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Note 3 - Property, Plant, Equipment and Water Programs
 12 Months Ended
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.