SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2020

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 16 - SUBSEQUENT EVENT

On August 3, 2020, Artesian Water completed its previously announced purchase of substantially all of the water system operating assets from the City of Delaware City, a Delaware municipality, or Delaware City, including the right to provide water service to Delaware City’s existing customers, or the Delaware City Water System.  Pursuant to the terms of the Asset Purchase Agreement, Delaware City transferred to Artesian Water all of Delaware City’s right, title and interest in and to all of the plant and equipment, associated real property, contracts, easements and permits possessed by Delaware City at closing related to the Delaware City Water System.  The total purchase price was $2.1 million, which included the payoff of certain indebtedness totaling approximately $0.6 million specifically related to the Delaware City Water System.  The Asset Purchase Agreement contains commitments to upgrade and replace certain operating assets.  The Delaware City Water System currently serves approximately 800 customers.  The Delaware Public Service Commission approved this transaction on July 15, 2020.