2023 Q2 Form 10-Q Financial Statement

#000149315223017405 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $217.9K $1.005M $1.986M
YoY Change -90.24% -49.4% 9.04%
Cost Of Revenue $509.8K $525.7K
YoY Change
Gross Profit -$291.9K $479.0K
YoY Change
Gross Profit Margin -133.95% 47.68%
Selling, General & Admin $586.4K $499.5K $297.6K
YoY Change 71.39% 67.87% 75.21%
% of Gross Profit 104.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $604.7K $604.7K $392.7K
YoY Change 55.64% 53.98% 53.8%
% of Gross Profit 126.24%
Operating Expenses $1.248M $1.161M $690.3K
YoY Change 49.49% 68.21% 62.35%
Operating Profit -$1.540M -$682.1K
YoY Change
Interest Expense $651.5K $537.4K -$297.4K
YoY Change 43.77% -280.73% 3.38%
% of Operating Profit
Other Income/Expense, Net $880.5K
YoY Change
Pretax Income -$2.191M -$339.1K $997.9K
YoY Change -331.92% -133.98% -9.95%
Income Tax
% Of Pretax Income
Net Earnings -$2.191M -$339.0K $997.9K
YoY Change -331.92% -133.98% -9.95%
Net Earnings / Revenue -1005.72% -33.74% 50.26%
Basic Earnings Per Share -$0.69 -$0.15 $0.25
Diluted Earnings Per Share -$0.69 -$0.15 $296.3K
COMMON SHARES
Basic Shares Outstanding 3.390M shares 3.390M shares 3.368M shares
Diluted Shares Outstanding 3.390M shares 3.390M shares 3.368M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.273M $4.307M $1.939M
YoY Change 174.64% 122.12% -94.77%
Cash & Equivalents $3.273M $4.307M $1.939M
Short-Term Investments
Other Short-Term Assets $13.84M $14.25M $47.80K
YoY Change 41592.56% 29705.13% -25.9%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00 $238.9K
Other Receivables $503.0K $547.7K $1.529M
Total Short-Term Assets $17.62M $19.10M $3.755M
YoY Change 580.48% 408.75% -90.43%
LONG-TERM ASSETS
Property, Plant & Equipment $62.34M $62.95M $90.74M
YoY Change -32.84% -30.63% 122.49%
Goodwill
YoY Change
Intangibles $2.618M $2.675M
YoY Change -26.29%
Long-Term Investments
YoY Change
Other Assets $1.000M $1.000M
YoY Change
Total Long-Term Assets $65.96M $66.65M $94.52M
YoY Change -31.65% -29.49% 114.37%
TOTAL ASSETS
Total Short-Term Assets $17.62M $19.10M $3.755M
Total Long-Term Assets $65.96M $66.65M $94.52M
Total Assets $83.58M $85.75M $98.28M
YoY Change -15.66% -12.75% 17.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $983.7K $1.112M $501.6K
YoY Change 92.95% 121.64% 573.25%
Accrued Expenses $679.5K $618.2K $77.10K
YoY Change 438.8% 701.79% -0.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.084M $1.083M $649.7K
YoY Change -34.58% 66.69% 5.95%
Total Short-Term Liabilities $4.453M $4.452M $5.081M
YoY Change -28.45% -12.39% 112.37%
LONG-TERM LIABILITIES
Long-Term Debt $36.96M $37.16M $33.81M
YoY Change 13.34% 9.9% 46.18%
Other Long-Term Liabilities $132.8K
YoY Change
Total Long-Term Liabilities $36.96M $37.16M $33.94M
YoY Change 13.34% 9.47% 46.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.453M $4.452M $5.081M
Total Long-Term Liabilities $36.96M $37.16M $33.94M
Total Liabilities $41.41M $41.61M $39.02M
YoY Change 6.31% 6.63% 52.9%
SHAREHOLDERS EQUITY
Retained Earnings -$13.63M -$11.28M
YoY Change -337.21%
Common Stock $46.83M $46.60M
YoY Change 2.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.19M $35.32M $50.76M
YoY Change
Total Liabilities & Shareholders Equity $83.58M $85.75M $98.28M
YoY Change -15.66% -12.75% 17.93%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.191M -$339.0K $997.9K
YoY Change -331.92% -133.98% -9.95%
Depreciation, Depletion And Amortization $604.7K $604.7K $392.7K
YoY Change 55.64% 53.98% 53.8%
Cash From Operating Activities -$812.9K -$876.8K $3.098M
YoY Change -138.49% -128.3% 157.12%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$15.55M
YoY Change -100.0% -100.0% 154.74%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.409M
YoY Change
Cash From Investing Activities $0.00 $2.409M -$15.55M
YoY Change -100.0% -115.49% 154.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $73.55K $71.97K
YoY Change 2.19%
Cash From Financing Activities -220.9K -$73.55K 11.22M
YoY Change -40.97% -100.66% -69.15%
NET CHANGE
Cash From Operating Activities -812.9K -$876.8K 3.098M
Cash From Investing Activities 0.000 $2.409M -15.55M
Cash From Financing Activities -220.9K -$73.55K 11.22M
Net Change In Cash -1.034M $1.459M -1.232M
YoY Change 38.35% -218.37% -103.92%
FREE CASH FLOW
Cash From Operating Activities -$812.9K -$876.8K $3.098M
Capital Expenditures $0.00 $0.00 -$15.55M
Free Cash Flow -$812.9K -$876.8K $18.65M
YoY Change -117.68% -104.7% 155.13%

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CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
238900 usd
CY2023Q1 PW Increase Decrease In Deferred Rent Receivable
IncreaseDecreaseInDeferredRentReceivable
173968 usd
CY2022Q1 PW Increase Decrease In Deferred Rent Receivable
IncreaseDecreaseInDeferredRentReceivable
-565335 usd
CY2022Q1 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
415473 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
39980 usd
CY2022Q1 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
-445401 usd
CY2023Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
22076 usd
CY2022Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-50000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-376572 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
422272 usd
CY2022Q1 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-192000 usd
CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
20405 usd
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
500 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
37161 usd
CY2022Q1 us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
-118125 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-876840 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3097946 usd
CY2023Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
2409178 usd
CY2022Q1 us-gaap Payments To Acquire Land
PaymentsToAcquireLand
9537358 usd
CY2022Q1 us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
6013866 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2409178 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-15551224 usd
CY2023Q1 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P37Y
CY2023Q1 us-gaap Depreciation
Depreciation
604700 usd
CY2022Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
43958 usd
CY2022Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
11500000 usd
CY2023Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
73545 usd
CY2022Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
71969 usd
CY2022Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
163207 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-73545 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
11220866 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1458793 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1232412 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3847871 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3171301 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5306664 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1938889 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
487906 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
275879 usd
CY2023Q1 PW Reclass Of Deferred Debt Issuance Costs To Liability Upon Reduction Of Total Loan Commitment
ReclassOfDeferredDebtIssuanceCostsToLiabilityUponReductionOfTotalLoanCommitment
46023 usd
CY2022Q1 PW Reclass Of Deferred Debt Issuance Costs To Liability Upon Reduction Of Total Loan Commitment
ReclassOfDeferredDebtIssuanceCostsToLiabilityUponReductionOfTotalLoanCommitment
175759 usd
CY2023Q1 PW Dividends Accrued On Preferred Stock
DividendsAccruedOnPreferredStock
163207 usd
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_805_eus-gaap--NatureOfOperations_zJB9eXnriB7k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 – <span id="xdx_828_zaeXXugUiaMd">GENERAL INFORMATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power REIT (the “Registrant” or the “Trust”, and together with its consolidated subsidiaries, “we”, “us”, or “Power REIT”, unless the context requires otherwise) is a Maryland-domiciled, internally-managed real estate investment trust (a “REIT”) that owns a portfolio of real estate assets related to transportation, energy infrastructure and Controlled Environment Agriculture (“CEA”) in the United States.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and with the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Trust, as defined below, these unaudited consolidated financial statements include all adjustments necessary to present fairly the information set forth herein. All such adjustments are of a normal recurring nature. Results for interim periods are not necessarily indicative of results to be expected for a full year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes included in our latest Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on March 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust is structured as a holding company and owns its assets through twenty-four direct and indirect wholly-owned, special purpose subsidiaries that have been formed in order to hold real estate assets, obtain financing and generate lease revenue. As of March 31, 2023, the Trust’s assets consisted of approximately 112 miles of railroad infrastructure and related real estate which is owned by its subsidiary Pittsburgh &amp; West Virginia Railroad (“P&amp;WV”), approximately 501 acres of fee simple land leased to a number of utility scale solar power generating projects with an aggregate generating capacity of approximately 88 Megawatts (“MW”) and approximately 263 acres of land with approximately <span id="xdx_90F_eus-gaap--AreaOfLand_iI_pid_uSqft_c20230331_zxb09lkKKw3d" title="Area of land acquired">2,211,000</span> square feet of existing or under construction CEA properties in the form of greenhouses. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 6, 2023, a wholly owned subsidiary of Power REIT, sold its interest in five ground leases related to utility scale solar farms located in Tulare County, California for gross proceeds of $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20230105__20230106_zXU0sTkrvKTk" title="Gross proceeds">2,500,000</span>. The purchaser is an unaffiliated third party and the price was established based on an arm’s length negotiation. The properties were acquired by Power REIT in 2013 for $<span id="xdx_906_eus-gaap--PaymentsToAcquireProductiveAssets_c20230105__20230106_zDPOuAVxQ33h" title="Property improvement">1,550,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended March 31, 2023, the Trust accrued a quarterly dividend of approximately $<span id="xdx_90E_eus-gaap--RedeemablePreferredStockDividends_c20230101__20230331__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativeRedeemablePerpetualPreferredStockMember_z643vX0RUGZb" title="Redeemable preferred stock dividends">163,000</span> ($<span id="xdx_902_eus-gaap--DividendsPayableAmountPerShare_iI_pid_c20230331__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativeRedeemablePerpetualPreferredStockMember_z17Kq3xrSML1" title="Dividends payable, amount per share">0.484375</span> per share per quarter) on Power REIT’s <span id="xdx_907_ecustom--PercentageOfRedeemblePerpetualPreferredStock_iI_pid_dp_uPure_c20230331__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativeRedeemablePerpetualPreferredStockMember_z148LnILR68g" title="Percentage of redeemble perpetual preferred stock">7.75</span>% Series A Cumulative Redeemable Perpetual Preferred Stock. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust has elected to be treated for tax purposes as a REIT, which means that it is exempt from U.S. federal income tax if a sufficient portion of its annual income is distributed to its shareholders, and if certain other requirements are met. In order for the Trust to maintain its REIT qualification, at least <span id="xdx_90D_ecustom--MinimumPercentageOfTaxableIncomeToBeDistributedToShareholders_pid_dp_uPure_c20230101__20230331_zdJ6QlufkdNl" title="Minimum percentage of taxable income to be distributed to shareholders">90</span>% of its ordinary taxable annual income must be distributed to shareholders. As of December 31, 2021, the last tax return completed to date, the Trust has a net operating loss of $<span id="xdx_906_eus-gaap--OperatingIncomeLoss_pn5n6_c20210101__20211231_z6klAjpslBHh" title="Net operating loss">24.8</span> million, which may reduce or eliminate this requirement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Area Of Land
AreaOfLand
2211000 sqft
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2500000 usd
CY2023Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1550000 usd
CY2023Q1 PW Minimum Percentage Of Taxable Income To Be Distributed To Shareholders
MinimumPercentageOfTaxableIncomeToBeDistributedToShareholders
0.90 pure
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
24800000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4306664 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2847871 usd
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
1000000 usd
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
1000000 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
5306664 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3847871 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-339046 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
997880 usd
CY2023Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
163207 usd
CY2022Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
163207 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-502253 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
834673 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3389661 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3367531 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.25
CY2022Q1 us-gaap Depreciation
Depreciation
288500 usd
CY2023Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2022Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0 usd
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
218000 usd
CY2023Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2022Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
170616 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
227488 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
227488 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
227488 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
227488 usd
CY2023Q1 PW Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
1594469 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2675037 usd
CY2023Q1 us-gaap Real Estate Investments Other
RealEstateInvestmentsOther
9150000 usd
CY2023Q1 PW Nonrestricted Cash Available
NonrestrictedCashAvailable
4300000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0 usd
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
218000 usd
CY2023Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
923000 usd
CY2022Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
1986000 usd
CY2019Q4 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
15500000 usd
CY2023Q1 us-gaap Debt Instrument Interest Rate Terms
DebtInstrumentInterestRateTerms
The interest rate is changed to the greater of: (i) 1% above the Prime rate and (ii) 8.75%
CY2023Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2025-12-21
CY2023Q1 PW Debt Instrument Minimum Liquidity
DebtInstrumentMinimumLiquidity
1000000 usd
CY2023Q1 us-gaap Debt Instrument Fee
DebtInstrumentFee
A $160,000 fee will be charged by the bank for the modification
CY2023Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
16000000 usd
CY2023Q1 PW Loan Modification Expense
LoanModificationExpense
-160000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1088346 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
715777 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
16755634 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
797628 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
841452 usd
CY2023Q1 PW Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
18820754 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
39019591 usd
CY2023Q1 PW Land Assets Held For Sale
LandAssetsHeldForSale
1175148 usd
CY2022Q4 PW Land Assets Held For Sale
LandAssetsHeldForSale
2487677 usd
CY2023Q1 PW Greenhouse Cultivation And Processing Facilities Net Of Accumulated Depreciation
GreenhouseCultivationAndProcessingFacilitiesNetOfAccumulatedDepreciation
12542351 usd
CY2022Q4 PW Greenhouse Cultivation And Processing Facilities Net Of Accumulated Depreciation
GreenhouseCultivationAndProcessingFacilitiesNetOfAccumulatedDepreciation
12542351 usd
CY2022Q4 PW Intangible Lease Asset Net Of Accumulated Amortization
IntangibleLeaseAssetNetOfAccumulatedAmortization
146121 usd
CY2023Q1 PW Accounts Receivable Held Forsale
AccountsReceivableHeldForsale
252 usd
CY2023Q1 PW Deferred Rent Receivable Held For Sale
DeferredRentReceivableHeldForSale
399284 usd
CY2022Q4 PW Deferred Rent Receivable Held For Sale
DeferredRentReceivableHeldForSale
327923 usd
CY2023Q1 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
14117035 usd
CY2022Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
15504072 usd
CY2023Q1 PW Accounts Payable Held For Sale
AccountsPayableHeldForSale
71502 usd
CY2022Q4 PW Accounts Payable Held For Sale
AccountsPayableHeldForSale
143827 usd
CY2023Q1 PW Tenant Security Deposits Held For Sale
TenantSecurityDepositsHeldForSale
537000 usd
CY2022Q4 PW Tenant Security Deposits Held For Sale
TenantSecurityDepositsHeldForSale
537000 usd
CY2022Q4 PW Prepaid Rent Held For Sale
PrepaidRentHeldForSale
37161 usd
CY2023Q1 PW Accrued Property Tax Held For Sale
AccruedPropertyTaxHeldForSale
105770 usd
CY2023Q1 PW Liabilities Held For Sale Not Part Of Disposal Group
LiabilitiesHeldForSaleNotPartOfDisposalGroup
714272 usd
CY2022Q4 PW Liabilities Held For Sale Not Part Of Disposal Group
LiabilitiesHeldForSaleNotPartOfDisposalGroup
717988 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
150917 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.63 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M18D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0305 pure
CY2023Q1 PW Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Estimate Of Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsEstimateOfForfeitureRate
0 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
6250 shares
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y3M14D
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
515000 usd
CY2023Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 usd
CY2023Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_807_eus-gaap--LossContingencyDisclosures_zszk1EKEHc24" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 – <span id="xdx_823_zcROGLYW3mg8">CONTINGENCIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust’s wholly-owned subsidiary, P&amp;WV, is subject to various restrictions imposed by the Railroad Lease with NSC, including restrictions on share and debt issuance, including guarantees.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>

Files In Submission

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pw-20230331_def.xml Edgar Link unprocessable
pw-20230331_pre.xml Edgar Link unprocessable
pw-20230331_lab.xml Edgar Link unprocessable
0001493152-23-017405-index-headers.html Edgar Link pending
0001493152-23-017405-index.html Edgar Link pending
0001493152-23-017405.txt Edgar Link pending
0001493152-23-017405-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
ex32-1.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
MetaLinks.json Edgar Link pending
pw-20230331.xsd Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
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