Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 10, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000727273 | |
Entity Registrant Name | CADIZ INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 50,793,567 | |
Depository Shares [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares | |
Trading Symbol | CDZIP | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | CDZI | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Total revenues | $ 185,000 | $ 141,000 | $ 328,000 | $ 280,000 |
Costs and expenses: | ||||
General and administrative | 3,405,000 | 6,375,000 | 7,211,000 | 9,608,000 |
Depreciation | 172,000 | 103,000 | 293,000 | 206,000 |
Total costs and expenses | 3,577,000 | 6,478,000 | 7,504,000 | 9,814,000 |
Operating loss | (3,392,000) | (6,337,000) | (7,176) | (9,534) |
Interest expense, net | (2,055,000) | (4,858,000) | (4,047,000) | (7,400,000) |
Loss before income taxes | (5,447,000) | (11,195,000) | (11,223,000) | (16,934,000) |
Income tax expense | (1,000) | (1,000) | (3,000) | (3,000) |
Loss from equity-method investments | (35,000) | (366,000) | (169,000) | (569,000) |
Net loss and comprehensive loss | (5,483,000) | (11,562,000) | (11,395,000) | (17,506,000) |
Less: Preferred stock dividend | (1,288,000) | 0 | (2,553,000) | 0 |
Net loss and comprehensive loss applicable to common stock | $ (6,771,000) | $ (11,562,000) | $ (13,948,000) | $ (17,506,000) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.13) | $ (0.30) | $ (0.29) | $ (0.46) |
Basic and diluted weighted average shares outstanding (in shares) | 50,770 | 39,099 | 47,619 | 38,470 |
Total revenues | $ 185,000 | $ 141,000 | $ 328,000 | $ 280,000 |
Operating Income (Loss), Total | $ (3,392,000) | $ (6,337,000) | $ (7,176) | $ (9,534) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 13,239,000 | $ 10,965,000 |
Restricted cash | 1,288,000 | 1,288,000 |
Accounts receivable | 154,000 | 270,000 |
Prepaid expenses and other current assets | 910,000 | 691,000 |
Total current assets | 15,591,000 | 13,214,000 |
Property, plant, equipment and water programs, net | 80,509,000 | 78,890,000 |
Long-term deposit/prepaid expenses | 420,000 | 420,000 |
Equity-method investments | 907,000 | 976,000 |
Goodwill | 3,813,000 | 3,813,000 |
Right-of-use asset | 3,269,000 | 3,281,000 |
Long-term restricted cash | 5,050,000 | 7,603,000 |
Other assets | 4,538,000 | 4,296,000 |
Total assets | 114,097,000 | 112,493,000 |
Current liabilities: | ||
Accounts payable | 633,000 | 286,000 |
Accrued liabilities | 1,582,000 | 808,000 |
Current portion of long-term debt | 57,000 | 107,000 |
Dividend payable | 1,288,000 | 1,288,000 |
Operating lease liabilities | 26,000 | 24,000 |
Total current liabilities | 3,586,000 | 2,513,000 |
Long-term debt, net | 47,606,000 | 46,477,000 |
Long-term lease obligations with related party, net | 19,780,000 | 18,855,000 |
Long-term operating lease liabilities | 3,083,000 | 3,257,000 |
Deferred revenue | 750,000 | 750,000 |
Other long-term liabilities | 34,000 | 32,000 |
Total liabilities | 74,839,000 | 71,884,000 |
Stockholders’ equity: | ||
Preferred stock | 1,000 | 1,000 |
Common stock - $.01 par value; 70,000,000 shares authorized at June 30, 2022 and December 31, 2021; shares issued and outstanding – 50,770,275 at June 30, 2022 and 43,656,169 at December 31, 2021 | 506,000 | 436,000 |
Additional paid-in capital | 626,098,000 | 613,572,000 |
Accumulated deficit | (587,348,000) | (573,400,000) |
Total stockholders’ equity | 39,258,000 | 40,609,000 |
Total liabilities and stockholders’ deficit | 114,097,000 | 112,493,000 |
Series A Preferred Stock [Member] | ||
Current liabilities: | ||
Dividend payable | 1,290,000 | |
Stockholders’ equity: | ||
Preferred stock | $ 1,000 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
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% | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 70,000,000 | 70,000,000 | 70,000,000 |
Common stock, shares issued (in shares) | 50,770,275 | 50,770,275 | 43,656,169 |
Common stock, shares outstanding (in shares) | 50,770,275 | 50,770,275 | 43,656,169 |
Series A Preferred Stock [Member] | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 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% |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (11,395,000) | $ (17,506,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, Total | 293,000 | 206,000 |
Amortization of debt discount and issuance costs | 1,160,000 | 2,372,000 |
Amortization of right-of-use asset | 12,000 | 15,000 |
Interest expense added to loan principal | 0 | 4,209,000 |
Interest expense added to lease liability | 913,000 | 806,000 |
Loss on equity method investments | 169,000 | 569,000 |
Compensation charge for stock and share option awards | 856,000 | 3,440,000 |
Unrealized (gain) loss on warrant derivative liabilities | 0 | (573,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 116,000 | (11,000) |
Prepaid expenses and other current assets | (219,000) | (544,000) |
Other assets | (242,000) | 177,000 |
Accounts payable | 216,000 | (154,000) |
Lease liabilities | (172,000) | (175,000) |
Other accrued liabilities | 743,000 | 1,170,000 |
Net cash used in operating activities | (7,550,000) | (5,999,000) |
Cash flows from investing activities: | ||
Additions to property, plant and equipment and water programs | (1,748,000) | (20,177,000) |
Contributions to equity-method investments | (100,000) | (259,000) |
Net cash used in investing activities | (1,848,000) | (20,436,000) |
Cash flows from financing activities: | ||
Net proceeds from issuance of stock | 11,741,000 | 30,354,000 |
Proceeds from the issuance of warrants | 0 | 4,000 |
Dividend payments | (2,553,000) | 0 |
Principal payments on long-term debt | (69,000) | (27,000) |
Net cash provided by financing activities | 9,119,000 | 30,331,000 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (279,000) | 3,896,000 |
Cash, cash equivalents and restricted cash, beginning of period | 19,856,000 | 7,424,000 |
Cash, cash equivalents and restricted cash, end of period | $ 19,577,000 | $ 11,320,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | At Market Issuance Sales Agreement [Member] Common Stock [Member] | At Market Issuance Sales Agreement [Member] Preferred Stock [Member] | At Market Issuance Sales Agreement [Member] Additional Paid-in Capital [Member] | At Market Issuance Sales Agreement [Member] Retained Earnings [Member] | At Market Issuance Sales Agreement [Member] | Direct Offering [Member] Common Stock [Member] | Direct Offering [Member] Preferred Stock [Member] | Direct Offering [Member] Additional Paid-in Capital [Member] | Direct Offering [Member] Retained Earnings [Member] | Direct Offering [Member] | Lenders [Member] Common Stock [Member] | Lenders [Member] Preferred Stock [Member] | Lenders [Member] Additional Paid-in Capital [Member] | Lenders [Member] Retained Earnings [Member] | Lenders [Member] | 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) | 36,902,361 | 7,531 | |||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 36,902,361 | 7,531 | |||||||||||||||||||
Balance at Dec. 31, 2020 | $ 368,000 | $ 1,000 | $ 513,744,000 | $ (539,414,000) | $ (25,301,000) | ||||||||||||||||
Stock-based compensation expense (in shares) | 72,229 | 0 | |||||||||||||||||||
Stock-based compensation expense | $ 1,000 | $ 0 | 147,000 | 0 | 148,000 | ||||||||||||||||
Issuance of shares pursuant to direct offerings (in shares) | 1,368,362 | 0 | |||||||||||||||||||
Issuance of shares pursuant to direct offerings | $ 13,000 | $ 0 | $ 14,853,000 | $ 0 | $ 14,866,000 | ||||||||||||||||
Net loss and comprehensive loss | 0 | 0 | 0 | (5,944,000) | (5,944,000) | ||||||||||||||||
Reclassification of warrant liability | $ 0 | $ 0 | 3,179,000 | 0 | 3,179,000 | ||||||||||||||||
Balance (in shares) at Mar. 31, 2021 | 38,342,952 | 7,531 | |||||||||||||||||||
Balance at Mar. 31, 2021 | $ 382,000 | $ 1,000 | 531,923,000 | (545,358,000) | (13,052,000) | ||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 36,902,361 | 7,531 | |||||||||||||||||||
Balance at Dec. 31, 2020 | $ 368,000 | $ 1,000 | 513,744,000 | (539,414,000) | (25,301,000) | ||||||||||||||||
Net loss and comprehensive loss | (17,506,000) | ||||||||||||||||||||
Balance (in shares) at Jun. 30, 2021 | 40,618,400 | 6,281 | |||||||||||||||||||
Balance at Jun. 30, 2021 | $ 405,000 | $ 1,000 | 551,449,000 | (556,920,000) | (5,065) | ||||||||||||||||
Balance (in shares) | 38,342,952 | 7,531 | |||||||||||||||||||
Balance (in shares) at Mar. 31, 2021 | 38,342,952 | 7,531 | |||||||||||||||||||
Balance at Mar. 31, 2021 | $ 382,000 | $ 1,000 | 531,923,000 | (545,358,000) | (13,052,000) | ||||||||||||||||
Stock-based compensation expense (in shares) | 6,812 | 0 | |||||||||||||||||||
Stock-based compensation expense | $ 0 | $ 0 | 3,293,000 | 0 | 3,293,000 | ||||||||||||||||
Issuance of shares pursuant to direct offerings (in shares) | 115,956 | 0 | 1,219,512 | 0 | |||||||||||||||||
Issuance of shares pursuant to direct offerings | $ 1,000 | $ 0 | $ 1,412,000 | $ 0 | $ 1,413,000 | $ 12,000 | $ 0 | $ 14,062,000 | $ 0 | $ 14,074,000 | |||||||||||
Net loss and comprehensive loss | $ 0 | $ 0 | 0 | (11,562,000) | (11,562,000) | ||||||||||||||||
Issuance of shares pursuant to exercise of warrants (in shares) | 362,500 | 0 | |||||||||||||||||||
Issuance of shares pursuant to exercise of warrants | $ 4,000 | $ 0 | 0 | 0 | 4,000 | ||||||||||||||||
Conversion of preferred shares to common shares (in shares) | 506,312 | (1,250) | |||||||||||||||||||
Conversion of preferred shares to common shares | $ 5,000 | $ 0 | (5,000) | 0 | 0 | ||||||||||||||||
Issuance of shares to lenders (in shares) | 64,356 | 0 | |||||||||||||||||||
Issuance of shares to lenders | $ 1,000 | $ 0 | $ 764,000 | $ 0 | $ 765,000 | ||||||||||||||||
Balance (in shares) at Jun. 30, 2021 | 40,618,400 | 6,281 | |||||||||||||||||||
Balance at Jun. 30, 2021 | $ 405,000 | $ 1,000 | 551,449,000 | (556,920,000) | (5,065) | ||||||||||||||||
Balance (in shares) | 40,618,400 | 6,281 | |||||||||||||||||||
Balance (in shares) | 43,656,169 | 2,300 | 329 | ||||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 43,656,169 | 2,300 | 329 | ||||||||||||||||||
Balance at Dec. 31, 2021 | $ 435,000 | $ 1,000 | $ 1,000 | 613,572,000 | (573,400,000) | 40,609,000 | |||||||||||||||
Stock-based compensation expense (in shares) | 236,995 | 0 | 0 | ||||||||||||||||||
Stock-based compensation expense | $ 2,000 | $ 0 | $ 0 | 431,000 | 0 | 433,000 | |||||||||||||||
Issuance of shares pursuant to direct offerings (in shares) | 6,857,140 | 0 | 0 | ||||||||||||||||||
Issuance of shares pursuant to direct offerings | $ 69,000 | $ 0 | $ 0 | 11,672,000 | 0 | 11,741,000 | |||||||||||||||
Dividends paid and declared | 0 | 0 | 0 | 0 | (1,265,000) | (1,265,000) | |||||||||||||||
Net loss and comprehensive loss | $ 0 | $ 0 | $ 0 | 0 | (5,912,000) | (5,912,000) | |||||||||||||||
Balance (in shares) at Mar. 31, 2022 | 50,750,304 | 2,300 | 329 | ||||||||||||||||||
Balance at Mar. 31, 2022 | $ 506,000 | $ 1,000 | $ 1,000 | 625,675,000 | (580,577,000) | 45,606,000 | |||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 43,656,169 | 2,300 | 329 | ||||||||||||||||||
Balance at Dec. 31, 2021 | $ 435,000 | $ 1,000 | $ 1,000 | 613,572,000 | (573,400,000) | 40,609,000 | |||||||||||||||
Net loss and comprehensive loss | (11,395,000) | ||||||||||||||||||||
Balance (in shares) at Jun. 30, 2022 | 50,770,275 | 2,300 | 329 | ||||||||||||||||||
Balance at Jun. 30, 2022 | $ 506,000 | $ 1,000 | $ 1,000 | 626,098,000 | (587,348,000) | 39,258,000 | |||||||||||||||
Balance (in shares) | 50,750,304 | 2,300 | 329 | ||||||||||||||||||
Balance (in shares) at Mar. 31, 2022 | 50,750,304 | 2,300 | 329 | ||||||||||||||||||
Balance at Mar. 31, 2022 | $ 506,000 | $ 1,000 | $ 1,000 | 625,675,000 | (580,577,000) | 45,606,000 | |||||||||||||||
Stock-based compensation expense (in shares) | 19,971 | 0 | 0 | ||||||||||||||||||
Stock-based compensation expense | $ 0 | $ 0 | $ 0 | 423,000 | 0 | 423,000 | |||||||||||||||
Dividends paid and declared | 0 | 0 | 0 | 0 | (1,288,000) | (1,288,000) | |||||||||||||||
Net loss and comprehensive loss | $ 0 | $ 0 | $ 0 | 0 | (5,483,000) | (5,483,000) | |||||||||||||||
Balance (in shares) at Jun. 30, 2022 | 50,770,275 | 2,300 | 329 | ||||||||||||||||||
Balance at Jun. 30, 2022 | $ 506,000 | $ 1,000 | $ 1,000 | $ 626,098,000 | $ (587,348,000) | $ 39,258,000 | |||||||||||||||
Balance (in shares) | 50,770,275 | 2,300 | 329 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | |
Dividends declared (in dollars per share) | $ 560 | $ 550 |
Preferred stock, dividend rate | 8.875% | 8.875% |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
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 December 31, 2021. 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 six June 30, 2022 not December 31, 2022. 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 $11.4 million for the six June 30, 2022, six June 30, 2021. June 30, 2022 six June 30, 2022. 2021 2021 Cash requirements during the six June 30, 2022 On June 7, 2021, June 30, 2021 124 On June 29, 2021, 1/1000 th July 2, 2021 On July 2, 2021, 2 eight June 30, 2022, On March 23, 2022, The Company may not 100% not Management assesses whether the Company has sufficient liquidity to fund its costs for the next twelve Limitations on the Company’s liquidity and ability to raise capital may no Supplemental Cash Flow Information During the six June 30, 2022, no At June 30, 2022, 8 July 15, 2022. 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, 2022 December 31, 2021 June 30, 2021 (in thousands) Cash and Cash Equivalents $ 13,239 $ 10,965 $ 11,186 Restricted Cash 1,288 1,288 - Long Term Restricted Cash 5,050 7,603 134 Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows $ 19,577 $ 19,856 $ 11,320 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 approximately July 2023. Recent Accounting Pronouncements Accounting Guidance Not In June 2016, December 15, 2022, not |
Note 2 - Long-term Debt
Note 2 - Long-term Debt | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 2 – LONG-TERM DEBT On June 28, 2021, $77.5 July 2, 2021. On July 2, 2021, July 2, 2024, September 30, 2021 first six eighteen eighteen thirty thirty 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 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, as follows: ● at any time after the 12 18 may ● at any time after the 18 24 may ● at any time after the 24 may The proceeds of the Senior Secured Debt were used, together with the proceeds received from the Depositary Share Offering, (a) to repay all of the Company’s outstanding obligations under the then existing senior secured debt, (b) to deposit approximately $10.2 million into a segregated account, representing an amount sufficient to pre-fund eight In connection with the issuance of the Senior Secured Debt, on July 2, 2021 ( may July 2, 2024 ( may As a result of the issuance of the Warrants, which met the criteria for equity classification under applicable GAAP, the Company recorded additional paid-in capital in the amount of $1.9 million which was the fair value of the Warrants on the issuance date. In addition, the fair value of the Warrants was recorded as debt discount and is being amortized over the term of the Senior Secured Debt. |
Note 3 - Stock-based Compensati
Note 3 - Stock-based Compensation Plans | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 3 – STOCK-BASED COMPENSATION PLANS The Company has issued options and has granted stock awards pursuant to its 2019 2019 The 2019 “2019 July 10, 2019 July 12, 2022 Effective July 1, 2021, 2019 June 30 January 31 first Stock Awards to Directors, Officers, and Consultants The Company has granted stock awards pursuant to its 2019 Of the total 2,700,000 shares reserved under the 2019 June 30, 2022. 825,000 RSUs were granted to employees in April 2021 “April 2021 April 2021 July 2021 April 2021 January 3, 2023, March 1, 2023. Of the 255,000 RSUs earned upon the Vesting Event, the Company issued 158,673 shares net of taxes withheld and paid in cash by the Company. Upon the change of the Executive Chair on February 4, 2022, 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 three The accompanying consolidated statements of operations and comprehensive loss include approximately $856,000 and $3,440,000 of stock-based compensation expense related to stock awards in the six June 30, 2022 2021, |
Note 4 - Income Taxes
Note 4 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 4 – INCOME TAXES As of June 30, 2022, 2038 2041 December 31, 2017, June 2021. As of June 30, 2022, None The Company's tax years 2018 2021 2017 2021 three four Because it is more likely than not not no |
Note 5 - Net Loss Per Common Sh
Note 5 - Net Loss Per Common Share | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 5 – 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 three June 30, 2022 2021, six June 30, 2022 2021, |
Note 6 - Leases & Property, Pla
Note 6 - Leases & Property, Plant, Equipment and Water Programs | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases and Property, Plant and Equipment Disclosure [Text Block] | NOTE 6 – 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 28 years as of June 30, 2022, not not 2049. not From a lessor standpoint, in February 2016, one five During the six June 30, 2022, Depreciation expense on land improvements, buildings, leasehold improvements, machinery and equipment and furniture and fixtures was $293,000 and $206,000 for the six June 30, 2022 2021, |
Note 7 - Common and Preferred S
Note 7 - Common and Preferred Stock | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7 – COMMON AND PREFERRED STOCK Common Stock The Company is authorized to issue 70 million shares of Common Stock at a $0.01 par value. As of June 30, 2022, In January 2013, 200,000 100,000 two ■ 100,000 shares earned upon the signing of binding agreements for more than 51% of the Water Project’s annual capacity, which is not ■ 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 All shares earned upon achievement of any of the remaining two three Series 1 The Company has issued a total of 10,000 shares of Series 1 1 March 2020. 1 June 30, 2022, 1 1 329 1 June 30, 2022. Series A Preferred Stock On June 29, 2021, may 1/1000 th July 2, 2021 On July 1, 2021, 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 1 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 15 th January, April, July October, October 15, 2021. June 30, 2022, June 17, 2022, July 15, 2022 July 1, 2022. At the issuance of the Series A Preferred Stock, the Company pre-funded eight July 2023 not not Holders of depositary shares representing interests in the Series A Preferred Stock generally will have no not six not two On and after July 2, 2026, 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 x not The Company has 2,300 shares of Series A Preferred Stock issued and outstanding as of June 30, 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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 $11.4 million for the six June 30, 2022, six June 30, 2021. June 30, 2022 six June 30, 2022. 2021 2021 Cash requirements during the six June 30, 2022 On June 7, 2021, June 30, 2021 124 On June 29, 2021, 1/1000 th July 2, 2021 On July 2, 2021, 2 eight June 30, 2022, On March 23, 2022, The Company may not 100% not Management assesses whether the Company has sufficient liquidity to fund its costs for the next twelve Limitations on the Company’s liquidity and ability to raise capital may no |
Cash Flow Supplemental [Policy Text Block] | Supplemental Cash Flow Information During the six June 30, 2022, no At June 30, 2022, 8 July 15, 2022. 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, 2022 December 31, 2021 June 30, 2021 (in thousands) Cash and Cash Equivalents $ 13,239 $ 10,965 $ 11,186 Restricted Cash 1,288 1,288 - Long Term Restricted Cash 5,050 7,603 134 Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows $ 19,577 $ 19,856 $ 11,320 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 approximately July 2023. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Guidance Not In June 2016, December 15, 2022, not |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | Cash, Cash Equivalents and Restricted Cash June 30, 2022 December 31, 2021 June 30, 2021 (in thousands) Cash and Cash Equivalents $ 13,239 $ 10,965 $ 11,186 Restricted Cash 1,288 1,288 - Long Term Restricted Cash 5,050 7,603 134 Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows $ 19,577 $ 19,856 $ 11,320 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Mar. 23, 2022 | Jul. 02, 2021 | Jul. 01, 2021 | Jun. 29, 2021 | Jun. 07, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Net Income (Loss) Attributable to Parent, Total | $ (5,483) | $ (5,912) | $ (11,562) | $ (5,944) | $ (11,395) | $ (17,506) | ||||||
Working Capital | $ 12,000 | 12,000 | ||||||||||
Net Cash Provided by (Used in) Operating Activities, Total | (7,550) | (5,999) | ||||||||||
Proceeds from Issuance of Common Stock | 11,741 | 30,354 | ||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | 1,748 | 20,177 | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.875% | 8.875% | ||||||||||
Repayments of Long-term Debt, Total | 69 | 27 | ||||||||||
Deposits, Segregated Account, Pre-fund Eight Quarterly Dividend Payments | $ 10,200 | |||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 1,760 | |||||||||||
Dividends Payable, Current | $ 1,288 | $ 1,288 | $ 1,288 | |||||||||
New Loan [Member] | ||||||||||||
Debt Instrument, Face Amount | 50,000 | |||||||||||
Senior Secured Debt [Member] | ||||||||||||
Repayments of Long-term Debt, Total | $ 77,500 | |||||||||||
Depository Shares [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,000,000 | |||||||||||
Preferred Stock, Shares Per Depository Share (in dollars per share) | $ 0.001 | |||||||||||
Series A Preferred Stock [Member] | ||||||||||||
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 | |||||||||||
Dividends Payable, Current | $ 1,290 | $ 1,290 | ||||||||||
Pipelines [Member] | ||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 19,000 | |||||||||||
Private Placement [Member] | Direct Offering [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,219,512 | |||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 12.30 | |||||||||||
Proceeds from Issuance of Common Stock | $ 15,000 | |||||||||||
Proceeds from Issuance of Common Stock, Net | $ 14,100 | |||||||||||
Over-Allotment Option [Member] | Depository Shares [Member] | Maximum [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 300,000 | |||||||||||
Direct Offering [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 6,857,140 | |||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.75 | |||||||||||
Proceeds from Issuance of Common Stock | $ 12,000 | |||||||||||
Proceeds from Issuance of Common Stock, Net | $ 11,700 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Components of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents | $ 13,239 | $ 10,965 | $ 11,186 | |
Restricted Cash | 1,288 | 1,288 | 0 | |
Long Term Restricted Cash | 5,050 | 7,603 | 134 | |
Cash, Cash Equivalents and Restricted Cash in the Consolidated Statement of Cash Flows | $ 19,577 | $ 19,856 | $ 11,320 | $ 7,424 |
Note 2 - Long-term Debt (Detail
Note 2 - Long-term Debt (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 02, 2021 | Jul. 01, 2021 | Jun. 29, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Preferred Stock, Dividend Rate, Percentage | 8.875% | 8.875% | |||||
Deposits, Segregated Account, Pre-fund Eight Quarterly Dividend Payments | $ 10.2 | ||||||
Warrants Issued to Lenders [Member] | |||||||
Class of Warrant or Right, Issued During Period (in shares) | 2 | ||||||
Warrants and Rights Outstanding | $ 1.9 | ||||||
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% | ||||||
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% | ||||||
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 | $ 25 | |||||
New Loan [Member] | |||||||
Debt Instrument, Face Amount | $ 50 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7% | ||||||
Debt Instrument, Unamortized Discount, Total | $ 2.9 | ||||||
New Loan [Member] | Repayment After Six-months of the Closing Date [Member] | |||||||
Debt Instrument, Repayment Fee Percentage | 2% | ||||||
New Loan [Member] | Repayment After Eighteen-months of the Closing Date [Member] | |||||||
Debt Instrument, Repayment Fee Percentage | 4% | ||||||
New Loan [Member] | Repayment After Thirty-months of the Closing Date [Member] | |||||||
Debt Instrument, Repayment Fee Percentage | 6% | ||||||
New Loan [Member] | Issuance After One Year of the Closing Date [Member] | |||||||
Debt Instrument, Prepay Amount, Percentage of the Cash Proceeds Received | 75% | ||||||
New Loan [Member] | Between 12-months and 18-months Anniversary of the Closing of the Debt [Member] | |||||||
Debt Instrument, Percentage of Principal Exchanged into Depositary Receipts | 50% | ||||||
New Loan [Member] | Between 18-months and 24-months Anniversary of the Closing of the Debt [Member] | |||||||
Debt Instrument, Percentage of Principal Exchanged into Depositary Receipts | 75% | ||||||
New Loan [Member] | After 24-months Anniversary of the Closing of the Debt [Member] | |||||||
Debt Instrument, Percentage of Principal Exchanged into Depositary Receipts | 100% |
Note 3 - Stock-based Compensa_2
Note 3 - Stock-based Compensation Plans (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Feb. 04, 2022 $ / shares shares | Jul. 01, 2021 USD ($) | Apr. 30, 2021 shares | Mar. 31, 2022 shares | Jun. 30, 2022 shares | Jun. 30, 2021 shares | Jul. 10, 2019 shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 856,000 | 3,440,000 | |||||
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 | ||||||
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 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants 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 Nine Equity Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 2,700,000 | ||||||
Two Thousand Nine Equity Incentive Plan [Member] | Directors, Consultants and Employees [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 1,143,011 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Unrecognized Tax Benefits, Ending Balance | $ 900 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 0 |
Deferred Tax Assets, Net, Total | 0 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Operating Loss Carryforwards | $ 338,000 |
Open Tax Year | 2018 2019 2020 2021 |
Open Tax Period (Year) | 3 years |
Domestic Tax Authority [Member] | California Franchise Tax Board [Member] | |
Operating Loss Carryforwards | $ 273,000 |
Open Tax Year | 2017 2018 2019 2020 2021 |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |
Open Tax Period (Year) | 4 years |
Note 5 - Net Loss Per Common _2
Note 5 - Net Loss Per Common Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,533,000 | 3,196,000 | 1,533,000 | 2,903,000 |
Note 6 - Leases & Property, P_2
Note 6 - Leases & Property, Plant, Equipment and Water Programs (Details Textual) | 6 Months Ended | ||
Feb. 29, 2016 USD ($) a | Jun. 30, 2022 USD ($) a | Jun. 30, 2021 USD ($) | |
Depreciation, Total | $ 293,000 | $ 206,000 | |
Property Related to Development of Alfalfa [Member] | |||
Construction in Progress, Gross | $ 3,024,000 | ||
Area of Land (Acre) | a | 760 | ||
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 | ||
Lessor, Operating Lease, Payment to be Received, Year One | $ 420,000 | ||
Lessor, Operating Lease, Payment to be Received, Year Two | 420,000 | ||
Lessor, Operating Lease, Payment to be Received, Year Three | 420,000 | ||
Lessor, Operating Lease, Payment to be Received, Year Four | 420,000 | ||
Lessor, Operating Lease, Payment to be Received, Year Five | $ 420,000 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Month) | 1 month | ||
Maximum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Month) | 28 years |
Note 7 - Common and Preferred_2
Note 7 - Common and Preferred Stock (Details Textual) | 3 Months Ended | 6 Months Ended | 12 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, 2022 $ / shares shares | Mar. 31, 2022 | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares shares | Jul. 02, 2026 $ / shares | Jun. 17, 2022 $ / shares | Mar. 25, 2022 | |
Common Stock, Shares Authorized (in shares) | 70,000,000 | 70,000,000 | 70,000,000 | 70,000,000 | ||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 50,770,275 | 50,770,275 | 50,770,275 | 43,656,169 | ||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 400,000 | |||||||||||||
Percentage Of Projects Annual Capacity | 51% | |||||||||||||
Number of Milestones for Common Stock Issuance | 2 | |||||||||||||
Shares Payable Term From Date Earned (Year) | 3 years | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | 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, Total | $ | $ 2,553,000 | $ 0 | $ 4,002,000 | |||||||||||
Preferred Stock, Shares Issued, Total (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 | |||||||||||||
Depository Shares [Member] | ||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,000,000 | |||||||||||||
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 | $ 25 | ||||||||||||
Preferred Stock, Liquidation Preference Per Share Per Year | 2.21875 | |||||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 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, 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 | |||||||||||||
Preferred Stock, Liquidation Preference Per Share Per Year | 2,218.75 | |||||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 560 | |||||||||||||
Conversion of Stock, Shares Cap (in shares) | 3,748.13 | |||||||||||||
Preferred Stock, Shares Issued, Total (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 | |||||||||||||
Forecast [Member] | Series A Preferred Stock [Member] | ||||||||||||||
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ / shares | $ 25,000 | |||||||||||||
Upon Change of Control [Member] | Depository Shares [Member] | ||||||||||||||
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ / shares | $ 25 | |||||||||||||
Upon Change of Control [Member] | Series A Preferred Stock [Member] | ||||||||||||||
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ / shares | $ 25,000 |