Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 01, 2016 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 612,231 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,191,100 | |
Entity Registrant Name | AVALON HOLDINGS CORP | |
Entity Central Index Key | 1,061,069 | |
Trading Symbol | awx | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net operating revenues | $ 15,642,000 | $ 13,955,000 | $ 26,641,000 | $ 24,655,000 |
Costs and expenses: | ||||
Costs of operations | 12,688,000 | 11,665,000 | 22,111,000 | 20,972,000 |
Depreciation and amortization expense | 693,000 | 595,000 | 1,379,000 | 1,233,000 |
Selling, general and administrative expenses | 1,891,000 | 1,909,000 | 3,757,000 | 3,943,000 |
Operating income (loss) | 370,000 | (214,000) | (606,000) | (1,493,000) |
Other income (expense): | ||||
Interest expense | (92,000) | (7,000) | (179,000) | (12,000) |
Other income, net | 89,000 | 101,000 | 161,000 | 173,000 |
Income (loss) before income taxes | 367,000 | (120,000) | (624,000) | (1,332,000) |
Provision for income taxes | 27,000 | 17,000 | 36,000 | 24,000 |
Net income (loss) | 340,000 | (137,000) | (660,000) | (1,356,000) |
Less net loss attributable to non-controlling interest in subsidiary | (81,000) | (132,000) | (173,000) | (311,000) |
Net income (loss) attributable to Avalon Holdings Corporation common shareholders | $ 421,000 | $ (5,000) | $ (487,000) | $ (1,045,000) |
Income (loss) per share attributable to Avalon Holdings Corporation common shareholders: | ||||
Basic net income (loss) per share (in dollars per share) | $ 0.11 | $ 0 | $ (0.13) | $ (0.27) |
Diluted net income (loss) per share (in dollars per share) | $ 0.11 | $ 0 | $ (0.13) | $ (0.27) |
Weighted average shares outstanding - basic (in shares) | 3,803,331 | 3,803,331 | 3,803,331 | 3,803,331 |
Weighted average shares outstanding - diluted (in shares) | 3,811,391 | 3,890,065 | 3,807,362 | 3,893,413 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Common Class A [Member] | ||
Equity: | ||
Class A Common Stock, $.01 par value | $ 32 | $ 32 |
Common Class B [Member] | ||
Equity: | ||
Class A Common Stock, $.01 par value | 6 | 6 |
Cash and cash equivalents | 1,910 | 1,814 |
Accounts receivable, less allowance for doubtful accounts of $228 in 2016 and $235 in 2015 | 11,273 | 9,579 |
Inventories | 959 | 830 |
Prepaid expenses | 399 | 487 |
Refundable income taxes | 6 | 33 |
Other current assets | 39 | 45 |
Total current assets | 14,586 | 12,788 |
Property and equipment, less accumulated depreciation and amortization of $18,371 in 2016 and $17,233 in 2015 | 44,109 | 43,386 |
Leased property under capital leases, less accumulated depreciation and amortization of $4,525 in 2016 and $4,310 in 2015 | 5,984 | 6,042 |
Noncurrent deferred tax asset | 8 | 8 |
Other assets, net | 74 | 78 |
Total assets | 64,761 | 62,302 |
Current portion of obligations under capital leases | 73 | 59 |
Revolving line of credit | 9,000 | |
Accounts payable | 8,497 | 8,022 |
Accrued payroll and other compensation | 863 | 618 |
Other accrued taxes | 342 | 380 |
Deferred revenues | 3,697 | 2,401 |
Other liabilities and accrued expenses | 772 | 667 |
Total current liabilities | 23,244 | 12,147 |
Revolving line of credit | 7,975 | |
Obligations under capital leases, net of current portion | 298 | 274 |
Asset retirement obligation | 100 | 100 |
Deferred rental income | 7 | 50 |
Paid-in capital | 58,940 | 58,924 |
Accumulated deficit | (20,668) | (20,181) |
Total Avalon Holdings Corporation Shareholders' Equity | 38,310 | 38,781 |
Non-controlling interest in subsidiary | 2,802 | 2,975 |
Total equity | 41,112 | 41,756 |
Total liabilities and equity | $ 64,761 | $ 62,302 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Common Class A [Member] | ||
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Class B [Member] | ||
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Allowance for doubtful accounts | $ 228 | $ 235 |
Property and equipment, accumulated depreciation and amortization | 18,371 | 17,233 |
Leased property under capital leases, accumulated depreciation and amortization | $ 4,525 | $ 4,310 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - 6 months ended Jun. 30, 2016 - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2015 | 3,191 | 612 | |||||
Balance at Dec. 31, 2015 | $ 32 | $ 6 | $ 58,924 | $ (20,181) | $ 38,781 | $ 2,975 | $ 41,756 |
Stock options - compensation costs | 16 | 16 | 16 | ||||
Net loss | (487) | (487) | (173) | (660) | |||
Balance (in shares) at Jun. 30, 2016 | 3,191 | 612 | |||||
Balance at Jun. 30, 2016 | $ 32 | $ 6 | $ 58,940 | $ (20,668) | $ 38,310 | $ 2,802 | $ 41,112 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating activities: | ||
Net loss | $ (660) | $ (1,356) |
Reconciliation of net loss to net cash provided by operating activities: | ||
Depreciation and amortization expense | 1,379 | 1,233 |
Compensation costs - stock options | 16 | 31 |
Deferred rental income | (43) | (45) |
Provision for losses on accounts receivable | 17 | 6 |
Change in operating assets and liabilities, net of effect of acquisition: | ||
Accounts receivable | (1,711) | (1,113) |
Inventories | (129) | (144) |
Prepaid expenses | 88 | 88 |
Refundable income taxes | 27 | (12) |
Other assets | 7 | (18) |
Accounts payable | 365 | 739 |
Accrued payroll and other compensation | 245 | 177 |
Accrued income taxes | (8) | |
Other accrued taxes | (38) | 16 |
Deferred revenues | 1,296 | 896 |
Other liabilities and accrued expenses | 105 | (134) |
Net cash provided by operating activities | 964 | 356 |
Investing activities: | ||
Capital expenditures | (1,863) | (5,135) |
Net cash used in investing activities | (1,863) | (5,135) |
Financing activities: | ||
Borrowings under line of credit facilities | 1,025 | 7,800 |
Repayment under line of credit facilities | (5,000) | |
Principal payments on capital lease obligations | (30) | (28) |
Net cash provided by financing activities | 995 | 2,772 |
Increase (decrease) in cash and cash equivalents | 96 | (2,007) |
Cash and cash equivalents at beginning of period | 1,814 | 4,329 |
Cash and cash equivalents at end of period | 1,910 | 2,322 |
Supplemental disclosure of cash flow information: | ||
Capital expenditures included in accounts payable | 110 | 451 |
Capital lease obligation incurred | 68 | |
Cash paid during the period for interest | 179 | 87 |
Cash paid during the period for income taxes | $ 20 | $ 44 |
Note 1 - Description of Busines
Note 1 - Description of Business | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1. Description of Business Avalon Holdings Corporation (“Avalon” or the “Company”) was formed on April 30, 1998 as a subsidiary of American Waste Services, Inc. (“AWS”). On June 17, 1998, AWS distributed, as a special dividend, all of the outstanding shares of capital stock of Avalon to the holders of AWS common stock on a pro rata and corresponding basis. Avalon provides waste management services to industrial, commercial, municipal and governmental customers in selected northeastern and midwestern U.S. markets, captive landfill management services and salt water injection well operations. In addition, Avalon owns the Avalon Golf and Country Club, which includes the operation and management of three golf courses and associated clubhouses, fitness centers, tennis courts, spa services, dining and banquet facilities and a travel agency. Avalon also owns The Avalon Inn which operates a hotel and related amenities including dining, banquet and conference facilities, fitness center, indoor junior Olympic size swimming pool and tennis courts. In July 2016, the Company formed Avalon Clubs and Resorts, Inc. (“ACRI”), a wholly owned subsidiary of Avalon, the purpose of which is to hold the corporate activity of Avalon Clubs, Inc. and Avalon Resorts, Inc., both formed concurrently with ACRI. Avalon Clubs, Inc. was formed to hold the wholly owned subsidiaries of the Avalon Golf and Country Club, and Avalon Resorts, Inc. holds the operations of The Avalon Inn. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 2. Basis of Presentation The unaudited condensed consolidated financial statements of Avalon and related notes included herein have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted consistent with such rules and regulations. The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in Avalon’s 2015 Annual Report to Shareholders. The unaudited condensed consolidated financial statements include the accounts of Avalon, its wholly owned subsidiaries and those companies in which Avalon has managerial control. All significant intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial position of Avalon as of June 30, 2016, and the results of its operations and cash flows for the interim periods presented. The operating results for the interim periods are not necessarily indicative of the results to be expected for the full year. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 3. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ASU 2016-08 is effective for annual periods beginning after December 15, 2017. Avalon is currently evaluating the impact the adoption of this guidance will have on its financial position, results of operations, cash flows and related disclosures. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting The Company reviews new accounting standards as issued. The Company has considered all other recently issued accounting pronouncements and does not believe that adoption of such pronouncement will have a material impact on its financial statements. |
Note 4 - Acquisition
Note 4 - Acquisition | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 4 . Acquisition On August 1, 2014, Avalon, through a newly created subsidiary, The Avalon Resort and Spa LLC, completed the acquisition of The Magnuson Grand Hotel in Howland, Ohio for approximately $3.1 million in cash and the assumption of certain operating leases and some rental payment relief. The acquisition was primarily funded from borrowings under our line of credit facility of $2.9 million and cash on hand of approximately $0.2 million. Subsequent to the acquisition, The Magnuson Grand Hotel was renamed and now operates as The Avalon Inn (formerly renamed The Avalon Resort and Spa in August 2014). The primary assets of The Avalon Inn include the hotel, indoor swimming pool and adjoining tennis center. The Avalon Inn is located adjacent to Avalon’s corporate headquarters and the Avalon Lakes Golf Course. The acquisition is consistent with the Company's business strategy in that The Avalon Inn provides guests with a self-contained vacation experience, offering hotel guests golf packages to all of the golf courses of the Avalon Golf and Country Club and allows its guests to utilize the facilities at each of the clubhouses. Members of the Avalon Golf and Country Club also have access to all of the amenities offered by The Avalon Inn. The Avalon Inn earns revenues through room rentals, food and beverage sales, merchandise sales, tennis and fitness activities. The operating results of The Avalon Inn have been included within the Company’s Condensed Consolidated Statements of Operations and within Avalon's golf and related operations segment. The Company accounted for the acquisition of The Avalon Inn using the acquisition method of accounting, which requires among other things, the recognition of the assets acquired and the liabilities assumed at their respective fair values as of the acquisition date. The total purchase price was allocated to the acquired property, buildings, furniture and fixtures and liabilities assumed based upon management’s estimated fair values. During the measurement period in 2015, the Company reclassified approximately $0.8 million of other intangible assets to property and equipment to reflect the finalized valuation of the acquired property, building, furniture and fixtures of The Avalon Inn. In 2015 and during the six months ended June 30, 2016, The Avalon Inn was in operation and in the process of being renovated and expanded. The renovations and expansion include a complete renovation of the existing facility and indoor junior Olympic sized swimming pool, new restaurants, bars, extensive conference facilities and complete fitness center. The following table summarizes the purchase price allocation of the estimated fair values of the assets acquired and liabilities assumed at the transaction date (in thousands): Assets acquired: Property and equipment $ 3,388 Liabilities assumed: Deferred rental income 266 Total consideration $ 3,122 |
Note 5 - Basic and Diluted Net
Note 5 - Basic and Diluted Net Loss per Share | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 5 . Basic and Diluted Net Income (Loss) p er Share Basic net income (loss) per share attributable to Avalon Holdings Corporation common shareholders is computed by dividing the net income (loss) by the weighted average number of common shares outstanding, which were 3,803,331 for each period. Diluted net income (loss) per share attributable to Avalon Holdings Corporation common shareholders is computed by dividing net income (loss) by the weighted average number of common shares outstanding plus any weighted common equivalent shares determined to be outstanding during the period using the treasury method. The weighted common equivalent shares included in the calculation are related to stock options granted by Avalon where the weighted average market price of Avalon’s common stock for the period presented is greater than the option exercise price of the stock option. For the three months ended June 30, 2016, the diluted weighted average number of shares outstanding was 3,811,391. For the three months ended June 30, 2015, the diluted per share amounts reported are equal to basic per share amounts because Avalon was in a net loss position and as a result, such dilution would be considered anti-dilutive. Assuming dilution, the weighted average number of common shares outstanding for the three months ended June 30, 2015 was 3,890,065. For the six months ended June 30, 2016 and 2015, the diluted per share amounts reported are equal to basic per share amounts because Avalon was in a net loss position and as a result, such dilution would be considered anti-dilutive. Assuming dilution, the weighted average number of common shares outstanding for the six months ended June 30, 2016 and 2015 was 3,807,362 and 3,893,413, respectively. |
Note 6 - Credit Facility
Note 6 - Credit Facility | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 . Credit Facility On May 21, 2015, Avalon and certain wholly owned subsidiaries entered into a line of credit agreement (the “Agreement”) with The Home Savings and Loan Company of Youngstown, Ohio providing for a line of credit of up to $9 million. On December 30, 2015, the Agreement was modified (the “Modification”) to extend the original maturity date of June 30, 2016 to March 31, 2017. The Modification also has the option to extend the maturity date one 90 day period upon written notice to the Lender at least 30 days before the maturity date subject to certain terms and conditions. Borrowings under the line of credit agreement are secured by all business assets of the Company including accounts receivable, inventory, equipment and certain real property as defined in the Agreement. Interest on outstanding borrowings accrue at Prime Rate plus .25%. The line of credit agreement contains certain financial and other covenants, customary representations, warranties and events of defaults. Avalon was in compliance with the debt covenants at June 30, 2016. Initial borrowings of $5.0 million under the Agreement were utilized to repay the total amount outstanding under the previous line of credit agreement with Huntington National Bank. The line of credit agreement with Huntington National Bank was terminated in conjunction with the repayment. Borrowings under the line of credit agreement with Huntington National Bank were utilized to fund the acquisition and renovation of The Avalon Inn. At June 30, 2016, the outstanding borrowings under the Agreement were $9.0 million. As of June 30, 2016, the line of credit was fully utilized. During the three months ended June 30, 2016 and 2015, the weighted average interest rate on outstanding borrowings was 3.75% and 3.11%, respectively. During the six months ended June 30, 2016 and 2015, the weighted average interest rate on outstanding borrowings was 3.75% and 2.99%, respectively. At June 30, 2016, the interest rate was 3.75%. Total unamortized debt issuance costs incurred in connection with the Agreement were $10,000 at June 30, 2016 and $11,000 at December 31, 2015. Amounts outstanding under the line of credit agreement with The Home Savings and Loan Company of Youngstown, Ohio are classified as a current liability in the Condensed Consolidated Balance Sheet at June 30, 2016 due to the Agreement expiring on March 31, 2017. The Company is currently discussing refinancing options with various financial institutions. The Company anticipates refinancing the Agreement before the expiration date. Although the Company is in discussions to refinance the line of credit, there can be no assurance that a refinancing would occur and the Company cannot guarantee success in doing so. In accordance with FASB Accounting Standards Codification (“ASC”) 835-20, Capitalization of Interest |
Note 7 - Income Taxes
Note 7 - Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 7 . Income Taxes During the three month period ended June 30, 2016 net income attributable to Avalon Holdings Corporation shareholders was $421,000 compared to a net loss attributable to Avalon Corporation shareholders of $5,000 during the three month period ended June 30, 2015. During the six month periods ended June 30, 2016 and 2015, net loss attributable to Avalon Holdings Corporation shareholders was $487,000 and $1,045,000, respectively. Avalon recorded a state income tax provision in both the three and six month periods ended June 30, 2016 and 2015, which was related entirely to the waste management and brokerage operations. Excluding the effect of this state tax provision, Avalon’s overall effective tax rate was 0% in both the three and six month periods ended June 30, 2016 and 2015. The overall effective tax rate is different than statutory rates primarily due to a change in the valuation allowance. Avalon’s income tax on the income (loss) before taxes was offset by a change in the valuation allowance. A valuation allowance is provided when it is more likely than not that deferred tax assets relating to certain federal and state loss carryforwards will not be realized. Avalon continues to maintain a valuation allowance against the majority of its deferred tax amounts until it is evident that the deferred tax asset will be utilized in the future. |
Note 8 - Long-term Incentive Pl
Note 8 - Long-term Incentive Plan | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 8. Long-T erm Incentive Plan The purpose of the Avalon Holdings Corporation 2009 Long-term Incentive Plan (the “Plan”) is (a) to improve individual employee performance by providing long-term incentives and rewards to employees of Avalon, (b) to assist Avalon in attracting, retaining and motivating employees and non-employee directors with experience and ability, and (c) to associate the interests of such employees and directors with those of the Avalon shareholders. Under the Plan, 1,300,000 shares have been reserved for the issuance of stock options of which 760,000 options were outstanding at June 30, 2016. In January 2016, 90,000 options granted under the Plan were forfeited and in March 2016, 90,000 options were granted. The stock options, vest ratably over a five year period and have a contractual term of ten years from the date of grant. At the end of each contractual vesting period, the share price of the Avalon common stock, traded on a public stock exchange (NYSE Amex), must reach a predetermined price within three years following such contractual vesting period before the stock options are exercisable (See table below). If the Avalon common stock price does not reach the predetermined price, the stock options will either be cancelled or the period will be extended at the discretion of the Board of Directors. The 90,000 options to purchase common stock that were granted in March 2016 have a weighted average grant date fair value of $0.43 per option. The grant-date fair values of these stock option awards were estimated using the Monte Carlo Simulation. The Monte Carlo Simulation was selected to determine the fair value because it incorporates six minimum considerations; 1) the exercise price of the option, 2) the expected term of the option, taking into account both the contractual term of the option, the effects of employees’ expected exercise and post-vesting employment termination behavior, as well as the possibility of change in control events during the contractual term of the option agreements, 3) the current fair value of the underlying equity, 4) the expected volatility of the value of the underlying share for the expected term of the option, 5) the expected dividends on the underlying share for the expected term of the option and 6) the risk-free interest rate(s) for the expected term of the option. The grant-date fair values of the stock option awards granted in March 2016 using the Monte Carlo Simulation model were determined with the assumptions set forth in the following table: Exercise price $ 1.83 Expected volatility 52.40 % Expected dividend yield 0.00 % Risk-free rate over the estimated expected life 1.74 % Expected term (in years) 7.25 The expected term, or time until the option is exercised, is typically based on historical exercising behavior of previous option holders of a company’s stock. Due to the fact that the Company has had no historical exercising activity, the simplified method was applied for each option block to adjust the holding period for which the optionee would hold the options to 6.2, 6.7, 7.2, 7.7 and 8.2 years, respectively for option blocks 1 through 5, respectively. The grant date fair value of the underlying equity was determined to be equal to Avalon’s publicly traded stock price as of the grant dates times the sum of the Class A and Class B common shares outstanding. The expected volatility of 52.40% was based on the observed historical volatility of Avalon common stock for a 7.25 year period prior to the grant date. There were no expected dividends and the risk-free interest rate of 1.74% was based on yield data for U. S. Treasury securities over a period consistent with the expected term. The following information is a summary of the stock option activity: Weighted Weighted Number of Average Average Options Exercise Fair Value at Granted Price Grant Date Outstanding at January 1, 2016 760,000 2.63 1.09 Options granted 90,000 1.83 0.43 Options exercised - - - Options cancelled or forfeited (90,000 ) - - Outstanding at June 30, 2016 760,000 $ 2.51 $ 1.00 Options Vested 632,000 Exercisable at June 30, 2016 268,000 The stock options vest and become exercisable based upon achieving two critical metrics as follows: 1) Contract Vesting Term: The stock options vest ratably over a five year period. 2) The Avalon common stock price traded on a public stock exchange (NYSE Amex) must reach the predetermined vesting price within three years after the options become vested under the contractual vesting term. The table below represents the period and predetermined stock price needed for vesting. Begins Ends Predetermined Vesting Vesting Vesting Price Block 1 12 months after Grant Dates 48 months after Grant Dates $ 3.43 Block 2 24 months after Grant Dates 60 months after Grant Dates $ 4.69 Block 3 36 months after Grant Dates 72 months after Grant Dates $ 6.43 Block 4 48 months after Grant Dates 84 months after Grant Dates $ 8.81 Block 5 60 months after Grant Dates 96 months after Grant Dates $ 12.07 Compensation costs were approximately $6,000 and $13,000 for the three months ended June 30, 2016 and 2015, respectively, and $16,000 and $31,000 for the six months ended June 30, 2016 and 2015, respectively, based upon the estimated grant date fair value calculations. As of June 30, 2016, there was approximately $54,000 of total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 2.82 years. |
Note 9 - Legal Matters
Note 9 - Legal Matters | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | Note 9 . Legal Matters In the ordinary course of conducting its business, Avalon becomes involved in lawsuits, administrative proceedings and governmental investigations, including those related to environmental matters. Some of these proceedings may result in fines, penalties or judgments being assessed against Avalon which, from time to time, may have an impact on its business and financial condition. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty, Avalon does not believe that any uninsured ultimate liabilities, fines or penalties resulting from such pending proceedings, individually or in the aggregate, will have a material adverse effect on its liquidity, financial position or results of operations. |
Note 10 - Business Segment Info
Note 10 - Business Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 10 . Business Segment Information Avalon’s reportable segments include waste management services and golf and related operations. In determining the segment information, Avalon considered its operating and management structure and the types of information subject to regular review by its “chief operating decision maker.” Using the criteria of ASC 280 Segment Reporting Avalon’s primary business segment, the waste management services segment, provides hazardous and nonhazardous brokerage and management services to industrial, commercial, municipal and governmental customers, captive landfill management for an industrial customer, construction mats and salt water injection well operations . The golf and related operations segment includes the operations of golf courses, country clubs and related facilities, a hotel and travel agency. Revenue for the golf and related operations segment consists primarily of membership dues, greens fees, cart rentals, room rentals, merchandise sales, tennis and fitness activities, spa services and food and beverage sales. Revenue related to annual membership dues are recognized proportionately over twelve months. The unrecognized or deferred revenues relating to membership dues at June 30, 2016 and December 31, 2015 were $3.7 million and $2.4 million, respectively. Avalon does not have significant operations located outside the United States and, accordingly, geographical segment information is not presented. For the six months ended June 30, 2016 and 2015, no one customer accounted for 10% of Avalon’s consolidated or reportable segment net operating revenues. The accounting policies of the segments are consistent with those described for the consolidated financial statements in the summary of significant accounting policies included in Avalon’s 2015 Annual Report to Shareholders. Avalon measures segment profit for internal reporting purposes as income (loss) before taxes. Business segment information including the reconciliation of segment income before taxes to income (loss) before taxes is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net operating revenues from: Waste management services: External customer revenues $ 10,756 $ 9,772 $ 19,032 $ 18,142 Intersegment revenues - - - - Total waste management services 10,756 9,772 19,032 18,142 Golf and related operations: External customer revenues 4,886 4,183 7,609 6,513 Intersegment revenues 11 11 27 37 Total golf and related operations 4,897 4,194 7,636 6,550 Segment operating revenues 15,653 13,966 26,668 24,692 Intersegment eliminations (11 ) (11 ) (27 ) (37 ) Total net operating revenues $ 15,642 $ 13,955 $ 26,641 $ 24,655 Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Income (loss) before income taxes: Waste management services $ 712 $ 432 $ 1,085 $ 611 Golf and related operations 376 147 (140 ) (454 ) Segment income before income taxes 1,088 579 945 157 Corporate interest expense (89 ) (2 ) (171 ) (3 ) Corporate other income, net 1 8 5 17 General corporate expenses (633 ) (705 ) (1,403 ) (1,503 ) Income (loss) before income taxes $ 367 $ (120 ) $ (624 ) $ (1,332 ) June 30, December 31, 2016 2015 Identifiable assets: Waste management services $ 23,049 $ 22,575 Golf and related operations 45,570 43,390 Corporate 48,544 47,800 Subtotal 117,163 113,765 Elimination of intersegment receivables (52,402 ) (51,463 ) Total $ 64,761 $ 62,302 |
Note 11 - Certain Relationships
Note 11 - Certain Relationships and Related Transactions | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 11 . Certain Relationships and Related Transactions In August 2013, Avalon created a new Ohio limited liability company, AWMS Holdings, LLC, to act as a holding company to form and own a series of wholly owned subsidiaries that will own and operate Class II salt water injection wells and facilities (together the “facilities”). AWMS Holdings, LLC, offers investment opportunities to accredited investors by selling membership units of AWMS Holdings, LLC through private placement offerings. The monies received from these offerings, along with internally contributed capital, are used to construct the facilities necessary for the operation of salt water injection wells. AWMS Water Solutions, LLC (formerly American Water Management Services, LLC), a wholly owned subsidiary of Avalon, manages all the salt water injection well operations, including the marketing and sales function and all decisions regarding the well operations for a percentage of the gross revenues. In 2014 and 2013, Avalon, through a wholly owned subsidiary made capital contributions totaling approximately $3.4 million, which included cash and certain well assets, including the permits, in exchange for membership units of AWMS Holdings, LLC. Through a private placement offering for the purchase of membership units, AWMS Holdings, LLC raised approximately $3.8 million from accredited investors in 2014 and 2013. Management and outside directors of Avalon, who qualified as accredited investors, invested approximately $1.0 million in AWMS Holdings, LLC. As a result of a private placement offering, Avalon is not the majority owner of AWMS Holdings, LLC. At June 30, 2016 and December 31, 2015, respectively, Avalon owns approximately 47% of AWMS Holdings, LLC. In accordance with ASC 810-10 , Consolidations-Overall |
Note 12 - Injection Wells Suspe
Note 12 - Injection Wells Suspension | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Suspended Injection Well Costs Disclosure [Text Block] | Note 12. Injection Wells Suspension As a result of a seismic event with a magnitude of 2.1 occurring on August 31, 2014, the Chief of the Division of Oil and Gas Resources Management (“Chief” or “Division”) issued Orders on September 3, 2014, to immediately suspend all operations of both of Avalon’s saltwater injection wells. The Orders were based on the findings that the two saltwater injection wells were located in close proximity to the area of known seismic activity and also that the saltwater injection wells pose a risk of increasing or creating seismic activity. The two saltwater injection wells are located approximately 112 feet apart. Based on these findings, the Chief ordered the immediate suspension of all operations of the two saltwater injection wells, until the Division could further evaluate the wells. On September 5, 2014, Avalon submitted the information required by the Chief’s Order in regards to its AWMS #1 injection well. The Division reviewed all the information submitted by Avalon and additional data. Based upon this review, the Division concluded that with reasonable scientific certainty, the injection operations of AWMS #1 were not related to the deep seismic event that occurred on August 31, 2014. As a result, the Order suspending all operations of AWMS #1 was terminated effective September 18, 2014. As such, Avalon resumed injection operations of AWMS #1 consistent with all terms and conditions of the permit issued on July 18, 2013. On September 19, 2014, Avalon submitted the information and a written plan required by the Chief’s Order proposing the establishment of certain operations and management controls on injections at the AWMS #2 injection well. The plan called for injection to resume at AWMS #2 at lower levels and monitored for seismicity. Under the plan, Avalon would gradually increase injection volumes over time based upon data obtained through monitoring. On October 2, 2014, Avalon filed an appeal with the Ohio Oil and Gas Commission disputing the basis for suspending operations of AWMS #2 and also the authority of the Chief to immediately suspend such operations. On November 19, 2014, Avalon filed a Motion to Stay the execution of the suspension order. On March 11, 2015, an appeal hearing was held and post hearing briefs were filed. The Chief stated during the hearing that the suspension is only temporary, and that he expects that AWMS #2 will be allowed to inject once the state’s final policymaking is complete. On August 12, 2015, the Oil and Gas Commission upheld the temporary suspension of injection operations of AWMS #2 stating that the temporary suspension will allow the Chief to more fully evaluate the facts in anticipation of the Division’s implementation of a comprehensive regulatory plan that will specifically address injection-induced seismicity. In October 2015, the Division informed the Company that they were currently drafting the hydraulic fracturing induced seismicity policy and will start the Class II injection well policy once complete. In conjunction with the August 12, 2015 decision, Avalon temporarily suspended operations of AWMS #1 and will resume operations when a favorable ruling on AWMS #2 is received. On September 8, 2015, Avalon filed an appeal with the Franklin County Court of Common Pleas. Avalon also filed a notice of appeal addressed to the Division. On October 16, 2015, the Division filed a motion to dismiss stating that although Avalon filed its notice of appeal with the Franklin County Court of Common Pleas, it did not file the notice of appeal with the Oil and Gas Commission as mandated by the Ohio Revised Code. On October 20, 2015, Avalon filed its notice of appeal with the Oil and Gas Commission. On December 18, 2015, the Franklin County Court of Common Pleas concluded that Avalon untimely filed its notice of appeal with the Oil and Gas Commission and thus did not comply with the Ohio Revised Code and that the Division’s motion to dismiss was granted. On January 4, 2016, Avalon filed an appeal with the Franklin County, Ohio 10 th th Avalon was not in violation of any law, Ohio Regulation governing its operations or any of the terms and conditions of its injection permit, as acknowledged by the Division. The observed seismic events the Division used to justify the suspension order were of such magnitudes that occur every day in the State of Ohio. There were no documented complaints from the public concerning the observed seismic events. Avalon does not believe that there is substantial risk that the operations of AWMS #2 present an imminent danger to public health, safety or damage to the environment. The argument is further evidenced by the publication “Potential Injection-Induced Seismicity Associated with Oil & Gas Development: The Primer on Technical and Regulatory Considerations Informing Risk Management and Mitigation” released in 2015 stating that seismic events below 3.0 (approximately 22 times stronger than the August 31, 2014 event) are generally not felt by humans. This report was developed by the StatesFirst Induced Seismicity by Injection Work Group (“ISWG”) members (the State agencies) with input from the ISWG technical advisors (subject matter experts from academia, industry, federal agencies, and environmental organizations) to help better inform the public on technical and regulatory considerations associated with evaluation and response, seismic monitoring systems, information sharing, and the use of ground motion metrics. In addition, the Company also contends that other Class II injection wells within the geographical area have produced seismic events with similar and/or higher magnitudes and have been allowed to continue operations. At December 31, 2015, in accordance with FASB ASC 360-10-35, Property, Plant and Equipment – Overall – Subsequent Measurement Management continues to consider whether indicators of impairment are present and tests for recoverability, as necessary, in accordance with ASC 360-10-15. There can be no guarantee that the salt water injection wells will resume operations. If management concludes that the suspension is other than temporary and the carrying amount of the salt water injection wells are not recoverable, Avalon may record an impairment charge up to $4.5 million, the carrying value of the salt water injection wells. |
Note 4 - Acquisition (Tables)
Note 4 - Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Assets acquired: Property and equipment $ 3,388 Liabilities assumed: Deferred rental income 266 Total consideration $ 3,122 |
Note 8 - Long-term Incentive 20
Note 8 - Long-term Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Exercise price $ 1.83 Expected volatility 52.40 % Expected dividend yield 0.00 % Risk-free rate over the estimated expected life 1.74 % Expected term (in years) 7.25 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Number of Average Average Options Exercise Fair Value at Granted Price Grant Date Outstanding at January 1, 2016 760,000 2.63 1.09 Options granted 90,000 1.83 0.43 Options exercised - - - Options cancelled or forfeited (90,000 ) - - Outstanding at June 30, 2016 760,000 $ 2.51 $ 1.00 Options Vested 632,000 Exercisable at June 30, 2016 268,000 |
Schedule Of Period And Predetermined Stock Price Needed For Vesting [Table Text Block] | Begins Ends Predetermined Vesting Vesting Vesting Price Block 1 12 months after Grant Dates 48 months after Grant Dates $ 3.43 Block 2 24 months after Grant Dates 60 months after Grant Dates $ 4.69 Block 3 36 months after Grant Dates 72 months after Grant Dates $ 6.43 Block 4 48 months after Grant Dates 84 months after Grant Dates $ 8.81 Block 5 60 months after Grant Dates 96 months after Grant Dates $ 12.07 |
Note 10 - Business Segment In21
Note 10 - Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net operating revenues from: Waste management services: External customer revenues $ 10,756 $ 9,772 $ 19,032 $ 18,142 Intersegment revenues - - - - Total waste management services 10,756 9,772 19,032 18,142 Golf and related operations: External customer revenues 4,886 4,183 7,609 6,513 Intersegment revenues 11 11 27 37 Total golf and related operations 4,897 4,194 7,636 6,550 Segment operating revenues 15,653 13,966 26,668 24,692 Intersegment eliminations (11 ) (11 ) (27 ) (37 ) Total net operating revenues $ 15,642 $ 13,955 $ 26,641 $ 24,655 Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Income (loss) before income taxes: Waste management services $ 712 $ 432 $ 1,085 $ 611 Golf and related operations 376 147 (140 ) (454 ) Segment income before income taxes 1,088 579 945 157 Corporate interest expense (89 ) (2 ) (171 ) (3 ) Corporate other income, net 1 8 5 17 General corporate expenses (633 ) (705 ) (1,403 ) (1,503 ) Income (loss) before income taxes $ 367 $ (120 ) $ (624 ) $ (1,332 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, December 31, 2016 2015 Identifiable assets: Waste management services $ 23,049 $ 22,575 Golf and related operations 45,570 43,390 Corporate 48,544 47,800 Subtotal 117,163 113,765 Elimination of intersegment receivables (52,402 ) (51,463 ) Total $ 64,761 $ 62,302 |
Note 4 - Acquisition (Details T
Note 4 - Acquisition (Details Textual) - Acquisition of The Magnuson Grand Hotel [Member] - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Aug. 31, 2014 | Dec. 31, 2015 | |
Revolving Credit Facility [Member] | ||
Business Combination, Consideration Transferred | $ 2,900 | |
Cash [Member] | ||
Business Combination, Consideration Transferred | 200 | |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant, and Equipment, Purchase Accounting Adjustments | $ 800 | |
Business Combination, Consideration Transferred | $ 3,122 |
Note 4 - Allocation of Purchase
Note 4 - Allocation of Purchase Price (Details) - Acquisition of The Magnuson Grand Hotel [Member] $ in Thousands | 1 Months Ended |
Aug. 31, 2014USD ($) | |
Assets acquired: | |
Property and equipment | $ 3,388 |
Liabilities assumed: | |
Deferred rental income | 266 |
Business Combination, Consideration Transferred | $ 3,122 |
Note 5 - Basic and Diluted Ne24
Note 5 - Basic and Diluted Net Loss per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Weighted Average Number of Shares Outstanding, Basic | 3,803,331 | 3,803,331 | 3,803,331 | 3,803,331 |
Weighted Average Number of Shares Outstanding, Diluted | 3,811,391 | 3,890,065 | 3,807,362 | 3,893,413 |
Note 6 - Credit Facility (Detai
Note 6 - Credit Facility (Details Textual) - USD ($) | May 21, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 |
The Home Savings and Loan Company [Member] | Prime Rate [Member] | Line of Credit [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||
The Home Savings and Loan Company [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,000,000 | |||||
Long-term Line of Credit | $ 9,000,000 | $ 9,000,000 | ||||
Debt Instrument, Interest Rate During Period | 3.75% | 3.11% | 3.75% | 2.99% | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | ||||
Debt Issuance Costs, Net | $ 10,000 | $ 10,000 | $ 11,000 | |||
Huntington National Bank [Member] | ||||||
Repayments of Lines of Credit | $ 5,000,000 | |||||
Interest Costs Capitalized | $ 0 | $ 44,000 | $ 0 | $ 77,000 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net Income (Loss) Attributable to Parent | $ 421,000 | $ (5,000) | $ (487,000) | $ (1,045,000) |
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.00% | 0.00% | 0.00% |
Note 8 - Long-term Incentive 27
Note 8 - Long-term Incentive Plan (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2016 | Jan. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Avalon Holdings Corporation 2009 Long Term Incentive Plan Member | Common Class A [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,300,000 | 1,300,000 | |||||
Avalon Holdings Corporation 2009 Long Term Incentive Plan Member | Share-based Compensation Award, Tranche One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 6 years 73 days | ||||||
Avalon Holdings Corporation 2009 Long Term Incentive Plan Member | Share-based Compensation Award, Tranche Two [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 6 years 255 days | ||||||
Avalon Holdings Corporation 2009 Long Term Incentive Plan Member | Share-based Compensation Award, Tranche Three [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 7 years 73 days | ||||||
Avalon Holdings Corporation 2009 Long Term Incentive Plan Member | Share-Based Compensation Award Tranche Four [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 7 years 255 days | ||||||
Avalon Holdings Corporation 2009 Long Term Incentive Plan Member | Share-Based Compensation Award Tranche Five [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 8 years 73 days | ||||||
Avalon Holdings Corporation 2009 Long Term Incentive Plan Member | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 760,000 | 760,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 90,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 90,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
Number Of Years After Options Vested, Stock Price Reach Predetermined Vesting Price | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.43 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 52.40% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years 91 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.74% | ||||||
Allocated Share-based Compensation Expense | $ 6,000 | $ 13,000 | $ 16,000 | $ 31,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 54,000 | $ 54,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 299 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 760,000 | 760,000 | 760,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 90,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 90,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.43 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 52.40% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years 91 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.74% |
Note 8 - Disclosure of Share-ba
Note 8 - Disclosure of Share-based Compensation Arrangements, Assumptions (Details) | 6 Months Ended |
Jun. 30, 2016$ / shares | |
Exercise price (in dollars per share) | $ 1.83 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 52.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.74% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years 91 days |
Note 8 - Stock Option Activity
Note 8 - Stock Option Activity (Details) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Outstanding (in shares) | shares | 760,000 |
Outstanding (in dollars per share) | $ / shares | $ 2.63 |
Outstanding (in dollars per share) | $ / shares | $ 1.09 |
Options granted (in shares) | shares | 90,000 |
Options granted (in dollars per share) | $ / shares | $ 1.83 |
Options granted (in dollars per share) | $ / shares | $ 0.43 |
Options cancelled or forfeited (in shares) | shares | (90,000) |
Outstanding (in shares) | shares | 760,000 |
Outstanding (in dollars per share) | $ / shares | $ 2.51 |
Outstanding (in dollars per share) | $ / shares | $ 1 |
Options Vested (in shares) | shares | 632,000 |
Exercisable at June 30, 2016 (in shares) | shares | 268,000 |
Note 8 - Period and Predetermin
Note 8 - Period and Predetermined Stock Price Needed for Vesting (Details) | 6 Months Ended |
Jun. 30, 2016$ / shares | |
Share-based Compensation Award, Tranche One [Member] | |
Begins Vesting | 12 months after Grant Dates |
Ends Vesting | 48 months after Grant Dates |
Predetermined Vesting Price (in dollars per share) | $ 3.43 |
Share-based Compensation Award, Tranche Two [Member] | |
Begins Vesting | 24 months after Grant Dates |
Ends Vesting | 60 months after Grant Dates |
Predetermined Vesting Price (in dollars per share) | $ 4.69 |
Share-based Compensation Award, Tranche Three [Member] | |
Begins Vesting | 36 months after Grant Dates |
Ends Vesting | 72 months after Grant Dates |
Predetermined Vesting Price (in dollars per share) | $ 6.43 |
Share-Based Compensation Award Tranche Four [Member] | |
Begins Vesting | 48 months after Grant Dates |
Ends Vesting | 84 months after Grant Dates |
Predetermined Vesting Price (in dollars per share) | $ 8.81 |
Share-Based Compensation Award Tranche Five [Member] | |
Begins Vesting | 60 months after Grant Dates |
Ends Vesting | 96 months after Grant Dates |
Predetermined Vesting Price (in dollars per share) | $ 12.07 |
Note 10 - Business Segment In31
Note 10 - Business Segment Information (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Golf And Related Operations [Member] | |||
Deferred Revenue, Current | $ 3,700 | $ 2,400 | |
Increase (Decrease) in Operating Assets | 2,200 | ||
Waste Management Services [Member] | |||
Increase (Decrease) in Operating Assets | $ 500 | ||
Customer Concentration Risk [Member] | Sales Revenue, Segment [Member] | |||
Concentration Risk, Percentage | 0.00% | 0.00% | |
Deferred Revenue, Current | $ 3,697 | $ 2,401 |
Note 10 - Segment Reporting Inf
Note 10 - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Waste Management Services [Member] | Operating Segments [Member] | ||||
Revenues | $ 10,756 | $ 9,772 | $ 19,032 | $ 18,142 |
Income (loss) before income taxes | 712 | 432 | 1,085 | 611 |
Waste Management Services [Member] | Intersegment Eliminations [Member] | ||||
Revenues | ||||
Waste Management Services [Member] | ||||
Revenues | 10,756 | 9,772 | 19,032 | 18,142 |
Golf And Related Operations [Member] | Operating Segments [Member] | ||||
Revenues | 4,897 | 4,194 | 7,636 | 6,550 |
Income (loss) before income taxes | 376 | 147 | (140) | (454) |
Golf And Related Operations [Member] | Intersegment Eliminations [Member] | ||||
Revenues | 11 | 11 | 27 | 37 |
Golf And Related Operations [Member] | ||||
Revenues | 4,886 | 4,183 | 7,609 | 6,513 |
Operating Segments [Member] | ||||
Revenues | 15,653 | 13,966 | 26,668 | 24,692 |
Income (loss) before income taxes | 1,088 | 579 | 945 | 157 |
Intersegment Eliminations [Member] | ||||
Revenues | (11) | (11) | (27) | (37) |
Corporate, Non-Segment [Member] | ||||
Income (loss) before income taxes | (633) | (705) | (1,403) | (1,503) |
Corporate interest expense | (89) | (2) | (171) | (3) |
Corporate other income, net | 1 | 8 | 5 | 17 |
Revenues | 15,642 | 13,955 | 26,641 | 24,655 |
Income (loss) before income taxes | 367 | (120) | (624) | (1,332) |
Corporate interest expense | (92) | (7) | (179) | (12) |
Corporate other income, net | $ 89 | $ 101 | $ 161 | $ 173 |
Note 10 - Identifiable Assets (
Note 10 - Identifiable Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Waste Management Services [Member] | Operating Segments [Member] | ||
Identifiable assets | $ 23,049 | $ 22,575 |
Golf And Related Operations [Member] | Operating Segments [Member] | ||
Identifiable assets | 45,570 | 43,390 |
Operating Segments [Member] | ||
Identifiable assets | 117,163 | 113,765 |
Corporate, Non-Segment [Member] | ||
Identifiable assets | 48,544 | 47,800 |
Intersegment Eliminations [Member] | ||
Identifiable assets | (52,402) | (51,463) |
Identifiable assets | $ 64,761 | $ 62,302 |
Note 11 - Certain Relationshi34
Note 11 - Certain Relationships and Related Transactions (Details Textual) - USD ($) $ in Millions | 24 Months Ended | |||
Dec. 31, 2014 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | |
AWMS Holdings LLC [Member] | ||||
Equity Method Investments | $ 3.4 | $ 3.4 | ||
Proceeds from Issuance of Private Placement | 3.8 | |||
Equity Method Investment, Ownership Percentage | 47.00% | 47.00% | ||
Investment in Subsidiary [Member] | Management and Accredited Investors [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 1 |
Note 12 - Injection Wells Sus35
Note 12 - Injection Wells Suspension (Details Textual) | 6 Months Ended | |||
Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 03, 2014 | |
Wells and Related Equipment and Facilities [Member] | Scenario, Forecast [Member] | Maximum [Member] | ||||
Tangible Asset Impairment Charges | $ 4.50 | |||
Wells and Related Equipment and Facilities [Member] | ||||
Property, Plant and Equipment, Net | $ 4,800,000 | |||
Number of Suspended Saltwater Injection Wells | 2 | |||
Property, Plant and Equipment, Net | $ 44,109,000 | $ 43,386,000 |