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Note 8 - Related Party Transactions
 6 Months Ended
Jun. 30, 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 first 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 $0.3 million included on the Company's Condensed Consolidated Balance Sheet at June 30, 2025. In addition, the Company also purchases supplies and services from subsidiaries of The Modern Group.

 

For the three months ended  June 30, 2025 and 2024, the Company had total purchases and lease payments of $0.1 million and $37 thousand, respectively. The Company had $0.1 million and $0.1 million for the six months ended June 30, 2025 and 2024, respectively. The Company had no sales to The Modern Group during the three and six months ended June 30, 2025 and 2024. As of  June 30, 2025 and December 31, 2024, the Company had no accounts receivable due from The Modern Group and no accounts payable due to The Modern Group.

 

Chart Energy and Chemicals, Inc. ("Chart E&C") beneficially owns 7.9% of our outstanding common stock at June 30, 2025. For the three months ended  June 30, 2025 and 2024, the Company had total purchases from Chart E&C of $13 thousand and $0.1 million, respectively. The Company made purchases from Chart E&C of $0.1 million for the six months ended June 30, 2025 and $0.3 million for the six months ended June 30, 2024. The Company had no sales to Chart E&C during the three and six months ended June 30, 2025 and 2024. The Company had no accounts receivable due from Chart E&C at June 30, 2025 and December 31, 2024. The Company had no accounts payable due to Chart E&C at June 30, 2025 and an immaterial amount of accounts payable due to Chart E&C at  December 31, 2024.