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Note 5 - Property, Plant, Equipment and Water Programs | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 – PROPERTY, PLANT, EQUIPMENT AND WATER PROGRAMS Property, plant, equipment and water programs consist of the following (dollars in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Land and land improvements |  | $ | 32,357 |  |  | $ | 30,579 |
Water programs |  |  | 29,209 |  |  |  | 29,210 |
Pipeline |  |  | 22,096 |  |  |  | 22,091 |
Buildings |  |  | 1,730 |  |  |  | 1,715 |
Leasehold improvements, furniture and fixtures |  |  | 1,609 |  |  |  | 1,609 |
Machinery and equipment |  |  | 3,929 |  |  |  | 3,395 |
Construction in progress |  |  | 5,664 |  |  |  | 3,680 |
|  |  | 96,594 |  |  |  | 92,279 |
Less accumulated depreciation |  |  | (9,377 | ) |  |  | (8,141 | )
|  | $ | 87,217 |  |  | $ | 84,138 |
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. During the year ended December 31, 2023, $1,906,000 of 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 $1.25 million and $0.7 million for the twelve months ended December 31, 2023 and 2022, respectively.

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