Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 191

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 191
---
,408) 
     (23,408)
  
    Cash Dividends on Preferred Stock 
     —  
     —  
     (109) 
     (109)
  
    Conversion of $7 Preferred Stock to Common Stock 
     51  
     449  
     —  
     449 
  
    Balance at December 31, 2024 
     17,887  
    $248,202  
    $197,061  
    $445,263 

See Notes to Consolidated Financial Statements. 

44 

MIDDLESEX WATER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Organization, Summary of Significant Accounting Policies
and Recent Developments

(a) Organization - 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), Utility Service Affiliates (Perth Amboy) Inc. (USA-PA) and Twin Lakes Utilities, Inc. (Twin Lakes). Southern Shores Water Company,
LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The terms
“we,” “our,” and “us” collectively refer to Middlesex and its subsidiaries,

Middlesex has operated as a water utility in New
Jersey since 1897 and in Delaware, through our wholly-owned subsidiary, Tidewater, since 1992. We are in the business of providing an
essential water utility service for domestic, commercial, municipal, industrial and fire protection purposes. We also operate New Jersey
municipal water, wastewater and storm water systems under contract and provide unregulated water and wastewater services in New Jersey
and Delaware through our subsidiaries. Our rates charged to customers for water and wastewater services, the quality of services we provide
and certain other matters are regulated in New Jersey and Delaware by the New Jersey Board of Public Utilities (NJBPU) and the Delaware
Public Service Commission (DEPSC), respectively. Our USA, USA-PA and White Marsh subsidiaries are not regulated utilities.

(b) Principles of Consolidation –
The financial statements for Middlesex