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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 June 30, 2023
OR
☐ 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 |
Depositary Shares (each representing a 1/1000th fractional interest in share of 8.875% Series A Cumulative Perpetual Preferred Stock, par value $0.01 per share) | CDZIP | The NASDAQ Global Market |
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 every Interactive Data File required to be submitted 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 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:
☐ 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 August 8, 2023, the Registrant had 66,595,606 shares of common stock, par value $0.01 per share, outstanding.
Cadiz Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
| | For the Three Months | |
| | Ended June 30, | |
($ in thousands, except per share data) | | 2023 | | | 2022 | |
| | | | | | | | |
Total revenues | | $ | 809 | | | $ | 185 | |
| | | | | | | | |
Costs and expenses: | | | | | | | | |
Cost of sales | | | 768 | | | | - | |
General and administrative | | | 5,320 | | | | 3,405 | |
Depreciation | | | 305 | | | | 172 | |
| | | | | | | | |
Total costs and expenses | | | 6,393 | | | | 3,577 | |
| | | | | | | | |
Operating loss | | | (5,584 | ) | | | (3,392) | |
| | | | | | | | |
Interest expense | | | (1,338 | ) | | | (2,055) | |
Interest income | | | 210 | | | | - | |
Loss on derivative liability | | | (350 | ) | | | - | |
| | | | | | | | |
Loss before income taxes | | | (7,062 | ) | | | (5,447) | |
Income tax expense | | | (2 | ) | | | (1) | |
Loss from equity-method investments | | | - | | | | (35) | |
| | | | | | | | |
Net loss and comprehensive loss | | $ | (7,064 | ) | | $ | (5,483) | |
| | | | | | | | |
Less: Preferred stock dividend | | | (1,288 | ) | | | (1,288) | |
| | | | | | | | |
Net loss and comprehensive loss applicable to common stock | | $ | (8,352 | ) | | $ | (6,771) | |
| | | | | | | | |
Basic and diluted net loss per common share | | $ | (0.13 | ) | | $ | (0.13 | ) |
| | | | | | | | |
Basic and diluted weighted average shares outstanding | | | 66,606 | | | | 50,770 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
Cadiz Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
|
|
For the Six Months |
|
|
|
Ended June 30, |
|
($ in thousands, except per share data) |
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
939 |
|
|
$ |
328 |
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
Cost of sales |
|
|
790 |
|
|
|
- |
|
General and administrative |
|
|
9,251 |
|
|
|
7,211 |
|
Depreciation |
|
|
634 |
|
|
|
293 |
|
|
|
|
|
|
|
|
|
|
Total costs and expenses |
|
|
10,675 |
|
|
|
7,504 |
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(9,736 |
) |
|
|
(7,176) |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(2,842 |
) |
|
|
(4,047) |
|
Interest income |
|
|
378 |
|
|
|
- |
|
Loss on derivative liability |
|
|
(220 |
) |
|
|
- |
|
Loss on early extinguishment of debt |
|
|
(5,331 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(17,751 |
) |
|
|
(11,223) |
|
Income tax expense |
|
|
(4 |
) |
|
|
(3) |
|
Loss from equity-method investments |
|
|
- |
|
|
|
(169) |
|
|
|
|
|
|
|
|
|
|
Net loss and comprehensive loss |
|
$ |
(17,755 |
) |
|
$ |
(11,395) |
|
|
|
|
|
|
|
|
|
|
Less: Preferred stock dividend |
|
|
(2,553 |
) |
|
|
(2,553) |
|
|
|
|
|
|
|
|
|
|
Net loss and comprehensive loss applicable to common stock |
|
$ |
(20,308 |
) |
|
$ |
(13,948) |
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per common share |
|
$ |
(0.31 |
) |
|
$ |
(0.29) |
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average shares outstanding |
|
|
64,633 |
|
|
|
47,619 |
|
See accompanying notes to the unaudited condensed consolidated financial statements.
Cadiz Inc.
Condensed Consolidated Balance Sheets (Unaudited)
| | June 30, | | | December 31, | |
($ in thousands, except per share data) | | 2023 | | | 2022 | |
| | | | | | |
ASSETS | | | | | | | | |
Current assets: | | | | | | | | |
Cash and cash equivalents | | $ | 19,237 | | | $ | 9,997 | |
Restricted cash | | | 1,288 | | | | 1,288 | |
Accounts receivable | | | 880 | | | | 454 | |
Inventories | | | 1,165 | | | | 316 | |
Prepaid expenses and other current assets | | | 613 | | | | 380 | |
Total current assets | | | 23,183 | | | | 12,435 | |
| | | | | | | | |
Property, plant, equipment and water programs, net | | | 85,439 | | | | 84,138 | |
Long-term deposit/prepaid expenses | | | 420 | | | | 420 | |
Goodwill | | | 5,714 | | | | 5,714 | |
Right-of-use asset | | | 494 | | | | 553 | |
Long-term restricted cash | | | 134 | | | | 2,497 | |
Other assets | | | 5,473 | | | | 5,030 | |
Total assets | | $ | 120,857 | | | $ | 110,787 | |
| | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | |
Current liabilities: | | | | | | | | |
Accounts payable | | $ | 1,163 | | | $ | 1,107 | |
Accrued liabilities | | | 1,623 | | | | 1,545 | |
Current portion of long-term debt | | | 128 | | | | 140 | |
Dividend payable | | | 1,288 | | | | 1,288 | |
Contingent consideration liabilities | | | 1,450 | | | | 1,450 | |
Operating lease liabilities | | | 116 | | | | 109 | |
Total current liabilities | | | 5,768 | | | | 5,639 | |
| | | | | | | | |
Long-term debt, net | | | 36,924 | | | | 48,950 | |
Long-term lease obligations with related party, net | | | 21,789 | | | | 20,745 | |
Derivative liabilities | | | 2,570 | | | | - | |
Long-term operating lease liabilities | | | 384 | | | | 444 | |
Deferred revenue | | | 750 | | | | 750 | |
Other long-term liabilities | | | 38 | | | | 36 | |
Total liabilities | | | 68,223 | | | | 76,564 | |
| | | | | | | | |
Commitments and contingencies (Note 10) | | | | | | | | |
| | | | | | | | |
Stockholders’ equity: | | | | | | | | |
Preferred stock - $.01 par value; 100,000 shares authorized at June 30, 2023 and December 31, 2022; shares issued and outstanding – 329 at June 30, 2023 and December 31, 2022 | | | 1 | | | | 1 | |
8.875% Series A cumulative, perpetual preferred stock - $.01 par value; 7,500 shares authorized at June 30, 2023 and December 31, 2022; shares issued and outstanding – 2,300 at June 30, 2023 and December 31, 2022 | | | 1 | | | | 1 | |
Common stock - $.01 par value; shares authorized – 85,000,000 at June 30, 2023 and 70,000,000 at December 31, 2022; shares issued and outstanding – 66,595,606 at June 30, 2023 and 55,823,810 at December 31, 2022 | | | 664 | | | | 556 | |
Additional paid-in capital | | | 675,574 | | | | 636,963 | |
Accumulated deficit | | | (623,606 | ) | | | (603,298 | ) |
Total stockholders’ equity | | | 52,634 | | | | 34,223 | |
Total liabilities and stockholders’ deficit | | $ | 120,857 | | | $ | 110,787 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
Cadiz Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
| | For the Six Months | |
| | Ended June 30, | |
($ in thousands) | | 2023 | | | 2022 | |
| | | | | | | | |
Cash flows from operating activities: | | | | | | | | |
Net loss | | $ | (17,755 | ) | | | (11,395 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | |
Depreciation | | | 634 | | | | 293 | |
Amortization of debt discount and issuance costs | | | 273 | | | | 1,160 | |
Amortization of right-of-use asset | | | 59 | | | | 12 | |
Interest expense added to loan principal | | | 435 | | | | - | |
Interest expense added to lease liability | | | 1,032 | | | | 913 | |
Unrealized loss on derivative liability | | | 220 | | | | - | |
Loss on early extinguishment of debt | | | 5,331 | | | | - | |
Loss on equity method investments | | | - | | | | 169 | |
Compensation charge for stock and share option awards | | | 489 | | | | 856 | |
Changes in operating assets and liabilities: | | | | | | | | |
Accounts receivable | | | (426 | ) | | | 116 | |
Inventories | | | (849 | ) | | | (344 | ) |
Prepaid expenses and other current assets | | | (233 | ) | | | 125 | |
Other assets | | | (443 | ) | | | (242 | ) |
Accounts payable | | | 816 | | | | 216 | |
Lease liabilities | | | (53 | ) | | | (172 | ) |
Other accrued liabilities | | | 599 | | | | 743 | |
| | | | | | | | |
Net cash used in operating activities | | | (9,871 | ) | | | (7,550 | ) |
| | | | | | | | |
Cash flows from investing activities: | | | | | | | | |
Additions to property, plant and equipment and water programs | | | (3,213 | ) | | | (1,748 | ) |
Contributions to equity-method investments | | | - | | | | (100 | ) |
| | | | | | | | |
Net cash used in investing activities | | | (3,213 | ) | | | (1,848 | ) |
| | | | | | | | |
Cash flows from financing activities: | | | | | | | | |
Net proceeds from issuance of stock | | | 38,490 | | | | 11,741 | |
Dividend payments | | | (2,553 | ) | | | (2,553 | ) |
Principal payments on long-term debt | | | (15,088 | ) | | | (69 | ) |
Issuance costs of long-term debt | | | (27 | ) | | | - | |
Costs for early extinguishment of debt | | | (600 | ) | | | - | |
Taxes paid related to net share settlement of equity awards | | | (261 | ) | | | - | |
| | | | | | | | |
Net cash provided by financing activities | | | 19,961 | | | | 9,119 | |
| | | | | | | | |
Net increase in cash, cash equivalents and restricted cash | | | 6,877 | | | | (279 | ) |
| | | | | | | | |
Cash, cash equivalents and restricted cash, beginning of period | | | 13,782 | | | | 19,856 | |
| | | | | | | | |
Cash, cash equivalents and restricted cash, end of period | | $ | 20,659 | | | $ | 19,577 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
Cadiz Inc.
Condensed Consolidated Statements of Stockholders’ Equity (Deficit) (Unaudited)
For the three and six months ended June 30, 2023 ($ in thousands, except share data)
| | | | | | | | | | | | | | | | | | 8.875% Series A | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | Cumulative | | | Additional | | | | | | | Total | |
| | Common Stock | | | Preferred Stock | | | Perpetual Preferred Stock | | | Paid-in | | | Accumulated | | | Stockholders’ | |
| | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Capital | | | Deficit | | | Equity | |
Balance as of December 31, 2022 | | | 55,823,810 | | | $ | 556 | | | | 329 | | | $ | 1 | | | | 2,300 | | | $ | 1 | | | $ | 636,963 | | | $ | (603,298 | ) | | $ | 34,223 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation expense | | | 217,452 | | | | 2 | | | | - | | | | - | | | | - | | | | - | | | | 63 | | | | - | | | | 65 | |
Issuance of shares pursuant to direct offerings | | | 10,500,000 | | | | 105 | | | | - | | | | - | | | | - | | | | - | | | | 38,385 | | | | - | | | | 38,490 | |
Dividends declared on 8.875% series A cumulative perpetual preferred shares ($550 per share) | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (1,265 | ) | | | (1,265 | ) |
Net loss and comprehensive loss | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (10,691 | ) | | | (10,691 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of March 31, 2023 | | | 66,541,262 | | | | 663 | | | | 329 | | | $ | 1 | | | | 2,300 | | | $ | 1 | | | | 675,411 | | | | (615,254 | ) | | | 60,822 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation expense | | | 54,344 | | | | 1 | | | | - | | | | - | | | | - | | | | - | | | | 163 | | | | - | | | | 164 | |
Dividends declared on 8.875% series A cumulative perpetual preferred shares ($560 per share) | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (1,288 | ) | | | (1,288 | ) |
Net loss and comprehensive loss | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (7,064 | ) | | | (7,064 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of June 30, 2023 | | | 66,595,606 | | | | 664 | | | | 329 | | | $ | 1 | | | | 2,300 | | | $ | 1 | | | | 675,574 | | | | (623,606 | ) | | | 52,634 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
Cadiz Inc.
Condensed Consolidated Statements of Stockholders’ Equity (Deficit) (Unaudited)
For the three and six months ended June 30, 2022 ($ in thousands, except share data)
| | | | | | | | | | | | | | | | | | 8.875% Series A | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | Cumulative | | | Additional | | | | | | | Total | |
| | Common Stock | | | Preferred Stock | | | Perpetual Preferred Stock | | | Paid-in | | | Accumulated | | | Stockholders’ | |
| | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Capital | | | Deficit | | | Equity | |
Balance as of December 31, 2021 | | | 43,656,169 | | | $ | 435 | | | | 329 | | | $ | 1 | | | | 2,300 | | | $ | 1 | | | $ | 613,572 | | | $ | (573,400 | ) | | $ | 40,609 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation expense | | | 236,995 | | | | 2 | | | | - | | | | - | | | | - | | | | - | | | | 431 | | | | - | | | | 433 | |
Issuance of shares pursuant to direct offerings | | | 6,857,140 | | | | 69 | | | | - | | | | - | | | | - | | | | - | | | | 11,672 | | | | - | | | | 11,741 | |
Dividends declared on 8.875% series A cumulative perpetual preferred shares ($550 per share) | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (1,265 | ) | | | (1,265 | ) |
Net loss and comprehensive loss | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (5,912 | ) | | | (5,912 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of March 31, 2022 | | | 50,750,304 | | | | 506 | | | | 329 | | | $ | 1 | | | | 2,300 | | | $ | 1 | | | | 625,675 | | | | (580,577 | ) | | | 45,606 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation expense | | | 19,971 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 423 | | | | - | | | | 423 | |
Dividends declared on 8.875% series A cumulative perpetual preferred shares ($560 per share) | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (1,288 | ) | | | (1,288 | ) |
Net loss and comprehensive loss | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (5,483 | ) | | | (5,483 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of June 30, 2022 | | | 50,770,275 | | | | 506 | | | | 329 | | | $ | 1 | | | | 2,300 | | | $ | 1 | | | $ | 626,098 | | | $ | (587,348 | ) | | $ | 39,258 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
Cadiz Inc.
Notes to the Consolidated Financial Statements
NOTE 1 – BASIS OF PRESENTATION
The Condensed Consolidated Financial Statements and notes 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 Annual Report on Form 10-K for the year ended December 31, 2022.
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 six months ended June 30, 2023, are not necessarily indicative of results for the entire fiscal year ending December 31, 2023.
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 $17.8 million for the six months ended June 30, 2023, compared to $11.4 million for the six months ended June 30, 2022. The Company had working capital of $17.4 million at June 30, 2023, and used cash in its operations of $9.9 million for the six months ended June 30, 2023. The higher loss in 2023 was primarily due to a loss on early extinguishment of debt in the amount of $5.3 million resulting from the issuance of a conversion instrument, a repayment fee and elimination of debt discount associated with the paydown of $15 million of senior secured debt in February 2023, offset by higher compensation costs related to stock based non-cash bonus awards to employees and an increase in interest expense in 2022.
Cash requirements during the six months ended June 30, 2023, primarily reflect certain operating and administrative costs related to the Company’s agricultural operations, water treatment business and the ongoing development of the Company’s land, water, infrastructure and technology assets for water solutions including the Cadiz Water Conservation & Storage Project (“Water Project”). The Company’s present activities are focused on the development of its assets in ways that meet growing long-term demand for access to safe and reliable clean water supplies.
Cadiz Inc.
Notes to the Consolidated Financial Statements
On January 30, 2023, the Company completed the sale and issuance of 10,500,000 shares of the Company’s common stock to certain institutional investors in a registered direct offering ( “January 2023 Direct Offering”). The shares of common stock were sold at a purchase price of $3.84 per share, for aggregate gross proceeds of $40.32 million and aggregate net proceeds of approximately $38.5 million. A portion of the proceeds were used to repay the Company’s debt in the principal amount of $15 million, together with fees and interest required to be paid in connection with such repayment under the Credit Agreement. The remaining proceeds are being used for capital expenditures to accelerate development of the Company’s water supply project, working capital and development of additional water resources to meet increased demand on an accelerated timetable.
On February 2, 2023, the Company and its wholly-owned subsidiary, Cadiz Real Estate LLC, as borrowers (collectively, the “Borrowers”) entered into a First Amendment to Credit Agreement with BRF Finance Co., LLC (“Lenders”) and B. Riley Securities, Inc., (“BRS”) as administrative agent, to amend certain provisions of the Credit Agreement dated as of July 2, 2021 (“First Amended Credit Agreement”). Under the First Amended Credit Agreement, the lenders will have a right to convert up to $15 million of outstanding principal, plus any PIK interest and any accrued and unpaid interest (the “Convertible Loan”) into shares of the Company’s common stock at a conversion price of $4.80 per share (the “Conversion Price”) (see “Note 3 – Long-Term Debt”, below).
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. The covenants in the senior secured debt do not prohibit the Company’s use of additional equity financing and allow the Company to retain 100% of the proceeds of any common equity financing. The Company does not expect the loan covenants to materially limit its ability to finance its asset development activities.
Management assesses whether the Company has sufficient liquidity to fund its costs for the next twelve months from each financial statement issuance date. Management evaluates the Company’s liquidity to determine if there is a substantial doubt about the Company’s ability to continue as a going concern. In the preparation of this liquidity assessment, management applies judgement to estimate the projected cash flows of the Company including the following: (i) projected cash outflows (ii) projected cash inflows, (iii) categorization of expenditures as discretionary versus non-discretionary and (iv) the ability to raise capital. The cash flow projections are based on known or planned cash requirements for operating costs as well as planned costs for project development.
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
During the six months ended June 30, 2023, approximately $891,000 in interest payments on the Company’s senior secured debt was paid in cash and approximately $435,000 was recorded as interest payable in kind. There are no scheduled principal payments due on the senior secured debt prior to its maturity.
Cadiz Inc.
Notes to the Consolidated Financial Statements
At June 30, 2023, accruals for cash dividends payable on the Series A Preferred Stock was $1.29 million (see Note 9 – “Common and Preferred Stock”). The cash dividends were paid on July 14, 2023.
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 | | June 30, 2023 | | | December 31, 2022 | | | June 30, 2022 | |
(in thousands) | | | | | | | | | | | | |
| | | | | | | | | | | | |
Cash and Cash Equivalents | | $ | 19,237 | | | $ | 9,997 | | | $ | 13,239 | |
Restricted Cash | | | 1,288 | | | | 1,288 | | | | 1,288 | |
Long Term Restricted Cash | | | 134 | | | | 2,497 | | | | 5,050 | |
Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows | | $ | 20,659 | | | $ | 13,782 | | | $ | 19,577 | |
The restricted cash amounts primarily represent funds deposited into a segregated account, representing an amount sufficient to pre-fund quarterly dividend payments on Series A Preferred Stock underlying the Depositary Shares issued in the Depositary Share Offering through July 2023.
ATEC Water Systems, LLC
On November 9, 2022, the Company completed the acquisition of the assets of ATEC Systems, Inc. into ATEC Water Systems, LLC (“ATEC”), a water filtration technology company, at a purchase price of up to $2.2 million (“ATEC Acquisition”). The final allocation of purchase consideration to assets and liabilities is ongoing as the Company continues to evaluate certain balances, estimates and assumptions during the measurement period. Consistent with the allowable time to complete the Company’s assessment, the valuation of certain acquired assets and liabilities, including environmental liabilities and income taxes, is currently pending finalization.
Revenue Recognition
The Company’s revenue is currently derived from rental revenue from its agricultural lease, sales of farm crops, and sales of water filtration systems by ATEC. The Company recognizes revenue by following the five-step model under ASC 606 to achieve the core principle that an entity recognizes revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The five-step model requires that the Company (i) identifies the contract with the customer, (ii) identifies the performance obligations in the contract, (iii) determines the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocates the transaction price to the respective performance obligations in the contract, and (v) recognizes revenue when (or as) the Company satisfies the performance obligation.
Cadiz Inc.
Notes to the Consolidated Financial Statements
Recent Accounting Pronouncements
Accounting Guidance Adopted
In June 2016, Financial Accounting Standards Board (“FASB”) issued an accounting standards update which introduces new guidance for the accounting for credit losses on certain financial instruments. This update is effective for fiscal years beginning after December 15, 2022, and for interim periods within those fiscal years, with early adoption permitted. The adoption of this new standard on January 1, 2023, had no impact on the Company’s consolidated financial statements.
NOTE 2 – REPORTABLE SEGMENTS
The Company currently operates in two segments based upon its organizational structure and the way in which its operations are managed and evaluated. The Company’s largest segment is Land and Water Resources, which comprises all activities regarding its properties in the eastern Mojave Desert including development of the Water Project, and agricultural operations. The Company’s second operating segment is its water treatment business, ATEC Water Systems LLC (“ATEC”) which provides innovative water filtration solutions for impaired or contaminated groundwater sources. The Company acquired the assets of ATEC Systems, Inc. in November 2022 into its new subsidiary ATEC. There were intersegment sales of $311 thousand during the six months ended June 30, 2023, which resulted in an intercompany elimination of profits in the amount of $102 thousand.
We evaluate our performance based on segment operating (loss). Interest expense, income tax expense and losses related to equity method investments are excluded from the computation of operating (loss) for the segments. Segment net revenue, segment operating expenses and segment operating (loss) information consisted of the following for the three and six months ended June 30, 2023:
| | Three Months Ended June 30, 2023 | |
(in thousands) | | Land and Water Resources | | | Water Treatment | | | Total | |
| | | | | | | | | | | | |
Revenues | | $ | 379 | | | $ | 430 | | | $ | 809 | |
| | | | | | | | | | | | |
Total revenues | | | 379 | | | | 430 | | | | 809 | |
| | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | |
Cost of sales | | | 432 | | | | 336 | | | | 768 | |
General and administrative | | | 5,232 | | | | 88 | | | | 5,320 | |
Depreciation | | | 271 | | | | 34 | | | | 305 | |
| | | | | | | | | | | | |
Total costs and expenses | | | 5,935 | | | | 458 | | | | 6,393 | |
| | | | | | | | | | | | |
Operating loss | | $ | (5,556 | ) | | $ | (28 | ) | | $ | (5,584 | ) |
The Company only operated in one segment during the six months ended June 30, 2022, as the water treatment segment did not exist prior to the ATEC Acquisition in November 2022.
Cadiz Inc.
Notes to the Consolidated Financial Statements
| | Six Months Ended June 30, 2023 | |
(in thousands) | | Land and Water Resources | | | Water Treatment | | | Total | |
| | | | | | | | | | | | |
Revenues | | $ | 509 | | | $ | 430 | | | $ | 939 | |
| | | | | | | | | | | | |
Total revenues | | | 509 | | | | 430 | | | | 939 | |
| | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | |
Cost of sales | | | 454 | | | | 336 | | | | 790 | |
General and administrative | | | 8,999 | | | | 252 | | | | 9,251 | |
Depreciation | | | 549 | | | | 85 | | | | 634 | |
| | | | | | | | | | | | |
Total costs and expenses | | | 10,002 | | | | 673 | | | | 10,675 | |
| | | | | | | | | | | | |
Operating loss | | $ | (9,493 | ) | | $ | (243 | ) | | $ | (9,736 | ) |
Assets by operating segment are as follows (dollars in thousands):
| | June 30, 2023 | | | December 31, 2022 | |
Operating Segment: | | | | | | | | |
Water and Land Resources | | $ | 116,497 | | | $ | 107,439 | |
Water Treatment | | | 4,360 | | | | 3,348 | |
| | $ | 120,857 | | | $ | 110,787 | |
Goodwill by operating segment is as follows (dollars in thousands):
| | June 30, 2023 | | | December 31, 2022 | |
Operating Segment: | | | | | | | | |
Water and Land Resources | | $ | 3,813 | | | $ | 3,813 | |
Water Treatment | | | 1,901 | | | | 1,901 | |
| | $ | 5,714 | | | $ | 5,714 | |
Property, plant, equipment and water programs consist of the following (dollars in thousands):
| | June 30, 2023 | |
| | Water and Land Resources | | | Water Treatment | |
| | | | | | | | |
Land and land improvements | | $ | 32,110 | | | $ | - | |
Water programs | | | 29,498 | | | | - | |
Pipeline | | | 22,093 | | | | - | |
Buildings | | | 1,715 | | | | - | |
Leasehold improvements, furniture and fixtures | | | 1,606 | | | | 4 | |
Machinery and equipment | | | 3,478 | | | | 176 | |
Construction in progress | | | 3,529 | | | | - | |
| | | 94,029 | | | | 180 | |
Less accumulated depreciation | | | (8,690 | ) | | | (80 | ) |
| | $ | 85,339 | | | $ | 100 | |
Cadiz Inc.
Notes to the Consolidated Financial Statements
| | December 31, 2022 | |
| | Water and Land Resources | | | Water Treatment | |
| | | | | | | | |
Land and land improvements | | $ | 30,579 | | | $ | - | |
Water programs | | | 29,210 | | | | - | |
Pipeline | | | 22,091 | | | | - | |
Buildings | | | 1,715 | | | | - | |
Leasehold improvements, furniture and fixtures | | | 1,606 | | | | 3 | |
Machinery and equipment | | | 3,229 | | | | 166 | |
Construction in progress | | | 3,680 | | | | - | |
| | | 92,110 | | | | 169 | |
Less accumulated depreciation | | | (8,141 | ) | | | - | |
| | $ | 83,969 | | | $ | 169 | |
NOTE 3 – 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.
On July 2, 2021, the Company entered into a new $50 million senior secured credit agreement (“Credit Agreement”) with Lenders and BRS, as administrative agent for the Lenders (“Senior Secured Debt”). The obligations under the Senior Secured Debt are secured by substantially all of the Company’s assets on a first-priority basis (except as otherwise provided in the Credit Agreement). In connection with any repayment or prepayment of the debt, the Company is required to pay a repayment fee equal to the principal amount being repaid or prepaid, multiplied by (i) 4.0%, if such repayment or prepayment is made on or after the eighteen-month anniversary of the closing of the debt and prior to the thirty-month anniversary of the closing of the debt, and (ii) 6.0%, if such repayment or prepayment is made at any time after the thirty-month anniversary of the closing of the debt. At any time, the Company will be permitted to prepay the principal of the debt, in whole or in part, provided that such prepayment is accompanied by any accrued interest on such principal amount being prepaid plus the applicable repayment fee described above.
On February 2, 2023, the Company entered into a First Amendment to Credit Agreement to amend certain provisions of the Credit Agreement (“First Amended Credit Agreement”). In connection with the First Amended Credit Agreement, the Company repaid $15 million of the Senior Secured Debt together with fees and interest required to be paid in connection with such repayment under the Credit Agreement. Under the First Amended Credit Agreement, upon stockholder approval of an amendment to its certificate of incorporation to increase the number of authorized shares of the Company at the June 2023 meeting of stockholders (“Stockholder Approval”), the lenders have a right to convert up to $15 million of outstanding principal, plus any PIK interest and any accrued and unpaid interest (the “Convertible Loan”) into shares of the Company’s common stock at a conversion price of $4.80 per share (the “Conversion Price”). Additionally, the maturity date of the Credit Agreement was extended from July 2, 2024, to June 30, 2026, following stockholder Approval. The annual interest rate remains unchanged at 7.00%. Interest on $20 million of the principal amount will be paid in cash. Interest on the $15 million principal amount of the Convertible Loan will be paid in kind on a quarterly basis by addition such amount to the outstanding principal amount of the outstanding Convertible Loan. The amendment was recorded as a debt extinguishment.
Cadiz Inc.
Notes to the Consolidated Financial Statements
As a result of the First Amended Credit Agreement, the Company bifurcated the new conversion option from the debt and recorded a derivative liability. As of the effective date of the amendment, the derivative liability had a fair value of approximately $2.4 million. The fair value of the derivative liability will be remeasured each reporting period using an option pricing model, and the change in fair value will be recorded as an adjustment to the derivative liability with the change in fair value recorded as income or expense. In addition, the loss on early extinguishment of debt included $2.0 million of repayment fees for both repaid and amended principal and $980 thousand of unamortized debt issuance costs. Total unrealized losses of derivative liabilities accounted for as derivatives were $350 thousand and $220 thousand for the three and six months ended June 30, 2023, respectively.
In the event of certain asset sales, the incurrence of indebtedness or a casualty or condemnation event, in each case, under certain circumstances as described in the Credit Agreement, the Company will be required to use a portion of the proceeds to prepay amounts under the debt. In the event of any additional issuance of depositary receipts (“Depositary Receipts”) representing interests in shares of 8.875% Series A Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) by the Company, the Company will be required to, within five business days after the receipt of the net cash proceeds, apply 75% of the net cash proceeds to prepay amounts due under the debt (including the applicable repayment fee described above).
The Credit Agreement includes customary affirmative and negative covenants, including delivery of financial statements and other reports. The negative covenants limit the ability of the Company to, among other things, incur debt, incur liens, make investments, sell assets, pay dividends and enter into transactions with affiliates. In addition, the Credit Agreement includes customary events of default and remedies.
While any amount remains outstanding under the debt, the Lenders will have the right to convert the outstanding principal, plus unpaid interest, on the debt into Depositary Receipts at the per share exchange price of $25.00 at any time up to 100% of the principal and unpaid interest on the debt may be exchanged for Depositary Receipts.
In connection with the issuance of the Senior Secured Debt, on July 2, 2021 (the “Original Issue Date”) the Company issued to the Lenders two warrants (“A Warrants” and “B Warrants”), each granting an option to purchase 500,000 shares of our common stock (collectively, the “Warrants”). The A Warrants may be exercised any time prior to July 2, 2024 (the “Expiration Date”) and have an exercise price of $17.38 equal to 120% of the closing price per share of our common stock on the Original Issue Date. The B Warrants may be exercised in the period from 180 days after the Original Issue Date to the Expiration Date and have an exercise price of $21.72 equal to 150% of the closing price of our common stock on the Original Issue Date.
NOTE 4 – STOCK-BASED COMPENSATION PLANS
The Company has issued options and has granted stock awards pursuant to its 2019 Equity Incentive Plan, as described below.
Cadiz Inc.
Notes to the Consolidated Financial Statements
2019 Equity Incentive Plan
The 2019 Equity Incentive Plan (“2019 EIP”) was originally approved by stockholders at the July 10, 2019, Annual Meeting, with an amendment to the plan approved by stockholders at the July 12, 2022, Annual Meeting. The plan, as amended, provides for the grant and issuance of up to 2,700,000 shares and options to the Company’s employees, directors and consultants.
Effective July 1, 2021, under the 2019 EIP, each outside director receives $75,000 of cash compensation and receives a deferred stock award consisting of shares of the Company’s common stock with a value equal to $25,000 on June 30 of each year. The award accrues on a quarterly basis, with $18,750 of cash compensation and $6,250 of stock earned for each fiscal quarter in which a director serves. The deferred stock award vests automatically on the January 31st that first follows the award date.
Stock Awards to Directors, Officers, and Consultants
The Company has granted stock awards pursuant to its 2019 EIP. Of the total 2,700,000 shares reserved under the 2019 Equity Incentive Plan, as amended, 1,908,249 shares and restricted stock units (“RSUs”) have been awarded to the Company directors, employees and consultants as of June 30, 2023. Of the 1,908,249 shares and RSUs awarded, 46,744 shares were awarded to the Company’s directors for services performed during the plan year ended June 30, 2023. These shares will vest and be issued on January 31, 2024.
825,000 RSUs were granted to employees in April 2021 as long-term equity incentive awards ( “April 2021 RSU Grant”). Of the 825,000 RSUs granted under the April 2021 RSU Grant, 510,000 RSUs were scheduled to vest upon completion of certain milestones, including (a) 255,000 RSUs which vested in July 2021 upon completion of refinancing of the Company’s then existing senior secured debt and funding to complete the purchase of the Northern Pipeline (“ Northern Pipeline Vesting Event”), and (b) 255,000 RSUs scheduled to vest upon completion of final binding water supply agreement(s) for the delivery of at least 9,500 acre-feet of water per annum to customers. Of the remaining 315,000 RSUs granted under the April 2021 RSU Grant, 60,000 RSUs vested and were issued on January 3, 2023, and 255,000 RSUs vested and were issued on March 1, 2023. Additionally, in July 2022, 60,000 RSUs were granted to employees as long-term equity incentive awards ( “July 2022 RSU Grant”). The RSUs granted under the July 2022 RSU Grant are scheduled to vest on January 2, 2024. The RSU incentive awards are subject in each case to continued employment with the Company through the vesting date.
Of the 255,000 RSUs earned upon the Northern Pipeline Vesting Event, the Company issued 158,673 shares net of taxes withheld and paid in cash by the Company. Of the 255,000 RSUs issued on March 1, 2023, the Company issued 158,673 shares net of taxes withheld and paid in cash by the Company.
Upon the change of the Company’s Executive Chair on February 4, 2022, a total of 170,000 unvested RSUs were accelerated and became fully vested as a result of an amended employee agreement, which included 85,000 RSUs scheduled to vest upon completion of final binding water supply agreement(s) and 85,000 RSUs scheduled to vest on March 1, 2023.
Cadiz Inc.
Notes to the Consolidated Financial Statements
Additionally, the Company issued 450,000 of performance stock units (“PSUs”) upon achievement of certain performance events. The PSUs vest upon the Company’s common stock achieving price hurdles (“Price Hurdles”) but not sooner than three years from date of grant, including (a) 200,000 PSUs to vest upon a Price Hurdle of $7 per share, (b) 150,000 PSUs to vest upon a Price Hurdle of $9 per share, (c) 50,000 PSUs to vest upon a Price Hurdle of $11 per share, and (d) 50,000 PSUs to vest upon a Price Hurdle of $13 per share and are payable, at the option of the Compensation Committee, in either common stock or cash. The PSU incentive award is subject to continue employment with the Company through the vesting date.
The accompanying consolidated statements of operations and comprehensive loss include approximately $489,000 and $856,000 of stock-based compensation expense related to stock awards in the six months ended June 30, 2023, and 2022, respectively.
NOTE 5 – INCOME TAXES
As of June 30, 2023, the Company had net operating loss (“NOL”) carryforwards of approximately $342 million for federal income tax purposes and $296 million for California state income tax purposes. Such carryforwards expire in varying amounts through the year 2037 and 2042 for federal and California purposes, respectively. 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 a previous ownership change and an ownership change that occurred in June of 2021.
As of June 30, 2023, the Company’s unrecognized tax benefits were immaterial.
The Company's tax years 2019 through 2022 remain subject to examination by the Internal Revenue Service, and tax years 2018 through 2022 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 all deferred assets. Accordingly, no deferred tax asset has been reflected in the accompanying condensed consolidated balance sheet.
NOTE 6 – NET LOSS PER COMMON SHARE
Basic net loss per common share is computed by dividing the net loss by the weighted-average common shares outstanding. Options, deferred stock units, convertible debt, convertible preferred shares and warrants 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 5,029,000 and 1,533,000 for the three months ended June 30, 2023, and 2022, respectively; and 5,029,000 and 1,533,000 for the six months ended June 30, 2023 and 2022, respectively.
Cadiz Inc.
Notes to the Consolidated Financial Statements
NOTE 7 – LEASES & PROPERTY, PLANT, EQUIPMENT AND WATER PROGRAMS
The Company has operating leases for right-of-way agreements, corporate offices, vehicles and office equipment. The Company’s leases have remaining lease terms of 1 month to 40 months as of June 30, 2023, 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 included in the lease term. The Company does not have any finance leases.
As a lessor, in February 2016, the Company entered into a lease agreement with Fenner Valley Farms LLC (“FVF”) (the “lessee”), 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. The Company expects to receive rental income of $420,000 annually over the next five years related to the FVF Lease Agreement.
During the six months ended June 30, 2023, $1,501,000 on 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 $634,000 and $293,000 for the six months ended June 30, 2023, and 2022, respectively.
NOTE 8 – FAIR VALUE MEASUREMENTS
Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company considers 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.
In 2022, the Company recorded a contingent consideration liability in the amount of $1.45 million related to the purchase price of the ATEC Acquisition for amounts payable upon the sale of a requisite number of water filtration units under an asset purchase agreement.
(in thousands) | | Level 1 Assets | |
| | | | |
Balance at December 31, 2022 | | $ | - | |
| | | | |
Investments in Certificates of Deposit | | | 17,500 | |
| | | | |
Balance at June 30, 2023 | | | 17,500 | |
Cadiz Inc.
Notes to the Consolidated Financial Statements
(in thousands) | | Level 3 Liabilities | |
| | | | |
Balance at December 31, 2022 | | $ | (1,450 | ) |
| | | | |
Derivative liabilities | | | (2,350 | ) |
Unrealized gains on derivative liabilities, net | | | 130 | |
| | | | |
Balance at March 31, 2023 | | | (3,670 | ) |
| | | | |
Unrealized losses on derivative liabilities, net | | | (350 | ) |
| | | | |
Balance at June 30, 2023 | | $ | (4,020 | ) |
| | | | |
| | Investments at Fair Value as of June 30, 2023 | |
(in thousands) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Certificates of Deposit | | $ | 17,500 | | | $ | - | | | $ | - | | | $ | 17,500 | |
| | | | | | | | | | | | | | | | |
Total Assets | | $ | 17,500 | | | $ | - | | | $ | - | | | $ | 17,500 | |
| | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Contingent consideration liabilities | | $ | - | | | $ | - | | | $ | 1,450 | | | $ | 1,450 | |
Derivative liabilities | | $ | - | | | $ | - | | | $ | 2,570 | | | $ | 2,570 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | $ | - | | | $ | - | | | $ | 4,020 | | | $ | 4,020 | |
NOTE 9 – COMMON AND PREFERRED STOCK
Common Stock
The Company is authorized to issue 85 million shares of Common Stock at a $0.01 par value. As of June 30, 2023, the Company had 66,595,606 shares issued and outstanding.
In January 2013, the Company revised its then existing agreement with the law firm of Brownstein Hyatt Farber Schreck LLP (“Brownstein”), a related party. Under this agreement, the Company is to issue up to a total of 400,000 shares of the Company’s common stock, with 200,000 shares earned to date and 100,000 shares to be earned upon the achievement of each of two remaining milestones as follows:
| ■ | 100,000 shares earned upon the signing of binding agreements for more than 51% of the Water Project’s annual capacity, which is not yet earned; and |
| ■ | 100,000 shares earned upon the commencement of construction of all of the major facilities contemplated in the Final Environmental Impact Report necessary for the completion and delivery of the Water Project, which is not yet earned. |
All shares earned upon achievement of any of the remaining two milestones will be payable three years from the date earned.
Cadiz Inc.
Notes to the Consolidated Financial Statements
Series 1 Preferred Stock
The Company has issued a total of 10,000 shares of Series 1 Preferred Stock (“Series 1 Preferred Stock”) to certain holders (“Holders”) under certain conversion and exchange agreements entered into in March 2020. Each share of Series 1 Preferred Stock is convertible at any time at the option of the Holder into 405.05 shares of Common Stock. As of June 30, 2023, Holders of Series 1 Preferred Stock exercised their option to convert 9,671 shares of Series 1 Preferred Stock into 3,917,235 shares of Common Stock. The Company has 329 shares of Series 1 Preferred Stock issued and outstanding as of June 30, 2023.
Series A Preferred Stock
On June 29, 2021, the Company entered into an Underwriting Agreement with BRS as representative of the several underwriters named there, to issue and sell an aggregate of 2,000,000 depositary shares (the “Depositary Shares”), as well as up to 300,000 Depositary Shares sold pursuant to the exercise of an option to purchase additional Depositary Shares (“Depositary Share Offering”), each representing 1/1000th of a share of the 8.875% Series A Cumulative Perpetual Preferred Stock (the “Series A Preferred Stock”). The Depositary Share Offering was completed on July 2, 2021, for net proceeds of approximately $54 million.
On July 1, 2021, the Company filed the Certificate of Designation (“Certificate of Designation”) for the Series A Preferred Stock with the Secretary of State of the State of Delaware, which became effective upon acceptance for record. The Certificate of Designation classified a total of 7,500 shares of the Company’s authorized shares of preferred stock, $0.01 par value per share, as Series A Preferred Stock.
As set forth in the Certificate of Designation, the Series A Preferred Stock will rank, as to dividend rights and rights upon the Company’s liquidation, dissolution or winding up: (i) senior to Common Stock of the Company; (ii) junior to the Series 1 Preferred Stock with respect to the distribution of assets upon the Company’s voluntary or involuntary liquidation, dissolution or winding up; (iii) senior to the Series 1 Preferred Stock with respect to the payment of dividends and (iv) effectively junior to all the Company’s existing and future indebtedness (including indebtedness convertible into Common Stock or preferred stock) and to the indebtedness and other liabilities of (as well as any preferred equity interests held by others in) the Company’s existing or future subsidiaries.
Holders of Series A Preferred Stock, when and as authorized by the Company’s Board of Directors, are entitled to cumulative cash dividends at the rate of 8.875% of the $25,000.00 ($25.00 per Depositary Share) liquidation preference per year (equivalent to $2,218.75 per share per year or $2.21875 per Depositary Share per year). Dividends will be payable quarterly in arrears, on or about the 15th of January, April, July and October, beginning on or about October 15, 2021. As of June 30, 2023, the Company has paid aggregate cash dividends of $9,108,000. On June 21, 2023, the Company’s Board of Directors declared that holders of Series A Preferred stock will receive a cash dividend equal to $560.00 per whole share; therefore, holders of Depositary Shares will receive a cash dividend equal to $0.56 per Depositary Share. The dividend was paid on July 14, 2023, to respective holders of record as of the close of business on July 3, 2023.
Cadiz Inc.
Notes to the Consolidated Financial Statements
At the issuance of the Series A Preferred Stock, the Company pre-funded eight quarterly payments through July 2023 in a segregated account which appears as Restricted Cash on the Balance Sheet. Dividends on the Series A Preferred Stock underlying the depositary shares will continue to accumulate whether or not (i) any of our agreements prohibit the current payment of dividends, (ii) we have earnings or funds legally available to pay the dividends, or (iii) our Board of Directors does not declare the payment of the dividends.
Holders of depositary shares representing interests in the Series A Preferred Stock generally will have no voting rights. However, if we do not pay dividends on any outstanding shares of Series A Preferred Stock for six or more quarterly dividend periods (whether or not declared or consecutive), holders of the Series A Preferred Stock (voting separately as a class with all other outstanding series of preferred stock upon which like voting rights have been conferred and are exercisable) will be entitled to elect two additional directors to the Board of Directors to serve until all unpaid dividends have been fully paid or declared and set apart for payment.
On and after July 2, 2026, the shares of Series A Preferred Stock will be redeemable at the Company’s option, in whole or in part, at a redemption price equal to $25,000.00 per share ($25.00 per Depositary Share), plus any accrued and unpaid dividends. Furthermore, upon a change of control or delisting event (each as defined in the Certificate of Designation), the Company will have a special option to redeem the Series A Preferred Stock at $25,000.00 per share ($25.00 per Depositary Share), plus any accrued and unpaid dividends.
Shares of Series A Preferred Stock are convertible into shares of Common Stock if, and only if, a change of control or delisting event (each as defined in the Certificate of Designation) has occurred, and the Company has not elected to redeem the Series A Preferred Stock prior to the applicable conversion date. Upon any conversion, each share of Series A Preferred Stock will be converted into that number of shares of Common Stock equal to the lesser of (i) the quotient obtained by dividing (A) the sum of (x) the $25,000 liquidation preference per share plus (y) the amount of an accrued and unpaid dividends to, but not including, the conversion date by (B) the Common Stock Purchase Price (as defined in the Certificate of Designation), and (ii) 3,748.13 (the “Share Cap”), subject to certain adjustments.
The Company has 2,300 shares of Series A Preferred Stock issued and outstanding as of June 30, 2023.
NOTE 10 – COMMITMENTS AND CONTINGENCIES
In the normal course of its agricultural operations, the Company handles, stores, transports and dispenses products identified as hazardous materials. Regulatory agencies periodically conduct inspections and, currently, there are no pending claims with respect to hazardous materials.
Pursuant to cost-sharing agreements that have been entered into by participants in the Company’s Water Project, $750,000 in funds have been received in order to offset costs incurred in the environmental analysis of the Water Project. These funds may either be reimbursed or credited to participants’ participation in the Water Project and, accordingly, are fully reflected as deferred revenue as of June 30, 2023, and June 30, 2022.
Cadiz Inc.
Notes to the Consolidate Financial Statements
The Company recorded a contingent consideration liability in the amount of $1.45 million related to the purchase price of the ATEC Acquisition for amounts payable upon the sale of a requisite number of water filtration units under an asset purchase agreement.
The Company is from time to time involved in various lawsuits and legal proceedings that arise in the ordinary course of business. At this time, the Company is not aware of any other pending or threatened litigation that it expects will have a material adverse effect on its business, financial condition, liquidity, or operating results. Legal claims are inherently uncertain, however, and it is possible that the Company’s business, financial condition, liquidity and/or operating results could be adversely affected in the future by legal proceedings.
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, 2022. Our forward-looking statements are made only as of the date hereof. We assume no duty to update these forward-looking statements to reflect new, changed or unanticipated events or circumstances, other than as may be required by law.
We are a water solutions provider dedicated to delivering clean, reliable, and affordable water for people through a variety of innovative water supply, storage, conveyance and treatment projects. We are advancing human access to clean water with our unique combination of land, water, infrastructure and technology assets, cutting-edge innovation, and industry-leading standards of environmental stewardship.
We own approximately 46,000 acres of land with access to high-quality, naturally-recharging groundwater resources in three areas of Southern California’s Mojave Desert – the Cadiz Valley (35,000 acres), Danby Dry Lake (2,000 acres), and the Piute Valley (9,000 acres) (“Cadiz Property”). Our land holdings with vested water rights were primarily assembled by our founders in the early 1980s, relying on NASA imagery that identified a unique desert aquifer system at the base of a vast Southern California watershed. This watershed underlying our property in the Cadiz Valley (“Cadiz Ranch”) presently holds 17-34 million acre-feet of groundwater in storage – comparable in size to the largest reservoir in the United States, Lake Mead. The aquifer system is part of a closed-basin watershed in which all water flows downgradient to desert playas where it evaporates at the surface forming what are known as “desert dry lakes”.
Water Supply – We own vested water rights to withdraw 2.5 million acre-feet of groundwater to support farming at the Cadiz Ranch, one of the largest farming operations in San Bernardino County, and off property uses. Because all water in the aquifer system will eventually be lost to evaporation, surplus water that is captured and withdrawn before it evaporates is a new water supply known as “conserved” water. We have completed extensive environmental review in accordance with local, state and federal laws authorizing the management of the groundwater aquifer underlying the Cadiz Ranch to conserve an average of 50,000 acre-feet of water per year (“AFY”) for 50 years for use in communities.
Groundwater Storage - The alluvium aquifer that lies beneath the Cadiz Property is also large enough for conjunctive use as a water “banking” facility, capable of storing an additional 1 million acre-feet of imported surplus water for return during drought periods.
Pipeline Conveyance – We own a 30” steel natural gas pipeline (“Northern Pipeline”) that extends 220-miles from the Cadiz Ranch across Kern and San Bernardino Counties terminating in California’s Central Valley. The pipeline, originally constructed to transport fossil fuels, is idle and we are presently preparing to convert the pipeline to transport water. The route of the Northern Pipeline intersects three water conveyance facilities that deliver water to Southern California, the California Aqueduct, the Los Angeles Aqueduct, and the Mojave River Pipeline. The capacity of the Northern Pipeline for water conveyance is 25,000 AFY. In addition, we hold a 99-year lease with the Arizona & California Railroad (“ARZC”) to construct a 43-mile, 55-85” steel pipeline south from Cadiz within the ARZC’s existing railroad right-of-way to the Colorado River Aqueduct, one of Southern California’s primary sources of drinking water. The capacity of this pipeline (“Southern Pipeline”) ranges from 75,000 AFY to 150,000 AFY depending on the pipeline diameter selected to accommodate imported water storage.
We are currently in discussions with multiple public water systems to enter into agreements whereby project participating agencies may manage, lease, own, finance and operate the Northern Pipeline and lease 25,000 AFY of annual water supply from us. In accordance with such potential agreements, we expect that we will contribute the Northern Pipeline and an annual supply of 25,000 AFY of water into Fenner Gap Mutual Water Company, comprised of shareholder public water systems that will receive water from the Water Project. In addition, we expect that Fenner Valley Water Authority, a public agency – joint powers agency with oversight over the Water Project - will represent the public water systems purchasing 25,000 AFY of water at our wellhead, take or pay, at an agreed upon market price estimated to start at approximately $850/AFY and subject to annual adjustment. Through the JPA, the public water agencies would fund capital costs for conversion of the pipeline from gas to water, construction of pumping stations and appurtenant facilities, and would be able to seek infrastructure funding and grants to achieve their lowest possible cost for delivered water. Any contracts and off take facility construction will be subject to standard environmental review and a project level permitting process. We expect that similar agreements will be negotiated and entered into for water supplies and storage delivered via the Southern Pipeline.
Treatment – In the fourth quarter of 2022, we completed the acquisition of the assets of ATEC Systems, Inc. into ATEC Water Systems, LLC (“ATEC”). ATEC is a leader in developing innovative water filtration solutions for impaired or contaminated groundwater sources. ATEC’s specialized filtration media provide cost-effective, high-rate of removal for common groundwater impairments and contaminants that pose health risks in drinking water including iron, manganese, arsenic, Chromium-6, nitrates, and other constituents of concern. ATEC systems have been installed in over 400 water systems in the U.S, including 50 in California. In March, ATEC was awarded a $10 Million contract to provide all wellhead filters required by the Central Utah Water Conservancy District Vineyard Wellfield Groundwater Polishing Project, a treatment facility that will deliver 60 MGD or approximately 54,000 AFY. Delivery of filters is expected to begin in the fourth quarter of 2023.
Our Cadiz Ranch agricultural operations provide the Company’s current principal source of revenue, although our working capital needs are not fully supported by our agricultural lease and farming returns at this time. We believe that our water supply, storage, pipeline conveyance and treatment solutions will provide a significant source of future cash flow for the business and our stockholders. We presently rely upon debt and equity financing to support our working capital needs and development of our water solutions. In February 2023, we completed a direct offering for net proceeds of $38 million led by our largest equity shareholders to fund capital expenditures to accelerate the development of water supply, storage and conveyance infrastructure, reduce our outstanding debt from $50 million to $35 million and provide working capital to the Company (see, “Liquidity and Capital Resources”, below).
Our current and future operations also include activities that further our commitments to sustainable stewardship of our land and water resources, good governance and corporate social responsibility. We believe these commitments are important investments that will assist in maintenance of sustained stockholder value.
Results of Operations
Three Months Ended June 30, 2023, Compared to Three Months Ended June 30, 2022
We have not received significant revenues from our water supply, storage, conveyance or treatment assets to date. Our revenues have been limited to rental income from our agricultural leases, sales from our alfalfa plantings beginning in 2022 and ATEC sales beginning in 2023. As a result, we have historically incurred a net loss from operations. The reporting segments have been combined as the revenue and operating results for the water treatment business were not material to the Company’s consolidated operations during the three months ended June 30, 2023. We incurred a net loss of $7.1 million in the three months ended June 30, 2023, compared to a $5.5 million net loss during the three months ended June 30, 2022.
Our primary expenses are our ongoing overhead costs associated with the development of our water supply, storage, conveyance and treatment assets (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 $0.8 million during the three months ended June 30, 2023, primarily related to rental income from our agricultural leases totaling $0.1 million, sales from the harvest from our 760 acres of commercial alfalfa crop totaling $0.3 million and ATEC sales totaling $0.4 million. Revenue totaled $0.2 million for the three months ended June 30, 2022, primarily related to rental income from our agricultural leases and sales from the harvest from our 610 acres of commercial alfalfa crop.
Cost of Sales Cost of sales totaled $0.8 million during the three months ended June 30, 2023, which comprised of $0.4 million related to our alfalfa crop harvest and $0.4 million related to ATEC. Cost of sales totaled $0 during the three months ended June 30, 2022.
General and Administrative Expenses General and administrative expenses, exclusive of stock-based compensation costs, totaled $5.2 million in the three months ended June 30, 2023, compared to $3.0 million in the three months ended June 30, 2022. The increase in 2023 was primarily a result of community partnership and communications investments, including $1.2 million in water quality and infrastructure costs in coordination with community partners that will improve access to clean water in disadvantaged communities in the Coachella Valley and $0.4 million in corporate communications modernization expenses to the Company’s online, print, digital and social materials.
Compensation costs for stock and option awards for the three months ended June 30, 2023, were $0.2 million, compared to $0.4 million for the three months ended June 30, 2022.
Depreciation Depreciation expense totaled $305,000 during the three months ended June 30, 2023, compared to $172,000 during the three months ended June 30, 2022. The higher depreciation expense in the 2023 period is primarily due to construction in progress placed into service in 2023, which included land development and stand establishment related to the planting of alfalfa, as well as $35,000 of depreciation for ATEC assets in 2023.
Interest Expense, net Net interest expense totaled $1.3 million during the three months ended June 30, 2023, compared to $2.1 million during the same period in 2022. The following table summarizes the components of net interest expense for the two periods (in thousands):
|
|
Three Months Ended |
|
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Interest on outstanding debt |
|
$ |
1,267 |
|
|
$ |
1,463 |
|
Amortization of debt discount |
|
|
71 |
|
|
|
592 |
|
Other income |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,338 |
|
|
$ |
2,055 |
|
Interest Income Interest income totaled $0.2 million during the three months ended June 30, 2023, compared to $0 in the three months ended June 30, 2022. Interest income primarily relates to interest on investments in short-term deposits.
Losses on Derivative Liabilities Losses on derivative liabilities totaled $350 thousand during the three months ended June 30, 2023, compared to $0 in the three months ended June 30, 2022. The losses recorded in 2023 were a result of a remeasurement of a conversion option under the Company’s senior secured debt.
Six Months Ended June 30, 2023, Compared to Six Months Ended June 30, 2022
We incurred a net loss of $17.8 million in the six months ended June 30, 2023, compared to a $11.4 million net loss during the six months ended June 30, 2022. The higher 2023 loss was primarily due to a loss on extinguishment of debt in the amount of $5.3 million resulting from issuance of a conversion instrument, a repayment fee and elimination of debt discount associated with the paydown of $15 million of senior secured debt in February 2023.
Revenues Revenue totaled $0.9 million during the six months ended June 30, 2023, primarily related to rental income from our agricultural leases totaling $0.2 million, sales from the harvest from our 760 acres of commercial alfalfa crop totaling $0.3 million and ATEC sales totaling $0.4 million. Revenue totaled $0.3 million for the six months ended June 30, 2022, primarily related to rental income from our agricultural leases and sales from the harvest from our 610 acres of commercial alfalfa crop.
Cost of Sales Cost of sales totaled $0.8 million during the six months ended June 30, 2023, which comprised of $0.4 million related to our alfalfa crop harvest and $0.4 million related to ATEC. Cost of sales totaled $0 during the six months ended June 30, 2022.
General and Administrative Expenses General and administrative expenses, exclusive of stock-based compensation costs, totaled $8.8 million in the six months ended June 30, 2023, compared to $6.3 million in the six months ended June 30, 2022. The increase in 2023 was primarily a result of community partnership and communications investments, including $1.2 million in water quality and infrastructure costs in coordination with community partners that will improve access to clean water in disadvantaged communities in the Coachella Valley and $0.6 million in corporate communications modernization expenses to the Company’s online, print, digital and social materials.
Compensation costs for stock and option awards for the six months ended June 30, 2023, were $0.5 million, compared to $0.9 million for the six months ended June 30, 2022. The higher 2022 expense was primarily due to stock-based non-cash bonus awards to employees.
Depreciation Depreciation expense totaled $0.6 million during the six months ended June 30, 2023, compared to $0.3 million during the six months ended June 30, 2022. The higher 2023 depreciation expense is primarily due to construction in progress placed into service in 2023, which included land development and stand establishment related to the planting of 150 acres of alfalfa, as well as $0.1 million of depreciation for ATEC assets in 2023.
Interest Expense, net Net interest expense totaled $2.8 million during the six months ended June 30, 2023, compared to $4.0 million during the same period in 2022. The following table summarizes the components of net interest expense for the two periods (in thousands):
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Interest on outstanding debt |
|
$ |
2,581 |
|
|
$ |
2,887 |
|
Unrealized (gains) losses on warrants, net |
|
|
- |
|
|
|
- |
|
Amortization of debt discount |
|
|
261 |
|
|
|
1,160 |
|
Amortization of deferred loan costs |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,842 |
|
|
$ |
4,047 |
|
Interest Income Interest income totaled $0.4 million during the six months ended June 30, 2023, compared to $0 in the six months ended June 30, 2022. Interest income primarily relates to interest on investments in short-term deposits.
Losses on Derivative Liabilities Losses on derivative liabilities totaled $220 thousand during the six months ended June 30, 2023, compared to $0 in the six months ended June 30, 2022. The losses recorded in 2023 were a result of a remeasurement of a conversion option under the Company’s senior secured debt.
Loss on Early Extinguishment of Debt Loss on early extinguishment of debt totaled $5.3 million during the six months ended June 30, 2023, compared to $0 in the six months ended June 30, 2022. The 2023 loss on early extinguishment of debt was a result of a conversion instrument, a repayment fee and elimination of debt discount associated with the paydown of $15 million of senior secured debt in February 2023.
Liquidity and Capital Resources
Current Financing Arrangements
As we have not received sufficient revenues from our water, agriculture or treatment 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 and private equity placements.
On January 30, 2023, we completed the sale and issuance of 10,500,000 shares of our common stock to certain institutional investors in a registered direct offering (“January 2023 Direct Offering”). The shares of common stock were sold at a purchase price of $3.84 per share, for aggregate gross proceeds of $40.32 million and aggregate net proceeds of approximately $38.5 million. A portion of the net proceeds were used to repay our debt in the principal amount of $15 million, together with fees and interest required to be paid in connection with such repayment.
The remaining proceeds from the January 2023 Direct Offering will be used for capital expenditures to accelerate development of water supply, storage, conveyance and treatment assets, working capital and development of additional water resources to meet increased demand on an accelerated timetable.
On March 23, 2022, we completed the sale and issuance of 6,857,140 shares of our common stock to certain institutional and individual investors in a registered direct offering. The shares of common stock were sold at a purchase price of $1.75 per share, for aggregate gross proceeds of $12 million and aggregate net proceeds of approximately $11.8 million. The proceeds were used for working capital needs and for general corporate purposes.
On November 14, 2022, we completed the sale and issuance of 5,000,000 shares of our common stock to certain institutional investors in a registered direct offering (“November 2022 Direct Offering”). The shares of common stock were sold at a purchase price of $2.00 per share, for aggregate gross proceeds of $10 million and aggregate net proceeds of approximately $9.9 million.
In July 2021, we completed the sale of 2,300,000 depositary shares each representing 1/1000th of a share of Series A Preferred Stock (“Depositary Share Offering”) for net proceeds of approximately $54 million.
Concurrently in July 2021, we entered into a $50 million new credit agreement (“Credit Agreement”) (see Note 3 to the Condensed Consolidated Financial Statements – “Long-Term Debt”). The proceeds of the Credit Agreement, together with the proceeds from the Depositary Share Offering, were used to (a) to repay all our outstanding senior secured debt obligations in the amount of approximately $77.6 million, (b) to deposit approximately $10.2 million into a segregated account, representing an amount sufficient to pre-fund eight quarterly dividend payments on the Series A Preferred Stock underlying the Depositary Shares issued in the Depositary Share Offering, and (c) to pay transaction related expenses. The remaining proceeds were used for working capital needs and for general corporate purposes.
On February 2, 2023, we entered into a First Amendment to Credit Agreement to amend certain provisions of the Credit Agreement (“First Amended Credit Agreement). Under the First Amended Credit Agreement, upon stockholder approval of an amendment to its Certificate of Incorporation to increase the number of authorized shares of the Company at its June 2023 meeting of stockholders ("Stockholder Approval"), the lenders have a right to convert up to $15 million of outstanding principal, plus any PIK interest and any accrued and unpaid interest (the “Convertible Loan”) into shares of our common stock at a conversion price of $4.80 per share (the “Conversion Price”). In addition, prior to the maturity of the Credit Agreement, we will have the right to require that the lenders convert the outstanding principal amount, plus any PIK Interest and accrued and unpaid interest, of the Convertible Loan if the following conditions are met: (i) the average VWAP of the Company’s common stock on The Nasdaq Stock Market, or such other national securities exchange on which the shares of common stock are listed for trading, over 30 consecutive trading dates exceeds 115% of the then Conversion Price, (ii) a registration statement registering the resale of the shares issuable upon conversion of the Convertible Loan has been declared effective by the Securities and Exchange Commission, (iii) the Stockholder Approval has been obtained, and (iv) there is no event of default under certain provisions of the Credit Agreement.
Under the First Amended Credit Agreement, the maturity date of the Credit Agreement has been extended from July 2, 2024, to June 30, 2026, following Stockholder Approval. The annual interest rate will remain unchanged at 7.00%. Interest on $20 million of the remaining principal amount will be paid in cash. Interest on the $15 million principal amount of the Convertible Loan will be paid in kind on a quarterly basis by addition such amount to the outstanding principal amount of the outstanding Convertible Loan.
Limitations on our liquidity and ability to raise capital may adversely affect us. Sufficient liquidity is critical to meet our resource development activities. 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 will continue to be required (see “Outlook”, below). The covenants in the Credit Agreement do not prohibit our use of additional equity financing and allow us to retain 100% of the proceeds of any common equity financing. We do not expect the loan covenants to materially limit our ability to finance our water and agricultural development activities.
Cash Used in Operating Activities. Cash used in operating activities totaled $9.9 million and $7.6 million for the six months ended June 30, 2023 and 2022, respectively. The cash was primarily used to fund general and administration expenses related to our water development efforts and agricultural development efforts.
Cash Used in Investing Activities. Cash used in investing activities totaled $3.2 million for the six months ended June 30, 2023, and $1.8 million for the six months ended June 30, 2022. The cash used in the 2023 period primarily related to the development of three new wells. The cash used in the 2022 period primarily related to development costs for the initial planting of 760 acres of alfalfa.
Cash Provided by Financing Activities. Cash provided by financing activities totaled $20.0 million for the six months ended June 30, 2023, compared with cash provided of $9.1 million for the six months ended June 30, 2022. Proceeds from financing activities for both periods reported are primarily related to the issuance of shares under direct offerings, offset by the paydown of $15 million of senior secured debt in February 2023.
Outlook
Short-Term Outlook. The January 2023 Direct Offering provided net cash proceeds of approximately $38.5 million. A portion of these net proceeds were used to repay our debt in the principal amount of $15 million, together with fees and interest required to be paid in connection with such repayment. The remaining proceeds, together with cash on hand, provide us with sufficient funds to meet our short-term working capital needs. The Company’s agricultural and ATEC water treatment operations is expected to be funded using existing capital and cash profits generated from operations.
Long-Term Outlook. In the longer term, we will need to raise additional capital to finance working capital needs and capital expenditures (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 supply, storage, conveyance and treatment solutions and other developments. Future capital expenditures will depend on the progress of the Water Project and any further expansion of our agricultural development.
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 will 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 June 30, 2023, 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, excluding the acquisition of the assets of ATEC Systems, Inc. into ATEC Water Systems, LLC, there was no change identified in the Company's internal control 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 control over financial reporting.
Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
PART II - OTHER INFORMATION
ITEM 1. |
Legal Proceedings |
There have been no material changes to legal proceedings described in our Annual Report on Form 10-K for the year ended December 31, 2022.
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, 2022.
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 |
Not applicable.
The following exhibits are filed or incorporated by reference as part of this Quarterly Report on Form 10-Q.
|
* 101.INS |
Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
|
* 101.SCH |
Inline XBRL Taxonomy Extension Schema Document |
|
* 101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
|
* 101.DEF |
Inline XBRL Extension Definition Linkbase Document |
|
* 101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document |
|
* 101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
|
104 |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* |
Filed concurrently herewith. |
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 |
|
August 10, 2023 |
|
|
Scott S. Slater |
|
Date |
|
|
Chief Executive Officer and President |
|
|
|
|
(Principal Executive Officer) |
|
|
|
|
|
|
|
|
|
|
|
|
|
By: |
/s/ Stanley E. Speer |
|
August 10, 2023 |
|
|
Stanley E. Speer |
|
Date |
|
|
Chief Financial Officer and Secretary |
|
|
|
|
(Principal Financial Officer) |
|
|
|
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 reasonably 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: August 10, 2023
/s/ Scott S. Slater
Scott S. Slater
Chief Executive Officer
EXHIBIT 31.2
CERTIFICATION PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Stanley E. Speer, 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 reasonably 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: August 10, 2023
/s/ Stanley E. Speer
Stanley E. Speer
Chief Financial Officer and Secretary
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 June 30, 2023 (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: August 10, 2023
/s/ Scott S. Slater
Scott S. Slater
Chief Executive Officer
EXHIBIT 32.2
STATEMENT PURSUANT TO SECTION 906 THE SARBANES-OXLEY ACT OF 2002
BY PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER
I, Stanley E. Speer, herby certify, to my knowledge, that:
1. the accompanying Quarterly Report on Form 10-Q of Cadiz Inc. for the period ended June 30, 2023 (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: August 10, 2023
/s/ Stanley E. Speer
Stanley E. Speer
Chief Financial Officer and Secretary
v3.23.2
Document And Entity Information - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 08, 2023 |
Document Information [Line Items] |
|
|
Entity Central Index Key |
0000727273
|
|
Entity Registrant Name |
CADIZ INC
|
|
Amendment Flag |
false
|
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Current Fiscal Year End Date |
--12-31
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Document Fiscal Period Focus |
Q2
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Document Fiscal Year Focus |
2023
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Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Transition Report |
false
|
|
Entity File Number |
0-12114
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
77-0313235
|
|
Entity Address, Address Line One |
550 South Hope Street, Suite 2850
|
|
Entity Address, City or Town |
Los Angeles
|
|
Entity Address, State or Province |
CA
|
|
Entity Address, Postal Zip Code |
90071
|
|
City Area Code |
213
|
|
Local Phone Number |
271-1600
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Entity Current Reporting Status |
Yes
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Entity Interactive Data Current |
Yes
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Entity Filer Category |
Non-accelerated Filer
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Entity Small Business |
true
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Entity Emerging Growth Company |
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Depository Shares [Member] |
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Document Information [Line Items] |
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Title of 12(b) Security |
Depositary Shares
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Trading Symbol |
CDZIP
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Security Exchange Name |
NASDAQ
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Common Stock [Member] |
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Document Information [Line Items] |
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Title of 12(b) Security |
Common Stock, par value $0.01 per share
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Trading Symbol |
CDZI
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Security Exchange Name |
NASDAQ
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v3.23.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Total revenues |
$ 809
|
$ 185
|
$ 939
|
$ 328
|
Costs and expenses: |
|
|
|
|
Cost of sales |
768
|
0
|
790
|
0
|
General and administrative |
5,320
|
3,405
|
9,251
|
7,211
|
Depreciation |
305
|
172
|
634
|
293
|
Total costs and expenses |
6,393
|
3,577
|
10,675
|
7,504
|
Operating loss |
(5,584)
|
(3,392)
|
(9,736)
|
(7,176)
|
Interest expense |
(1,338)
|
(2,055)
|
(2,842)
|
(4,047)
|
Interest income |
210
|
0
|
378
|
0
|
Loss on derivative liability |
(350)
|
0
|
(220)
|
0
|
Loss before income taxes |
(7,062)
|
(5,447)
|
(17,751)
|
(11,223)
|
Income tax expense |
(2)
|
(1)
|
(4)
|
(3)
|
Loss from equity-method investments |
0
|
(35)
|
0
|
(169)
|
Net loss and comprehensive loss |
(7,064)
|
(5,483)
|
(17,755)
|
(11,395)
|
Less: Preferred stock dividend |
(1,288)
|
(1,288)
|
(2,553)
|
(2,553)
|
Net loss and comprehensive loss applicable to common stock |
$ (8,352)
|
$ (6,771)
|
$ (20,308)
|
$ (13,948)
|
Basic and diluted net loss per common share (in dollars per share) |
$ (0.13)
|
$ (0.13)
|
$ (0.31)
|
$ (0.29)
|
Basic and diluted weighted average shares outstanding (in shares) |
66,606
|
50,770
|
64,633
|
47,619
|
Total revenues |
$ 809
|
$ 185
|
$ 939
|
$ 328
|
Loss on early extinguishment of debt |
|
|
$ (5,331)
|
$ 0
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v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 19,237
|
$ 9,997
|
Restricted cash |
1,288
|
1,288
|
Accounts receivable |
880
|
454
|
Inventories |
1,165
|
316
|
Prepaid expenses and other current assets |
613
|
380
|
Total current assets |
23,183
|
12,435
|
Property, plant, equipment and water programs, net |
85,439
|
84,138
|
Long-term deposit/prepaid expenses |
420
|
420
|
Goodwill |
5,714
|
5,714
|
Right-of-use asset |
494
|
553
|
Long-term restricted cash |
134
|
2,497
|
Other assets |
5,473
|
5,030
|
Total assets |
120,857
|
110,787
|
Current liabilities: |
|
|
Accounts payable |
1,163
|
1,107
|
Accrued liabilities |
1,623
|
1,545
|
Current portion of long-term debt |
128
|
140
|
Dividend payable |
1,288
|
1,288
|
Contingent consideration liabilities |
1,450
|
1,450
|
Operating lease liabilities |
116
|
109
|
Total current liabilities |
5,768
|
5,639
|
Long-term debt, net |
36,924
|
48,950
|
Long-term lease obligations with related party, net |
21,789
|
20,745
|
Derivative liabilities |
2,570
|
0
|
Long-term operating lease liabilities |
384
|
444
|
Deferred revenue |
750
|
750
|
Other long-term liabilities |
38
|
36
|
Total liabilities |
68,223
|
76,564
|
Commitments and contingencies (Note 10) |
|
|
Stockholders’ equity: |
|
|
Preferred stock |
1
|
1
|
Common stock - $.01 par value; shares authorized – 85,000,000 at June 30, 2023 and 70,000,000 at December 31, 2022; shares issued and outstanding – 66,595,606 at June 30, 2023 and 55,823,810 at December 31, 2022 |
664
|
556
|
Additional paid-in capital |
675,574
|
636,963
|
Accumulated deficit |
(623,606)
|
(603,298)
|
Total stockholders’ equity |
52,634
|
34,223
|
Total liabilities and stockholders’ deficit |
120,857
|
110,787
|
Series A Preferred Stock [Member] |
|
|
Current liabilities: |
|
|
Dividend payable |
1,290
|
|
Stockholders’ equity: |
|
|
Preferred stock |
$ 1
|
$ 1
|
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v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares
|
|
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jul. 02, 2021 |
Jul. 01, 2021 |
Jun. 29, 2021 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) |
|
|
|
$ 0.01
|
|
|
|
$ 0.01
|
$ 0.01
|
Preferred stock, shares authorized (in shares) |
|
|
|
100,000
|
|
|
|
100,000
|
100,000
|
Preferred stock, shares issued (in shares) |
|
|
|
329
|
|
|
|
329
|
329
|
Preferred stock, shares outstanding (in shares) |
|
|
|
329
|
|
|
|
329
|
329
|
Preferred stock, dividend rate |
|
|
|
8.875%
|
8.875%
|
8.875%
|
8.875%
|
|
|
Common stock, par value (in dollars per share) |
|
|
|
$ 0.01
|
|
|
|
$ 0.01
|
$ 0.01
|
Common stock, shares authorized (in shares) |
|
|
|
85,000,000
|
|
|
|
85,000,000
|
70,000,000
|
Common stock, shares issued (in shares) |
|
|
|
66,595,606
|
|
|
|
66,595,606
|
55,823,810
|
Common stock, shares outstanding (in shares) |
|
|
|
66,595,606
|
|
|
|
66,595,606
|
55,823,810
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
Preferred stock, par value (in dollars per share) |
|
$ 0.01
|
|
$ 0.01
|
|
|
|
$ 0.01
|
$ 0.01
|
Preferred stock, shares authorized (in shares) |
|
7,500
|
|
7,500
|
|
|
|
7,500
|
7,500
|
Preferred stock, shares issued (in shares) |
|
|
|
2,300
|
|
|
|
2,300
|
2,300
|
Preferred stock, shares outstanding (in shares) |
|
|
|
2,300
|
|
|
|
2,300
|
2,300
|
Preferred stock, dividend rate |
8.875%
|
8.875%
|
8.875%
|
|
|
|
|
8.875%
|
8.875%
|
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (17,755,000)
|
$ (11,395,000)
|
us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract |
|
|
Depreciation |
634,000
|
293,000
|
Amortization of debt discount and issuance costs |
273,000
|
1,160,000
|
Amortization of right-of-use asset |
59,000
|
12,000
|
Interest expense added to loan principal |
435,000
|
0
|
Interest expense added to lease liability |
1,032,000
|
913,000
|
Unrealized loss on derivative liability |
220,000
|
0
|
Loss on early extinguishment of debt |
5,331,000
|
0
|
Loss on equity method investments |
0
|
169,000
|
Compensation charge for stock and share option awards |
489,000
|
856,000
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(426,000)
|
116,000
|
Inventories |
(849,000)
|
(344,000)
|
Prepaid expenses and other current assets |
(233,000)
|
125,000
|
Other assets |
(443,000)
|
(242,000)
|
Accounts payable |
816,000
|
216,000
|
Lease liabilities |
(53,000)
|
(172,000)
|
Other accrued liabilities |
599,000
|
743,000
|
Net cash used in operating activities |
(9,871,000)
|
(7,550,000)
|
Cash flows from investing activities: |
|
|
Additions to property, plant and equipment and water programs |
(3,213,000)
|
(1,748,000)
|
Contributions to equity-method investments |
0
|
(100,000)
|
Net cash used in investing activities |
(3,213,000)
|
(1,848,000)
|
Cash flows from financing activities: |
|
|
Net proceeds from issuance of stock |
38,490,000
|
11,741,000
|
Dividend payments |
(2,553,000)
|
(2,553,000)
|
Principal payments on long-term debt |
(15,088,000)
|
(69,000)
|
Issuance costs of long-term debt |
(27,000)
|
0
|
Costs for early extinguishment of debt |
(600,000)
|
0
|
Taxes paid related to net share settlement of equity awards |
(261,000)
|
0
|
Net cash provided by financing activities |
19,961,000
|
9,119,000
|
Net increase in cash, cash equivalents and restricted cash |
6,877,000
|
(279,000)
|
Cash, cash equivalents and restricted cash, beginning of period |
13,782,000
|
19,856,000
|
Cash, cash equivalents and restricted cash, end of period |
$ 20,659,000
|
$ 19,577,000
|
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v3.23.2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands |
Common Stock [Member] |
Preferred Stock [Member]
Series A Preferred Stock [Member]
|
Preferred Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance (in shares) at Dec. 31, 2021 |
43,656,169
|
2,300
|
329
|
|
|
|
Balance at Dec. 31, 2021 |
$ 435
|
$ 1
|
$ 1
|
$ 613,572
|
$ (573,400)
|
$ 40,609
|
Stock-based compensation expense (in shares) |
236,995
|
0
|
0
|
|
|
|
Stock-based compensation expense |
$ 2
|
$ 0
|
$ 0
|
431
|
0
|
433
|
Issuance of shares (in shares) |
6,857,140
|
0
|
0
|
|
|
|
Issuance of shares |
$ 69
|
$ 0
|
$ 0
|
11,672
|
0
|
11,741
|
Dividends declared on 8.875% series A cumulative perpetual preferred shares |
0
|
0
|
0
|
0
|
(1,265)
|
(1,265)
|
Net loss |
$ 0
|
$ 0
|
$ 0
|
0
|
(5,912)
|
(5,912)
|
Balance (in shares) at Mar. 31, 2022 |
50,750,304
|
2,300
|
329
|
|
|
|
Balance at Mar. 31, 2022 |
$ 506
|
$ 1
|
$ 1
|
625,675
|
(580,577)
|
45,606
|
Balance (in shares) at Dec. 31, 2021 |
43,656,169
|
2,300
|
329
|
|
|
|
Balance at Dec. 31, 2021 |
$ 435
|
$ 1
|
$ 1
|
613,572
|
(573,400)
|
40,609
|
Net loss |
|
|
|
|
|
(11,395)
|
Balance (in shares) at Jun. 30, 2022 |
50,770,275
|
2,300
|
329
|
|
|
|
Balance at Jun. 30, 2022 |
$ 506
|
$ 1
|
$ 1
|
626,098
|
(587,348)
|
39,258
|
Balance (in shares) at Mar. 31, 2022 |
50,750,304
|
2,300
|
329
|
|
|
|
Balance at Mar. 31, 2022 |
$ 506
|
$ 1
|
$ 1
|
625,675
|
(580,577)
|
45,606
|
Stock-based compensation expense (in shares) |
19,971
|
0
|
0
|
|
|
|
Stock-based compensation expense |
$ 0
|
$ 0
|
$ 0
|
423
|
0
|
423
|
Dividends declared on 8.875% series A cumulative perpetual preferred shares |
0
|
0
|
0
|
0
|
(1,288)
|
(1,288)
|
Net loss |
$ 0
|
$ 0
|
$ 0
|
0
|
(5,483)
|
(5,483)
|
Balance (in shares) at Jun. 30, 2022 |
50,770,275
|
2,300
|
329
|
|
|
|
Balance at Jun. 30, 2022 |
$ 506
|
$ 1
|
$ 1
|
626,098
|
(587,348)
|
39,258
|
Balance (in shares) at Dec. 31, 2022 |
55,823,810
|
2,300
|
329
|
|
|
|
Balance at Dec. 31, 2022 |
$ 556
|
$ 1
|
$ 1
|
636,963
|
(603,298)
|
34,223
|
Stock-based compensation expense (in shares) |
217,452
|
0
|
0
|
|
|
|
Stock-based compensation expense |
$ 2
|
$ 0
|
$ 0
|
63
|
0
|
65
|
Issuance of shares (in shares) |
10,500,000
|
0
|
0
|
|
|
|
Issuance of shares |
$ 105
|
$ 0
|
$ 0
|
38,385
|
0
|
38,490
|
Dividends declared on 8.875% series A cumulative perpetual preferred shares |
0
|
0
|
0
|
0
|
(1,265)
|
(1,265)
|
Net loss |
$ 0
|
$ 0
|
$ 0
|
0
|
(10,691)
|
(10,691)
|
Balance (in shares) at Mar. 31, 2023 |
66,541,262
|
2,300
|
329
|
|
|
|
Balance at Mar. 31, 2023 |
$ 663
|
$ 1
|
$ 1
|
675,411
|
(615,254)
|
60,822
|
Balance (in shares) at Dec. 31, 2022 |
55,823,810
|
2,300
|
329
|
|
|
|
Balance at Dec. 31, 2022 |
$ 556
|
$ 1
|
$ 1
|
636,963
|
(603,298)
|
34,223
|
Net loss |
|
|
|
|
|
(17,755)
|
Balance (in shares) at Jun. 30, 2023 |
66,595,606
|
2,300
|
329
|
|
|
|
Balance at Jun. 30, 2023 |
$ 664
|
$ 1
|
$ 1
|
675,574
|
(623,606)
|
52,634
|
Balance (in shares) at Mar. 31, 2023 |
66,541,262
|
2,300
|
329
|
|
|
|
Balance at Mar. 31, 2023 |
$ 663
|
$ 1
|
$ 1
|
675,411
|
(615,254)
|
60,822
|
Stock-based compensation expense (in shares) |
54,344
|
0
|
0
|
|
|
|
Stock-based compensation expense |
$ 1
|
$ 0
|
$ 0
|
163
|
0
|
164
|
Dividends declared on 8.875% series A cumulative perpetual preferred shares |
0
|
0
|
0
|
0
|
(1,288)
|
(1,288)
|
Net loss |
$ 0
|
$ 0
|
$ 0
|
0
|
(7,064)
|
(7,064)
|
Balance (in shares) at Jun. 30, 2023 |
66,595,606
|
2,300
|
329
|
|
|
|
Balance at Jun. 30, 2023 |
$ 664
|
$ 1
|
$ 1
|
$ 675,574
|
$ (623,606)
|
$ 52,634
|
X |
- DefinitionAmount of paid and unpaid preferred stock dividends declared with the form of settlement in cash.
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- DefinitionThe percentage rate used to calculate dividend payments on preferred stock.
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v3.23.2
Note 1 - Basis of Presentation
|
6 Months Ended |
Jun. 30, 2023 |
Notes to Financial Statements |
|
Significant Accounting Policies [Text Block] |
NOTE 1 – BASIS OF PRESENTATION
The Condensed Consolidated Financial Statements and notes 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 Annual Report on Form 10-K for the year ended December 31, 2022.
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 six months ended June 30, 2023, are not necessarily indicative of results for the entire fiscal year ending December 31, 2023.
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 $17.8 million for the six months ended June 30, 2023, compared to $11.4 million for the six months ended June 30, 2022. The Company had working capital of $17.4 million at June 30, 2023, and used cash in its operations of $9.9 million for the six months ended June 30, 2023. The higher loss in 2023 was primarily due to a loss on early extinguishment of debt in the amount of $5.3 million resulting from the issuance of a conversion instrument, a repayment fee and elimination of debt discount associated with the paydown of $15 million of senior secured debt in February 2023, offset by higher compensation costs related to stock based non-cash bonus awards to employees and an increase in interest expense in 2022.
Cash requirements during the six months ended June 30, 2023, primarily reflect certain operating and administrative costs related to the Company’s agricultural operations, water treatment business and the ongoing development of the Company’s land, water, infrastructure and technology assets for water solutions including the Cadiz Water Conservation & Storage Project (“Water Project”). The Company’s present activities are focused on the development of its assets in ways that meet growing long-term demand for access to safe and reliable clean water supplies.
On January 30, 2023, the Company completed the sale and issuance of 10,500,000 shares of the Company’s common stock to certain institutional investors in a registered direct offering ( “January 2023 Direct Offering”). The shares of common stock were sold at a purchase price of $3.84 per share, for aggregate gross proceeds of $40.32 million and aggregate net proceeds of approximately $38.5 million. A portion of the proceeds were used to repay the Company’s debt in the principal amount of $15 million, together with fees and interest required to be paid in connection with such repayment under the Credit Agreement. The remaining proceeds are being used for capital expenditures to accelerate development of the Company’s water supply project, working capital and development of additional water resources to meet increased demand on an accelerated timetable.
On February 2, 2023, the Company and its wholly-owned subsidiary, Cadiz Real Estate LLC, as borrowers (collectively, the “Borrowers”) entered into a First Amendment to Credit Agreement with BRF Finance Co., LLC (“Lenders”) and B. Riley Securities, Inc., (“BRS”) as administrative agent, to amend certain provisions of the Credit Agreement dated as of July 2, 2021 (“First Amended Credit Agreement”). Under the First Amended Credit Agreement, the lenders will have a right to convert up to $15 million of outstanding principal, plus any PIK interest and any accrued and unpaid interest (the “Convertible Loan”) into shares of the Company’s common stock at a conversion price of $4.80 per share (the “Conversion Price”) (see “Note 3 – Long-Term Debt”, below).
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. The covenants in the senior secured debt do not prohibit the Company’s use of additional equity financing and allow the Company to retain 100% of the proceeds of any common equity financing. The Company does not expect the loan covenants to materially limit its ability to finance its asset development activities.
Management assesses whether the Company has sufficient liquidity to fund its costs for the next twelve months from each financial statement issuance date. Management evaluates the Company’s liquidity to determine if there is a substantial doubt about the Company’s ability to continue as a going concern. In the preparation of this liquidity assessment, management applies judgement to estimate the projected cash flows of the Company including the following: (i) projected cash outflows (ii) projected cash inflows, (iii) categorization of expenditures as discretionary versus non-discretionary and (iv) the ability to raise capital. The cash flow projections are based on known or planned cash requirements for operating costs as well as planned costs for project development.
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
During the six months ended June 30, 2023, approximately $891,000 in interest payments on the Company’s senior secured debt was paid in cash and approximately $435,000 was recorded as interest payable in kind. There are no scheduled principal payments due on the senior secured debt prior to its maturity.
At June 30, 2023, accruals for cash dividends payable on the Series A Preferred Stock was $1.29 million (see Note 9 – “Common and Preferred Stock”). The cash dividends were paid on July 14, 2023.
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 | | June 30, 2023 | | | December 31, 2022 | | | June 30, 2022 | |
(in thousands) | | | | | | | | | | | | |
| | | | | | | | | | | | |
Cash and Cash Equivalents | | $ | 19,237 | | | $ | 9,997 | | | $ | 13,239 | |
Restricted Cash | | | 1,288 | | | | 1,288 | | | | 1,288 | |
Long Term Restricted Cash | | | 134 | | | | 2,497 | | | | 5,050 | |
Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows | | $ | 20,659 | | | $ | 13,782 | | | $ | 19,577 | |
The restricted cash amounts primarily represent funds deposited into a segregated account, representing an amount sufficient to pre-fund quarterly dividend payments on Series A Preferred Stock underlying the Depositary Shares issued in the Depositary Share Offering through July 2023.
ATEC Water Systems, LLC
On November 9, 2022, the Company completed the acquisition of the assets of ATEC Systems, Inc. into ATEC Water Systems, LLC (“ATEC”), a water filtration technology company, at a purchase price of up to $2.2 million (“ATEC Acquisition”). The final allocation of purchase consideration to assets and liabilities is ongoing as the Company continues to evaluate certain balances, estimates and assumptions during the measurement period. Consistent with the allowable time to complete the Company’s assessment, the valuation of certain acquired assets and liabilities, including environmental liabilities and income taxes, is currently pending finalization.
Revenue Recognition
The Company’s revenue is currently derived from rental revenue from its agricultural lease, sales of farm crops, and sales of water filtration systems by ATEC. The Company recognizes revenue by following the five-step model under ASC 606 to achieve the core principle that an entity recognizes revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The five-step model requires that the Company (i) identifies the contract with the customer, (ii) identifies the performance obligations in the contract, (iii) determines the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocates the transaction price to the respective performance obligations in the contract, and (v) recognizes revenue when (or as) the Company satisfies the performance obligation.
Recent Accounting Pronouncements
Accounting Guidance Adopted
In June 2016, Financial Accounting Standards Board (“FASB”) issued an accounting standards update which introduces new guidance for the accounting for credit losses on certain financial instruments. This update is effective for fiscal years beginning after December 15, 2022, and for interim periods within those fiscal years, with early adoption permitted. The adoption of this new standard on January 1, 2023, had no impact on the Company’s consolidated financial statements.
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v3.23.2
Note 2 - Reportable Segments
|
6 Months Ended |
Jun. 30, 2023 |
Notes to Financial Statements |
|
Segment Reporting Disclosure [Text Block] |
NOTE 2 – REPORTABLE SEGMENTS
The Company currently operates in two segments based upon its organizational structure and the way in which its operations are managed and evaluated. The Company’s largest segment is Land and Water Resources, which comprises all activities regarding its properties in the eastern Mojave Desert including development of the Water Project, and agricultural operations. The Company’s second operating segment is its water treatment business, ATEC Water Systems LLC (“ATEC”) which provides innovative water filtration solutions for impaired or contaminated groundwater sources. The Company acquired the assets of ATEC Systems, Inc. in November 2022 into its new subsidiary ATEC. There were intersegment sales of $311 thousand during the six months ended June 30, 2023, which resulted in an intercompany elimination of profits in the amount of $102 thousand.
We evaluate our performance based on segment operating (loss). Interest expense, income tax expense and losses related to equity method investments are excluded from the computation of operating (loss) for the segments. Segment net revenue, segment operating expenses and segment operating (loss) information consisted of the following for the three and six months ended June 30, 2023:
| | Three Months Ended June 30, 2023 | |
(in thousands) | | Land and Water Resources | | | Water Treatment | | | Total | |
| | | | | | | | | | | | |
Revenues | | $ | 379 | | | $ | 430 | | | $ | 809 | |
| | | | | | | | | | | | |
Total revenues | | | 379 | | | | 430 | | | | 809 | |
| | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | |
Cost of sales | | | 432 | | | | 336 | | | | 768 | |
General and administrative | | | 5,232 | | | | 88 | | | | 5,320 | |
Depreciation | | | 271 | | | | 34 | | | | 305 | |
| | | | | | | | | | | | |
Total costs and expenses | | | 5,935 | | | | 458 | | | | 6,393 | |
| | | | | | | | | | | | |
Operating loss | | $ | (5,556 | ) | | $ | (28 | ) | | $ | (5,584 | ) |
The Company only operated in one segment during the six months ended June 30, 2022, as the water treatment segment did not exist prior to the ATEC Acquisition in November 2022.
| | Six Months Ended June 30, 2023 | |
(in thousands) | | Land and Water Resources | | | Water Treatment | | | Total | |
| | | | | | | | | | | | |
Revenues | | $ | 509 | | | $ | 430 | | | $ | 939 | |
| | | | | | | | | | | | |
Total revenues | | | 509 | | | | 430 | | | | 939 | |
| | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | |
Cost of sales | | | 454 | | | | 336 | | | | 790 | |
General and administrative | | | 8,999 | | | | 252 | | | | 9,251 | |
Depreciation | | | 549 | | | | 85 | | | | 634 | |
| | | | | | | | | | | | |
Total costs and expenses | | | 10,002 | | | | 673 | | | | 10,675 | |
| | | | | | | | | | | | |
Operating loss | | $ | (9,493 | ) | | $ | (243 | ) | | $ | (9,736 | ) |
Assets by operating segment are as follows (dollars in thousands):
| | June 30, 2023 | | | December 31, 2022 | |
Operating Segment: | | | | | | | | |
Water and Land Resources | | $ | 116,497 | | | $ | 107,439 | |
Water Treatment | | | 4,360 | | | | 3,348 | |
| | $ | 120,857 | | | $ | 110,787 | |
Goodwill by operating segment is as follows (dollars in thousands):
| | June 30, 2023 | | | December 31, 2022 | |
Operating Segment: | | | | | | | | |
Water and Land Resources | | $ | 3,813 | | | $ | 3,813 | |
Water Treatment | | | 1,901 | | | | 1,901 | |
| | $ | 5,714 | | | $ | 5,714 | |
Property, plant, equipment and water programs consist of the following (dollars in thousands):
| | June 30, 2023 | |
| | Water and Land Resources | | | Water Treatment | |
| | | | | | | | |
Land and land improvements | | $ | 32,110 | | | $ | - | |
Water programs | | | 29,498 | | | | - | |
Pipeline | | | 22,093 | | | | - | |
Buildings | | | 1,715 | | | | - | |
Leasehold improvements, furniture and fixtures | | | 1,606 | | | | 4 | |
Machinery and equipment | | | 3,478 | | | | 176 | |
Construction in progress | | | 3,529 | | | | - | |
| | | 94,029 | | | | 180 | |
Less accumulated depreciation | | | (8,690 | ) | | | (80 | ) |
| | $ | 85,339 | | | $ | 100 | |
| | December 31, 2022 | |
| | Water and Land Resources | | | Water Treatment | |
| | | | | | | | |
Land and land improvements | | $ | 30,579 | | | $ | - | |
Water programs | | | 29,210 | | | | - | |
Pipeline | | | 22,091 | | | | - | |
Buildings | | | 1,715 | | | | - | |
Leasehold improvements, furniture and fixtures | | | 1,606 | | | | 3 | |
Machinery and equipment | | | 3,229 | | | | 166 | |
Construction in progress | | | 3,680 | | | | - | |
| | | 92,110 | | | | 169 | |
Less accumulated depreciation | | | (8,141 | ) | | | - | |
| | $ | 83,969 | | | $ | 169 | |
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v3.23.2
Note 3 - Long-term Debt
|
6 Months Ended |
Jun. 30, 2023 |
Notes to Financial Statements |
|
Debt Disclosure [Text Block] |
NOTE 3 – 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.
On July 2, 2021, the Company entered into a new $50 million senior secured credit agreement (“Credit Agreement”) with Lenders and BRS, as administrative agent for the Lenders (“Senior Secured Debt”). The obligations under the Senior Secured Debt are secured by substantially all of the Company’s assets on a first-priority basis (except as otherwise provided in the Credit Agreement). In connection with any repayment or prepayment of the debt, the Company is required to pay a repayment fee equal to the principal amount being repaid or prepaid, multiplied by (i) 4.0%, if such repayment or prepayment is made on or after the eighteen-month anniversary of the closing of the debt and prior to the thirty-month anniversary of the closing of the debt, and (ii) 6.0%, if such repayment or prepayment is made at any time after the thirty-month anniversary of the closing of the debt. At any time, the Company will be permitted to prepay the principal of the debt, in whole or in part, provided that such prepayment is accompanied by any accrued interest on such principal amount being prepaid plus the applicable repayment fee described above.
On February 2, 2023, the Company entered into a First Amendment to Credit Agreement to amend certain provisions of the Credit Agreement (“First Amended Credit Agreement”). In connection with the First Amended Credit Agreement, the Company repaid $15 million of the Senior Secured Debt together with fees and interest required to be paid in connection with such repayment under the Credit Agreement. Under the First Amended Credit Agreement, upon stockholder approval of an amendment to its certificate of incorporation to increase the number of authorized shares of the Company at the June 2023 meeting of stockholders (“Stockholder Approval”), the lenders have a right to convert up to $15 million of outstanding principal, plus any PIK interest and any accrued and unpaid interest (the “Convertible Loan”) into shares of the Company’s common stock at a conversion price of $4.80 per share (the “Conversion Price”). Additionally, the maturity date of the Credit Agreement was extended from July 2, 2024, to June 30, 2026, following stockholder Approval. The annual interest rate remains unchanged at 7.00%. Interest on $20 million of the principal amount will be paid in cash. Interest on the $15 million principal amount of the Convertible Loan will be paid in kind on a quarterly basis by addition such amount to the outstanding principal amount of the outstanding Convertible Loan. The amendment was recorded as a debt extinguishment.
As a result of the First Amended Credit Agreement, the Company bifurcated the new conversion option from the debt and recorded a derivative liability. As of the effective date of the amendment, the derivative liability had a fair value of approximately $2.4 million. The fair value of the derivative liability will be remeasured each reporting period using an option pricing model, and the change in fair value will be recorded as an adjustment to the derivative liability with the change in fair value recorded as income or expense. In addition, the loss on early extinguishment of debt included $2.0 million of repayment fees for both repaid and amended principal and $980 thousand of unamortized debt issuance costs. Total unrealized losses of derivative liabilities accounted for as derivatives were $350 thousand and $220 thousand for the three and six months ended June 30, 2023, respectively.
In the event of certain asset sales, the incurrence of indebtedness or a casualty or condemnation event, in each case, under certain circumstances as described in the Credit Agreement, the Company will be required to use a portion of the proceeds to prepay amounts under the debt. In the event of any additional issuance of depositary receipts (“Depositary Receipts”) representing interests in shares of 8.875% Series A Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) by the Company, the Company will be required to, within five business days after the receipt of the net cash proceeds, apply 75% of the net cash proceeds to prepay amounts due under the debt (including the applicable repayment fee described above).
The Credit Agreement includes customary affirmative and negative covenants, including delivery of financial statements and other reports. The negative covenants limit the ability of the Company to, among other things, incur debt, incur liens, make investments, sell assets, pay dividends and enter into transactions with affiliates. In addition, the Credit Agreement includes customary events of default and remedies.
While any amount remains outstanding under the debt, the Lenders will have the right to convert the outstanding principal, plus unpaid interest, on the debt into Depositary Receipts at the per share exchange price of $25.00 at any time up to 100% of the principal and unpaid interest on the debt may be exchanged for Depositary Receipts.
In connection with the issuance of the Senior Secured Debt, on July 2, 2021 (the “Original Issue Date”) the Company issued to the Lenders two warrants (“A Warrants” and “B Warrants”), each granting an option to purchase 500,000 shares of our common stock (collectively, the “Warrants”). The A Warrants may be exercised any time prior to July 2, 2024 (the “Expiration Date”) and have an exercise price of $17.38 equal to 120% of the closing price per share of our common stock on the Original Issue Date. The B Warrants may be exercised in the period from 180 days after the Original Issue Date to the Expiration Date and have an exercise price of $21.72 equal to 150% of the closing price of our common stock on the Original Issue Date.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
Note 4 - Stock-based Compensation Plans
|
6 Months Ended |
Jun. 30, 2023 |
Notes to Financial Statements |
|
Share-Based Payment Arrangement [Text Block] |
NOTE 4 – STOCK-BASED COMPENSATION PLANS
The Company has issued options and has granted stock awards pursuant to its 2019 Equity Incentive Plan, as described below.
2019 Equity Incentive Plan
The 2019 Equity Incentive Plan (“2019 EIP”) was originally approved by stockholders at the July 10, 2019, Annual Meeting, with an amendment to the plan approved by stockholders at the July 12, 2022, Annual Meeting. The plan, as amended, provides for the grant and issuance of up to 2,700,000 shares and options to the Company’s employees, directors and consultants.
Effective July 1, 2021, under the 2019 EIP, each outside director receives $75,000 of cash compensation and receives a deferred stock award consisting of shares of the Company’s common stock with a value equal to $25,000 on June 30 of each year. The award accrues on a quarterly basis, with $18,750 of cash compensation and $6,250 of stock earned for each fiscal quarter in which a director serves. The deferred stock award vests automatically on the January 31st that first follows the award date.
Stock Awards to Directors, Officers, and Consultants
The Company has granted stock awards pursuant to its 2019 EIP. Of the total 2,700,000 shares reserved under the 2019 Equity Incentive Plan, as amended, 1,908,249 shares and restricted stock units (“RSUs”) have been awarded to the Company directors, employees and consultants as of June 30, 2023. Of the 1,908,249 shares and RSUs awarded, 46,744 shares were awarded to the Company’s directors for services performed during the plan year ended June 30, 2023. These shares will vest and be issued on January 31, 2024.
825,000 RSUs were granted to employees in April 2021 as long-term equity incentive awards ( “April 2021 RSU Grant”). Of the 825,000 RSUs granted under the April 2021 RSU Grant, 510,000 RSUs were scheduled to vest upon completion of certain milestones, including (a) 255,000 RSUs which vested in July 2021 upon completion of refinancing of the Company’s then existing senior secured debt and funding to complete the purchase of the Northern Pipeline (“ Northern Pipeline Vesting Event”), and (b) 255,000 RSUs scheduled to vest upon completion of final binding water supply agreement(s) for the delivery of at least 9,500 acre-feet of water per annum to customers. Of the remaining 315,000 RSUs granted under the April 2021 RSU Grant, 60,000 RSUs vested and were issued on January 3, 2023, and 255,000 RSUs vested and were issued on March 1, 2023. Additionally, in July 2022, 60,000 RSUs were granted to employees as long-term equity incentive awards ( “July 2022 RSU Grant”). The RSUs granted under the July 2022 RSU Grant are scheduled to vest on January 2, 2024. The RSU incentive awards are subject in each case to continued employment with the Company through the vesting date.
Of the 255,000 RSUs earned upon the Northern Pipeline Vesting Event, the Company issued 158,673 shares net of taxes withheld and paid in cash by the Company. Of the 255,000 RSUs issued on March 1, 2023, the Company issued 158,673 shares net of taxes withheld and paid in cash by the Company.
Upon the change of the Company’s Executive Chair on February 4, 2022, a total of 170,000 unvested RSUs were accelerated and became fully vested as a result of an amended employee agreement, which included 85,000 RSUs scheduled to vest upon completion of final binding water supply agreement(s) and 85,000 RSUs scheduled to vest on March 1, 2023.
Additionally, the Company issued 450,000 of performance stock units (“PSUs”) upon achievement of certain performance events. The PSUs vest upon the Company’s common stock achieving price hurdles (“Price Hurdles”) but not sooner than three years from date of grant, including (a) 200,000 PSUs to vest upon a Price Hurdle of $7 per share, (b) 150,000 PSUs to vest upon a Price Hurdle of $9 per share, (c) 50,000 PSUs to vest upon a Price Hurdle of $11 per share, and (d) 50,000 PSUs to vest upon a Price Hurdle of $13 per share and are payable, at the option of the Compensation Committee, in either common stock or cash. The PSU incentive award is subject to continue employment with the Company through the vesting date.
The accompanying consolidated statements of operations and comprehensive loss include approximately $489,000 and $856,000 of stock-based compensation expense related to stock awards in the six months ended June 30, 2023, and 2022, respectively.
|
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.2
Note 5 - Income Taxes
|
6 Months Ended |
Jun. 30, 2023 |
Notes to Financial Statements |
|
Income Tax Disclosure [Text Block] |
NOTE 5 – INCOME TAXES
As of June 30, 2023, the Company had net operating loss (“NOL”) carryforwards of approximately $342 million for federal income tax purposes and $296 million for California state income tax purposes. Such carryforwards expire in varying amounts through the year 2037 and 2042 for federal and California purposes, respectively. 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 a previous ownership change and an ownership change that occurred in June of 2021.
As of June 30, 2023, the Company’s unrecognized tax benefits were immaterial.
The Company's tax years 2019 through 2022 remain subject to examination by the Internal Revenue Service, and tax years 2018 through 2022 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 all deferred assets. Accordingly, no deferred tax asset has been reflected in the accompanying condensed consolidated balance sheet.
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v3.23.2
Note 6 - Net Loss Per Common Share
|
6 Months Ended |
Jun. 30, 2023 |
Notes to Financial Statements |
|
Earnings Per Share [Text Block] |
NOTE 6 – NET LOSS PER COMMON SHARE
Basic net loss per common share is computed by dividing the net loss by the weighted-average common shares outstanding. Options, deferred stock units, convertible debt, convertible preferred shares and warrants 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 5,029,000 and 1,533,000 for the three months ended June 30, 2023, and 2022, respectively; and 5,029,000 and 1,533,000 for the six months ended June 30, 2023 and 2022, respectively.
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v3.23.2
Note 7 - Leases & Property, Plant, Equipment and Water Programs
|
6 Months Ended |
Jun. 30, 2023 |
Notes to Financial Statements |
|
Lessee, Operating Leases and Property, Plant and Equipment Disclosure [Text Block] |
NOTE 7 – LEASES & PROPERTY, PLANT, EQUIPMENT AND WATER PROGRAMS
The Company has operating leases for right-of-way agreements, corporate offices, vehicles and office equipment. The Company’s leases have remaining lease terms of 1 month to 40 months as of June 30, 2023, 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 included in the lease term. The Company does not have any finance leases.
As a lessor, in February 2016, the Company entered into a lease agreement with Fenner Valley Farms LLC (“FVF”) (the “lessee”), 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. The Company expects to receive rental income of $420,000 annually over the next five years related to the FVF Lease Agreement.
During the six months ended June 30, 2023, $1,501,000 on 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 $634,000 and $293,000 for the six months ended June 30, 2023, and 2022, respectively.
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v3.23.2
Note 8 - Fair Value Measurements
|
6 Months Ended |
Jun. 30, 2023 |
Notes to Financial Statements |
|
Fair Value Disclosures [Text Block] |
NOTE 8 – FAIR VALUE MEASUREMENTS
Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company considers 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.
In 2022, the Company recorded a contingent consideration liability in the amount of $1.45 million related to the purchase price of the ATEC Acquisition for amounts payable upon the sale of a requisite number of water filtration units under an asset purchase agreement.
(in thousands) | | Level 1 Assets | |
| | | | |
Balance at December 31, 2022 | | $ | - | |
| | | | |
Investments in Certificates of Deposit | | | 17,500 | |
| | | | |
Balance at June 30, 2023 | | | 17,500 | |
(in thousands) | | Level 3 Liabilities | |
| | | | |
Balance at December 31, 2022 | | $ | (1,450 | ) |
| | | | |
Derivative liabilities | | | (2,350 | ) |
Unrealized gains on derivative liabilities, net | | | 130 | |
| | | | |
Balance at March 31, 2023 | | | (3,670 | ) |
| | | | |
Unrealized losses on derivative liabilities, net | | | (350 | ) |
| | | | |
Balance at June 30, 2023 | | $ | (4,020 | ) |
| | | | |
| | Investments at Fair Value as of June 30, 2023 | |
(in thousands) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Certificates of Deposit | | $ | 17,500 | | | $ | - | | | $ | - | | | $ | 17,500 | |
| | | | | | | | | | | | | | | | |
Total Assets | | $ | 17,500 | | | $ | - | | | $ | - | | | $ | 17,500 | |
| | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Contingent consideration liabilities | | $ | - | | | $ | - | | | $ | 1,450 | | | $ | 1,450 | |
Derivative liabilities | | $ | - | | | $ | - | | | $ | 2,570 | | | $ | 2,570 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | $ | - | | | $ | - | | | $ | 4,020 | | | $ | 4,020 | |
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v3.23.2
Note 9 - Common and Preferred Stock
|
6 Months Ended |
Jun. 30, 2023 |
Notes to Financial Statements |
|
Equity [Text Block] |
NOTE 9 – COMMON AND PREFERRED STOCK
Common Stock
The Company is authorized to issue 85 million shares of Common Stock at a $0.01 par value. As of June 30, 2023, the Company had 66,595,606 shares issued and outstanding.
In January 2013, the Company revised its then existing agreement with the law firm of Brownstein Hyatt Farber Schreck LLP (“Brownstein”), a related party. Under this agreement, the Company is to issue up to a total of 400,000 shares of the Company’s common stock, with 200,000 shares earned to date and 100,000 shares to be earned upon the achievement of each of two remaining milestones as follows:
| ■ | 100,000 shares earned upon the signing of binding agreements for more than 51% of the Water Project’s annual capacity, which is not yet earned; and |
| ■ | 100,000 shares earned upon the commencement of construction of all of the major facilities contemplated in the Final Environmental Impact Report necessary for the completion and delivery of the Water Project, which is not yet earned. |
All shares earned upon achievement of any of the remaining two milestones will be payable three years from the date earned.
Series 1 Preferred Stock
The Company has issued a total of 10,000 shares of Series 1 Preferred Stock (“Series 1 Preferred Stock”) to certain holders (“Holders”) under certain conversion and exchange agreements entered into in March 2020. Each share of Series 1 Preferred Stock is convertible at any time at the option of the Holder into 405.05 shares of Common Stock. As of June 30, 2023, Holders of Series 1 Preferred Stock exercised their option to convert 9,671 shares of Series 1 Preferred Stock into 3,917,235 shares of Common Stock. The Company has 329 shares of Series 1 Preferred Stock issued and outstanding as of June 30, 2023.
Series A Preferred Stock
On June 29, 2021, the Company entered into an Underwriting Agreement with BRS as representative of the several underwriters named there, to issue and sell an aggregate of 2,000,000 depositary shares (the “Depositary Shares”), as well as up to 300,000 Depositary Shares sold pursuant to the exercise of an option to purchase additional Depositary Shares (“Depositary Share Offering”), each representing 1/1000th of a share of the 8.875% Series A Cumulative Perpetual Preferred Stock (the “Series A Preferred Stock”). The Depositary Share Offering was completed on July 2, 2021, for net proceeds of approximately $54 million.
On July 1, 2021, the Company filed the Certificate of Designation (“Certificate of Designation”) for the Series A Preferred Stock with the Secretary of State of the State of Delaware, which became effective upon acceptance for record. The Certificate of Designation classified a total of 7,500 shares of the Company’s authorized shares of preferred stock, $0.01 par value per share, as Series A Preferred Stock.
As set forth in the Certificate of Designation, the Series A Preferred Stock will rank, as to dividend rights and rights upon the Company’s liquidation, dissolution or winding up: (i) senior to Common Stock of the Company; (ii) junior to the Series 1 Preferred Stock with respect to the distribution of assets upon the Company’s voluntary or involuntary liquidation, dissolution or winding up; (iii) senior to the Series 1 Preferred Stock with respect to the payment of dividends and (iv) effectively junior to all the Company’s existing and future indebtedness (including indebtedness convertible into Common Stock or preferred stock) and to the indebtedness and other liabilities of (as well as any preferred equity interests held by others in) the Company’s existing or future subsidiaries.
Holders of Series A Preferred Stock, when and as authorized by the Company’s Board of Directors, are entitled to cumulative cash dividends at the rate of 8.875% of the $25,000.00 ($25.00 per Depositary Share) liquidation preference per year (equivalent to $2,218.75 per share per year or $2.21875 per Depositary Share per year). Dividends will be payable quarterly in arrears, on or about the 15th of January, April, July and October, beginning on or about October 15, 2021. As of June 30, 2023, the Company has paid aggregate cash dividends of $9,108,000. On June 21, 2023, the Company’s Board of Directors declared that holders of Series A Preferred stock will receive a cash dividend equal to $560.00 per whole share; therefore, holders of Depositary Shares will receive a cash dividend equal to $0.56 per Depositary Share. The dividend was paid on July 14, 2023, to respective holders of record as of the close of business on July 3, 2023.
At the issuance of the Series A Preferred Stock, the Company pre-funded eight quarterly payments through July 2023 in a segregated account which appears as Restricted Cash on the Balance Sheet. Dividends on the Series A Preferred Stock underlying the depositary shares will continue to accumulate whether or not (i) any of our agreements prohibit the current payment of dividends, (ii) we have earnings or funds legally available to pay the dividends, or (iii) our Board of Directors does not declare the payment of the dividends.
Holders of depositary shares representing interests in the Series A Preferred Stock generally will have no voting rights. However, if we do not pay dividends on any outstanding shares of Series A Preferred Stock for six or more quarterly dividend periods (whether or not declared or consecutive), holders of the Series A Preferred Stock (voting separately as a class with all other outstanding series of preferred stock upon which like voting rights have been conferred and are exercisable) will be entitled to elect two additional directors to the Board of Directors to serve until all unpaid dividends have been fully paid or declared and set apart for payment.
On and after July 2, 2026, the shares of Series A Preferred Stock will be redeemable at the Company’s option, in whole or in part, at a redemption price equal to $25,000.00 per share ($25.00 per Depositary Share), plus any accrued and unpaid dividends. Furthermore, upon a change of control or delisting event (each as defined in the Certificate of Designation), the Company will have a special option to redeem the Series A Preferred Stock at $25,000.00 per share ($25.00 per Depositary Share), plus any accrued and unpaid dividends.
Shares of Series A Preferred Stock are convertible into shares of Common Stock if, and only if, a change of control or delisting event (each as defined in the Certificate of Designation) has occurred, and the Company has not elected to redeem the Series A Preferred Stock prior to the applicable conversion date. Upon any conversion, each share of Series A Preferred Stock will be converted into that number of shares of Common Stock equal to the lesser of (i) the quotient obtained by dividing (A) the sum of (x) the $25,000 liquidation preference per share plus (y) the amount of an accrued and unpaid dividends to, but not including, the conversion date by (B) the Common Stock Purchase Price (as defined in the Certificate of Designation), and (ii) 3,748.13 (the “Share Cap”), subject to certain adjustments.
The Company has 2,300 shares of Series A Preferred Stock issued and outstanding as of June 30, 2023.
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v3.23.2
Note 10 - Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Notes to Financial Statements |
|
Commitments and Contingencies Disclosure [Text Block] |
NOTE 10 – COMMITMENTS AND CONTINGENCIES
In the normal course of its agricultural operations, the Company handles, stores, transports and dispenses products identified as hazardous materials. Regulatory agencies periodically conduct inspections and, currently, there are no pending claims with respect to hazardous materials.
Pursuant to cost-sharing agreements that have been entered into by participants in the Company’s Water Project, $750,000 in funds have been received in order to offset costs incurred in the environmental analysis of the Water Project. These funds may either be reimbursed or credited to participants’ participation in the Water Project and, accordingly, are fully reflected as deferred revenue as of June 30, 2023, and June 30, 2022.
The Company recorded a contingent consideration liability in the amount of $1.45 million related to the purchase price of the ATEC Acquisition for amounts payable upon the sale of a requisite number of water filtration units under an asset purchase agreement.
The Company is from time to time involved in various lawsuits and legal proceedings that arise in the ordinary course of business. At this time, the Company is not aware of any other pending or threatened litigation that it expects will have a material adverse effect on its business, financial condition, liquidity, or operating results. Legal claims are inherently uncertain, however, and it is possible that the Company’s business, financial condition, liquidity and/or operating results could be adversely affected in the future by legal proceedings.
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v3.23.2
Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Liquidity Accounting Policy Disclosure [Policy Text Block] |
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 $17.8 million for the six months ended June 30, 2023, compared to $11.4 million for the six months ended June 30, 2022. The Company had working capital of $17.4 million at June 30, 2023, and used cash in its operations of $9.9 million for the six months ended June 30, 2023. The higher loss in 2023 was primarily due to a loss on early extinguishment of debt in the amount of $5.3 million resulting from the issuance of a conversion instrument, a repayment fee and elimination of debt discount associated with the paydown of $15 million of senior secured debt in February 2023, offset by higher compensation costs related to stock based non-cash bonus awards to employees and an increase in interest expense in 2022.
Cash requirements during the six months ended June 30, 2023, primarily reflect certain operating and administrative costs related to the Company’s agricultural operations, water treatment business and the ongoing development of the Company’s land, water, infrastructure and technology assets for water solutions including the Cadiz Water Conservation & Storage Project (“Water Project”). The Company’s present activities are focused on the development of its assets in ways that meet growing long-term demand for access to safe and reliable clean water supplies.
On January 30, 2023, the Company completed the sale and issuance of 10,500,000 shares of the Company’s common stock to certain institutional investors in a registered direct offering ( “January 2023 Direct Offering”). The shares of common stock were sold at a purchase price of $3.84 per share, for aggregate gross proceeds of $40.32 million and aggregate net proceeds of approximately $38.5 million. A portion of the proceeds were used to repay the Company’s debt in the principal amount of $15 million, together with fees and interest required to be paid in connection with such repayment under the Credit Agreement. The remaining proceeds are being used for capital expenditures to accelerate development of the Company’s water supply project, working capital and development of additional water resources to meet increased demand on an accelerated timetable.
On February 2, 2023, the Company and its wholly-owned subsidiary, Cadiz Real Estate LLC, as borrowers (collectively, the “Borrowers”) entered into a First Amendment to Credit Agreement with BRF Finance Co., LLC (“Lenders”) and B. Riley Securities, Inc., (“BRS”) as administrative agent, to amend certain provisions of the Credit Agreement dated as of July 2, 2021 (“First Amended Credit Agreement”). Under the First Amended Credit Agreement, the lenders will have a right to convert up to $15 million of outstanding principal, plus any PIK interest and any accrued and unpaid interest (the “Convertible Loan”) into shares of the Company’s common stock at a conversion price of $4.80 per share (the “Conversion Price”) (see “Note 3 – Long-Term Debt”, below).
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. The covenants in the senior secured debt do not prohibit the Company’s use of additional equity financing and allow the Company to retain 100% of the proceeds of any common equity financing. The Company does not expect the loan covenants to materially limit its ability to finance its asset development activities.
Management assesses whether the Company has sufficient liquidity to fund its costs for the next twelve months from each financial statement issuance date. Management evaluates the Company’s liquidity to determine if there is a substantial doubt about the Company’s ability to continue as a going concern. In the preparation of this liquidity assessment, management applies judgement to estimate the projected cash flows of the Company including the following: (i) projected cash outflows (ii) projected cash inflows, (iii) categorization of expenditures as discretionary versus non-discretionary and (iv) the ability to raise capital. The cash flow projections are based on known or planned cash requirements for operating costs as well as planned costs for project development.
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.
|
Cash Flow Supplemental [Policy Text Block] |
Supplemental Cash Flow Information
During the six months ended June 30, 2023, approximately $891,000 in interest payments on the Company’s senior secured debt was paid in cash and approximately $435,000 was recorded as interest payable in kind. There are no scheduled principal payments due on the senior secured debt prior to its maturity.
At June 30, 2023, accruals for cash dividends payable on the Series A Preferred Stock was $1.29 million (see Note 9 – “Common and Preferred Stock”). The cash dividends were paid on July 14, 2023.
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 | | June 30, 2023 | | | December 31, 2022 | | | June 30, 2022 | |
(in thousands) | | | | | | | | | | | | |
| | | | | | | | | | | | |
Cash and Cash Equivalents | | $ | 19,237 | | | $ | 9,997 | | | $ | 13,239 | |
Restricted Cash | | | 1,288 | | | | 1,288 | | | | 1,288 | |
Long Term Restricted Cash | | | 134 | | | | 2,497 | | | | 5,050 | |
Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows | | $ | 20,659 | | | $ | 13,782 | | | $ | 19,577 | |
The restricted cash amounts primarily represent funds deposited into a segregated account, representing an amount sufficient to pre-fund quarterly dividend payments on Series A Preferred Stock underlying the Depositary Shares issued in the Depositary Share Offering through July 2023.
|
Business Combinations Policy [Policy Text Block] |
ATEC Water Systems, LLC
On November 9, 2022, the Company completed the acquisition of the assets of ATEC Systems, Inc. into ATEC Water Systems, LLC (“ATEC”), a water filtration technology company, at a purchase price of up to $2.2 million (“ATEC Acquisition”). The final allocation of purchase consideration to assets and liabilities is ongoing as the Company continues to evaluate certain balances, estimates and assumptions during the measurement period. Consistent with the allowable time to complete the Company’s assessment, the valuation of certain acquired assets and liabilities, including environmental liabilities and income taxes, is currently pending finalization.
|
Revenue from Contract with Customer [Policy Text Block] |
Revenue Recognition
The Company’s revenue is currently derived from rental revenue from its agricultural lease, sales of farm crops, and sales of water filtration systems by ATEC. The Company recognizes revenue by following the five-step model under ASC 606 to achieve the core principle that an entity recognizes revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The five-step model requires that the Company (i) identifies the contract with the customer, (ii) identifies the performance obligations in the contract, (iii) determines the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocates the transaction price to the respective performance obligations in the contract, and (v) recognizes revenue when (or as) the Company satisfies the performance obligation.
|
New Accounting Pronouncements, Policy [Policy Text Block] |
Recent Accounting Pronouncements
Accounting Guidance Adopted
In June 2016, Financial Accounting Standards Board (“FASB”) issued an accounting standards update which introduces new guidance for the accounting for credit losses on certain financial instruments. This update is effective for fiscal years beginning after December 15, 2022, and for interim periods within those fiscal years, with early adoption permitted. The adoption of this new standard on January 1, 2023, had no impact on the Company’s consolidated financial statements.
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v3.23.2
Note 1 - Basis of Presentation (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Notes Tables |
|
Schedule of Cash and Cash Equivalents [Table Text Block] |
Cash, Cash Equivalents and Restricted Cash | | June 30, 2023 | | | December 31, 2022 | | | June 30, 2022 | |
(in thousands) | | | | | | | | | | | | |
| | | | | | | | | | | | |
Cash and Cash Equivalents | | $ | 19,237 | | | $ | 9,997 | | | $ | 13,239 | |
Restricted Cash | | | 1,288 | | | | 1,288 | | | | 1,288 | |
Long Term Restricted Cash | | | 134 | | | | 2,497 | | | | 5,050 | |
Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows | | $ | 20,659 | | | $ | 13,782 | | | $ | 19,577 | |
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v3.23.2
Note 2 - Reportable Segments (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Notes Tables |
|
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
| | Three Months Ended June 30, 2023 | |
(in thousands) | | Land and Water Resources | | | Water Treatment | | | Total | |
| | | | | | | | | | | | |
Revenues | | $ | 379 | | | $ | 430 | | | $ | 809 | |
| | | | | | | | | | | | |
Total revenues | | | 379 | | | | 430 | | | | 809 | |
| | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | |
Cost of sales | | | 432 | | | | 336 | | | | 768 | |
General and administrative | | | 5,232 | | | | 88 | | | | 5,320 | |
Depreciation | | | 271 | | | | 34 | | | | 305 | |
| | | | | | | | | | | | |
Total costs and expenses | | | 5,935 | | | | 458 | | | | 6,393 | |
| | | | | | | | | | | | |
Operating loss | | $ | (5,556 | ) | | $ | (28 | ) | | $ | (5,584 | ) |
| | Six Months Ended June 30, 2023 | |
(in thousands) | | Land and Water Resources | | | Water Treatment | | | Total | |
| | | | | | | | | | | | |
Revenues | | $ | 509 | | | $ | 430 | | | $ | 939 | |
| | | | | | | | | | | | |
Total revenues | | | 509 | | | | 430 | | | | 939 | |
| | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | |
Cost of sales | | | 454 | | | | 336 | | | | 790 | |
General and administrative | | | 8,999 | | | | 252 | | | | 9,251 | |
Depreciation | | | 549 | | | | 85 | | | | 634 | |
| | | | | | | | | | | | |
Total costs and expenses | | | 10,002 | | | | 673 | | | | 10,675 | |
| | | | | | | | | | | | |
Operating loss | | $ | (9,493 | ) | | $ | (243 | ) | | $ | (9,736 | ) |
|
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
| | June 30, 2023 | | | December 31, 2022 | |
Operating Segment: | | | | | | | | |
Water and Land Resources | | $ | 116,497 | | | $ | 107,439 | |
Water Treatment | | | 4,360 | | | | 3,348 | |
| | $ | 120,857 | | | $ | 110,787 | |
|
Schedule of Goodwill [Table Text Block] |
| | June 30, 2023 | | | December 31, 2022 | |
Operating Segment: | | | | | | | | |
Water and Land Resources | | $ | 3,813 | | | $ | 3,813 | |
Water Treatment | | | 1,901 | | | | 1,901 | |
| | $ | 5,714 | | | $ | 5,714 | |
|
Property, Plant and Equipment [Table Text Block] |
| | June 30, 2023 | |
| | Water and Land Resources | | | Water Treatment | |
| | | | | | | | |
Land and land improvements | | $ | 32,110 | | | $ | - | |
Water programs | | | 29,498 | | | | - | |
Pipeline | | | 22,093 | | | | - | |
Buildings | | | 1,715 | | | | - | |
Leasehold improvements, furniture and fixtures | | | 1,606 | | | | 4 | |
Machinery and equipment | | | 3,478 | | | | 176 | |
Construction in progress | | | 3,529 | | | | - | |
| | | 94,029 | | | | 180 | |
Less accumulated depreciation | | | (8,690 | ) | | | (80 | ) |
| | $ | 85,339 | | | $ | 100 | |
| | December 31, 2022 | |
| | Water and Land Resources | | | Water Treatment | |
| | | | | | | | |
Land and land improvements | | $ | 30,579 | | | $ | - | |
Water programs | | | 29,210 | | | | - | |
Pipeline | | | 22,091 | | | | - | |
Buildings | | | 1,715 | | | | - | |
Leasehold improvements, furniture and fixtures | | | 1,606 | | | | 3 | |
Machinery and equipment | | | 3,229 | | | | 166 | |
Construction in progress | | | 3,680 | | | | - | |
| | | 92,110 | | | | 169 | |
Less accumulated depreciation | | | (8,141 | ) | | | - | |
| | $ | 83,969 | | | $ | 169 | |
|
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v3.23.2
Note 8 - Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Notes Tables |
|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] |
(in thousands) | | Level 1 Assets | |
| | | | |
Balance at December 31, 2022 | | $ | - | |
| | | | |
Investments in Certificates of Deposit | | | 17,500 | |
| | | | |
Balance at June 30, 2023 | | | 17,500 | |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
(in thousands) | | Level 3 Liabilities | |
| | | | |
Balance at December 31, 2022 | | $ | (1,450 | ) |
| | | | |
Derivative liabilities | | | (2,350 | ) |
Unrealized gains on derivative liabilities, net | | | 130 | |
| | | | |
Balance at March 31, 2023 | | | (3,670 | ) |
| | | | |
Unrealized losses on derivative liabilities, net | | | (350 | ) |
| | | | |
Balance at June 30, 2023 | | $ | (4,020 | ) |
| | | | |
|
Fair Value, by Balance Sheet Grouping [Table Text Block] |
| | Investments at Fair Value as of June 30, 2023 | |
(in thousands) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Certificates of Deposit | | $ | 17,500 | | | $ | - | | | $ | - | | | $ | 17,500 | |
| | | | | | | | | | | | | | | | |
Total Assets | | $ | 17,500 | | | $ | - | | | $ | - | | | $ | 17,500 | |
| | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Contingent consideration liabilities | | $ | - | | | $ | - | | | $ | 1,450 | | | $ | 1,450 | |
Derivative liabilities | | $ | - | | | $ | - | | | $ | 2,570 | | | $ | 2,570 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | $ | - | | | $ | - | | | $ | 4,020 | | | $ | 4,020 | |
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v3.23.2
Note 1 - Basis of Presentation (Details Textual) - USD ($)
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Feb. 02, 2023 |
Feb. 01, 2023 |
Nov. 09, 2022 |
Jan. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Net Income (Loss) Attributable to Parent |
|
|
|
|
$ (7,064,000)
|
$ (10,691,000)
|
$ (5,483,000)
|
$ (5,912,000)
|
$ (17,755,000)
|
$ (11,395,000)
|
|
Working Capital |
|
|
|
|
17,400,000
|
|
|
|
17,400,000
|
|
|
Net Cash Provided by (Used in) Operating Activities |
|
|
|
|
|
|
|
|
(9,871,000)
|
(7,550,000)
|
|
Gain (Loss) on Extinguishment of Debt |
|
|
|
|
|
|
|
|
(5,331,000)
|
0
|
|
Repayments of Long-Term Debt |
|
$ 15,000,000
|
|
|
|
|
|
|
15,088,000
|
$ 69,000
|
|
Dividends Payable, Current |
|
|
|
|
1,288,000
|
|
|
|
1,288,000
|
|
$ 1,288,000
|
ATEC Acquisition [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Combination, Consideration Transferred |
|
|
$ 2,200,000
|
|
|
|
|
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Dividends Payable, Current |
|
|
|
|
1,290,000
|
|
|
|
1,290,000
|
|
|
First Amended Credit Agreement 1 [Member] |
|
|
|
|
|
|
|
|
|
|
|
Repayments of Debt |
|
|
|
$ 15,000,000
|
|
|
|
|
|
|
|
Debt Instrument, Convertible, Conversion Price (in dollars per share) |
$ 4.80
|
|
|
|
|
|
|
|
|
|
|
First Amended Credit Agreement 1 [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
Debt Conversion, Original Debt, Amount |
$ 15,000,000
|
|
|
|
|
|
|
|
|
|
|
Senior Secured Debt [Member] |
|
|
|
|
|
|
|
|
|
|
|
Interest Paid, Excluding Capitalized Interest, Operating Activities |
|
|
|
|
|
|
|
|
891,000
|
|
|
Paid-in-Kind Interest, Payable |
|
|
|
|
$ 435,000
|
|
|
|
$ 435,000
|
|
|
Private Placement [Member] | Direct Offering [Member] |
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, New Issues (in shares) |
|
|
|
10,500,000
|
|
|
|
|
|
|
|
Shares Issued, Price Per Share (in dollars per share) |
|
|
|
$ 3.84
|
|
|
|
|
|
|
|
Proceeds from Issuance of Common Stock, Gross |
|
|
|
$ 40,320,000
|
|
|
|
|
|
|
|
Proceeds from Issuance of Common Stock, Net |
|
|
|
$ 38,500,000
|
|
|
|
|
|
|
|
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v3.23.2
Note 1 - Basis of Presentation - Components of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Cash and Cash Equivalents |
$ 19,237
|
$ 9,997
|
$ 13,239
|
|
Restricted Cash |
1,288
|
1,288
|
1,288
|
|
Long Term Restricted Cash |
134
|
2,497
|
5,050
|
|
Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows |
$ 20,659
|
$ 13,782
|
$ 19,577
|
$ 19,856
|
X |
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v3.23.2
Note 2 - Reportable Segments - Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenues |
$ 809
|
$ 185
|
$ 939
|
$ 328
|
Cost of sales |
768
|
0
|
790
|
0
|
General and administrative |
5,320
|
3,405
|
9,251
|
7,211
|
Depreciation |
305
|
172
|
634
|
293
|
Total costs and expenses |
6,393
|
3,577
|
10,675
|
7,504
|
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(5,584)
|
$ (3,392)
|
(9,736)
|
$ (7,176)
|
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|
|
|
|
Revenues |
379
|
|
509
|
|
Cost of sales |
432
|
|
454
|
|
General and administrative |
5,232
|
|
8,999
|
|
Depreciation |
271
|
|
549
|
|
Total costs and expenses |
5,935
|
|
10,002
|
|
Operating loss |
(5,556)
|
|
(9,493)
|
|
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|
|
|
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|
|
430
|
|
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336
|
|
336
|
|
General and administrative |
88
|
|
252
|
|
Depreciation |
34
|
|
85
|
|
Total costs and expenses |
458
|
|
673
|
|
Operating loss |
$ (28)
|
|
$ (243)
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|
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- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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v3.23.2
Note 2 - Reportable Segments - Property, Plant, Equipment and Water Programs (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Property, plant, and equipment, net |
$ 85,439
|
$ 84,138
|
Water and Land Resources [Member] |
|
|
Property, plant, and equipment |
94,029
|
92,110
|
Less accumulated depreciation |
(8,690)
|
(8,141)
|
Property, plant, and equipment, net |
85,339
|
83,969
|
Water Treatment [Member] |
|
|
Property, plant, and equipment |
180
|
169
|
Less accumulated depreciation |
(80)
|
|
Property, plant, and equipment, net |
100
|
169
|
Land and Land Improvements [Member] | Water and Land Resources [Member] |
|
|
Property, plant, and equipment |
32,110
|
30,579
|
Water Programs [Member] | Water and Land Resources [Member] |
|
|
Property, plant, and equipment |
29,498
|
29,210
|
Pipelines [Member] | Water and Land Resources [Member] |
|
|
Property, plant, and equipment |
22,093
|
22,091
|
Building [Member] | Water and Land Resources [Member] |
|
|
Property, plant, and equipment |
1,715
|
1,715
|
Leasehold Improvements, Furniture, Fixtures [Member] | Water and Land Resources [Member] |
|
|
Property, plant, and equipment |
1,606
|
1,606
|
Leasehold Improvements, Furniture, Fixtures [Member] | Water Treatment [Member] |
|
|
Property, plant, and equipment |
4
|
3
|
Machinery and Equipment [Member] | Water and Land Resources [Member] |
|
|
Property, plant, and equipment |
3,478
|
3,229
|
Machinery and Equipment [Member] | Water Treatment [Member] |
|
|
Property, plant, and equipment |
176
|
166
|
Construction in Progress [Member] | Water and Land Resources [Member] |
|
|
Property, plant, and equipment |
$ 3,529
|
$ 3,680
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.23.2
Note 3 - Long-term Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Feb. 02, 2023 |
Jul. 02, 2021 |
Jul. 01, 2021 |
Jun. 29, 2021 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Derivative Liability |
|
|
|
|
$ 2,570
|
|
|
|
$ 2,570
|
$ 0
|
Preferred Stock, Dividend Rate, Percentage |
|
|
|
|
8.875%
|
8.875%
|
8.875%
|
8.875%
|
|
|
Warrants Issued to Lenders [Member] |
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right, Issued During Period (in shares) |
|
2
|
|
|
|
|
|
|
|
|
A Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) |
|
500,000
|
|
|
|
|
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) |
|
$ 17.38
|
|
|
|
|
|
|
|
|
Percentage of Closing Price Per Share of Common Stock |
|
120.00%
|
|
|
|
|
|
|
|
|
B Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) |
|
$ 21.72
|
|
|
|
|
|
|
|
|
Percentage of Closing Price Per Share of Common Stock |
|
150.00%
|
|
|
|
|
|
|
|
|
Warrants and Rights Outstanding, Term (Day) |
|
180 days
|
|
|
|
|
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Dividend Rate, Percentage |
|
8.875%
|
8.875%
|
8.875%
|
|
|
|
|
8.875%
|
8.875%
|
Depository Shares [Member] |
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Liquidation Preference Per Share (in dollars per share) |
|
$ 25.00
|
$ 25.00
|
|
|
|
|
|
|
|
Conversion Option on Debt [Member] |
|
|
|
|
|
|
|
|
|
|
Derivative Liability |
$ 2,400
|
|
|
|
|
|
|
|
|
|
Unrealized Gain (Loss) on Derivatives |
|
|
|
|
$ (350)
|
|
|
|
$ (220)
|
|
New Loan [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
$ 50,000
|
|
|
|
|
|
|
|
|
Repayments of Debt |
15,000
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Convertible, Maximum Amount |
$ 15,000
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Convertible, Conversion Price (in dollars per share) |
$ 4.80
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
7.00%
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Principal Amount with Interest Paid in Cash |
$ 20,000
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Principal Amount with Interest Paid in Kind |
15,000
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Unamortized Discount |
2
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Convertible, Beneficial Conversion Feature |
$ 980,000
|
|
|
|
|
|
|
|
|
|
New Loan [Member] | Repayment After Eighteen-months of the Closing Date [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Repayment Fee Percentage |
|
4.00%
|
|
|
|
|
|
|
|
|
New Loan [Member] | Repayment After Thirty-months of the Closing Date [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Repayment Fee Percentage |
|
6.00%
|
|
|
|
|
|
|
|
|
New Loan [Member] | Issuance After One Year of the Closing Date [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Prepay Amount, Percentage of the Cash Proceeds Received |
|
75.00%
|
|
|
|
|
|
|
|
|
New Loan [Member] | After 24-months Anniversary of the Closing of the Debt [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Percentage of Principal Exchanged into Depositary Receipts |
|
100.00%
|
|
|
|
|
|
|
|
|
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v3.23.2
Note 4 - Stock-based Compensation Plans (Details Textual)
|
|
|
|
|
1 Months Ended |
6 Months Ended |
12 Months Ended |
|
Mar. 01, 2023
shares
|
Jan. 03, 2023
shares
|
Feb. 04, 2022
$ / shares
shares
|
Jul. 01, 2021
USD ($)
|
Jul. 31, 2022
shares
|
Apr. 30, 2021
shares
|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
shares
|
Jul. 10, 2019
shares
|
Share-based Payment Arrangement, Expense | $ |
|
|
|
|
|
|
$ 489,000
|
$ 856,000
|
|
|
Water Supply Agreement, Number of Acre-feet of Water Per Annum To Customer |
|
|
|
|
|
9,500
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Accelerated Vesting, Number (in shares) |
|
|
170,000
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Vesting Upon Completion of Final Binding Water Supply Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Accelerated Vesting, Number (in shares) |
|
|
85,000
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Vesting on March 1, 2023 [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Accelerated Vesting, Number (in shares) |
|
|
85,000
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
|
|
|
|
|
825,000
|
|
|
|
|
Milestone RSUs [Member] | Share-Based Payment Arrangement, Employee [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
|
|
|
|
|
510,000
|
|
|
|
|
Milestone RSUs [Member] | Share-Based Payment Arrangement, Employee [Member] | Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
|
|
|
|
|
255,000
|
|
|
|
|
Milestone RSUs [Member] | Share-Based Payment Arrangement, Employee [Member] | Share-Based Payment Arrangement, Tranche Two [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
|
|
|
|
|
255,000
|
|
|
|
|
Non-milestone Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
|
|
|
|
|
315,000
|
|
|
|
|
Non-milestone Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member] | Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
|
|
|
|
60,000
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) |
|
60,000
|
|
|
|
|
|
|
|
|
Non-milestone Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member] | Share-Based Payment Arrangement, Tranche Two [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) |
158,673
|
|
|
|
|
|
|
|
158,673
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
|
|
|
|
|
255,000
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) |
255,000
|
|
|
|
|
|
|
|
|
|
Performance Stock Units [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) |
|
|
450,000
|
|
|
|
|
|
|
|
Performance Stock Units [Member] | Vesting Upon Price Hurdle of $7 Per Share [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) |
|
|
200,000
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vesting, Price Hurdle (in dollars per share) | $ / shares |
|
|
$ 7
|
|
|
|
|
|
|
|
Performance Stock Units [Member] | Vesting Upon Price Hurdle of $9 Per Share [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) |
|
|
150,000
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vesting, Price Hurdle (in dollars per share) | $ / shares |
|
|
$ 9
|
|
|
|
|
|
|
|
Performance Stock Units [Member] | Vesting Upon Price Hurdle of $11 Per Share [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) |
|
|
50,000
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vesting, Price Hurdle (in dollars per share) | $ / shares |
|
|
$ 11
|
|
|
|
|
|
|
|
Performance Stock Units [Member] | Vesting Upon Price Hurdle of $13 Per Share [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) |
|
|
50,000
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vesting, Price Hurdle (in dollars per share) | $ / shares |
|
|
$ 13
|
|
|
|
|
|
|
|
Two Thousand Nineteen Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) |
|
|
|
|
|
|
|
|
|
2,700,000
|
Two Thousand Nineteen Equity Incentive Plan [Member] | Outside Director [Member] | Accrues Yearly [Member] |
|
|
|
|
|
|
|
|
|
|
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ |
|
|
|
$ 75,000
|
|
|
|
|
|
|
Share-based Payment Arrangement, Expense | $ |
|
|
|
25,000
|
|
|
|
|
|
|
Two Thousand Nineteen Equity Incentive Plan [Member] | Outside Director [Member] | Accrues Quarterly [Member] |
|
|
|
|
|
|
|
|
|
|
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ |
|
|
|
18,750
|
|
|
|
|
|
|
Share-based Payment Arrangement, Expense | $ |
|
|
|
$ 6,250
|
|
|
|
|
|
|
Two Thousand Nineteen Equity Incentive Plan [Member] | Directors, Consultants and Employees [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) |
|
|
|
|
|
|
1,908,249
|
|
|
|
Two Thousand Nineteen Equity Incentive Plan [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) |
|
|
|
|
|
|
46,744
|
|
|
|
X |
- DefinitionPrice hurtle for share award except for option under share-based compensation arrangement.
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Note 6 - Net Loss Per Common Share (Details Textual) - shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) |
5,029,000
|
1,533,000
|
5,029,000
|
1,533,000
|
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v3.23.2
Note 7 - Leases & Property, Plant, Equipment and Water Programs (Details Textual)
|
|
6 Months Ended |
|
Feb. 29, 2016
USD ($)
a
|
Jun. 30, 2023
USD ($)
a
|
Jun. 30, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
|
Depreciation |
|
$ 634,000
|
$ 293,000
|
|
Property Related to Development of Alfalfa [Member] |
|
|
|
|
Construction in Progress, Gross |
|
$ 1,501,000
|
|
|
Area of Land (Acre) | a |
|
150
|
|
|
Land Improvements, Buildings, Leasehold Improvements, Machinery and Equipment and Furniture and Fixtures [Member] |
|
|
|
|
Depreciation |
|
$ 634,000
|
$ 293,000
|
|
Fenner Valley Farms LLC Lease Agreement [Member] |
|
|
|
|
Lessor, Operating Lease, Term of Contract (Year) |
99 years
|
|
|
|
Area of Real Estate Property (Acre) | a |
2,100
|
|
|
|
Long-term Debt, Total |
$ 12,000,000.0
|
|
|
|
Lessor, Operating Lease, Payment to be Received, Year One |
|
|
|
$ 420,000
|
Minimum [Member] |
|
|
|
|
Lessee, Operating Lease, Remaining Lease Term (Month) |
|
1 month
|
|
|
Maximum [Member] |
|
|
|
|
Lessee, Operating Lease, Remaining Lease Term (Month) |
|
40 months
|
|
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v3.23.2
Note 8 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Business Combination, Contingent Consideration, Liability, Total |
$ 1,450
|
|
ATEC Acquisition [Member] |
|
|
Business Combination, Contingent Consideration, Liability, Total |
$ 1,450
|
$ 1,450
|
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v3.23.2
v3.23.2
Note 8 - Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Certificates of Deposit |
$ 17,500
|
|
Total Assets |
17,500
|
|
Contingent consideration liabilities |
1,450
|
|
Derivative liabilities |
2,570
|
$ 0
|
Total Liabilities |
4,020
|
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Certificates of Deposit |
17,500
|
|
Total Assets |
17,500
|
$ 0
|
Contingent consideration liabilities |
0
|
|
Derivative liabilities |
0
|
|
Total Liabilities |
0
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Certificates of Deposit |
0
|
|
Total Assets |
0
|
|
Contingent consideration liabilities |
0
|
|
Derivative liabilities |
0
|
|
Total Liabilities |
0
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Certificates of Deposit |
0
|
|
Total Assets |
0
|
|
Contingent consideration liabilities |
1,450
|
|
Derivative liabilities |
2,570
|
|
Total Liabilities |
$ 4,020
|
|
X |
- DefinitionFair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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v3.23.2
Note 9 - Common and Preferred Stock (Details Textual)
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
24 Months Ended |
|
Jul. 02, 2021
USD ($)
$ / shares
|
Jul. 01, 2021
USD ($)
$ / shares
shares
|
Jun. 29, 2021
$ / shares
shares
|
Mar. 05, 2020
shares
|
Jan. 31, 2013
shares
|
Jun. 30, 2023
$ / shares
shares
|
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
$ / shares
shares
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Jul. 02, 2026
$ / shares
|
Common Stock, Shares Authorized (in shares) |
|
|
|
|
|
85,000,000
|
|
|
|
85,000,000
|
|
70,000,000
|
85,000,000
|
|
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares |
|
|
|
|
|
$ 0.01
|
|
|
|
$ 0.01
|
|
$ 0.01
|
$ 0.01
|
|
Common Stock, Shares, Issued (in shares) |
|
|
|
|
|
66,595,606
|
|
|
|
66,595,606
|
|
55,823,810
|
66,595,606
|
|
Common Stock, Capital Shares Reserved for Future Issuance (in shares) |
|
|
|
|
400,000
|
|
|
|
|
|
|
|
|
|
Percentage Of Projects Annual Capacity |
|
|
|
|
51.00%
|
|
|
|
|
|
|
|
|
|
Number of Milestones for Common Stock Issuance |
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
Shares Payable Term From Date Earned (Year) |
|
|
|
|
3 years
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Shares Issued, Total (in shares) |
|
|
|
|
|
329
|
|
|
|
329
|
|
329
|
329
|
|
Preferred Stock, Dividend Rate, Percentage |
|
|
|
|
|
8.875%
|
8.875%
|
8.875%
|
8.875%
|
|
|
|
|
|
Preferred Stock, Shares Authorized (in shares) |
|
|
|
|
|
100,000
|
|
|
|
100,000
|
|
100,000
|
100,000
|
|
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares |
|
|
|
|
|
$ 0.01
|
|
|
|
$ 0.01
|
|
$ 0.01
|
$ 0.01
|
|
Payments of Dividends | $ |
|
|
|
|
|
|
|
|
|
$ 2,553,000
|
$ 2,553,000
|
|
$ 9,108,000
|
|
Common Stock, Shares, Outstanding (in shares) |
|
|
|
|
|
66,595,606
|
|
|
|
66,595,606
|
|
55,823,810
|
66,595,606
|
|
Preferred Stock, Shares Outstanding (in shares) |
|
|
|
|
|
329
|
|
|
|
329
|
|
329
|
329
|
|
Preferred Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) |
|
|
|
405.05
|
|
|
|
|
|
|
|
|
|
|
Series 1 Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of Stock, Shares Converted (in shares) |
|
|
|
|
|
|
|
|
|
|
|
9,671
|
|
|
Conversion of Stock, Shares Issued (in shares) |
|
|
|
|
|
|
|
|
|
|
|
3,917,235
|
|
|
Preferred Stock, Shares Issued, Total (in shares) |
|
|
|
|
|
|
|
|
|
|
|
329
|
|
|
Depository Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Shares Per Depository Share (in dollars per share) | $ / shares |
|
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ / shares |
$ 25.00
|
$ 25.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Liquidation Preference Per Share Per Year |
|
2.21875
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares |
|
|
|
|
|
$ 0.56
|
|
|
|
$ 0.56
|
|
|
$ 0.56
|
|
Depository Shares [Member] | Sale Including Overallotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, New Issues (in shares) |
|
|
2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Sale Including Overallotment Option [Member] | Sale Including Overallotment Option [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, New Issues (in shares) |
|
|
300,000
|
|
|
|
|
|
|
|
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Shares Issued, Total (in shares) |
|
|
|
|
|
2,300
|
|
|
|
2,300
|
|
2,300
|
2,300
|
|
Preferred Stock, Dividend Rate, Percentage |
8.875%
|
8.875%
|
8.875%
|
|
|
|
|
|
|
8.875%
|
|
8.875%
|
|
|
Proceeds From Issuance of Preferred Stock, Net of Issuance Costs | $ |
$ 54,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Shares Authorized (in shares) |
|
7,500
|
|
|
|
7,500
|
|
|
|
7,500
|
|
7,500
|
7,500
|
|
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares |
|
$ 0.01
|
|
|
|
$ 0.01
|
|
|
|
$ 0.01
|
|
$ 0.01
|
$ 0.01
|
|
Preferred Stock, Liquidation Preference, Value | $ |
|
$ 25,000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Liquidation Preference Per Share Per Year |
|
2,218.75
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares |
|
|
|
|
|
$ 560.00
|
|
|
|
$ 560.00
|
|
|
$ 560.00
|
|
Conversion of Stock, Shares Cap (in shares) |
|
3,748.13
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Shares Outstanding (in shares) |
|
|
|
|
|
2,300
|
|
|
|
2,300
|
|
2,300
|
2,300
|
|
Conversion of Convertible Senior Notes 2020 into Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Conversion, Converted Instrument, Shares Issued (in shares) |
|
|
|
10,000
|
|
|
|
|
|
|
|
|
|
|
Shares Earned Upon The Signing Of Binding Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock, Capital Shares Reserved for Future Issuance (in shares) |
|
|
|
|
100,000
|
|
|
|
|
|
|
|
|
|
Shares Earned Upon The Commencement Of Construction [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock, Capital Shares Reserved for Future Issuance (in shares) |
|
|
|
|
100,000
|
|
|
|
|
|
|
|
|
|
Forecast [Member] | Depository Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 25.00
|
Forecast [Member] | Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 25,000.00
|
Upon Change of Control [Member] | Depository Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ / shares |
|
$ 25.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Upon Change of Control [Member] | Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ / shares |
|
$ 25,000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionThe cap number of shares converted in a noncash (or part noncash) transaction.
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v3.23.2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Business Combination, Contingent Consideration, Liability, Total |
$ 1,450,000
|
|
|
ATEC Acquisition [Member] |
|
|
|
Business Combination, Contingent Consideration, Liability, Total |
1,450,000
|
$ 1,450,000
|
|
Water Project [Member] |
|
|
|
Deferred Revenue, Total |
$ 750,000
|
|
$ 750,000
|
X |
- DefinitionAmount of liability recognized arising from contingent consideration in a business combination.
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