 2,285 $ 1,076 Current portion of operating lease obligations $ 241 $ — Long-term operating lease obligations, less current portion $ 2,044 — Current portion of finance lease obligations $ — $ 467 Long-term finance lease obligations, less current portion $ — $ 609 |
Schedule of Finance Lease Liability Maturity | The following table reconciles the undiscounted cash flows for the operating and finance leases at March 31, 2021 to the operating and finance lease liabilities recorded on the balance sheet (in thousands): Operating Leases Finance Leases 2021 (Remaining) $ 296 $ 458 2022 455 271 2023 463 150 2024 395 146 2025 304 146 2025 and thereafter 1,154 18 Total undiscounted lease payments 3,067 1,189 Less: Imputed interest (782 ) (113 ) Present value of lease payments $ 2,285 $ 1,076 Current portion of operating lease obligations $ 241 $ — Long-term operating lease obligations, less current portion $ 2,044 — Current portion of finance lease obligations $ — $ 467 Long-term finance lease obligations, less current portion $ — $ 609 |
Schedule of Supplemental Cash Flow and Other Information Related to Leases | Supplemental cash flow and other information related to our leases were as follows (in thousands): Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating leases $ 101 $ 110 Operating cash flow from finance leases $ 19 $ 21 Financing cash flow from finance leases $ 114 $ 101 ROU assets obtained in exchange for lease obligations for: Finance liabilities $ — $ 82 Operating liabilities $ — $ — |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table summarizes information relating to the Company’s definite-lived intangible assets: March 31, 2021 December 31, 2020 Weighted Average Amortization Gross Net Gross Net Period Carrying Accumulated Carrying Carrying Accumulated Carrying (Years) Amount Amortization Amount Amount Amortization Amount Intangibles (amount in thousands) Patent 12.5 $ 746 $ (339 ) $ 407 $ 742 $ (334 ) $ 408 Software 3 431 (411 ) 20 418 (411 ) 7 Customer relationships 10 3,370 (2,955 ) 415 3,370 (2,910 ) 460 Total $ 4,547 $ (3,705 ) $ 842 $ 4,530 $ (3,655 ) $ 875 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table summarizes the expected amortization over the next five years for our definite-lived intangible assets: Amount Year (In thousands) 2021 (Remaining) 162 2022 172 2023 132 2024 11 2025 11 |
Capital Stock, Stock Plans, W_2
Capital Stock, Stock Plans, Warrants and Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes stock-based compensation recognized for the three months ended March 31, 2021 and 2020 for our employee and director stock options. Three Months Ended Stock Options March 31, 2021 2020 Employee Stock Options $ 33,000 $ 32,000 Director Stock Options 12,000 12,000 Total $ 45,000 $ 44,000 |
Schedule of Stock Options Roll Forward | The summary of the Company’s total Stock Option Plans as of March 31, 2021 and March 31, 2020, and changes during the periods then ended, are presented below. The Company’s Plans consist of the 2010 Stock Option Plan, the 2017 Plan and the 2003 Outside Directors Stock Plan (“2003 Plan”): Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (3) Options outstanding January 1, 2021 658,400 $ 3.87 Granted — — Exercised — — — Forfeited/expired — — Options outstanding end of period (1) 658,400 $ 3.87 3.2 $ 2,279,267 Options exercisable at March 31, 2021 (1) 392,400 $ 4.08 3.4 $ 1,274,287 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (3) Options outstanding January 1, 2020 681,300 $ 3.84 Granted 6,000 7.00 Exercised (12,000 ) 3.48 14,600 Forfeited/expired (20,000 ) 3.45 Options outstanding end of period (2) 655,300 $ 3.88 4.0 $ 962,189 Options exercisable at March 31, 2020 (2) 306,800 $ 4.20 3.9 $ 392,614 (1) (2) (3) |
(Loss) Income Per Share (Tables
(Loss) Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles the (loss) income and average share amounts used to compute both basic and diluted (loss) income per share: Three Months Ended (Unaudited) March 31, (Amounts in Thousands, Except for Per Share Amounts) 2021 2020 Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders: (Loss) income from continuing operations, net of taxes $ (1,038 ) $ 1,308 Net loss attributable to non-controlling interest (30 ) (26 ) (Loss) income from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders (1,008 ) 1,334 Loss from discontinuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders (115 ) (114 ) Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (1,123 ) $ 1,220 Basic (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (.09 ) $ .10 Diluted (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ (.09 ) $ .10 Weighted average shares outstanding: Basic weighted average shares outstanding 12,165 12,122 Add: dilutive effect of stock options — 201 Add: dilutive effect of warrants — 23 Diluted weighted average shares outstanding 12,165 12,346 Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: Stock options 30 14 Warrant — — |
Long Term Debt (Tables)
Long Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long term Debt | Long-term debt consists of the following: (Amounts in Thousands) March 31, 2021 December 31, 2020 Revolving Credit 2024. Effective interest rate for the first quarter of 2021 was 5.3%. (1) $ — $ — Term Loan (1) 1,290 (2) 1,388 (2) Promissory Note (3) 5,318 (4) 5,318 (4) Notes Payable 49 23 Total debt 6,657 6,729 Less current portion of long-term debt 5,196 3,595 Long-term debt $ 1,461 $ 3,134 (1) (2) (3) (4) |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet | The following table presents the major class of assets of discontinued operations as of March 31, 2021 and December 31, 2020. No assets and liabilities were held for sale at each of the periods noted. March 31, December 31, (Amounts in Thousands) 2021 2020 Current assets Other assets $ 20 $ 22 Total current assets 20 22 Long-term assets Property, plant and equipment, net (1) 81 81 Other assets — — Total long-term assets 81 81 Total assets $ 101 $ 103 Current liabilities Accounts payable $ 4 $ 4 Accrued expenses and other liabilities 154 150 Environmental liabilities 659 744 Total current liabilities 817 898 Long-term liabilities Closure liabilities 144 142 Environmental liabilities 152 110 Total long-term liabilities 296 252 Total liabilities $ 1,113 $ 1,150 (1) |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The table below presents certain financial information of our operating segments for the three months ended March 31, 2021 and 2020 (in thousands): Segment Reporting for the Quarter Ended March 31, 2021 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 7,495 $ 15,638 — $ 23,133 $ — $ 23,133 Intercompany revenues 660 7 — 667 — — Gross profit 925 1,431 — 2,356 — 2,356 Research and development 47 13 76 136 14 150 Interest income — — — — 18 18 Interest expense (19 ) (8 ) — (27 ) (40 ) (67 ) Interest expense-financing fees — — — — (8 ) (8 ) Depreciation and amortization 310 85 — 395 5 400 Segment (loss) income before income taxes (119 ) 555 (76 ) 360 (1,415 ) (1,055 ) Income tax benefit (17 ) — — (17 ) — (17 ) Segment (loss) income (102 ) 555 (76 ) 377 (1,415 ) (1,038 ) Expenditures for segment assets 357 4 — 361 — 361 (2) Segment Reporting for the Quarter Ended March 31, 2020 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 9,563 $ 15,297 — $ 24,860 $ — $ 24,860 Intercompany revenues 207 8 — 215 — — Gross profit 2,745 1,895 — 4,640 — 4,640 Research and development 94 66 66 226 6 232 Interest income — — — — 56 56 Interest expense (18 ) (6 ) — (24 ) (96 ) (120 ) Interest expense-financing fees — — — — (68 ) (68 ) Depreciation and amortization 264 77 — 341 5 346 Segment income (loss) before income taxes 1,547 1,318 (66 ) 2,799 (1,477 ) 1,322 Income tax expense 14 — — 14 — 14 Segment income (loss) 1,533 1,318 (66 ) 2,785 (1,477 ) 1,308 Expenditures for segment assets 679 214 — 893 3 896 (2) (1) (2) |
Revenue (Details Narrative)
Revenue (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized | $ 4,311 | $ 4,023 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net revenues | $ 23,133 | $ 24,860 |
Fixed Price [Member] | ||
Net revenues | 10,076 | 10,955 |
Time and Materials [Member] | ||
Net revenues | 13,057 | 13,905 |
Treatment [Member] | ||
Net revenues | 7,495 | 9,563 |
Treatment [Member] | Fixed Price [Member] | ||
Net revenues | 7,495 | 9,563 |
Treatment [Member] | Time and Materials [Member] | ||
Net revenues | ||
Services [Member] | ||
Net revenues | 15,638 | 15,297 |
Services [Member] | Fixed Price [Member] | ||
Net revenues | 2,581 | 1,392 |
Services [Member] | Time and Materials [Member] | ||
Net revenues | 13,057 | 13,905 |
Domestic Government [Member] | ||
Net revenues | 17,259 | 21,488 |
Domestic Government [Member] | Treatment [Member] | ||
Net revenues | 4,598 | 7,690 |
Domestic Government [Member] | Services [Member] | ||
Net revenues | 12,661 | 13,798 |
Domestic Commercial [Member] | ||
Net revenues | 2,855 | 2,335 |
Domestic Commercial [Member] | Treatment [Member] | ||
Net revenues | 2,265 | 1,873 |
Domestic Commercial [Member] | Services [Member] | ||
Net revenues | 590 | 462 |
Foreign Government [Member] | ||
Net revenues | 2,898 | 1,014 |
Foreign Government [Member] | Treatment [Member] | ||
Net revenues | 534 | |
Foreign Government [Member] | Services [Member] | ||
Net revenues | 2,364 | 1,014 |
Foreign Commercial [Member] | ||
Net revenues | 121 | 23 |
Foreign Commercial [Member] | Treatment [Member] | ||
Net revenues | 98 | |
Foreign Commercial [Member] | Services [Member] | ||
Net revenues | $ 23 | $ 23 |
Revenue - Schedule of Contract
Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Account receivables, net of allowance | $ 20,121 | $ 9,659 |
Unbilled receivables - current | 9,229 | 14,453 |
Deferred revenue | 3,106 | $ 4,614 |
Year-to-date Change [Member] | ||
Change in account receivable, net the change in allowance | 10,462 | |
Unbilled receivables - current | (5,224) | |
Deferred revenue Year-to-date Change | $ (1,508) | |
Changes in Account receivables, net of allowance, percentage | 108.30% | |
Changes in Unbilled receivables - current, percentage | (36.10%) | |
Changes in Deferred revenue, percentage | (32.70%) |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating Leases cost | $ 111 | $ 114 |
Finance Leases: Amortization of ROU assets | 59 | 26 |
Finance Leases: Interest on lease liability | 19 | 21 |
Finance Leases | 78 | 47 |
Short-term lease rent expense | 3 | 3 |
Total lease cost | $ 192 | $ 164 |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Lease (Details) | Mar. 31, 2021 | Mar. 31, 2020 |
Leases [Abstract] | ||
Operating Leases, Weighted average remaining lease terms (years) | 7 years 9 months 18 days | 8 years 7 months 6 days |
Operating Leases, Weighted average discount rate | 7.80% | 8.00% |
Finance Leases, Weighted average remaining lease terms (years) | 3 years 4 months 24 days | 1 year 7 months 6 days |
Finance Leases, Weighted average discount rate | 6.80% | 12.10% |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Leases 2021 (Remaining) | $ 296 | |
Operating Leases 2022 | 455 | |
Operating Leases 2023 | 463 | |
Operating Leases 2024 | 395 | |
Operating Leases 2025 | 304 | |
Operating Leases 2025 and thereafter | 1,154 | |
Operating Leases Total undiscounted lease payments | 3,067 | |
Operating Leases Less: Imputed interest | (782) | |
Operating Leases Present value of lease payments | 2,285 | |
Current portion of operating lease obligations | 241 | $ 273 |
Long-term operating lease obligations, less current portion | $ 2,044 | $ 2,070 |
Leases - Schedule of Finance Le
Leases - Schedule of Finance Lease Liability Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Finance Leases 2021 (Remaining) | $ 458 | |
Finance Leases 2022 | 271 | |
Finance Leases 2023 | 150 | |
Finance Leases 2024 | 146 | |
Finance Leases 2025 | 146 | |
Finance Leases 2025 and thereafter | 18 | |
Finance Leases Total undiscounted lease payments | 1,189 | |
Finance Leases Less: Imputed interest | (113) | |
Finance Leases Present value of lease payments | 1,076 | |
Current portion of finance lease obligations | 467 | $ 525 |
Long-term finance lease obligations, less current portion | $ 609 | $ 662 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating cash flow from operating leases | $ 101 | $ 110 |
Operating cash flow from finance leases | 19 | 21 |
Financing cash flow from finance leases | 114 | 101 |
ROU assets obtained in exchange for lease obligations for finance liabilities | 82 | |
ROU assets obtained in exchange for lease obligations for operating liabilities |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense of intangible asset | $ 50 | $ 54 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Gross Carrying Amount | $ 4,547 | $ 4,530 |
Accumulated Amortization | (3,705) | (3,655) |
Finite-Lived Intangible Assets, Net | $ 842 | 875 |
Patent [Member] | ||
Weighted Average Amortization Period (Years) | 12 years 6 months | |
Gross Carrying Amount | $ 746 | 742 |
Accumulated Amortization | (339) | (334) |
Finite-Lived Intangible Assets, Net | $ 407 | 408 |
Software [Member] | ||
Weighted Average Amortization Period (Years) | 3 years | |
Gross Carrying Amount | $ 431 | 418 |
Accumulated Amortization | (411) | (411) |
Finite-Lived Intangible Assets, Net | $ 20 | 7 |
Customer Relationships [Member] | ||
Weighted Average Amortization Period (Years) | 10 years | |
Gross Carrying Amount | $ 3,370 | 3,370 |
Accumulated Amortization | (2,955) | (2,910) |
Finite-Lived Intangible Assets, Net | $ 415 | $ 460 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - Intangible Assets [Member] $ in Thousands | Mar. 31, 2021USD ($) |
2021 (Remaining) | $ 162 |
2022 | 172 |
2023 | 132 |
2024 | 11 |
2025 | $ 11 |
Capital Stock, Stock Plans, W_3
Capital Stock, Stock Plans, Warrants, and Stock-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Apr. 02, 2019 | Jul. 27, 2017 | May 31, 2018 | Mar. 31, 2021 |
Unrecognized compensation cost related to unvested options consultant | $ 229 | |||
Weighted average term for unrecognized and unvested option to be recognized | 2 years | |||
Ferguson Stock Option [Member] | ||||
Options to purchase shares of common stock | 30,000 | |||
Options extended date description | The Company's Common Stock was previously extended to December 31, 2021 and December 31, 2022, respectively. | |||
Ferguson Stock Option [Member] | ||||
Options to purchase shares of common stock | 60,000 | |||
Robert Ferguson [Member] | ||||
Number of options exercised | 10,000 | |||
Unrecognized compensation cost related to unvested options consultant | $ 262 | |||
Remaining stock option | 90,000 | |||
Loans payable | $ 2,500 | |||
Warrant to purchase | 60,000 | |||
Warrants exercise price | $ 3.51 | |||
Warrant exercisable, description | The Warrant is exercisable six months from April 1, 2019 and expires on April 1, 2024 and remains outstanding at December 31, 2020 | |||
2017 Stock Option Plan [Member] | Consultant [Member] | ||||
Number of stock option shares granted | 100,000 | |||
Stock options, exercise price | $ 3.65 | |||
2003 Outside Directors Stock Plan [Member] | ||||
Stock issued during period for services, shares | 11,837 | |||
Allocated share-based compensation expense | $ 107 |
Capital Stock, Stock Plans,Warr
Capital Stock, Stock Plans,Warrants, and Stock Based Compensation - Schedule of Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock-based compensation | $ 45 | $ 44 |
Employee Stock Options [Member] | ||
Stock-based compensation | 33 | 32 |
Director Stock Options [Member] | ||
Stock-based compensation | $ 12 | $ 12 |
Capital Stock, Stock Plans,Wa_2
Capital Stock, Stock Plans,Warrants, and Stock Based Compensation - Schedule of Stock Options Roll Forward (Details) - Stock Option [Member] - USD ($) | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | ||||
Shares Options Outstanding Beginning | 654,800 | [1] | 681,300 | [2] | |
Shares Options Granted | 6,000 | ||||
Shares Options Exercised | (12,000) | ||||
Shares Options Forfeited/expired | (20,000) | ||||
Shares Options Outstanding Ending | 658,400 | [1] | 655,300 | [2] | |
Shares Options Exercisable | 392,400 | [1] | 306,800 | [2] | |
Weighted Average Exercise Price Options Outstanding Beginning | $ 3.87 | [1] | $ 3.84 | ||
Weighted Average Exercise Price Options Granted | 7 | ||||
Weighted Average Exercise Price Options Exercised | 3.48 | ||||
Weighted Average Exercise Price Options Forfeited/expired | 3.45 | ||||
Weighted Average Exercise Price Options Outstanding Ending | 3.87 | [1] | 3.88 | [2] | |
Weighted Average Exercise Price Options Exercisable | $ 4.08 | [1] | $ 4.20 | [2] | |
Weighted Average Remaining Contractual Term (years) Outstanding | 3 years 2 months 12 days | [1] | 4 years | [2] | |
Weighted Average Remaining Contractual Term (years) Exercisable | [2] | 3 years 4 months 24 days | 3 years 10 months 25 days | ||
Aggregate Intrinsic Value Options Exercised | [3] | $ 14,600 | |||
Aggregate Intrinsic Value Options Outstanding | [3] | 2,279,267 | [1] | 962,189 | [2] |
Aggregate Intrinsic Value Options Exercisable | [3] | $ 1,274,287 | $ 392,614 | [2] | |
[1] | Options with exercise prices ranging from $2.79 to $7.29 | ||||
[2] | Options with exercise prices ranging from $2.79 to $8.40 | ||||
[3] | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price. |
Capital Stock, Stock Plans,Wa_3
Capital Stock, Stock Plans,Warrants, and Stock Based Compensation - Schedule of Stock Options Roll Forward (Details) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock Option Outstanding [Member] | ||
Stock option exercise price per share lower limit | $ 2.79 | |
Stock option exercise price per share upper limit | $ 7.29 | |
Stock Option Exercisable [Member] | ||
Stock option exercise price per share lower limit | $ 2.79 | |
Stock option exercise price per share upper limit | $ 8.40 |
(Loss) Income Per Share - Sched
(Loss) Income Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders: | ||
(Loss) income from continuing operations, net of taxes | $ (1,038) | $ 1,308 |
Net loss attributable to non-controlling interest | (30) | (26) |
(Loss) income from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | (1,008) | 1,334 |
Loss from discontinuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | (115) | (114) |
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ (1,123) | $ 1,220 |
Basic (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ (0.09) | $ 0.10 |
Diluted (loss) income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ (0.09) | $ 0.10 |
Weighted average shares outstanding: | ||
Basic weighted average shares outstanding | 12,165 | 12,122 |
Add: dilutive effect of stock options | 201 | |
Add: dilutive effect of warrants | 23 | |
Diluted weighted average shares outstanding | 12,165 | 12,346 |
Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: | ||
Stock options | 30 | 14 |
Warrant |
Long Term Debt (Details Narrati
Long Term Debt (Details Narrative) - USD ($) | May 08, 2020 | Apr. 14, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Long-term debt | $ 6,657,000 | $ 6,729,000 | |||
Letters of credit outstanding, amount | 3,026,000 | ||||
Current portion of long term debt | 5,196,000 | 3,595,000 | |||
London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, basis spread on variable rate | 0.75% | ||||
Term Loan [Member] | |||||
Long-term debt | [1],[2] | 1,290,000 | $ 1,388,000 | ||
Loan Agreement [Member] | PNC Bank [Member] | Term Loan [Member] | |||||
Long-term debt | $ 1,742,000 | ||||
Term Loan Agreement [Member] | Prime [Member] | |||||
Debt Instrument, basis spread on variable rate | 2.50% | ||||
Term Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, basis spread on variable rate | 3.50% | ||||
Paycheck Protection Program Loan [Member] | |||||
Long-term debt | $ 5,318,000 | ||||
Debt term | 2 years | ||||
Debt interest rate | 1.00% | ||||
Current portion of long term debt | 4,786,000 | ||||
Paycheck Protection Program Loan [Member] | Lender [Member] | |||||
Loan amount | $ 5,318,000 | ||||
Debt term | 5 years | ||||
Revolving Credit Facility [Member] | |||||
Line of credit facility, remaining borrowing capacity | 10,280,000 | ||||
Letters of credit outstanding, amount | $ 3,026,000 | ||||
Revolving Credit Facility [Member] | Prime [Member] | |||||
Debt Instrument, basis spread on variable rate | 2.00% | 3.25% | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, basis spread on variable rate | 3.00% | ||||
Revolving Credit Facility [Member] | Loan Agreement [Member] | PNC Bank [Member] | |||||
Line of credit facility, maximum borrowing capacity | $ 18,000,000 | ||||
Revolving Credit Facility [Member] | Term Loan Agreement [Member] | |||||
Monthly installments | $ 35,547 | ||||
Annual rate of interest description | Payment of annual rate of interest due on the revolving credit is at prime (3.25% at March 31, 2021) plus 2% or London InterBank Offer Rate ("LIBOR") plus 3.00% and the term loan at prime plus 2.50% or LIBOR plus 3.50%. Under the LIBOR option of interest payment, a LIBOR floor of 0.75% applies in the event that LIBOR falls below 0.75% at any point in time. | ||||
Loan Agreement [Member] | |||||
Debt instrument maturity date | Mar. 15, 2024 | ||||
Loan Agreement [Member] | PNC Bank [Member] | On or Before May 7, 2021 [Member] | |||||
Financing fee percentage | 1.00% | ||||
Loan Agreement [Member] | PNC Bank [Member] | After May 7, 2021 But Prior to or On May 7, 2022 [Member] | |||||
Financing fee percentage | 0.50% | ||||
[1] | Net of debt issuance costs of ($97,000) and ($105,000) at March 31, 2021 and December 31, 2020, respectively. | ||||
[2] | Our revolving credit facility is collateralized by our accounts receivable and our term loan is collateralized by our property, plant, and equipment. |
Long Term Debt - Schedule of Lo
Long Term Debt - Schedule of Long term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | ||
Total debt | $ 6,657 | $ 6,729 | ||
Less current portion of long-term debt | 5,196 | 3,595 | ||
Long-term debt | 1,461 | 3,134 | ||
Revolving Credit [Member] | ||||
Total debt | [1] | |||
Term Loan [Member] | ||||
Total debt | [1],[2] | 1,290 | 1,388 | |
Promissory Note [Member] | ||||
Total debt | [3] | 5,318 | 5,318 | [4] |
Note Payable [Member] | ||||
Total debt | $ 49 | $ 23 | ||
[1] | Our revolving credit facility is collateralized by our accounts receivable and our term loan is collateralized by our property, plant, and equipment. | |||
[2] | Net of debt issuance costs of ($97,000) and ($105,000) at March 31, 2021 and December 31, 2020, respectively. | |||
[3] | Entered into with the Company's credit facility lender under the PPP under the CARES Act (see "PPP Loan" below for further information on this loan and its terms). | |||
[4] | Uncollateralized note. |
Long Term Debt - Schedule of _2
Long Term Debt - Schedule of Long term Debt (Details) (Parenthetical) - USD ($) $ in Thousands | May 08, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Apr. 14, 2020 |
Debt issuance costs net | $ (97) | $ (105) | ||
Promissory Note [Member] | ||||
Effective interest rate | 1.00% | |||
Note Payable to 2023 [Member] | ||||
Effective interest rate | 5.60% | |||
Note Payable to 2025 [Member] | ||||
Effective interest rate | 9.10% | |||
Revolving Credit [Member] | ||||
Debt due date | May 15, 2024 | |||
Effective interest rate | 5.30% | |||
Term Loan [Member] | ||||
Debt due date | May 15, 2024 | |||
Effective interest rate | 4.50% |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Jun. 30, 2003 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Self-insured retention | $ 100,000 | |||
Finite risk sinking fund (restricted cash) | 11,464 | $ 11,446 | ||
Interest earned on sinking fund | 1,993 | |||
Interest income, other | 18 | $ 56 | ||
Letters of credit outstanding, amount | 3,026 | |||
Bond outstanding | 42,973 | |||
American International Group, Inc [Member] | ||||
Period of finite risk insurance policy | 25 years | |||
Maximum allowable coverage of insurance policy | 28,177 | |||
Coverage amount under the policy | 19,897 | |||
Finite risk sinking fund (restricted cash) | 11,464 | 11,446 | ||
Interest earned on sinking fund | $ 1,975 | |||
Interest income, other | $ 18 | $ 56 | ||
Insurers obligation to entity on termination of contract | 100.00% |
Discontinued Operations (Detail
Discontinued Operations (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Loss from discontinued operations (net of taxes of $0) | $ (115) | $ (114) |
Tax effect of discontinued operation | $ 0 | $ 0 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Other assets | $ 20 | $ 22 | |
Total current assets | 20 | 22 | |
Property, plant and equipment, net | [1] | 81 | 81 |
Other assets | |||
Total long-term assets | 81 | 81 | |
Total assets | 101 | 103 | |
Accounts payable | 4 | 4 | |
Accrued expenses and other liabilities | 154 | 150 | |
Environmental liabilities | 659 | 744 | |
Total current liabilities | 817 | 898 | |
Closure liabilities | 144 | 142 | |
Environmental liabilities | 152 | 110 | |
Total long-term liabilities | 296 | 252 | |
Total liabilities | $ 1,113 | $ 1,150 | |
[1] | Net of accumulated depreciation of $10,000 for each period presented. |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet (Details) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Accumulated depreciation | $ 10 | $ 10 |
Operating Segments - Schedule o
Operating Segments - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Revenue from external customers | $ 23,133 | $ 24,860 | |
Intercompany revenues | |||
Gross profit | 2,356 | 4,640 | |
Research and development | 150 | 232 | |
Interest income | 18 | 56 | |
Interest expense | (67) | (120) | |
Interest expense-financing fees | (8) | (68) | |
Depreciation and amortization | 400 | 346 | |
Segment (loss) income before income taxes | (1,055) | 1,322 | |
Income tax expense (benefit) | (17) | 14 | |
Segment (loss) income | (1,038) | 1,308 | |
Expenditures for segment assets | 361 | 896 | [1] |
Treatment [Member] | |||
Revenue from external customers | 7,495 | 9,563 | |
Intercompany revenues | 660 | 207 | |
Gross profit | 925 | 2,745 | |
Research and development | 47 | 94 | |
Interest income | |||
Interest expense | (19) | (18) | |
Interest expense-financing fees | |||
Depreciation and amortization | 310 | 264 | |
Segment (loss) income before income taxes | (119) | 1,547 | |
Income tax expense (benefit) | (17) | 14 | |
Segment (loss) income | (102) | 1,533 | |
Expenditures for segment assets | 357 | 679 | |
Services [Member] | |||
Revenue from external customers | 15,638 | 15,297 | |
Intercompany revenues | 7 | 8 | |
Gross profit | 1,431 | 1,895 | |
Research and development | 13 | 66 | |
Interest income | |||
Interest expense | (8) | (6) | |
Interest expense-financing fees | |||
Depreciation and amortization | 85 | 77 | |
Segment (loss) income before income taxes | 555 | 1,318 | |
Income tax expense (benefit) | |||
Segment (loss) income | 555 | 1,318 | |
Expenditures for segment assets | 4 | 214 | |
Medical [Member] | |||
Revenue from external customers | |||
Intercompany revenues | |||
Gross profit | |||
Research and development | 76 | 66 | |
Interest income | |||
Interest expense | |||
Interest expense-financing fees | |||
Depreciation and amortization | |||
Segment (loss) income before income taxes | (76) | (66) | |
Income tax expense (benefit) | |||
Segment (loss) income | (76) | (66) | |
Expenditures for segment assets | |||
Segments Total [Member] | |||
Revenue from external customers | 23,133 | 24,860 | |
Intercompany revenues | 667 | 215 | |
Gross profit | 2,356 | 4,640 | |
Research and development | 136 | 226 | |
Interest income | |||
Interest expense | (27) | (24) | |
Interest expense-financing fees | |||
Depreciation and amortization | 395 | 341 | |
Segment (loss) income before income taxes | 360 | 2,799 | |
Income tax expense (benefit) | (17) | 14 | |
Segment (loss) income | 377 | 2,785 | |
Expenditures for segment assets | 361 | 893 | |
Corporate [Member] | |||
Revenue from external customers | [2] | ||
Intercompany revenues | [2] | ||
Gross profit | [2] | ||
Research and development | 14 | 6 | [2] |
Interest income | 18 | 56 | [2] |
Interest expense | (40) | (96) | [2] |
Interest expense-financing fees | (8) | (68) | [2] |
Depreciation and amortization | 5 | 5 | [2] |
Segment (loss) income before income taxes | (1,415) | (1,477) | [2] |
Income tax expense (benefit) | [2] | ||
Segment (loss) income | (1,415) | (1,477) | [2] |
Expenditures for segment assets | $ 3 | [2] | |
[1] | Net of financed amount of $82,000 and $4,000 for the three month ended March 31, 2020 and 2019, respectively. | ||
[2] | Amounts reflect the activity for corporate headquarters not included in the segment information. |
Operating Segments - Schedule_2
Operating Segments - Schedule of Segment Reporting Information (Details) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Segment Reporting [Abstract] | ||
Financed portion amount in the purchase of capital expenditure | $ 29 | $ 82 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ (17) | $ 14 |
Effective income tax rate reconciliation, percent | 1.60% | 1.00% |
Variable Interest Entities (V_2
Variable Interest Entities (VIE) (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Partnership interest rate | 51.00% | |
Total assets | $ 76,810 | $ 78,919 |
Total liabilities | $ 45,368 | $ 46,468 |
Engineering/Remediation Resources Group, Inc [Member] | ||
Partnership interest rate | 49.00% | |
Perma-Fix ERRG [Member] | ||
Total assets | $ 4,865 | |
Total liabilities | $ 4,865 |
Deferral of Employment Tax De_2
Deferral of Employment Tax Deposits (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Other long-term liabilities | $ 626 | $ 626 |
Deferral of Employment Tax Deposits [Member] | ||
Remaining payment of social security taxes amount | $ 1,252 | |
Social security taxes deferred description | The Flexibility Act provides employers the option to defer the payment of an employer's share of social security taxes beginning on March 27, 2020 through December 31, 2020 with 50% of the amount of social security taxes deferred to become due on December 31, 2021 with the remaining 50% due on December 31, 2022. The Company elected to defer such taxes starting in mid-April 2020. At March 31, 2021, the Company has deferred payment of approximately $1,252,000 in its share of social security taxes, of which approximately $626,000 is included in "Other long-term liabilities," with the remaining balance included in "Accrued expenses" within current liabilities in the Company's Consolidated Balance Sheets. | |
Deferral of Employment Tax Deposits [Member] | December 31, 2021 [Member] | ||
Percentage of social security taxes deferred payable | 50.00% | |
Deferral of Employment Tax Deposits [Member] | December 31, 2022 [Member] | ||
Percentage of social security taxes deferred payable | 50.00% |
Executive Officer and Board o_2
Executive Officer and Board of Director Compensation (Details Narrative) - USD ($) | Jan. 21, 2021 | Feb. 28, 2021 |
Chairman of Compensation Committee, Nominating Committee and the Strategic Committee [Member] | ||
Board chairman committee fees | $ 3,125 | |
Compensation Committee, Nominating Committee and the Strategic Committee [Member] | ||
Committee member fees | 500 | |
Non-Employee Board Member [Member] | ||
Board attendance fees | $ 500 | |
Board meeting attendance description | Each non-employee Board member will continue to receive $1,000 for each board meeting attendance and a $500 fee for meeting attendance via conference call. | |
Number of shares authorized | 2,400 | |
Share-based payment award description | Each director will continue to receive an option to purchase up to 2,400 shares of the Company's Common Stock on the date of his re-election to the Board at the Company's Annual Meeting of Stockholders, with each option having a 10-year term and becoming fully vested after six months from grant date. | |
Non-Employee Director [Member] | 2003 Plan [Member] | ||
Fees payable description | Each director may continue to elect to have either 65% or 100% of such fees payable in Common Stock under the 2003 Plan, with the balance, if any, payable in cash. | |
CEO [Member] | ||
Compensation arrangement with individual, cash awards, minimum, percentage | 5.00% | |
Compensation arrangement with individual, cash awards, maximum, percentage | 150.00% | |
Compensation arrangement with individual, cash awards, minimum, amount | $ 17,220 | |
Compensation arrangement with individual, cash awards, maximum, amount | $ 516,600 | |
CFO [Member] | ||
Compensation arrangement with individual, cash awards, minimum, percentage | 5.00% | |
Compensation arrangement with individual, cash awards, maximum, percentage | 100.00% | |
Compensation arrangement with individual, cash awards, minimum, amount | $ 14,000 | |
Compensation arrangement with individual, cash awards, maximum, amount | $ 280,000 | |
EVP of Strategic Initiatives [Member] | ||
Compensation arrangement with individual, cash awards, minimum, percentage | 5.00% | |
Compensation arrangement with individual, cash awards, maximum, percentage | 100.00% | |
Compensation arrangement with individual, cash awards, minimum, amount | $ 11,667 | |
Compensation arrangement with individual, cash awards, maximum, amount | $ 233,336 | |
EVP Of Nuclear And Technical Services [Member] | ||
Compensation arrangement with individual, cash awards, minimum, percentage | 5.00% | |
Compensation arrangement with individual, cash awards, maximum, percentage | 100.00% | |
Compensation arrangement with individual, cash awards, minimum, amount | $ 14,000 | |
Compensation arrangement with individual, cash awards, maximum, amount | $ 280,000 | |
EVP of Waste Treatment Operations [Member] | ||
Compensation arrangement with individual, cash awards, minimum, percentage | 5.00% | |
Compensation arrangement with individual, cash awards, maximum, percentage | 100.00% | |
Compensation arrangement with individual, cash awards, minimum, amount | $ 12,000 | |
Compensation arrangement with individual, cash awards, maximum, amount | 240,000 | |
Executive Officer [Member] | ||
Compensation expense, increased percentage | 2.30% | |
Director [Member] | Revised [Member] | ||
Quarterly fee | 11,500 | |
Director [Member] | Prior to Revision [Member] | ||
Quarterly fee | 8,000 | |
Chairman of the Board [Member] | Revised [Member] | ||
Quarterly fee | 8,750 | |
Chairman of the Board [Member] | Prior to Revision [Member] | ||
Quarterly fee | 7,500 | |
Chairman of the Audit Committee [Member] | Revised [Member] | ||
Quarterly fee | 6,250 | |
Chairman of the Audit Committee [Member] | Prior to Revision [Member] | ||
Quarterly fee | 5,500 | |
Audit Committee Member [Member] | ||
Audit committee member fees | $ 1,250 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | May 04, 2021 | May 08, 2020 | Apr. 30, 2021 |
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, basis spread on variable rate | 0.75% | ||
Subsequent Event [Member] | 2003 Plan [Member] | |||
Common stock, shares reserved for future issuance | 500,000 | ||
Subsequent Event [Member] | Outside Director [Member] | 2003 Plan [Member] | |||
Share options granted | 10,000 | ||
Subsequent Event [Member] | New Director [Member] | 2003 Plan [Member] | |||
Share options granted | 20,000 | ||
Subsequent Event [Member] | Prime [Member] | Equipment Loan [Member] | |||
Debt Instrument, basis spread on variable rate | 2.50% | ||
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | Equipment Loan [Member] | Maximum [Member] | |||
Debt Instrument, basis spread on variable rate | 0.75% | ||
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | Equipment Loan [Member] | Minimum [Member] | |||
Debt Instrument, basis spread on variable rate | 3.50% | ||
Subsequent Event [Member] | Paycheck Protection Program [Member] | |||
Expenses incurred | $ 5,318,000 | ||
Subsequent Event [Member] | Capital Expenditure [Member] | |||
Line of credit facility, equipment line | 1,000,000 | ||
Subsequent Event [Member] | Loan Agreement [Member] | Lender [Member] | |||
Debt instrument fees | $ 15,000 |