Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 01, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-11596 | |
Entity Registrant Name | PERMA FIX ENVIRONMENTAL SERVICES INC | |
Entity Central Index Key | 0000891532 | |
Entity Tax Identification Number | 58-1954497 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 8302 Dunwoody Place | |
Entity Address, Address Line Two | Suite 250 | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30350 | |
City Area Code | (770) | |
Local Phone Number | 587-9898 | |
Title of 12(b) Security | Common Stock, $.001 Par Value | |
Trading Symbol | PESI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,613,334 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Current assets: | |||
Cash | $ 1,988 | $ 1,866 | |
Accounts receivable, net of allowance for credit losses of $42 and $57, respectively | 15,342 | 9,364 | |
Unbilled receivables | 9,336 | 6,062 | |
Inventories | 1,030 | 814 | |
Prepaid and other assets | 4,506 | 5,405 | |
Current assets related to discontinued operations | 15 | 15 | |
Total current assets | 32,217 | 23,526 | |
Property and equipment: | |||
Buildings and land | 24,103 | 24,021 | |
Equipment | 22,345 | 21,242 | |
Vehicles | 434 | 442 | |
Leasehold improvements | 8 | 23 | |
Office furniture and equipment | 1,129 | 1,299 | |
Construction-in-progress | 1,193 | 727 | |
Total property and equipment | 49,212 | 47,754 | |
Less accumulated depreciation | (30,519) | (28,797) | |
Net property and equipment | 18,693 | 18,957 | |
Property and equipment related to discontinued operations | [1] | 81 | 81 |
Operating lease right-of-use assets | 2,094 | 1,971 | |
Intangibles and other long term assets: | |||
Permits | 9,646 | 9,610 | |
Other intangible assets - net | 477 | 629 | |
Finite risk sinking fund (restricted cash) | 11,926 | 11,570 | |
Deferred tax assets | 3,987 | 4,116 | |
Other assets | 383 | 438 | |
Total assets | 79,504 | 70,898 | |
Current liabilities: | |||
Accounts payable | 9,614 | 10,325 | |
Accrued expenses | 6,922 | 4,593 | |
Disposal/transportation accrual | 1,320 | 887 | |
Deferred revenue | 7,765 | 4,813 | |
Accrued closure costs - current | 94 | 682 | |
Current portion of long - term debt | 880 | 476 | |
Current portion of operating lease liabilities | 412 | 416 | |
Current portion of finance lease liabilities | 223 | 154 | |
Current liabilities related to discontinued operations | 239 | 362 | |
Total current liabilities | 27,469 | 22,708 | |
Accrued closure costs | 7,972 | 7,284 | |
Long-term debt, less current portion | 2,115 | 563 | |
Long-term operating lease liabilities, less current portion | 1,744 | 1,584 | |
Long-term finance lease liabilities, less current portion | 423 | 318 | |
Long-term liabilities related to discontinued operations | 950 | 908 | |
Total long-term liabilities | 13,204 | 10,657 | |
Total liabilities | 40,673 | 33,365 | |
Commitments and Contingencies (Note 9) | |||
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; 13,588,933 and 13,332,398 shares issued, respectively; 13,581,291 and 13,324,756 shares outstanding, respectively | 14 | 13 | |
Additional paid-in capital | 116,106 | 115,209 | |
Accumulated deficit | (77,032) | (77,436) | |
Accumulated other comprehensive loss | (169) | (165) | |
Less Common Stock in treasury, at cost; 7,642 shares | (88) | (88) | |
Total stockholders’ equity | 38,831 | 37,533 | |
Total liabilities and stockholders’ equity | $ 79,504 | $ 70,898 | |
[1]net of accumulated depreciation of $ 10,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 42 | $ 57 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 13,588,933 | 13,332,398 |
Common stock, shares outstanding | 13,581,291 | 13,324,756 |
Treasury stock, shares | 7,642 | 7,642 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
Income Statement [Abstract] | ||||||
Net revenues | $ 21,877,000 | $ 18,472,000 | $ 67,016,000 | $ 53,842,000 | ||
Cost of goods sold | 17,328,000 | 15,402,000 | 54,942,000 | 46,252,000 | ||
Gross profit | 4,549,000 | 3,070,000 | 12,074,000 | 7,590,000 | ||
Selling, general and administrative expenses | 3,933,000 | 3,929,000 | 10,969,000 | 11,035,000 | ||
Research and development | 120,000 | 69,000 | 340,000 | 245,000 | ||
Loss on disposal of property and equipment | 1,000 | |||||
Income (loss) from operations | 496,000 | (928,000) | 765,000 | (3,691,000) | ||
Other income (expense): | ||||||
Interest income | 146,000 | 29,000 | 445,000 | 69,000 | ||
Interest expense | (89,000) | (47,000) | (189,000) | (123,000) | ||
Interest expense-financing fees | (36,000) | (16,000) | (80,000) | (44,000) | ||
Other | (17,000) | 1,965,000 | (11,000) | 1,960,000 | ||
Income (loss) from continuing operations before taxes | 500,000 | 1,003,000 | 930,000 | (1,829,000) | ||
Income tax expense (benefit) | 254,000 | 179,000 | 482,000 | (147,000) | ||
Income (loss) from continuing operations, net of taxes | 246,000 | 824,000 | [1] | 448,000 | (1,682,000) | [1] |
Income (loss) from discontinued operations, net of taxes (Note 10) | 95,000 | (160,000) | (44,000) | (442,000) | ||
Net income (loss) | $ 341,000 | $ 664,000 | $ 404,000 | $ (2,124,000) | ||
Net income (loss) per common share - basic: | ||||||
Continuing operations | $ 0.02 | $ 0.06 | $ 0.03 | $ (0.13) | ||
Discontinued operations | 0.01 | (0.01) | (0.03) | |||
Net income (loss) per common share | 0.03 | 0.05 | 0.03 | (0.16) | ||
Net income (loss) per common share - diluted: | ||||||
Continuing operations | 0.02 | 0.06 | 0.03 | (0.13) | ||
Discontinued operations | (0.01) | (0.03) | ||||
Net income (loss) per common share | $ 0.02 | $ 0.05 | $ 0.03 | $ (0.16) | ||
Number of common shares used in computing net income (loss) per share: | ||||||
Basic | 13,568 | 13,297 | 13,468 | 13,265 | ||
Diluted | 13,979 | 13,447 | 13,749 | 13,265 | ||
[1]Includes approximately $ 1,975,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Net income (loss) | $ 341 | $ 664 | $ 404 | $ (2,124) |
Other comprehensive loss: | ||||
Foreign currency translation adjustment | (57) | (135) | (4) | (176) |
Total other comprehensive loss | (57) | (135) | (4) | (176) |
Comprehensive income (loss) | $ 284 | $ 529 | $ 400 | $ (2,300) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock Held In Treasury [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 13 | $ 114,307 | $ (88) | $ (28) | $ (73,620) | $ 40,584 |
Balance, shares at Dec. 31, 2021 | 13,222,552 | |||||
Net income (loss) | (1,343) | (1,343) | ||||
Foreign currency translation | 26 | 26 | ||||
Issuance of Common Stock for services | 123 | 123 | ||||
Issuance of Common Stock for services, shares | 19,520 | |||||
Stock-Based Compensation | 102 | 102 | ||||
Balance at Mar. 31, 2022 | $ 13 | 114,532 | (88) | (2) | (74,963) | 39,492 |
Balance, shares at Mar. 31, 2022 | 13,242,072 | |||||
Balance at Dec. 31, 2021 | $ 13 | 114,307 | (88) | (28) | (73,620) | 40,584 |
Balance, shares at Dec. 31, 2021 | 13,222,552 | |||||
Net income (loss) | (2,124) | |||||
Foreign currency translation | (176) | |||||
Balance at Sep. 30, 2022 | $ 13 | 114,993 | (88) | (204) | (75,744) | 38,970 |
Balance, shares at Sep. 30, 2022 | 13,305,750 | |||||
Balance at Mar. 31, 2022 | $ 13 | 114,532 | (88) | (2) | (74,963) | 39,492 |
Balance, shares at Mar. 31, 2022 | 13,242,072 | |||||
Net income (loss) | (1,445) | (1,445) | ||||
Foreign currency translation | (67) | (67) | ||||
Issuance of Common Stock for services | 120 | 120 | ||||
Issuance of Common Stock for services, shares | 21,667 | |||||
Issuance of Common Stock upon exercise of options | ||||||
Issuance of Common Stock upon exercise of options, shares | 16,526 | |||||
Stock-Based Compensation | 103 | 103 | ||||
Balance at Jun. 30, 2022 | $ 13 | 114,755 | (88) | (69) | (76,408) | 38,203 |
Balance, shares at Jun. 30, 2022 | 13,280,265 | |||||
Net income (loss) | 664 | 664 | ||||
Foreign currency translation | (135) | (135) | ||||
Issuance of Common Stock for services | 120 | 120 | ||||
Issuance of Common Stock for services, shares | 23,085 | |||||
Issuance of Common Stock upon exercise of options | 13 | 13 | ||||
Issuance of Common Stock upon exercise of options, shares | 2,400 | |||||
Stock-Based Compensation | 105 | 105 | ||||
Balance at Sep. 30, 2022 | $ 13 | 114,993 | (88) | (204) | (75,744) | 38,970 |
Balance, shares at Sep. 30, 2022 | 13,305,750 | |||||
Balance at Dec. 31, 2022 | $ 13 | 115,209 | (88) | (165) | (77,436) | 37,533 |
Balance, shares at Dec. 31, 2022 | 13,332,398 | |||||
Net income (loss) | (411) | (411) | ||||
Foreign currency translation | 7 | 7 | ||||
Issuance of Common Stock for services | 118 | 118 | ||||
Issuance of Common Stock for services, shares | 33,319 | |||||
Issuance of Common Stock upon exercise of options | 7 | 7 | ||||
Issuance of Common Stock upon exercise of options, shares | 31,719 | |||||
Stock-Based Compensation | 118 | 118 | ||||
Balance at Mar. 31, 2023 | $ 13 | 115,452 | (88) | (158) | (77,847) | 37,372 |
Balance, shares at Mar. 31, 2023 | 13,397,436 | |||||
Balance at Dec. 31, 2022 | $ 13 | 115,209 | (88) | (165) | (77,436) | 37,533 |
Balance, shares at Dec. 31, 2022 | 13,332,398 | |||||
Net income (loss) | 404 | |||||
Foreign currency translation | (4) | |||||
Balance at Sep. 30, 2023 | $ 14 | 116,106 | (88) | (169) | (77,032) | 38,831 |
Balance, shares at Sep. 30, 2023 | 13,588,933 | |||||
Balance at Mar. 31, 2023 | $ 13 | 115,452 | (88) | (158) | (77,847) | 37,372 |
Balance, shares at Mar. 31, 2023 | 13,397,436 | |||||
Net income (loss) | 474 | 474 | ||||
Foreign currency translation | 46 | 46 | ||||
Issuance of Common Stock for services | 119 | 119 | ||||
Issuance of Common Stock for services, shares | 10,171 | |||||
Issuance of Common Stock upon exercise of options | $ 1 | 93 | 94 | |||
Issuance of Common Stock upon exercise of options, shares | 155,136 | |||||
Stock-Based Compensation | 125 | 125 | ||||
Balance at Jun. 30, 2023 | $ 14 | 115,789 | (88) | (112) | (77,373) | 38,230 |
Balance, shares at Jun. 30, 2023 | 13,562,743 | |||||
Net income (loss) | 341 | 341 | ||||
Foreign currency translation | (57) | (57) | ||||
Issuance of Common Stock for services | 119 | 119 | ||||
Issuance of Common Stock for services, shares | 10,712 | |||||
Issuance of Common Stock upon exercise of options | 49 | 49 | ||||
Issuance of Common Stock upon exercise of options, shares | 15,478 | |||||
Stock-Based Compensation | 149 | 149 | ||||
Balance at Sep. 30, 2023 | $ 14 | $ 116,106 | $ (88) | $ (169) | $ (77,032) | $ 38,831 |
Balance, shares at Sep. 30, 2023 | 13,588,933 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
Cash flows from operating activities: | |||
Net income (loss) | $ 404,000 | $ (2,124,000) | |
Less: Loss from discontinued operations, net of taxes (Note 10) | (44,000) | (442,000) | |
Income (loss) from continuing operations, net of taxes | 448,000 | (1,682,000) | [1] |
Adjustments to reconcile income (loss) from continuing operations to cash provided by (used in) operating activities: | |||
Depreciation and amortization | 2,124,000 | 1,433,000 | |
Amortization of debt issuance costs | 80,000 | 44,000 | |
Deferred tax expense (benefit) | 482,000 | (147,000) | |
Provision for (recovery of) credit losses on accounts receivable | 56,000 | (47,000) | |
Loss on disposal of property and equipment | 1,000 | ||
Issuance of common stock for services | 356,000 | 363,000 | |
Stock-based compensation | 392,000 | 310,000 | |
Changes in operating assets and liabilities of continuing operations | |||
Accounts receivable | (6,034,000) | 1,426,000 | |
Unbilled receivables | (3,274,000) | 2,689,000 | |
Prepaid expenses, inventories and other assets | 3,647,000 | 829,000 | |
Accounts payable, accrued expenses and unearned revenue | 2,175,000 | (5,553,000) | |
Cash provided by (used in) continuing operations | 452,000 | (334,000) | |
Cash used in discontinued operations | (478,000) | (559,000) | |
Cash used in operating activities | (26,000) | (893,000) | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (1,386,000) | (947,000) | |
Proceeds from sale of property and equipment | 25,000 | ||
Cash used in investing activities of continuing operations | (1,386,000) | (922,000) | |
Cash flows from financing activities: | |||
Repayments of revolving credit borrowings | (63,295,000) | (54,414,000) | |
Borrowing on revolving credit | 63,295,000 | 54,414,000 | |
Proceeds from long term debt | 2,500,000 | 524,000 | |
Principal repayments of finance lease liabilities | (135,000) | (821,000) | |
Principal repayments of long term debt | (450,000) | (375,000) | |
Payment of debt issuance costs | (175,000) | (35,000) | |
Proceeds from issuance of common stock upon exercise of options | 150,000 | 13,000 | |
Cash provided by (used in) financing activities of continuing operations | 1,890,000 | (694,000) | |
Effect of exchange rate changes on cash | (4,000) | ||
Increase (decrease) in cash and finite risk sinking fund (restricted cash) | 478,000 | (2,513,000) | |
Cash and finite risk sinking fund (restricted cash) at beginning of period | 13,436,000 | 15,911,000 | |
Cash and finite risk sinking fund (restricted cash) at end of period | 13,914,000 | 13,398,000 | |
Supplemental disclosure: | |||
Interest paid | 172,000 | 125,000 | |
Income taxes paid | 6,000 | ||
Non-cash financing activities: | |||
Equipment purchase subject to finance lease | $ 309,000 | $ 114,000 | |
[1]Includes approximately $ 1,975,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The condensed 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 condensed 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 nine months ended September 30, 2023, are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2023 . The Company suggests that these condensed 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, 2022. The condensed consolidated financial statements include the accounts of our wholly-owned subsidiaries. The Company’s continuing operations also consisted of Perma-Fix ERRG, a variable interest entity (“VIE”) for which we were the primary beneficiary. During the fourth quarter of 2022, project work under the joint venture was completed. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Our accounting policies are set forth in the notes to the December 31, 2022 consolidated financial statements referred to above. Recently Issued Accounting Standards – Not Yet Adopted In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05, “Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement.” ASU 2023-05 applies to the formation of a “joint venture” or a “corporate joint venture” and requires a joint venture to initially measure all contributions received upon its formation at fair value. The guidance does not impact accounting by the venturers. The new guidance is applicable to joint venture entities with a formation date on or after January 1, 2025 on a prospective basis. ASU 2023-05 is currently not applicable to the Company; however, the Company will apply this guidance in future reporting periods after the guidance is effective to any future arrangements meeting this standard. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2023 | |
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: Schedule of Disaggregation of Revenue Revenue by Contract Type (In thousands) Three Months Ended Three Months Ended September 30, 2023 September 30, 2022 Treatment Services Total Treatment Services Total Fixed price $ 10,795 $ 10,188 $ 20,983 $ 8,877 $ 6,892 $ 15,769 Time and materials - 894 894 - 2,703 2,703 Total $ 10,795 $ 11,082 $ 21,877 $ 8,877 $ 9,595 $ 18,472 Revenue by Contract Type (In thousands) Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 Treatment Services Total Treatment Services Total Fixed price $ 33,223 $ 29,995 $ 63,218 $ 24,749 $ 20,569 $ 45,318 Time and materials - 3,798 3,798 - 8,524 8,524 Total $ 33,223 $ 33,793 $ 67,016 $ 24,749 $ 29,093 $ 53,842 Revenue $ 33,223 $ 33,793 $ 67,016 $ 24,749 $ 29,093 $ 53,842 Revenue by generator (In thousands) Three Months Ended Three Months Ended September 30, 2023 September 30, 2022 Treatment Services Total Treatment Services Total Domestic government $ 7,095 $ 8,444 $ 15,539 $ 5,728 $ 9,264 $ 14,992 Domestic commercial 3,450 2,170 5,620 2,806 313 3,119 Foreign government 250 445 695 287 - 287 Foreign commercial - 23 23 56 18 74 Total $ 10,795 $ 11,082 $ 21,877 $ 8,877 $ 9,595 $ 18,472 Revenue by generator (In thousands) Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 Treatment Services Total Treatment Services Total Domestic government $ 24,160 $ 29,603 $ 53,763 $ 17,786 $ 28,158 $ 45,944 Domestic commercial 7,925 3,509 11,434 6,045 859 6,904 Foreign government 1,002 615 1,617 532 12 544 Foreign commercial 136 66 202 386 64 450 Total $ 33,223 $ 33,793 $ 67,016 $ 24,749 $ 29,093 $ 53,842 Revenue $ 33,223 $ 33,793 $ 67,016 $ 24,749 $ 29,093 $ 53,842 Contract Balances The timing of revenue recognition and billings results in unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represent 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. Our deferred revenue balance at September 30, 2023 included a $ 2,500,000 Schedule of Contract Liabilities Year-to-date Year-to-date (In thousands) September 30, 2023 December 31, 2022 Change ($) Change (%) Contract assets Unbilled receivables - current $ 9,336 $ 6,062 $ 3,274 54.0 % Contract liabilities Deferred revenue $ 7,765 $ 4,813 $ 2,952 61.3 % During the three and nine months ended September 30, 2023, the Company recognized revenue of $ 842,000 6,289,000 494,000 6,138,000 Remaining Performance Obligations The Company applies the practical expedient in Accounting Standards Codification (“ASC”) 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. The Company’s contracts and subcontracts relating to activities at governmental sites generally allow for termination for convenience at any time at the government’s option without payment of a substantial penalty. The Company does not disclose remaining performance obligations on these contracts. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases | |
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 include primarily leases for office and warehouse spaces used to conduct our business. The Company’s operating leases also include the lease of a building with land utilized for our waste treatment operations which includes a purchase option. Finance leases consist primarily of processing and transport equipment used by our facilities’ operations. The components of lease cost for the Company’s leases for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands): Schedule of Components of Lease Cost Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Operating Leases: Lease cost $ 157 $ 157 $ 470 $ 471 Finance Leases: Amortization of ROU assets 39 42 115 133 Interest on lease liability 9 9 22 30 Finance lease 48 51 137 163 Short-term lease rent expense - - 1 7 Total lease cost $ 205 $ 208 $ 608 $ 641 The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at September 30, 2023 were: Schedule of Weighted Average Lease Operating Leases Finance Leases Weighted average remaining lease terms (years) 5.7 3.2 Weighted average discount rate 7.5 % 7.0 % The following table reconciles the undiscounted cash flows for the operating and finance leases at September 30, 2023 to the operating and finance lease liabilities recorded on the balance sheet (in thousands): Schedule of Operating And Finance Lease Liability Maturity Operating Leases Finance Leases 2023 (remaining) $ 147 $ 65 2024 519 260 2025 433 239 2026 415 85 2027 406 50 2028 and thereafter 749 28 Total undiscounted lease payments 2,669 727 Less: Imputed interest (513 ) (81 ) Present value of lease payments $ 2,156 $ 646 Current portion of operating lease obligations $ 412 $ - Long-term operating lease obligations, less current portion $ 1,744 $ - Current portion of finance lease obligations $ - $ 223 Long-term finance lease obligations, less current portion $ - $ 423 Supplemental cash flow and other information related to our leases were as follows for the three and nine months ended September 30, 2023 and 2022 (in thousands): Schedule of Supplemental Cash Flow And Other Information Related To Leases Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow used in operating leases $ 145 $ 144 $ 435 $ 430 Operating cash flow used in finance leases $ 9 $ 9 $ 22 $ 30 Financing cash flow used in finance leases $ 54 $ 103 $ 135 $ 821 ROU assets obtained in exchange for lease obligations for: Finance liabilities $ 154 $ - $ 311 $ 147 Operating liabilities $ 484 - $ 484 $ - |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
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: Schedule of Definite Lived Intangible Assets September 30, 2023 December 31, 2022 Weighted Average Gross Net Gross Net Period Carrying Accumulated Carrying Carrying Accumulated Carrying (Years) Amount Amortization Amount Amount Amortization Amount Other Intangibles (amount in thousands) Patent 8.3 $ 703 $ (384 ) $ 319 $ 711 $ (374 ) $ 337 Software 3 661 (515 ) 146 640 (468 ) 172 Customer relationships 10 3,370 (3,358 ) 12 3,370 (3,250 ) 120 Total $ 4,734 $ (4,257 ) $ 477 $ 4,721 $ (4,092 ) $ 629 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: Schedule of Finite Lived Intangible Assets, Future Amortization Expense Amount Year (In thousands) 2023 (Remaining) $ 30 2024 62 2025 26 2026 25 2027 22 Amortization expense relating to the definite-lived intangible assets as discussed above was $ 55,000 165,000 65,000 176,000 |
Capital Stock, Stock Plans and
Capital Stock, Stock Plans and Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Capital Stock, Stock Plans and Stock-Based Compensation | 6. Capital Stock, Stock Plans 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. On January 19, 2023, the Company granted ISOs to certain employees for the purchase, under the Company’s 2017 Stock Option Plan (the “2017 Plan”), of up to an aggregate 295,000 .001 70,000 40,000 30,000 30,000 30,000 six years one-fifth yearly vesting over a five-year period. 3.95 On July 20, 2023, the Company issued a NQSO to each of the Company’s seven reelected outside (non-management) directors for the purchase, under the Company’s 2003 Outside Directors Stock Plan (the “2003 Plan”), of up to 10,000 one-fourth vesting annually over a four-year period. 9.81 On July 27, 2017, the Company granted a NQSO from the Company’s 2017 Plan to Robert Ferguson, for the purchase of up to 100,000 3.65 10,000 30,000 60,000 10,000 The following table summarizes stock-based compensation recognized for the three and nine months ended September 30, 2023 and 2022 for our employee and director stock options. Schedule of Share-based Compensation, Allocation of Recognized Period Costs 2023 2022 2023 2022 Three Months Ended Nine Months Ended Stock Options September 30, September 30, 2023 2022 2023 2022 Employee Stock Options $ 94,000 $ 76,000 $ 273,000 $ 248,000 Director Stock Options 55,000 29,000 119,000 62,000 Total $ 149,000 $ 105,000 $ 392,000 $ 310,000 At September 30, 2023, the Company had approximately $ 1,947,000 3.4 The summary of the Company’s stock option plans as of September 30, 2023 and September 30, 2022, and changes during the periods then ended, are presented below. The Company’s plans consist of the 2017 Plan and the 2003 Plan: Schedule of Stock Options Roll Forward Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (2) Options outstanding January 1, 2023 1,018,400 $ 5.02 - Granted 365,000 $ 3.19 Exercised (282,400 ) $ 3.70 $ 2,118,892 Forfeited/expired/cancelled (64,500 ) $ 3.67 Options outstanding end of period (1) 1,036,500 $ 5.48 5.1 $ 5,146,126 Options exercisable at September 30, 2023 (2) 302,300 $ 4.91 3.9 $ 1,675,604 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (4) Options outstanding January 1, 2022 1,019,400 $ 4.91 - Granted 94,000 $ 5.20 Exercised (52,400 ) $ 4.04 $ 97,856 Forfeited/expired (9,600 ) $ 5.50 Options outstanding end of period (3) 1,051,400 $ 4.98 4.0 $ 492,939 Options exercisable at September 30, 2022 (3) 453,900 $ 3.93 2.4 $ 354,709 (1) Options with exercise prices ranging from $ 3.15 9.81 (2) Options with exercise prices ranging from $ 3.15 7.50 (3) Options with exercise prices ranging from $ 2.79 7.50 (4) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price. During the nine months ended September 30, 2023, the Company issued a total of 54,202 359,000 During the nine months ended September 30, 2023, the Company issued an aggregate 163,933 244,000 3.60 7.005 38,400 38,400 2.785 7.005 150,000 In connection with a $ 2,500,000 60,000 3.51 The warrant expires on April 1, 2024 and remains outstanding at September 30, 2023. Upon Mr. Ferguson’s death, the warrant transferred to Mr. Ferguson’s heirs. The Ferguson Loan was paid in full in December 2020. |
Income (Loss) Per Share
Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Income (Loss) Per Share | 7. Income (Loss) Per Share Basic income (loss) per share is calculated based on the weighted-average number of outstanding common shares during the applicable period. Diluted income (loss) 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 earnings per share. The following table reconciles the income (loss) and average share amounts used to compute both basic and diluted income (loss) per share: Schedule of Earning Per Share 2023 2022 2023 2022 Three Months Ended Nine Months Ended September 30, September 30, (Amounts in Thousands, Except for Per Share Amounts) (Unaudited) (Unaudited) 2023 2022 2023 2022 Income (loss) per common share from continuing operations Income (Loss) from continuing operations, net of taxes $ 246 $ 824 $ 448 $ (1,682 ) Basic income (loss) per share $ .02 $ .06 $ .03 $ (.13 ) Diluted income (loss) per share $ .02 $ .06 $ .03 $ (.13 ) Income (loss) per common share from discontinued operations, net of taxes Income (loss) from discontinued operations, net of taxes $ 95 $ (160 ) $ (44 ) $ (442 ) Basic income (loss) per share $ .01 $ (.01 ) $ - $ (.03 ) Diluted loss per share $ - $ (.01 ) $ - $ (.03 ) Net income (loss) per common share Net income (loss) $ 341 $ 664 $ 404 $ (2,124 ) Basic income (loss) per share $ .03 $ .05 $ .03 $ (.16 ) Diluted income (loss) per share $ .02 $ .05 $ .03 $ (.16 ) Weighted average shares outstanding: Basic weighted average shares outstanding 13,568 13,297 13,468 13,265 Add: dilutive effect of stock options 370 131 244 - Add: dilutive effect of warrants 41 19 37 - Diluted weighted average shares outstanding 13,979 13,447 13,749 13,265 Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: Stock options - 499 70 405 Warrant - - - - Antidilutive Securities - - - - |
Long Term Debt
Long Term Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long Term Debt | 8. Long Term Debt Long-term debt consists of the following: Schedule of Long Term Debt (Amounts in Thousands) September 30, 2023 December 31, 2022 Revolving Credit (1) $ - $ - Revolving Credit May 15, 2027 9.7 (1) $ - $ - Term Loan 1 May 15, 2027 9.1 (1) 320 640 Term Loan 2 May 15, 2027 9.9 (1) 2,458 - Capital Line May 15, 2027 8.5% (1) 384 463 Debt Issuance Costs (182 )(2) (88 )(2) Notes Payable 5.6% 9.1% 15 24 Total debt 2,995 1,039 Less current portion of long-term debt 880 476 Long-term debt $ 2,115 $ 563 (1) Our revolving credit facility is collateralized by our accounts receivable, and our term loans and capital line are collateralized by our property, plant, and equipment. (2) Aggregate unamortized debt issuance costs in connection with the Company’s credit facility, which consists of the Revolving Credit Facility, Term loan 1, Term loan 2 and Capital Line, as applicable. 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, as amended from time to time and including the March 21, 2023 and the July 31, 2023 amendments as discussed below), provides the Company with the following credit facility with a maturity date of May 15, 2027 12,500,000 1,742,000 35,547 2,500,000 41,667 1,000,000 524,000 8,700 On March 21, 2023, the Company entered into an amendment to its Loan Agreement, as amended, with its lender which provided, among other things, the following: ● removed the quarterly fixed charge coverage ratio (“FCCR”) testing requirement for the fourth quarter of 2022 and removed the FCCR testing requirement for the first quarter of 2023; ● reduced the maximum revolving credit line under the credit facility from $ 18,000,000 12,500,000 ● reinstated the quarterly FCCR testing requirement starting in the second quarter of 2023 using a trailing twelve-month period (with no change to the minimum 1.15:1 ratio requirement for each quarter) ● required maintenance of a minimum of $ 3,000,000 In connection with the March 2023 amendment, the Company paid its lender a fee of $ 25,000 On July 31, 2023, the Company entered into a further amendment of the Loan Agreement, as amended, which provided, among other things, the following: ● extended the maturity date of the Loan Agreement, as amended, to May 15, 2027 May 15, 2024 ● an additional term loan (“Term Loan 2”) to the Company in the amount of $ 2,500,000 41,667 3.00 4.00 0.10 0.15 ● removed the minimum Tangible Adjusted Net Worth (as defined in the Loan Agreement) covenant requirement; ● placed an indefinite reduction in borrowing availability of $ 750,000 ● allows for up to $ 2,500,000 At maturity of the Loan Agreement, as amended, any unpaid principal balance plus interest, if any, will become due. Pursuant to the amendment dated July 31, 2023 as discussed above, the Company has agreed to pay PNC 1.0% of the total financing under the Loan Agreement, as amended, in the event the Company pays off its obligations on or before July 31, 2024, and 0.5% of the total financing if the Company pays off its obligations after July 31, 2024, to and including July 31, 2025. No early termination fee shall apply if the Company pays off its obligations under the amended Loan Agreement after July 31, 2025. In connection with the amendment dated July 31, 2023, the Company paid its lender a fee of $ 100,000 Pursuant to the Loan Agreement, as amended, the annual rate of interest due on the revolving credit is at prime (8.50% at September 30, 2023) plus 2% or SOFR plus 3.00% plus an SOFR Adjustment applicable for an interest period selected by the Company. The annual rate of interest due on Term Loan 1 and the Capital Line loan is at prime plus 2.50% or Term SOFR Rate plus 3.50% plus an SOFR Adjustment applicable for an interest period selected by the Company. SOFR Adjustment rates of 0.10% and 0.15% are applicable for a one-month interest period and three-month period, respectively, that may be selected by the Company. At September 30, 2023, the borrowing availability under the Company’s revolving credit was approximately $ 10,378,000 3,200,000 750,000 The Company’s credit facility under its Loan Agreement, as amended, 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 was not required to perform testing of the FCCR requirement in the first quarter of 2023 pursuant to the March 21, 2023 amendment as discussed above. It otherwise met all of its other financial covenant requirements. The Company met all of its covenant requirements in the second and third quarters of 2023. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Hazardous Waste In connection with our waste management services, the Company processes hazardous, non-hazardous, low-level radioactive and mixed (containing both hazardous and low-level radioactive) waste, which the Company transports to its 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, the Company may be involved in various litigation. The Company is not a party to any litigation or governmental proceeding which our management believes could result in any judgments or fines against us that would have a material adverse effect on our financial position, liquidity or results of future operations. Tetra Tech EC, Inc. (“Tetra Tech”) During July 2020, Tetra Tech EC, Inc. ( “ Tetra Tech ” ) filed a complaint in the United States District Court for the Northern District of California (the “Court”) against CH2M Hill, Inc. (“CH2M”) and four subcontractors of CH2M, including the Company (“Defendants”). The complaint alleges various claims, including a claim for negligence, negligent misrepresentation, equitable indemnification and related business claims 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 Company’s insurance carrier is providing a defense on our behalf in connection with this lawsuit, subject to a $ 100,000 The majority of Tetra Tech’s claims have been dismissed by the Court. Remaining claims include: (1) intentional interference with contractual relations; and (2) inducing a breach of contract. The Company continues to believe it has no liability exposure to Tetra Tech. Perma-Fix Canada Inc. (“PF Canada”) During the fourth quarter of 2021, PF Canada received a Notice of Termination (“NOT”) from Canadian Nuclear Laboratories, LTD. (“CNL”) on a Task Order Agreement (“TOA”) that PF Canada entered into with CNL in May 2019 for remediation work within Ontario, Canada (“Agreement”). The NOT was received after work under the TOA was substantially completed and work under the TOA has since been completed. CNL may terminate the TOA at any time for convenience. As of September 30, 2023, PF Canada has approximately $ 2,287,000 1,056,000 Insurance The Company has a 25 28,177,000 22,461,000 11,926,000 11,570,000 2,455,000 2,099,000 146,000 356,000 29,000 69,000 100% 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 September 30, 2023, the total amount of standby letters of credit outstanding was approximately $ 3,200,000 36,428,000 |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 10. Discontinued Operations The Company’s discontinued operations consist of all our subsidiaries included in our Industrial Segment which encompasses subsidiaries divested in 2011 and earlier, as well as three previously closed locations. The Company’s discontinued operations had net income of $ 95,000 160,000 234,000 46,000 44,000 442,000 353,000 127,000 The following table presents the major class of assets of discontinued operations as of September 30, 2023 and December 31, 2022. No assets and liabilities were held for sale at each of the periods noted. Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet September 30, December 31, (Amounts in Thousands) 2023 2022 Current assets Other assets $ 15 $ 15 Total current assets 15 15 Long-term assets Property, plant and equipment, net (1) 81 81 Total long-term assets 81 81 Total assets $ 96 $ 96 Current liabilities Accounts payable $ 23 $ 104 Accrued expenses and other liabilities 139 146 Environmental liabilities 77 112 Total current liabilities 239 362 Long-term liabilities Closure liabilities 166 159 Environmental liabilities 784 749 Total long-term liabilities 950 908 Total liabilities $ 1,189 $ 1,270 (1) net of accumulated depreciation of $ 10,000 |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 2023 | |
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 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 and 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; ○ 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, project management, waste management, environmental, and decontamination and decommissioning field, technical, and management personnel and services to commercial and government customers; and ○ on-site waste management services to commercial and governmental customers. - Nuclear services, which include: ○ technology-based services including engineering, decontamination and decommissioning (“D&D”), specialty services and construction, logistics, transportation, processing and disposal; ○ remediation of nuclear licensed and federal facilities and the remediation cleanup of nuclear legacy sites. Such services capability includes: project investigation; radiological engineering; partial and total plant D&D; facility decontamination, dismantling, demolition, and planning; site restoration; logistics; transportation; and emergency response; and - 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. 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 and nine months ended September 30, 2023 and 2022 (in thousands). Schedule of Segment Reporting Information Segment Reporting for the Quarter Ended September 30, 2023 (1) Treatment Services Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 10,795 $ 11,082 $ 21,877 $ — $ 21,877 Intercompany revenues 4 88 92 — — Gross profit 1,494 3,055 4,549 — 4,549 Research and development 102 1 103 17 120 Interest income — — — 146 146 Interest expense (23 ) (1 ) (24 ) (65 ) (89 ) Interest expense-financing fees — — — (36 ) (36 ) Depreciation and amortization 584 88 672 14 686 Segment income (loss) 1,014 1,120 2,134 (1,888 ) 246 Expenditures for segment assets 333 7 340 — 340 (3) Segment Reporting for the Quarter Ended September 30, 2022 (1) Treatment Services Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 8,877 $ 9,595 $ 18,472 $ — $ 18,472 Intercompany revenues 28 16 44 — — Gross profit 1,967 1,103 3,070 — 3,070 Research and development 55 — 55 14 69 Interest income — — — 29 29 Interest expense (20 ) (2 ) (22 ) (25 ) (47 ) Interest expense-financing fees — — — (16 ) (16 ) Depreciation and amortization 387 87 474 23 497 Segment income (loss) 1,628 710 2,338 (1,514 ) 824 (2) Expenditures for segment assets 149 39 188 1 189 (4) Segment Reporting for the Nine Months Ended September 30, 2023 (1) Treatment Services Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 33,223 $ 33,793 $ 67,016 $ — $ 67,016 Intercompany revenues 234 124 358 — — Gross profit 5,237 6,837 12,074 — 12,074 Research and development 260 11 271 69 340 Interest income — — — 445 445 Interest expense (68 ) (2 ) (70 ) (119 ) (189 ) Interest expense-financing fees — — — (80 ) (80 ) Depreciation and amortization 1,745 337 2,082 42 2,124 Segment income (loss) 2,619 2,933 5,552 (5,104 ) 448 Expenditures for segment assets 1,376 10 1,386 — 1,386 (3) Segment Reporting for the Nine Months Ended September 30, 2022 (1) Treatment Services Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 24,749 $ 29,093 $ 53,842 $ — $ 53,842 Intercompany revenues 28 43 71 — — Gross profit 4,168 3,422 7,590 — 7,590 Research and development 179 23 202 43 245 Interest income — — — 69 69 Interest expense (53 ) — (53 ) (70 ) (123 ) Interest expense-financing fees — — — (44 ) (44 ) Depreciation and amortization 1,139 244 1,383 50 1,433 Segment income (loss) 1,766 1,580 3,346 (5,028 ) (1,682 ) (2) Expenditures for segment assets 819 127 946 1 947 (4) (1) Amounts reflect the activity for corporate headquarters not included in the segment information. (2) Includes approximately $ 1,975,000 (3) Net of financed amount of $ 152,000 309,000 (4) Net of financed amount of $ 0 114,000 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
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 expenses of $ 254,000 179,000 482,000 147,000 50.8% 17.8% 51.8 8.0 |
Employee Retention Credit (_ERC
Employee Retention Credit (“ERC”) | 9 Months Ended |
Sep. 30, 2023 | |
Employee Retention Credit | |
Employee Retention Credit (“ERC”) | 13. Employee Retention Credit (“ERC”) The Coronavirus Aid, Relief and Economic Securities Act (“CARES Act”), which was enacted on March 27, 2020, provided an Employee Retention Credit (“ERC”) for qualifying businesses keeping employees on their payroll during the COVID-19 pandemic. The ERC was subsequently amended by the Taxpayer Certainty and Disaster Tax Relief Act of 2020, the Consolidated Appropriation Act of 2021, and the American Rescue Plan Act of 2021, all of which amended and extended the ERC availability and guidelines under the CARES Act. Following these amendments, the Company determined that it was eligible for the ERC, and as a result of the foregoing legislations, was eligible to claim a refundable tax credit against the Company’s share of certain payroll taxes equal to 70% 10,000 7,000 During the third quarter of 2022, the Company determined it was eligible for the ERC and amended its third quarter 2021 employer payroll tax filings claiming a refund from the U.S. Treasury in the amount of approximately $ 1,975,000 1,975,000 60,000 2,035,000 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date through November 2, 2023, the date that these condensed consolidated financial statements were available to be issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standards – Not Yet Adopted | Recently Issued Accounting Standards – Not Yet Adopted In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05, “Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement.” ASU 2023-05 applies to the formation of a “joint venture” or a “corporate joint venture” and requires a joint venture to initially measure all contributions received upon its formation at fair value. The guidance does not impact accounting by the venturers. The new guidance is applicable to joint venture entities with a formation date on or after January 1, 2025 on a prospective basis. ASU 2023-05 is currently not applicable to the Company; however, the Company will apply this guidance in future reporting periods after the guidance is effective to any future arrangements meeting this standard. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Schedule of Disaggregation of Revenue Revenue by Contract Type (In thousands) Three Months Ended Three Months Ended September 30, 2023 September 30, 2022 Treatment Services Total Treatment Services Total Fixed price $ 10,795 $ 10,188 $ 20,983 $ 8,877 $ 6,892 $ 15,769 Time and materials - 894 894 - 2,703 2,703 Total $ 10,795 $ 11,082 $ 21,877 $ 8,877 $ 9,595 $ 18,472 Revenue by Contract Type (In thousands) Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 Treatment Services Total Treatment Services Total Fixed price $ 33,223 $ 29,995 $ 63,218 $ 24,749 $ 20,569 $ 45,318 Time and materials - 3,798 3,798 - 8,524 8,524 Total $ 33,223 $ 33,793 $ 67,016 $ 24,749 $ 29,093 $ 53,842 Revenue $ 33,223 $ 33,793 $ 67,016 $ 24,749 $ 29,093 $ 53,842 Revenue by generator (In thousands) Three Months Ended Three Months Ended September 30, 2023 September 30, 2022 Treatment Services Total Treatment Services Total Domestic government $ 7,095 $ 8,444 $ 15,539 $ 5,728 $ 9,264 $ 14,992 Domestic commercial 3,450 2,170 5,620 2,806 313 3,119 Foreign government 250 445 695 287 - 287 Foreign commercial - 23 23 56 18 74 Total $ 10,795 $ 11,082 $ 21,877 $ 8,877 $ 9,595 $ 18,472 Revenue by generator (In thousands) Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 Treatment Services Total Treatment Services Total Domestic government $ 24,160 $ 29,603 $ 53,763 $ 17,786 $ 28,158 $ 45,944 Domestic commercial 7,925 3,509 11,434 6,045 859 6,904 Foreign government 1,002 615 1,617 532 12 544 Foreign commercial 136 66 202 386 64 450 Total $ 33,223 $ 33,793 $ 67,016 $ 24,749 $ 29,093 $ 53,842 Revenue $ 33,223 $ 33,793 $ 67,016 $ 24,749 $ 29,093 $ 53,842 |
Schedule of Contract Liabilities | The timing of revenue recognition and billings results in unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represent 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. Our deferred revenue balance at September 30, 2023 included a $ 2,500,000 Schedule of Contract Liabilities Year-to-date Year-to-date (In thousands) September 30, 2023 December 31, 2022 Change ($) Change (%) Contract assets Unbilled receivables - current $ 9,336 $ 6,062 $ 3,274 54.0 % Contract liabilities Deferred revenue $ 7,765 $ 4,813 $ 2,952 61.3 % |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases | |
Schedule of Components of Lease Cost | The components of lease cost for the Company’s leases for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands): Schedule of Components of Lease Cost Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Operating Leases: Lease cost $ 157 $ 157 $ 470 $ 471 Finance Leases: Amortization of ROU assets 39 42 115 133 Interest on lease liability 9 9 22 30 Finance lease 48 51 137 163 Short-term lease rent expense - - 1 7 Total lease cost $ 205 $ 208 $ 608 $ 641 |
Schedule of Weighted Average Lease | The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at September 30, 2023 were: Schedule of Weighted Average Lease Operating Leases Finance Leases Weighted average remaining lease terms (years) 5.7 3.2 Weighted average discount rate 7.5 % 7.0 % |
Schedule of Operating And Finance Lease Liability Maturity | The following table reconciles the undiscounted cash flows for the operating and finance leases at September 30, 2023 to the operating and finance lease liabilities recorded on the balance sheet (in thousands): Schedule of Operating And Finance Lease Liability Maturity Operating Leases Finance Leases 2023 (remaining) $ 147 $ 65 2024 519 260 2025 433 239 2026 415 85 2027 406 50 2028 and thereafter 749 28 Total undiscounted lease payments 2,669 727 Less: Imputed interest (513 ) (81 ) Present value of lease payments $ 2,156 $ 646 Current portion of operating lease obligations $ 412 $ - Long-term operating lease obligations, less current portion $ 1,744 $ - Current portion of finance lease obligations $ - $ 223 Long-term finance lease obligations, less current portion $ - $ 423 |
Schedule of Supplemental Cash Flow And Other Information Related To Leases | Supplemental cash flow and other information related to our leases were as follows for the three and nine months ended September 30, 2023 and 2022 (in thousands): Schedule of Supplemental Cash Flow And Other Information Related To Leases Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow used in operating leases $ 145 $ 144 $ 435 $ 430 Operating cash flow used in finance leases $ 9 $ 9 $ 22 $ 30 Financing cash flow used in finance leases $ 54 $ 103 $ 135 $ 821 ROU assets obtained in exchange for lease obligations for: Finance liabilities $ 154 $ - $ 311 $ 147 Operating liabilities $ 484 - $ 484 $ - |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Definite Lived Intangible Assets | The following table summarizes information relating to the Company’s definite-lived intangible assets: Schedule of Definite Lived Intangible Assets September 30, 2023 December 31, 2022 Weighted Average Gross Net Gross Net Period Carrying Accumulated Carrying Carrying Accumulated Carrying (Years) Amount Amortization Amount Amount Amortization Amount Other Intangibles (amount in thousands) Patent 8.3 $ 703 $ (384 ) $ 319 $ 711 $ (374 ) $ 337 Software 3 661 (515 ) 146 640 (468 ) 172 Customer relationships 10 3,370 (3,358 ) 12 3,370 (3,250 ) 120 Total $ 4,734 $ (4,257 ) $ 477 $ 4,721 $ (4,092 ) $ 629 |
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: Schedule of Finite Lived Intangible Assets, Future Amortization Expense Amount Year (In thousands) 2023 (Remaining) $ 30 2024 62 2025 26 2026 25 2027 22 |
Capital Stock, Stock Plans an_2
Capital Stock, Stock Plans and Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 and nine months ended September 30, 2023 and 2022 for our employee and director stock options. Schedule of Share-based Compensation, Allocation of Recognized Period Costs 2023 2022 2023 2022 Three Months Ended Nine Months Ended Stock Options September 30, September 30, 2023 2022 2023 2022 Employee Stock Options $ 94,000 $ 76,000 $ 273,000 $ 248,000 Director Stock Options 55,000 29,000 119,000 62,000 Total $ 149,000 $ 105,000 $ 392,000 $ 310,000 |
Schedule of Stock Options Roll Forward | The summary of the Company’s stock option plans as of September 30, 2023 and September 30, 2022, and changes during the periods then ended, are presented below. The Company’s plans consist of the 2017 Plan and the 2003 Plan: Schedule of Stock Options Roll Forward Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (2) Options outstanding January 1, 2023 1,018,400 $ 5.02 - Granted 365,000 $ 3.19 Exercised (282,400 ) $ 3.70 $ 2,118,892 Forfeited/expired/cancelled (64,500 ) $ 3.67 Options outstanding end of period (1) 1,036,500 $ 5.48 5.1 $ 5,146,126 Options exercisable at September 30, 2023 (2) 302,300 $ 4.91 3.9 $ 1,675,604 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (4) Options outstanding January 1, 2022 1,019,400 $ 4.91 - Granted 94,000 $ 5.20 Exercised (52,400 ) $ 4.04 $ 97,856 Forfeited/expired (9,600 ) $ 5.50 Options outstanding end of period (3) 1,051,400 $ 4.98 4.0 $ 492,939 Options exercisable at September 30, 2022 (3) 453,900 $ 3.93 2.4 $ 354,709 (1) Options with exercise prices ranging from $ 3.15 9.81 (2) Options with exercise prices ranging from $ 3.15 7.50 (3) Options with exercise prices ranging from $ 2.79 7.50 (4) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price. |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earning Per Share | Basic income (loss) per share is calculated based on the weighted-average number of outstanding common shares during the applicable period. Diluted income (loss) 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 earnings per share. The following table reconciles the income (loss) and average share amounts used to compute both basic and diluted income (loss) per share: Schedule of Earning Per Share 2023 2022 2023 2022 Three Months Ended Nine Months Ended September 30, September 30, (Amounts in Thousands, Except for Per Share Amounts) (Unaudited) (Unaudited) 2023 2022 2023 2022 Income (loss) per common share from continuing operations Income (Loss) from continuing operations, net of taxes $ 246 $ 824 $ 448 $ (1,682 ) Basic income (loss) per share $ .02 $ .06 $ .03 $ (.13 ) Diluted income (loss) per share $ .02 $ .06 $ .03 $ (.13 ) Income (loss) per common share from discontinued operations, net of taxes Income (loss) from discontinued operations, net of taxes $ 95 $ (160 ) $ (44 ) $ (442 ) Basic income (loss) per share $ .01 $ (.01 ) $ - $ (.03 ) Diluted loss per share $ - $ (.01 ) $ - $ (.03 ) Net income (loss) per common share Net income (loss) $ 341 $ 664 $ 404 $ (2,124 ) Basic income (loss) per share $ .03 $ .05 $ .03 $ (.16 ) Diluted income (loss) per share $ .02 $ .05 $ .03 $ (.16 ) Weighted average shares outstanding: Basic weighted average shares outstanding 13,568 13,297 13,468 13,265 Add: dilutive effect of stock options 370 131 244 - Add: dilutive effect of warrants 41 19 37 - Diluted weighted average shares outstanding 13,979 13,447 13,749 13,265 Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: Stock options - 499 70 405 Warrant - - - - Antidilutive Securities - - - - |
Long Term Debt (Tables)
Long Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | Long-term debt consists of the following: Schedule of Long Term Debt (Amounts in Thousands) September 30, 2023 December 31, 2022 Revolving Credit (1) $ - $ - Revolving Credit May 15, 2027 9.7 (1) $ - $ - Term Loan 1 May 15, 2027 9.1 (1) 320 640 Term Loan 2 May 15, 2027 9.9 (1) 2,458 - Capital Line May 15, 2027 8.5% (1) 384 463 Debt Issuance Costs (182 )(2) (88 )(2) Notes Payable 5.6% 9.1% 15 24 Total debt 2,995 1,039 Less current portion of long-term debt 880 476 Long-term debt $ 2,115 $ 563 (1) Our revolving credit facility is collateralized by our accounts receivable, and our term loans and capital line are collateralized by our property, plant, and equipment. (2) Aggregate unamortized debt issuance costs in connection with the Company’s credit facility, which consists of the Revolving Credit Facility, Term loan 1, Term loan 2 and Capital Line, as applicable. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 and December 31, 2022. No assets and liabilities were held for sale at each of the periods noted. Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet September 30, December 31, (Amounts in Thousands) 2023 2022 Current assets Other assets $ 15 $ 15 Total current assets 15 15 Long-term assets Property, plant and equipment, net (1) 81 81 Total long-term assets 81 81 Total assets $ 96 $ 96 Current liabilities Accounts payable $ 23 $ 104 Accrued expenses and other liabilities 139 146 Environmental liabilities 77 112 Total current liabilities 239 362 Long-term liabilities Closure liabilities 166 159 Environmental liabilities 784 749 Total long-term liabilities 950 908 Total liabilities $ 1,189 $ 1,270 (1) net of accumulated depreciation of $ 10,000 |
Operating Segments (Tables)
Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The table below presents certain financial information of our operating segments for the three and nine months ended September 30, 2023 and 2022 (in thousands). Schedule of Segment Reporting Information Segment Reporting for the Quarter Ended September 30, 2023 (1) Treatment Services Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 10,795 $ 11,082 $ 21,877 $ — $ 21,877 Intercompany revenues 4 88 92 — — Gross profit 1,494 3,055 4,549 — 4,549 Research and development 102 1 103 17 120 Interest income — — — 146 146 Interest expense (23 ) (1 ) (24 ) (65 ) (89 ) Interest expense-financing fees — — — (36 ) (36 ) Depreciation and amortization 584 88 672 14 686 Segment income (loss) 1,014 1,120 2,134 (1,888 ) 246 Expenditures for segment assets 333 7 340 — 340 (3) Segment Reporting for the Quarter Ended September 30, 2022 (1) Treatment Services Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 8,877 $ 9,595 $ 18,472 $ — $ 18,472 Intercompany revenues 28 16 44 — — Gross profit 1,967 1,103 3,070 — 3,070 Research and development 55 — 55 14 69 Interest income — — — 29 29 Interest expense (20 ) (2 ) (22 ) (25 ) (47 ) Interest expense-financing fees — — — (16 ) (16 ) Depreciation and amortization 387 87 474 23 497 Segment income (loss) 1,628 710 2,338 (1,514 ) 824 (2) Expenditures for segment assets 149 39 188 1 189 (4) Segment Reporting for the Nine Months Ended September 30, 2023 (1) Treatment Services Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 33,223 $ 33,793 $ 67,016 $ — $ 67,016 Intercompany revenues 234 124 358 — — Gross profit 5,237 6,837 12,074 — 12,074 Research and development 260 11 271 69 340 Interest income — — — 445 445 Interest expense (68 ) (2 ) (70 ) (119 ) (189 ) Interest expense-financing fees — — — (80 ) (80 ) Depreciation and amortization 1,745 337 2,082 42 2,124 Segment income (loss) 2,619 2,933 5,552 (5,104 ) 448 Expenditures for segment assets 1,376 10 1,386 — 1,386 (3) Segment Reporting for the Nine Months Ended September 30, 2022 (1) Treatment Services Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 24,749 $ 29,093 $ 53,842 $ — $ 53,842 Intercompany revenues 28 43 71 — — Gross profit 4,168 3,422 7,590 — 7,590 Research and development 179 23 202 43 245 Interest income — — — 69 69 Interest expense (53 ) — (53 ) (70 ) (123 ) Interest expense-financing fees — — — (44 ) (44 ) Depreciation and amortization 1,139 244 1,383 50 1,433 Segment income (loss) 1,766 1,580 3,346 (5,028 ) (1,682 ) (2) Expenditures for segment assets 819 127 946 1 947 (4) (1) Amounts reflect the activity for corporate headquarters not included in the segment information. (2) Includes approximately $ 1,975,000 (3) Net of financed amount of $ 152,000 309,000 (4) Net of financed amount of $ 0 114,000 |
Schedule of Disaggregation of R
Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 21,877 | $ 18,472 | $ 67,016 | $ 53,842 |
Domestic Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 15,539 | 14,992 | 53,763 | 45,944 |
Domestic Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5,620 | 3,119 | 11,434 | 6,904 |
Foreign Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 695 | 287 | 1,617 | 544 |
Foreign Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 23 | 74 | 202 | 450 |
Fixed Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 20,983 | 15,769 | 63,218 | 45,318 |
Time and Materials [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 894 | 2,703 | 3,798 | 8,524 |
Treatment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10,795 | 8,877 | 33,223 | 24,749 |
Treatment [Member] | Domestic Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,095 | 5,728 | 24,160 | 17,786 |
Treatment [Member] | Domestic Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,450 | 2,806 | 7,925 | 6,045 |
Treatment [Member] | Foreign Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 250 | 287 | 1,002 | 532 |
Treatment [Member] | Foreign Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 56 | 136 | 386 | |
Treatment [Member] | Fixed Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10,795 | 8,877 | 33,223 | 24,749 |
Treatment [Member] | Time and Materials [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | ||||
Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 11,082 | 9,595 | 33,793 | 29,093 |
Services [Member] | Domestic Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 8,444 | 9,264 | 29,603 | 28,158 |
Services [Member] | Domestic Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,170 | 313 | 3,509 | 859 |
Services [Member] | Foreign Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 445 | 615 | 12 | |
Services [Member] | Foreign Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 23 | 18 | 66 | 64 |
Services [Member] | Fixed Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10,188 | 6,892 | 29,995 | 20,569 |
Services [Member] | Time and Materials [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 894 | $ 2,703 | $ 3,798 | $ 8,524 |
Schedule of Contract Liabilitie
Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Unbilled receivables - current | $ 9,336 | $ 6,062 | |
Changes in unbilled receivables - current | 3,274 | $ (2,689) | |
Deferred revenue | 7,765 | $ 4,813 | |
Year-to-date Change [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Changes in unbilled receivables - current | $ 3,274 | ||
Changes in unbilled receivables - current, percentage | 54% | ||
Changes in deferred revenue | $ 2,952 | ||
Changes in deferred revenue, percentage | 61.30% |
Revenue (Details Narrative)
Revenue (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | ||||
Deferred revenue | $ 2,500,000 | $ 2,500,000 | ||
Revenue recognized | $ 842,000 | $ 494,000 | $ 6,289,000 | $ 6,138,000 |
Schedule of Components of Lease
Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases | ||||
Lease cost | $ 157 | $ 157 | $ 470 | $ 471 |
Amortization of ROU assets | 39 | 42 | 115 | 133 |
Interest on lease liability | 9 | 9 | 22 | 30 |
Finance lease | 48 | 51 | 137 | 163 |
Short-term lease rent expense | 1 | 7 | ||
Total lease cost | $ 205 | $ 208 | $ 608 | $ 641 |
Schedule of Weighted Average Le
Schedule of Weighted Average Lease (Details) | Sep. 30, 2023 |
Leases | |
Operating leases, weighted average remaining lease terms (years) | 5 years 8 months 12 days |
Finance leases, weighted average remaining lease terms (years) | 3 years 2 months 12 days |
Operating leases, weighted average discount rate | 7.50% |
Finance leases, weighted average discount rate | 7% |
Schedule of Operating And Finan
Schedule of Operating And Finance Lease Liability Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
Operating Leases 2023 | $ 147 | |
Operating Leases 2024 | 519 | |
Operating Leases 2025 | 433 | |
Operating Leases 2026 | 415 | |
Operating Leases 2027 | 406 | |
Operating Leases 2028 and thereafter | 749 | |
Operating Leases Total undiscounted lease payments | 2,669 | |
Operating Leases Less: Imputed interest | (513) | |
Operating Leases Present value of lease payments | 2,156 | |
Current portion of operating lease obligations | 412 | $ 416 |
Long-term operating lease obligations, less current portion | 1,744 | 1,584 |
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
Finance Leases 2023 | 65 | |
Finance Leases 2024 | 260 | |
Finance Leases 2025 | 239 | |
Finance Leases 2026 | 85 | |
Finance Leases 2027 | 50 | |
Finance Leases 2028 and thereafter | 28 | |
Finance Leases Total undiscounted lease payments | 727 | |
Finance Leases Less: Imputed interest | (81) | |
Finance Leases Present value of lease payments | 646 | |
Current portion of finance lease obligations | 223 | 154 |
Long-term finance lease obligations, less current portion | $ 423 | $ 318 |
Schedule of Supplemental Cash F
Schedule of Supplemental Cash Flow And Other Information Related To Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases | ||||
Operating cash flow used in operating leases | $ 145 | $ 144 | $ 435 | $ 430 |
Operating cash flow used in finance leases | 9 | 9 | 22 | 30 |
Financing cash flow used in finance leases | 54 | 103 | 135 | 821 |
Finance liabilities | 154 | 311 | 147 | |
Operating liabilities | $ 484 | $ 484 |
Schedule of Definite Lived Inta
Schedule of Definite Lived Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,734 | $ 4,721 |
Accumulated Amortization | (4,257) | (4,092) |
Net Carrying Amount | $ 477 | 629 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 8 years 3 months 18 days | |
Gross Carrying Amount | $ 703 | 711 |
Accumulated Amortization | (384) | (374) |
Net Carrying Amount | $ 319 | 337 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 3 years | |
Gross Carrying Amount | $ 661 | 640 |
Accumulated Amortization | (515) | (468) |
Net Carrying Amount | $ 146 | 172 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 10 years | |
Gross Carrying Amount | $ 3,370 | 3,370 |
Accumulated Amortization | (3,358) | (3,250) |
Net Carrying Amount | $ 12 | $ 120 |
Schedule of Finite Lived Intang
Schedule of Finite Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 (Remaining) | $ 30 |
2024 | 62 |
2025 | 26 |
2026 | 25 |
2027 | $ 22 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible asset | $ 55,000 | $ 65,000 | $ 165,000 | $ 176,000 |
Schedule of Share-based Compens
Schedule of Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total | $ 149,000 | $ 105,000 | $ 392,000 | $ 310,000 |
Employee Stock Options [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total | 94,000 | 76,000 | 273,000 | 248,000 |
Director Stock Options [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total | $ 55,000 | $ 29,000 | $ 119,000 | $ 62,000 |
Schedule of Stock Options Roll
Schedule of Stock Options Roll Forward (Details) - Equity Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||||
Shares Options Outstanding Beginning | 1,018,400 | 1,019,400 | ||
Weighted Average Exercise Price Options Outstanding Beginning | $ 5.02 | $ 4.91 | ||
Aggregate Intrinsic Value Options Exercisable | [1] | [2] | ||
Shares, Granted | 365,000 | 94,000 | ||
Weighted Average Exercise Price, Granted | $ 3.19 | $ 5.20 | ||
Shares, Exercised | (282,400) | (52,400) | ||
Weighted Average Exercise Price, Exercised | $ 3.70 | $ 4.04 | ||
Aggregate Intrinsic Value, Exercised | $ 2,118,892 | [1] | $ 97,856 | [2] |
Shares, Forfeited/expired | (64,500) | (9,600) | ||
Weighted Average Exercise Price, Forfeited/expired | $ 3.67 | $ 5.50 | ||
Shares Options Outstanding Ending | 1,036,500 | [3] | 1,051,400 | [4] |
Weighted Average Exercise Price Options Outstanding Ending | $ 5.48 | [3] | $ 4.98 | [4] |
Weighted Average Remaining Contractual Term (years) Outstanding | 5 years 1 month 6 days | [3] | 4 years | [4] |
Aggregate Intrinsic Value, Options outstanding end of period | $ 5,146,126 | [1],[3] | $ 492,939 | [2],[4] |
Shares, Options exercisable | 302,300 | [1] | 453,900 | [4] |
Weighted Average Exercise Price, Options exercisable | $ 4.91 | [1] | $ 3.93 | [4] |
Weighted Average Remaining Contractual Term (years) Exercisable | 3 years 10 months 24 days | [1] | 2 years 4 months 24 days | [4] |
Aggregate Intrinsic Value Options Exercisable | $ 1,675,604 | [1] | $ 354,709 | [2],[4] |
[1]Options with exercise prices ranging from $ 3.15 7.50 3.15 9.81 2.79 7.50 |
Schedule of Stock Options Rol_2
Schedule of Stock Options Roll Forward (Details) (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Stock Option Outstanding One [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Share-based payment arrangement, option, exercise price range, lower range limit | $ 3.15 | |
Share-based payment arrangement, option, exercise price range, upper range limit | 9.81 | |
Stock Option Outstanding Two [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Share-based payment arrangement, option, exercise price range, lower range limit | 3.15 | |
Share-based payment arrangement, option, exercise price range, upper range limit | $ 7.50 | |
Stock Option Outstanding [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Share-based payment arrangement, option, exercise price range, lower range limit | $ 2.79 | |
Share-based payment arrangement, option, exercise price range, upper range limit | $ 7.50 |
Capital Stock, Stock Plans an_3
Capital Stock, Stock Plans and Stock-Based Compensation (Details Narrative) - USD ($) | 9 Months Ended | ||||||
Jul. 20, 2023 | Jan. 19, 2023 | Apr. 01, 2019 | Jul. 27, 2017 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||
Proceeds from stock options exercised | $ 150,000 | $ 13,000 | |||||
Common Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of option exercised | 244,000 | ||||||
Number of shares issued from option exercise | 163,933 | ||||||
Common Stock [Member] | Minimum [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Stock options, exercise price | $ 3.60 | ||||||
Common Stock [Member] | Maximum [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Stock options, exercise price | $ 7.005 | ||||||
Ferguson Stock Option [Member] | First Milestone [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Options to purchase shares | 10,000 | ||||||
Ferguson Stock Option [Member] | Second Milestone [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Options to purchase shares | 30,000 | ||||||
Ferguson Stock Option [Member] | Third Milestone [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Options to purchase shares | 60,000 | ||||||
Share-Based Payment Arrangement, Option [Member] | Common Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of option exercised | 38,400 | ||||||
Number of stock option purchased | 38,400 | ||||||
Proceeds from stock options exercised | $ 150,000 | ||||||
Share-Based Payment Arrangement, Option [Member] | Common Stock [Member] | Minimum [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Stock options, exercise price | $ 2.785 | ||||||
Share-Based Payment Arrangement, Option [Member] | Common Stock [Member] | Maximum [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Stock options, exercise price | $ 7.005 | ||||||
Robert Ferguson [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of option exercised | 10,000 | ||||||
Loans payable | $ 2,500,000 | ||||||
Warrant to purchase | 60,000 | ||||||
Warrants exercise price | $ 3.51 | ||||||
Warrant exercisable, description | The warrant expires on April 1, 2024 and remains outstanding at September 30, 2023. Upon Mr. Ferguson’s death, the warrant transferred to Mr. Ferguson’s heirs. The Ferguson Loan was paid in full in December 2020. | ||||||
Employee and Directors [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Unrecognized compensation cost related to unvested options consultant | $ 1,947,000 | ||||||
Weighted average term for unrecognized and unvested option to be recognized | 3 years 4 months 24 days | ||||||
2017 Stock Option Plan [Member] | Consultant [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of stock option shares granted | 100,000 | ||||||
Stock options, exercise price | $ 3.65 | ||||||
2003 Outside Directors Stock Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of stock option shares granted | 10,000 | ||||||
Vesting period, description | one-fourth vesting annually over a four-year period. | ||||||
Stock options, exercise price | $ 9.81 | ||||||
2003 Outside Directors Stock Option Plan [Member] | Common Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Issuance of common stock for services, shares | 54,202 | ||||||
Allocated share-based compensation expense | $ 359,000 | ||||||
Incentive Stock Option Agreement [Member] | 2017 Stock Option Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of stock option shares granted | 295,000 | ||||||
Common stock, par value | $ 0.001 | ||||||
Weighted average contractual term (years) outstanding | 6 years | ||||||
Vesting period, description | one-fifth yearly vesting over a five-year period. | ||||||
Stock options, exercise price | $ 3.95 | ||||||
Incentive Stock Option Agreement [Member] | 2017 Stock Option Plan [Member] | Chief Executive Officer [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of stock option shares granted | 70,000 | ||||||
Incentive Stock Option Agreement [Member] | 2017 Stock Option Plan [Member] | Chief Financial Officer [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of stock option shares granted | 40,000 | ||||||
Incentive Stock Option Agreement [Member] | 2017 Stock Option Plan [Member] | EVP of Strategic Initiatives [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of stock option shares granted | 30,000 | ||||||
Incentive Stock Option Agreement [Member] | 2017 Stock Option Plan [Member] | EVP of Waste Treatment Operations [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of stock option shares granted | 30,000 | ||||||
Incentive Stock Option Agreement [Member] | 2017 Stock Option Plan [Member] | EVP of Nuclear and Technical Services [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of stock option shares granted | 30,000 |
Schedule of Earning Per Share (
Schedule of Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
Income (loss) per common share from continuing operations | ||||||||||
Income (Loss) from continuing operations, net of taxes | $ 246,000 | $ 824,000 | [1] | $ 448,000 | $ (1,682,000) | [1] | ||||
Basic income (loss) per share | $ 0.02 | $ 0.06 | $ 0.03 | $ (0.13) | ||||||
Diluted income (loss) per share | $ 0.02 | $ 0.06 | $ 0.03 | $ (0.13) | ||||||
Income (loss) per common share from discontinued operations, net of taxes | ||||||||||
Income (loss) from discontinued operations, net of taxes | $ 95,000 | $ (160,000) | $ (44,000) | $ (442,000) | ||||||
Basic income (loss) per share | $ 0.01 | $ (0.01) | $ (0.03) | |||||||
Diluted loss per share | $ (0.01) | $ (0.03) | ||||||||
Net income (loss) per common share | ||||||||||
Net income (loss) | $ 341,000 | $ 474,000 | $ (411,000) | $ 664,000 | $ (1,445,000) | $ (1,343,000) | $ 404,000 | $ (2,124,000) | ||
Basic income (loss) per share | $ 0.03 | $ 0.05 | $ 0.03 | $ (0.16) | ||||||
Diluted income (loss) per share | $ 0.02 | $ 0.05 | $ 0.03 | $ (0.16) | ||||||
Weighted average shares outstanding: | ||||||||||
Basic weighted average shares outstanding | 13,568 | 13,297 | 13,468 | 13,265 | ||||||
Add: dilutive effect of stock options | 370 | 131 | 244 | |||||||
Add: dilutive effect of warrants | 41 | 19 | 37 | |||||||
Diluted weighted average shares outstanding | 13,979 | 13,447 | 13,749 | 13,265 | ||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||
Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: | ||||||||||
Antidilutive Securities | 499 | 70 | 405 | |||||||
Warrant [Member] | ||||||||||
Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: | ||||||||||
Antidilutive Securities | ||||||||||
[1]Includes approximately $ 1,975,000 |
Schedule of Long Term Debt (Det
Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Debt Issuance Costs | [1] | $ (182) | $ (88) |
Total debt | 2,995 | 1,039 | |
Less current portion of long-term debt | 880 | 476 | |
Long-term debt | 2,115 | 563 | |
Revolving Credit [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | [2] | ||
Term Loan 1 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | [2] | 320 | 640 |
Term Loan 2 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | [2] | 2,458 | |
Capital Line [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | [2] | 384 | 463 |
Note Payable [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $ 15 | $ 24 | |
[1]Aggregate unamortized debt issuance costs in connection with the Company’s credit facility, which consists of the Revolving Credit Facility, Term loan 1, Term loan 2 and Capital Line, as applicable.[2]Our revolving credit facility is collateralized by our accounts receivable, and our term loans and capital line are collateralized by our property, plant, and equipment. |
Schedule of Long Term Debt (D_2
Schedule of Long Term Debt (Details) (Parenthetical) | Jul. 31, 2023 | May 04, 2021 | May 08, 2020 | Sep. 30, 2023 | Dec. 31, 2022 |
Revolving Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt due date | May 15, 2027 | ||||
Effective interest rate | 9.70% | ||||
Term Loan 1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt due date | May 15, 2027 | ||||
Effective interest rate | 9.10% | ||||
Term Loan 2 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt due date | May 15, 2027 | ||||
Effective interest rate | 9.90% | ||||
Capital Line [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt due date | May 15, 2027 | ||||
Effective interest rate | 8.50% | ||||
Note Payable To 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate | 5.60% | 5.60% | |||
Note Payable To 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate | 9.10% | 9.10% |
Long Term Debt (Details Narrati
Long Term Debt (Details Narrative) - USD ($) | 9 Months Ended | ||||
Jul. 31, 2023 | May 04, 2021 | May 08, 2020 | Sep. 30, 2023 | Mar. 21, 2023 | |
Debt Instrument [Line Items] | |||||
Debt instrument, borrowing capacity capital line, amount | $ 1,000,000 | ||||
Debt instrument, interest rate description | Pursuant to the Loan Agreement, as amended, the annual rate of interest due on the revolving credit is at prime (8.50% at September 30, 2023) plus 2% or SOFR plus 3.00% plus an SOFR Adjustment applicable for an interest period selected by the Company. The annual rate of interest due on Term Loan 1 and the Capital Line loan is at prime plus 2.50% or Term SOFR Rate plus 3.50% plus an SOFR Adjustment applicable for an interest period selected by the Company. SOFR Adjustment rates of 0.10% and 0.15% are applicable for a one-month interest period and three-month period, respectively, that may be selected by the Company. | ||||
Letters of credit outstanding, amount | $ 3,200,000 | ||||
PNC Bank [Member] | Captail Line [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument carrying amount | 524,000 | ||||
Monthly installments | $ 8,700 | ||||
Loan Agreement [Member] | Lender [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, fee amount | $ 25,000 | ||||
Loan Agreement [Member] | PNC Bank [Member] | Term Loan 1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument carrying amount | $ 1,742,000 | ||||
Monthly installments | 35,547 | ||||
Loan Agreement [Member] | PNC Bank [Member] | Term Loan 2 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument carrying amount | 2,500,000 | ||||
Monthly installments | $ 41,667 | ||||
Amended Loan Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, description | Pursuant to the amendment dated July 31, 2023 as discussed above, the Company has agreed to pay PNC 1.0% of the total financing under the Loan Agreement, as amended, in the event the Company pays off its obligations on or before July 31, 2024, and 0.5% of the total financing if the Company pays off its obligations after July 31, 2024, to and including July 31, 2025. No early termination fee shall apply if the Company pays off its obligations under the amended Loan Agreement after July 31, 2025. | ||||
Maturity end date | May 15, 2027 | ||||
Maturity start date | May 15, 2024 | ||||
Reduction, borrowing availability | $ 750,000 | ||||
Amended Loan Agreement [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Capital expenditure | 2,500,000 | ||||
Amended Loan Agreement [Member] | Lender [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, fee amount | 100,000 | ||||
Amended Loan Agreement [Member] | Lender [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, description | reinstated the quarterly FCCR testing requirement starting in the second quarter of 2023 using a trailing twelve-month period (with no change to the minimum 1.15:1 ratio requirement for each quarter) | ||||
Amended Loan Agreement [Member] | Term Loan 2 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument carrying amount | 2,500,000 | ||||
Monthly installments | $ 41,667 | ||||
Amended Loan Agreement [Member] | Term Loan 2 [Member] | Prime Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3% | ||||
Amended Loan Agreement [Member] | Term Loan 2 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4% | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Reduction, borrowing availability | $ 750,000 | ||||
Line of credit facility, remaining borrowing capacity | 10,378,000 | ||||
Letters of credit outstanding, amount | $ 3,200,000 | ||||
Revolving Credit Facility [Member] | Loan Agreement [Member] | Lender [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, minimum borrowing availability | 3,000,000 | ||||
Revolving Credit Facility [Member] | PNC Bank [Member] | Revised Loan Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 12,500,000 | ||||
Revolving Credit Facility [Member] | Loan Agreement [Member] | PNC Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument maturity date | May 15, 2027 | ||||
Line of credit facility, maximum borrowing capacity | 12,500,000 | ||||
Revolving Credit Facility [Member] | Previous Loan Agreement [Member] | PNC Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 18,000,000 | ||||
One Month Interest Period [Member] | Amended Loan Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Adjustment rate | 0.10% | ||||
Three Month Interest Period [Member] | Amended Loan Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Adjustment rate | 0.15% |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2003 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Self-insured retention | $ 100,000 | |||||
Accounts receivable, after allowance for credit loss, current | $ 15,342,000 | 15,342,000 | $ 9,364,000 | |||
Restricted cash, noncurrent | 11,926,000 | 11,926,000 | 11,570,000 | |||
Interest income | 146,000 | $ 29,000 | 445,000 | $ 69,000 | ||
Letters of credit outstanding, amount | 3,200,000 | 3,200,000 | ||||
Bond outstanding | 36,428,000 | 36,428,000 | ||||
American International Group, Inc [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Period of finite risk insurance policy | 25 years | |||||
Maximum allowable coverage of insurance policy | 28,177,000 | 28,177,000 | ||||
Coverage amount under the policy | 22,461,000 | 22,461,000 | ||||
Interest income | $ 146,000 | $ 29,000 | $ 356,000 | $ 69,000 | ||
Insurers obligation to entity on termination of contract | 100% | 100% | ||||
American International Group, Inc [Member] | 2003 Closure Policy [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Restricted cash, noncurrent | $ 11,926,000 | $ 11,926,000 | 11,570,000 | |||
Interest income | 2,455,000 | $ 2,099,000 | ||||
Canadian Nuclear Laboratories LTD [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Unpaid receivables | 2,287,000 | 2,287,000 | ||||
Accounts receivable, after allowance for credit loss, current | $ 1,056,000 | $ 1,056,000 |
Schedule of Disposal Groups, In
Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Current assets | |||
Other assets | $ 15 | $ 15 | |
Total current assets | 15 | 15 | |
Long-term assets | |||
Property, plant and equipment, net | [1] | 81 | 81 |
Total long-term assets | 81 | 81 | |
Total assets | 96 | 96 | |
Current liabilities | |||
Accounts payable | 23 | 104 | |
Accrued expenses and other liabilities | 139 | 146 | |
Environmental liabilities | 77 | 112 | |
Total current liabilities | 239 | 362 | |
Long-term liabilities | |||
Closure liabilities | 166 | 159 | |
Environmental liabilities | 784 | 749 | |
Total long-term liabilities | 950 | 908 | |
Total liabilities | $ 1,189 | $ 1,270 | |
[1]net of accumulated depreciation of $ 10,000 |
Schedule of Disposal Groups, _2
Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet (Details) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Accumulated depreciation | $ 10,000 | $ 10,000 |
Discontinued Operations (Detail
Discontinued Operations (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Income (loss) from discontinued operations, net of taxes (Note 10) | $ 95,000 | $ (160,000) | $ (44,000) | $ (442,000) |
Loss from discontinued operations (net of taxes) | (95,000) | 160,000 | 44,000 | 442,000 |
Net of tax benefit | $ 234,000 | $ 46,000 | $ 353,000 | $ 127,000 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from external customers | $ 21,877 | $ 18,472 | $ 67,016 | $ 53,842 | |||||
Intercompany revenues | |||||||||
Gross profit | 4,549 | 3,070 | 12,074 | 7,590 | |||||
Research and development | 120 | 69 | 340 | 245 | |||||
Interest income | 146 | 29 | 445 | 69 | |||||
Interest expense | (89) | (47) | (189) | (123) | |||||
Interest expense-financing fees | (36) | (16) | (80) | (44) | |||||
Depreciation and amortization | 686 | 497 | 2,124 | 1,433 | |||||
Segment income (loss) | 246 | 824 | [1] | 448 | (1,682) | [1] | |||
Expenditures for segment assets | 340 | [2] | 189 | [3] | 1,386 | [2] | 947 | [3] | |
Treatment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from external customers | 10,795 | 8,877 | 33,223 | 24,749 | |||||
Services [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from external customers | 11,082 | 9,595 | 33,793 | 29,093 | |||||
Operating Segments [Member] | Treatment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from external customers | 10,795 | 8,877 | 33,223 | 24,749 | |||||
Intercompany revenues | 4 | 28 | 234 | 28 | |||||
Gross profit | 1,494 | 1,967 | 5,237 | 4,168 | |||||
Research and development | 102 | 55 | 260 | 179 | |||||
Interest income | |||||||||
Interest expense | (23) | (20) | (68) | (53) | |||||
Interest expense-financing fees | |||||||||
Depreciation and amortization | 584 | 387 | 1,745 | 1,139 | |||||
Segment income (loss) | 1,014 | 1,628 | 2,619 | 1,766 | |||||
Expenditures for segment assets | 333 | 149 | 1,376 | 819 | |||||
Operating Segments [Member] | Services [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from external customers | 11,082 | 9,595 | 33,793 | 29,093 | |||||
Intercompany revenues | 88 | 16 | 124 | 43 | |||||
Gross profit | 3,055 | 1,103 | 6,837 | 3,422 | |||||
Research and development | 1 | 11 | 23 | ||||||
Interest income | |||||||||
Interest expense | (1) | (2) | (2) | ||||||
Interest expense-financing fees | |||||||||
Depreciation and amortization | 88 | 87 | 337 | 244 | |||||
Segment income (loss) | 1,120 | 710 | 2,933 | 1,580 | |||||
Expenditures for segment assets | 7 | 39 | 10 | 127 | |||||
Operating Segments [Member] | Segments Total [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from external customers | 21,877 | 18,472 | 67,016 | 53,842 | |||||
Intercompany revenues | 92 | 44 | 358 | 71 | |||||
Gross profit | 4,549 | 3,070 | 12,074 | 7,590 | |||||
Research and development | 103 | 55 | 271 | 202 | |||||
Interest income | |||||||||
Interest expense | (24) | (22) | (70) | (53) | |||||
Interest expense-financing fees | |||||||||
Depreciation and amortization | 672 | 474 | 2,082 | 1,383 | |||||
Segment income (loss) | 2,134 | 2,338 | 5,552 | 3,346 | |||||
Expenditures for segment assets | 340 | 188 | 1,386 | 946 | |||||
Intersegment Eliminations [Member] | Corporate and Other [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from external customers | [4] | ||||||||
Intercompany revenues | [4] | ||||||||
Gross profit | [4] | ||||||||
Research and development | [4] | 17 | 14 | 69 | 43 | ||||
Interest income | [4] | 146 | 29 | 445 | 69 | ||||
Interest expense | [4] | (65) | (25) | (119) | (70) | ||||
Interest expense-financing fees | [4] | (36) | (16) | (80) | (44) | ||||
Depreciation and amortization | [4] | 14 | 23 | 42 | 50 | ||||
Segment income (loss) | [4] | (1,888) | (1,514) | (5,104) | (5,028) | ||||
Expenditures for segment assets | [4] | $ 1 | $ 1 | ||||||
[1]Includes approximately $ 1,975,000 152,000 309,000 0 114,000 |
Schedule of Segment Reporting_2
Schedule of Segment Reporting Information (Details) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Financed portion amount in the purchase of capital expenditure | $ 152,000 | $ 0 | $ 309,000 | $ 114,000 |
Employee Retention Credit [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other income | $ 1,975,000 | $ 1,975,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 254,000 | $ 179,000 | $ 482,000 | $ (147,000) |
Effective income tax rates | 50.80% | 17.80% | 51.80% | 8% |
Employee Retention Credit (_E_2
Employee Retention Credit (“ERC”) (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2023 | |
Employee retention credits, description | Company’s share of certain payroll taxes equal to 70% of the qualified wages paid to employees between July 1, 2021 and September 30, 2021. Qualified wages were limited to $10,000 per employee per calendar quarter in 2021 for a maximum allowable ERC per employee of $7,000 per calendar quarter in 2021. For purposes of the amended ERC, an eligible employer was defined as having experienced a significant (20% or more) decline in gross receipts during one or more of the first three 2021 calendar quarters when compared to 2019. | |||
Employer shares percentage | 70% | |||
Qualified wages limitation under the ERC program | $ 10,000 | |||
Maximum ERC per employee | $ 7,000 | |||
Interest income | $ 60,000 | |||
Other Nonoperating Income (Expense) [Member] | ||||
Non-operating income | $ 1,975,000 | $ 1,975,000 | $ 2,035,000 |