XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.21.2

Note 4 - Stock-based Compensation Plans | 9 Months Ended
--- | ---
Sep. 30, 2021
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | NOTE 4 – STOCK-BASED COMPENSATION PLANS The Company has issued options and has granted stock awards pursuant to its 2009 Equity Incentive Plan and 2019 Equity Incentive Plan. Stock Options to Directors, Officers and Consultants In total, options to purchase 15,000 shares were unexercised and outstanding on September 30, 2021 under these equity incentive plans. The Company recognized no stock option related compensation costs in each of the nine months ended September 30, 2021 and 2020. Additionally, no options were exercised during the nine months ended September 30, 2021. Stock Awards to Directors, Officers, and Consultants The Company has granted stock awards pursuant to its 2019 Equity Incentive Plan. Of the total 1,200,000 shares reserved under the 2019 Equity Incentive Plan, 1,117,596 shares and restricted stock units (“RSUs”) have been awarded to the Company’s directors, employees and consultants as of September 30, 2021. Of the 1,117,596 shares and RSUs awarded, 14,243 shares were awarded to the Company’s directors for services performed during the plan year ended June 30, 2021 and are scheduled to vest on January 31, 2022, and 825,000 RSUs were granted to employees in April 2021 as long-term equity incentive awards ( “April 2021 RSU Grant”). Of the 825,000 RSUs granted under the April 2021 RSU Grant, 510,000 RSUs vest upon completion of certain milestones, including (a) 255,000 RSUs which vested in July 2021 upon completion of refinancing of the Company’s Prior Senior Secured Debt and funding to complete the purchase of the Northern Pipeline ("Vesting Event"), and (b) 255,000 RSUs scheduled to vest upon completion of final binding water supply agreement(s) for the delivery of at least 9,500 acre-feet of water per annum to customers. Of the remaining 315,000 RSUs granted under the April 2021 RSU Grant, 60,000 RSUs are scheduled to vest on January 3, 2023, and 255,000 RSUs are scheduled to vest on March 1, 2023. The RSU incentive awards are subject in each case to continued employment with the Company through the vesting date. Of the 255,000 RSUs earned upon the Vesting Event, the Company issued 158,673 shares net of taxes withheld and paid in cash by the Company. The compensation expense recognized in the nine month period ending September 30, 2021 was based on the fair value of the RSUs on grant date. The accompanying consolidated statements of operations and comprehensive loss include approximately $4.1 million and $1.8 million of stock-based compensation expense related to stock awards in the nine months ended September 30, 2021 and 2020, respectively. Of the $4.1 million of stock-based compensation recorded in 2021, $1.2 million related to taxes withheld and paid in cash by the Company for the settlement of vested RSUs. As of September 30, 2021, 82,404 shares remain available for award under the 2019 Equity Incentive Plan.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration