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Note 11 - Subsequent Events | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Subsequent Events [Text Block] | NOTE 11 – SUBSEQUENT EVENTS On November 5, 2024, the Company completed the sale and issuance of 7,000,000 shares of the Company’s common stock to certain institutional investors in a registered direct offering ( “November 2024 Direct Offering”). The shares of common stock were sold at a purchase price of $3.34 per share, for aggregate gross proceeds of $23.4 million and aggregate net proceeds of approximately $21.9 million. The Company intends to use the proceeds from the November 2024 Direct Offering to advance development of its water supply and groundwater banking project which may include acquisition of equipment and materials intended to be used in construction of facilities related to its northern and/or southern pipeline projects which the Company expects to begin in 2025. Net proceeds from the offering may also be used for the equipment and materials related to wellfield infrastructure on land owned by it and its subsidiaries, business development activities, other capital expenditures, working capital, the expansion of the business and acquisitions, and general corporate purposes. On November 10, 2024, the Company entered into an agreement that grants the Company an exclusive option to purchase 180 miles of existing 36-inch steel pipe expected to be utilized in the construction of the Mojave Groundwater Banking Project. This agreement has an initial two-year option term with a right to extend for up to an additional year through three 120-day extensions. The Company will make an initial payment of $5,000,000 to secure the option, with a $1,000,000 payment required for each extension. If the purchase option is exercised during the option term, the Company can acquire all or part of the pipeline assets at $155 per linear foot, with credits that could reduce the final purchase price depending on when the option is exercised. Additionally, the Company holds a right of first refusal to purchase the pipeline assets during the option term if the current owners receive a third-party offer for all or a portion of the remaining pipeline assets.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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