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Note 2 - Reportable Segments | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 2 – REPORTABLE SEGMENTS The Company currently operates in two reportable segments based upon its organizational structure and the way in which its operations are managed and evaluated. The Company’s largest segment is Land and Water Resources, which comprises all activities regarding its properties in the eastern Mojave Desert including pre-revenue development of the Water Project (supply, storage and conveyance), and agricultural operations. The Company’s second operating segment is its Water Filtration Technology business, ATEC Water Systems LLC (“ATEC”) which provides innovative water filtration solutions for impaired or contaminated groundwater sources. The Company acquired the assets of ATEC Systems, Inc. in November 2022 into its new subsidiary ATEC. There were no intersegment sales during the nine months ended September 30, 2024, and $311 thousand during the nine months ended September 30, 2023. We evaluate our performance based on segment operating (loss). Interest expense, income tax expense and losses related to equity method investments are excluded from the computation of operating (loss) for the segments. Segment net revenue, segment operating expenses and segment operating (loss) information consisted of the following for the three and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, 2024 |
(in thousands) |  | Land and Water Resources |  |  | Water Filtration Technology |  |  | Total |
Revenues |  | $ | 383 |  |  | $ | 2,841 |  |  | $ | 3,224 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 557 |  |  |  | 1,852 |  |  |  | 2,409 |
General and administrative |  |  | 4,820 |  |  |  | 455 |  |  |  | 5,275 |
Depreciation |  |  | 292 |  |  |  | 15 |  |  |  | 307 |
Total costs and expenses |  |  | 5,669 |  |  |  | 2,322 |  |  |  | 7,991 |
Operating income (loss) |  | $ | (5,286 | ) |  | $ | 519 |  |  | $ | (4,767 | )
|  | Three Months Ended September 30, 2023 |
(in thousands) |  | Land and Water Resources |  |  | Water Filtration Technology |  |  | Total |
Revenues |  | $ | 199 |  |  | $ | 169 |  |  | $ | 368 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 513 |  |  |  | 179 |  |  |  | 692 |
General and administrative |  |  | 4,927 |  |  |  | 200 |  |  |  | 5,127 |
Depreciation |  |  | 277 |  |  |  | 31 |  |  |  | 308 |
Total costs and expenses |  |  | 5,717 |  |  |  | 410 |  |  |  | 6,127 |
Operating loss |  | $ | (5,518 | ) |  | $ | (241 | ) |  | $ | (5,759 | )
|  | Nine Months Ended September 30, 2024 |
(in thousands) |  | Land and Water Resources |  |  | Water Filtration Technology |  |  | Total |
Revenues |  | $ | 1,369 |  |  | $ | 3,489 |  |  | $ | 4,858 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 1,896 |  |  |  | 2,369 |  |  |  | 4,265 |
General and administrative |  |  | 15,217 |  |  |  | 1,093 |  |  |  | 16,310 |
Depreciation |  |  | 866 |  |  |  | 41 |  |  |  | 907 |
Total costs and expenses |  |  | 17,979 |  |  |  | 3,503 |  |  |  | 21,482 |
Operating loss |  | $ | (16,610 | ) |  | $ | (14 | ) |  | $ | (16,624 | )
|  | Nine Months Ended September 30, 2023 |
(in thousands) |  | Land and Water Resources |  |  | Water Filtration Technology |  |  | Total |
Revenues |  | $ | 708 |  |  | $ | 599 |  |  | $ | 1,307 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 967 |  |  |  | 515 |  |  |  | 1,482 |
General and administrative |  |  | 13,926 |  |  |  | 452 |  |  |  | 14,378 |
Depreciation |  |  | 826 |  |  |  | 116 |  |  |  | 942 |
Total costs and expenses |  |  | 15,719 |  |  |  | 1,083 |  |  |  | 16,802 |
Operating loss |  | $ | (15,011 | ) |  | $ | (484 | ) |  | $ | (15,495 | )
Assets by operating segment are as follows (dollars in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Operating Segment: |  |  |  |  |  |  |  |
Water and Land Resources |  | $ | 102,536 |  |  | $ | 101,946 |
Water Filtration Technology |  |  | 10,017 |  |  |  | 5,428 |
|  | $ | 112,553 |  |  | $ | 107,374 |
Goodwill by operating segment is as follows (dollars in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Operating Segment: |  |  |  |  |  |  |  |
Water and Land Resources |  | $ | 3,813 |  |  | $ | 3,813 |
Water Filtration Technology |  |  | 1,901 |  |  |  | 1,901 |
|  | $ | 5,714 |  |  | $ | 5,714 |
Property, plant, equipment and water programs consist of the following (dollars in thousands):
|  | September 30, 2024 |
|  | Water and Land Resources |  |  | Water Filtration Technology |
Land and land improvements |  | $ | 33,004 |  |  | $ | - |
Water programs |  |  | 29,331 |  |  |  | - |
Pipeline |  |  | 22,099 |  |  |  | - |
Buildings |  |  | 1,805 |  |  |  | - |
Leasehold improvements, furniture and fixtures |  |  | 1,605 |  |  |  | 4 |
Machinery and equipment |  |  | 3,826 |  |  |  | 247 |
Construction in progress |  |  | 5,107 |  |  |  | 6 |
|  |  | 96,777 |  |  |  | 257 |
Less accumulated depreciation |  |  | (10,103 | ) |  |  | (171 | )
|  | $ | 86,674 |  |  | $ | 86 |
|  | December 31, 2023 |
|  | Water and Land Resources |  |  | Water Filtration Technology |
Land and land improvements |  | $ | 32,357 |  |  | $ | - |
Water programs |  |  | 29,209 |  |  |  | - |
Pipeline |  |  | 22,096 |  |  |  | - |
Buildings |  |  | 1,730 |  |  |  | - |
Leasehold improvements, furniture and fixtures |  |  | 1,605 |  |  |  | 4 |
Machinery and equipment |  |  | 3,719 |  |  |  | 210 |
Construction in progress |  |  | 5,664 |  |  |  | - |
|  |  | 96,380 |  |  |  | 214 |
Less accumulated depreciation |  |  | (9,238 | ) |  |  | (139 | )
|  | $ | 87,142 |  |  | $ | 75 |

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- Definition The entire disclosure for reporting segments including data and tables. 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