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Q2
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
Form
10-Q
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
For
the quarterly period ended June 30, 2023 |
Or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
For
the transition period from _______________to_________________ |
Commission
File No. 001-11596
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
(Exact
name of registrant as specified in its charter)
Delaware
|
|
58-1954497
|
(State
or other jurisdiction
of
incorporation or organization) |
|
(IRS
Employer
Identification
Number) |
|
|
|
8302
Dunwoody Place, Suite 250, Atlanta, GA
|
|
30350
|
(Address
of principal executive offices) |
|
(Zip
Code) |
(770)
587-9898
(Registrant’s
telephone number)
N/A
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol |
|
Name
of each exchange on which registered |
Common
Stock, $.001 Par Value |
|
PESI |
|
NASDAQ
Capital Markets |
Indicate
by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the Registrant was required to submit and post such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer” and
“smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large
accelerated filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller reporting company ☒ Emerging growth company
☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate
the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the close of the latest practical date.
Class |
|
Outstanding
at July 28, 2023 |
Common
Stock, $.001 Par Value |
|
13,565,813
shares |
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
INDEX
PART
I - FINANCIAL INFORMATION
Item
1. – Financial Statements
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
Condensed
Consolidated Balance Sheets
| |
| | | |
| | |
(Amounts in Thousands, Except
for Share and Per Share Amounts) | |
June
30, 2023 (Unaudited) | | |
December
31, 2022 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 4,750 | | |
$ | 1,866 | |
Accounts receivable, net
of allowance for credit losses of $13 and $57, respectively | |
| 11,930 | | |
| 9,364 | |
Unbilled receivables | |
| 7,121 | | |
| 6,062 | |
Inventories | |
| 1,032 | | |
| 814 | |
Prepaid and other assets | |
| 2,735 | | |
| 5,405 | |
Current
assets related to discontinued operations | |
| 17 | | |
| 15 | |
Total current assets | |
| 27,585 | | |
| 23,526 | |
| |
| | | |
| | |
Property and equipment: | |
| | | |
| | |
Buildings and land | |
| 24,069 | | |
| 24,021 | |
Equipment | |
| 21,922 | | |
| 21,242 | |
Vehicles | |
| 442 | | |
| 442 | |
Leasehold improvements | |
| 23 | | |
| 23 | |
Office furniture and equipment | |
| 1,129 | | |
| 1,299 | |
Construction-in-progress | |
| 1,143 | | |
| 727 | |
Total property and equipment | |
| 48,728 | | |
| 47,754 | |
Less accumulated depreciation | |
| (29,896 | ) | |
| (28,797 | ) |
Net property and equipment | |
| 18,832 | | |
| 18,957 | |
| |
| | | |
| | |
Property and equipment related to discontinued
operations | |
| 81 | | |
| 81 | |
| |
| | | |
| | |
Operating lease right-of-use assets | |
| 1,732 | | |
| 1,971 | |
| |
| | | |
| | |
Intangibles and other long term assets: | |
| | | |
| | |
Permits | |
| 9,629 | | |
| 9,610 | |
Other intangible assets
- net | |
| 529 | | |
| 629 | |
Finite risk sinking fund
(restricted cash) | |
| 11,780 | | |
| 11,570 | |
Deferred tax assets | |
| 4,007 | | |
| 4,116 | |
Other
assets | |
| 405 | | |
| 438 | |
Total
assets | |
$ | 74,580 | | |
$ | 70,898 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
Condensed
Consolidated Balance Sheets, Continued
(Amounts in Thousands, Except
for Share and per Share Amounts) | |
June
30, 2023 (Unaudited) | | |
December 31, 2022 | |
| |
| | |
| |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 13,896 | | |
$ | 10,325 | |
Accrued expenses | |
| 4,086 | | |
| 4,593 | |
Disposal/transportation
accrual | |
| 1,179 | | |
| 887 | |
Deferred revenue | |
| 4,852 | | |
| 4,813 | |
Accrued closure costs -
current | |
| 548 | | |
| 682 | |
Current portion of long
- term debt | |
| 456 | | |
| 476 | |
Current portion of operating
lease liabilities | |
| 385 | | |
| 416 | |
Current portion of finance
lease liabilities | |
| 199 | | |
| 154 | |
Current
liabilities related to discontinued operations | |
| 280 | | |
| 362 | |
Total current liabilities | |
| 25,881 | | |
| 22,708 | |
| |
| | | |
| | |
Accrued closure costs | |
| 7,491 | | |
| 7,284 | |
Long-term debt, less current portion | |
| 316 | | |
| 563 | |
Long-term operating lease liabilities, less
current portion | |
| 1,399 | | |
| 1,584 | |
Long-term finance lease liabilities, less current
portion | |
| 350 | | |
| 318 | |
Long-term liabilities
related to discontinued operations | |
| 913 | | |
| 908 | |
Total
long-term liabilities | |
| 10,469 | | |
| 10,657 | |
| |
| | | |
| | |
Total liabilities | |
| 36,350 | | |
| 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; 13,562,743 and 13,332,398 shares issued, respectively; 13,555,101 and 13,324,756 shares outstanding, respectively | |
| 14 | | |
| 13 | |
Additional paid-in capital | |
| 115,789 | | |
| 115,209 | |
Accumulated deficit | |
| (77,373 | ) | |
| (77,436 | ) |
Accumulated other comprehensive
loss | |
| (112 | ) | |
| (165 | ) |
Less
Common Stock in treasury, at cost; 7,642 shares | |
| (88 | ) | |
| (88 | ) |
Total
stockholders’ equity | |
| 38,230 | | |
| 37,533 | |
| |
| | | |
| | |
Total
liabilities and stockholders’ equity | |
$ | 74,580 | | |
$ | 70,898 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
Condensed
Consolidated Statements of Operations
(Unaudited)
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June
30, | | |
June
30, | |
(Amounts in Thousands, Except for Per Share Amounts) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Net revenues | |
$ | 25,032 | | |
$ | 19,455 | | |
$ | 45,139 | | |
$ | 35,370 | |
Cost of goods sold | |
| 20,516 | | |
| 16,571 | | |
| 37,614 | | |
| 30,850 | |
Gross profit | |
| 4,516 | | |
| 2,884 | | |
| 7,525 | | |
| 4,520 | |
| |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative expenses | |
| 3,551 | | |
| 3,684 | | |
| 7,036 | | |
| 7,106 | |
Research and development | |
| 121 | | |
| 80 | | |
| 220 | | |
| 176 | |
Loss on disposal of
property and equipment | |
| — | | |
| — | | |
| — | | |
| 1 | |
Income (loss) from operations | |
| 844 | | |
| (880 | ) | |
| 269 | | |
| (2,763 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 172 | | |
| 29 | | |
| 298 | | |
| 40 | |
Interest expense | |
| (47 | ) | |
| (41 | ) | |
| (100 | ) | |
| (76 | ) |
Interest expense-financing fees | |
| (24 | ) | |
| (15 | ) | |
| (44 | ) | |
| (28 | ) |
Other | |
| 6 | | |
| (3 | ) | |
| 7 | | |
| (5 | ) |
Income tax expense (benefit) | |
| 432 | | |
| 347 | | |
| 228 | | |
| (326 | ) |
Income (loss) from continuing operations, net
of taxes | |
| 519 | | |
| (1,257 | ) | |
| 202 | | |
| (2,506 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss from discontinued
operations, net of taxes (Note 10) | |
| (45 | ) | |
| (188 | ) | |
| (139 | ) | |
| (282 | ) |
Net
income (loss) | |
$ | 474 | | |
$ | (1,445 | ) | |
$ | 63 | | |
$ | (2,788 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) per common share - basic: | |
| | | |
| | | |
| | | |
| | |
Continuing operations | |
$ | .04 | | |
$ | (.10 | ) | |
$ | .01 | | |
$ | (.19 | ) |
Discontinued operations | |
| — | | |
| (.01 | ) | |
| (.01 | ) | |
| (.02 | ) |
Net
income (loss) per common share | |
$ | .04 | | |
$ | (.11 | ) | |
$ | — | | |
$ | (.21 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) per common share - diluted: | |
| | | |
| | | |
| | | |
| | |
Continuing operations | |
$ | .03 | | |
$ | (.10 | ) | |
$ | .01 | | |
$ | (.19 | ) |
Discontinued operations | |
| — | | |
| (.01 | ) | |
| (.01 | ) | |
| (.02 | ) |
Net
income (loss) per common share | |
$ | .03 | | |
$ | (.11 | ) | |
$ | — | | |
$ | (.21 | ) |
| |
| | | |
| | | |
| | | |
| | |
Number
of common shares used in computing net income (loss) per share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 13,474 | | |
| 13,264 | | |
| 13,417 | | |
| 13,249 | |
Diluted | |
| 13,848 | | |
| 13,264 | | |
| 13,657 | | |
| 13,249 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
Condensed
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June
30, | | |
June
30, | |
(Amounts in Thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Net income
(loss) | |
$ | 474 | | |
$ | (1,445 | ) | |
$ | 63 | | |
$ | (2,788 | ) |
Other comprehensive income (loss): | |
| | | |
| | | |
| | | |
| | |
Foreign
currency translation gain (loss) | |
| 46 | | |
| (67 | ) | |
| 53 | | |
| (41 | ) |
Total other comprehensive
income (loss) | |
| 46 | | |
| (67 | ) | |
| 53 | | |
| (41 | ) |
| |
| | | |
| | | |
| | | |
| | |
Comprehensive income
(loss) | |
$ | 520 | | |
$ | (1,512 | ) | |
$ | 116 | | |
$ | (2,829 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
PERMA-FIX
ENVIRONMENTAL SERVICES, INC
Condensed
Consolidated Statement of Stockholders’ Equity
(Unaudited)
(Amounts
in thousands, except for share amounts)
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Common
Stock | | |
Additional
Paid-In | | |
Common
Stock
Held
In | | |
Accumulated
Other
Comprehensive | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Treasury | | |
Loss | | |
Deficit | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance
at December 31, 2022 | |
| 13,332,398 | | |
$ | 13 | | |
$ | 115,209 | | |
$ | (88 | ) | |
$ | (165 | ) | |
$ | (77,436 | ) | |
$ | 37,533 | |
Net
loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (411 | ) | |
| (411 | ) |
Foreign
currency translation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 7 | | |
| — | | |
| 7 | |
Issuance
of Common Stock for services | |
| 33,319 | | |
| — | | |
| 118 | | |
| — | | |
| — | | |
| — | | |
| 118 | |
Issuance
of Common Stock upon exercise of options | |
| 31,719 | | |
| — | | |
| 7 | | |
| — | | |
| — | | |
| — | | |
| 7 | |
Stock-Based
Compensation | |
| — | | |
| — | | |
| 118 | | |
| — | | |
| — | | |
| — | | |
| 118 | |
Balance
at March 31, 2023 | |
| 13,397,436 | | |
$ | 13 | | |
$ | 115,452 | | |
$ | (88 | ) | |
$ | (158 | ) | |
$ | (77,847 | ) | |
$ | 37,372 | |
Net
income | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 474 | | |
| 474 | |
Foreign
currency translation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 46 | | |
| — | | |
| 46 | |
Issuance
of Common Stock for services | |
| 10,171 | | |
| — | | |
| 119 | | |
| — | | |
| — | | |
| — | | |
| 119 | |
Issuance
of Common Stock upon exercise of options | |
| 155,136 | | |
| 1 | | |
| 93 | | |
| — | | |
| — | | |
| — | | |
| 94 | |
Stock-Based
Compensation | |
| — | | |
| — | | |
| 125 | | |
| — | | |
| — | | |
| — | | |
| 125 | |
Balance
at June 30, 2023 | |
| 13,562,743 | | |
$ | 14 | | |
$ | 115,789 | | |
$ | (88 | ) | |
$ | (112 | ) | |
$ | (77,373 | ) | |
$ | 38,230 | |
Balance
at December 31, 2021 | |
| 13,222,552 | | |
$ | 13 | | |
$ | 114,307 | | |
$ | (88 | ) | |
$ | (28 | ) | |
$ | (73,620 | ) | |
$ | 40,584 | |
Net
loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,343 | ) | |
| (1,343 | ) |
Foreign
currency translation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 26 | | |
| — | | |
| 26 | |
Issuance
of Common Stock for services | |
| 19,520 | | |
| — | | |
| 123 | | |
| — | | |
| — | | |
| — | | |
| 123 | |
Stock-Based
Compensation | |
| — | | |
| — | | |
| 102 | | |
| — | | |
| — | | |
| — | | |
| 102 | |
Balance
at March 31, 2022 | |
| 13,242,072 | | |
$ | 13 | | |
$ | 114,532 | | |
$ | (88 | ) | |
$ | (2 | ) | |
$ | (74,963 | ) | |
$ | 39,492 | |
Balance | |
| 13,242,072 | | |
$ | 13 | | |
$ | 114,532 | | |
$ | (88 | ) | |
$ | (2 | ) | |
$ | (74,963 | ) | |
$ | 39,492 | |
Net
loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,445 | ) | |
| (1,445 | ) |
Net
income loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (1,445 | ) | |
| (1,445 | ) |
Foreign
currency translation | |
| — | | |
| — | | |
| — | | |
| — | | |
| (67 | ) | |
| — | | |
| (67 | ) |
Issuance
of Common Stock upon exercise of options (cashless) | |
| 16,526 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Issuance
of Common Stock for services | |
| 21,667 | | |
| — | | |
| 120 | | |
| — | | |
| — | | |
| — | | |
| 120 | |
Stock-Based
Compensation | |
| — | | |
| — | | |
| 103 | | |
| — | | |
| — | | |
| — | | |
| 103 | |
Balance
at June 30, 2022 | |
| 13,280,265 | | |
$ | 13 | | |
$ | 114,755 | | |
$ | (88 | ) | |
$ | (69 | ) | |
$ | (76,408 | ) | |
$ | 38,203 | |
Balance | |
| 13,280,265 | | |
$ | 13 | | |
$ | 114,755 | | |
$ | (88 | ) | |
$ | (69 | ) | |
$ | (76,408 | ) | |
$ | 38,203 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
| |
| | | |
| | |
| |
Six Months Ended | |
| |
June
30, | |
(Amounts in Thousands) | |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income (loss) | |
$ | 63 | | |
$ | (2,788 | ) |
Less: loss from discontinued
operations, net of taxes (Note 10) | |
| (139 | ) | |
| (282 | ) |
| |
| | | |
| | |
Income (loss) from continuing
operations, net of taxes | |
| 202 | | |
| (2,506 | ) |
Adjustments to reconcile
income (loss) from continuing operations to cash provided by (used in) operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 1,439 | | |
| 936 | |
Amortization of debt issuance
costs | |
| 43 | | |
| 28 | |
Deferred tax expense (benefit) | |
| 228 | | |
| (326 | ) |
Provision for (recovery
of) credit losses on accounts receivable | |
| 24 | | |
| (50 | ) |
Loss on disposal of property
and equipment | |
| — | | |
| 1 | |
Issuance of common stock
for services | |
| 237 | | |
| 243 | |
Stock-based compensation | |
| 243 | | |
| 205 | |
Changes in operating assets
and liabilities of continuing operations | |
| | | |
| | |
Accounts receivable | |
| (2,590 | ) | |
| (1,534 | ) |
Unbilled receivables | |
| (1,059 | ) | |
| 2,647 | |
Prepaid expenses, inventories
and other assets | |
| 3,160 | | |
| 1,988 | |
Accounts
payable, accrued expenses and unearned revenue | |
| 2,835 | | |
| (4,322 | ) |
Cash provided by (used
in) continuing operations | |
| 4,762 | | |
| (2,690 | ) |
Cash
used in discontinued operations | |
| (336 | ) | |
| (367 | ) |
Cash provided by (used in) operating activities | |
| 4,426 | | |
| (3,057 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchases of property and
equipment | |
| (1,047 | ) | |
| (758 | ) |
Proceeds
from sale of property and equipment | |
| — | | |
| 25 | |
Cash used in investing
activities of continuing operations | |
| (1,047 | ) | |
| (733 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Repayments of revolving
credit borrowings | |
| (44,130 | ) | |
| (33,545 | ) |
Borrowing on revolving
credit | |
| 44,130 | | |
| 33,545 | |
Proceeds from issuance
of Common Stock upon exercise of options | |
| 101 | | |
| — | |
Proceeds from capital line | |
| — | | |
| 524 | |
Principal repayments of
finance lease liabilities | |
| (81 | ) | |
| (718 | ) |
Principal repayments of
long term debt | |
| (273 | ) | |
| (229 | ) |
Payment
of debt issuance costs | |
| (37 | ) | |
| (21 | ) |
Cash used in financing activities of continuing
operations | |
| (290 | ) | |
| (444 | ) |
| |
| | | |
| | |
Effect of exchange rate
changes on cash | |
| 5 | | |
| (3 | ) |
| |
| | | |
| | |
Increase (decrease) in cash and finite risk
sinking fund (restricted cash) | |
| 3,094 | | |
| (4,237 | ) |
Cash and finite risk
sinking fund (restricted cash) at beginning of period | |
| 13,436 | | |
| 15,911 | |
Cash and finite risk
sinking fund (restricted cash) at end of period | |
$ | 16,530 | | |
$ | 11,674 | |
| |
| | | |
| | |
Supplemental disclosure: | |
| | | |
| | |
Interest paid | |
$ | 103 | | |
$ | 79 | |
Income taxes paid | |
| — | | |
| 6 | |
Non-cash financing activities: | |
| | | |
| | |
Equipment purchase subject to finance lease | |
| 157 | | |
| 114 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
Notes
to Condensed Consolidated Financial Statements
June
30, 2023
(Unaudited)
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 six months ended June 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.
2. Summary of Significant Accounting Policies
Our
accounting policies are as set forth in the notes to the December 31, 2022 consolidated financial statements referred to above.
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 | |
Three
Months Ended | | |
Three
Months Ended | |
(In thousands) | |
June
30, 2023 | | |
June
30, 2022 | |
| |
Treatment | | |
Services | | |
Total | | |
Treatment | | |
Services | | |
Total | |
Fixed price | |
$ | 12,834 | | |
$ | 11,161 | | |
$ | 23,995 | | |
$ | 8,393 | | |
$ | 7,916 | | |
$ | 16,309 | |
Time and materials | |
| — | | |
| 1,037 | | |
| 1,037 | | |
| — | | |
| 3,146 | | |
| 3,146 | |
Total | |
$ | 12,834 | | |
$ | 12,198 | | |
$ | 25,032 | | |
$ | 8,393 | | |
$ | 11,062 | | |
$ | 19,455 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue by Contract Type | |
Six
Months Ended | | |
Six
Months Ended | |
(In thousands) | |
June
30, 2023 | | |
June
30, 2022 | |
| |
Treatment | | |
Services | | |
Total | | |
Treatment | | |
Services | | |
Total | |
Fixed price | |
$ | 22,428 | | |
$ | 19,808 | | |
$ | 42,236 | | |
$ | 15,872 | | |
$ | 13,677 | | |
$ | 29,549 | |
Time and materials | |
| — | | |
| 2,903 | | |
| 2,903 | | |
| — | | |
| 5,821 | | |
| 5,821 | |
Total | |
$ | 22,428 | | |
$ | 22,711 | | |
$ | 45,139 | | |
$ | 15,872 | | |
$ | 19,498 | | |
$ | 35,370 | |
Revenue | |
$ | 22,428 | | |
$ | 22,711 | | |
$ | 45,139 | | |
$ | 15,872 | | |
$ | 19,498 | | |
$ | 35,370 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue by generator |
Three
Months Ended | | |
Three
Months Ended | |
(In thousands) |
June
30, 2023 | | |
June
30, 2022 | |
| |
Treatment | | |
Services | | |
Total | | |
Treatment | | |
Services | | |
Total | |
Domestic government | |
$ | 9,808 | | |
$ | 11,441 | | |
$ | 21,249 | | |
$ | 6,243 | | |
$ | 10,649 | | |
$ | 16,892 | |
Domestic commercial | |
| 2,269 | | |
| 742 | | |
| 3,011 | | |
| 1,803 | | |
| 384 | | |
| 2,187 | |
Foreign government | |
| 657 | | |
| (7 | ) | |
| 650 | | |
| 153 | | |
| 8 | | |
| 161 | |
Foreign commercial | |
| 100 | | |
| 22 | | |
| 122 | | |
| 194 | | |
| 21 | | |
| 215 | |
Total | |
$ | 12,834 | | |
$ | 12,198 | | |
$ | 25,032 | | |
$ | 8,393 | | |
$ | 11,062 | | |
$ | 19,455 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenue by generator | |
Six
Months Ended | | |
Six
Months Ended | |
(In thousands) | |
June
30, 2023 | | |
June
30, 2022 | |
| |
Treatment | | |
Services | | |
Total | | |
Treatment | | |
Services | | |
Total | |
Domestic government | |
$ | 17,065 | | |
$ | 21,159 | | |
$ | 38,224 | | |
$ | 12,058 | | |
$ | 18,894 | | |
$ | 30,952 | |
Domestic commercial | |
| 4,475 | | |
| 1,339 | | |
| 5,814 | | |
| 3,239 | | |
| 546 | | |
| 3,785 | |
Foreign government | |
| 752 | | |
| 170 | | |
| 922 | | |
| 245 | | |
| 14 | | |
| 259 | |
Foreign commercial | |
| 136 | | |
| 43 | | |
| 179 | | |
| 330 | | |
| 44 | | |
| 374 | |
Total | |
$ | 22,428 | | |
$ | 22,711 | | |
$ | 45,139 | | |
$ | 15,872 | | |
$ | 19,498 | | |
$ | 35,370 | |
Revenue | |
$ | 22,428 | | |
$ | 22,711 | | |
$ | 45,139 | | |
$ | 15,872 | | |
$ | 19,498 | | |
$ | 35,370 | |
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 asset and contract liabilities balances:
Schedule of Contract Liabilities
| |
| | |
| | |
Year-to-date | | |
Year-to-date | |
(In thousands) | |
June
30, 2023 | | |
December
31, 2022 | | |
Change
($) | | |
Change
(%) | |
Contract assets | |
| | | |
| | | |
| | | |
| | |
Unbilled receivables - current | |
$ | 7,121 | | |
$ | 6,062 | | |
$ | 1,059 | | |
| 17.5 | % |
| |
| | | |
| | | |
| | | |
| | |
Contract liabilities | |
| | | |
| | | |
| | | |
| | |
Deferred revenue | |
$ | 4,852 | | |
$ | 4,813 | | |
$ | 39 | | |
| 0.8 | % |
During
the three and six months ended June 30, 2023, the Company recognized revenue of $1,098,000 and $4,593,000, respectively, related to untreated
waste that was in the Company’s control as of the beginning of each respective year. During the three and six months ended June
30, 2022, the Company recognized revenue of $2,123,000 and $5,644,000, respectively, related to untreated waste that was in the Company’s
control as of the beginning of each respective year. Revenue recognized in each period related to performance obligations satisfied within
the respective period.
Remaining
Performance Obligations
The
Company applies the practical expedient in 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.
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 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 six months ended June 30, 2023 and 2022 were as follows (in
thousands):
Schedule of Components of Lease Cost
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June
30, | | |
June
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Operating Leases: | |
| | | |
| | | |
| | | |
| | |
Lease
cost | |
$ | 156 | | |
$ | 157 | | |
$ | 313 | | |
$ | 314 | |
| |
| | | |
| | | |
| | | |
| | |
Finance Leases: | |
| | | |
| | | |
| | | |
| | |
Amortization of ROU assets | |
| 38 | | |
| 44 | | |
| 76 | | |
| 91 | |
Interest
on lease liability | |
| 7 | | |
| 10 | | |
| 13 | | |
| 21 | |
Finance leases | |
| 45 | | |
| 54 | | |
| 89 | | |
| 112 | |
| |
| | | |
| | | |
| | | |
| | |
Short-term lease rent
expense | |
| 1 | | |
| 3 | | |
| 1 | | |
| 7 | |
| |
| | | |
| | | |
| | | |
| | |
Total lease cost | |
| 202 | | |
| 214 | | |
| 403 | | |
| 433 | |
The
weighted average remaining lease term and the weighted average discount rate for operating and finance leases at June 30, 2023 were:
Schedule of Weighted Average Lease
| |
Operating Leases | | |
Finance Leases | |
Weighted average remaining lease
terms (years) | |
| 6.0 | | |
| 2.2 | |
| |
| | | |
| | |
Weighted average discount rate | |
| 7.9 | % | |
| 6.0 | % |
The
weighted average remaining lease term and the weighted average discount rate for operating and finance leases at June 30, 2022 were:
| |
Operating Leases | | |
Finance Leases | |
Weighted average remaining lease
terms (years) | |
| 6.5 | | |
| 3.1 | |
| |
| | | |
| | |
Weighted average discount rate | |
| 7.7 | % | |
| 6.0 | % |
The
following table reconciles the undiscounted cash flows for the operating and finance leases at June 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 | |
$ | 267 | | |
$ | 115 | |
2024 | |
| 416 | | |
| 222 | |
2025 | |
| 324 | | |
| 200 | |
2026 | |
| 301 | | |
| 47 | |
2027 | |
| 286 | | |
| 12 | |
2028 and thereafter | |
| 656 | | |
| 2 | |
Total undiscounted lease payments | |
| 2,250 | | |
| 598 | |
Less: Imputed interest | |
| (466 | ) | |
| (49 | ) |
Present value of lease
payments | |
$ | 1,784 | | |
$ | 549 | |
| |
| | | |
| | |
Current portion of operating lease obligations | |
$ | 385 | | |
$ | — | |
Long-term operating lease obligations, less
current portion | |
$ | 1,399 | | |
$ | — | |
Current portion of finance lease obligations | |
$ | — | | |
$ | 199 | |
Long-term finance lease obligations, less current
portion | |
$ | — | | |
$ | 350 | |
Supplemental
cash flow and other information related to our leases were as follows for the three and six months ended June 30, 2023 and 2022 (in thousands):
Schedule of Supplemental Cash Flow And Other Information Related To Leases
| |
| | | |
| | | |
| | | |
| | |
| |
Three
Months Ended | | |
Six
Months Ended | |
| |
June
30, | | |
June
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Cash
paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Operating
cash flow used in operating leases | |
$ | 146 | | |
$ | 143 | | |
$ | 290 | | |
$ | 286 | |
Operating
cash flow used in finance leases | |
$ | 7 | | |
$ | 10 | | |
$ | 13 | | |
$ | 21 | |
Financing
cash flow used in finance leases | |
$ | 40 | | |
$ | 661 | | |
$ | 81 | | |
$ | 718 | |
ROU
assets obtained in exchange for lease obligations for: | |
| | | |
| | | |
| | | |
| | |
Finance
liabilities | |
$ | 107 | | |
$ | — | | |
$ | 157 | | |
$ | 147 | |
5. Intangible Assets
The
following table summarizes information relating to the Company’s definite-lived intangible assets:
Schedule of Definite Lived Intangible Assets
| |
| | |
June
30, 2023 | | |
December
31, 2022 | |
| |
Weighted
Average
Amortization
| | |
Gross | | |
| | |
Net | | |
Gross | | |
| | |
Net | |
Other Intangibles (amount in
thousands) | |
Period
(Years) | | |
Carrying
Amount | | |
Accumulated
Amortization | | |
Carrying
Amount | | |
Carrying
Amount | | |
Accumulated
Amortization | | |
Carrying
Amount | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Patent | |
8.3 | | |
$ | 700 | | |
$ | (380 | ) | |
$ | 320 | | |
$ | 711 | | |
$ | (374 | ) | |
$ | 337 | |
Software | |
3 | | |
| 661 | | |
| (500 | ) | |
| 161 | | |
| 640 | | |
| |