0001437749-22-026905 | 10-Q | XBRL Viewer

Business Description and Basis of Presentation [Text Block]

Note 1 — Background and Basis of Presentation

NextDecade Corporation engages in development activities related to the liquefaction and sale of liquefied natural gas (“LNG”) and the capture and storage of CO₂ emissions. We have focused our development activities on the Rio Grande LNG terminal facility at the Port of Brownsville in southern Texas (the “Terminal”), a carbon capture and storage project at the Terminal (the “Terminal CCS project”) and other carbon capture and storage projects (“CCS projects”) with third-party industrial source facilities.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2021. In our opinion, all adjustments, consisting only of normal recurring items, which are considered necessary for a fair presentation of the unaudited consolidated financial statements, have been included. The results of operations for the three months ended September 30, 2022 are not necessarily indicative of the operating results for the full year.

Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications did not have a material effect on our consolidated financial position, results of operations or cash flows.

The Company has incurred operating losses since its inception and management expects operating losses and negative cash flows to continue for the foreseeable future and, as a result, the Company will require additional capital to fund its operations and execute its business plan. As of September 30, 2022, the Company had $109.2 million in cash and cash equivalents, which may not be sufficient to fund the Company's planned operations through one year after the date the consolidated financial statements are issued. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern. The analysis used to determine the Company's ability to continue as a going concern does not include cash sources outside of the Company's direct control that management expects to be available within the next twelve months.

The Company plans to alleviate the going concern issue by obtaining sufficient funding through additional equity, equity-based or debt instruments or any other means and managing certain operating and overhead costs. The Company's ability to raise additional capital in the equity and debt markets, should the Company choose to do so, is dependent on a number of factors, including, but not limited to, the market demand for the Company's equity or debt securities, which itself is subject to a number of business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are satisfactory to the Company. In the event the Company is unable to obtain sufficient additional funding, there can be no assurance that it will be able to continue as a going concern.

These consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern.

Note 2 - Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2022

Prepaid Expense and Other Current Assets [Text Block]

Note 2 — Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):

	*September 30,*		*December 31,*
	*2022*		*2021*
Prepaid subscriptions	$	278	$	85
Prepaid insurance		484		272
Prepaid marketing and sponsorships		—		60
Other		547		418
Total prepaid expenses and other current assets	$	1,309	$	835

Note 3 - Sale of Equity Interests in Rio Bravo

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures Disclosure [Text Block]

Note 3 — Sale of Equity Interests in Rio Bravo

On March 2, 2020, NextDecade LLC closed the transactions (the “Closing”) contemplated by that certain Omnibus Agreement, dated February 13, 2020, with Spectra Energy Transmission II, LLC, a wholly owned subsidiary of Enbridge Inc. (“Buyer”), pursuant to which NextDecade LLC sold one hundred percent of the equity interests (the “Equity Interests”) in Rio Bravo Pipeline Company, LLC (“Rio Bravo”) to Buyer for consideration of approximately $19.4 million. Buyer paid $15.0 million of the Purchase Price to NextDecade LLC at the Closing and the remainder will be paid within five business days after the date that Rio Grande has received, after a final positive investment decision, the initial funding of financing for the development, construction and operation of the Terminal. Rio Bravo is developing a proposed interstate natural gas pipeline (the “Pipeline”) to supply natural gas to the Terminal. In connection with the Closing, Rio Grande LNG Gas Supply LLC, an indirect wholly-owned subsidiary of the Company (“Rio Grande Gas Supply”), entered into (i) a Precedent Agreement for Firm Natural Gas Transportation Service for the Rio Bravo Pipeline (the “RBPL Precedent Agreement”) with Rio Bravo and (ii) a Precedent Agreement for Natural Gas Transportation Service (the “VCP Precedent Agreement”) with Valley Crossing Pipeline, LLC (“VCP”). VCP and, as of the Closing, Rio Bravo are wholly owned subsidiaries of Enbridge Inc. The Valley Crossing Pipeline is owned and operated by VCP.

Pursuant to the RBPL Precedent Agreement, Rio Bravo agreed to provide Rio Grande Gas Supply with firm natural gas transportation services on the Pipeline in a quantity sufficient to match the full operational capacity of each proposed liquefaction train of the Terminal. Rio Bravo’s obligation to construct, install, own, operate and maintain the Pipeline is conditioned on its receipt, no later than December 31, 2023, of notice that Rio Grande Gas Supply or its affiliate has issued a full notice to proceed to the engineering, procurement and construction contractor (the “EPC Contractor”) for the construction of the Terminal. Under the RBPL Precedent Agreement, in consideration for the provision of such firm transportation services, Rio Bravo will be remunerated on a dollar-per-dekatherm, take-or-pay basis, subject to certain adjustments, over a term of at least twenty years, all in compliance with the federal and state authorizations associated with the Pipeline.

Pursuant to the VCP Precedent Agreement, VCP agreed to provide Rio Grande Gas Supply with natural gas transportation services on the Valley Crossing Pipeline in a quantity sufficient to match the commissioning requirements of each proposed liquefaction train of the Terminal. VCP’s obligation to construct, install, own, operate and maintain the necessary interconnection to the Terminal and the Pipeline is conditioned on its receipt, no later than December 31, 2023, of notice that Rio Grande Gas Supply or its affiliate has issued a full notice to proceed to the EPC Contractor for the construction of the Terminal. VCP will be responsible, at its sole cost and expense, to construct, install, own, operate and maintain the tap, riser and valve facilities (the “VCP Transporter Facilities”), which shall connect to Rio Grande Gas Supply’s custody transfer meter and such other facilities as necessary in order for the Terminal to receive gas from the VCP Transporter Facilities (the “Rio Grande Gas Supply Facilities”). Rio Grande Gas Supply will be responsible, at its sole cost and expense, to construct, install, own, operate and maintain the Rio Grande Gas Supply Facilities. Under the VCP Precedent Agreement, in consideration for the provision of the commissioning transportation services, VCP will be remunerated on the same dollar-per-dekatherm, take-or-pay basis as set forth in the RBPL Precedent Agreement for the duration of such commissioning services, all in compliance with the federal and state authorizations associated with the Valley Crossing Pipeline.

If Rio Grande or its affiliate fails to issue a full notice to proceed to the EPC Contractor on or prior to December 31, 2023, Buyer has the right to sell the Equity Interests back to NextDecade LLC and NextDecade LLC has the right to repurchase the Equity Interests from Buyer, in each case at a price not to exceed $23 million. Accordingly, the proceeds from the sale of the Equity Interests and additional costs incurred by Buyer are presented as a non-current liability and the assets of Rio Bravo have not been de-recognized in the consolidated balance sheet at September 30, 2022.

Note 4 - Property, Plant and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment Disclosure [Text Block]

Note 4 — Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):

	*September 30,*			*December 31,*
	*2022*			*2021*
Fixed Assets
Computers	$	697		$	633
Furniture, fixtures, and equipment		664			464
Leasehold improvements		101			101
Total fixed assets		1,462			1,198
Less: accumulated depreciation		(973	)		(844	)
Total fixed assets, net		489			354
Project Assets (not placed in service)
Terminal		161,312			152,445
Pipeline		21,017			21,017
Total Terminal and Pipeline assets		182,329			173,462
Total property, plant and equipment, net	$	182,818		$	173,816

Depreciation expense was $41 thousand and $43 thousand for the three months ended September 30, 2022 and 2021, respectively, and $129 thousand and $136 thousand for the nine months ended September 30, 2022 and 2021, respectively.

Note 5 - Leases

9 Months Ended

Sep. 30, 2022

Lessee, Operating Leases [Text Block]

Note 5 — Leases

Our leased assets primarily consist of office space.

Operating lease right-of-use assets are as follows (in thousands):

	*September 30,*		*December 31,*
	*2022*		*2021*
Office leases	$	1,065	$	590
Total operating lease right-of-use assets, net	$	1,065	$	590

Operating lease liabilities are as follows (in thousands):

	*September 30,*		*December 31,*
	*2022*		*2021*
Office leases	$	968	$	596
Total current lease liabilities	$	968	$	596
Non-current office leases		143		—
Total lease liabilities	$	1,111	$	596

Operating lease expense is as follows (in thousands):

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2022*		*2021*		*2022*		*2021*
Office leases	$	230	$	156	$	608	$	470
Total operating lease expense		230		156		608		470
Short-term lease expense		69		84		200		208
Total lease expense	$	299	$	240	$	808	$	678

Maturity of operating lease liabilities as of September 30, 2022 are as follows (in thousands, except lease term and discount rate):

2022 (remaining)	$	169
2023		1,027
2024		—
2025		—
2026		—
Thereafter		—
Total undiscounted lease payments		1,196
Discount to present value		(85	)
Present value of lease liabilities	$	1,111

Weighted average remaining lease term - years		1.3
Weighted average discount rate - percent		12.0

Other information related to our operating leases is as follows (in thousands):

	*Nine Months Ended September 30,*
	*2022*		*2021*
Cash paid for amounts included in the measurement of operating lease liabilities:
Cash flows from operating activities		$ 684		$ 509
Noncash right-of-use assets recorded for operating lease liabilities:
In exchange for new operating lease liabilities during the period		1,332		712

Note 6 - Other Non-current Assets

9 Months Ended

Sep. 30, 2022

Other Assets Disclosure [Text Block]

Note 6 — Other Non-Current Assets

Other non-current assets consisted of the following (in thousands):

	*September 30,*		*December 31,*
	*2022*		*2021*
Permitting costs⁽¹⁾	$	8,250	$	7,644
Enterprise resource planning system, net		—		354
Rio Grande Site Lease initial direct costs		18,051		13,314
Total other non-current assets, net	$	26,301	$	21,312

⁽¹⁾

Permitting costs primarily represent costs incurred in connection with permit applications to the United States Army Corps of Engineers and the U.S. Fish and Wildlife Service for mitigation measures for potential impacts to wetlands and habitat that may be caused by the construction of the Terminal and the Pipeline.

Note 7 - Accrued Liabilities and Other Current Liabilities

9 Months Ended

Sep. 30, 2022

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

Note 7 — Accrued Liabilities and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

	*September 30,*		*December 31,*
	*2022*		*2021*
Employee compensation expense	$	4,619	$	4,358
Terminal costs		3,905		926
Accrued legal services		485		70
Other accrued liabilities		1,979		437
Total accrued liabilities and other current liabilities	$	10,988	$	5,791

Note 9 - Shareholders' Equity	9 Months Ended
Note 9 - Shareholders' Equity	Sep. 30, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 9 — Stockholders' Equity Common Stock Purchase Agreements On April 6, 2022, the Company entered into a common stock purchase agreement (the “Stock Purchase Agreement”) with HGC NEXT INV LLC (the “Purchaser”), pursuant to which the Company sold 4,618,226 shares of the Company's common stock to the Purchaser, at a purchase price of $6.496 per share for an aggregate purchase price of approximately $30 million. The consummation of the transactions contemplated by the Stock Purchase Agreement occurred on April 7, 2022. On September 14, 2022, the Company entered into a common stock purchase agreement for a private placement (the “Private Placement”) with several institutional investors (collectively, the “Purchasers”), pursuant to which the Company agreed to sell, and the Purchasers severally agreed to purchase, an aggregate of 15,454,160 shares of the Company’s common stock at a purchase price of $5.50 per share for an aggregate purchase price of approximately $85.0 million. The Private Placement closed on September 19, 2022. Common Stock Warrants During the nine months ended September 30, 2022, Common Stock Warrants were exercised by certain holders of Series B Preferred Stock. In connection with the exercises of Common Stock Warrants, the Company issued an aggregate of 520,335 shares of Company common stock.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Note 11 - Share-based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Text Block]

We have granted shares of Company common stock, restricted Company common stock and restricted stock units to employees, consultants and non-employee directors under our 2017 Omnibus Incentive Plan, as amended (the “2017 Plan”).

Total share-based compensation consisted of the following (in thousands):

	*Three Months Ended*					*Nine Months Ended*
	*September 30,*					*September 30,*
	*2022*		*2021*			*2022*		*2021*
Share-based compensation expense (forfeiture):
Equity awards	$	3,041	$	(3,653	)	$	3,555	$	(5,799	)
Liability awards		—		—			—		—
Total share-based compensation (forfeiture)		3,041		(3,653	)		3,555		(5,799	)
Capitalized share-based compensation		—		944			—		228
Total share-based compensation expense (forfeiture)	$	3,041	$	(2,709	)	$	3,555	$	(5,571	)

Note 12 - Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Text Block]

Note 12 — Income Taxes

Due to our cumulative loss position, we have established a full valuation allowance against our deferred tax assets at September 30, 2022 and December 31, 2021. Due to our full valuation allowance, we have not recorded a provision for federal or state income taxes during either of the three and nine months ended September 30, 2022 or 2021.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Note 13 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Text Block]

Note 13 — Commitments and Contingencies

Obligation under LNG Sale and Purchase Agreement

In March 2019, we entered into a 20-year sale and purchase agreement (the “SPA”) with Shell NA LNG LLC (“Shell”) for the supply of approximately two million tonnes per annum of liquefied natural gas from the Terminal. Pursuant to the SPA, Shell will purchase LNG on a free-on-board (“FOB”) basis starting from the date the first liquefaction train of the Terminal that is commercially operable, with approximately three-quarters of the purchased LNG volume indexed to Brent and the remaining volume indexed to domestic United States gas indices, including Henry Hub.

In the first quarter of 2020, pursuant to the terms of the SPA, the SPA became effective upon the conditions precedent in the SPA being satisfied or waived. The SPA obligates Rio Grande to deliver the contracted volumes of LNG to Shell at the FOB delivery point, subject to the first liquefaction train at the Terminal being commercially operable.

Other Commitments

On March 6, 2019, Rio Grande entered into a lease agreement (the “Rio Grande Site Lease”) with the Brownsville Navigation District of Cameron County, Texas (“BND”) for the lease by Rio Grande of approximately 984 acres of land situated in Brownsville, Cameron County, Texas for the purposes of constructing, operating, and maintaining (i) a liquefied natural gas facility and export terminal and (ii) gas treatment and gas pipeline facilities. On April 20, 2022, Rio Grande and the BND amended the Rio Grande Site Lease (the “Rio Grande Site Lease Amendment”) to extend the effective date for commencing the Rio Grande Site Lease to May 6, 2023 (the “Effective Date”).

In connection with the Rio Grande Site Lease Amendment, Rio Grande is committed to pay approximately $1.5 million per quarter to the BND through the earlier of the Effective Date and lease commencement.

In the fourth quarter of 2021, Rio Grande entered into an amended agreement for wetland mitigation measures. In connection with the amended agreement, Rio Grande is committed to spend approximately $0.5 million during 2022.

Legal Proceedings

From time to time the Company may be subject to various claims and legal actions that arise in the ordinary course of business. As of September 30, 2022, management is not aware of any claims or legal actions that, separately or in the aggregate, are likely to have a material adverse effect on the Company’s financial position, results of operations or cash flows, although the Company cannot guarantee that a material adverse effect will not occur.

Note 14 - Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2022

Accounting Standards Update and Change in Accounting Principle [Text Block]

Note 14 — Recent Accounting Pronouncements

The following table provides a brief description of recent accounting standards that have been adopted by the Company during the reporting period:

Standard		Description		Date of Adoption		Effect on our Consolidated Financial Statements or Other Significant Matters
ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in Entity's Own Equity		This standard simplifies the accounting for convertible instruments primarily by eliminating the existing cash conversion and beneficial conversion models within Subtopic 470-20, which will result in fewer embedded conversion options being accounted for separately from the host. This standard also amends and simplifies the calculation of earnings per share relating to convertible instruments.		January 1, 2022		The Company adopted this standard using the modified retrospective approach, which did not have an effect on the Company's consolidated financial statements.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Basis of Accounting, Policy [Policy Text Block]

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications did not have a material effect on our consolidated financial position, results of operations or cash flows.

The Company has incurred operating losses since its inception and management expects operating losses and negative cash flows to continue for the foreseeable future and, as a result, the Company will require additional capital to fund its operations and execute its business plan. As of September 30, 2022, the Company had $109.2 million in cash and cash equivalents, which may not be sufficient to fund the Company's planned operations through one year after the date the consolidated financial statements are issued. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern. The analysis used to determine the Company's ability to continue as a going concern does not include cash sources outside of the Company's direct control that management expects to be available within the next twelve months.

The Company plans to alleviate the going concern issue by obtaining sufficient funding through additional equity, equity-based or debt instruments or any other means and managing certain operating and overhead costs. The Company's ability to raise additional capital in the equity and debt markets, should the Company choose to do so, is dependent on a number of factors, including, but not limited to, the market demand for the Company's equity or debt securities, which itself is subject to a number of business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are satisfactory to the Company. In the event the Company is unable to obtain sufficient additional funding, there can be no assurance that it will be able to continue as a going concern.

These consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern.

Note 2 - Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Prepaid Expense and Other Current Assets [Table Text Block]

	*September 30,*		*December 31,*
	*2022*		*2021*
Prepaid subscriptions	$	278	$	85
Prepaid insurance		484		272
Prepaid marketing and sponsorships		—		60
Other		547		418
Total prepaid expenses and other current assets	$	1,309	$	835

Note 4 - Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Table Text Block]

	*September 30,*			*December 31,*
	*2022*			*2021*
Fixed Assets
Computers	$	697		$	633
Furniture, fixtures, and equipment		664			464
Leasehold improvements		101			101
Total fixed assets		1,462			1,198
Less: accumulated depreciation		(973	)		(844	)
Total fixed assets, net		489			354
Project Assets (not placed in service)
Terminal		161,312			152,445
Pipeline		21,017			21,017
Total Terminal and Pipeline assets		182,329			173,462
Total property, plant and equipment, net	$	182,818		$	173,816

Note 5 - Leases (Tables)

9 Months Ended

Sep. 30, 2022

Lessee, Operating Lease Right-of-use Assets and Liabilities [Table Text Block]

	*September 30,*		*December 31,*
	*2022*		*2021*
Office leases	$	1,065	$	590
Total operating lease right-of-use assets, net	$	1,065	$	590

	*September 30,*		*December 31,*
	*2022*		*2021*
Office leases	$	968	$	596
Total current lease liabilities	$	968	$	596
Non-current office leases		143		—
Total lease liabilities	$	1,111	$	596

Lease, Cost [Table Text Block]

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2022*		*2021*		*2022*		*2021*
Office leases	$	230	$	156	$	608	$	470
Total operating lease expense		230		156		608		470
Short-term lease expense		69		84		200		208
Total lease expense	$	299	$	240	$	808	$	678

	*Nine Months Ended September 30,*
	*2022*		*2021*
Cash paid for amounts included in the measurement of operating lease liabilities:
Cash flows from operating activities		$ 684		$ 509
Noncash right-of-use assets recorded for operating lease liabilities:
In exchange for new operating lease liabilities during the period		1,332		712

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

2022 (remaining)	$	169
2023		1,027
2024		—
2025		—
2026		—
Thereafter		—
Total undiscounted lease payments		1,196
Discount to present value		(85	)
Present value of lease liabilities	$	1,111

Weighted average remaining lease term - years		1.3
Weighted average discount rate - percent		12.0

Note 6 - Other Non-current Assets (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Other Assets, Noncurrent [Table Text Block]

	*September 30,*		*December 31,*
	*2022*		*2021*
Permitting costs⁽¹⁾	$	8,250	$	7,644
Enterprise resource planning system, net		—		354
Rio Grande Site Lease initial direct costs		18,051		13,314
Total other non-current assets, net	$	26,301	$	21,312

Note 7 - Accrued Liabilities and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block]

	*September 30,*		*December 31,*
	*2022*		*2021*
Employee compensation expense	$	4,619	$	4,358
Terminal costs		3,905		926
Accrued legal services		485		70
Other accrued liabilities		1,979		437
Total accrued liabilities and other current liabilities	$	10,988	$	5,791

Note 8 - Preferred Stock and Common Stock Warrants (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Allocation of Net Cash Proceeds [Table Text Block]

				Allocation of Proceeds
						2022 Series C
				*2022 Series C*		*Preferred*
				*Warrants*		*Stock*
Gross proceeds	$	10,500
Equity issuance costs		(20	)
Net proceeds - Initial Fair Value Allocation	$	10,480		$	644	$	9,836
Per balance sheet upon issuance				$	644	$	9,836

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	*September 30,*			*December 31,*
	*2022*			*2021*
Stock price	$	6.02		$	2.85
Exercise price	$	0.01		$	0.01
Risk-free rate		4.2	%		0.1	%
Volatility		55.9	%		62.6	%
Term (years)		2.0			1.6

Note 10 - Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*						*September 30,*
	*2022*			*2021*			*2022*			*2021*
Weighted average common shares outstanding:
Basic		129,418			119,374			125,716			118,677
Dilutive unvested stock, convertible preferred stock, Common Stock Warrants and IPO Warrants		—			—			—			—
Diluted		129,418			119,374			125,716			118,677

Basic and diluted net loss per share attributable to common stockholders	$	(0.19	)	$	(0.03	)	$	(0.47	)	$	(0.23	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*				*September 30,*
	*2022*		*2021*		*2022*		*2021*
Unvested stock and stock units ⁽¹⁾		1,918		1,831		1,751		1,581
Convertible preferred stock		47,707		34,095		45,653		29,174
Common Stock Warrants		1,240		2,510		1,388		2,486
IPO Warrants⁽²⁾		—		12,082		—		12,082
Total potentially dilutive common shares		50,865		50,518		48,792		45,323

Note 11 - Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]

	*Three Months Ended*					*Nine Months Ended*
	*September 30,*					*September 30,*
	*2022*		*2021*			*2022*		*2021*
Share-based compensation expense (forfeiture):
Equity awards	$	3,041	$	(3,653	)	$	3,555	$	(5,799	)
Liability awards		—		—			—		—
Total share-based compensation (forfeiture)		3,041		(3,653	)		3,555		(5,799	)
Capitalized share-based compensation		—		944			—		228
Total share-based compensation expense (forfeiture)	$	3,041	$	(2,709	)	$	3,555	$	(5,571	)

Note 1 - Background and Basis of Presentation (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	$ 109,223	$ 25,552	$ 36,743	$ 22,608

Note 2 - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Prepaid subscriptions	$ 278	$ 85
Prepaid insurance	484	272
Prepaid marketing and sponsorships	0	60
Other	547	418
Total prepaid expenses and other current assets	$ 1,309	$ 835

Note 3 - Sale of Equity Interests in Rio Bravo (Details Textual) - Rio Bravo [Member] - USD ($) $ in Millions	Mar. 02, 2020	Feb. 13, 2020	Sep. 30, 2022
Equity Method Investment, Ownership Percentage		100.00%
Disposal Group, Including Discontinued Operation, Consideration	$ 19.4
Proceeds from Divestiture of Businesses	$ 15.0
Equity Method Investments, Rights to The Natural Gas Firm Transportation Capacity Term (Year)		20 years
Sale of Business, Failure to Issue Notice, Maximum Right Price to Sell Back Equity Interests			$ 23.0

Note 4 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Depreciation, Total	$ 41	$ 43	$ 129	$ 136

Note 4 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, plant and equipment, net	$ 182,818	$ 173,816
Computer Equipment [Member]
Property, plant and equipment, gross	697	633
Furniture and Fixtures [Member]
Property, plant and equipment, gross	664	464
Leasehold Improvements [Member]
Property, plant and equipment, gross	101	101
Excluding Construction in Progress [Member]
Property, plant and equipment, gross	1,462	1,198
Less: accumulated depreciation	(973)	(844)
Property, plant and equipment, net	489	354
Construction in Progress [Member]
Property, plant and equipment, gross	182,329	173,462
Construction in Progress [Member] \| Rio Grande [Member]
Property, plant and equipment, gross	161,312	152,445
Construction in Progress [Member] \| Rio Bravo [Member]
Property, plant and equipment, gross	$ 21,017	$ 21,017

Note 5 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating lease right-of-use assets, net	$ 1,065	$ 590
Current lease liabilities	968	596
Non-current leases	143	0
Lease liabilities	1,111	596
Office Leases [Member]
Operating lease right-of-use assets, net	1,065	590
Current lease liabilities	968	596
Non-current leases	$ 143	$ 0

Note 5 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating lease expense	$ 230	$ 156	$ 608	$ 470
Short-term lease expense	69	84	200	208
Total lease expense	299	240	808	678
Cash flows from operating activities			684	509
In exchange for new operating lease liabilities during the period			1,332	712
Office Leases [Member]
Operating lease expense	$ 230	$ 156	$ 608	$ 470

Note 5 - Leases - Maturity of Operating Lease (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
2022 (remaining)	$ 169
2023	1,027
2024	0
2025	0
2026	0
Thereafter	0
Total undiscounted lease payments	1,196
Discount to present value	(85)
Present value of lease liabilities	$ 1,111	$ 596
Weighted average remaining lease term - years (Year)	1 year 3 months 18 days
Weighted average discount rate - percent	12.00%

Note 6 - Other Non-current Assets - Schedule of Other Non-current Assets (Details) - USD ($)
$ in Thousands

Sep. 30, 2022

Dec. 31, 2021

Permitting costs

^[1]

$ 8,250

$ 7,644

Enterprise resource planning system, net

354

Rio Grande Site Lease initial direct costs

18,051

13,314

Total other non-current assets, net

$ 26,301

$ 21,312

[1]

Permitting costs primarily represent costs incurred in connection with permit applications to the United States Army Corps of Engineers and the U.S. Fish and Wildlife Service for mitigation measures for potential impacts to wetlands and habitat that may be caused by the construction of the Terminal and the Pipeline.

Note 7 - Accrued Liabilities and Other Current Liabilities - Summary of Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Employee compensation expense	$ 4,619	$ 4,358
Terminal costs	3,905	926
Accrued legal services	485	70
Other accrued liabilities	1,979	437
Total accrued liabilities and other current liabilities	$ 10,988	$ 5,791

Note 8 - Preferred Stock and Common Stock Warrants (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Oct. 17, 2022	Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Gain (Loss) on Revaluation of Warrants			$ (2,773)	$ 4,442		$ (7,192)	$ (2,363)
Series A Convertible Preferred Stock [Member]
Temporary Equity, Shares Outstanding (in shares)			80,516			80,516		73,713
Temporary Equity, Par or Stated Value Per Share (in dollars per share)								$ 0.0001
Preferred Stock, Convertible, Conversion Price (in dollars per share)			$ 5.48			$ 5.48
Series B Convertible Preferred Stock [Member]
Temporary Equity, Shares Outstanding (in shares)			76,922			76,922		70,433
Temporary Equity, Par or Stated Value Per Share (in dollars per share)								$ 0.0001
Preferred Stock, Convertible, Conversion Price (in dollars per share)			$ 5.53			$ 5.53
Series C Convertible Preferred Stock [Member]
Temporary Equity, Shares Outstanding (in shares)			57,630			57,630		42,490
Temporary Equity, Par or Stated Value Per Share (in dollars per share)								$ 0.0001
Temporary Equity, Stock Issued During Period, Shares, New Issues (in shares)		10,500
Temporary Equity, Issued Price Per Share (in dollars per share)		$ 1,000
Temporary Equity, Stock Issued During Period, Value, New Issues		$ 10,500
Temporary Equity, Stock Issued During Period, Shares Issued for Services (in shares)		210
Preferred Stock, Convertible, Conversion Price (in dollars per share)			$ 2.98			$ 2.98
Convertible Preferred Stock [Member]
Temporary Equity, Issued Price Per Share (in dollars per share)			$ 1,000			$ 1,000
Temporary Stock, Threshold Trading Days for Conversion (Day)					60 days
Temporary Stock, Threshold Consecutive Trading Days for Conversion (Day)						90 days
Temporary Stock, Conversion Price Minimum Percentage						175.00%
Temporary Stock, Maximum Business Days Following FID Event for Conversion (Day)						10 days
Temporary Equity, Dividend Rate Percentage						12.00%
Dividends, Preferred Stock, Paid-in-kind						$ 17,700	$ 13,000
Convertible Preferred Stock [Member] \| Subsequent Event [Member]
Dividends, Preferred Stock, Paid-in-kind	$ 6,500

Note 8 - Preferred Stock and Common Stock Warrants - Allocation of Net Cash Proceeds (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Gross proceeds	$ 10,500
Equity issuance costs	(20)
Net proceeds - Initial Fair Value Allocation	10,480
Series C Warrants [Member]
Net proceeds - Initial Fair Value Allocation	644
Per balance sheet upon issuance	644
Series C Preferred Stock Associated Warrants [Member]
Net proceeds - Initial Fair Value Allocation	9,836
Per balance sheet upon issuance	$ 9,836

Note 8 - Preferred Stock and Common Stock Warrants - Fair Value Assumptions (Details)	Sep. 30, 2022	Dec. 31, 2021
Measurement Input, Share Price [Member]
Warrant measurement input	6.02	2.85
Measurement Input, Exercise Price [Member]
Warrant measurement input	0.01	0.01
Measurement Input, Risk Free Interest Rate [Member]
Warrant measurement input	0.042	0.001
Measurement Input, Price Volatility [Member]
Warrant measurement input	0.559	0.626
Measurement Input, Expected Term [Member]
Warrant measurement input	2.0	1.6

Note 9 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended
	Sep. 14, 2022	Apr. 06, 2022	Sep. 30, 2022	Sep. 30, 2021
Proceeds from Issuance of Common Stock			$ 115,000	$ 389
Stock Issued During Period, Exercise Of Warrants, Shares (in shares)			520,335
HGC NEXT INV LLC [Member]
Stock Issued During Period, Shares, New Issues (in shares)		4,618,226
Share Price (in dollars per share)		$ 6.496
Proceeds from Issuance of Common Stock		$ 30,000
The “Purchasers” [Member]
Stock Issued During Period, Shares, New Issues (in shares)	15,454,160
Share Price (in dollars per share)	$ 5.50
Proceeds from Issuance of Common Stock	$ 85,000

Note 10 - Net Loss Per Share - Basic and Diluted Common Shares (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Weighted average shares outstanding - basic and diluted (in shares)	129,418	119,374	125,716	118,677
Dilutive unvested stock, convertible preferred stock, Common Stock Warrants and IPO Warrants (in shares)	0	0	0	0
Diluted (in shares)	129,418	119,374	125,716	118,677
Net loss per common share - basic and diluted (in dollars per share)	$ (0.19)	$ (0.03)	$ (0.47)	$ (0.23)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Note 10 - Net Loss Per Share - Anti-dilutive Securities (Details) - shares
shares in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

50,865

50,518

48,792

45,323

Unvested Stock [Member]

Convertible Preferred Stocks [Member]

1,918

1,831

1,751

1,581

Common Stock Warrants [Member]

47,707

34,095

45,653

29,174

1,240

2,510

1,388

2,486

IPO Warrants [Member]

^[1]

12,082

[1]

The IPO Warrants were issued in connection with our initial public offering in 2015. The IPO Warrants are exercisable at a price of $11.50 per share and expire on July 24, 2022. The Company may redeem the IPO Warrants at a price of $0.01 per IPO Warrant upon 30 days’ notice only if the last sale price of our common stock is at least $17.50 per share for any 20 trading days within a 30 trading day period. If the Company redeems the IPO Warrants in this manner, the Company will have the option to do so on a cashless basis with the issuance of an economically equivalent number of shares of Company common stock.

Note 11 - Share-based Compensation - Summary of Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity awards	$ (3,041)	$ 3,653	$ (3,555)	$ 5,799
Liability awards	0	0	0	0
Total share-based compensation (forfeiture)	3,041	(3,653)	3,555	(5,799)
Capitalized share-based compensation	0	944	0	228
Total share-based compensation expense (forfeiture)	$ 3,041	$ (2,709)	$ 3,555	$ (5,571)

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Expense (Benefit), Total	$ 0	$ 0	$ 0	$ 0