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Note 8 - Related Party Transactions
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

8. RELATED PARTY TRANSACTIONS

 

Casey Crenshaw (our Executive Chairman of the Board and interim President and Chief Executive Officer) is the beneficial owner of 50% of The Modern Group and is deemed to jointly control The Modern Group with family members. During the quarter, the Company entered into a lease agreement to lease office space from The Modern Group at a market rate of $28 thousand per month. This lease qualified as an operating lease under U.S. GAAP resulting in a right-of-use asset ("ROU" asset) and operating lease liability of $0.4 million included on the Company's Condensed Consolidated Balance Sheet at March 31, 2025.

 

 In addition, the Company also purchases supplies and services from subsidiaries of The Modern Group. The Company had total purchases and lease payments of $40 thousand and $0.1 million for the three months ended March 31, 2025 and 2024, respectively. The Company had no sales to The Modern Group during the three months ended March 31, 2025 and 2024. As of  March 31, 2025 and December 31, 2024, the Company had no accounts receivable due from The Modern Group and accounts payable due to the Modern Group were immaterial.

 

Chart Energy and Chemicals, Inc. ("Chart E&C") beneficially owns 7.9% of our outstanding common stock at March 31, 2025. The Company made purchases from Chart E&C of $0.1 million for both the three months ended March 31, 2025 and 2024. The Company had no sales to Chart E&C during the three months ended March 31, 2025 and 2024 and no accounts receivable due from Chart E&C at March 31, 2025 and December 31, 2024. The Company had an immaterial amount of accounts payable due to Chart E&C at March 31, 2025 and at December 31, 2024.