10-Q

UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

☒      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

☐      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to

Commission File No. 001-36842

NEXTDECADE CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	46-5723951
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

1000 Louisiana Street, Suite 3900, Houston, Texas 77002

(Address of principal executive offices) (Zip Code)

(713) 574-1880

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:	Trading Symbol	Name of each exchange on which registered:
Common Stock, $0.0001 par value	NEXT	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☒

As of November 8, 2021, the issuer had 123,829,640 shares of common stock outstanding.

NEXTDECADE CORPORATION

FORM 10-Q FOR THE QUARTER ENDED September 30, 2021

TABLE OF CONTENTS

	Page
Organizational Structure
Part I. Financial Information	1
Item 1. Consolidated Financial Statements	1
Consolidated Balance Sheets	1
Consolidated Statements of Operations	2
Consolidated Statements of Stockholders’ Equity and Convertible Preferred Stock	3
Consolidated Statements of Cash Flows	5
Notes to Consolidated Financial Statements	6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3. Quantitative and Qualitative Disclosures About Market Risk	16
Item 4. Controls and Procedures	16
Part II. Other Information	17
Item 1. Legal Proceedings	17
Item 1A. Risk Factors	17
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 3. Defaults Upon Senior Securities	18
Item 4. Mine Safety Disclosures	18
Item 5. Other Information	18
Item 6. Exhibits	19
Signatures	20

Organizational Structure

The following diagram depicts our abbreviated organizational structure as of September 30, 2021 with references to the names of certain entities discussed in this Quarterly Report on Form 10-Q.

Unless the context requires otherwise, references to “NextDecade,” the “Company,” “we,” “us” and “our” refer to NextDecade Corporation (NASDAQ: NEXT) and its consolidated subsidiaries.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

NextDecade Corporation

Consolidated Balance Sheets

(in thousands, except per share data)

(unaudited)

	September 30,			December 31,
	2021			2020
Assets
Current assets
Cash and cash equivalents	$	36,743		$	22,608
Prepaid expenses and other current assets		883			670
Total current assets		37,626			23,278
Property, plant and equipment, net		170,431			161,662
Operating lease right-of-use assets, net		727			429
Other non-current assets, net		19,903			16,299
Total assets	$	228,687		$	201,668
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
Current liabilities
Accounts payable	$	744		$	207
Share-based compensation liability		182			182
Accrued liabilities and other current liabilities		5,306			1,032
Current common stock warrant liabilities		1,330			3,290
Current operating lease liabilities		579			432
Total current liabilities		8,141			5,143
Non-current common stock warrant liabilities		2,463			874
Non-current operating lease liabilities		169			—
Other non-current liabilities		23,000			22,916
Total liabilities		33,773			28,933
Commitments and contingencies (Note 13)
Series A Convertible Preferred Stock, $1,000 per share liquidation preference Issued and outstanding: 71,552 shares and 65,507 shares at September 30, 2021 and December 31, 2020, respectively		61,614			55,522
Series B Convertible Preferred Stock, $1,000 per share liquidation preference Issued and outstanding: 68,373 shares and 62,612 shares at September 30, 2021 and December 31, 2020, respectively		62,542			56,781
Series C Convertible Preferred Stock, $1,000 per share liquidation preference Issued and outstanding: 41,449 shares and no shares at September 30, 2021 and December 31, 2020, respectively		38,966			—
Stockholders’ equity
Common stock, $0.0001 par value Authorized: 480.0 million shares at September 30, 2021 and December 31, 2020 Issued and outstanding: 120.7 million shares and 117.8 million shares at September 30, 2021 and December 31, 2020, respectively		12			12
Treasury stock: 344,459 shares and 249,742 shares at September 30, 2021 and December 31, 2020, respectively, at cost		(1,310	)		(1,031	)
Preferred stock, $0.0001 par value Authorized: 0.8 million, after designation of the Convertible Preferred Stock Issued and outstanding: none at September 30, 2021 and December 31, 2020		—			—
Additional paid-in-capital		195,136			209,481
Accumulated deficit		(162,046	)		(148,030	)
Total stockholders’ equity		31,792			60,432
Total liabilities, convertible preferred stock and stockholders’ equity	$	228,687		$	201,668

The accompanying notes are an integral part of these unaudited consolidated financial statements.

1

NextDecade Corporation

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Revenues	$	—		$	—		$	—		$	—
Operating expenses
General and administrative expense		2,937			5,069			10,840			16,582
Land option and lease expense		240			423			678			1,281
Depreciation expense		43			65			136			146
Total operating expenses		3,220			5,557			11,654			18,009
Total operating loss		(3,220	)		(5,557	)		(11,654	)		(18,009	)
Other income (expense)
Gain (loss) on common stock warrant liabilities		4,442			(1,627	)		(2,363	)		6,147
Loss on redemption of investment securities		—			—			—			(412	)
Interest income, net		—			7			2			241
Other		—			(1	)		(1	)		(17	)
Total other income (expense)		4,442			(1,621	)		(2,362	)		5,959
Net income (loss) attributable to NextDecade Corporation		1,222			(7,178	)		(14,016	)		(12,050	)
Preferred stock dividends		(5,264	)		(3,613	)		(13,015	)		(10,565	)
Deemed dividends on Series A Convertible Preferred Stock		(16	)		(16	)		(47	)		(113	)
Net loss attributable to common stockholders	$	(4,058	)	$	(10,807	)	$	(27,078	)	$	(22,728	)
Net loss per common share - basic and diluted	$	(0.03	)	$	(0.09	)	$	(0.23	)	$	(0.19	)
Weighted average shares outstanding - basic and diluted		119,374			117,564			118,677			117,450

The accompanying notes are an integral part of these unaudited consolidated financial statements.

2

NextDecade Corporation

Consolidated Statement of Stockholders’ Equity and Convertible Preferred Stock

(in thousands)

(unaudited)

	For the Three Months Ended September 30, 2021
	Common Stock					Treasury Stock														Series A		Series B		Series C
				Par							Additional						Total			Convertible		Convertible		Convertible
				Value							Paid-in			Accumulated			Stockholders’			Preferred		Preferred		Preferred
	Shares			Amount		Shares		Amount			Capital			Deficit			Equity			Stock		Stock		Stock
Balance at June 30, 2021		118,482		$	12		300	$	(1,171	)	$	199,553		$	(163,268	)	$	35,126		$	59,509	$	60,549	$	33,173
Share-based compensation		—			—		—		—			(3,653	)		—			(3,653	)		—		—		—
Restricted stock vesting		285			—		—		—			—			—			—			—		—		—
Shares repurchased related to share-based compensation		(44	)		—		44		(139	)		—			—			(139	)		—		—		—
Issuance of common stock, net		116			—		—		—			151			—			151			—		—		—
Stock dividend		399			—		—		—			—			—			—			—		—		—
Exercise of common stock warrants		1,485			—		—		—			4,365			—			4,365			—		—		—
Issuance of Series C Convertible Preferred Stock		—			—		—		—			—			—			—			—		—		4,634
Preferred stock dividends		—			—		—		—			(5,264	)		—			(5,264	)		2,089		1,993		1,159
Deemed dividends - accretion of beneficial conversion feature		—			—		—		—			(16	)		—			(16	)		16		—		—
Net income		—			—		—		—			—			1,222			1,222			—		—		—
Balance at September 30, 2021		120,723		$	12		344	$	(1,310	)	$	195,136		$	(162,046	)	$	31,792		$	61,614	$	62,542	$	38,966

	For the Nine Months Ended September 30, 2021
	Common Stock					Treasury Stock														Series A		Series B		Series C
				Par							Additional						Total			Convertible		Convertible		Convertible
				Value							Paid-in			Accumulated			Stockholders’			Preferred		Preferred		Preferred
	Shares			Amount		Shares		Amount			Capital			Deficit			Equity			Stock		Stock		Stock
Balance at December 31, 2020		117,829		$	12		249	$	(1,031	)	$	209,481		$	(148,030	)	$	60,432		$	55,522	$	56,781	$	—
Share-based compensation		—			—		—		—			(5,799	)		—			(5,799	)		—		—		—
Restricted stock vesting		590			—		—		—			—			—			—			—		—		—
Shares repurchased related to share-based compensation		(95	)		—		95		(279	)		—			—			(279	)		—		—		—
Issuance of common stock, net		116			—		—		—			151			—			151			—		—		—
Stock dividend		798			—		—		—			—			—			—			—		—		—
Exercise of common stock warrants		1,485			—		—		—			4,365			—			4,365			—		—		—
Issuance of Series C Convertible Preferred Stock		—			—		—		—			—			—			—			—		—		37,807
Preferred stock dividends		—			—		—		—			(13,015	)		—			(13,015	)		6,045		5,761		1,159
Deemed dividends - accretion of beneficial conversion feature		—			—		—		—			(47	)		—			(47	)		47		—		—
Net loss		—			—		—		—			—			(14,016	)		(14,016	)		—		—		—
Balance at September 30, 2021		120,723		$	12		344	$	(1,310	)	$	195,136		$	(162,046	)	$	31,792		$	61,614	$	62,542	$	38,966

The accompanying notes are an integral part of these unaudited consolidated financial statements.

3

	For the Three Months Ended September 30, 2020
	Common Stock					Treasury Stock														Series A		Series B
				Par							Additional						Total			Convertible		Convertible
				Value							Paid-in			Accumulated			Stockholders’			Preferred		Preferred
	Shares			Amount		Shares		Amount			Capital			Deficit			Equity			Stock		Stock
Balance at June 30, 2020		117,492		$	12		178	$	(796	)	$	215,807		$	(138,573	)		76,450		$	51,727	$	53,192
Share-based compensation		—			—		—		—			629			—			629			—		—
Restricted stock vesting		292			—		—		—			—			—			—			—		—
Shares repurchased related to share-based compensation		(64	)		—		64		(211	)		—			—			(211	)		—		—
Preferred stock dividends		—			—		—		—			(3,613	)		—			(3,613	)		1,843		1,757
Deemed dividends - accretion of beneficial conversion feature		—			—		—		—			(16	)		—			(16	)		16		—
Net loss		—			—		—		—			—			(7,178	)		(7,178	)		—		—
Balance at September 30, 2020		117,720		$	12		242	$	(1,007	)	$	212,807		$	(145,751	)	$	66,061		$	53,586	$	54,949

	For the Nine Months Ended September 30, 2020
	Common Stock					Treasury Stock														Series A		Series B
				Par							Additional						Total			Convertible		Convertible
				Value							Paid-in			Accumulated			Stockholders’			Preferred		Preferred
	Shares			Amount		Shares		Amount			Capital			Deficit			Equity			Stock		Stock
Balance at December 31, 2019		117,329		$	12		137	$	(685	)	$	224,091		$	(133,701	)		89,717		$	48,084	$	49,814
Share-based compensation		—			—		—		—			(606	)		—			(606	)		—		—
Restricted stock vesting		496			—		—		—			—			—			—			—		—
Shares repurchased related to share-based compensation		(105	)		—		105		(322	)		—			—			(322	)		—		—
Preferred stock dividends		—			—		—		—			(10,565	)		—			(10,565	)		5,389		5,135
Deemed dividends - accretion of beneficial conversion feature		—			—		—		—			(113	)		—			(113	)		113		—
Net loss		—			—		—		—			—			(12,050	)		(12,050	)		—		—
Balance at September 30, 2020		117,720		$	12		242	$	(1,007	)	$	212,807		$	(145,751	)	$	66,061		$	53,586	$	54,949

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4

NextDecade Corporation.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	Nine Months Ended
	September 30,
	2021			2020
Operating activities:
Net loss attributable to NextDecade Corporation	$	(14,016	)	$	(12,050	)
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation		136			146
Share-based compensation expense (forfeiture)		(5,571	)		(759	)
Loss (gain) on common stock warrant liabilities		2,363			(6,147	)
Realized loss on investment securities		—			423
Amortization of right-of-use assets		414			984
Amortization of other non-current assets		1,062			1,042
Changes in operating assets and liabilities:
Prepaid expenses		(234	)		61
Accounts payable		76			(478	)
Operating lease liabilities		(396	)		(710	)
Accrued expenses and other liabilities		3,914			(5,258	)
Net cash used in operating activities		(12,252	)		(22,746	)
Investing activities:
Acquisition of property, plant and equipment		(8,390	)		(30,088	)
Acquisition of other non-current assets		(4,666	)		(9,390	)
Proceeds from sale of investment securities		—			61,972
Purchase of investment securities		—			(188	)
Net cash (used in) provided by investing activities		(13,056	)		22,306
Financing activities:
Proceeds from sale of Rio Bravo		—			15,000
Proceeds from sale of Series C Convertible Preferred Stock		39,500			—
Proceeds from sale of common stock		389			—
Equity issuance costs		(117	)		—
Preferred stock dividends		(50	)		(41	)
Shares repurchased related to share-based compensation		(279	)		(322	)
Net cash provided by financing activities		39,443			14,637
Net increase in cash and cash equivalents		14,135			14,197
Cash and cash equivalents – beginning of period		22,608			15,736
Cash and cash equivalents – end of period	$	36,743		$	29,933
Non-cash investing activities:
Accounts payable for acquisition of property, plant and equipment	$	329		$	479
Accrued liabilities for acquisition of property, plant and equipment		996			382
Pipeline assets obtained in exchange for other non-current liabilities		84			6,670
Non-cash financing activities:
Paid-in-kind dividends on Convertible Preferred Stock		12,965			10,524
Accretion of deemed dividends on Series A Convertible Preferred Stock		47			113
Accounts payable for equity issuance costs		148			—
Accrued liabilities for equity issuance costs		35			—

The accompanying notes are an integral part of these unaudited consolidated financial statements.

5

NextDecade Corporation

Notes to Consolidated Financial Statements

(unaudited)

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 reduction of CO₂ emissions. 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 a carbon capture and storage project at the Terminal (the “CCS project”). 

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, 2020. 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, 2021 are not necessarily indicative of the operating results for the full year.

Note 2 — Prepaid Expenses and Other Current Assets

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

	September 30,		December 31,
	2021		2020
Prepaid subscriptions	$	203	$	29
Prepaid insurance		389		314
Prepaid marketing and sponsorships		60		60
Other		231		267
Total prepaid expenses and other current assets	$	883	$	670

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, 2021.

6

 

Note 4 — Property, Plant and Equipment

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

	September 30,			December 31,
	2021			2020
Fixed Assets
Computers	$	487		$	487
Furniture, fixtures, and equipment		464			464
Leasehold improvements		101			101
Total fixed assets		1,052			1,052
Less: accumulated depreciation		(797	)		(660	)
Total fixed assets, net		255			392
Project Assets (not placed in service)
Terminal		149,160			140,253
Pipeline		21,016			21,017
Total Terminal and Pipeline assets		170,176			161,270
Total property, plant and equipment, net	$	170,431		$	161,662

Depreciation expense was $43 thousand and $65 thousand for the three months ended  September 30, 2021 and 2020, respectively, and $136 thousand and $146 thousand for the nine months ended September 30, 2021 and 2020, respectively.

Note 5 — Leases

Our leased assets primarily consist of office space and land sites. 

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

	September 30,		December 31,
	2021		2020
Office leases	$	727	$	429
Total operating lease right-of-use assets, net	$	727	$	429

Operating lease liabilities are as follows (in thousands):

	September 30,		December 31,
	2021		2020
Office leases	$	579	$	432
Total current lease liabilities	$	579	$	432
Non-current office leases		169		—
Total lease liabilities	$	748	$	432

Operating lease expense is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Office leases	$	156	$	238	$	470	$	691
Land leases		—		113		—		332
Total operating lease expense		156		351		470		1,023
Short-term lease expense		84		72		208		249
Land option expense		—		—		—		9
Total land option and lease expense	$	240	$	423	$	678	$	1,281

Maturity of operating lease liabilities as of September 30, 2021 are as follows (in thousands, except lease term and discount rate):

2021 (remaining)	$	115
2022		690
2023		—
2024		—
2025		—
Thereafter		—
Total undiscounted lease payments		805
Discount to present value		(57	)
Present value of lease liabilities	$	748
Weighted average remaining lease term - years		1.2
Weighted average discount rate - percent		12.0

7

 

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

 

	Nine Months Ended September 30,
	2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities:
Cash flows from operating activities	$	509	$	600
Noncash right-of-use assets recorded for operating lease liabilities:
In exchange for new operating lease liabilities during the period		712		605

Note 6 — Other Non-Current Assets

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

	September 30,		December 31,
	2021		2020
Permitting costs(1)	$	7,409	$	7,385
Enterprise resource planning system, net		743		1,805
Rio Grande Site Lease initial direct costs		11,751		7,109
Total other non-current assets, net	$	19,903	$	16,299

⁽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

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

	September 30,		December 31,
	2021		2020
Employee compensation expense	$	3,725	$	14
Terminal costs		996		650
Accrued legal services		42		5
Other accrued liabilities		543		363
Total accrued liabilities and other current liabilities	$	5,306	$	1,032

Note 8 – Preferred Stock and Common Stock Warrants

Preferred Stock

In August 2018, we sold an aggregate of 50,000 shares of Series A Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock), at $1,000 per share for an aggregate purchase price of $50 million and we issued an additional 1,000 shares of Series A Preferred Stock in aggregate as origination fees to the purchasers of the Series A Preferred Stock. 

In September 2018, we sold an aggregate of 29,055 shares of Series B Convertible Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock”), at $1,000 per share for an aggregate purchase price of $29.055 million and we issued an additional 581 shares of Series B Preferred Stock in aggregate as origination fees to the purchasers of the Series B Preferred Stock.

In May 2019, we sold an aggregate of 20,945 shares of Series B Preferred Stock at $1,000 per share for an aggregate purchase price of $20.945 million and we issued an additional 418 shares of Series B Preferred Stock in aggregate as origination fees to the purchasers of such shares of Series B Preferred Stock. 

In March 2021, we sold an aggregate of 24,500 shares of Series C Convertible Preferred Stock, par value $0.0001 per share (the “Series C Preferred Stock” and, together with the Series A Preferred Stock and the Series B Preferred Stock, the “Convertible Preferred Stock”), at $1,000 per share for an aggregate purchase price of $24.5 million and we issued an additional 490 shares of Series C Preferred Stock in aggregate as origination fees to the purchasers of the Series C Preferred Stock.

In April 2021, we sold 10,000 shares of Series C Preferred Stock, at $1,000 per share for a purchase price of $10 million and we issued an additional 200 shares of Series C Preferred Stock as an origination fee to the purchaser of the Series C Preferred Stock.

In July 2021, we sold 5,000 shares of Series C Preferred Stock, at $1,000 per share for a purchase price of $5 million and we issued an additional 100 shares of Series C Preferred Stock as an origination fee to the purchaser of the Series C Preferred Stock.

Warrants, exercisable for Company common stock, were issued together with the shares of Convertible Preferred Stock (collectively, “Common Stock Warrants”).

The shares of Convertible Preferred Stock bear dividends at a rate of 12% per annum, which are cumulative and accrue daily from the respective dates of issuance on the $1,000 stated value. Such dividends are payable quarterly and may be paid in cash or in-kind. During the nine months ended September 30, 2021 and 2020, the Company paid-in-kind $13.0 million and $10.5 million of dividends, respectively, to the holders of the Convertible Preferred Stock.  On October 12, 2021, the Company declared dividends to the holders of the Convertible Preferred Stock as of the close of business on September 15, 2021.  On October 15, 2021, the Company paid-in-kind $5.3 million of dividends to the holders of the Convertible Preferred Stock.

As of September 30, 2021, shares of Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock were convertible into shares of Company common stock at a weighted average conversion price of $6.54 per share, $6.57 per share and $3.29 per share, respectively.

Initial Fair Value Allocation

Net proceeds from the sales of Series C Preferred Stock were allocated on a fair value basis to the warrants issued together with the shares of the Series C Preferred Stock and on a relative fair value basis to the Series C Preferred Stock. The allocation of net cash proceeds from the sale of Series C Preferred Stock is as follows (in thousands):

				Allocation of Proceeds
						Series C
				Series C		Preferred
				Warrants		Stock
Gross proceeds	$	39,500
Equity issuance costs		(61	)
Net proceeds - Initial Fair Value Allocation	$	39,439		$	1,631	$	37,808
Per balance sheet upon issuance				$	1,631	$	37,808

Common Stock Warrants

The Company revalues the Common Stock Warrants at each balance sheet date and recognized a gain of $4.4 million and a loss of $1.6 million during the three months ended September 30, 2021 and 2020, respectively, and a loss of $2.4 million and a gain of $6.1 million during the nine months ended September 30, 2021 and 2020, respectively.  The Common Stock Warrant liabilities are included in Level 3 of the fair value hierarchy.

The Company used a Monte Carlo simulation model to estimate the fair value of the Common Stock Warrants using the following assumptions:

	September 30,			December 31,
	2021			2020
Stock price	$	2.78		$	2.09
Exercise price	$	0.01		$	0.01
Risk-free rate		0.5	%		0.1	%
Volatility		58.2	%		58.6	%
Term (years)		1.9			0.8

Beneficial Conversion Feature

ASC 470-20-20 – Debt – Debt with conversion and Other Options (“ASC 470-20”) defines a beneficial conversion feature (“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 Company is 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. 

Note 9 — Stockholders' Equity

Common Stock Purchase Agreement

On October 24, 2019, the Company entered into a Common Stock Purchase Agreement with Ninteenth Investment Company LLC, an affiliate of Mubadala Investment Company PJSC (the “Purchaser”).  During the three and nine months ended September 30, 2021, the Company issued an additional 399 thousand and 798 thousand shares of Company common stock, respectively, to the Purchaser pursuant to the terms of the Common Stock Purchase Agreement.

At-the-Market Program

In August 2021, the Company entered into an at-the-market sales agreement with Virtu Americas LLC (“Virtu”) pursuant to which the Company may sell shares of Company common stock from time to time through Virtu acting as sales agent, for aggregate proceeds of up to $50 million.  During the three and nine months ended September 30, 2021, the Company sold approximately 0.1 million shares for proceeds of approximately $0.4 million.

Common Stock Warrants

During the three months ended September 30, 2021, Common Stock Warrants were exercised by certain holders of Series A Preferred Stock and Series B Preferred Stock.  In connection with the exercises of Common Stock Warrants, the Company issued an aggregate of approximately 1.5 million shares of Company common stock.  

Note 10 — Net Loss Per Share

The following table (in thousands, except for loss per share) reconciles basic and diluted weighted average common shares outstanding for each of the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Weighted average common shares outstanding:
Basic		119,374			117,564			118,677			117,450
Dilutive unvested stock, convertible preferred stock, Common Stock Warrants and IPO Warrants		—			—			—			—
Diluted		119,374			117,564			118,677			117,450
Basic and diluted net loss per share attributable to common stockholders	$	(0.03	)	$	(0.09	)	$	(0.23	)	$	(0.19	)

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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,
	2021		2020		2021		2020
Unvested stock (1)		1,831		848		1,581		993
Convertible preferred stock		34,095		16,869		29,174		16,386
Common Stock Warrants		2,510		1,979		2,486		1,972
IPO Warrants(2)		12,082		12,082		12,082		12,082
Total potentially dilutive common shares		50,518		31,778		45,323		31,433

⁽¹⁾ Does not include 8.3 million shares for each of the three and nine months ended September 30, 2021 and 3.0 million shares for each of the three and nine months ended September 30, 2020, of unvested stock because the performance conditions had not yet been satisfied as of September 30, 2021 and 2020, respectively. 

⁽²⁾ 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

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,
	2021			2020		2021			2020
Share-based compensation:
Equity awards	$	(3,653	)	$	629	$	(5,799	)	$	(606	)
Liability awards		—			—		—			—
Total share-based compensation		(3,653	)		629		(5,799	)		(606	)
Capitalized share-based compensation		944			211		228			(153	)
Total share-based compensation expense	$	(2,709	)	$	840	$	(5,571	)	$	(759	)

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, 2021 and December 31, 2020. 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, 2021 or 2020.

In response to the global pandemic related to COVID-19, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020 and the Consolidated Appropriations Act, 2021 (the “CAA”) on December 27, 2020. The CARES Act and the CAA provide numerous relief provisions for corporate taxpayers, including modification of the utilization limitations on NOLs, favorable expansions of the deduction for business interest expense under Internal Revenue Code Section 163(j), and the ability to accelerate timing of refundable alternative minimum tax credits. For the three and nine months ended September 30, 2021, there were no material tax impacts to our consolidated financial statements from the CARES Act, the CAA or other COVID-19 measures.  The Company continues to monitor additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service and others.

Note 13 — Commitments and Contingencies

Rio Grande Site Lease

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 30, 2020, 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, 2021 (the “Effective Date”). The Rio Grande Site Lease Amendment further provides that Rio Grande has the right, exercisable in its sole discretion, to extend the Effective Date to May 6, 2022 by providing the BND with written notice of its election no later than the close of business on the Effective Date.  On April 28, 2021, Rio Grande delivered a notice to the Port of Brownsville electing to extend the Effective Date of the Rio Grande Site Lease Amendment to May 6, 2022.

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.

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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.

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, 2021, 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

The following table provides a brief description of recent accounting standards that have not been adopted by the Company as of September 30, 2021:

Standard	Description	Expected 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	We plan to adopt this standard using the modified retrospective approach.  Preliminarily, we anticipate the adoption of ASU 2020-06 will not have an effect on our consolidated financial statements.

Note 15 — Subsequent Events

The Company has evaluated subsequent events through November 10, 2021, the date the financial statements were issued. Any material subsequent events that occurred during this time have been properly recognized and/or disclosed in these financial statements.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design” and other words and terms of similar expressions, are intended to identify forward-looking statements.

We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs.

Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ from those expressed in our forward-looking statements. Our future financial position and results of operations, as well as any forward-looking statements are subject to change and inherent risks and uncertainties, including those described in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K. You should consider our forward-looking statements in light of a number of factors that may cause actual results to vary from our forward-looking statements including, but not limited to:

● our progress in the development of our liquefied natural gas (“LNG”) liquefaction and export projects and the timing of that progress;

● our final investment decision (“FID”) in the construction and operation of a LNG terminal at the Port of Brownsville in southern Texas (the “Terminal”) and the timing of that decision;

● the successful completion of the Terminal by third-party contractors and a pipeline to supply gas to the Terminal being developed by a third-party;

● our ability to develop the carbon capture and storage project at the Terminal (the “CCS project”) to reduce carbon emissions from the Terminal;

● our ability to secure additional debt and equity financing in the future to complete the Terminal;

● our ability to secure additional debt and equity financing in the future to complete the CCS project, if implemented;

● the accuracy of estimated costs for the Terminal;

● the accuracy of estimated costs for the CCS project;

● statements that the Terminal and the CCS project, when completed, will have certain characteristics, including amounts of liquefaction capacities and amount of CO₂ reduction;

● the development risks, operational hazards, regulatory approvals applicable to the Terminal’s, the CCS project's and the third-party pipeline's construction and operations activities;

● technological innovation which may lessen our anticipated competitive advantage;

● the global demand for and price of LNG;

● the availability of LNG vessels worldwide;

● changes in legislation and regulations relating to the LNG industry, including environmental laws and regulations that impose significant compliance costs and liabilities;

● global pandemics, including the 2019 novel coronavirus (“COVID-19”) pandemic, and their impact on our business and operating results, including any disruptions in our operations or development of the Terminal and the health and safety of our employees, and on our customers, the global economy and the demand for LNG; 

● risks related to doing business in and having counterparties in foreign countries;

● our ability to maintain the listing of our securities on a securities exchange or quotation medium;

● changes adversely affecting the business in which we are engaged;

● management of growth;

● general economic conditions;

● our ability to generate cash;

● compliance with environmental laws and regulations; and

● the result of future financing efforts and applications for customary tax incentives.

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Should one or more of the foregoing risks or uncertainties materialize in a way that negatively impacts us, or should the underlying assumptions prove incorrect, our actual results may vary materially from those anticipated in our forward-looking statements, and our business, financial condition, and results of operations could be materially and adversely affected.

The forward-looking statements contained in this Quarterly Report on Form 10-Q are made as of the date of this Quarterly Report on Form 10-Q. You should not rely upon forward-looking statements as predictions of future events. In addition, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.

Except as required by applicable law, we do not undertake any obligation to publicly correct or update any forward-looking statements. All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements as well as others made in our most recent Annual Report on Form 10-K as well as other filings we have made and will make with the Securities and Exchange Commission (the “SEC”) and our public communications. You should evaluate all forward-looking statements made by us in the context of these risks and uncertainties.

Overview

NextDecade Corporation engages in development activities related to the liquefaction and sale of LNG and the reduction of CO₂ emissions, in part, through the CCS project. We have focused and continue to focus our development activities on the Terminal and recently announced our planned development of the CCS project (described further under “Recent Developments”).  We have undertaken and continue to undertake various initiatives to evaluate, design and engineer the Terminal and the CCS project that we expect will result in demand for LNG supply at the Terminal, which would enable us to seek construction financing to develop the Terminal and the CCS project. We believe the Terminal possesses competitive advantages in several important areas, including, engineering, design, commercial, regulatory, emission reductions, and gas supply. We submitted a pre-filing request for the Terminal to the Federal Energy Regulatory Commission (the “FERC”) in March 2015 and filed a formal application with the FERC in May 2016. In November 2019, the FERC issued an order authorizing the siting, construction and operation of the Terminal.  We also believe we have robust commercial offtake and gas supply strategies.

Unless the context requires otherwise, references to “NextDecade,” “the Company,” “we,” “us,” and “our” refer to NextDecade Corporation and its consolidated subsidiaries.

Recent Developments

COVID-19 Pandemic and its Effect on our Business

The business environment in which we operate has been impacted by the recent downturn in the energy market as well as the outbreak of COVID-19 and its progression into a pandemic in March 2020.  We have modified and may continue to modify certain business and workforce practices to protect the safety and welfare of our employees.  Furthermore, we have implemented and may continue to implement certain mitigation efforts to ensure business continuity. We will continue to actively monitor the situation and may take further actions altering our business operations that we determine are in the best interests of our employees, customers, partners, suppliers, and stakeholders, or as required by federal, state, or local authorities.  It is not clear what the potential effects any such alterations or modifications may have on our business, including the effects on our customers, employees, and prospects, or on our financial results for fiscal year 2021 or beyond.

NEXT Carbon Solutions

On March 18, 2021, we announced the formation of NEXT Carbon Solutions that is expected to (i) develop one of the largest CCS projects in North America at the Terminal, (ii) advance proprietary processes to lower the cost of utilizing CCS technology, (iii) help other energy companies to reduce their greenhouse gas (“GHG”) emissions associated with the production, transportation, and use of natural gas, and (iv) generate high-quality, verifiable carbon offsets to support companies in their efforts to achieve net-zero emissions. NEXT Carbon Solutions’ CCS project is expected to reduce permitted CO₂ emissions at the Terminal by more than 90 percent without major design changes to the Terminal. 

Series C Convertible Preferred Stock Offering

In March, April and July 2021, we sold an aggregate of 39,500 shares of Series C Convertible Preferred Stock, par value $0.0001 per share (the “Series C Preferred Stock”), at $1,000 per share for an aggregate purchase price of $39.5 million and issued an additional 790 shares of Series C Preferred Stock in aggregate as origination fees. Warrants were issued together with the issuances of the Series C Preferred Stock.

For further descriptions of the Series C Preferred Stock, see Note 8 - Preferred Stock and Common Stock Warrants, and for additional details on the issuances of the Series C Preferred Stock and the transactions in connection therewith, please refer to our Current Reports on Form 8-K filed with the SEC on March 18, 2021, March 29, 2021 and August 2, 2021.

CCS project

On March 25, 2021, we announced the execution of a term sheet with Oxy Low Carbon Ventures (“OLCV”), a subsidiary of Occidental Petroleum Corporation, for the offtake and storage of CO₂ captured from the Terminal. Under the terms of the agreement, OLCV will offtake and transport CO₂ from the Terminal and permanently sequester it in an underground geologic formation in the Rio Grande Valley, where there is believed to be vast CO₂ storage capacity, pursuant to a CO₂ Offtake Agreement and a Sequestration and Monitoring Agreement to be negotiated by the parties.

We have partnered with Mitsubishi Heavy Industries, an experienced developer of post-combustion carbon capture technology, to assist with the planned CCS project at the Terminal.

Terminal

In April 2021, we announced a joint pilot project with Project Canary for the monitoring, reporting, and independent third-party measurement and certification of the GHG intensity of LNG to be sold from the Terminal.

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Rio Grande Site Lease

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 (the "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 30, 2020, 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, 2021 (the “Effective Date”).  The Rio Grande Site Lease Amendment further provides that Rio Grande has the right, exercisable in its sole discretion, to extend the Effective Date to May 6, 2022 by providing the BND with written notice of its election no later than the close of business on the Effective Date.

On April 28, 2021, Rio Grande extended the Effective Date to May 6, 2022.

At-the-Market Program

In August 2021, the Company entered into an at-the-market sales agreement with Virtu Americas LLC (“Virtu”) pursuant to which the Company may sell shares of Company common stock from time to time through Virtu acting as sales agent, for aggregate proceeds of up to $50 million.

Liquidity and Capital Resources

Capital Resources

We have funded and continue to fund the development of the Terminal, CCS project, and general working capital needs through our cash on hand and proceeds from the issuance of equity and equity-based securities.  Our capital resources consisted of approximately $36.7 million of cash and cash equivalents as of September 30, 2021.

Sources and Uses of Cash

The following table summarizes the sources and uses of our cash for the periods presented (in thousands):

	Nine Months Ended
	September 30,
	2021			2020
Operating cash flows	$	(12,252	)	$	(22,746	)
Investing cash flows		(13,056	)		23,306
Financing cash flows		39,443			14,637
Net increase in cash and cash equivalents		14,135			14,197
Cash and cash equivalents – beginning of period		22,608			15,736
Cash and cash equivalents – end of period	$	36,743		$	29,933

Operating Cash Flows

Operating cash outflows during the nine months ended September 30, 2021 and 2020 were $12.3 million and $22.7 million, respectively.  The decrease in operating cash outflows during the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 was due to reduced employee costs and lease costs among other actions taken in response to the COVID-19 pandemic.

Investing Cash Flows

Investing cash outflows during the nine months ended September 30, 2021 were $13.1 million and investing cash inflows during the nine months ended September 30, 2020 were $23.3 million. The investing cash outflows during the nine months ended September 30, 2021 were primarily the result of cash used in the development of the Terminal and CCS project of $13.1 million. The investing cash inflows during the nine months ended September 30, 2020 were primarily the result of the sale of  $62.0 million of investment securities partially offset by cash used in the development of the Terminal of $39.5 million.

Financing Cash Flows

Financing cash inflows during the nine months ended September 30, 2021 and 2020 were $39.4 million and $14.6 million, respectively. For the nine months ended September 30, 2021 financing cash inflows were primarily the result of proceeds from the sale of Series C Preferred Stock.  For the nine months ended September 30, 2020 financing cash inflows were primarily the result of $15.0 million of proceeds from the sale of Rio Bravo.

13

Pre-FID Liquidity

In 2021, we expect to incur $39 million on pre-FID development activities in support of the Terminal and the CCS project. Approximately $10 million and $27 million of these costs were incurred in the three and nine months ended September 30, 2021, respectively.  

Capital Development Activities

We are primarily engaged in developing the Terminal and the CCS project, which may require additional capital to support further project development, engineering, regulatory approvals and compliance, and commercial activities in advance of a FID made to finance and construct the Terminal and CCS project. Even if successfully completed, the Terminal will not begin to operate and generate significant cash flows until at least several years from now. Construction of the Terminal and CCS project would not begin until, among other requirements for project financing, all required federal, state and local permits have been obtained. As a result, our business success will depend, to a significant extent, upon our ability to obtain the funding necessary to construct the Terminal and CCS project, to bring them into operation on a commercially viable basis and to finance our staffing, operating and expansion costs during that process.

We have engaged SG Americas Securities, LLC (a business unit of Société Générale) and Macquarie Capital (USA) Inc. to advise and assist us in raising capital for post-FID construction activities.

We currently expect that the long-term capital requirements for the Terminal and the CCS project will be financed predominately through project financing and proceeds from future debt and equity offerings by us. There can be no assurance that we will succeed in securing additional debt and/or equity financing in the future to complete the Terminal and CCS project or, if successful, that the capital we raise will not be expensive or dilutive to stockholders. Additionally, if these types of financing are not available, we will be required to seek alternative sources of financing, which may not be available on terms acceptable to us, if at all.

Contractual Obligations

There have been no material changes to our contractual obligations from those disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

14

Results of Operations

The following table summarizes costs, expenses and other income for the periods indicated (in thousands):

	For the Three Months Ended									For the Nine Months Ended
	September 30,									September 30,
	2021			2020			Change			2021			2020			Change
Revenues	$	—		$	—		$	—		$	—		$	—		$	—
General and administrative expense		2,937			5,069			(2,132	)		10,840			16,582			(5,742	)
Land option and lease expense		240			423			(183	)		678			1,281			(603	)
Depreciation expense		43			65			(22	)		136			146			(10	)
Operating loss		(3,220	)		(5,557	)		2,337			(11,654	)		(18,009	)		6,355
Gain (loss) on common stock warrant liabilities		4,442			(1,627	)		6,069			(2,363	)		6,147			(8,510	)
Loss on redemption of investment securities		—			—			—			—			(412	)		412
Interest income, net		—			7			(7	)		2			241			(239	)
Other		—			(1	)		1			(1	)		(17	)		16
Net income (loss) attributable to NextDecade Corporation		1,222			(7,178	)		8,400			(14,016	)		(12,050	)		(1,966	)
Preferred stock dividends		(5,264	)		(3,613	)		(1,651	)		(13,015	)		(10,565	)		(2,450	)
Deemed dividends on Series A Convertible Preferred Stock		(16	)		(16	)		—			(47	)		(113	)		66
Net loss attributable to common stockholders	$	(4,058	)	$	(10,807	)	$	6,749		$	(27,078	)	$	(22,728	)	$	(4,350	)

Our consolidated net loss was $4.1 million, or $0.03 per common share (basic and diluted), for the three months ended September 30, 2021 compared to a net loss of $10.8 million, or $0.09 per common share (basic and diluted), for the three months ended September 30, 2020.  The  $6.7 million decrease in net loss was primarily a result of a gain on common stock warrant liabilities and a  decrease in general and administrative expenses partially offset by an increase in preferred stock dividends.

Our consolidated net loss was $27.1 million, or $0.23 per common share (basic and diluted), for the nine months ended September 30, 2021 compared to a net loss of $22.7 million, or $0.19 per common share (basic and diluted), for the nine months ended September 30, 2020. The $4.4 million increase in net loss was primarily a result of an increase in the loss on common stock warrant liabilities and preferred stock dividends partially offset by a decrease in general and administrative expenses.

General and administrative expense during the three months ended September 30, 2021 decreased $2.1 million compared to the same period in 2020 primarily due to a decrease in share-based compensation expense of $3.5 million partially offset by increases in salaries and wages, professional fees, travel expenses, and IT and communications in the aggregate of $1.4 million. The increase in salaries and wages, professional fees, travel expense, and IT and communications is primarily due to additional head count added during 2021.

General and administrative expense during the nine months ended September 30, 2021 decreased $5.7 million compared to the same period in 2020 primarily due to decreases in share-based compensation expense, professional fees, travel expenses and IT and communications expenses in the aggregate of $7.0 million partially offset by an increase in salaries and wages of $1.2 million. 

Gain (loss) on common stock warrant liabilities for the three and nine months ended September 30, 2021 and 2020 is primarily due to changes in the share price of Company common stock and an increase in the number of common stock warrants outstanding with the issuance of Series C Preferred Stock. 

Preferred stock dividends for the three months ended September 30, 2021 of $5.3 million consisted of dividends paid-in kind with the issuance of 2,089 additional shares of Series A Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”), 1,993 additional shares of Series B Convertible Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock”), and 1,159 additional shares of Series C Preferred Stock, compared to preferred stock dividends of $3.6 million for the three months ended September 30, 2020 that consisted of dividends paid-in kind with the issuance of 1,789 and 1,757 additional shares of Series A Preferred Stock and Series B Preferred Stock, respectively.

Preferred stock dividends for the nine months ended September 30, 2021 of $13.0 million consisted of dividends paid-in kind with the issuance of 6,045 additional shares of Series A Preferred Stock, 5,761  additional shares of Series B Preferred Stock and 1,159 additional shares of Series C Preferred Stock compared to preferred stock dividends of $10.6 million for the nine months ended September 30, 2020 that consisted of dividends paid-in kind with the issuance of 5,389 additional shares of Series A Preferred Stock and 5,135 additional shares of Series B Preferred Stock.

Deemed dividends on the Series A Preferred Stock for the three and nine months ended September 30, 2021 and 2020 represents the accretion of the beneficial conversion feature associated with the Series A Preferred Stock issued in the third quarter of 2018.

15

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements as of September 30, 2021.

Summary of Critical Accounting Estimates

The preparation of our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make certain estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. There have been no significant changes to our critical accounting estimates from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our “disclosure controls and procedures,” as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the fiscal quarter ended September 30, 2021. Based on this evaluation, our principal executive officer and principal financial officer have concluded that, as of September 30, 2021, our disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

During the most recent fiscal quarter, there were no changes in our internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

16

PART II – OTHER INFORMATION

Item 1.   Legal Proceedings

None.

Item 1A. Risk Factors

The information presented below updates, and should be read in conjunction with, the risk factors disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Except as presented below, there were no changes to the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

Technological innovation, competition or other factors may negatively impact our anticipated competitive advantage or our processes. 

Our success will depend on our ability to create and maintain a competitive position in the natural gas liquefaction industry. We do not have any exclusive rights to any of the LNG technologies that we will be utilizing. In addition, the LNG technology we anticipate using in the Terminal may face competition due to the technological advances of other companies or solutions, including more efficient and cost-effective processes or entirely different approaches developed by one or more of our competitors or others.

The technology we intend to use in our carbon capture and storage project at the Terminal to reduce expected carbon dioxide emissions at the Terminal may not achieve expected results.

17

Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds

Issuances of Unregistered Securities

On July 7, 2021, pursuant to the terms of the Common Stock Purchase Agreement, dated as of October 24, 2019, by and between the Company and Ninteenth Investment Company LLC (“Ninteenth”), the Company issued 398,725 shares of Company common stock to Ninteenth.

During the three months ended September 30, 2021, the Company issued an aggregate of 1,485,198 shares of Company common stock to warrant holders who exercised outstanding warrants pursuant to the warrants’ cashless exercise provision. These warrants had an exercise price of $0.01 per share. The warrants were originally issued to purchasers of our Series A Preferred Stock and Series B Preferred Stock in August and September 2018.

All of the shares of Company common stock described in this Item 2 were issued in transactions exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof as transactions by an issuer not involving any public offering.

Purchases of Equity Securities by the Issuer

The following table summarizes stock repurchases for the three months ended September 30, 2021:

Period	Total Number of Shares Purchased (1)		Average Price Paid Per Share (2)		Total Number of Shares Purchased as a Part of Publicly Announced Plans		Maximum Number of Units That May Yet Be Purchased Under the Plans
July 2021		13,696	$	4.00		—		—
August 2021		—		—		—		—
September 2021		30,270		2.76		—		—

⁽¹⁾ Represents shares of Company common stock surrendered to us by participants in the 2017 Plan to settle the participants’ personal tax liabilities that resulted from the lapsing of restrictions on shares awarded to the participants under the 2017 Plan.

⁽²⁾ The price paid per share of Company common stock was based on the closing trading price of such stock on the dates on which we repurchased shares of Company common stock from the participants under the 2017 Plan.

Item 3.   Defaults Upon Senior Securities

None.

Item 4.   Mine Safety Disclosures

Not applicable.

Item 5.   Other Information

None.

18

Item 6. Exhibits 

Exhibit No.	Description
3.1(1)	Second Amended and Restated Certificate of Incorporation of NextDecade Corporation, dated July 24, 2017.
3.2(2)	Amended and Restated Bylaws of NextDecade Corporation, dated July 24, 2017.
3.3(3)	Certificate of Designations of Series A Convertible Preferred Stock, dated August 9, 2018.
3.4(4)	Certificate of Designations of Series B Convertible Preferred Stock, dated September 28, 2018.
3.5(5)	Certificate of Designations of Series C Convertible Preferred Stock, dated March 17, 2021.
3.6(6)	Certificate of Amendment to Certificate of Designations of Series A Convertible Preferred Stock, dated July 12, 2019.
3.7(7)	Certificate of Amendment to Certificate of Designations of Series B Convertible Preferred Stock, dated July 12, 2019.
3.8(8)	Certificate of Increase to Certificate of Designations of Series A Convertible Preferred Stock of NextDecade Corporation, dated July 15, 2019.
3.9(9)	Certificate of Increase to Certificate of Designations of Series B Convertible Preferred Stock of NextDecade Corporation, dated July 15, 2019.
3.10(10)	Amendment No. 1 to the Amended and Restated Bylaws of NextDecade Corporation.
31.1*	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH*	Inline XBRL Taxonomy Extension Schema Document.
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

⁽¹⁾ Incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K, filed July 28, 2017.

⁽²⁾ Incorporated by reference to Exhibit 3.2 of the Registrant’s Current Report on Form 8-K, filed July 28, 2017.

⁽³⁾ Incorporated by reference to Exhibit 4.3 of the Registrant’s Registration Statement on Form S-3, filed December 20, 2018.

(4)	Incorporated by reference to Exhibit 3.4 of the Registrant’s Quarterly Report on Form 10-Q, filed November 9, 2018.
(5)	Incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K, filed March 18, 2021.

(6)	Incorporated by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8-K, filed July 15, 2019.
(7)	Incorporated by reference to Exhibit 3.2 of the Registrant's Current Report on Form 8-K, filed July 15, 2019.
(8)	Incorporated by reference to Exhibit 3.7 of the Registrant's Quarterly Report on Form 10-Q, filed August 6, 2019.
(9)	Incorporated by reference to Exhibit 3.8 of the Registrant's Quarterly Report on Form 10-Q, filed August 6, 2019.
(10)	Incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K, filed March 4, 2021.

^* Filed herewith.

^** Furnished herewith.

19

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	NEXTDECADE CORPORATION
Date:  November 10, 2021	By:	/s/ Matthew K. Schatzman
		Matthew K. Schatzman
		Chairman of the Board and Chief Executive Officer
		(Principal Executive Officer)

Date:  November 10, 2021	By:	/s/ Brent E. Wahl
		Brent E. Wahl
		Chief Financial Officer
		(Principal Financial Officer)

20

EX-31.1

Exhibit 31.1

CERTIFICATION BY CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a) AND 15d-14(a) UNDER THE EXCHANGE ACT

I, Matthew K. Schatzman, certify that:

1.     I have reviewed this Quarterly Report on Form 10-Q of NextDecade Corporation;

2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.     The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)     Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)     Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d)     Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.     The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 10, 2021	/s/ Matthew K. Schatzman
	Matthew K. Schatzman
	Chairman of the Board and Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION BY CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13a-14(a) AND 15d-14(a) UNDER THE EXCHANGE ACT 

I, Brent E. Wahl, certify that:

1.     I have reviewed this Quarterly Report on Form 10-Q of NextDecade Corporation;

2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.     The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)     Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)     Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d)     Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.     The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 10, 2021	/s/ Brent E. Wahl
	Brent E. Wahl
	Chief Financial Officer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Matthew K. Schatzman, Chairman of the Board and Chief Executive Officer of NextDecade Corporation (the “Company”), hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended September 30, 2021 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

November 10, 2021	/s/ Matthew K. Schatzman
	Matthew K. Schatzman
	Chairman of the Board and Chief Executive Officer (Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Brent E. Wahl, Chief Financial Officer of NextDecade Corporation (the “Company”), hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended September 30, 2021 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

November 10, 2021	/s/ Brent E. Wahl
	Brent E. Wahl
	Chief Financial Officer (Principal Financial Officer)

XML

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 08, 2021
Document Information [Line Items]
Entity Central Index Key	0001612720
Entity Registrant Name	NextDecade Corp.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-36842
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5723951
Entity Address, Address Line One	1000 Louisiana Street, Suite 3900
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	574-1880
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	NEXT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		123,829,640

XML

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 36,743	$ 22,608
Prepaid expenses and other current assets	883	670
Total current assets	37,626	23,278
Property, plant and equipment, net	170,431	161,662
Operating lease right-of-use assets, net	727	429
Other non-current assets, net	19,903	16,299
Total assets	228,687	201,668
Current liabilities
Accounts payable	744	207
Share-based compensation liability	182	182
Accrued liabilities and other current liabilities	5,306	1,032
Current common stock warrant liabilities	1,330	3,290
Current operating lease liabilities	579	432
Total current liabilities	8,141	5,143
Non-current common stock warrant liabilities	2,463	874
Non-current operating lease liabilities	169	0
Other non-current liabilities	23,000	22,916
Total liabilities	33,773	28,933
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock, $0.0001 par value Authorized: 480.0 million shares at September 30, 2021 and December 31, 2020 Issued and outstanding: 120.7 million shares and 117.8 million shares at September 30, 2021 and December 31, 2020, respectively	12	12
Treasury stock: 344,459 shares and 249,742 shares at September 30, 2021 and December 31, 2020, respectively, at cost	(1,310)	(1,031)
Preferred stock, $0.0001 par value Authorized: 0.8 million, after designation of the Convertible Preferred Stock Issued and outstanding: none at September 30, 2021 and December 31, 2020	0	0
Additional paid-in-capital	195,136	209,481
Accumulated deficit	(162,046)	(148,030)
Total stockholders’ equity	31,792	60,432
Total liabilities, convertible preferred stock and stockholders’ equity	228,687	201,668
Series A Convertible Preferred Stock [Member]
Current liabilities
Convertible Preferred Stock	61,614	55,522
Series B Convertible Preferred Stock [Member]
Current liabilities
Convertible Preferred Stock	62,542	56,781
Series C Convertible Preferred Stock [Member]
Current liabilities
Convertible Preferred Stock	$ 38,966	$ 0

XML

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Sep. 30, 2021	Dec. 31, 2020
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	480,000	480,000
Common stock, shares issued (in shares)	120,700	117,800
Common stock, shares outstanding (in shares)	120,700	117,800
Treasury stock, shares (in shares)	344,459,000	249,742,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	800	800
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Series A Convertible Preferred Stock [Member]
Temporary equity, liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Temporary equity, shares issued (in shares)	71,552	65,507
Temporary equity, shares outstanding (in shares)	71,552	65,507
Series B Convertible Preferred Stock [Member]
Temporary equity, liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Temporary equity, shares issued (in shares)	68,783	62,612
Temporary equity, shares outstanding (in shares)	68,783	62,612
Series C Convertible Preferred Stock [Member]
Temporary equity, liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Temporary equity, shares issued (in shares)	41,449	0
Temporary equity, shares outstanding (in shares)	41,449	0

XML

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues	$ 0	$ 0	$ 0	$ 0
Operating expenses
General and administrative expense	2,937	5,069	10,840	16,582
Land option and lease expense	240	423	678	1,281
Depreciation expense	43	65	136	146
Total operating expenses	3,220	5,557	11,654	18,009
Total operating loss	(3,220)	(5,557)	(11,654)	(18,009)
Other income (expense)
Gain (loss) on common stock warrant liabilities	4,442	(1,627)	(2,363)	6,147
Loss on redemption of investment securities	0	0	0	(412)
Interest income, net	0	7	2	241
Other	0	(1)	(1)	(17)
Total other income (expense)	4,442	(1,621)	(2,362)	5,959
Net income (loss) attributable to NextDecade Corporation	1,222	(7,178)	(14,016)	(12,050)
Preferred stock dividends	(5,264)	(3,613)	(13,015)	(10,565)
Deemed dividends on Series A Convertible Preferred Stock	(16)	(16)	(47)	(113)
Net loss attributable to common stockholders	$ (4,058)	$ (10,807)	$ (27,078)	$ (22,728)
Net loss per common share - basic and diluted (in dollars per share)	$ (0.03)	$ (0.09)	$ (0.23)	$ (0.19)
Weighted average shares outstanding - basic and diluted (in shares)	119,374	117,564	118,677	117,450

XML

Consolidated Statement of Stockholders' Equity and Convertible Preferred Stock (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Series A Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]	Series C Convertible Preferred Stock [Member]	Total
Balance (in shares) at Dec. 31, 2019	117,329	137
Balance at Dec. 31, 2019	$ 12	$ (685)	$ 224,091	$ (133,701)	$ 48,084	$ 49,814		$ 89,717
Share-based compensation	$ 0	$ 0	(606)	0	0	0		(606)
Restricted stock vesting (in shares)	496	0
Shares repurchased related to share-based compensation (in shares)	(105)	105
Shares repurchased related to share-based compensation	$ 0	$ (322)	0	0	0	0		(322)
Preferred stock dividends	0	0	(10,565)	0				(10,565)
Deemed dividends - accretion of beneficial conversion feature	0	0	(113)	0	113	0		(113)
Net income (loss)	0	0	0	(12,050)	0	0		(12,050)
Restricted stock vesting	$ 0	$ 0	0	0	0	0		0
Preferred stock dividends					5,389	5,135		10,565
Balance (in shares) at Sep. 30, 2020	117,720	242
Balance at Sep. 30, 2020	$ 12	$ (1,007)	212,807	(145,751)	53,586	54,949		66,061
Balance (in shares) at Jun. 30, 2020	117,492	178
Balance at Jun. 30, 2020	$ 12	$ (796)	215,807	(138,573)	51,727	53,192		76,450
Share-based compensation	$ 0	$ 0	629	0	0	0		629
Restricted stock vesting (in shares)	292	0
Shares repurchased related to share-based compensation (in shares)	(64)	64
Shares repurchased related to share-based compensation	$ 0	$ (211)	0	0	0	0		(211)
Preferred stock dividends	0	0	(3,613)	0	1,843	1,757		(3,613)
Deemed dividends - accretion of beneficial conversion feature	0	0	(16)	0	16	0		(16)
Net income (loss)	0	0	0	(7,178)	0	0		(7,178)
Restricted stock vesting	$ 0	$ 0	0	0	0	0		0
Preferred stock dividends								3,613
Balance (in shares) at Sep. 30, 2020	117,720	242
Balance at Sep. 30, 2020	$ 12	$ (1,007)	212,807	(145,751)	53,586	54,949		66,061
Balance (in shares) at Dec. 31, 2020	117,829	249
Balance at Dec. 31, 2020	$ 12	$ (1,031)	209,481	(148,030)	55,522	56,781		60,432
Share-based compensation			(5,799)					(5,799)
Restricted stock vesting (in shares)	590
Shares repurchased related to share-based compensation (in shares)	(95)	95
Shares repurchased related to share-based compensation		$ (279)						(279)
Issuance of common stock, net (in shares)	116
Issuance of common stock, net			151				$ 37,807	151
Stock dividend (in shares)	798
Exercise of common stock warrants (in shares)	1,485
Exercise of common stock warrants			4,365					4,365
Preferred stock dividends			(13,015)		6,045	5,761	1,159	(13,015)
Deemed dividends - accretion of beneficial conversion feature			(47)		47			(47)
Net income (loss)				(14,016)				(14,016)
Issuance of common stock, net (in shares)	116
Issuance of common stock, net			151				37,807	151
Exercise of common stock warrants (in shares)	1,485
Exercise of common stock warrants			4,365					4,365
Preferred stock dividends								13,015
Balance (in shares) at Sep. 30, 2021	120,723	344
Balance at Sep. 30, 2021	$ 12	$ (1,310)	195,136	(162,046)	61,614	62,542	38,966	31,792
Balance (in shares) at Jun. 30, 2021	118,482	300
Balance at Jun. 30, 2021	$ 12	$ (1,171)	199,553	(163,268)	59,509	60,549	33,173	35,126
Share-based compensation			(3,653)					(3,653)
Restricted stock vesting (in shares)	285
Shares repurchased related to share-based compensation (in shares)	(44)	44
Shares repurchased related to share-based compensation		$ (139)						(139)
Issuance of common stock, net (in shares)	116
Issuance of common stock, net			151				4,634	$ 151
Stock dividend (in shares)	399	0
Exercise of common stock warrants (in shares)	1,485							1,500
Exercise of common stock warrants			4,365					$ 4,365
Preferred stock dividends			(5,264)		2,089	1,993	1,159	(5,264)
Deemed dividends - accretion of beneficial conversion feature			(16)		16			(16)
Net income (loss)				1,222				1,222
Issuance of common stock, net (in shares)	116
Issuance of common stock, net			151				4,634	$ 151
Exercise of common stock warrants (in shares)	1,485							1,500
Exercise of common stock warrants			4,365					$ 4,365
Preferred stock dividends								5,264
Balance (in shares) at Sep. 30, 2021	120,723	344
Balance at Sep. 30, 2021	$ 12	$ (1,310)	$ 195,136	$ (162,046)	$ 61,614	$ 62,542	$ 38,966	$ 31,792

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net loss attributable to NextDecade Corporation	$ (14,016)	$ (12,050)
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation	136	146
Share-based compensation expense (forfeiture)	(5,571)	(759)
Loss (gain) on common stock warrant liabilities	2,363	(6,147)
Realized loss on investment securities	0	423
Amortization of right-of-use assets	414	984
Amortization of other non-current assets	1,062	1,042
Changes in operating assets and liabilities:
Prepaid expenses	(234)	61
Accounts payable	76	(478)
Operating lease liabilities	(396)	(710)
Accrued expenses and other liabilities	3,914	(5,258)
Net cash used in operating activities	(12,252)	(22,746)
Investing activities:
Acquisition of property, plant and equipment	(8,390)	(30,088)
Acquisition of other non-current assets	(4,666)	(9,390)
Proceeds from sale of investment securities	0	61,972
Purchase of investment securities	0	(188)
Net cash (used in) provided by investing activities	(13,056)	22,306
Financing activities:
Proceeds from sale of Rio Bravo	0	15,000
Proceeds from sale of Series C Convertible Preferred Stock	39,500	0
Proceeds from sale of common stock	389	0
Equity issuance costs	(117)	0
Preferred stock dividends	(50)	(41)
Shares repurchased related to share-based compensation	(279)	(322)
Net cash provided by financing activities	39,443	14,637
Net increase in cash and cash equivalents	14,135	14,197
Cash and cash equivalents – beginning of period	22,608	15,736
Cash and cash equivalents – end of period	36,743	29,933
Non-cash investing activities:
Accounts payable for acquisition of property, plant and equipment	329	479
Accrued liabilities for acquisition of property, plant and equipment	996	382
Pipeline assets obtained in exchange for other non-current liabilities	84	6,670
Non-cash financing activities:
Paid-in-kind dividends on Convertible Preferred Stock	12,965	10,524
Accretion of deemed dividends on Series A Convertible Preferred Stock	47	113
Accounts payable for equity issuance costs	148	0
Accrued liabilities for equity issuance costs	$ 35	$ 0

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Note 1 - Background and Basis of Presentation

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

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 reduction of CO₂ emissions. 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 a carbon capture and storage project at the Terminal (the “CCS project”). 

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, 2020. 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, 2021 are not necessarily indicative of the operating results for the full year.

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Note 2 - Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

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,
	2021		2020
Prepaid subscriptions	$	203	$	29
Prepaid insurance		389		314
Prepaid marketing and sponsorships		60		60
Other		231		267
Total prepaid expenses and other current assets	$	883	$	670

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Note 3 - Sale of Equity Interests in Rio Bravo

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

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, 2021.

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Note 4 - Property, Plant and Equipment

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

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,
	2021			2020
Fixed Assets
Computers	$	487		$	487
Furniture, fixtures, and equipment		464			464
Leasehold improvements		101			101
Total fixed assets		1,052			1,052
Less: accumulated depreciation		(797	)		(660	)
Total fixed assets, net		255			392
Project Assets (not placed in service)
Terminal		149,160			140,253
Pipeline		21,016			21,017
Total Terminal and Pipeline assets		170,176			161,270
Total property, plant and equipment, net	$	170,431		$	161,662

Depreciation expense was $43 thousand and $65 thousand for the three months ended  September 30, 2021 and 2020, respectively, and $136 thousand and $146 thousand for the nine months ended September 30, 2021 and 2020, respectively.

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Note 5 - Leases

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 5 — Leases

Our leased assets primarily consist of office space and land sites. 

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

	September 30,		December 31,
	2021		2020
Office leases	$	727	$	429
Total operating lease right-of-use assets, net	$	727	$	429

Operating lease liabilities are as follows (in thousands):

	September 30,		December 31,
	2021		2020
Office leases	$	579	$	432
Total current lease liabilities	$	579	$	432
Non-current office leases		169		—
Total lease liabilities	$	748	$	432

Operating lease expense is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Office leases	$	156	$	238	$	470	$	691
Land leases		—		113		—		332
Total operating lease expense		156		351		470		1,023
Short-term lease expense		84		72		208		249
Land option expense		—		—		—		9
Total land option and lease expense	$	240	$	423	$	678	$	1,281

Maturity of operating lease liabilities as of September 30, 2021 are as follows (in thousands, except lease term and discount rate):

2021 (remaining)	$	115
2022		690
2023		—
2024		—
2025		—
Thereafter		—
Total undiscounted lease payments		805
Discount to present value		(57	)
Present value of lease liabilities	$	748
Weighted average remaining lease term - years		1.2
Weighted average discount rate - percent		12.0

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

 

	Nine Months Ended September 30,
	2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities:
Cash flows from operating activities	$	509	$	600
Noncash right-of-use assets recorded for operating lease liabilities:
In exchange for new operating lease liabilities during the period		712		605

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Note 6 - Other Non-current Assets

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

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,
	2021		2020
Permitting costs(1)	$	7,409	$	7,385
Enterprise resource planning system, net		743		1,805
Rio Grande Site Lease initial direct costs		11,751		7,109
Total other non-current assets, net	$	19,903	$	16,299

⁽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.

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Note 7 - Accrued Liabilities and Other Current Liabilities

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

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,
	2021		2020
Employee compensation expense	$	3,725	$	14
Terminal costs		996		650
Accrued legal services		42		5
Other accrued liabilities		543		363
Total accrued liabilities and other current liabilities	$	5,306	$	1,032

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Note 8 - Preferred Stock and Common Stock Warrants

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

PreferredStockAndWarrants [Text Block]

Note 8 – Preferred Stock and Common Stock Warrants

Preferred Stock

In August 2018, we sold an aggregate of 50,000 shares of Series A Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock), at $1,000 per share for an aggregate purchase price of $50 million and we issued an additional 1,000 shares of Series A Preferred Stock in aggregate as origination fees to the purchasers of the Series A Preferred Stock. 

In September 2018, we sold an aggregate of 29,055 shares of Series B Convertible Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock”), at $1,000 per share for an aggregate purchase price of $29.055 million and we issued an additional 581 shares of Series B Preferred Stock in aggregate as origination fees to the purchasers of the Series B Preferred Stock.

In May 2019, we sold an aggregate of 20,945 shares of Series B Preferred Stock at $1,000 per share for an aggregate purchase price of $20.945 million and we issued an additional 418 shares of Series B Preferred Stock in aggregate as origination fees to the purchasers of such shares of Series B Preferred Stock. 

In March 2021, we sold an aggregate of 24,500 shares of Series C Convertible Preferred Stock, par value $0.0001 per share (the “Series C Preferred Stock” and, together with the Series A Preferred Stock and the Series B Preferred Stock, the “Convertible Preferred Stock”), at $1,000 per share for an aggregate purchase price of $24.5 million and we issued an additional 490 shares of Series C Preferred Stock in aggregate as origination fees to the purchasers of the Series C Preferred Stock.

In April 2021, we sold 10,000 shares of Series C Preferred Stock, at $1,000 per share for a purchase price of $10 million and we issued an additional 200 shares of Series C Preferred Stock as an origination fee to the purchaser of the Series C Preferred Stock.

In July 2021, we sold 5,000 shares of Series C Preferred Stock, at $1,000 per share for a purchase price of $5 million and we issued an additional 100 shares of Series C Preferred Stock as an origination fee to the purchaser of the Series C Preferred Stock.

Warrants, exercisable for Company common stock, were issued together with the shares of Convertible Preferred Stock (collectively, “Common Stock Warrants”).

The shares of Convertible Preferred Stock bear dividends at a rate of 12% per annum, which are cumulative and accrue daily from the respective dates of issuance on the $1,000 stated value. Such dividends are payable quarterly and may be paid in cash or in-kind. During the nine months ended September 30, 2021 and 2020, the Company paid-in-kind $13.0 million and $10.5 million of dividends, respectively, to the holders of the Convertible Preferred Stock.  On October 12, 2021, the Company declared dividends to the holders of the Convertible Preferred Stock as of the close of business on September 15, 2021.  On October 15, 2021, the Company paid-in-kind $5.3 million of dividends to the holders of the Convertible Preferred Stock.

As of September 30, 2021, shares of Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock were convertible into shares of Company common stock at a weighted average conversion price of $6.54 per share, $6.57 per share and $3.29 per share, respectively.

Initial Fair Value Allocation

Net proceeds from the sales of Series C Preferred Stock were allocated on a fair value basis to the warrants issued together with the shares of the Series C Preferred Stock and on a relative fair value basis to the Series C Preferred Stock. The allocation of net cash proceeds from the sale of Series C Preferred Stock is as follows (in thousands):

				Allocation of Proceeds
						Series C
				Series C		Preferred
				Warrants		Stock
Gross proceeds	$	39,500
Equity issuance costs		(61	)
Net proceeds - Initial Fair Value Allocation	$	39,439		$	1,631	$	37,808
Per balance sheet upon issuance				$	1,631	$	37,808

Common Stock Warrants

The Company revalues the Common Stock Warrants at each balance sheet date and recognized a gain of $4.4 million and a loss of $1.6 million during the three months ended September 30, 2021 and 2020, respectively, and a loss of $2.4 million and a gain of $6.1 million during the nine months ended September 30, 2021 and 2020, respectively.  The Common Stock Warrant liabilities are included in Level 3 of the fair value hierarchy.

The Company used a Monte Carlo simulation model to estimate the fair value of the Common Stock Warrants using the following assumptions:

	September 30,			December 31,
	2021			2020
Stock price	$	2.78		$	2.09
Exercise price	$	0.01		$	0.01
Risk-free rate		0.5	%		0.1	%
Volatility		58.2	%		58.6	%
Term (years)		1.9			0.8

Beneficial Conversion Feature

ASC 470-20-20 – Debt – Debt with conversion and Other Options (“ASC 470-20”) defines a beneficial conversion feature (“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 Company is 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. 

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Note 9 - Shareholders' Equity

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Common Stock Purchase Agreement

On October 24, 2019, the Company entered into a Common Stock Purchase Agreement with Ninteenth Investment Company LLC, an affiliate of Mubadala Investment Company PJSC (the “Purchaser”).  During the three and nine months ended September 30, 2021, the Company issued an additional 399 thousand and 798 thousand shares of Company common stock, respectively, to the Purchaser pursuant to the terms of the Common Stock Purchase Agreement.

At-the-Market Program

In August 2021, the Company entered into an at-the-market sales agreement with Virtu Americas LLC (“Virtu”) pursuant to which the Company may sell shares of Company common stock from time to time through Virtu acting as sales agent, for aggregate proceeds of up to $50 million.  During the three and nine months ended September 30, 2021, the Company sold approximately 0.1 million shares for proceeds of approximately $0.4 million.

Common Stock Warrants

During the three months ended September 30, 2021, Common Stock Warrants were exercised by certain holders of Series A Preferred Stock and Series B Preferred Stock.  In connection with the exercises of Common Stock Warrants, the Company issued an aggregate of approximately 1.5 million shares of Company common stock.  

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Note 10 - Net Loss Per Share

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

The following table (in thousands, except for loss per share) reconciles basic and diluted weighted average common shares outstanding for each of the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Weighted average common shares outstanding:
Basic		119,374			117,564			118,677			117,450
Dilutive unvested stock, convertible preferred stock, Common Stock Warrants and IPO Warrants		—			—			—			—
Diluted		119,374			117,564			118,677			117,450
Basic and diluted net loss per share attributable to common stockholders	$	(0.03	)	$	(0.09	)	$	(0.23	)	$	(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,
	2021		2020		2021		2020
Unvested stock (1)		1,831		848		1,581		993
Convertible preferred stock		34,095		16,869		29,174		16,386
Common Stock Warrants		2,510		1,979		2,486		1,972
IPO Warrants(2)		12,082		12,082		12,082		12,082
Total potentially dilutive common shares		50,518		31,778		45,323		31,433

⁽¹⁾ Does not include 8.3 million shares for each of the three and nine months ended September 30, 2021 and 3.0 million shares for each of the three and nine months ended September 30, 2020, of unvested stock because the performance conditions had not yet been satisfied as of September 30, 2021 and 2020, respectively. 

⁽²⁾ 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. 

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Note 11 - Share-based Compensation

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

Note 11 — Share-based Compensation

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,
	2021			2020		2021			2020
Share-based compensation:
Equity awards	$	(3,653	)	$	629	$	(5,799	)	$	(606	)
Liability awards		—			—		—			—
Total share-based compensation		(3,653	)		629		(5,799	)		(606	)
Capitalized share-based compensation		944			211		228			(153	)
Total share-based compensation expense	$	(2,709	)	$	840	$	(5,571	)	$	(759	)

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Note 12 - Income Taxes

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

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, 2021 and December 31, 2020. 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, 2021 or 2020.

In response to the global pandemic related to COVID-19, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020 and the Consolidated Appropriations Act, 2021 (the “CAA”) on December 27, 2020. The CARES Act and the CAA provide numerous relief provisions for corporate taxpayers, including modification of the utilization limitations on NOLs, favorable expansions of the deduction for business interest expense under Internal Revenue Code Section 163(j), and the ability to accelerate timing of refundable alternative minimum tax credits. For the three and nine months ended September 30, 2021, there were no material tax impacts to our consolidated financial statements from the CARES Act, the CAA or other COVID-19 measures.  The Company continues to monitor additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service and others.

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Note 13 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note 13 — Commitments and Contingencies

Rio Grande Site Lease

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 30, 2020, 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, 2021 (the “Effective Date”). The Rio Grande Site Lease Amendment further provides that Rio Grande has the right, exercisable in its sole discretion, to extend the Effective Date to May 6, 2022 by providing the BND with written notice of its election no later than the close of business on the Effective Date.  On April 28, 2021, Rio Grande delivered a notice to the Port of Brownsville electing to extend the Effective Date of the Rio Grande Site Lease Amendment to May 6, 2022.

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.

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.

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, 2021, 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.

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Note 14 - Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

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 not been adopted by the Company as of September 30, 2021:

Standard	Description	Expected 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	We plan to adopt this standard using the modified retrospective approach.  Preliminarily, we anticipate the adoption of ASU 2020-06 will not have an effect on our consolidated financial statements.

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Note 15 - Subsequent Events

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Subsequent Events [Text Block]

The Company has evaluated subsequent events through November 10, 2021, the date the financial statements were issued. Any material subsequent events that occurred during this time have been properly recognized and/or disclosed in these financial statements.

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

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, 2020. 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, 2021 are not necessarily indicative of the operating results for the full year.

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

9 Months Ended

Sep. 30, 2021

Notes Tables

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

	September 30,		December 31,
	2021		2020
Prepaid subscriptions	$	203	$	29
Prepaid insurance		389		314
Prepaid marketing and sponsorships		60		60
Other		231		267
Total prepaid expenses and other current assets	$	883	$	670

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Note 4 - Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2021

Notes Tables

Property, Plant and Equipment [Table Text Block]

	September 30,			December 31,
	2021			2020
Fixed Assets
Computers	$	487		$	487
Furniture, fixtures, and equipment		464			464
Leasehold improvements		101			101
Total fixed assets		1,052			1,052
Less: accumulated depreciation		(797	)		(660	)
Total fixed assets, net		255			392
Project Assets (not placed in service)
Terminal		149,160			140,253
Pipeline		21,016			21,017
Total Terminal and Pipeline assets		170,176			161,270
Total property, plant and equipment, net	$	170,431		$	161,662

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Note 5 - Leases (Tables)

9 Months Ended

Sep. 30, 2021

Notes Tables

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

	September 30,		December 31,
	2021		2020
Office leases	$	727	$	429
Total operating lease right-of-use assets, net	$	727	$	429

	September 30,		December 31,
	2021		2020
Office leases	$	579	$	432
Total current lease liabilities	$	579	$	432
Non-current office leases		169		—
Total lease liabilities	$	748	$	432

Lease, Cost [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Office leases	$	156	$	238	$	470	$	691
Land leases		—		113		—		332
Total operating lease expense		156		351		470		1,023
Short-term lease expense		84		72		208		249
Land option expense		—		—		—		9
Total land option and lease expense	$	240	$	423	$	678	$	1,281

	Nine Months Ended September 30,
	2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities:
Cash flows from operating activities	$	509	$	600
Noncash right-of-use assets recorded for operating lease liabilities:
In exchange for new operating lease liabilities during the period		712		605

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

2021 (remaining)	$	115
2022		690
2023		—
2024		—
2025		—
Thereafter		—
Total undiscounted lease payments		805
Discount to present value		(57	)
Present value of lease liabilities	$	748
Weighted average remaining lease term - years		1.2
Weighted average discount rate - percent		12.0

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Note 6 - Other Non-current Assets (Tables)

9 Months Ended

Sep. 30, 2021

Notes Tables

Schedule of Other Assets, Noncurrent [Table Text Block]

	September 30,		December 31,
	2021		2020
Permitting costs(1)	$	7,409	$	7,385
Enterprise resource planning system, net		743		1,805
Rio Grande Site Lease initial direct costs		11,751		7,109
Total other non-current assets, net	$	19,903	$	16,299

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

9 Months Ended

Sep. 30, 2021

Notes Tables

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

	September 30,		December 31,
	2021		2020
Employee compensation expense	$	3,725	$	14
Terminal costs		996		650
Accrued legal services		42		5
Other accrued liabilities		543		363
Total accrued liabilities and other current liabilities	$	5,306	$	1,032

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

9 Months Ended

Sep. 30, 2021

Notes Tables

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

				Allocation of Proceeds
						Series C
				Series C		Preferred
				Warrants		Stock
Gross proceeds	$	39,500
Equity issuance costs		(61	)
Net proceeds - Initial Fair Value Allocation	$	39,439		$	1,631	$	37,808
Per balance sheet upon issuance				$	1,631	$	37,808

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

	September 30,			December 31,
	2021			2020
Stock price	$	2.78		$	2.09
Exercise price	$	0.01		$	0.01
Risk-free rate		0.5	%		0.1	%
Volatility		58.2	%		58.6	%
Term (years)		1.9			0.8

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Note 10 - Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Notes Tables

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Weighted average common shares outstanding:
Basic		119,374			117,564			118,677			117,450
Dilutive unvested stock, convertible preferred stock, Common Stock Warrants and IPO Warrants		—			—			—			—
Diluted		119,374			117,564			118,677			117,450
Basic and diluted net loss per share attributable to common stockholders	$	(0.03	)	$	(0.09	)	$	(0.23	)	$	(0.19	)

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Unvested stock (1)		1,831		848		1,581		993
Convertible preferred stock		34,095		16,869		29,174		16,386
Common Stock Warrants		2,510		1,979		2,486		1,972
IPO Warrants(2)		12,082		12,082		12,082		12,082
Total potentially dilutive common shares		50,518		31,778		45,323		31,433

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Note 11 - Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Notes Tables

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

	Three months Ended					Nine Months Ended
	September 30,					September 30,
	2021			2020		2021			2020
Share-based compensation:
Equity awards	$	(3,653	)	$	629	$	(5,799	)	$	(606	)
Liability awards		—			—		—			—
Total share-based compensation		(3,653	)		629		(5,799	)		(606	)
Capitalized share-based compensation		944			211		228			(153	)
Total share-based compensation expense	$	(2,709	)	$	840	$	(5,571	)	$	(759	)

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Note 2 - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Prepaid subscriptions	$ 203	$ 29
Prepaid insurance	389	314
Prepaid marketing and sponsorships	60	60
Other	231	267
Total prepaid expenses and other current assets	$ 883	$ 670

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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, 2021
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

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Note 4 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Depreciation, Total	$ 43	$ 65	$ 136	$ 146

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Note 4 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, plant and equipment, net	$ 170,431	$ 161,662
Computer Equipment [Member]
Property, plant and equipment, gross	487	487
Furniture and Fixtures [Member]
Property, plant and equipment, gross	464	464
Leasehold Improvements [Member]
Property, plant and equipment, gross	101	101
Excluding Construction in Progress [Member]
Property, plant and equipment, gross	1,052	1,052
Less: accumulated depreciation	(797)	(660)
Property, plant and equipment, net	255	392
Construction in Progress [Member]
Property, plant and equipment, gross	170,176	161,270
Construction in Progress [Member] | Rio Grande [Member]
Property, plant and equipment, gross	149,160	140,253
Construction in Progress [Member] | Rio Bravo [Member]
Property, plant and equipment, gross	$ 21,016	$ 21,017

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Note 5 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Operating lease right-of-use assets, net	$ 727	$ 429
Current lease liabilities	579	432
Non-current office leases	169	0
Total lease liabilities	748	432
Office Leases [Member]
Operating lease right-of-use assets, net	727	429
Current lease liabilities	$ 579	$ 432

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Note 5 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating lease expense	$ 156	$ 351	$ 470	$ 1,023
Short-term lease expense	84	72	208	249
Land option expense	0	0	0	9
Total land option and lease expense	240	423	678	1,281
Cash flows from operating activities			509	600
In exchange for new operating lease liabilities during the period			712	605
Office Leases [Member]
Operating lease expense	156	238	470	691
Land Leases [Member]
Operating lease expense	$ 0	$ 113	$ 0	$ 332

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Note 5 - Leases - Maturity of Operating Lease (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
2021 (remaining)	$ 115
2022	690
2023	0
2024	0
2025	0
Thereafter	0
Total undiscounted lease payments	805
Discount to present value	(57)
Present value of lease liabilities	$ 748	$ 432
Weighted average remaining lease term - years (Year)	1 year 2 months 12 days
Weighted average discount rate - percent	12.00%

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Note 6 - Other Non-current Assets - Schedule of Other Non-current Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Permitting costs	[1]	$ 7,409	$ 7,385
Enterprise resource planning system, net		743	1,805
Rio Grande Site Lease initial direct costs		11,751	7,109
Total other non-current assets, net		$ 19,903	$ 16,299

[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.

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Note 7 - Accrued Liabilities and Other Current Liabilities - Summary of Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Employee compensation expense	$ 3,725	$ 14
Terminal costs	996	650
Accrued legal services	42	5
Other accrued liabilities	543	363
Total accrued liabilities and other current liabilities	$ 5,306	$ 1,032

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Note 8 - Preferred Stock and Common Stock Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended						3 Months Ended			6 Months Ended	9 Months Ended
	Oct. 15, 2021	Jul. 31, 2021	Apr. 30, 2021	Mar. 31, 2021	May 31, 2019	Sep. 30, 2018	Aug. 31, 2018	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Gain (Loss) on Revaluation of Warrants								$ 4,442		$ (1,627)		$ (2,363)	$ 6,147
Series A Convertible Preferred Stock [Member]
Temporary Equity, Stock Issued During Period, Shares, New Issues (in shares)							50,000
Temporary Equity, Par or Stated Value Per Share (in dollars per share)							$ 0.0001
Temporary Equity, Issued Price Per Share (in dollars per share)							$ 1,000
Temporary Equity, Stock Issued During Period, Value, New Issues							$ 50,000
Temporary Equity, Stock Issued During Period, Shares Issued for Services (in shares)							1,000
Preferred Stock, Convertible, Conversion Price (in dollars per share)								$ 6.54				$ 6.54
Accretion of Discount Amount												$ 2,500
Series B Convertible Preferred Stock [Member]
Temporary Equity, Stock Issued During Period, Shares, New Issues (in shares)					20,945	29,055
Temporary Equity, Par or Stated Value Per Share (in dollars per share)						$ 0.0001
Temporary Equity, Issued Price Per Share (in dollars per share)					$ 1,000	$ 1,000
Temporary Equity, Stock Issued During Period, Value, New Issues					$ 20,945	$ 29,055
Temporary Equity, Stock Issued During Period, Shares Issued for Services (in shares)					418	581
Preferred Stock, Convertible, Conversion Price (in dollars per share)								6.57				$ 6.57
Series C Convertible Preferred Stock [Member]
Temporary Equity, Stock Issued During Period, Shares, New Issues (in shares)		5,000	10,000						24,500
Temporary Equity, Par or Stated Value Per Share (in dollars per share)		$ 1,000	$ 1,000	$ 0.0001					$ 0.0001
Temporary Equity, Issued Price Per Share (in dollars per share)				$ 1,000					$ 1,000
Temporary Equity, Stock Issued During Period, Value, New Issues		$ 5,000	$ 10,000	$ 24,500
Temporary Equity, Stock Issued During Period, Shares Issued for Services (in shares)		100	200	490
Preferred Stock, Convertible, Conversion Price (in dollars per share)								3.29				3.29
Convertible Preferred Stock [Member]
Temporary Equity, Issued Price Per Share (in dollars per share)								$ 1,000				$ 1,000
Temporary Equity, Dividend Rate Percentage											12.00%
Dividends, Preferred Stock, Paid-in-kind												$ 13,000	$ 10,500
Convertible Preferred Stock [Member] | Subsequent Event [Member]
Dividends, Preferred Stock, Paid-in-kind	$ 5,300

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Note 8 - Preferred Stock and Common Stock Warrants - Allocation of Net Cash Proceeds (Details) $ in Thousands	1 Months Ended
	Mar. 31, 2021 USD ($)
Series B Warrants [Member]
Net proceeds - Initial Fair Value Allocation	$ 1,631
Per balance sheet upon issuance	1,631
Convertible Preferred Stock [Member]
Gross proceeds	39,500
Equity issuance costs	(61)
Net proceeds - Initial Fair Value Allocation	39,439
Series B Convertible Preferred Stock [Member]
Net proceeds - Initial Fair Value Allocation	37,808
Per balance sheet upon issuance	$ 37,808

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Note 8 - Preferred Stock and Common Stock Warrants - Fair Value Assumptions (Details)	Sep. 30, 2021	Dec. 31, 2020
Measurement Input, Share Price [Member]
Warrant measurement input	2.78	2.09
Measurement Input, Exercise Price [Member]
Warrant measurement input	0.01	0.01
Measurement Input, Risk Free Interest Rate [Member]
Warrant measurement input	0.005	0.001
Measurement Input, Price Volatility [Member]
Warrant measurement input	0.582	0.586
Measurement Input, Expected Term [Member]
Warrant measurement input	1.9	0.8

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Note 9 - Shareholders' Equity (Details Textual) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Aug. 31, 2021
Proceeds from Issuance of Common Stock		$ 389	$ 0
Stock Issued During Period, Exercise Of Warrants, Shares (in shares)	1,500
Common Stock Purchase Agreement With Nineteenth Investment Company LLC [Member]
Stock Dividends, Shares, Total (in shares)	399	798
ATM Sales Agreement [Member]
Aggregate Proceeds, Common Stock Sales				$ 50,000
Stock Issued During Period, Shares, New Issues (in shares)	100	100
Proceeds from Issuance of Common Stock	$ 400	$ 400

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Note 10 - Net Loss Per Share (Details Textual) - $ / shares shares in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2015
Securities Excluded from Computation of Earnings Per Share Amount, Performance Conditions (in shares)	8.3	3.0	8.3	3.0
Sale of Stock, Price Per Share (in dollars per share)					$ 17.50
Number of Trading Days of Share Price (Day)					20 days
Total Number of Trading Days Considered (Day)					30 days
IPO Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)					$ 11.50
Class of Warrant or Right, Redemption Price of Warrant or Right (in dollars per share)					$ 0.01
Class of Warrant or Right, Number of Days Notice to Redeem (Day)					30 days

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Note 10 - Net Loss Per Share - Basic and Diluted Common Shares (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic (in shares)	119,374	117,564	118,677	117,450
Dilutive unvested stock, convertible preferred stock, Common Stock Warrants and IPO Warrants (in shares)	0	0	0	0
Diluted (in shares)	119,374	117,564	118,677	117,450
Net loss per common share - basic and diluted (in dollars per share)	$ (0.03)	$ (0.09)	$ (0.23)	$ (0.19)

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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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Potentially dilutive common shares (in shares)		50,518	31,778	45,323	31,433
Unvested Stock [Member]
Potentially dilutive common shares (in shares)	[1]	1,831	848	1,581	993
Convertible Preferred Stocks [Member]
Potentially dilutive common shares (in shares)		34,095	16,869	29,174	16,386
Common Stock Warrants [Member]
Potentially dilutive common shares (in shares)		2,510	1,979	2,486	1,972
IPO Warrants [Member]
Potentially dilutive common shares (in shares)	[2]	12,082	12,082	12,082	12,082

[1] Does not include 8.3 million shares for each of the three and nine months ended September 30, 2021 and 3.0 million shares for each of the three and nine months ended September 30, 2020, of unvested stock because the performance conditions had not yet been satisfied as of September 30, 2021 and 2020, respectively.

[2] 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.

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Note 11 - Share-based Compensation - Summary of Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity awards	$ (3,653)	$ 629	$ (5,799)	$ (606)
Liability awards	0	0	0	0
Total share-based compensation	(3,653)	629	(5,799)	(606)
Capitalized share-based compensation	944	211	228	(153)
Total share-based compensation expense	$ (2,709)	$ 840	$ (5,571)	$ (759)

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Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Expense (Benefit), Total	$ 0	$ 0	$ 0	$ 0

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Note 13 - Commitments and Contingencies (Details Textual) - BND [Member] $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)	Mar. 06, 2019 a
Area Available for Lease (Acre) | a		984
Lessee, Operating Lease, Liability, to be Paid Per Quarter | $	$ 1.5