Note 5 - Property, Plant, Equipment and Water Programs

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 5 – PROPERTY, PLANT, EQUIPMENT AND WATER PROGRAMS

Property, plant, equipment and water programs consist of the following (dollars in thousands):

	December 31,
	2023			2022
Land and land improvements	$	32,357		$	30,579
Water programs		29,209			29,210
Pipeline		22,096			22,091
Buildings		1,730			1,715
Leasehold improvements, furniture and fixtures		1,609			1,609
Machinery and equipment		3,929			3,395
Construction in progress		5,664			3,680
		96,594			92,279
Less accumulated depreciation		(9,377	)		(8,141	)
	$	87,217		$	84,138

Land and land improvements primarily include land acquisitions, well development, irrigation systems and other related land infrastructure. Water programs primarily include costs directly attributable to the Company’s water project development efforts, including consulting fees for various engineering, hydrological, environmental and additional feasibility studies, and other professional and legal fees.

During the year ended December 31, 2023, $1,906,000 of construction in progress was placed into service, which included land development, irrigation systems and stand establishment related to the planting of 150 acres of alfalfa.

Depreciation expense on land improvements, buildings, leasehold improvements, machinery and equipment and furniture and fixtures was $1.25 million and $0.7 million for the twelve months ended December 31, 2023 and 2022, respectively.