Company: MSEX
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001174947-25-000677
Chunk: 7

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 7
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17,894  
    $248,611  
    $200,437  
    $449,048 

See Notes to Condensed Consolidated Financial Statements. 

5 

MIDDLESEX WATER COMPANY

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS

Note 1 – Basis of Presentation and Recent Developments

Middlesex Water Company (Middlesex or the Company)
is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Pinelands Water Company (Pinelands Water) and Pinelands
Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), and Utility Service Affiliates  (Perth
Amboy) Inc. (USA-PA). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are
wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries are reported on a consolidated
basis. All significant intercompany accounts and transactions have been eliminated.

The consolidated notes within the 2024 Annual Report
on Form 10-K (the 2024 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited
condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to fairly state the
Company’s financial position as of March 31, 2025 and the results of operations and cash flows for the three month periods ended
March 31, 2025 and 2024. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2024, has been derived from
the Company’s December 31, 2024 audited financial statements included in the 2024 Form 10-K.

Recent Developments 

Tidewater Acquisition of the Water Utility
Assets of the Town of Ocean View, Delaware  - In April 2025, Tidewater completed the acquisition of the water utility assets of
the Town of Ocean View, Delaware (Ocean View) for approximately $4.6 million. Ocean View serves approximately 900 customers in
Sussex County, Delaware, who have been receiving water supply from Tidewater since the system was constructed in 2008. The purchase
price allocation consisted primarily of property and plant.