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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Nov. 05, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	NextDecade Corp.
Entity Central Index Key	0001612720
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Common Stock Outstanding		109,286,895
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 33,880	$ 35,703
Investments	60,135	5,063
Prepaid expenses and other current assets	1,804	2,099
Total current assets	95,819	42,865
Property, plant and equipment, net	88,870	73,226
Total assets	184,689	116,091
Current liabilities
Accounts payable	991	726
Share-based compensation liability	6,394	1,815
Accrued liabilities and other current liabilities	14,556	5,856
Total current liabilities	21,941	8,397
Non-current common stock warrant liabilities	7,522
Non-current compensation liabilities		2,015
Non-current share-based compensation liability		2,587
Total liabilities	29,463	12,999
Commitments and contingencies (Note 10)
Stockholders’ equity
Common stock, $0.0001 par value Authorized: 480.0 million shares at September 30, 2018 and December 31, 2017 Issued and outstanding: 106.8 million shares and 106.3 million shares at September 30, 2018 and December 31, 2017, respectively	11	11
Treasury stock: 3,202 shares and zero shares at September 30, 2018 and December 31, 2017, respectively, at cost	(19)
Preferred stock, $0.0001 par value Authorized: 0.9 million, after designation of the Series A and Series B Convertible Preferred Stock Issued and outstanding: none at September 30, 2018 and December 31, 2017
Additional paid-in-capital	176,274	158,738
Accumulated deficit	(86,019)	(55,617)
Accumulated other comprehensive loss		(40)
Total stockholders’ equity	90,247	103,092
Total liabilities, Series A and Series B Convertible Preferred Stock and stockholders’ equity	184,689	116,091
Series A Convertible Preferred stock
Current liabilities
Convertible preferred stock	38,820	0
Series B Convertible Preferred stock
Current liabilities
Convertible preferred stock	$ 26,159	$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	480,000,000	480,000,000
Common stock, shares issued	106,800,000	106,300,000
Common stock, shares outstanding	106,800,000	106,300,000
Treasury Stock, shares	3,202	0
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	900,000	900,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series A Convertible Preferred stock
Temporary equity, liquidation preference per share	$ 1,000
Temporary equity, shares authorized	51,000
Temporary equity, shares issued	51,000	0
Temporary equity, shares outstanding	51,000	0
Series B Convertible Preferred stock
Temporary equity, liquidation preference per share	$ 1,000
Temporary equity, shares authorized	51,000
Temporary equity, shares issued	29,636	0
Temporary equity, shares outstanding	29,636	0

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Operations
Revenues	$ 0	$ 0	$ 0	$ 0
Operating Expenses
General and administrative expenses	6,214	14,014	25,533	18,392
Invitation to bid contract costs	4,418		4,418
Land option and lease expenses	297	250	797	733
Depreciation expense	50	26	127	78
Total operating expenses	10,979	14,290	30,875	19,203
Total operating loss	(10,979)	(14,290)	(30,875)	(19,203)
Other income (expense)
Gain on common stock warrant liabilities	83		83
Interest income, net	222	145	475	236
Other	(6)	(12)	(45)	(31)
Total other income	299	133	513	205
Net loss attributable to NextDecade Corporation	(10,680)	(14,157)	(30,362)	(18,998)
Deemed dividends on Series A Convertible Preferred Stock	271		271
Net loss attributable to common shareholders	$ (10,951)	$ (14,157)	$ (30,633)	$ (18,998)
Net loss per common share - basic and diluted	$ (0.10)	$ (0.14)	$ (0.29)	$ (0.19)
Weighted average shares outstanding - basic and diluted	106,639	103,870	106,476	99,124
Comprehensive Loss
Net loss attributable to NextDecade Corporation	$ (10,680)	$ (14,157)	$ (30,362)	$ (18,998)
Other comprehensive loss:
Change in fair value of investments		6		9
Comprehensive loss	$ (10,680)	$ (14,151)	$ (30,362)	$ (18,989)

Consolidated Statement of Stockholders Equity, , Series A and Series B Convertible Preferred Stock - 9 months ended Sep. 30, 2018 - USD ($) shares in Thousands, $ in Thousands	Series A Convertible Preferred stock	Series B Convertible Preferred stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total
Balance at the beginning of the period at Dec. 31, 2017			$ 11		$ 158,738	$ (55,617)	$ (40)	$ 103,092
Balance at the beginning of the period (in shares) at Dec. 31, 2017			106,275
Balance at the beginning of the period at Dec. 31, 2017	$ 0	$ 0
Increase (decrease) in equity
Share-based compensation					13,169			13,169
Restricted stock vesting			136
Shares repurchased related to share-based compensation				$ (19)				(19)
Shares repurchased related to share-based compensation (in shares)			(3)	3
Issuance of preferred stock - temporary equity	38,549	26,159
Issuance of preferred stock					4,638			4,638
Issuance of preferred stock (in shares)			414
Deemed dividends - accretion of beneficial conversion feature					(271)			(271)
Deemed dividends - accretion of beneficial conversion feature - temporary equity	271
Net loss						(30,362)		(30,362)
Balance at the end of the period at Sep. 30, 2018			$ 11	$ (19)	$ 176,274	(86,019)		$ 90,247
Balance at the end of the period (in shares) at Sep. 30, 2018			106,822	3
Balance at the end of the period at Sep. 30, 2018	$ 38,820	$ 26,159
Increase (decrease) in equity
Adoption of ASU 2016-01						$ (40)	$ 40

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating activities:
Net loss	$ (30,362)	$ (18,998)
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation	127	78
Share-based compensation expense	12,731	10,476
Gain on common stock warrant liabilities	(83)
Loss on investment securities	28
Changes in operating assets and liabilities:
Prepaid expenses and other currents assets	295	53
Accounts payable	(42)	190
Accrued expenses and other liabilities	4,660	209
Net cash used in operating activities	(12,646)	(7,992)
Investing activities:
Acquisition of property, plant and equipment	(11,460)	(10,690)
Issuance of note receivable		(115)
Repayment of note receivable		115
Cash received in reverse recapitalization		26,774
Purchase of investments	(55,100)	(54)
Net cash (used in) provided by investing activities	(66,560)	16,030
Financing activities:
Proceeds from equity issuance	79,055	30,100
Equity issuance costs	(1,653)	(5,953)
Shares repurchased related to share-based compensation	(19)
Net cash provided by financing activities	77,383	24,147
Net (decrease) increase in cash and cash equivalents	(1,823)	32,185
Cash and cash equivalents – beginning of period	35,703	12,524
Cash and cash equivalents – end of period	33,880	44,709
Non-cash investing activities:
Accounts payable for acquisition of property, plant and equipment	656	1,266
Accrued liabilities for acquisition of property, plant and equipment	6,056	$ 1,845
Non-cash financing activities:
Accounts payable for equity issuance costs	150
Accrued liabilities for equity issuance costs	301
Accretion of deemed dividends Series A Convertible Preferred Stock	$ 271

Background and Basis of Presentation	9 Months Ended
Background and Basis of Presentation	Sep. 30, 2018
Background and Basis of Presentation
Background and Basis of Presentation	Note 1 — Background and Basis of Presentation NextDecade Corporation engages in development activities related to the liquefaction and sale of liquefied natural gas (“LNG”). We have focused and continue to focus our development activities on the Rio Grande LNG terminal facility at the Port of Brownsville in southern Texas (the “Terminal”) and an associated 137-mile Rio Bravo pipeline to supply gas to the Terminal (the “Pipeline” together with the Terminal, the “Project”). We have also secured, through December 2019, a 994-acre site near Texas City, Texas for another potential LNG terminal (the “Galveston Bay Terminal”). 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, 2017. 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 and nine months ended September 30, 2018 are not necessarily indicative of the operating results for the full year. We are an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). An “emerging growth company” may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public and private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards adopted.

Investment Securities

9 Months Ended

Sep. 30, 2018

Investment Securities

Investment Securities

Note 3 — Investment Securities

In September 2018, we invested approximately $55 million in Class L shares of the JPMorgan Managed Income Fund. The JPMorgan Managed Income Fund has an average maturity of approximately one year, duration of approximately six months, and approximately 7% of such fund’s holdings are AAA-rated with 0% non-investment grade rated.

The Company also maintains cash reserves in the Ultra-Short-Term Bond Fund and the Short-Term Bond Index Fund, which are managed by The Vanguard Group, Inc. The target investment allocation between the Ultra-Short-Term Bond Fund and the Short-Term Bond Index Fund are 75% and 25%, respectively. The Ultra-Short-Term Bond Fund has an average maturity of approximately one year, and approximately 45% of such fund’s holdings are AAA-rated, with 1% non-investment grade rated. The Short-Term Bond Index Fund has an average maturity of approximately three years, and 70% of such fund’s holdings are AAA-rated, with 0% non-investment grade rated.

Investment securities consisted of the following (in thousands):


	September 30,				December 31,
	2018				2017
	Fair value		Cost		Fair value		Cost
JPMorgan Managed Income Fund	$	55,022	$	55,022	$	—	$	—
Ultra-Short-Term Bond Fund		3,862		3,885		3,811		3,825
Short-Term Bond Index Fund		1,251		1,296		1,252		1,278
Total investments	$	60,135	$	60,203	$	5,063	$	5,103

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment

Property, Plant and Equipment

Note 4 — Property, Plant and Equipment

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


	September 30,		December 31,
	2018		2017
Fixed Assets
Computers	$	119	$	69
Furniture, fixtures, and equipment		305		246
Leasehold improvements		398		264
Total fixed assets		822		579
Less: accumulated depreciation		(498)		(371)
Total fixed assets, net		324		208
Project Assets (not placed in service)
Rio Grande		77,224		62,866
Rio Bravo		11,322		10,152
Total project assets		88,546		73,018
Total property, plant and equipment, net	$	88,870	$	73,226

Depreciation expense for the three and nine months ended September 30, 2018 was $50 thousand and $127 thousand, respectively. Depreciation expense for the three and nine months ended September 30, 2017 was $26 thousand and $78 thousand, respectively.

Preferred Stock and Common Stock Warrants

9 Months Ended

Sep. 30, 2018

Preferred Stock and Common Stock Warrants

Preferred Stock and Common Stock Warrants

Note 6 – Preferred Stock and Common Stock Warrants

Preferred Stock

In August 2018, we sold and issued a total of 51,000 shares of Series A Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”), together with associated warrants (the “Series A Warrants”), to (i) York Capital Management Global Advisors, LLC, severally on behalf of certain funds or accounts managed by it or its affiliates (“York”), (ii) Valinor Management, L.P., severally on behalf of certain funds or accounts for which it is investment manager (“Valinor”), (iii) Bardin Hill Investment Partners LP (formerly known as Halcyon Capital Management LP), severally on behalf of certain funds or accounts managed by it or its affiliates (“Bardin Hill,” and together with York and Valinor, the “Fund Purchasers”) and (iv) HGC NEXT INV LLC (“HGC”) for an aggregate purchase price of $50 million. In connection with the issuance of Series A Convertible Preferred Stock and pursuant to backstop commitment agreements with the Fund Purchasers dated April 11, 2018, as subsequently amended on August 3, 2018, we also issued a total of 413,658 shares of Company common stock to the Fund Purchasers. Each Fund Purchaser is a Company stockholder and, pursuant to that certain Agreement and Plan of Merger, dated as of April 17, 2017, by and between the Company, each Fund Purchaser and/or one or more of its affiliates, and the other parties named therein, three individuals, two individuals, and one individual from York, Valinor, and Bardin Hill, respectively, were appointed to the Company’s board of directors.

In September 2018, we sold and issued a total of 29,636 shares of Series B Convertible Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock,” and together with the Series A Preferred Stock, the “Preferred Stock”), together with associated warrants (the “Series B Warrants,” and together with the Series A Warrants, the “Warrants”), to certain funds managed by BlackRock (collectively, the “Series B Preferred Stock Purchasers”) for an aggregate purchase price of $29.055 million.

Each share of Preferred Stock has a stated value of $1,000. The Series A Preferred Stock ranks pari passu with the Series B Preferred Stock, and the Preferred Stock ranks senior to the Company common stock and each other class or series of capital stock of the Company, subject to certain exceptions, in respect of payment of dividends and distribution of assets upon liquidation. Upon a defined liquidation, holders of the Series A Preferred Stock are entitled to receive the greater of (i) (a) $1,000 per share of Preferred Stock plus (b) any accrued but unpaid dividends on such share of Preferred Stock as of immediately prior to such liquidation and (ii) the amount that would be payable to the holders of the Preferred Stock had such holders converted their shares of Preferred Stock into shares of Company common stock immediately prior to such liquidation event and prior to payment of any amounts on Company common stock.

The Company has the option to convert all, but not less than all, of the Preferred Stock into shares of Company common stock at a strike price of $7.50 per share of Company common stock (the “Conversion Price”) on any date on which the volume weighted average trading price of shares of Company common stock for each trading day during any 60 of the prior 90 trading days is equal to or greater than 175% of the Conversion Price, in each case subject to certain terms and conditions. Furthermore, the Company must convert all of the Preferred Stock into shares of Company common stock at the Conversion Price on the earlier of (i) ten (10) business days following a FID Event (as defined in the certificates of designations of the Preferred Stock) and (ii) the date that is the tenth (10th) anniversary of the closings of the issuances of the Preferred Stock, as applicable.

The shares of Preferred Stock bear dividends at a rate of 12% per annum, which are cumulative and accrue daily from the date of issuance on the $1,000 stated value. Such dividends are payable quarterly and may be paid in cash or in-kind. As of September 30, 2018, we have accrued cumulative preferred dividends of $0.7 million.

The holders of Preferred Stock vote on an “as-converted” basis with the holders of the Company common stock on all matters brought before the holders of Company common stock. In addition, the holders of Preferred Stock have separate class voting rights with respect to certain matters affecting their rights.

The Preferred Stock do not qualify as a liability instruments under Accounting Standards Codification (“ASC”) 480 – Distinguishing Liabilities from Equity, because they are not mandatorily redeemable. However, as SEC Regulation S-X, Rule 5-02-27 does not permit a probability assessment for a change of control provision, the Preferred Stock must be presented as mezzanine equity between liabilities and stockholders’ equity on our consolidated balance sheets because a change of control event, although not considered probable, could force the Company to redeem the Preferred Stock for cash or assets of the Company. At each balance sheet date, we must re-evaluate whether the Preferred Stock continue to qualify for equity classification.

Warrants

The Series A Warrants issued to HGC represent the right to acquire in the aggregate 50 basis points (0.50%) of the fully diluted shares of all outstanding shares of Company common stock on the exercise date with a strike price of $0.01 per share. The Series A Warrants issued to each of the Fund Purchasers represent the right to acquire approximately 21 basis points (0.21%) in the aggregate of the fully diluted shares of all outstanding shares of Company common stock on the exercise date with a strike price of $0.01 per share. The Series B Warrants issued to the Series B Preferred Stock Purchasers represent the right to acquire in the aggregate a number of shares of Company common stock equal to (a)(i) the aggregate purchase price for the Series B Preferred Stock divided by (ii) $35 million, multiplied by (b)(i) 0.5% multiplied by (ii) the number of fully diluted shares of all outstanding shares of Company common stock on the exercise date with a strike price of $0.01 per share.

The Warrants have a fixed three-year term commencing on the closings of the issuances of the associated Preferred Stock. The Warrants may only be exercised by the holders thereof at the expiration of such three-year term; however, the Company can force exercise of the Warrants prior to expiration of such term if the volume weighted average trading price of shares of Company common stock for each trading day during any 60 of the prior 90 trading days is equal to or greater than 175% of the Conversion Price and, in the case of the Series B Warrants, also if the Company simultaneously elects to force a mandatory exercise of all other warrants then-outstanding and unexercised and held by any holder of parity stock (as defined in the Certificate of Designations of Series B Convertible Preferred Stock). Pursuant to ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock, the fair value of the Warrants was recorded as a non-current liability on our consolidated balance sheet on the issuance dates. The Company revalued the Warrants as of September 30, 2018 and recognized a gain of approximately $83 thousand.

Net cash proceeds were allocated on a fair value basis to the Series A Warrants and Series B Warrants and on a relative fair value basis to the Company common stock, Series A Preferred Stock and Series B Preferred Stock. As described below, $2.5 million of the $41.1 million allocated to the Series A Preferred was allocated to additional paid-in capital to give effect to the intrinsic value of a beneficial conversion feature (“BCF”). The allocation of net cash proceeds is as follows (in thousands):


			Allocation of Proceeds
											Additional Paid-in Capital
							Series A		Series B				Beneficial
			Series A		Series B		Convertible		Convertible		Common		Conversion
			Warrants		Warrants		Preferred		Preferred		Stock		Feature
Gross proceeds	$	79,055
Equity issuance costs		(2,104)
Net proceeds - Initial Fair Value Allocation	$	76,951	$	4,859	$	2,746	$	41,079	$	26,159	$	2,108	$	—
Allocation to BCF				—		—		(2,530)		—		—		2,530
Per balance sheet upon issuance			$	4,859	$	2,746	$	38,549	$	26,159	$	2,108	$	2,530

Beneficial Conversion Feature

ASC 470-20-20 – Debt – Debt with conversion and Other Options (“ASC 470-20”) defines a BCF as a nondetachable conversion feature that is in the money at the issuance date. The Company was required by ASC 470-20 to allocate a portion of the proceeds from the Series A Preferred Stock equal to the intrinsic value of the BCF to additional paid-in capital. The intrinsic value of the BCF is calculated at the issuance date as the difference between the “accounting conversion price” and the market price of shares of Company common stock multiplied by the number of shares of Company common stock into which the Series A Preferred Stock is convertible. The accounting conversion prices of $5.58 per share and $6.24 per share for the Fund Purchasers and HGC, respectively, is different than the contractual conversion price of $7.50 per share. The “accounting conversion price” is derived by dividing the proceeds allocated to the Series A Preferred Stock by the number of shares of Company common stock into which the Series A Preferred Stock is convertible. We are recording the accretion of the $2.5 million Series A Preferred Stock discount attributable to the BCF as a deemed dividend using the effective yield method over the period prior to the expected conversion date.

Net Loss Per Share

9 Months Ended

Sep. 30, 2018

Net Loss Per Share

Net Loss Per Share

Note 7 — Net Loss Per Share

The following table (in thousands, except for loss per share) reconciles basic and diluted weighted average common shares outstanding for the three and nine months ended September 30, 2018 and 2017:


	Three months ended				Nine months ended
	September 30,				September 30,
	2018		2017		2018		2017
Weighted average common shares outstanding:
Basic		106,639		103,870		106,476		99,124
Dilutive unvested stock, convertible preferred stock and common stock warrants		—		—		—		—
Diluted		106,639		103,870		106,476		99,124

Basic and diluted net loss per common share	$	(0.10)	$	(0.14)	$	(0.29)	$	(0.19)

Potentially dilutive securities not included in the diluted net loss per share computations because their effect would have been anti-dilutive were as follows (in thousands):


	Three months ended				Nine months ended
	September 30,				September 30,
	2018		2017		2018		2017
Unvested stock (1)		513		—		483		—
Convertible preferred stock		3,322		—		1,119		—
Common stock warrants		12,507		12,059		12,225		12,059
Total dilutive common shares		16,342		12,059		13,827		12,059

⁽¹⁾

Does not include 16.3 million shares for the three and nine months ended September 30, 2018, respectively, of unvested stock because the performance conditions had not yet been satisfied.

Share-based Compensation

9 Months Ended

Sep. 30, 2018

Share-based Compensation.

Share-based Compensation

Note 8 — Share-based Compensation

We have granted shares of Company common stock and restricted stock to employees, consultants and a non-employee director under our 2017 Omnibus Incentive Plan (the “2017 Plan”) and in connection with the special meeting of stockholders on July 24, 2017.

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


	Three months ended				Nine months ended
	September 30,				September 30,
	2018		2017		2018		2017
Share-based compensation:
Equity awards	$	2,451	$	8,830	$	13,169	$	8,830
Liability awards		(1,153)		2,305		977		2,305
Total share-based compensation		1,298		11,135		14,146		11,135
Capitalized share-based compensation		183		(659)		(1,415)		(659)
Total share-based compensation expense	$	1,481	$	10,476	$	12,731	$	10,476

Certain employee contracts provided for cash bonuses upon a positive final investment decision (“FID”) in the Project (the “FID Bonus”). In January 2018, the nominating, corporate governance and compensation committee of the board of directors approved, and certain employees party to such contracts accepted, an amendment to such contracts whereby the FID Bonuses would be settled in shares of Company common stock equal to 110% of the FID Bonus. The associated liability for FID Bonuses to be settled in shares of Company common stock of $0.8 million is included in share-based compensation liability in our Consolidated Balance Sheets at September 30, 2018.

Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2018

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Note 11 — Recent Accounting Pronouncements

The following table provides a brief description of recent accounting standards that have not been adopted by the Company as of September 30, 2018:


Standard	Description	Expected Date of Adoption	Effect on our Consolidated Financial Statements or Other Significant Matters
ASU 2016‑02, Leases (Topic 842)	This standard requires a lessee to recognize leases on its balance sheet by recording a lease liability representing the obligation to make future lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term. A lessee is permitted to make an election not to recognize lease assets and liabilities for leases with a term of 12 months or less. The standard also modifies the definition of a lease and requires expanded disclosures. This standard may be early adopted, and must be adopted using a modified retrospective approach with certain available practical expedients.	January 1, 2019	We continue to evaluate the effect of this standard on our Consolidated Financial Statements. Preliminarily, we anticipate a material impact from the requirement to recognize all leases in our Consolidated Balance Sheets and no impact to cash flows. Because this assessment is preliminary and the accounting for leases is subject to significant judgment, this conclusion could change as we finalize our assessment. We have not yet determined the impact of the adoption of this standard upon our results of operations, whether we will elect to early adopt this standard or which, if any, practical expedients we will elect upon transition.
ASU 2018-07, Compensation-Stock Compensation (Topic 718)	This standard simplifies aspects of share-based compensation issued to non-employees by making the guidance consistent with accounting for employee share-based compensation. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor's own operations by issuing share-based payment awards. This standard may be early adopted, and must be adopted using a modified retrospective approach.	January 1, 2019	We are currently evaluating the effect of this standard on our Consolidated Financial Statements.
ASU 2018-15, Intangibles, Goodwill and Other Internal Use Software (Subtopic 350-40)	The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this update. Accordingly, the amendments in this update require an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. These amendments may be early adopted and are required to be applied retrospectively or prospectively to all implementation costs incurred after the date of adoption.	January 1, 2020	We are currently evaluating the effect of this standard on our Consolidated Financial Statements.

Additionally, the following table provides a brief description of recent accounting standards that were adopted by the Company during the reporting period:


Standard	Description	Date of Adoption	Effect on our Consolidated Financial Statements or Other Significant Matters
Accounting Standards Update (ASU) 2014‑09, Revenue from Contracts with Customers (Topic 606), and subsequent amendments thereto	This standard amends existing revenue recognition guidance and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard may be early adopted beginning January 1, 2017. We elected to adopt this standard using a full retrospective approach.	January 1, 2018	The adoption of this new standard did not affect the amounts shown in our Consolidated Financial Statements or related disclosures as the Company has no revenues.
ASU 2017‑04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment	This standard simplifies the measurement of goodwill impairment by eliminating the requirement for an entity to perform a hypothetical purchase price allocation. An entity will instead measure the impairment as the difference between the carrying amount and the fair value of the reporting unit. This standard may be early adopted beginning January 1, 2017 and must be adopted prospectively.	January 1, 2018	The adoption of this standard did not have an impact on our Consolidated Financial Statements or related disclosures.
ASU 2016‑16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory	This standard requires the immediate recognition of the tax consequences of intercompany asset transfers other than inventory. This standard may be early adopted, but only at the beginning of an annual period, and must be adopted using a modified retrospective approach.	January 1, 2018	The adoption of this standard did not have an impact on our Consolidated Financial Statements or related disclosures.
ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities	This standard principally affects accounting standards for equity investments, financial liabilities where the fair value option has been elected, and the presentation and disclosure requirements for financial instruments. Upon the effective date of the new standards, all equity investments in unconsolidated entities, other than those accounted for using the equity method of accounting, will generally be measured at fair value through earnings. There will no longer be an available-for-sale classification and therefore, no changes in fair value will be reported in other comprehensive income (loss) for equity securities with readily determinable fair values.	January 1, 2018	Upon the adoption of this standard, we made a cumulative effect adjustment of $40 thousand to accumulated deficit for unrealized losses on our available-for-sale investment securities.

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment

Schedule of property, plant and equipment

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


	September 30,		December 31,
	2018		2017
Fixed Assets
Computers	$	119	$	69
Furniture, fixtures, and equipment		305		246
Leasehold improvements		398		264
Total fixed assets		822		579
Less: accumulated depreciation		(498)		(371)
Total fixed assets, net		324		208
Project Assets (not placed in service)
Rio Grande		77,224		62,866
Rio Bravo		11,322		10,152
Total project assets		88,546		73,018
Total property, plant and equipment, net	$	88,870	$	73,226

Preferred Stock and Common Stock Warrants (Tables)

9 Months Ended

Sep. 30, 2018

Preferred Stock and Common Stock Warrants

Schedule of allocation of net cash proceeds

The allocation of net cash proceeds is as follows (in thousands):


			Allocation of Proceeds
											Additional Paid-in Capital
							Series A		Series B				Beneficial
			Series A		Series B		Convertible		Convertible		Common		Conversion
			Warrants		Warrants		Preferred		Preferred		Stock		Feature
Gross proceeds	$	79,055
Equity issuance costs		(2,104)
Net proceeds - Initial Fair Value Allocation	$	76,951	$	4,859	$	2,746	$	41,079	$	26,159	$	2,108	$	—
Allocation to BCF				—		—		(2,530)		—		—		2,530
Per balance sheet upon issuance			$	4,859	$	2,746	$	38,549	$	26,159	$	2,108	$	2,530

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2018

Net Loss Per Share

Schedule of basic and diluted weighted average common shares outstanding

The following table (in thousands, except for loss per share) reconciles basic and diluted weighted average common shares outstanding for the three and nine months ended September 30, 2018 and 2017:


	Three months ended				Nine months ended
	September 30,				September 30,
	2018		2017		2018		2017
Weighted average common shares outstanding:
Basic		106,639		103,870		106,476		99,124
Dilutive unvested stock, convertible preferred stock and common stock warrants		—		—		—		—
Diluted		106,639		103,870		106,476		99,124

Basic and diluted net loss per common share	$	(0.10)	$	(0.14)	$	(0.29)	$	(0.19)

Schedule of antidilutive securities excluded from computation of earnings per share

Potentially dilutive securities not included in the diluted net loss per share computations because their effect would have been anti-dilutive were as follows (in thousands):


	Three months ended				Nine months ended
	September 30,				September 30,
	2018		2017		2018		2017
Unvested stock (1)		513		—		483		—
Convertible preferred stock		3,322		—		1,119		—
Common stock warrants		12,507		12,059		12,225		12,059
Total dilutive common shares		16,342		12,059		13,827		12,059

⁽¹⁾

Does not include 16.3 million shares for the three and nine months ended September 30, 2018, respectively, of unvested stock because the performance conditions had not yet been satisfied.

Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2018

Share-based Compensation.

Schedule of share-based compensation

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


	Three months ended				Nine months ended
	September 30,				September 30,
	2018		2017		2018		2017
Share-based compensation:
Equity awards	$	2,451	$	8,830	$	13,169	$	8,830
Liability awards		(1,153)		2,305		977		2,305
Total share-based compensation		1,298		11,135		14,146		11,135
Capitalized share-based compensation		183		(659)		(1,415)		(659)
Total share-based compensation expense	$	1,481	$	10,476	$	12,731	$	10,476

Recent Accounting Pronouncements (Tables)

9 Months Ended

Sep. 30, 2018

Recent Accounting Pronouncements

Schedule of recent accounting standards that have not been adopted


Standard	Description	Expected Date of Adoption	Effect on our Consolidated Financial Statements or Other Significant Matters
ASU 2016‑02, Leases (Topic 842)	This standard requires a lessee to recognize leases on its balance sheet by recording a lease liability representing the obligation to make future lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term. A lessee is permitted to make an election not to recognize lease assets and liabilities for leases with a term of 12 months or less. The standard also modifies the definition of a lease and requires expanded disclosures. This standard may be early adopted, and must be adopted using a modified retrospective approach with certain available practical expedients.	January 1, 2019	We continue to evaluate the effect of this standard on our Consolidated Financial Statements. Preliminarily, we anticipate a material impact from the requirement to recognize all leases in our Consolidated Balance Sheets and no impact to cash flows. Because this assessment is preliminary and the accounting for leases is subject to significant judgment, this conclusion could change as we finalize our assessment. We have not yet determined the impact of the adoption of this standard upon our results of operations, whether we will elect to early adopt this standard or which, if any, practical expedients we will elect upon transition.
ASU 2018-07, Compensation-Stock Compensation (Topic 718)	This standard simplifies aspects of share-based compensation issued to non-employees by making the guidance consistent with accounting for employee share-based compensation. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor's own operations by issuing share-based payment awards. This standard may be early adopted, and must be adopted using a modified retrospective approach.	January 1, 2019	We are currently evaluating the effect of this standard on our Consolidated Financial Statements.
ASU 2018-15, Intangibles, Goodwill and Other Internal Use Software (Subtopic 350-40)	The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this update. Accordingly, the amendments in this update require an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. These amendments may be early adopted and are required to be applied retrospectively or prospectively to all implementation costs incurred after the date of adoption.	January 1, 2020	We are currently evaluating the effect of this standard on our Consolidated Financial Statements.

Schedule of recent accounting standards that were adopted


Standard	Description	Date of Adoption	Effect on our Consolidated Financial Statements or Other Significant Matters
Accounting Standards Update (ASU) 2014‑09, Revenue from Contracts with Customers (Topic 606), and subsequent amendments thereto	This standard amends existing revenue recognition guidance and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard may be early adopted beginning January 1, 2017. We elected to adopt this standard using a full retrospective approach.	January 1, 2018	The adoption of this new standard did not affect the amounts shown in our Consolidated Financial Statements or related disclosures as the Company has no revenues.
ASU 2017‑04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment	This standard simplifies the measurement of goodwill impairment by eliminating the requirement for an entity to perform a hypothetical purchase price allocation. An entity will instead measure the impairment as the difference between the carrying amount and the fair value of the reporting unit. This standard may be early adopted beginning January 1, 2017 and must be adopted prospectively.	January 1, 2018	The adoption of this standard did not have an impact on our Consolidated Financial Statements or related disclosures.
ASU 2016‑16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory	This standard requires the immediate recognition of the tax consequences of intercompany asset transfers other than inventory. This standard may be early adopted, but only at the beginning of an annual period, and must be adopted using a modified retrospective approach.	January 1, 2018	The adoption of this standard did not have an impact on our Consolidated Financial Statements or related disclosures.
ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities	This standard principally affects accounting standards for equity investments, financial liabilities where the fair value option has been elected, and the presentation and disclosure requirements for financial instruments. Upon the effective date of the new standards, all equity investments in unconsolidated entities, other than those accounted for using the equity method of accounting, will generally be measured at fair value through earnings. There will no longer be an available-for-sale classification and therefore, no changes in fair value will be reported in other comprehensive income (loss) for equity securities with readily determinable fair values.	January 1, 2018	Upon the adoption of this standard, we made a cumulative effect adjustment of $40 thousand to accumulated deficit for unrealized losses on our available-for-sale investment securities.

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Prepaid Expenses and Other Current Assets
Rio Grande LNG site option	$ 635	$ 1,080
Short-term security deposits	367	364
Galveston Bay leases	125	100
Rio Bravo Pipeline options	68	111
Prepaid insurance	289	208
Prepaid marketing and sponsorships	91	55
Other	229	181
Total prepaid expenses and other current assets	$ 1,804	$ 2,099

Investment Securities (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
Investment Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2018	Dec. 31, 2017
Investment securities
Fair Value	$ 60,135	$ 60,135	$ 5,063
Cost	$ 60,203	60,203	5,103
JPMorgan Managed Income Fund
Investment securities
Maturity period of mutual funds	1 year
Duration of mutual fund	6 months
Non-investment grade rated holdings (as a percent)	0.00%
Fair Value	$ 55,022	55,022
Cost	$ 55,022	$ 55,022
JPMorgan Managed Income Fund \| AAA rated
Investment securities
Investment holdings grade rated (as a percent)	7.00%
Ultra-Short-Term Bond Fund
Investment securities
Maturity period of mutual funds		1 year
Non-investment grade rated holdings (as a percent)		1.00%
Target investment allocation (as a percent)		75.00%
Fair Value	$ 3,862	$ 3,862	3,811
Cost	3,885	$ 3,885	3,825
Ultra-Short-Term Bond Fund \| AAA rated
Investment securities
Investment holdings grade rated (as a percent)		45.00%
Short-Term Bond Index Fund
Investment securities
Maturity period of mutual funds		3 years
Non-investment grade rated holdings (as a percent)		0.00%
Target investment allocation (as a percent)		25.00%
Fair Value	1,251	$ 1,251	1,252
Cost	$ 1,296	$ 1,296	$ 1,278
Short-Term Bond Index Fund \| AAA rated
Investment securities
Investment holdings grade rated (as a percent)		70.00%

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Property, Plant and Equipment
Total property, plant and equipment, net	$ 88,870		$ 88,870		$ 73,226
Depreciation expense	50	$ 26	127	$ 78
Non project assets
Property, Plant and Equipment
Property, plant and equipment, gross	822		822		579
Less: accumulated depreciation	(498)		(498)		(371)
Total property, plant and equipment, net	324		324		208
Computers
Property, Plant and Equipment
Property, plant and equipment, gross	119		119		69
Furniture, fixtures, and equipment
Property, Plant and Equipment
Property, plant and equipment, gross	305		305		246
Leasehold improvements
Property, Plant and Equipment
Property, plant and equipment, gross	398		398		264
Project assets
Property, Plant and Equipment
Project assets in progress	88,546		88,546		73,018
Rio Grande
Property, Plant and Equipment
Project assets in progress	77,224		77,224		62,866
Rio Bravo
Property, Plant and Equipment
Project assets in progress	$ 11,322		$ 11,322		$ 10,152

Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accrued Liabilities and Other Current Liabilities
Employee compensation expense	$ 3,062	$ 1,851
Project asset costs	6,056	3,317
Invitation to bid contract costs	4,418
Accrued legal services	180	141
Accrued equity issuance costs	301
Other accrued liabilities	539	547
Total accrued liabilities and other current liabilities	$ 14,556	$ 5,856

Preferred Stock and Common Stock Warrants - Preferred Stock (Details) $ / shares in Units, $ in Thousands	1 Months Ended		2 Months Ended	9 Months Ended
	Sep. 30, 2018 USD ($) $ / shares shares	Aug. 31, 2018 USD ($) individual $ / shares shares	Sep. 30, 2018 USD ($) $ / shares	Sep. 30, 2018 USD ($) $ / shares shares
York
Stockholders’ Equity
Number of directors appointed to Board \| individual		3
Valinor
Stockholders’ Equity
Number of directors appointed to Board \| individual		2
Bardin Hill
Stockholders’ Equity
Number of directors appointed to Board \| individual		1
Common Stock
Stockholders’ Equity
Number of common shares issued \| shares				414,000
Common Stock \| Backstop Agreements
Stockholders’ Equity
Number of common shares issued \| shares		413,658
Convertible Preferred Stock
Stockholders’ Equity
Conversion Price	$ 7.50		$ 7.50	$ 7.50
Number of trading days for conversion			60 days
Number of consecutive trading days for conversion			90 days
Minimum percentage of conversion price			175.00%
Number of business days following FID event			10 days
Dividends, temporary equity percentage			12.00%
Temporary equity, liquidation preference per share	$ 1,000		$ 1,000	$ 1,000
Accrued cumulative dividends \| $	$ 700		$ 700	$ 700
Series A Convertible Preferred stock
Stockholders’ Equity
Number of shares issued \| shares		51,000
Convertible preferred stock, par value		$ 0.0001
Aggregate purchase price \| $		$ 50,000		$ 38,549
Temporary equity, liquidation preference per share	$ 1,000		$ 1,000	$ 1,000
Series B Convertible Preferred stock
Stockholders’ Equity
Number of shares issued \| shares	29,636
Convertible preferred stock, par value	$ 0.0001		0.0001	$ 0.0001
Aggregate purchase price \| $	$ 29,055			$ 26,159
Temporary equity, liquidation preference per share	$ 1,000		$ 1,000	$ 1,000

Preferred Stock and Common Stock Warrants - Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		2 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Aug. 31, 2018	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2018
Warrants
Term of warrants (in years)			3 years
Number of trading days to exercise prior to expiration term			60 days
Number of consecutive trading days to exercise warrants prior to expiration term			90 days
Minimum conversion price percentage			175.00%
Gain (loss) recognized on revalued warrants			$ 83	$ 83	$ 83
Series A Warrants \| HGC
Warrants
Basis of acquired diluted common stock - warrants rights (as a percent)		0.50%
Strike price of warrants (in dollars per share)		$ 0.01
Series A Warrants \| Backstop Agreements \| Fund Purchaser
Warrants
Basis of acquired diluted common stock - warrants rights (as a percent)		0.21%
Strike price of warrants (in dollars per share)		$ 0.01
Series B Warrants
Warrants
Denominator of aggregate purchase price	$ 35,000
Preferred stock warrants multiplier	0.50%
Strike price of warrants (in dollars per share)	$ 0.01		$ 0.01	$ 0.01	$ 0.01

Preferred Stock and Common Stock Warrants - Allocation of net cash proceeds (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017
Allocation of net cash proceeds
Proceeds from equity issuance	$ 79,055	$ 79,055	$ 30,100
Equity issuance costs	(2,104)
Net proceeds - Initial Fair Value Allocation	76,951
BCF \| Additional Paid-in Capital
Allocation of net cash proceeds
Allocation to BCF	2,530
Per balance sheet upon issuance	2,530
Series A Convertible Preferred stock
Allocation of net cash proceeds
Net proceeds - Initial Fair Value Allocation	41,079
Allocation to BCF	(2,530)
Per balance sheet upon issuance	$ 38,549
Contractual conversion price	$ 7.50	$ 7.50
Series A Convertible Preferred stock \| HGC
Allocation of net cash proceeds
Accounting conversion price	6.24	6.24
Series A Convertible Preferred stock \| Fund Purchaser
Allocation of net cash proceeds
Accounting conversion price	$ 5.58	$ 5.58
Series A Convertible Preferred stock \| BCF
Allocation of net cash proceeds
Accretion of stock discount as a deemed dividend	$ 2,500
Series B Convertible Preferred stock
Allocation of net cash proceeds
Net proceeds - Initial Fair Value Allocation	26,159
Per balance sheet upon issuance	26,159
Common Stock \| Additional Paid-in Capital
Allocation of net cash proceeds
Net proceeds - Initial Fair Value Allocation	2,108
Per balance sheet upon issuance	2,108
Series A Warrants
Allocation of net cash proceeds
Net proceeds - Initial Fair Value Allocation	4,859
Per balance sheet upon issuance	4,859
Series B Warrants
Allocation of net cash proceeds
Net proceeds - Initial Fair Value Allocation	2,746
Per balance sheet upon issuance	$ 2,746

Share-based Compensation - Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Summary of changes in restricted stock outstanding
Total share-based compensation	$ 1,298	$ 11,135	$ 14,146	$ 11,135
Capitalized share-based compensation	183	(659)	(1,415)	(659)
Total share-based compensation expense	1,481	10,476	12,731	10,476
Share-based compensation liability	6,394		6,394		$ 1,815
Equity awards
Summary of changes in restricted stock outstanding
Total share-based compensation expense	2,451	8,830	13,169	8,830
Liability awards
Summary of changes in restricted stock outstanding
Total share-based compensation expense	(1,153)	$ 2,305	$ 977	$ 2,305
FID Bonus
Summary of changes in restricted stock outstanding
Percentage of FID bonus to be settled in shares of common stock			110.00%
Share-based compensation liability	$ 800		$ 800

Commitments and Contingencies - Leases and Land Options (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Jun. 30, 2018	Apr. 30, 2018	Sep. 30, 2018	Sep. 30, 2018
Commitments and Contingencies
Term of lease agreement	24 months
Invitation to bid contract costs			$ 4,418	$ 4,418
Remaining commitments
Remainder of 2018			0	0
2019			700	700
2020			900	900
EPC bid process \| Maximum
Future potential payments of other commitments
2018			2,100	2,100
2019			$ 14,900	$ 14,900
Intrastate Pipeline Company
Commitments and Contingencies
Period after valve installation for reimbursement of costs		30 days
Percentage of valve costs for reimbursement		50.00%
Maximum reimbursement payment per agreement		$ 2,000

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2018
Income Taxes
Income Taxes	Note 9 — Income Taxes Due to our cumulative loss position, we have established a full valuation allowance against our deferred tax assets at September 30, 2018 and December 31, 2017. Due to NextDecade LLC’s previous pass-through status and our full valuation allowance, we have not recorded a provision for federal or state income taxes during the three and nine months ended September 30, 2018 and 2017.

Nature of Operations and Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2018 a mi
Organization and Nature of Operations
Length of pipeline to supply gas \| mi	137
Galveston Bay Leases
Organization and Nature of Operations
Area available for lease \| a	994

Recent Accounting Pronouncements (Details) $ in Thousands	Jan. 01, 2018 USD ($)
Accounting Standards Update 2016-01 \| Adjustment
Recent Accounting Pronouncements
Cumulative effect adjustment from adoption of ASU 2016-01	$ 40

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Taxes
Income tax provision	$ 0	$ 0	$ 0	$ 0