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Note 4 - Property, Plant, Equipment and Water Programs
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 4 – PROPERTY, PLANT, EQUIPMENT AND WATER PROGRAMS

 

Property, plant, equipment and water programs consist of the following (dollars in thousands):

 

  

December 31,

 
  

2022

  

2021

 
         

Land and land improvements

 $30,579  $27,548 

Water programs

  29,210   28,784 

Pipeline

  22,091   22,087 

Buildings

  1,715   1,599 

Leasehold improvements, furniture and fixtures

  1,609   1,031 

Machinery and equipment

  3,395   2,200 

Construction in progress

  3,680   3,128 
   92,279   86,377 

Less accumulated depreciation

  (8,141

)

  (7,487

)

  $84,138  $78,890 

 

Cadiz Inc.

Notes To The Consolidated Financial Statements

 

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 $654 thousand and $423 thousand for the twelve months ended December 31, 2022 and 2021, respectively.