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Note 8 - Related Party Transactions
 9 Months Ended
Sep. 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.

 

The Company purchases supplies and services from subsidiaries of The Modern Group.

 

From January 1, 2025 through  September 30, 2025, the Company subleased office space from The Modern Group. The Company and The Modern Group mutually canceled the sublease during the quarter ended September 30, 2025 and the Company entered into an office lease directly with the landlord for the same office space ("new office lease") for its corporate office in Houston, Texas. The new office lease is effective October 1, 2025, for approximately $28 thousand per month through January 31, 2029. The new office lease qualifies as an operating lease under U.S. GAAP resulting in a right-of-use asset ("ROU" asset) and operating lease liability of $0.9 million which is included on the Company's Condensed Consolidated Balance Sheet at September 30, 2025. The corresponding remaining ROU asset and lease liability of $0.2 million associated with the sublease with The Modern Group were reversed with no charge to income or expense during the three and nine months ended September 30, 2025.

 

For the three months ended  September 30, 2025 and 2024, the Company had total purchases and lease payments with The Modern Group of $0.1 million and $0.1 million, respectively. The Company had total purchases and lease payments with The Modern Group of $0.2 million and $0.2 million for the nine months ended September 30, 2025 and 2024, respectively. The Company had no sales to The Modern Group during the three and nine months ended September 30, 2025 and 2024. As of  September 30, 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 September 30, 2025. For the three months ended  September 30, 2025 and 2024, the Company had total purchases from Chart E&C of $0.0 million and $0.1 million, respectively. The Company made purchases from Chart E&C of $0.1 million for the nine months ended September 30, 2025 and $0.4 million for the nine months ended September 30, 2024. The Company had no sales to Chart E&C during the three and nine months ended September 30, 2025 and 2024. The Company had no accounts receivable due from Chart E&C at September 30, 2025 and December 31, 2024. The Company had no accounts payable due to Chart E&C at September 30, 2025 and an immaterial amount of accounts payable due to Chart E&C at  December 31, 2024.