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Financial Statements


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v3.19.1
Condensed Consolidated Balance Sheets - Unaudited - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Assets    
Cash and cash equivalents $ 17,176 $ 12,550
Real estate and tangible water assets, net 42,606 44,298
Intangible assets 121,027 121,917
Right of use assets, net 433  
Other assets 1,304 1,446
Total assets 182,546 180,211
Liabilities and equity    
Lease liabilities 433  
Other liabilities 2,818 3,448
Accounts payable and accrued expenses 305 139
Total liabilities 3,556 3,587
Commitments and contingencies
Preferred stock, $0.001 par value; authorized 10,000 shares, none issued
Common stock, $0.001 par value; authorized 100,000 shares, 20,319 issued and 20,306 outstanding at March 31, 2019, and 20,848 issued and 20,726 outstanding at December 31, 2018 20 21
Additional paid-in capital 347,944 353,250
Accumulated deficit (168,852) (175,536)
Treasury stock, at cost (common shares: 12 at March 31, 2019 and 121 at December 31, 2018) (122) (1,111)
Total shareholders’ equity 178,990 176,624
Total liabilities and shareholders’ equity $ 182,546 $ 180,211
v3.19.1
Condensed Consolidated Statements of Operations and Comprehensive Income or Loss - Unaudited - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenues and other income:    
Sale of real estate and water assets $ 11,982 $ 247
Other income, net 138 97
Total revenues and other income 12,120 344
Cost of sales and expenses:    
Cost of real estate and water assets sold 2,582 219
General, administrative, and other 2,749 2,966
Depreciation and amortization 105 22
Total cost of sales and expenses 5,436 3,207
Income (loss) before income taxes 6,684 (2,863)
Provision for federal and state income taxes 0 0
Net income (loss) 6,684 (2,863)
Other comprehensive income (loss):    
Net income (loss) 6,684 (2,863)
Other comprehensive income (loss), net of tax:    
Unrealized loss on securities, net of deferred income tax and reclassification adjustments 0 (544)
Total other comprehensive loss, net of tax 0 (544)
Comprehensive income (loss) $ 6,684 $ (3,407)
Net income (loss) per common share – basic and diluted (in dollars per share) $ 0.33 $ (0.12)
Weighted average shares outstanding (in shares) 20,539 23,104
v3.19.1
Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating activities:    
Net cash provided by (used in) operating activities $ 8,966 $ (2,272)
Investing activities:    
Purchases of property, plant and equipment 0 (17)
Net cash used in investing activities 0 (17)
Financing activities:    
Purchases of treasury stock (4,340) (4,985)
Net cash used in financing activities (4,340) (4,985)
Increase (decrease) in cash and cash equivalents 4,626 (7,274)
Cash and cash equivalents, beginning of the period 12,550 37,128
Cash and cash equivalents, end of the period $ 17,176 $ 29,854