0000727273-19-000012.txt : 20190509 0000727273-19-000012.hdr.sgml : 20190509 20190509161354 ACCESSION NUMBER: 0000727273-19-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 46 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190509 DATE AS OF CHANGE: 20190509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CADIZ INC CENTRAL INDEX KEY: 0000727273 STANDARD INDUSTRIAL CLASSIFICATION: WATER SUPPLY [4941] IRS NUMBER: 770313235 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-12114 FILM NUMBER: 19810685 BUSINESS ADDRESS: STREET 1: 550 SOUTH HOPE STREET STREET 2: SUITE 2850 CITY: LOS ANGELES STATE: CA ZIP: 90071 BUSINESS PHONE: 213-271-1600 MAIL ADDRESS: STREET 1: 550 SOUTH HOPE STREET STREET 2: SUITE 2850 CITY: LOS ANGELES STATE: CA ZIP: 90071 FORMER COMPANY: FORMER CONFORMED NAME: CADIZ LAND CO INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PACIFIC AGRICULTURAL HOLDINGS INC DATE OF NAME CHANGE: 19920602 FORMER COMPANY: FORMER CONFORMED NAME: ARIDTECH INC DATE OF NAME CHANGE: 19880523 10-Q 1 form10q_mar19.htm FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2019

united states

Securities and Exchange Commission

Washington, D. C. 20549

FORM 10-Q

(Mark One)

☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended March 31, 2019

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from …… to …….

Commission File Number 0-12114

Cadiz Inc.

(Exact name of registrant specified in its charter)

DELAWARE	77-0313235
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

550 South Hope Street, Suite 2850
Los Angeles, California	90071
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (213) 271-1600

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		CDZI		The NASDAQ Global Market

Securities Registered Pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer" , "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act, (Check one):

☐ Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer

☑ Smaller Reporting Company ☐ Emerging growth company

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Exchange Act Rule 12b-2). Yes ☐ No ☑

As of May 6, 2019, the Registrant had 26,252,193 shares of common stock, par value $0.01 per share, outstanding.

Cadiz Inc.

Index

Fiscal First Quarter 2019 Quarterly Report on Form 10-Q	Page


PART I – FINANCIAL INFORMATION

ITEM 1. Financial Statements

Cadiz Inc. Condensed Consolidated Financial Statements

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2019 and 2018	1

Unaudited Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018	2

Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2019 and 2018	3

Unaudited Condensed Consolidated Statement of Stockholders' Deficit for the three months ended March 31, 2019 and 2018	4

Unaudited Notes to the Condensed Consolidated Financial Statements	5

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	15

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk	27

ITEM 4. Controls and Procedures	27

PART II – OTHER INFORMATION

ITEM 1. Legal Proceedings	28

ITEM 1A. Risk Factors	28

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds	29

ITEM 3. Defaults Upon Senior Securities	29

ITEM 4. Mine Safety Disclosures	29

ITEM 5. Other Information	30

ITEM 6. Exhibits	31

Cadiz Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

	For the Three Months
	Ended March 31,
($ in thousands, except per share data)	2019			2018

Total revenues	$	109		$	108

Costs and expenses:
General and administrative		2,924			2,528
Depreciation		66			66

Total costs and expenses		2,990			2,594

Operating loss		(2,881	)		(2,486	)

Interest expense, net		(4,234	)		(3,516	)
Interest income		53			32
Debt conversion expense		(197	)		-

Loss before income taxes		(7,259	)		(5,970	)
Income tax expense		1			1

Net loss and comprehensive loss applicable to common stock	$	(7,260	)	$	(5,971	)

Basic and diluted net loss per common share	$	(0.29	)	$	(0.26	)

Basic and diluted weighted average shares outstanding		25,327			23,075

See accompanying notes to the unaudited condensed consolidated financial statements.

Cadiz Inc.

Condensed Consolidated Balance Sheets (Unaudited)

	March 31,			December 31,
($ in thousands, except per share data)	2019			2018

ASSETS

Current assets:
Cash and cash equivalents	$	16,235		$	12,558
Accounts receivable		59			38
Prepaid expenses and other current assets		652			408

Total current assets		16,946			13,004

Property, plant, equipment and water programs, net		46,923			46,619
Long-term deposit/prepaid expenses		2,000			2,000
Goodwill		3,813			3,813
Other assets		4,247			3,873

Total assets	$	73,929		$	69,309

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:
Accounts payable	$	1,038		$	225
Accrued liabilities		1,053			2,070
Current portion of long-term debt		60			59
Warrant derivative liabilities		-			865
Other liabilities		965			923

Total current liabilities		3,116			4,142

Long-term debt, net		136,716			136,246
Long-term lease obligations, net		14,717			14,411
Deferred revenue		750			750
Other long-term liabilities		48			-

Total liabilities		155,347			155,549

Stockholders' deficit:
Common stock - $.01 par value; 70,000,000 shares
authorized at March 31, 2019 and December 31, 2018;
shares issued and outstanding - 25,940,052 at
March 31, 2019 and 24,654,911 at December 31, 2018		259			247
Additional paid-in capital		397,622			383,521
Accumulated deficit		(479,299	)		(470,008	)
Total stockholders' deficit		(81,418	)		(86,240	)

Total liabilities and stockholders' deficit	$	73,929		$	69,309

See accompanying notes to the unaudited condensed consolidated financial statements.

Cadiz Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

	For the Three Months
	Ended March 31,
($ in thousands)	2019			2018

Cash flows from operating activities:
Net loss Adjustments to reconcile net loss to	$	(7,260	)		(5,971	)
net cash used in operating activities:
Depreciation		66			66
Amortization of debt discount and issuance costs		1,009			992
Interest expense added to loan principal		2,489			2,361
Interest expense added to lease liability		300			262
Loss on debt conversion		-			1
Debt conversion expense		197			-
Compensation charge for stock and share option awards		122			105
Unrealized gain on warrant derivative liabilities		-			(516	)
Changes in operating assets and liabilities:
Accounts receivable		(21	)		(2	)
Prepaid expenses and other current assets		(244	)		(291	)
Other assets		(284	)		(13	)
Accounts payable		663			528
Accrued liabilities		(1,072	)		(1,459	)
Net cash used in operating activities		(4,035	)		(3,937	)

Cash flows from investing activities:
Additions to property, plant and equipment and water programs		(165	)		(502	)

Net cash used in investing activities		(165	)		(502	)

Cash flows from financing activities:
Net proceeds from issuance of stock		7,891			-
Principal payments on long-term debt		(14	)		(14	)

Net cash provided by (used in) financing activities		7,877			(14	)

Net decrease in cash, cash equivalents and restricted cash		3,677			(4,453	)

Cash, cash equivalents and restricted cash, beginning of period		12,691			13,163

Cash, cash equivalents and restricted cash, end of period	$	16,368		$	8,710

See accompanying notes to the unaudited condensed consolidated financial statements.

Cadiz Inc.

Condensed Consolidated Statements of Stockholders' Deficit (Unaudited)

($ in thousands, except share data)

					Additional					Total
	Common Stock				Paid-in		Accumulated			Stockholders'
	Shares		Amount		Capital		Deficit			Deficit

Balance as of December 31, 2017		22,987,434	$	230	$	364,806	$	(443,735	)	$	(78,699	)

Issuance of shares pursuant to bond conversion		215,852		2		1,669		-			1,671

Stock-based compensation expense		-		-		105		-			105

Issuance of shares pursuant to stock awards		13,249		-		-		-			-

Net loss and comprehensive loss		-		-		-		(5,971	)		(5,971	)

Balance as of March 31, 2018		23,216,535	$	232	$	366,580	$	(449,706	)	$	(82,894	)

					Additional					Total
	Common Stock				Paid-in		Accumulated			Stockholders'
	Shares		Amount		Capital		Deficit			Deficit

Balance as of December 31, 2018		24,654,911	$	247	$	383,521	$	(470,008	)	$	(86,240	)

Issuance of shares pursuant to bond conversion		485,020		5		3,199		-			3,204

Stock-based compensation expense		17,307		-		122		-			122

Issuance of shares pursuant to ATM offerings		782,814		7		7,884		-			7,891

Reclassification of warrant liability to additional paid-in capital⁽¹⁾		-		-		2,896		(2,031	)		865

Net loss and comprehensive loss		-		-		-		(7,260	)		(7,260	)

Balance as of March 31, 2019		25,940,052	$	259	$	397,622	$	(479,299	)	$	(81,418	)

(1)	A cumulative effect adjustment of $2,031 thousand was recognized as of January 1, 2019, upon adoption of ASU 2017-11.

See accompanying notes to the unaudited condensed consolidated financial statements.

Cadiz Inc.

Notes To The Condensed Consolidated Financial Statements

NOTE 1 – BASIS OF PRESENTATION

The Condensed Consolidated Financial Statements have been prepared by Cadiz Inc., also referred to as "Cadiz" or "the Company", without audit and should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company's Form 10-K for the year ended December 31, 2018.

The foregoing Condensed Consolidated Financial Statements include the accounts of the Company and contain all adjustments, consisting only of normal recurring adjustments, which management considers necessary for a fair statement of the Company's financial position, the results of its operations and its cash flows for the periods presented and have been prepared in accordance with generally accepted accounting principles.

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates and such differences may be material to the financial statements. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of results for the entire fiscal year ending December 31, 2019.

Liquidity

The Condensed Consolidated Financial Statements of the Company have been prepared using accounting principles applicable to a going concern, which assumes realization of assets and settlement of liabilities in the normal course of business. The Company incurred losses of $7.3 million for the three months ended March 31, 2019, compared to $6.0 million for the three months ended March 31, 2018. The Company had working capital of $13.8 million at March 31, 2019, and used cash in its operations of $4.0 million for the three months ended March 31, 2019.

Cash requirements during the three months ended March 31, 2019 primarily reflect certain administrative costs related to the Company's water project development efforts. Currently, the Company's sole focus is the development of its land and water assets.

In November 2018, the Company entered into an At Market Issuance Sales Agreement under which the Company could issue and sell shares of its common stock having an aggregate offering price of up to $25 million from time to time in an "at-the-market" offering (the "November 2018 ATM Offering"). As of March 31, 2019, the Company issued 879,920 shares of common stock in the November 2018 ATM Offering for gross proceeds of $9.14 million and aggregate net proceeds of approximately $8.81 million. The Company has and may continue to issue equity securities pursuant to the November 2018 ATM Offering.

In March 2018, the Company entered into an At Market Issuance Sales Agreement under which the Company could issue and sell shares of its common stock having an aggregate offering price of up to $15 million from time to time in an "at the market" offering (the "March 2018 ATM Offering"). The Company completed the offering during May 2018, having issued 1,159,718 shares of common stock in the March 2018 ATM Offering for gross proceeds of $15 million and aggregate net proceeds of approximately $14.6 million.

In May 2017, the Company entered into a new $60 million credit agreement ("Credit Agreement") with funds affiliated with Apollo Global Management, LLC ("Apollo") that replaced and refinanced its then existing $45 million senior secured mortgage debt ("Prior Senior Secured Debt") and provided $15 million of new senior debt to fund immediate construction related expenditures ("Senior Secured Debt"). The Company's Senior Secured Debt and its convertible notes contain representations, warranties and covenants that are typical for agreements of this type, including restrictions that would limit the Company's ability to incur additional indebtedness, incur liens, pay dividends or make restricted payments, dispose of assets, make investments and merge or consolidate with another person. However, while there are affirmative covenants, there are no financial maintenance covenants and no restrictions on the Company's ability to issue additional common stock to fund future working capital needs. The debt covenants associated with the Senior Secured Debt were negotiated by the parties with a view towards the Company's operating and financial condition as it existed at the time the agreements were executed. At March 31, 2019, the Company was in compliance with its debt covenants.

As of March 31, 2019, the Company had principal and interest payments aggregating approximately $76.3 million coming due in March 2020 related to its 7.00% Convertible Senior Notes ("Convertible Senior Notes") to the extent the noteholders, who have the right to convert at any time into the Company's common stock at a conversion rate of $6.75 per share, do not convert prior to March 2020 or the Company does not exercise the option agreements it currently has with parties holding 99% of its Convertible Senior Notes that allow the Company, at its sole option, at any time prior to December 5, 2019, to extend the maturity date of the Convertible Senior Notes to September 5, 2021. Additionally, the Company's Senior Secured Debt of approximately $67.1 million as of March 31, 2019, could also become due as early as December 2019, if the Company has not exercised the option agreements or the Convertible Senior Notes have not been converted by that time and the Company's stock price is less than 120% of the conversion rate and according to additional terms of the debt agreement. Specifically, the Springing Maturity Date is not applicable if less than $10 million of original, outstanding principal related to the Convertible Senior Notes is outstanding at that time. Further, the Company's option to acquire an additional 124-mile extension of its' Northern Pipeline will require an $18 million payment upon completion of certain conditions precedent under the purchase agreement with El Paso Natural Gas Company ("EPNG"). If the acquisition of the 124-mile segment is not completed, then the Company's Northern Pipeline opportunities will be limited to the 96-mile segment it already owns. The Company may meet its debt and working capital requirements through a variety of means, including extension, refinancing, equity placements, the sale or other disposition of assets, or reductions in operating costs.

Limitations on the Company's liquidity and ability to raise capital may adversely affect it. Sufficient liquidity is critical to meet the Company's resource development activities. Although the Company currently expects its sources of capital to be sufficient to meet its near-term liquidity needs, there can be no assurance that its liquidity requirements will continue to be satisfied. If the Company cannot raise needed funds, it might be forced to make substantial reductions in its operating expenses, which could adversely affect its ability to implement its current business plan and ultimately its viability as a company.

Supplemental Cash Flow Information

Under the terms of the Senior Secured Debt, the Company is required to pay 25% of all future quarterly interest payments in cash. During the three months ended March 31, 2019, approximately $330 thousand in interest payments on the corporate secured debt was paid in cash. No other payments are due on the Senior Secured Debt or the Company's convertible notes prior to their maturities.

During the three months ended March 31, 2019, approximately $3.06 million in convertible notes were converted by certain of the Company's lenders. As a result, 485,020 shares of common stock were issued to the lenders. This conversion activity represents a non-cash financing activity.

The balance of cash, cash equivalents, and restricted cash as shown in the condensed consolidated statements of cash flows is comprised of the following:

Cash, Cash Equivalents and Restricted Cash	March 31, 2019		December 31, 2018		March 31, 2018
(in thousands)

Cash and Cash Equivalents	$	16,235	$	12,558	$	8,577
Restricted Cash included in Other Assets		133		133		133
Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows	$	16,368	$	12,691	$	8,710

The restricted cash amounts included in Other Assets primarily represent a deposit from a water project participant related to a cost-sharing agreement.

Recent Accounting Pronouncements

Accounting Guidance Not Yet Adopted

In August 2018, the Financial Accounting Standards Board ("FASB") issued an accounting standards update which modifies the disclosure requirements for fair value measurements. This update is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact this guidance will have on its consolidated financial statements.

Accounting Guidance Adopted

In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases ("Topic 842"), which supersedes the existing guidance for lease accounting ("Topic 840"). The new standard requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The Company adopted the provisions of Topic 842 on January 1, 2019, using the modified retrospective approach and the option presented under ASU 2018-11 to transition only active leases as of January 1, 2019, with a cumulative effect adjustment as of that date. All comparative periods prior to January 1, 2019, retain the financial reporting and disclosure requirements of Topic 840.

The Company elected to utilize the transition package of practical expedients permitted within the new standard, which among other things, allowed the Company to carryforward the historical lease classification. The Company made an accounting policy election that will keep leases with an initial term of 12 months or less off the Company's Consolidated Balance Sheets which resulted in recognizing those lease payments in the Consolidated Statements of Operations and Comprehensive Loss on a straight-line basis over the lease term. The Company did not elect the hindsight practical expedient when determining the lease terms.

The adoption of the new standard resulted in the recording of additional net right-of-use assets and corresponding lease liabilities of approximately $151 thousand and $100 thousand, respectively, as of January 1, 2019. The difference between the right-of-use assets and the lease liabilities was recorded to eliminate existing accrued rent balances recorded under Topic 840. The adoption of the new standard did not impact the Company's consolidated net earnings and had no impact on cash flows.

In June 2018, the FASB issued an accounting standards update which simplifies the accounting for share-based payments granted to nonemployees for goods and services. This update is effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. The Company adopted this guidance on January 1, 2019, and the new standard had no impact on the Company's condensed consolidated financial statements.

In July 2017, the FASB issued an accounting standards update to provide new guidance for the classification analysis of certain equity-linked financial instruments, or embedded features, with down round features, as well as clarify existing disclosure requirements for equity-classified instruments. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity's own stock. The Company adopted this guidance on January 1, 2019. As a result, the Company reclassified a warrant liability in the amount of $865 thousand to additional paid-in capital, as the Company's Warrant no longer met the definition of a derivative. In addition, during the years ended December 31, 2018 and 2017, the Company recognized annual gains of $1.5 million and $0.5 million, respectively, related to the historical remeasurement of the warrant derivative liability at fair value. Upon adoption of this guidance as of January 1, 2019, the Company recorded $2.0 million in additional paid-in capital with a corresponding adjustment to the opening balance of accumulated deficit related to these previously recorded gains.

NOTE 2 – LONG-TERM DEBT

The carrying value of the Company's Senior Secured Debt approximates fair value. The fair value of the Company's Senior Secured Debt (Level 2) is determined based on an estimation of discounted future cash flows of the debt at rates currently quoted or offered to the Company by its lenders for similar debt instruments of comparable maturities by its lenders.

The fair value of the Company's convertible debt exceeds its carrying value of approximately $69.7 million, which includes accreted interest, by approximately $35.2 million due to the increased value of its conversion feature. The conversion feature's fair value increases as the Company's common stock price increases. The fair value of the conversion feature (Level 3) is determined using the Black-Scholes model. Significant inputs to the model were the conversion price ($6.75), the number of shares of common stock that could be acquired upon conversion as of March 31, 2019, the Company's stock price as of March 31, 2019 of $9.68 and stock volatility of 44%, which was determined using our publicly-traded stock price over the last year.

NOTE 3 – STOCK-BASED COMPENSATION PLANS AND WARRANTS

The Company has issued options and has granted stock awards pursuant to its 2009 Equity Incentive Plan and 2014 Equity Incentive Plan, as described below.

2009 Equity Incentive Plan

The 2009 Equity Incentive Plan was approved by stockholders at the 2009 Annual Meeting. The plan provides for the grant and issuance of up to 850,000 shares and options to the Company's employees and consultants. The plan became effective when the Company filed a registration statement on Form S-8 on December 18, 2009. All options issued under the 2009 Equity Incentive Plan have a ten-year term with vesting periods ranging from issuance date to 24 months.

2014 Equity Incentive Plan

The 2014 Equity Incentive Plan was approved by stockholders at the June 10, 2014 Annual Meeting. The plan provides for the grant and issuance of up to 675,000 shares and options to the Company's employees, directors and consultants. Upon approval of the 2014 Equity Incentive Plan, all shares of common stock that remained available for award under the 2009 Equity Incentive Plan were cancelled.

Under the 2014 Equity Incentive Plan, each outside director receives $30,000 of cash compensation and receives a deferred stock award consisting of shares of the Company's common stock with a value equal to $20,000 on June 30 of each year. The award accrues on a quarterly basis, with $7,500 of cash compensation and $5,000 of stock earned for each fiscal quarter in which a director serves. The deferred stock award vests automatically on January 31 in the year following the award date.

All options that have been issued under the above plans have been issued to officers, employees and consultants of the Company. In total, options to purchase 492,500 shares were unexercised and outstanding on March 31, 2019 under the two equity incentive plans.

The Company recognized no stock option related compensation costs in each of the three months ended March 31, 2019 and 2018. Additionally, no options were exercised during the three months ended March 31, 2019.

Stock Awards to Directors, Officers, and Consultants

The Company has granted stock awards pursuant to its 2009 Equity Incentive Plan and 2014 Equity Incentive Plan.

Of the total 850,000 shares reserved under the 2009 Equity Incentive Plan, 297,265 shares were issued as share grants and 507,500 were issued as options. Upon approval of the 2014 Equity Incentive Plan in June 2014, 45,235 shares remaining available for award under the 2009 Equity Incentive Plan were cancelled.

Of the total 675,000 shares reserved under the 2014 Equity Incentive Plan, 649,772 shares have been awarded to the Company directors, consultants and employees as of March 31, 2019. Of the 649,772 shares awarded, 10,224 shares were awarded to the Company's directors for services performed during the plan year ended June 30, 2018. These shares became effective on that date and vested on January 31, 2019.

The Company recognized stock-based compensation costs of $122,000 and $105,000 for the three months ended March 31, 2019 and 2018, respectively.

Warrants

In conjunction with the closing of the Senior Secured Debt in May 2017, the Company issued to its lender a warrant to purchase an aggregate 362,500 shares of its common stock ("Warrant"). The warrant has a five-year term, and had an initial exercise price of $14.94 per share, subject to adjustment.

The Company recorded a debt discount at the time of the closing of the Senior Secured Debt in the amount of $2.9 million which was the fair value of the Warrant at the time it was issued. The debt discount is being amortized through December 2019.

On January 1, 2019, the Company adopted ASU 2017-11. As a result, the Company reclassified a warrant liability in the amount of $865 thousand to additional paid-in capital, as the Company's Warrant no longer met the definition of a derivative. In addition, during the years ended December 31, 2018 and 2017, the Company recognized annual gains of $1.5 million and $0.5 million, respectively, related to the historical remeasurement of the warrant derivative liability at fair value. Upon adoption of this guidance as of January 1, 2019, the Company recorded $2.0 million in additional paid-in capital with a corresponding adjustment to the opening balance of accumulated deficit related to these previously recorded gains.

During the first quarter, the Company sold shares of common stock under the November 2018 ATM at a per-share price less than the Warrant's initial exercise price, which triggered a down-round, reset provision and resulted in an adjusted exercise price of $14.69 as of March 31, 2019.

NOTE 4 – INCOME TAXES

As of March 31, 2019, the Company had net operating loss ("NOL") carryforwards of approximately $315 million for federal income tax purposes and $195 million for California state income tax purposes. Such carryforwards expire in varying amounts through the year 2039. For federal losses arising in tax years ending after December 31, 2017, the NOL carryforwards are allowed indefinitely. Use of the carryforward amounts is subject to an annual limitation as a result of ownership changes.

As of March 31, 2019, the Company possessed unrecognized tax benefits totaling approximately $1.8 million. None of these, if recognized, would affect the Company's effective tax rate because the Company has recorded a full valuation allowance against these assets.

The Company's tax years 2015 through 2018 remain subject to examination by the Internal Revenue Service, and tax years 2014 through 2018 remain subject to examination by California tax jurisdictions. In addition, the Company's loss carryforward amounts are generally subject to examination and adjustment for a period of three years for federal tax purposes and four years for California purposes, beginning when such carryovers are utilized to reduce taxes in a future tax year.

Because it is more likely than not that the Company will not realize its net deferred tax assets, it has recorded a full valuation allowance against these assets. Accordingly, no deferred tax asset has been reflected in the accompanying condensed consolidated balance sheet.

NOTE 5 – NET LOSS PER COMMON SHARE

Basic net loss per share is computed by dividing the net loss by the weighted-average common shares outstanding. Options, deferred stock units, warrants and the zero coupon term loan convertible into or exercisable for certain shares of the Company's common stock were not considered in the computation of net loss per share because their inclusion would have been antidilutive. Had these instruments been included, the fully diluted weighted average shares outstanding would have increased by approximately 11,707,000 and 11,265,000 for the three months ended March 31, 2019 and 2018, respectively.

NOTE 6 – LEASES

The Company has operating leases for corporate offices, vehicles and office equipment. The Company's leases have remaining lease terms of one year to two years, 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 considered in the lease term or the right-of-use asset and lease liability balances. The Company's current lease arrangements expire from 2019 through 2021. The Company does not have any finance leases.

The Company's lease population does not include any residual value guarantees, and therefore none were considered in the calculation of the lease balances. The Company has leases with variable payments, most commonly in the form of common area maintenance charges which are based on actual costs incurred. These variable payments were excluded from the right-of-use asset and lease liability balances since they are not fixed or in-substance fixed payments.

The Company elected to utilize the transition package of practical expedients permitted within the new standard, including the practical expedient not to reassess existing land easements, which among other things, allows the Company to carryforward the historical lease classification. The Company has lease agreements with lease and non-lease components, and has elected the practical expedient to account for lease and non-lease components as a single lease component for real-estate class of leases only. For leases with terms greater than 12 months, the Company records the related asset and lease liability at the present value of lease payments over the lease term. Leases with an initial term of 12 months or less with purchase options or extension options that are not reasonably certain to be exercised are not recorded on the Consolidated Balance Sheets; the Company recognizes lease expense for these leases on a straight-line basis over the term of the lease.

Lease balances. Amounts recognized in the accompanying consolidated balance sheet as of March 31, 2019 are as follows (in thousands):

Activity	Balance Sheet Location	Balance
ROU assets	Other assets	$	103
Short-term lease liability	Other liabilities	$	42
Long-term lease liability	Other long-term liabilities	$	48

Lease cost. The Company's operating lease cost for the three months ended March 31, 2019 was $49,698.

Lease commitments. The table below summarizes the Company's scheduled future minimum lease payments under operating, recorded on the balance sheet as of March 31, 2019 (in thousands):

2019	$	35
2020		46
2021		15
Total lease payments		96
Less: Imputed interest		(6	)
Present value of lease payments		90
Less: current maturities of lease obligations		(42	)
Long-term lease obligations	$	48

Most of our lease agreements do not provide a readily determinable implicit rate nor is it available to us from our lessors. Instead, we estimate the Company's incremental borrowing rate based on information available at either the implementation date of Topic 842 or at lease commencement for leases entered into thereafter in order to discount lease payments to present value. The table below presents additional information related to our leases as of March 31, 2019:

Weighted Average Remaining Lease Term
Operating leases	2 years

Weighted Average Discount Rate
Operating leases		6%

From a lessor standpoint, in February 2016, the Company entered into a lease agreement with Fenner Valley Farms LLC ("FVF") (the "lessee"), a subsidiary of Water Asset Management LLC, a related party, 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.

Under the FVF Lease Agreement, the Company has a repurchase option to terminate the lease at any time during the twenty (20) year period following the effective date of the lease ("Termination Option Period") upon (1) repayment of the one-time $12 million lease payment plus a ten percent (10%) compounded annual return (provided that the amount of such payment shall be not less than $14,400,000), (2) reimbursement of water-related infrastructure on the leased property plus 8% per annum as well as the actual costs of any farming-related infrastructure installed on the leased property and (3) reimbursement of certain pipeline-related development expenses, working in coordination with Cadiz, not to exceed $3,000,000 (such payments, the " Termination Payments "). If (x) Cadiz does not exercise its termination right within such 20-year period or (y) the Agent under Cadiz's credit agreement declares an event of default under Cadiz's Senior Secured Debt and accelerates the indebtedness due and owing thereunder by Cadiz (or such indebtedness automatically accelerates under the terms of Cadiz's Senior Secured Debt), then the lessee may purchase the leased property for $1.00. The Company has recorded the one-time payment of $12 million, before legal fees, paid by FVF as a long-term lease liability. The Company's consolidated statement of operations reflects a net charge equal to a 10% finance charge compounding annually over the 20-year Termination Option Period. The net charge to the consolidated statement of operations reflects (1) rental income associated with the use of the land by FVF over the 20-year termination option period and (2) interest expense at a market rate reflective of a 20-year secured loan transaction. As a result of this transaction, the Company incurred approximately $490 thousand of legal fees which was recorded as a debt discount and is being amortized over the 20-year Termination Option Period.

The Company expects to receive rental income of $420 thousand annually over the next five years related to the FVF Lease Agreement.

NOTE 7 – FAIR VALUE MEASUREMENTS

The following table presents information about warrant derivative liabilities, and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. We consider a security that trades at least weekly to have an active market. Fair values determined by Level 2 inputs utilize data points that are observable, such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

	Derivatives at Fair Value as of March 31, 2018
(in thousands)	Level 1			Level 2			Level 3			Total

Warrant derivative liabilities		$	-		$	-	$	(1,871	)	$	(1,871	)
Total warrant derivative liabilities		$	-		$	-	$	(1,871	)	$	(1,871	)

Derivatives at Fair Value as of March 31, 2019

(in thousands)

Level 1

Level 2

Level 3

Total

Warrant derivative liabilities

Total warrant derivative liabilities

The following table presents a reconciliation of Level 3 activity for the three month period ended March 31, 2019:

	Level 3 Liabilities
(in thousands)	Warrant Derivative Liabilities

Balance at December 31, 2018	$	865
Reclassification of warrant liability to additional paid-in capital upon adoption of ASU 2017-11		(865	)
Balance at March 31, 2019	$	-

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the following discussion contains trend analysis and other forward-looking statements. Forward-looking statements can be identified by the use of words such as "intends", "anticipates", "believes", "estimates", "projects", "forecasts", "expects", "plans" and "proposes". Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. These include, among others, our ability to maximize value from our land and water resources; and our ability to obtain new financings as needed to meet our ongoing working capital needs. See additional discussion under the heading "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2018.

Overview

We are a land and water resource development company with over 45,000 acres of land in three areas of eastern San Bernardino County, California. Virtually all of this land is underlain by high-quality, naturally recharging groundwater resources, and is situated in proximity to the Colorado River and the Colorado River Aqueduct ("CRA"), California's primary mode of water transportation for imports from the Colorado River into the State. Our properties are suitable for various uses, including large-scale agricultural development, groundwater storage and water supply projects. Our main objective is to realize the highest and best use of these land and water resources in an environmentally responsible way.

We believe that the long-term highest and best use of our land and water assets will be realized through the development of a combination of water supply and storage projects at our properties. Therefore, we have primarily focused on the development of the Cadiz Valley Water Conservation, Recovery and Storage Project ("Water Project" or "Project"), which will capture and conserve millions of acre-feet¹ of native groundwater currently being lost to evaporation from the aquifer system beneath our 34,500-acre property in the Cadiz and Fenner valleys of eastern San Bernardino County (the "Cadiz/Fenner Property"), and deliver it to water providers throughout Southern California (see "Water Resource Development"). A second phase of the Water Project would offer storage of up to one million acre-feet of imported water in the aquifer system. We believe that the ultimate implementation of this Water Project will provide a significant source of future cash flow.

The primary factor driving the value of such projects is ongoing pressure on California's traditional water supplies and the resulting demand for new, reliable supply solutions that can meet both immediate and long-term water needs. Available water supply in Southern California is constrained by regulatory restrictions on each of the State's three main water sources: the CRA, the State Water Project, which provides water supplies from Northern California to the central and southern parts of the state, and the Los Angeles Aqueduct, which delivers water from the eastern Sierra Nevada mountains to Los Angeles. Southern California's water providers rely on imports from these systems for a majority of their water supplies, but deliveries from all three into the region are consistently below capacity, even in wet years.

¹ One acre-foot is equal to approximately 326,000 gallons or the volume of water that will cover an area of one acre to a depth of one-foot. An acre-foot is generally considered to be enough water to meet the annual water needs of one average California household.

Further, the availability of supplies in California differs greatly from year to year due to natural hydrological variability. Over the last decade, California struggled through a historic drought featuring record-low winter precipitation. Then, following a series of strong storms that delivered record amounts of rain and snow during the 2016-2017 winter, state officials declared an end to the drought. The 2017-2018 winter was abnormally dry for a majority of the State, yet the 2018-2019 winter was a wet year, with snowpack and rainfall well above average through April 2019. The rapid swings between wet and dry years challenges California's traditional supply system and supports the need for reliable storage and local supply.

Given the variety of challenges and limitations faced by the State's existing infrastructure, Southern California water providers are presently pursuing investments in storage, supply and infrastructure to meet long-term demand. The Cadiz Water Project is a local supply option in Southern California that could help address the region's water supply challenges by providing new reliable supply and local groundwater storage opportunities (see "Water Resource Development" below) in both dry and wet years. Following a multi-year California Environmental Quality Act ("CEQA") review and permitting process, the Water Project received permits that allow the capture and conservation of 2.5 million acre-feet of groundwater over 50 years in accordance with the terms of a groundwater management plan approved by San Bernardino County, the public agency responsible for groundwater use at the project area.

In addition to our Water Project proposal, we are engaged in agricultural joint ventures at the Cadiz/Fenner Property that put some of the groundwater currently being lost to evaporation from the underlying aquifer system to immediate beneficial use. We have farmed portions of the Cadiz/Fenner Property since the late 1980s relying on groundwater from the aquifer system for irrigation. The site is well-suited for various permanent and seasonal crops. Presently, the property has 2,100 acres leased for cultivation of citrus.

Our current working capital requirements relate largely to the final development activities associated with the Water Project and those activities consistent with the Water Project related to further development of our land and agricultural assets. While we continue to believe that the ultimate implementation of the Water Project will provide the primary source of our future cash flow, we also believe there is significant additional value in our underlying agricultural assets.

We also continue to explore additional uses of our land and water resource assets, including renewable energy development, the marketing of our approved desert tortoise land conservation bank, which is located on our properties outside the Water Project area, and other long-term legacy uses of our properties, such as habitat conservation and cultural development.

Water Resource Development

The Water Project is designed to capture and conserve renewable native groundwater currently being lost to evaporation from the aquifer system underlying our Cadiz/Fenner Property, and provide a new reliable water supply for approximately 400,000 people in Southern California. In this first phase, Phase I, the total quantity of groundwater to be recovered and conveyed to Water Project participants will not exceed a long-term annual average of 50,000 acre-feet per year for 50 years. The Water Project also offers participants in Phase I the ability to carry-over their annual supply and store it in the groundwater basin from year to year. Up to 150,000 acre-feet can be stored as part of Phase I. A second phase of the Water Project, Phase II, will offer an additional 850,000 acre-feet of capacity that can store imported water supplies at the project area for future dry years.

Water Project facilities required for Phase I primarily include, among other things:

·	High-yield wells designed to efficiently recover available native groundwater at the Water Project area;

·	A water conveyance pipeline to deliver water from the well-field to the CRA for further delivery to Project participants;

·	An energy source to provide power to the well-field, pipeline and pumping facilities; and

·	A water treatment facility at the wellfield to meet anticipated water quality requirements set by the operator of the CRA.

If an imported water storage component of the Project is ultimately implemented in Phase II, the following additional facilities would be required, among other things:

·	Facilities to pump water through the conveyance pipeline from the CRA to the Water Project well-field and/or through the Company's pipeline from Barstow, CA, to Cadiz; and

·	Spreading basins, which are shallow settling ponds that will be configured to efficiently percolate water from the ground surface down to the water table using subsurface storage capacity for the storage of water.

Phase I

Phase I has been fully reviewed and permitted in accordance with the California Environmental Quality Act (CEQA). In May 2016, all permits and approvals were sustained in the California Court of Appeal and are no longer subject to further litigation. As a result, the Project presently is permitted to provide an average of 50,000 acre-feet of water for 50 years to meet municipal and industrial (M&I) water needs in Southern California.

In October 2017, the US Bureau of Land Management ("BLM") provided a letter finding that the Project's proposed use of a portion of the Arizona & California Railroad Company ("ARZC") right-of-way from Cadiz to Freda, California to construct and operate the Water Project's water conveyance pipeline and related railroad improvements is within the scope of the original right-of-way grant and not subject to additional permitting. The buried pipeline would be constructed parallel to the railroad tracks and be used to convey water between our Cadiz Valley property and the CRA.

Construction of Water Project facilities that would allow for the delivery of up to 75,000 acre-feet in any one year is expected to cost approximately $310 million and will require capital financing that we expect will be secured by definitive Purchase and Sale Agreements with Project participants and the new facility assets.

In addition to finalizing construction financing terms, prior to construction, the Water Project must (1) finalize contracts with Project participating agencies, (2) secure transportation arrangements to deliver water into each participant's service area, and (3) complete final design, engineering and construction permitting. Below is a discussion of present activities to advance these objectives.

(1) Contracts with Public Water Agencies or Private Water Utilities

The Company has executed Letters of Intent ("LOIs"), option agreements and purchase agreements, or contracts (collectively, "Agreements") with public water agencies and private water utilities in California during the Project's development. These participating agencies serve more than one million customers in cities throughout California's San Bernardino, Riverside, Los Angeles, Orange, Imperial and Ventura Counties. Twenty percent of Water Project supplies have been reserved for San Bernardino County-based agencies.

Santa Margarita Water District ("SMWD"), Orange County's second largest water provider, was the first participant to convert its option agreement and adopt resolutions approving a Water Purchase and Sale Agreement for 5,000 acre-feet of water. The structure of the SMWD purchase agreement calls for an annually adjusted water supply payment, plus a pro rata portion of the capital recovery charge and operating and maintenance costs. The capital recovery charge is calculated by amortizing the total capital investment by the Company over a 30-year term.

Agreements entered into prior to the beginning of the CEQA review process provide the participants the right to acquire an annual supply of 5,000 acre-feet of water at $775 per acre-foot (2010 dollars, subject to adjustment), which is competitive with the incremental cost of new water. In addition, these agencies received options to acquire storage rights in the Water Project to allow for the management of their Water Project supplies in complement with their own water resources. Up to 150,000 acre-feet of carry-over storage is available for reservation by the agencies prior to construction commencement. Participants that elect to achieve year-to-year flexibility in their use of Project water by utilizing carry-over storage will reserve storage capacity for $1,500 per acre-foot prior to construction.

LOIs that have been entered into since completion of the CEQA review process reserve supplies from the Water Project at $960 per acre-foot (2014 dollars, subject to adjustment). These LOIs also include the option to reserve carry-over storage capacity for $1,500 per acre-foot prior to construction.

Presently, total reservations of supplies from the Water Project via these Agreements are in excess of Water Project capacity. Prior to construction of the Water Project, we expect to convert existing option agreements and LOIs to purchase agreements. We are working collaboratively with the participating water agencies to account for any oversubscription in the final definitive Purchase and Sale Agreements and allow for inclusive participation across Southern California.

(2) Conveyance Arrangements

Prior to construction of the Water Project, and in coordination with final participation contracts described in (1) above, an agreement and terms for moving water supplies in the CRA must be negotiated with Metropolitan Water District of Southern California ("Metropolitan"), which owns and controls the CRA.

Water supplies conserved by the Project would enter the CRA at the termination of the project's conveyance pipeline near Rice, CA. The CEQA process considered a variety of options to enter the CRA and assumed final entry into the CRA would be determined by MWD in consultation with the Project's participating agencies. Once arrangements are reached, the Metropolitan Board would take action as a responsible agency under CEQA regarding the terms and conditions of the Water Project's use of the CRA to transport water to its participating agencies.

There is no application yet before Metropolitan related to entry and transportation of Project supplies, but we expect such a formal application will be filed by SMWD, the Project's lead agency, when the Project's contractual arrangements with participants are finalized. Any agreement as to the terms and conditions of the Water Project's use of the CRA will be negotiated between and entered into by Metropolitan and the Project participating agencies, not the Company. Discussions with Metropolitan regarding conveyance of Project water in the CRA have been led by SMWD, the Water Project's CEQA lead agency, and are ongoing.

Water Project supplies entering the CRA will comply with Metropolitan's published engineering, design and water quality standards and will be subject to all applicable fees and charges routinely established by Metropolitan for the conveyance of water within its service territory. Total dissolved solids or salts in the Cadiz water supply are substantially lower than the water in the CRA. Other constituents that are already lower than State and Federal standards but potentially higher than the water in the CRA will be lowered via treatment to ambient levels or removed entirely. Extensive pilot testing of treatment options at the Project area in 2018 confirmed the capability of cost-effective treatment technologies to successfully remove such constituents. We believe there are multiple benefits that can be realized by MWD and its service area, such as water quality improvements, upon making space reasonably available for the Cadiz Water supplies and providing the region the flexibility of relying on the Cadiz project in both wet and dry years.

Northern Pipeline

We currently own a 96-mile long, 30-inch wide existing idle natural gas pipeline that extends northwest from the Cadiz/Fenner Property terminating in Barstow, California, and have entered into a purchase agreement for a further 124-mile segment connecting this line from Barstow to Wheeler Ridge, California. The pipeline crosses San Bernardino, Los Angeles and Kern counties, including the Barstow and Bakersfield areas, which serve as hubs for water delivered from northern and central California to communities in Southern California.

Initial feasibility studies indicated that, upon conversion, the 30-inch pipeline could transport between 18,000 and 30,000 acre-feet of water per year between the Water Project area and the Central and Northern California water transportation networks. As a result, this pipeline could diversify delivery opportunities for the Water Project and the Company's broader water resource development efforts.

If this pipeline were to become operational, then the Water Project would link the Colorado River Aqueduct and State Water Project systems - two of Southern California's main water delivery systems - providing flexible opportunities for both supply and storage. The Northern Pipeline could deliver Phase I supplies, either directly or via exchange, to existing and potential customers of Phase I of the Project. Any use of the pipeline would be conducted in conformity with the Water Project's groundwater management plan and is subject to further CEQA evaluation and potentially federal environmental permitting.

In December 2018, the Company entered into an amendment (the "Amendment") to its option agreement ("Option Agreement") with El Paso Natural Gas Company ("EPNG") to purchase the 124-mile segment of the pipeline. The Option Agreement, as amended, allows the Company to purchase the 124-mile pipeline segment with an initial payment of $2 million and a subsequent payment of $18 million ("Deferred Payment"). Following entry into the Amendment, the Company exercised the option and entered into a purchase agreement for the 124-mile pipeline, providing to EPNG the initial consideration of $2 million.

Under our purchase agreement with EPNG, the Deferred Payment is due to EPNG within 30 days of satisfaction of certain conditions precedent by EPNG. We do not currently have the cash resources on hand to satisfy the Deferred Payment. If we do not complete the purchase of the additional 124-mile pipeline, then our Northern Pipeline opportunities will be limited to the 96-mile segment that we own.

(3) Final Design and Permitting

As a component of completing contract terms with participating agencies and related wheeling arrangements with Metropolitan, we must also finalize design of Project facilities and acquire relevant construction permits with state and local agencies. Together with SMWD we have engaged engineering and environmental consultants to complete design plans for the 43-mile pipeline, Project wellfield, any necessary water treatment facilities, and facilities required to connect to the Metropolitan system at and near the CRA. This work is ongoing and expected to proceed in coordination with the negotiation of contracts and wheeling arrangements.

Once facility design and layout near completion, we will need to obtain additional permits and approvals from state or local entities prior to construction. This may include but is not limited to confirmation of existing access rights, easements and right-of-ways, for areas that may be crossed by Project facilities in the Project area subject to final pipeline configuration.

Phase II

In a second phase of the Water Project, we expect to make available up to one million acre-feet of capacity in the aquifer system for storage of surplus water conveyed to the Project area. Under the Imported Water Storage Component, or Phase II, water from the Colorado River or the State Water Project, via some or all of an existing 220-mile pipeline that extends from Wheeler Ridge, California southeast to Barstow and there onwards to our Cadiz/Fenner property (see "Northern Pipeline", above), could be conveyed to spreading basins that would be constructed on our private property to percolate into the aquifer system and held in storage. When needed, previously stored water would be returned to Phase II participating agencies via the Project's 43-mile conveyance pipeline to the CRA, described above, or the Northern Pipeline.

Phase II has already been the subject of programmatic environmental review in accordance with CEQA, but still requires project-level environmental review and permitting once participating agencies are identified. Phase II may also require federal permits subject to the National Environmental Policy Act, or NEPA.

Agricultural Development

Our Cadiz/Fenner Property, consisting of approximately 34,500 acres of desert land, is zoned for agricultural development. In 1993, we secured conditional use permits to develop agriculture on up to 9,600 acres of the property and withdraw groundwater from the underlying aquifer system for irrigation. We have since maintained various levels of crops on the Property as we developed the Water Project. In 2013, we entered into a lease agreement with a third party to develop up to 1,480 acres of lemons at the site, 640 acres of which have been planted to date.

In February 2016, we entered into a lease agreement with Fenner Valley Farms LLC ("FVF"), a subsidiary of Water Asset Management LLC, a related party, pursuant to which FVF leased, for a 99-year term, 2,100 acres at the Cadiz/Fenner property to be used to plant, grow and harvest agricultural crops ("FVF Lease"). As consideration for the lease, FVF paid us a one-time payment of $12,000,000 in February 2016. The acreage that was historically farmed by us and the acreage that is leased to a third party to develop lemons was included within the leased acreage. Following entry into this lease, we are no longer directly involved in the current agricultural operations at the site and all agricultural revenue is derived pursuant to the FVF Lease.

As part of the agricultural development to be conducted under the lease arrangements, the groundwater production capacity of the property's existing well-field is expected to be enhanced through infrastructure improvements that are complementary to the Water Project. While any additional well-field development for agricultural use would be financed by our agricultural partners as provided under our agricultural lease arrangements, we retained a call feature that allows us, at any time in the initial 20 years, to acquire the well-field and integrate any new agricultural well-field infrastructure developed into the Water Project's facilities.

Additional Eastern Mojave Properties

We also own approximately 11,000 acres outside of the Cadiz/Fenner Valley area in two locations within the Mojave Desert in eastern San Bernardino County.

Our primary landholding outside of the Cadiz area is approximately 9,000 acres in the Piute Valley. This landholding is located approximately 15 miles from the resort community of Laughlin, Nevada, and about 12 miles from the Colorado River town of Needles, California. Extensive hydrological studies, including the drilling and testing of a full-scale production well, have demonstrated that this landholding is underlain by high-quality groundwater. The aquifer system underlying this property is naturally recharged by precipitation (both rain and snow) within a watershed of approximately 975 square miles and could be suitable for a water supply project, agricultural development or solar energy production. These private properties are proximate to or border areas designated by the federal government as National Monument, Critical Desert Tortoise Habitat and/or Desert Wilderness Areas and are suitable candidates for preservation and conservation (see "Land Conservation Bank" below).

Additionally, we own acreage located near Danby Dry Lake in Ward Valley, approximately 30 miles southeast of our Cadiz/Fenner Valley properties. The Danby Dry Lake property is located approximately 10 miles north of the CRA. Initial hydrological studies indicate that the area has excellent potential for a water supply project. Certain of the properties in this area may also be suitable for agricultural development and/or preservation and conservation.

Land Conservation Bank

Approximately 7,500 acres of our properties outside of the Cadiz/Fenner Valley area in the Piute Valley are located within terrain designated by the federal government as Critical Desert Tortoise Habitat and/or Desert Wilderness Areas and have limited development opportunities. In February 2015, the California Department of Fish and Wildlife approved our establishment of the Fenner Valley Desert Tortoise Conservation Bank ("Fenner Bank"), a land conservation bank that makes available these properties for mitigation of impacts to tortoise and other sensitive species that would be caused by development across the Southern California desert. Under its enabling documents, the Fenner Bank offers credits that can be acquired by entities that must mitigate or offset impacts linked to planned development. For example, this bank can service the mitigation requirements of renewable energy, military, residential and commercial development projects being considered throughout the desert. Credits sold by the Fenner Bank will fund our permanent preservation of the land as well as research by outside entities, including San Diego Zoo Global, into desert tortoise health and species protection.

Northern Pipeline

The Northern Pipeline, described above, also represents new opportunities for the Company independent of the Water Project to offer water transportation to locations along the 220-mile pipeline route that are not presently interconnected by existing water infrastructure. The pipeline crosses California's major water infrastructure as well as urban and agricultural centers and can be utilized to transport water, independent of the Water Project, between users who presently lack direct interconnections along the pipeline route. We are presently engaged in discussions with parties that may be interested in such transportation. The ability to serve points along the 124-mile portion of the pipeline from Barstow to Wheeler Ridge is dependent upon completion of certain conditions precedent under our purchase agreement with EPNG, described above. If the acquisition of the 124-mile segment is not completed, then our Northern Pipeline opportunities will be limited to the 96-mile segment that we own.

Other Opportunities

Other opportunities in the water and agricultural or related infrastructure business complementary to our current objectives could provide new opportunities for our Company.

Over the longer-term, we believe the population of Southern California, Nevada and Arizona will continue to grow, and that, in time, the economics of commercial and residential development at our properties may become attractive.

We remain committed to the sustainable use of our land and water assets and will continue to explore all opportunities for environmentally responsible development of these assets. We cannot estimate which of these opportunities will ultimately be utilized.

Results of Operations

Three Months Ended March 31, 2019, Compared to Three Months Ended March 31, 2018

We have not received significant revenues from our water resource and real estate development activity to date. Our revenues have been limited to rental income from the FVF Lease (see "Agricultural Development", above). As a result, we have historically incurred a net loss from operations. We had revenues of $109 thousand for the three months ended March 31, 2019 and $108 thousand for the three months ended March 31, 2018. We incurred a net loss of $7.3 million in the three months ended March 31, 2019, compared to a $6.0 million net loss during the three months ended March 31, 2018. The higher 2019 loss was primarily due to higher general and administrative expenses, higher interest expense, and a recorded debt conversion expense, combined with $0.5 million in unrealized gains recorded for warrant liabilities in 2018.

Our primary expenses are our ongoing overhead costs associated with the development of the Water Project (i.e., general and administrative expense) and our interest expense. We will continue to incur non-cash expenses in connection with our management and director equity incentive compensation plans.

Revenues Revenue totaled $109 thousand for the three months ended March 31, 2019 and $108 thousand for the three months ended March 31, 2018. Revenues primarily related to rental income from the FVF Lease (see "Agricultural Development", above).

General and Administrative Expenses General and Administrative Expenses, exclusive of stock-based compensation costs, totaled $2.8 million in the three months ended March 31, 2019, compared to $2.4 million in the three months ended March 31, 2018.

Compensation costs for stock and option awards for the three months ended March 31, 2019, were $122 thousand, compared to $105 thousand for the three months ended March 31, 2018.

Depreciation Depreciation expense totaled $66 thousand during each of the three months ended March 31, 2019 and 2018.

Interest Expense, net Net interest expense totaled $4.2 million during the three months ended March 31, 2019 compared to $3.5 million during the same period in 2018. The following table summarizes the components of net interest expense for the two periods (in thousands):

	Three Months Ended
	March 31,
	2019			2018

Interest on outstanding debt		$	3,225	$	3,040
Unrealized gains on warrants, net			-		(516	)
Amortization of debt discount			988		953
Amortization of deferred loan costs			21		39

		$	4,234	$	3,516

Income Taxes Income tax expense was $1 thousand for each of the three months ended March 31, 2019 and 2018. See Note 4 to the Condensed Consolidated Financial Statements – "Income Taxes".

Liquidity and Capital Resources

Current Financing Arrangements

As we have not received significant revenues from our development activities to date, we have been required to obtain financing to bridge the gap between the time water resource and other development expenses are incurred and the time that revenue will commence. Historically, we have addressed these needs primarily through secured debt financing arrangements, private equity placements.

In May 2017, we entered into a new $60 million credit agreement with funds affiliated with Apollo Global Management, LLC ("Apollo") that replaced and refinanced our then existing $45 million senior secured mortgage debt and provided $15 million of new senior debt to fund immediate construction related expenditures ("Senior Secured Debt"). The Senior Secured Debt and the 7.00% Convertible Senior Notes due March 2020 ("Convertible Senior Notes") contain representations, warranties and covenants that are typical for agreements of this type, including restrictions that would limit our ability to incur additional indebtedness, incur liens, pay dividends or make restricted payments, dispose of assets, make investments and merge or consolidate with another person. However, while there are affirmative covenants, there are no financial maintenance covenants and no restrictions on our ability to issue additional common stock to fund future working capital needs. The debt covenants associated with the Senior Secured Debt were negotiated by the parties with a view towards our operating and financial condition as it existed at the time the agreements were executed. At March 31, 2019, we were in compliance with our debt covenants.

Limitations on our liquidity and ability to raise capital may adversely affect us. Sufficient liquidity is critical to meet our resource development activities. As discussed further in "Outlook" below, we do not have adequate resources on hand to meet the obligations related to the (1) Senior Secured Debt which could come due as early as December 2019 or (2) the Convertible Senior Notes coming due in March 2020 to the extent these notes are not converted. However, we have entered into option agreements with parties holding 99% of the Convertible Senior Notes that allow us, at our sole option, at any time prior to December 5, 2019, to extend the maturity date of the Convertible Senior Notes to September 5, 2021. Additionally, the completion of the acquisition of the 124-mile extension of our Northern Pipeline will require an $18 million payment within thirty days of satisfaction of certain conditions precedent under our purchase agreement with EPNG. We do not currently have the cash resources on hand to make this payment in full. To the extent additional capital is required, we may increase liquidity through a variety of means, including equity or debt placements, through the lease, sale or other disposition of assets or reductions in operating costs. If additional capital is required, no assurances can be given as to the availability and terms of any new financing.

As we continue to actively pursue our business strategy, additional financing may continue to be required. See "Outlook" below. The covenants in the term debt do not prohibit our use of additional equity financing and allow us to retain 100% of the proceeds of any equity financing. We do not expect the loan covenants to materially limit our ability to finance our water development activities.

At March 31, 2019, we had no outstanding credit facilities other than the Senior Secured Debt and the convertible notes.

Cash Used in Operating Activities. Cash used in operating activities totaled $4.0 million and $3.9 million for the three months ended March 31, 2019 and 2018, respectively. The cash was primarily used to fund general and administration expenses related to our water development efforts.

Cash Used in Investing Activities. Cash used in investing activities totaled $165 thousand for the three months ended March 31, 2019, and $502 thousand for the three months ended March 31, 2018. The costs primarily consisted of engineering and design related to the development of the Water Project.

Cash Provided by (Used in) Financing Activities. Cash provided by financing activities totaled $7.9 million for the three months ended March 31, 2019, compared with cash used for financing activities of $14 thousand for the three months ended March 31, 2018. The 2019 results include $7.9 million of net proceeds from the issuance of shares under an at-the-market offering.

Outlook

Short-Term Outlook. We have principal and interest payments aggregating approximately $76.3 million as of March 31, 2019 coming due in March 2020 relating to our Convertible Senior Notes to the extent the noteholders, who have the right to convert at any time into our common stock at a conversion rate of $6.75 per share, do not convert prior to March 2020 or we do not exercise the option agreements we currently have with parties holding 99% of our Convertible Senior Notes that allow us, at our sole option, at any time prior to December 5, 2019, to extend the maturity date of the Convertible Senior Notes to September 5, 2021. Our Senior Secured Debt of approximately $67.1 million as of March 31, 2019 could also become due as early as December 2019 if we have not exercised the option agreements or the Convertible Senior Notes have not been converted by that time and the Company's stock price is less than 120% of the conversion rate. We do not currently have adequate resources on hand to meet these obligations should they come due. Additionally, to complete our acquisition of an additional 124-mile extension of our Northern Pipeline, we will require a further $18 million to fund the payment that will be due upon completion of certain conditions precedent under our purchase agreement with EPNG (see "Water Resource Development", above). If the acquisition of the 124-mile segment is not completed, then our Northern Pipeline opportunities will be limited to the 96-mile segment we already own. As we require additional working capital to fund operations, we expect to continue our historical practice of structuring our financing arrangements to match the anticipated needs of our development activities. See "Long-Term Outlook" below. No assurances can be given, however, as to the availability or terms of any new financing.

Long-Term Outlook. In the longer term, we will need to raise additional capital to finance working capital needs, capital expenditures and any payments due under our Senior Secured Debt or our Convertible Senior Notes at maturity (see "Current Financing Arrangements", above). Our future working capital needs will depend upon the specific measures we pursue in the entitlement and development of our water resources and other developments. Future capital expenditures will depend primarily on the progress of the Water Project.

We are evaluating the amount of cash needed, and the manner in which such cash will be raised, on an ongoing basis. We may meet any future cash requirements through a variety of means, including equity or debt placements, or through the sale or other disposition of assets. Equity placements would be undertaken only to the extent necessary, so as to minimize the dilutive effect of any such placements upon our existing stockholders. No assurances can be given, however, as to the availability or terms of any new financing. Limitations on our liquidity and ability to raise capital may adversely affect us. Sufficient liquidity is critical to meet our resource development activities.

Recent Accounting Pronouncements

See Note 1 to the Condensed Consolidated Financial Statements – "Basis of Presentation".

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

We are a smaller reporting company as defined by Reg. 240.12b-2 of the Securities and Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 4. Controls and Procedures

Disclosure Controls and Procedures

The Company established disclosure controls and procedures to ensure that material information related to the Company, including its consolidated entities, is accumulated and communicated to senior management, including the Chief Executive Officer (the "Principal Executive Officer") and Chief Financial Officer (the "Principal Financial Officer") and to its Board of Directors. Based on their evaluation as of March 31, 2019, the Company's Principal Executive Officer and Principal Financial Officer have concluded that the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are effective to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and such information is accumulated and communicated to management, including the principal executive and principal financial officers as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Controls Over Financial Reporting

In connection with the evaluation required by paragraph (d) of Rule 13a-15 under the Exchange Act, there was no change identified in the Company's internal controls over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal controls over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings

Not applicable.

ITEM 1A. Risk Factors

We could be negatively affected as a result of a proxy contest or related litigation.

In April 2019, we received notice that TRF Master Fund (Cayman) LP, an affiliate of Water Asset Management, LLC (which we refer to, collectively with all its affiliates, including TRF Master Fund (Cayman) LP, as "WAM") intends to nominate five candidates to the Board for election as directors in opposition to three of the nominees recommended by the Board and submit a proposal for stockholder vote at the 2019 Annual Meeting of the Stockholders (the "2019 Annual Meeting"), which, if approved, would amend the Bylaws to expand the notice requirements for stockholder business to be timely brought before an annual meeting. These WAM nominated directors are comprised of the two Company incumbent directors currently serving in connection with a cooperation agreement entered into by WAM and the Company in 2018 and three new nominees (the "Additional WAM Nominees"). Although our Board has not made its recommendation with respect to the director elections or proposal submitted by WAM for our 2019 Annual Meeting, it is possible that a proxy contest involving WAM will ensue.

Our Board and management strive to maintain constructive, ongoing communications with all of the Company's stockholders. While we welcome stockholder views and opinions with the goal of enhancing value for all stockholders and intend to engage in constructive dialogue with WAM and the Company's other stockholders, any proxy contest or related litigation could negatively affect the Company for a number of reasons, including but not limited to the following:

•

Responding to proxy contests, litigation and other actions by dissident stockholders is costly and time-consuming, disrupting our operations and diverting the attention of management and our employees;

•

Perceived uncertainties as to our future direction as a result of changes to the composition of our Board may damage morale, create instability among our management and employees, be exploited by opponents of the Water Project or adversely impact existing and potential strategic and operational relationships and opportunities;

•

We may experience difficulties in hiring, retaining and motivating personnel during the resulting uncertainty;

•

The uncertainty created by any delay in certifying the election results of our 2019 Annual Meeting could further negatively impact the stability and morale of our management and employees;

•

If individuals are elected or appointed to our Board with a specific dissident agenda, it may adversely affect our ability to effectively and timely implement our current business plan and new strategies, which could have a material adverse effect on our results of operations and financial condition;

•

Increases in legal fees, insurance, or proxy solicitation, administrative and associated costs incurred in responding to proxy contests and any related litigation may be substantial;

•

A successful election outcome by a dissident stockholder who is also engaged in litigation against us could also potentially adversely affect the Company by resulting in an "insured v. insured exclusion" under our D&O insurance policy, which may exclude indemnification for claims against directors and officers alleged by other directors and officers or by other policyholders under the same policy. There may be a risk that our insurer would decline to cover claims, or that defense costs advanced by the Company during the pendency of the claim would later be determined to be not covered under the policy and would not be repaid or recovered. We cannot assure you that an adverse determination would not be made by our insurer which may have a material adverse effect on our business, financial condition and results of operations.

Any proxy contest, threat of a proxy contest or related litigation may adversely affect our financial condition and results of operations or cause our stock price to experience periods of volatility or stagnation, based on temporary or speculative market perceptions or other factors that do not necessarily reflect the underlying prospects of our business.

There have been no material changes to the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2018, other than as set forth above.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

Not applicable.

ITEM 3. Defaults Upon Senior Securities

Not applicable.

ITEM 4. Mine Safety Disclosures

Not applicable.

ITEM 5. Other Information

WAM has notified us that it intends to nominate two of the Company's incumbent directors and the three Additional WAM Nominees for election as directors in opposition to the three of the nominees to be recommended by our Board and to submit a proposal for stockholder vote at our 2019 Annual Meeting.

ITEM 6. Exhibits

The following exhibits are filed or incorporated by reference as part of this Quarterly Report on Form 10-Q.

10.1

Option Agreement dated March 14, 2019 by and between Cadiz Inc. a Delaware corporation and LC Capital Partners, LP.⁽¹⁾

10.2

Option Agreement dated March 14, 2019 by and between Cadiz Inc. a Delaware corporation and Nokomis Capital Master Fund, L.P., a Texas limited liability company⁽¹⁾

10.3

Option Agreement dated March 14, 2019 by and between Cadiz Inc. a Delaware corporation and WPI-Cadiz Farm CA LLC⁽¹⁾

10.4

Option Agreement dated March 14, 2019 by and between Cadiz Inc. a Delaware corporation and Elkhorn Partners Limited Partnership⁽¹⁾

31.1

Certification of Scott S. Slater, Chief Executive Officer of Cadiz Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of Timothy J. Shaheen, Chief Financial Officer and Secretary of Cadiz Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification of Scott S. Slater, Chief Executive Officer of Cadiz Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2	Certification of Timothy J. Shaheen, Chief Financial Officer and Secretary of Cadiz Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

___________________________

(1)	Previously filed as an Exhibit to our Current Report on Form 8-K dated March 14, 2019 and filed on March 18, 2019

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Cadiz Inc.

By:	/s/ Scott S. Slater	May 9, 2019
	Scott S. Slater	Date
	Chief Executive Officer and President
	(Principal Executive Officer)

By:	/s/ Timothy J. Shaheen	May 9, 2019
	Timothy J. Shaheen	Date
	Chief Financial Officer and Secretary
	(Principal Financial Officer)

EX-31.1 2 exh31-1.htm EXHIBIT 31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Scott S. Slater, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Cadiz Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonable likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: May 9, 2019

/s/ Scott S. Slater

Scott S. Slater

Chief Executive Officer

EX-31.2 3 exh31-2.htm EXHIBIT 31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Timothy J. Shaheen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Cadiz Inc.;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: May 9, 2019

/s/ Timothy J. Shaheen

Timothy J. Shaheen

Chief Financial Officer and Secretary

EX-32.1 4 exh32-1.htm EXHIBIT 32.1

EXHIBIT 32.1

STATEMENT PURSUANT TO SECTION 906 THE SARBANES-OXLEY ACT OF 2002

BY PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

I, Scott S. Slater, herby certify, to my knowledge, that:

1. the accompanying Quarterly Report on Form 10-Q of Cadiz Inc. for the period ended March 31, 2019 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934, as amended; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Cadiz Inc.

IN WITNESS WHEREOF, the undersigned has executed this Statement as of the date first written above.

Dated: May 9, 2019

/s/ Scott S. Slater

Scott S. Slater

Chief Executive Officer

EX-32.1 5 exh32-2.htm EXHIBIT 32.2

EXHIBIT 32.2

STATEMENT PURSUANT TO SECTION 906 THE SARBANES-OXLEY ACT OF 2002

BY PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

I, Timothy J. Shaheen, herby certify, to my knowledge, that:

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Cadiz Inc.

IN WITNESS WHEREOF, the undersigned has executed this Statement as of the date first written above.

Dated: May 9, 2019

/s/ Timothy J. Shaheen

Timothy J. Shaheen

Chief Financial Officer and Secretary

EX-101.INS 6 cdzi-20190331.xml XBRL INSTANCE DOCUMENT 420000 420000 420000 420000 420000 25000000 15000000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Supplemental Cash Flow Information</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Under the terms of the Senior Secured Debt, the Company is required to pay <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> of all future quarterly interest payments in cash. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$330</div> thousand in interest payments on the corporate secured debt was paid in cash. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> other payments are due on the Senior Secured Debt or the Company’s convertible notes prior to their maturities.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.06</div> million in convertible notes were converted by certain of the Company’s lenders.  As a result, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">485,020</div> shares of common stock were issued to the lenders.  This conversion activity represents a non-cash financing activity.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The balance of cash, cash equivalents, and restricted cash as shown in the condensed consolidated statements of cash flows is comprised of the following:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div> <table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 46%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Cash, Cash Equivalents and Restricted Cash</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31, 201</div><div style="display: inline; font-weight: bold;">9</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31, 201</div><div style="display: inline; font-weight: bold;">8</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31, 201</div><div style="display: inline; font-weight: bold;">8</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">(in thousands)</div></div></div> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Cash and Cash Equivalents</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,235</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,558</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,577</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Restricted Cash included in Other Assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">133</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">133</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">133</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,368</div></td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,691</div></td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,710</div></td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The restricted cash amounts included in Other Assets primarily represent a deposit from a water project participant related to a cost-sharing agreement.</div></div></div></div></div> 0.99 865000 865000 2896000 -2031000 865000 15000000 35200000 10000000 1.2 -1000 1500000 500000 330000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="margin-right: 10%; margin-left: 36pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 45.9%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Activity</div></div> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 37.1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Balance Sheet Location</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Balance</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">ROU assets</div> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Other assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">103</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Short-term lease liability</div> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Other liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Long-term lease liability</div> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Other long-term liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div> 0.1 P99Y 1 P1Y P2Y <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Liquidity</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The Condensed Consolidated Financial Statements of the Company have been prepared using accounting principles applicable to a going concern, which assumes realization of assets and settlement of liabilities in the normal course of business.  The Company incurred losses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.3</div> million for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>compared to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.0</div> million for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018.  </div>The Company had working capital of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13.9</div> million at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>and used cash in its operations of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.0</div> million for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Cash requirements during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>primarily reflect certain administrative costs related to the Company’s water project development efforts.  Currently, the Company’s sole focus is the development of its land and water assets.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018, </div>the Company entered into an At Market Issuance Sales Agreement under which the Company could issue and sell shares of its common stock having an aggregate offering price of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25</div> million from time to time in an “at-the-market” offering (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “November 2018 </div>ATM Offering”).  As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">879,920</div> shares of common stock in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018 </div>ATM Offering for gross proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.14</div> million and aggregate net proceeds of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8.81</div> million.  The Company has and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>continue to issue equity securities pursuant to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018 </div>ATM Offering.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2018, </div>the Company entered into an At Market Issuance Sales Agreement  under which the Company could issue and sell shares of its common stock having an aggregate offering price of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15</div> million from time to time in an “at the market” offering (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “March 2018 </div>ATM Offering”). The Company completed the offering during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2018, </div>having issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,159,718</div> shares of common stock in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2018 </div>ATM Offering for gross proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15</div> million and aggregate net proceeds of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14.6</div> million.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2017, </div>the Company entered into a new <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$60</div> million credit agreement (“Credit Agreement”) with funds affiliated with Apollo Global Management, LLC (“Apollo”) that replaced and refinanced its then existing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$45</div> million senior secured mortgage debt (“Prior Senior Secured Debt”) and provided <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15</div> million of new senior debt to fund immediate construction related expenditures (“Senior Secured Debt”).  The Company’s Senior Secured Debt and its convertible notes contain representations, warranties and covenants that are typical for agreements of this type, including restrictions that would limit the Company’s ability to incur additional indebtedness, incur liens, pay dividends or make restricted payments, dispose of assets, make investments and merge or consolidate with another person.  However, while there are affirmative covenants, there are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> financial maintenance covenants and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> restrictions on the Company’s ability to issue additional common stock to fund future working capital needs.  The debt covenants associated with the Senior Secured Debt were negotiated by the parties with a view towards the Company’s operating and financial condition as it existed at the time the agreements were executed.  At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>the Company was in compliance with its debt covenants.</div> <div style=" margin: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>the Company had principal and interest payments aggregating approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$76.3</div> million coming due in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2020 </div>related to its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.00%</div> Convertible Senior Notes (“Convertible Senior Notes”) to the extent the noteholders, who have the right to convert at any time into the Company’s common stock at a conversion rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.75</div> per share, do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> convert prior to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2020 </div>or the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exercise the option agreements it currently has with parties holding <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">99%</div> of its Convertible Senior Notes that allow the Company, at its sole option, at any time prior to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 5, 2019, </div>to extend the maturity date of the Convertible Senior Notes to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 5, 2021.  </div>Additionally, the Company’s Senior Secured Debt of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$67.1</div> million as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>could also become due as early as <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2019, </div>if the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exercised the option agreements or the Convertible Senior Notes have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been converted by that time and the Company’s stock price is less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">120%</div> of the conversion rate and according to additional terms of the debt agreement.  Specifically, the Springing Maturity Date is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> applicable if less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10</div> million of original, outstanding principal related to the Convertible Senior Notes is outstanding at that time.  Further, the Company’s option to acquire an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">124</div>-mile extension of its’ Northern Pipeline will require an <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18</div> million payment upon completion of certain conditions precedent under the purchase agreement with El Paso Natural Gas Company (“EPNG”).  If the acquisition of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">124</div>-mile segment is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> completed, then the Company’s Northern Pipeline opportunities will be limited to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">96</div>-mile segment it already owns. The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>meet its debt and working capital requirements through a variety of means, including extension, refinancing, equity placements, the sale or other disposition of assets, or reductions in operating costs. </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Limitations on the Company’s liquidity and ability to raise capital <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>adversely affect it. Sufficient liquidity is critical to meet the Company’s resource development activities. Although the Company currently expects its sources of capital to be sufficient to meet its near-term liquidity needs, there can be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> assurance that its liquidity requirements will continue to be satisfied. If the Company cannot raise needed funds, it might be forced to make substantial reductions in its operating expenses, which could adversely affect its ability to implement its current business plan and ultimately its viability as a company.</div></div></div></div></div> 76300000 3000000 14400000 P3Y P4Y 300000 262000 2489000 2361000 0.25 9140000 15000000 0.08 18000000 P20Y P5Y 13900000 false --12-31 Q1 2019 2019-03-31 10-Q 0000727273 26252193 Yes false Accelerated Filer CADIZ INC true cdzi

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0.44

45000000

-516000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="14" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 43%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Derivatives at Fair Value as of March 31, 2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic;">(in thousands)</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 1</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 2</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 3</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Total</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 44%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 11%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 11%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 11%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 11%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Warrant derivative liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,871</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;" nowrap="nowrap"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,871</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;" nowrap="nowrap">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Total warrant derivative liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,871</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;" nowrap="nowrap"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,871</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;" nowrap="nowrap">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="14" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Derivatives</div><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;">at Fair Value as of </div><div style="display: inline; font-weight: bold;">March 31, 201</div><div style="display: inline; font-weight: bold;">9</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic;">(in thousands)</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 1</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 2</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 3</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Total</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Warrant derivative liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 17.75pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Total warrant derivative liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div>

865000

1871000

2924000

2528000

3813000

-7259000

-5970000

1000

663000

528000

21000

2000

-1072000

-1459000

284000

13000

244000

291000

197000

4234000

3516000

53000

32000

490000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 81%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2019</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2020</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2021</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Total lease payments</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">96</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Less: Imputed interest</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Present value of lease payments</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Less: current maturities of lease obligations</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(42</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Long-term lease obligations</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div>

96000

15000

46000

35000

6000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div> – LEASES</div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">The Company has operating leases for corporate offices, vehicles and office equipment. The Company’s leases have remaining lease terms of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> years, some of which include options to extend or terminate the lease. However, the Company is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> reasonably certain to exercise options to renew or terminate, and therefore renewal and termination options are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> considered in the lease term or the right-of-use asset and lease liability balances. The Company's current lease arrangements expire from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2021.</div>  The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have any finance leases.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">The Company’s lease population does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include any residual value guarantees, and therefore <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">none</div> were considered in the calculation of the lease balances. The Company has leases with variable payments, most commonly in the form of common area maintenance charges which are based on actual costs incurred. These variable payments were excluded from the right-of-use asset and lease liability balances since they are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> fixed or in-substance fixed payments.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">The Company elected to utilize the transition package of practical expedients permitted within the new standard, including the practical expedient <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to reassess existing land easements, which among other things, allows the Company to carryforward the historical lease classification. The Company has lease agreements with lease and non-lease components, and has elected the practical expedient to account for lease and non-lease components as a single lease component for real-estate class of leases only. For leases with terms greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months, the Company records the related asset and lease liability at the present value of lease payments over the lease term. Leases with an initial term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months or less with purchase options or extension options that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> reasonable certain to be exercised are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recorded on the Consolidated Balance Sheets; the Company recognizes lease expense for these leases on a straight-line basis over the term of the lease.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Lease balances</div></div>.  Amounts recognized in the accompanying consolidated balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>are as follows (in thousands):</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div> <table style="margin-right: 10%; margin-left: 36pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 45.9%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Activity</div></div> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 37.1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Balance Sheet Location</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Balance</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">ROU assets</div> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Other assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">103</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Short-term lease liability</div> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Other liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Long-term lease liability</div> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Other long-term liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Lease cost. </div></div>The Company’s operating lease cost for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$49,698.</div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Lease commitments. </div></div>The table below summarizes the Company’s scheduled future minimum lease payments under operating, recorded on the balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 (</div>in thousands):</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div> <table style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 81%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2019</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2020</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2021</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Total lease payments</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">96</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Less: Imputed interest</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Present value of lease payments</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Less: current maturities of lease obligations</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(42</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Long-term lease obligations</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">Most of our lease agreements do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> provide a readily determinable implicit rate nor is it available to us from our lessors. Instead, we estimate the Company’s incremental borrowing rate based on information available at either the implementation date of Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> or at lease commencement for leases entered into thereafter in order to discount lease payments to present value. The table below presents additional information related to our leases as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019:</div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;"> </div> <div> <table style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 81%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Weighted Average Remaining Lease Term</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Operating leases (in years)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Weighted Average Discount Rate</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Operating leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">%</td> </tr> </table> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the Company entered into a lease agreement with Fenner Valley Farms LLC (“FVF”) (the “lessee”), a subsidiary of Water Asset Management LLC, a related party, pursuant to which FVF is leasing, for a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">99</div>-year term, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,100</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-time payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12.0</div> million upon closing. </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">Under the FVF Lease Agreement, the Company has a repurchase option to terminate the lease at any time during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twenty</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div>) year period following the effective date of the lease ("Termination Option Period") upon (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) repayment of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-time <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12</div> million lease payment plus a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> percent (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div>) compounded annual return (provided that the amount of such payment shall be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,400,000</div>), (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) reimbursement of water-related infrastructure on the leased property plus <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8%</div> per annum as well as the actual costs of any farming-related infrastructure installed on the leased property and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) reimbursement of certain pipeline-related development expenses, working in coordination with Cadiz, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to exceed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,000,000</div> (such payments, the " Termination Payments ").  If (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">x</div>) Cadiz does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exercise its termination right within such <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div>-year period or (y) the Agent under Cadiz's credit agreement declares an event of default under Cadiz's Senior Secured Debt and accelerates the indebtedness due and owing thereunder by Cadiz (or such indebtedness automatically accelerates under the terms of Cadiz's Senior Secured Debt), then the lessee <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>purchase the leased property for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.00.</div>  The Company has recorded the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-time payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12</div> million, before legal fees, paid by FVF as a long-term lease liability.  The Company's consolidated statement of operations reflects a net charge equal to a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> finance charge compounding annually over the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div>-year Termination Option Period.  The net charge to the consolidated statement of operations reflects (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) rental income associated with the use of the land by FVF over the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div>-year termination option period and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) interest expense at a market rate reflective of a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div>-year secured loan transaction. As a result of this transaction, the Company incurred approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$490</div> thousand of legal fees which was recorded as a debt discount and is being amortized over the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div>-year Termination Option Period.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">The Company expects to receive rental income of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$420</div></div></div></div></div> thousand annually over the next <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> years related to the FVF Lease Agreement.</div></div>

155347000

155549000

73929000

69309000

3116000

4142000

67100000

12000000

60000

59000

136716000

136246000

7877000

-14000

-165000

-502000

-4035000

-3937000

-7260000

-5971000

-7260000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Recent Accounting Pronouncements</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Accounting Guidance <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Not</div> Yet Adopted</div> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2018, </div>the Financial Accounting Standards Board (“FASB”) issued an accounting standards update which modifies the disclosure requirements for fair value measurements. This update is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019, </div>and for interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact this guidance will have on its consolidated financial statements.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Accounting Guidance Adopted</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the Financial Accounting Standards Board (“FASB”) issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> Leases (“Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842”</div>), which supersedes the existing guidance for lease accounting (“Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840”</div>). The new standard requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The Company adopted the provisions of Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>using the modified retrospective approach and the option presented under ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div> to transition only active leases as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>with a cumulative effect adjustment as of that date. All comparative periods prior to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>retain the financial reporting and disclosure requirements of Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">The Company elected to utilize the transition package of practical expedients permitted within the new standard, which among other things, allowed the Company to carryforward the historical lease classification. The Company made an accounting policy election that will keep leases with an initial term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months or less off the Company’s Consolidated Balance Sheets which resulted in recognizing those lease payments in the Consolidated Statements of Operations and Comprehensive Loss on a straight-line basis over the lease term. The Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> elect the hindsight practical expedient when determining the lease terms.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">The adoption of the new standard resulted in the recording of additional net right-of-use assets and corresponding lease liabilities of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$151</div> thousand and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$100</div> thousand, respectively, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019. </div>The difference between the right-of-use assets and the lease liabilities was recorded to eliminate existing accrued rent balances recorded under Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840.</div> The adoption of the new standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> impact the Company’s consolidated net earnings and had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on cash flows.    </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2018, </div>the FASB issued an accounting standards update which simplifies the accounting for share-based payments granted to nonemployees for goods and services.  This update is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>and for interim periods within those fiscal years.  The Company adopted this guidance on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>and the new standard had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on the Company’s condensed consolidated financial statements.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2017, </div>the FASB issued an accounting standards update to provide new guidance for the classification analysis of certain equity-linked financial instruments, or embedded features, with down round features, as well as clarify existing disclosure requirements for equity-classified instruments. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The Company adopted this guidance on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019.  </div>As a result, the Company reclassified a warrant liability in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$865</div> thousand to additional paid-in capital, as the Company’s Warrant <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> longer met the definition of a derivative.  In addition, during the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the Company recognized annual gains of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million, respectively, related to the historical remeasurement of the warrant derivative liability at fair value.  Upon adoption of this guidance as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>the Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.0</div> million in additional paid-in capital with a corresponding adjustment to the opening balance of accumulated deficit related to these previously recorded gains.</div></div></div></div></div>

30000

7500

2015 2016 2017 2018

2014 2015 2016 2017 2018

-2881000

-2486000

49698

100000

90000

42000

48000

14411000

151000

103000

0.06

P2Y

4247000

3873000

965000

923000

48000

165000

502000

652000

408000

2000000

8810000

14600000

7891000

46923000

46619000

14000

133000

-479299000

-470008000

109000

108000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 46%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Cash, Cash Equivalents and Restricted Cash</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31, 201</div><div style="display: inline; font-weight: bold;">9</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31, 201</div><div style="display: inline; font-weight: bold;">8</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31, 201</div><div style="display: inline; font-weight: bold;">8</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">(in thousands)</div></div></div> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Cash and Cash Equivalents</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,235</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,558</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,577</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Restricted Cash included in Other Assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">133</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">133</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">133</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,368</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,691</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,710</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div>

122000

105000

P2Y

850000

675000

850000

675000

45235

492500

297265

507500

649772

10224

9.68

P10Y

22987434

23216535

24654911

25940052

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> – BASIS OF PRESENTATION </div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The Condensed Consolidated Financial Statements have been prepared by Cadiz Inc., also referred to as “Cadiz” or “the Company”, without audit and should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The foregoing Condensed Consolidated Financial Statements include the accounts of the Company and contain all adjustments, consisting only of normal recurring adjustments, which management considers necessary for a fair statement of the Company’s financial position, the results of its operations and its cash flows for the periods presented and have been prepared in accordance with generally accepted accounting principles.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates and such differences <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be material to the financial statements. The results of operations for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of results for the entire fiscal year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Liquidity</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The Condensed Consolidated Financial Statements of the Company have been prepared using accounting principles applicable to a going concern, which assumes realization of assets and settlement of liabilities in the normal course of business.  The Company incurred losses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.3</div> million for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>compared to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.0</div> million for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018.  </div>The Company had working capital of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13.9</div> million at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>and used cash in its operations of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.0</div> million for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Cash requirements during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>primarily reflect certain administrative costs related to the Company’s water project development efforts.  Currently, the Company’s sole focus is the development of its land and water assets.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018, </div>the Company entered into an At Market Issuance Sales Agreement under which the Company could issue and sell shares of its common stock having an aggregate offering price of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25</div> million from time to time in an “at-the-market” offering (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “November 2018 </div>ATM Offering”).  As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">879,920</div> shares of common stock in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018 </div>ATM Offering for gross proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.14</div> million and aggregate net proceeds of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8.81</div> million.  The Company has and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>continue to issue equity securities pursuant to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018 </div>ATM Offering.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2018, </div>the Company entered into an At Market Issuance Sales Agreement  under which the Company could issue and sell shares of its common stock having an aggregate offering price of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15</div> million from time to time in an “at the market” offering (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “March 2018 </div>ATM Offering”). The Company completed the offering during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2018, </div>having issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,159,718</div> shares of common stock in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2018 </div>ATM Offering for gross proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15</div> million and aggregate net proceeds of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14.6</div> million.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2017, </div>the Company entered into a new <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$60</div> million credit agreement (“Credit Agreement”) with funds affiliated with Apollo Global Management, LLC (“Apollo”) that replaced and refinanced its then existing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$45</div> million senior secured mortgage debt (“Prior Senior Secured Debt”) and provided <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15</div> million of new senior debt to fund immediate construction related expenditures (“Senior Secured Debt”).  The Company’s Senior Secured Debt and its convertible notes contain representations, warranties and covenants that are typical for agreements of this type, including restrictions that would limit the Company’s ability to incur additional indebtedness, incur liens, pay dividends or make restricted payments, dispose of assets, make investments and merge or consolidate with another person.  However, while there are affirmative covenants, there are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> financial maintenance covenants and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> restrictions on the Company’s ability to issue additional common stock to fund future working capital needs.  The debt covenants associated with the Senior Secured Debt were negotiated by the parties with a view towards the Company’s operating and financial condition as it existed at the time the agreements were executed.  At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>the Company was in compliance with its debt covenants.</div> <div style=" margin: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>the Company had principal and interest payments aggregating approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$76.3</div> million coming due in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2020 </div>related to its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.00%</div> Convertible Senior Notes (“Convertible Senior Notes”) to the extent the noteholders, who have the right to convert at any time into the Company’s common stock at a conversion rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.75</div> per share, do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> convert prior to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2020 </div>or the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exercise the option agreements it currently has with parties holding <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">99%</div> of its Convertible Senior Notes that allow the Company, at its sole option, at any time prior to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 5, 2019, </div>to extend the maturity date of the Convertible Senior Notes to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 5, 2021.  </div>Additionally, the Company’s Senior Secured Debt of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$67.1</div> million as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>could also become due as early as <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2019, </div>if the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exercised the option agreements or the Convertible Senior Notes have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been converted by that time and the Company’s stock price is less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">120%</div> of the conversion rate and according to additional terms of the debt agreement.  Specifically, the Springing Maturity Date is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> applicable if less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10</div> million of original, outstanding principal related to the Convertible Senior Notes is outstanding at that time.  Further, the Company’s option to acquire an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">124</div>-mile extension of its’ Northern Pipeline will require an <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18</div> million payment upon completion of certain conditions precedent under the purchase agreement with El Paso Natural Gas Company (“EPNG”).  If the acquisition of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">124</div>-mile segment is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> completed, then the Company’s Northern Pipeline opportunities will be limited to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">96</div>-mile segment it already owns. The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>meet its debt and working capital requirements through a variety of means, including extension, refinancing, equity placements, the sale or other disposition of assets, or reductions in operating costs. </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Limitations on the Company’s liquidity and ability to raise capital <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>adversely affect it. Sufficient liquidity is critical to meet the Company’s resource development activities. Although the Company currently expects its sources of capital to be sufficient to meet its near-term liquidity needs, there can be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> assurance that its liquidity requirements will continue to be satisfied. If the Company cannot raise needed funds, it might be forced to make substantial reductions in its operating expenses, which could adversely affect its ability to implement its current business plan and ultimately its viability as a company.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Supplemental Cash Flow Information</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Under the terms of the Senior Secured Debt, the Company is required to pay <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> of all future quarterly interest payments in cash. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$330</div> thousand in interest payments on the corporate secured debt was paid in cash. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> other payments are due on the Senior Secured Debt or the Company’s convertible notes prior to their maturities.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.06</div> million in convertible notes were converted by certain of the Company’s lenders.  As a result, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">485,020</div> shares of common stock were issued to the lenders.  This conversion activity represents a non-cash financing activity.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The balance of cash, cash equivalents, and restricted cash as shown in the condensed consolidated statements of cash flows is comprised of the following:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div> <table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 46%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Cash, Cash Equivalents and Restricted Cash</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31, 201</div><div style="display: inline; font-weight: bold;">9</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31, 201</div><div style="display: inline; font-weight: bold;">8</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31, 201</div><div style="display: inline; font-weight: bold;">8</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">(in thousands)</div></div></div> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Cash and Cash Equivalents</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,235</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,558</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,577</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Restricted Cash included in Other Assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">133</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">133</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">133</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,368</div></td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,691</div></td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,710</div></td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The restricted cash amounts included in Other Assets primarily represent a deposit from a water project participant related to a cost-sharing agreement.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Recent Accounting Pronouncements</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Accounting Guidance <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Not</div> Yet Adopted</div> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2018, </div>the Financial Accounting Standards Board (“FASB”) issued an accounting standards update which modifies the disclosure requirements for fair value measurements. This update is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019, </div>and for interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact this guidance will have on its consolidated financial statements.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Accounting Guidance Adopted</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the Financial Accounting Standards Board (“FASB”) issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> Leases (“Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842”</div>), which supersedes the existing guidance for lease accounting (“Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840”</div>). The new standard requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The Company adopted the provisions of Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>using the modified retrospective approach and the option presented under ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div> to transition only active leases as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>with a cumulative effect adjustment as of that date. All comparative periods prior to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>retain the financial reporting and disclosure requirements of Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">The Company elected to utilize the transition package of practical expedients permitted within the new standard, which among other things, allowed the Company to carryforward the historical lease classification. The Company made an accounting policy election that will keep leases with an initial term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months or less off the Company’s Consolidated Balance Sheets which resulted in recognizing those lease payments in the Consolidated Statements of Operations and Comprehensive Loss on a straight-line basis over the lease term. The Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> elect the hindsight practical expedient when determining the lease terms.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">The adoption of the new standard resulted in the recording of additional net right-of-use assets and corresponding lease liabilities of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$151</div> thousand and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$100</div> thousand, respectively, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019. </div>The difference between the right-of-use assets and the lease liabilities was recorded to eliminate existing accrued rent balances recorded under Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840.</div> The adoption of the new standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> impact the Company’s consolidated net earnings and had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on cash flows.    </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2018, </div>the FASB issued an accounting standards update which simplifies the accounting for share-based payments granted to nonemployees for goods and services.  This update is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>and for interim periods within those fiscal years.  The Company adopted this guidance on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>and the new standard had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on the Company’s condensed consolidated financial statements.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2017, </div>the FASB issued an accounting standards update to provide new guidance for the classification analysis of certain equity-linked financial instruments, or embedded features, with down round features, as well as clarify existing disclosure requirements for equity-classified instruments. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The Company adopted this guidance on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019.  </div>As a result, the Company reclassified a warrant liability in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$865</div> thousand to additional paid-in capital, as the Company’s Warrant <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> longer met the definition of a derivative.  In addition, during the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the Company recognized annual gains of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million, respectively, related to the historical remeasurement of the warrant derivative liability at fair value.  Upon adoption of this guidance as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>the Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.0</div> million in additional paid-in capital with a corresponding adjustment to the opening balance of accumulated deficit related to these previously recorded gains.</div></div>

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Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. 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Additional Paid-in Capital [Member] Common Stock [Member] us-gaap_IncreaseDecreaseInAccruedLiabilities Accrued liabilities Income tax expense Equity Components [Axis] Equity Component [Domain] cdzi_LeaseCompoundedAnnualReturnPercentage Lease Compounded Annual Return, Percentage The percentage of compounded annual return related to a lease agreement. cdzi_TerminationPeriodAfterLeaseEffectiveDate Termination Period After Lease Effective Date The period after the effective date of the lease that the lessor can terminate the lease. us-gaap_LongTermDebt Long-term Debt, Total cdzi_ReimbursementOfWaterRelatedInfrastructureFromLeasedPropertyAnnualPercentage Reimbursement of Water Related Infrastructure from Leased Property, Annual Percentage Represents the annual percentage reimbursement of water related infrastructure on the leased property. cdzi_MinimumFuturePaymentsFromLeasesHeldForInvestment Minimum Future Payments from Leases Held for Investment The future minimum amount payment by the lessee. us-gaap_IncreaseDecreaseInAccountsPayable Accounts payable us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 Class of Warrant or Right, Exercise Price of Warrants or Rights cdzi_MaximumReimbursementOfPipelineRelatedDevelopmentExpensesFromLeasedProperty Maximum Reimbursement of Pipeline Related Development Expenses from Leased Property The maximum reimbursement amount paid by the lessee which relates to pipeline development expenses from the leased property. Class of Warrant or Right [Axis] Class of Warrant or Right [Domain] cdzi_LeasedPropertySalePrice Leased Property, Sale Price The sale price of the leased property. us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest Loss before income taxes us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights Class of Warrant or Right, Number of Securities Called by Warrants or Rights Deferred revenue Restricted Cash included in Other Assets General and administrative us-gaap_ConvertibleDebt Convertible Debt, Total Cash and cash equivalents Cash and Cash Equivalents State and Local Jurisdiction [Member] Income Tax Authority, Name [Axis] Income Tax Authority, Name [Domain] Internal Revenue Service (IRS) [Member] us-gaap_DebtInstrumentConvertibleConversionPrice1 Debt Instrument, Convertible, Conversion Price Income Tax Authority [Axis] Income Tax Authority [Domain] Debt conversion expense Debt conversion expense us-gaap_AllocatedShareBasedCompensationExpense Share-based Payment Arrangement, Expense Domestic Tax Authority [Member] us-gaap_RepaymentsOfLongTermDebt Principal payments on long-term debt us-gaap_LegalFees Legal Fees Amendment Flag us-gaap_UnrecognizedTaxBenefits Unrecognized Tax Benefits, Ending Balance us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate Unrecognized Tax Benefits that Would Impact Effective Tax Rate Accounting Policies [Abstract] Significant Accounting Policies [Text Block] us-gaap_OpenTaxYear Open Tax Year New Accounting Pronouncements, Policy [Policy Text Block] cdzi_LongtermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearTwo Long-term Debt, Maturities, Repayments of Principal and Interest in Year Two Amount of long-term debt payable, including principal and interest, with dates maturing in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_SharesOutstanding Balance (in shares) Balance (in shares) Common stock, shares outstanding (in shares) us-gaap_IncreaseDecreaseInOtherOperatingAssets Other assets Current Fiscal Year End Date us-gaap_DebtInstrumentInterestRateStatedPercentage Debt Instrument, Interest Rate, Stated Percentage cdzi_RequiredPaymentToAcquirePropertyAvailableForPurchaseDueEndOfFiscalYear Required Payment to Acquire Property Available for Purchase, Due End of Fiscal Year The amount required to buy property available for purchase due end of fiscal year. us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets Prepaid expenses and other current assets us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent Operating leases Document Fiscal Period Focus us-gaap_OperatingLeaseCost Operating Lease, Cost Document Fiscal Year Focus Lease, Cost [Table Text Block] Document Period End Date us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1 Operating leases (in years) (Year) Prior Senior Secured Debt [Member] Represents information pertaining to prior senior secured debt. Entity Emerging Growth Company us-gaap_DebtInstrumentFaceAmount Debt Instrument, Face Amount Document Type EX-101.PRE 11 cdzi-20190331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2019	May 06, 2019
Document Information [Line Items]
Entity Registrant Name	CADIZ INC
Entity Central Index Key	0000727273
Trading Symbol	cdzi
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		26,252,193
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Total revenues	$ 109	$ 108
Costs and expenses:
General and administrative	2,924	2,528
Depreciation	66	66
Total costs and expenses	2,990	2,594
Operating loss	(2,881)	(2,486)
Interest expense, net	(4,234)	(3,516)
Interest income	53	32
Debt conversion expense	(197)
Loss before income taxes	(7,259)	(5,970)
Income tax expense	1	1
Net loss and comprehensive loss applicable to common stock	$ (7,260)	$ (5,971)
Basic and diluted net loss per common share (in dollars per share)	$ (0.29)	$ (0.26)
Basic and diluted weighted average shares outstanding (in shares)	25,327	23,075

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 16,235	$ 12,558
Accounts receivable	59	38
Prepaid expenses and other current assets	652	408
Total current assets	16,946	13,004
Property, plant, equipment and water programs, net	46,923	46,619
Long-term deposit/prepaid expenses	2,000	2,000
Goodwill	3,813	3,813
Other assets	4,247	3,873
Total assets	73,929	69,309
Current liabilities:
Accounts payable	1,038	225
Accrued liabilities	1,053	2,070
Current portion of long-term debt	60	59
Warrant derivative liabilities		865
Other liabilities	965	923
Total current liabilities	3,116	4,142
Long-term debt, net	136,716	136,246
Long-term lease obligations	48	14,411
Deferred revenue	750	750
Other long-term liabilities	48
Total liabilities	155,347	155,549
Stockholders’ deficit:
Common stock - $.01 par value; 70,000,000 shares authorized at March 31, 2019 and December 31, 2018; shares issued and outstanding – 25,940,052 at March 31, 2019 and 24,654,911 at December 31, 2018	259	247
Additional paid-in capital	397,622	383,521
Accumulated deficit	(479,299)	(470,008)
Total stockholders’ deficit	(81,418)	(86,240)
Total liabilities and stockholders’ deficit	$ 73,929	$ 69,309

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	70,000,000	70,000,000
Common stock, shares issued (in shares)	25,940,052	24,654,911
Common stock, shares outstanding (in shares)	25,940,052	24,654,911

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net loss and comprehensive loss	$ (7,260)	$ (5,971)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	66	66
Amortization of debt discount and issuance costs	1,009	992
Interest expense added to loan principal	2,489	2,361
Interest expense added to lease liability	300	262
Loss on debt conversion		1
Debt conversion expense	197
Compensation charge for stock and share option awards	122	105
Unrealized gain on warrant derivative liabilities		(516)
Changes in operating assets and liabilities:
Accounts receivable	(21)	(2)
Prepaid expenses and other current assets	(244)	(291)
Other assets	(284)	(13)
Accounts payable	663	528
Accrued liabilities	(1,072)	(1,459)
Net cash used in operating activities	(4,035)	(3,937)
Cash flows from investing activities:
Additions to property, plant and equipment and water programs	(165)	(502)
Net cash used in investing activities	(165)	(502)
Cash flows from financing activities:
Net proceeds from issuance of stock	7,891
Principal payments on long-term debt	(14)	(14)
Net cash provided by (used in) financing activities	7,877	(14)
Net decrease in cash, cash equivalents and restricted cash	3,677	(4,453)
Cash, cash equivalents and restricted cash, beginning of period	12,691	13,163
Cash, cash equivalents and restricted cash, end of period	$ 16,368	$ 8,710

XML 17 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement of Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2017	22,987,434
Balance at Dec. 31, 2017	$ 230	$ 364,806	$ (443,735)	$ (78,699)
Issuance of shares pursuant to bond conversion (in shares)	215,852
Issuance of shares pursuant to bond conversion	$ 2	1,669		1,671
Stock-based compensation expense		105		105
Issuance of shares (in shares)	13,249
Issuance of shares
Net loss and comprehensive loss			(5,971)	(5,971)
Balance (in shares) at Mar. 31, 2018	23,216,535
Balance at Mar. 31, 2018	$ 232	366,580	(449,706)	(82,894)
Balance (in shares) at Dec. 31, 2018	24,654,911
Balance at Dec. 31, 2018	$ 247	383,521	(470,008)	$ (86,240)
Issuance of shares pursuant to bond conversion (in shares)	485,020			485,020
Issuance of shares pursuant to bond conversion	$ 5	3,199		$ 3,204
Stock-based compensation expense		122		122
Issuance of shares (in shares)	782,814
Issuance of shares	$ 7	7,884		7,891
Net loss and comprehensive loss			(7,260)	(7,260)
Balance (in shares) at Mar. 31, 2019	25,940,052
Balance at Mar. 31, 2019	$ 259	397,622	(479,299)	(81,418)
Stock-based compensation expense (in shares)	17,307
Reclassification of warrant liability to additional paid-in capital(1)		$ 2,896	$ (2,031)	$ 865

XML 18 R7.htm IDEA: XBRL DOCUMENT

Note 1 - Basis of Presentation

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Significant Accounting Policies [Text Block]

NOTE

– BASIS OF PRESENTATION

The Condensed Consolidated Financial Statements have been prepared by Cadiz Inc., also referred to as “Cadiz” or “the Company”, without audit and should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Form

-K for the year ended

December 31, 2018.

The foregoing Condensed Consolidated Financial Statements include the accounts of the Company and contain all adjustments, consisting only of normal recurring adjustments, which management considers necessary for a fair statement of the Company’s financial position, the results of its operations and its cash flows for the periods presented and have been prepared in accordance with generally accepted accounting principles.

may

be material to the financial statements. The results of operations for the

three

months ended

March 31, 2019

are

not

necessarily indicative of results for the entire fiscal year ending

December

31,

2019.

Liquidity

$7.3

million for the

three

months ended

March 31, 2019,

compared to

$6.0

million for the

three

months ended

March 31, 2018.

The Company had working capital of

$13.9

million at

March 31, 2019,

and used cash in its operations of

$4.0

million for the

three

months ended

March 31, 2019.

Cash requirements during the

three

months ended

March 31, 2019

primarily reflect certain administrative costs related to the Company’s water project development efforts. Currently, the Company’s sole focus is the development of its land and water assets.

November 2018,

the Company entered into an At Market Issuance Sales Agreement under which the Company could issue and sell shares of its common stock having an aggregate offering price of up to

$25

million from time to time in an “at-the-market” offering (the

“November 2018

ATM Offering”). As of

March 31, 2019,

the Company issued

879,920

shares of common stock in the

November 2018

ATM Offering for gross proceeds of

$9.14

million and aggregate net proceeds of approximately

$8.81

million. The Company has and

may

continue to issue equity securities pursuant to the

November 2018

ATM Offering.

March 2018,

the Company entered into an At Market Issuance Sales Agreement under which the Company could issue and sell shares of its common stock having an aggregate offering price of up to

$15

million from time to time in an “at the market” offering (the

“March 2018

ATM Offering”). The Company completed the offering during

May 2018,

having issued

1,159,718

shares of common stock in the

March 2018

ATM Offering for gross proceeds of

$15

million and aggregate net proceeds of approximately

$14.6

million.

May 2017,

the Company entered into a new

$60

million credit agreement (“Credit Agreement”) with funds affiliated with Apollo Global Management, LLC (“Apollo”) that replaced and refinanced its then existing

$45

million senior secured mortgage debt (“Prior Senior Secured Debt”) and provided

$15

million of new senior debt to fund immediate construction related expenditures (“Senior Secured Debt”). The Company’s Senior Secured Debt and its convertible notes contain representations, warranties and covenants that are typical for agreements of this type, including restrictions that would limit the Company’s ability to incur additional indebtedness, incur liens, pay dividends or make restricted payments, dispose of assets, make investments and merge or consolidate with another person. However, while there are affirmative covenants, there are

financial maintenance covenants and

restrictions on the Company’s ability to issue additional common stock to fund future working capital needs. The debt covenants associated with the Senior Secured Debt were negotiated by the parties with a view towards the Company’s operating and financial condition as it existed at the time the agreements were executed. At

March 31, 2019,

the Company was in compliance with its debt covenants.

As of

March 31, 2019,

the Company had principal and interest payments aggregating approximately

$76.3

million coming due in

March 2020

related to its

7.00%

Convertible Senior Notes (“Convertible Senior Notes”) to the extent the noteholders, who have the right to convert at any time into the Company’s common stock at a conversion rate of

$6.75

per share, do

not

convert prior to

March 2020

or the Company does

not

exercise the option agreements it currently has with parties holding

99%

of its Convertible Senior Notes that allow the Company, at its sole option, at any time prior to

December 5, 2019,

to extend the maturity date of the Convertible Senior Notes to

September 5, 2021.

Additionally, the Company’s Senior Secured Debt of approximately

$67.1

million as of

March 31, 2019,

could also become due as early as

December 2019,

if the Company has

not

exercised the option agreements or the Convertible Senior Notes have

not

been converted by that time and the Company’s stock price is less than

120%

of the conversion rate and according to additional terms of the debt agreement. Specifically, the Springing Maturity Date is

not

applicable if less than

$10

million of original, outstanding principal related to the Convertible Senior Notes is outstanding at that time. Further, the Company’s option to acquire an additional

124

-mile extension of its’ Northern Pipeline will require an

$18

million payment upon completion of certain conditions precedent under the purchase agreement with El Paso Natural Gas Company (“EPNG”). If the acquisition of the

124

-mile segment is

not

completed, then the Company’s Northern Pipeline opportunities will be limited to the

-mile segment it already owns. The Company

may

meet its debt and working capital requirements through a variety of means, including extension, refinancing, equity placements, the sale or other disposition of assets, or reductions in operating costs.

Limitations on the Company’s liquidity and ability to raise capital

may

adversely affect it. Sufficient liquidity is critical to meet the Company’s resource development activities. Although the Company currently expects its sources of capital to be sufficient to meet its near-term liquidity needs, there can be

assurance that its liquidity requirements will continue to be satisfied. If the Company cannot raise needed funds, it might be forced to make substantial reductions in its operating expenses, which could adversely affect its ability to implement its current business plan and ultimately its viability as a company.

Supplemental Cash Flow Information

Under the terms of the Senior Secured Debt, the Company is required to pay

25%

of all future quarterly interest payments in cash. During the

three

months ended

March 31, 2019,

approximately

$330

thousand in interest payments on the corporate secured debt was paid in cash.

other payments are due on the Senior Secured Debt or the Company’s convertible notes prior to their maturities.

During the

three

months ended

March 31, 2019,

approximately

$3.06

million in convertible notes were converted by certain of the Company’s lenders. As a result,

485,020

shares of common stock were issued to the lenders. This conversion activity represents a non-cash financing activity.

The balance of cash, cash equivalents, and restricted cash as shown in the condensed consolidated statements of cash flows is comprised of the following:

Cash, Cash Equivalents and Restricted Cash	March 31, 201 9		December 31, 201 8		March 31, 201 8
(in thousands)

Cash and Cash Equivalents	$	16,235	$	12,558	$	8,577
Restricted Cash included in Other Assets		133		133		133
Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows	$	16,368	$	12,691	$	8,710

The restricted cash amounts included in Other Assets primarily represent a deposit from a water project participant related to a cost-sharing agreement.

Recent Accounting Pronouncements

Accounting Guidance

Not

Yet Adopted

August 2018,

the Financial Accounting Standards Board (“FASB”) issued an accounting standards update which modifies the disclosure requirements for fair value measurements. This update is effective for fiscal years beginning after

December 15, 2019,

and for interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact this guidance will have on its consolidated financial statements.

Accounting Guidance Adopted

February 2016,

the Financial Accounting Standards Board (“FASB”) issued ASU

2016

02,

Leases (“Topic

842”

), which supersedes the existing guidance for lease accounting (“Topic

840”

). The new standard requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The Company adopted the provisions of Topic

842

January 1, 2019,

using the modified retrospective approach and the option presented under ASU

2018

to transition only active leases as of

January 1, 2019,

with a cumulative effect adjustment as of that date. All comparative periods prior to

January 1, 2019,

retain the financial reporting and disclosure requirements of Topic

840.

months or less off the Company’s Consolidated Balance Sheets which resulted in recognizing those lease payments in the Consolidated Statements of Operations and Comprehensive Loss on a straight-line basis over the lease term. The Company did

not

elect the hindsight practical expedient when determining the lease terms.

The adoption of the new standard resulted in the recording of additional net right-of-use assets and corresponding lease liabilities of approximately

$151

thousand and

$100

thousand, respectively, as of

January 1, 2019.

The difference between the right-of-use assets and the lease liabilities was recorded to eliminate existing accrued rent balances recorded under Topic

840.

The adoption of the new standard did

not

impact the Company’s consolidated net earnings and had

impact on cash flows.

June 2018,

the FASB issued an accounting standards update which simplifies the accounting for share-based payments granted to nonemployees for goods and services. This update is effective for fiscal years beginning after

December 15, 2018,

and for interim periods within those fiscal years. The Company adopted this guidance on

January 1, 2019,

and the new standard had

impact on the Company’s condensed consolidated financial statements.

July 2017,

the FASB issued an accounting standards update to provide new guidance for the classification analysis of certain equity-linked financial instruments, or embedded features, with down round features, as well as clarify existing disclosure requirements for equity-classified instruments. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature

longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The Company adopted this guidance on

January 1, 2019.

As a result, the Company reclassified a warrant liability in the amount of

$865

thousand to additional paid-in capital, as the Company’s Warrant

longer met the definition of a derivative. In addition, during the years ended

December 31, 2018

and

2017,

the Company recognized annual gains of

$1.5

million and

$0.5

million, respectively, related to the historical remeasurement of the warrant derivative liability at fair value. Upon adoption of this guidance as of

January 1, 2019,

the Company recorded

$2.0

million in additional paid-in capital with a corresponding adjustment to the opening balance of accumulated deficit related to these previously recorded gains.

XML 19 R8.htm IDEA: XBRL DOCUMENT

Note 2 - Long-term Debt	3 Months Ended
Note 2 - Long-term Debt	Mar. 31, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	N OTE 2 – LONG-TERM DEBT The carrying value of the Company’s Senior Secured Debt approximates fair value. The fair value of the Company’s Senior Secured Debt (Level 2 ) is determined based on an estimation of discounted future cash flows of the debt at rates currently quoted or offered to the Company by its lenders for similar debt instruments of comparable maturities by its lenders. The fair value of the Company's convertible debt exceeds its carrying value of approximately $69.7 million, which includes accreted interest, by approximately $35.2 million due to the increased value of its conversion feature. The conversion feature's fair value increases as the Company's common stock price increases. The fair value of the conversion feature (Level 3 ) is determined using the Black-Scholes model. Significant inputs to the model were the conversion price ( $6.75 ), the number of shares of common stock that could be acquired upon conversion as of March 31, 2019, the Company's stock price as of March 31, 2019 of $9.68 and stock volatility of 44%, which was determined using our publicly-traded stock price over the last year.

XML 20 R9.htm IDEA: XBRL DOCUMENT

Note 3 - Stock-based Compensation Plans and Warrants	3 Months Ended
Note 3 - Stock-based Compensation Plans and Warrants	Mar. 31, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	NOTE 3 – STOCK-BASED COMPENSATION PLANS AND WARRANTS The Company has issued options and has granted stock awards pursuant to its 2009 Equity Incentive Plan and 2014 Equity Incentive Plan, as described below. 2009 Equity Incentive Plan The 2009 Equity Incentive Plan was approved by stockholders at the 2009 Annual Meeting. The plan provides for the grant and issuance of up to 850,000 shares and options to the Company’s employees and consultants. The plan became effective when the Company filed a registration statement on Form S- 8 on December 18, 2009. All options issued under the 2009 Equity Incentive Plan have a ten -year term with vesting periods ranging from issuance date to 24 months. 2014 Equity Incentive Plan The 2014 Equity Incentive Plan was approved by stockholders at the June 10, 2014 Annual Meeting. The plan provides for the grant and issuance of up to 675,000 shares and options to the Company’s employees, directors and consultants. Upon approval of the 2014 Equity Incentive Plan, all shares of common stock that remained available for award under the 2009 Equity Incentive Plan were cancelled. Under the 2014 Equity Incentive Plan, each outside director receives $30,000 of cash compensation and receives a deferred stock award consisting of shares of the Company’s common stock with a value equal to $20,000 on June 30 of each year. The award accrues on a quarterly basis, with $7,500 of cash compensation and $5,000 of stock earned for each fiscal quarter in which a director serves. The deferred stock award vests automatically on January 31 in the year following the award date. All options that have been issued under the above plans have been issued to officers, employees and consultants of the Company. In total, options to purchase 492,500 shares were unexercised and outstanding on March 31, 2019 under the two equity incentive plans. The Company recognized no stock option related compensation costs in each of the three months ended March 31, 2019 and 2018. Additionally, no options were exercised during the three months ended March 31, 2019. Stock Awards to Directors, Officers, and Consultants The Company has granted stock awards pursuant to its 2009 Equity Incentive Plan and 2014 Equity Incentive Plan. Of the total 850,000 shares reserved under the 2009 Equity Incentive Plan, 297,265 shares were issued as share grants and 507,500 were issued as options. Upon approval of the 2014 Equity Incentive Plan in June 2014, 45,235 shares remaining available for award under the 2009 Equity Incentive Plan were cancelled. Of the total 675,000 shares reserved under the 2014 Equity Incentive Plan, 649,772 shares have been awarded to the Company directors, consultants and employees as of March 31, 2019. Of the 649,772 shares awarded, 10,224 shares were awarded to the Company’s directors for services performed during the plan year ended June 30, 2018. These shares became effective on that date and vested on January 31, 2019. The Company recognized stock-based compensation costs of $122,000 and $105,000 for the three months ended March 31, 2019 and 2018, respectively. Warrants In conjunction with the closing of the Senior Secured Debt in May 2017, the Company issued to its lender a warrant to purchase an aggregate 362,500 shares of its common stock (“Warrant”). The warrant has a five -year term, and had an initial exercise price of $14.94 per share, subject to adjustment. The Company recorded a debt discount at the time of the closing of the Senior Secured Debt in the amount of $2.9 million which was the fair value of the Warrant at the time it was issued. The debt discount is being amortized through December 2019. On January 1, 2019, the Company adopted ASU 2017 - 11. As a result, the Company reclassified a warrant liability in the amount of $865 thousand to additional paid-in capital, as the Company’s Warrant no longer met the definition of a derivative. In addition, during the years ended December 31, 2018 and 2017, the Company recognized annual gains of $1.5 million and $0.5 million, respectively, related to the historical remeasurement of the warrant derivative liability at fair value. Upon adoption of this guidance as of January 1, 2019, the Company recorded $2.0 million in additional paid-in capital with a corresponding adjustment to the opening balance of accumulated deficit related to these previously recorded gains. During the first quarter, the Company sold shares of common stock under the November 2018 ATM at a per-share price less than the Warrant’s initial exercise price, which triggered a down-round, reset provision and resulted in an adjusted exercise price of $14.69 as of March 31, 2019.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Note 4 - Income Taxes	3 Months Ended
Note 4 - Income Taxes	Mar. 31, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 4 – INCOME T AXES As of March 31, 2019, the Company had net operating loss (“NOL”) carryforwards of approximately $315 million for federal income tax purposes and $195 million for California state income tax purposes. Such carryforwards expire in varying amounts through the year 2039. For federal losses arising in tax years ending after December 31, 2017, the NOL carryforwards are allowed indefinitely. Use of the carryforward amounts is subject to an annual limitation as a result of ownership changes. As of March 31, 2019, the Company possessed unrecognized tax benefits totaling approximately $1.8 million. None of these, if recognized, would affect the Company's effective tax rate because the Company has recorded a full valuation allowance against these assets. The Company's tax years 2015 through 2018 remain subject to examination by the Internal Revenue Service, and tax years 2014 through 2018 remain subject to examination by California tax jurisdictions. In addition, the Company's loss carryforward amounts are generally subject to examination and adjustment for a period of three years for federal tax purposes and four years for California purposes, beginning when such carryovers are utilized to reduce taxes in a future tax year. Because it is more likely than not that the Company will not realize its net deferred tax assets, it has recorded a full valuation allowance against these assets. Accordingly, no deferred tax asset has been reflected in the accompanying condensed consolidated balance sheet.

XML 22 R11.htm IDEA: XBRL DOCUMENT

Note 5 - Net Loss Per Common Share	3 Months Ended
Note 5 - Net Loss Per Common Share	Mar. 31, 2019
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 5 – NET LOSS PER COMMON SHARE Basic net loss per share is computed by dividing the net loss by the weighted-average common shares outstanding. Options, deferred stock units, warrants and the zero coupon term loan convertible into or exercisable for certain shares of the Company’s common stock were not considered in the computation of net loss per share because their inclusion would have been antidilutive. Had these instruments been included, the fully diluted weighted average shares outstanding would have increased by approximately 11,707,000 and 11,265,000 for the three months ended March 31, 2019 and 2018, respectively.

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Note 6 - Leases

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE

– LEASES

The Company has operating leases for corporate offices, vehicles and office equipment. The Company’s leases have remaining lease terms of

one

year to

two

years, 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

considered in the lease term or the right-of-use asset and lease liability balances. The Company's current lease arrangements expire from

2019

through

2021.

The Company does

not

have any finance leases.

The Company’s lease population does

not

include any residual value guarantees, and therefore

none

were considered in the calculation of the lease balances. The Company has leases with variable payments, most commonly in the form of common area maintenance charges which are based on actual costs incurred. These variable payments were excluded from the right-of-use asset and lease liability balances since they are

not

fixed or in-substance fixed payments.

The Company elected to utilize the transition package of practical expedients permitted within the new standard, including the practical expedient

not

to reassess existing land easements, which among other things, allows the Company to carryforward the historical lease classification. The Company has lease agreements with lease and non-lease components, and has elected the practical expedient to account for lease and non-lease components as a single lease component for real-estate class of leases only. For leases with terms greater than

months, the Company records the related asset and lease liability at the present value of lease payments over the lease term. Leases with an initial term of

months or less with purchase options or extension options that are

not

reasonable certain to be exercised are

not

recorded on the Consolidated Balance Sheets; the Company recognizes lease expense for these leases on a straight-line basis over the term of the lease.

Lease balances

. Amounts recognized in the accompanying consolidated balance sheet as of

March 31, 2019

are as follows (in thousands):

Activity	Balance Sheet Location	Balance
ROU assets	Other assets	$	103
Short-term lease liability	Other liabilities		42
Long-term lease liability	Other long-term liabilities		48

Lease cost.

The Company’s operating lease cost for the

three

months ended

March 31, 2019

was

$49,698.

Lease commitments.

The table below summarizes the Company’s scheduled future minimum lease payments under operating, recorded on the balance sheet as of

March 31, 2019 (

in thousands):

2019	$	35
2020		46
2021		15
Total lease payments		96
Less: Imputed interest		(6	)
Present value of lease payments		90
Less: current maturities of lease obligations		(42	)
Long-term lease obligations		48

Most of our lease agreements do

not

provide a readily determinable implicit rate nor is it available to us from our lessors. Instead, we estimate the Company’s incremental borrowing rate based on information available at either the implementation date of Topic

842

or at lease commencement for leases entered into thereafter in order to discount lease payments to present value. The table below presents additional information related to our leases as of

March 31, 2019:

Weighted Average Remaining Lease Term
Operating leases (in years)	2

Weighted Average Discount Rate
Operating leases	6	%

February 2016,

the Company entered into a lease agreement with Fenner Valley Farms LLC (“FVF”) (the “lessee”), a subsidiary of Water Asset Management LLC, a related party, pursuant to which FVF is leasing, for a

-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.

Under the FVF Lease Agreement, the Company has a repurchase option to terminate the lease at any time during the

twenty

(

) year period following the effective date of the lease ("Termination Option Period") upon (

) repayment of the

one

-time

$12

million lease payment plus a

ten

percent (

10%

) compounded annual return (provided that the amount of such payment shall be

not

less than

$14,400,000

), (

) reimbursement of water-related infrastructure on the leased property plus

per annum as well as the actual costs of any farming-related infrastructure installed on the leased property and (

) reimbursement of certain pipeline-related development expenses, working in coordination with Cadiz,

not

to exceed

$3,000,000

(such payments, the " Termination Payments "). If (

) Cadiz does

not

exercise its termination right within such

-year period or (y) the Agent under Cadiz's credit agreement declares an event of default under Cadiz's Senior Secured Debt and accelerates the indebtedness due and owing thereunder by Cadiz (or such indebtedness automatically accelerates under the terms of Cadiz's Senior Secured Debt), then the lessee

may

purchase the leased property for

$1.00.

The Company has recorded the

one

-time payment of

$12

million, before legal fees, paid by FVF as a long-term lease liability. The Company's consolidated statement of operations reflects a net charge equal to a

10%

finance charge compounding annually over the

-year Termination Option Period. The net charge to the consolidated statement of operations reflects (

) rental income associated with the use of the land by FVF over the

-year termination option period and (

) interest expense at a market rate reflective of a

-year secured loan transaction. As a result of this transaction, the Company incurred approximately

$490

thousand of legal fees which was recorded as a debt discount and is being amortized over the

-year Termination Option Period.

The Company expects to receive rental income of

$420

thousand annually over the next

five

years related to the FVF Lease Agreement.

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Note 7 - Fair Value Measurements

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE

–

FAIR VALUE MEASUREMENTS

inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. We consider a security that trades at least weekly to have an active market. Fair values determined by Level

inputs utilize data points that are observable, such as quoted prices, interest rates and yield curves. Fair values determined by Level

inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

	Derivatives at Fair Value as of March 31, 2018
(in thousands)	Level 1		Level 2		Level 3			Total

Warrant derivative liabilities		-		-	$	(1,871	)	$	(1,871	)
Total warrant derivative liabilities	$	-	$	-	$	(1,871	)	$	(1,871	)

Derivatives

at Fair Value as of

March 31, 201

(in thousands)

Level 1

Level 2

Level 3

Total

Warrant derivative liabilities

Total warrant derivative liabilities

The following table presents a reconciliation of Level

activity for the

three

month period ended

March 31, 2019:

	Level 3 Liabilities
(in thousands)	Warrant Derivative Liabilities

Balance at December 31, 2018	$	865
Reclassification of warrant liability to additional paid-in capital upon adoption of ASU 2017-11		(865	)
Balance at March 31, 2019	$	-

January 1, 2019,

the Company adopted ASU

2017

11.

As a result, the Company reclassified a warrant liability in the amount of

$865

thousand to additional paid-in capital. In addition, during the years ended

December 31, 2018

and

2017,

the Company recognized annual gains of

$1.5

million and

$0.5

million, respectively, from revaluating the Warrants. Upon adoption of ASU

2017

11,

the Company recorded

$2.0

million in additional paid-in capital with a corresponding adjustment to the opening balance of retained earnings (deficit) related to these previously recorded gains.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Liquidity Accounting Policy Disclosure [Policy Text Block]

Liquidity

$7.3

million for the

three

months ended

March 31, 2019,

compared to

$6.0

million for the

three

months ended

March 31, 2018.

The Company had working capital of

$13.9

million at

March 31, 2019,

and used cash in its operations of

$4.0

million for the

three

months ended

March 31, 2019.

Cash requirements during the

three

months ended

March 31, 2019

primarily reflect certain administrative costs related to the Company’s water project development efforts. Currently, the Company’s sole focus is the development of its land and water assets.

November 2018,

the Company entered into an At Market Issuance Sales Agreement under which the Company could issue and sell shares of its common stock having an aggregate offering price of up to

$25

million from time to time in an “at-the-market” offering (the

“November 2018

ATM Offering”). As of

March 31, 2019,

the Company issued

879,920

shares of common stock in the

November 2018

ATM Offering for gross proceeds of

$9.14

million and aggregate net proceeds of approximately

$8.81

million. The Company has and

may

continue to issue equity securities pursuant to the

November 2018

ATM Offering.

March 2018,

the Company entered into an At Market Issuance Sales Agreement under which the Company could issue and sell shares of its common stock having an aggregate offering price of up to

$15

million from time to time in an “at the market” offering (the

“March 2018

ATM Offering”). The Company completed the offering during

May 2018,

having issued

1,159,718

shares of common stock in the

March 2018

ATM Offering for gross proceeds of

$15

million and aggregate net proceeds of approximately

$14.6

million.

May 2017,

the Company entered into a new

$60

million credit agreement (“Credit Agreement”) with funds affiliated with Apollo Global Management, LLC (“Apollo”) that replaced and refinanced its then existing

$45

million senior secured mortgage debt (“Prior Senior Secured Debt”) and provided

$15

financial maintenance covenants and

March 31, 2019,

the Company was in compliance with its debt covenants.

As of

March 31, 2019,

the Company had principal and interest payments aggregating approximately

$76.3

million coming due in

March 2020

related to its

7.00%

Convertible Senior Notes (“Convertible Senior Notes”) to the extent the noteholders, who have the right to convert at any time into the Company’s common stock at a conversion rate of

$6.75

per share, do

not

convert prior to

March 2020

or the Company does

not

exercise the option agreements it currently has with parties holding

99%

of its Convertible Senior Notes that allow the Company, at its sole option, at any time prior to

December 5, 2019,

to extend the maturity date of the Convertible Senior Notes to

September 5, 2021.

Additionally, the Company’s Senior Secured Debt of approximately

$67.1

million as of

March 31, 2019,

could also become due as early as

December 2019,

if the Company has

not

exercised the option agreements or the Convertible Senior Notes have

not

been converted by that time and the Company’s stock price is less than

120%

of the conversion rate and according to additional terms of the debt agreement. Specifically, the Springing Maturity Date is

not

applicable if less than

$10

million of original, outstanding principal related to the Convertible Senior Notes is outstanding at that time. Further, the Company’s option to acquire an additional

124

-mile extension of its’ Northern Pipeline will require an

$18

million payment upon completion of certain conditions precedent under the purchase agreement with El Paso Natural Gas Company (“EPNG”). If the acquisition of the

124

-mile segment is

not

completed, then the Company’s Northern Pipeline opportunities will be limited to the

-mile segment it already owns. The Company

may

Limitations on the Company’s liquidity and ability to raise capital

may

Cash Flow Supplemental [Policy Text Block]

Supplemental Cash Flow Information

Under the terms of the Senior Secured Debt, the Company is required to pay

25%

of all future quarterly interest payments in cash. During the

three

months ended

March 31, 2019,

approximately

$330

thousand in interest payments on the corporate secured debt was paid in cash.

other payments are due on the Senior Secured Debt or the Company’s convertible notes prior to their maturities.

During the

three

months ended

March 31, 2019,

approximately

$3.06

million in convertible notes were converted by certain of the Company’s lenders. As a result,

485,020

shares of common stock were issued to the lenders. This conversion activity represents a non-cash financing activity.

The balance of cash, cash equivalents, and restricted cash as shown in the condensed consolidated statements of cash flows is comprised of the following:

Cash, Cash Equivalents and Restricted Cash	March 31, 201 9		December 31, 201 8		March 31, 201 8
(in thousands)

Cash and Cash Equivalents	$	16,235	$	12,558	$	8,577
Restricted Cash included in Other Assets		133		133		133
Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows	$	16,368	$	12,691	$	8,710

The restricted cash amounts included in Other Assets primarily represent a deposit from a water project participant related to a cost-sharing agreement.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Accounting Guidance

Not

Yet Adopted

August 2018,

December 15, 2019,

and for interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact this guidance will have on its consolidated financial statements.

Accounting Guidance Adopted

February 2016,

the Financial Accounting Standards Board (“FASB”) issued ASU

2016

02,

Leases (“Topic

842”

), which supersedes the existing guidance for lease accounting (“Topic

840”

). The new standard requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The Company adopted the provisions of Topic

842

January 1, 2019,

using the modified retrospective approach and the option presented under ASU

2018

to transition only active leases as of

January 1, 2019,

with a cumulative effect adjustment as of that date. All comparative periods prior to

January 1, 2019,

retain the financial reporting and disclosure requirements of Topic

840.

not

elect the hindsight practical expedient when determining the lease terms.

The adoption of the new standard resulted in the recording of additional net right-of-use assets and corresponding lease liabilities of approximately

$151

thousand and

$100

thousand, respectively, as of

January 1, 2019.

The difference between the right-of-use assets and the lease liabilities was recorded to eliminate existing accrued rent balances recorded under Topic

840.

The adoption of the new standard did

not

impact the Company’s consolidated net earnings and had

impact on cash flows.

June 2018,

December 15, 2018,

and for interim periods within those fiscal years. The Company adopted this guidance on

January 1, 2019,

and the new standard had

impact on the Company’s condensed consolidated financial statements.

July 2017,

longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The Company adopted this guidance on

January 1, 2019.

As a result, the Company reclassified a warrant liability in the amount of

$865

thousand to additional paid-in capital, as the Company’s Warrant

longer met the definition of a derivative. In addition, during the years ended

December 31, 2018

and

2017,

the Company recognized annual gains of

$1.5

million and

$0.5

million, respectively, related to the historical remeasurement of the warrant derivative liability at fair value. Upon adoption of this guidance as of

January 1, 2019,

the Company recorded

$2.0

million in additional paid-in capital with a corresponding adjustment to the opening balance of accumulated deficit related to these previously recorded gains.

XML 26 R15.htm IDEA: XBRL DOCUMENT

Note 1 - Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2019

Notes Tables

Schedule of Cash and Cash Equivalents [Table Text Block]

Cash, Cash Equivalents and Restricted Cash	March 31, 201 9		December 31, 201 8		March 31, 201 8
(in thousands)

Cash and Cash Equivalents	$	16,235	$	12,558	$	8,577
Restricted Cash included in Other Assets		133		133		133
Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows	$	16,368	$	12,691	$	8,710

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Note 6 - Leases (Tables)

3 Months Ended

Mar. 31, 2019

Notes Tables

Lease, Balance Sheet Information [Table Text Block]

Activity	Balance Sheet Location	Balance
ROU assets	Other assets	$	103
Short-term lease liability	Other liabilities		42
Long-term lease liability	Other long-term liabilities		48

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

2019	$	35
2020		46
2021		15
Total lease payments		96
Less: Imputed interest		(6	)
Present value of lease payments		90
Less: current maturities of lease obligations		(42	)
Long-term lease obligations		48

Lease, Cost [Table Text Block]

Weighted Average Remaining Lease Term
Operating leases (in years)	2

Weighted Average Discount Rate
Operating leases	6	%

XML 28 R17.htm IDEA: XBRL DOCUMENT

Note 7 - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Notes Tables

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

	Derivatives at Fair Value as of March 31, 2018
(in thousands)	Level 1		Level 2		Level 3			Total

Warrant derivative liabilities		-		-	$	(1,871	)	$	(1,871	)
Total warrant derivative liabilities	$	-	$	-	$	(1,871	)	$	(1,871	)

Derivatives

at Fair Value as of

March 31, 201

(in thousands)

Level 1

Level 2

Level 3

Total

Warrant derivative liabilities

Total warrant derivative liabilities

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Level 3 Liabilities
(in thousands)	Warrant Derivative Liabilities

Balance at December 31, 2018	$	865
Reclassification of warrant liability to additional paid-in capital upon adoption of ASU 2017-11		(865	)
Balance at March 31, 2019	$	-

XML 29 R18.htm IDEA: XBRL DOCUMENT

Note 1 - Basis of Presentation (Details Textual) - USD ($)		1 Months Ended			3 Months Ended		12 Months Ended
	Jan. 01, 2019	Nov. 30, 2018	Mar. 31, 2018	May 31, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Net Income (Loss) Attributable to Parent, Total					$ (7,260,000)	$ (5,971,000)
Working Capital					13,900,000
Net Cash Provided by (Used in) Operating Activities, Total					(4,035,000)	(3,937,000)
Proceeds from Issuance of Common Stock					$ 7,891,000
Debt Instrument, Convertible, Conversion Price					$ 6.75
Required Payment to Acquire Property Available for Purchase, Due End of Fiscal Year					$ 18,000,000
Percentage of Future Quarterly Interest Payments					25.00%
Interest Payments in Stock					$ 330,000
Debt Conversion, Original Debt, Amount					$ 3,060,000
Stock Issued During Period, Shares, Conversion of Convertible Securities					485,020
Operating Lease, Right-of-Use Asset					$ 103,000
Operating Lease, Liability, Total					90,000
Current Period Reclassification Adjustment	$ 865,000				865,000
Income Taxes Paid							$ 1,000
Additional Paid-in Capital [Member]
Net Income (Loss) Attributable to Parent, Total
Current Period Reclassification Adjustment					2,896,000
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset	151,000
Operating Lease, Liability, Total	100,000
Reclassification of Warrant Liability to Additional Paid-in Capital [Member]
Current Period Reclassification Adjustment					$ 865,000
Gains from Revaluating Warrants							$ 1,500,000	$ 500,000
Reclassification of Warrant Liability to Additional Paid-in Capital [Member] \| Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	2,000,000
Reclassification of Warrant Liability to Additional Paid-in Capital [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ 2,000,000
Senior Secured Debt [Member]
Debt Instrument, Face Amount				$ 60,000,000
Debt Instrument, Additional Amount after Refinance				15,000,000
Convertible Debt, Option Agreements, Percentage					99.00%
Long-term Debt, Total					$ 67,100,000
Debt Instrument, Maturity Date, Percentage of Conversion Rate,					120.00%
Debt Instrument, Maturity Date, Minimum Principal Outstanding Amount					$ 10,000,000
Prior Senior Secured Debt [Member]
Extinguishment of Debt, Amount				$ 45,000,000
2020 Convertible Senior Notes [Member]
Long-term Debt, Maturities, Repayments of Principal and Interest in Year Two					$ 76,300,000
Debt Instrument, Interest Rate, Stated Percentage					7.00%
Debt Instrument, Convertible, Conversion Price					$ 6.75
At Market Issuance Sales Agreement [Member]
At Market Issuance Sales Agreement, Maximum Aggregate Offering Price		$ 25,000,000	$ 15,000,000			$ 15,000,000
Stock Issued During Period, Shares, New Issues		879,920	1,159,718
Proceeds from Issuance of Common Stock, Gross		$ 9,140,000	$ 15,000,000
Proceeds from Issuance of Common Stock		$ 8,810,000	$ 14,600,000

XML 30 R19.htm IDEA: XBRL DOCUMENT

Note 1 - Basis of Presentation - Components of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents	$ 16,235	$ 12,558	$ 8,577
Restricted Cash included in Other Assets	133	133	133
Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows	$ 16,368	$ 12,691	$ 8,710	$ 13,163

XML 31 R20.htm IDEA: XBRL DOCUMENT

Note 2 - Long-term Debt (Details Textual) $ / shares in Units, $ in Millions	Mar. 31, 2019 USD ($) $ / shares
Convertible Debt, Total \| $	$ 69.7
Debt Instrument, Convertible, Difference Between Fair Value and Carrying Value \| $	$ 35.2
Debt Instrument, Convertible, Conversion Price \| $ / shares	$ 6.75
Share Price \| $ / shares	$ 9.68
Measurement Input, Price Volatility [Member]
Embedded Derivative Liability, Measurement Input	0.44

XML 32 R21.htm IDEA: XBRL DOCUMENT

Note 3 - Stock-based Compensation Plans and Warrants (Details Textual) - USD ($)				1 Months Ended		3 Months Ended		12 Months Ended		54 Months Ended
	Jan. 01, 2019	Jun. 10, 2014	Dec. 18, 2009	May 31, 2017	Jun. 30, 2014	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Jun. 09, 2014
Share-based Payment Arrangement, Expense						$ 122,000	$ 105,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance						492,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period						0
Current Period Reclassification Adjustment	$ 865,000					$ 865,000
Reclassification of Warrant Liability to Additional Paid-in Capital [Member]
Current Period Reclassification Adjustment						$ 865,000
Gains from Revaluating Warrants								$ 1,500,000	$ 500,000
2017 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				362,500
Warrant Term				5 years
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 14.94		$ 14.69
Warrants and Rights Outstanding				$ 2,900,000
Common Stock [Member]
Current Period Reclassification Adjustment
Additional Paid-in Capital [Member]
Current Period Reclassification Adjustment						2,896,000
Additional Paid-in Capital [Member] \| Reclassification of Warrant Liability to Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	2,000,000
Retained Earnings [Member] \| Reclassification of Warrant Liability to Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ 2,000,000
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Expense						$ 0	$ 0
Two Thousand Nine Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		850,000	850,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period					45,235
Two Thousand Nine Equity Incentive Plan [Member] \| Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period										297,265
Two Thousand Nine Equity Incentive Plan [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period										507,500
Two Thousand Nine Equity Incentive Plan [Member] \| Share-based Payment Arrangement, Option [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			2 years
Twenty Fourteen Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		675,000
Twenty Fourteen Equity Incentive Plan [Member] \| Outside Director [Member] \| Accrues Yearly [Member]
Salary and Wage, Officer, Excluding Cost of Good and Service Sold		$ 30,000
Share-based Payment Arrangement, Expense		20,000
Twenty Fourteen Equity Incentive Plan [Member] \| Outside Director [Member] \| Accrues Quarterly [Member]
Salary and Wage, Officer, Excluding Cost of Good and Service Sold		7,500
Share-based Payment Arrangement, Expense		$ 5,000
Two Thousand Fourteen Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized						675,000
Two Thousand Fourteen Equity Incentive Plan [Member] \| Directors, Consultants and Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period						649,772
Two Thousand Fourteen Equity Incentive Plan [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period						10,224

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Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	195.00%	315.00%
Unrecognized Tax Benefits, Ending Balance	$ 1,800
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	0
Deferred Tax Assets, Net, Total	$ 0
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Open Tax Year	2015 2016 2017 2018
Open Tax Period	3 years
State and Local Jurisdiction [Member] \| California Franchise Tax Board [Member]
Open Tax Year	2014 2015 2016 2017 2018
Open Tax Period	4 years

XML 34 R23.htm IDEA: XBRL DOCUMENT

Note 5 - Net Loss Per Common Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	11,707,000	11,265,000

XML 35 R24.htm IDEA: XBRL DOCUMENT

Note 6 - Leases (Details Textual)	1 Months Ended	3 Months Ended
Note 6 - Leases (Details Textual)	Feb. 29, 2016 USD ($) a	Mar. 31, 2019 USD ($)
Operating Lease, Cost		$ 49,698
Fenner Valley Farms LLC [Member]
Lease Term	99 years
Area of Real Estate Property \| a	2,100
Long-term Debt, Total	$ 12,000,000
Termination Period After Lease Effective Date	20 years
Lease Compounded Annual Return, Percentage	10.00%
Minimum Future Payments from Leases Held for Investment	$ 14,400,000
Reimbursement of Water Related Infrastructure from Leased Property, Annual Percentage	8.00%
Maximum Reimbursement of Pipeline Related Development Expenses from Leased Property	$ 3,000,000
Leased Property, Sale Price	1
Legal Fees	$ 490,000
Annual Expected Sublease Income, Year One		420,000
Annual Expected Sublease Income, Year Two		420,000
Annual Expected Sublease Income, Year Three		420,000
Annual Expected Sublease Income, Year Four		420,000
Annual Expected Sublease Income, Year Five		$ 420,000
Minimum [Member]
Lessee, Lease, Remaining Term		1 year
Maximum [Member]
Lessee, Lease, Remaining Term		2 years

XML 36 R25.htm IDEA: XBRL DOCUMENT

Note 6 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ROU assets	$ 103
Short-term lease liability	42
Long-term lease liability	$ 48	$ 14,411

XML 37 R26.htm IDEA: XBRL DOCUMENT

Note 6 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
2019	$ 35
2020	46
2021	15
Total lease payments	96
Less: Imputed interest	(6)
Present value of lease payments	90
Less: current maturities of lease obligations	(42)
Long-term lease obligations	$ 48	$ 14,411

XML 38 R27.htm IDEA: XBRL DOCUMENT

Note 6 - Leases - Lease Information (Details)	Mar. 31, 2019
Operating leases (in years) (Year)	2 years
Operating leases	6.00%

XML 39 R28.htm IDEA: XBRL DOCUMENT

Note 7 - Fair Value Measurements (Details Textual) - USD ($)		3 Months Ended	12 Months Ended
	Jan. 01, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current Period Reclassification Adjustment	$ 865,000	$ 865,000
Additional Paid-in Capital [Member]
Current Period Reclassification Adjustment		2,896,000
Reclassification of Warrant Liability to Additional Paid-in Capital [Member]
Current Period Reclassification Adjustment		$ 865,000
Gains from Revaluating Warrants			$ 1,500,000	$ 500,000
Reclassification of Warrant Liability to Additional Paid-in Capital [Member] \| Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	2,000,000
Reclassification of Warrant Liability to Additional Paid-in Capital [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ 2,000,000

XML 40 R29.htm IDEA: XBRL DOCUMENT

Note 7 - Fair Value Measurements - Fair Value of Liabilities on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Warrant derivative liabilities		$ (1,871)
Total warrant derivative liabilities		(1,871)
Fair Value, Inputs, Level 1 [Member]
Warrant derivative liabilities
Total warrant derivative liabilities
Fair Value, Inputs, Level 2 [Member]
Warrant derivative liabilities
Total warrant derivative liabilities
Fair Value, Inputs, Level 3 [Member]
Warrant derivative liabilities		(1,871)
Total warrant derivative liabilities		$ (1,871)

XML 41 R30.htm IDEA: XBRL DOCUMENT

Note 7 - Fair Value Measurements - Reconciliation of Level 3 Activity (Details) - Warrant Liabilities [Member] - Fair Value, Inputs, Level 3 [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Balance	$ 865
Reclassification of warrant liability to additional paid-in capital upon adoption of ASU 2017-11	(865)
Balance

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