Note 10 - Related Party Transactions |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Notes to Financial Statements | |
| Related Party Transactions Disclosure [Text Block] |
10. RELATED PARTY TRANSACTIONS
J. Casey Crenshaw (our Chairman of the Board) is the beneficial owner of 50% of The Modern Group and is deemed to jointly control The Modern Group with family members.
Office Rent, Purchases of Services and Supplies and Sales
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 ("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 Consolidated Balance Sheet at December 31, 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 further lease charges recorded after September 30, 2025.
The Company also purchases supplies and services from subsidiaries of The Modern Group. For the years ended December 31, 2025 and 2024, the Company had total purchases and lease payments with The Modern Group of $0.2 million and $0.2 million, respectively. The Company had no sales to The Modern Group during the years ended December 31, 2025 and 2024. As of December 31, 2025 and 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 December 31, 2025. For the years ended December 31, 2025 and 2024, the Company had total purchases from Chart E&C of $0.1 million and $0.6 million, respectively. The Company had no sales to Chart E&C during the years ended December 31, 2025 and 2024. The Company had no accounts receivable due from Chart E&C at December 31, 2025 and 2024 and accounts payable due to Chart E&C at December 31, 2025 and 2024 were immaterial.
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