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Note 3 - Property, Plant, Equipment and Water Programs | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3 – PROPERTY, PLANT, EQUIPMENT AND WATER PROGRAMS Property, plant, equipment and water programs consist of the following (dollars in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Land and land improvements |  | $ | 27,548 |  |  | $ | 26,798 |
Water programs |  |  | 28,784 |  |  |  | 28,323 |
Pipeline |  |  | 22,087 |  |  |  | - |
Buildings |  |  | 1,599 |  |  |  | 1,576 |
Leasehold improvements |  |  | 570 |  |  |  | 570 |
Furniture and fixtures |  |  | 461 |  |  |  | 461 |
Machinery and equipment |  |  | 2,200 |  |  |  | 2,029 |
Construction in progress |  |  | 3,128 |  |  |  | 788 |
|  |  | 86,377 |  |  |  | 60,545 |
Less accumulated depreciation |  |  | (7,487 | ) |  |  | (7,064 | )
|  | $ | 78,890 |  |  | $ | 53,481 |
On June 30, 2021, the Company recorded the acquisition of a 124-mile pipeline (“Northern Pipeline”). Depreciation on the Northern Pipeline will commence when construction is completed and required permits are secured in order to use the facility for the conveyance of water. Land and land improvements primarily include land acquisitions, well development, irrigation systems and other related land infrastructure. Water programs primarily include costs directly attributable to the Company’s water project development efforts, including consulting fees for various engineering, hydrological, environmental and additional feasibility studies, and other professional and legal fees. Depreciation expense on land improvements, buildings, leasehold improvements, machinery and equipment and furniture and fixtures was $423 thousand and $381 thousand for the twelve months ended December 31, 2021 and 2020, respectively.

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