Note 7 - Property and Equipment |
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| Property, Plant, and Equipment [Text Block] |
Note 7 — Property and Equipment
As discussed above, on July 4, 2025, the OBBB was enacted into law. In light of this new law, the Company evaluated the financial viability of all its solar projects and its qualification for the federal solar investment tax credits. The Company identified several projects that will be discontinued and assessed the values of the related assets accumulated included in construction in progress and assessed the carrying values for impairment. In the fourth quarter of 2025, the Company recognized an impairment of assets of $0.4 million in the consolidated statement of income. In the fourth quarter of 2025, the Company transferred $2.7 million worth of solar panels that were allocated to discontinued community solar projects of Genie Solar from construction in progress to inventories.
In 2024, the Company discontinued several projects of Genie Solar as a result of lack of viability. The Company recognized an impairment of assets of $0.2 million related to costs previously capitalized in the property and equipment accounts in the consolidated balance sheets.
Property and equipment depreciation expenses were $0.7 million, $0.6 million and $0.1 million in the years ended December 31, 2025, 2024 and 2023, respectively.
In 2024, the Company transferred $1.1 million worth of solar panels that are intended to be used in Genie Solar projects from inventories to construction in progress related to solar panels expected to be used in the solar project by Genie Solar.
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