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Note 7 - Leases & Property, Plant, Equipment and Water Programs | 6 Months Ended
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Jun. 30, 2023
Notes to Financial Statements |
Lessee, Operating Leases and Property, Plant and Equipment Disclosure [Text Block] | NOTE 7 – LEASES & PROPERTY, PLANT, EQUIPMENT AND WATER PROGRAMS The Company has operating leases for right-of-way agreements, corporate offices, vehicles and office equipment. The Company’s leases have remaining lease terms of 1 month to 40 months as of June 30, 2023, some of which include options to extend or terminate the lease. However, the Company is not reasonably certain to exercise options to renew or terminate, and therefore renewal and termination options are not included in the lease term. The Company does not have any finance leases. As a lessor, in February 2016, the Company entered into a lease agreement with Fenner Valley Farms LLC (“FVF”) (the “lessee”), pursuant to which FVF is leasing, for a 99-year term, 2,100 acres owned by Cadiz in San Bernardino County, California, to be used to plant, grow and harvest agricultural crops (“FVF Lease Agreement”). As consideration for the lease, FVF paid the Company a one-time payment of $12.0 million upon closing. The Company expects to receive rental income of $420,000 annually over the next five years related to the FVF Lease Agreement. During the six months ended June 30, 2023, $1,501,000 on construction in progress was placed into service, which included land development, irrigation systems and stand establishment related to the planting of 150 acres of alfalfa. Depreciation expense on land improvements, buildings, leasehold improvements, machinery and equipment and furniture and fixtures was $634,000 and $293,000 for the six months ended June 30, 2023, and 2022, respectively.

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