Note 16 - Organizational Restructuring

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

(16) ORGANIZATIONAL RESTRUCTURING

On February 23, 2024, (the "Effective Date"), we committed to a reorganization effort in the Coal Operations Segment (the "Reorganization Plan") that included a workforce reduction of approximately 110 employees, or approximately 12% of the workforce. The reduction in workforce was communicated to employees on the Effective Date and implemented immediately, subject to certain administrative procedures. The Reorganization Plan is designed to strengthen our financial and operational efficiency and create significant operational savings and higher margins in our coal segment. This step will help to advance our transition from a company primarily focused on coal production to a more resilient and diversified integrated independent power producer ("IPP"). As part of this initiative, we substantially idled production at our higher cost surface mines, Prosperity Mine, and Freelandville Mine, with minimal production. We also focused our seven units of underground equipment on four units of our lowest cost production at our Oaktown Mine. In connection with the Reorganization Plan, we incurred an aggregate of $1.9 million one-time charges, of which $0.8 million were included in accounts payable and accrued liabilities in the condensed consolidated balance sheets and $1.1 million were included in operating expenses in the condensed consolidated statements of operations.  The one-time charges were related to compensation, tax, professional, and insurance related expenses.