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Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Utility Plant $ 535,355 $ 512,993
Less accumulated depreciation (157,110) (153,614)
Net utility plant 378,245 359,379
Current Assets    
Cash and cash equivalents 31,467 9,047
Accounts receivable, net 3,300 3,233
Unbilled revenue 3,206 3,109
Taxes, prepaid expenses and other current assets 1,919 4,080
Total current assets 39,892 19,469
Other Assets    
Goodwill 6,527 9,486
Intangible assets, net 8,427 8,427
Regulatory assets 7,023 4,032
Restricted cash 1,708 2,109
Right-of-use assets 2,017 2,157
Other noncurrent assets 79 78
Total other assets 25,781 26,289
Total Assets 443,918 405,137
Capitalization    
Common stock, $0.01 par value, 60,000,000 shares authorized; 27,796,899 and 24,570,994 shares issued as of March 31, 2025 and December 31, 2024, respectively 272 240
Treasury stock, 345,921 and 344,978 shares at March 31, 2025 and December 31, 2024, respectively (2) (2)
Additional paid-in capital 76,946 47,366
Retained earnings 0 0
Total shareholders’ equity 77,216 47,604
Long-term debt, net 118,876 118,518
Total Capitalization 196,092 166,122
Current Liabilities    
Accounts payable 3,823 2,051
Customer and meter deposits 1,633 1,609
Long-term debt, current portion 3,561 3,926
Leases, current portion 911 871
Accrued expenses and other current liabilities 15,796 13,801
Total current liabilities 25,724 22,258
Other Liabilities    
Long-term lease liabilities 1,265 1,450
Deferred revenue - ICFA 21,559 21,517
Regulatory liabilities 5,372 5,386
Advances in aid of construction 131,790 126,467
Contributions in aid of construction, net 36,877 36,834
Deferred income tax liabilities, net 9,860 9,698
Other noncurrent liabilities 15,379 15,405
Total other liabilities 222,102 216,757
Commitments and contingencies (Refer to Note 16)
Total Capitalization and Liabilities $ 443,918 $ 405,137