Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 05, 2017 | |
Document Information [Line Items] | ||
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 | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net operating revenues | $ 10,702 | $ 10,999 |
Costs and expenses: | ||
Costs of operations | 8,853 | 9,423 |
Depreciation and amortization expense | 748 | 686 |
Selling, general and administrative expenses | 2,002 | 1,866 |
Operating loss | (901) | (976) |
Other income (expense): | ||
Interest expense | (175) | (87) |
Other income, net | 77 | 72 |
Loss before income taxes | (999) | (991) |
Provision for income taxes | 20 | 9 |
Net loss | (1,019) | (1,000) |
Less net loss attributable to non-controlling interest in subsidiary | (93) | (92) |
Net loss attributable to Avalon Holdings Corporation common shareholders | $ (926) | $ (908) |
Loss per share attributable to Avalon Holdings Corporation common shareholders: | ||
Basic and diluted net loss per share (in dollars per share) | $ (0.24) | $ (0.24) |
Weighted average shares outstanding - basic and diluted (in shares) | 3,803 | 3,803 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 1,079,000 | $ 2,299,000 |
Accounts receivable, less allowance for doubtful accounts of $237 in 2017 and $235 in 2016 | 8,986,000 | 11,349,000 |
Inventories | 919,000 | 773,000 |
Prepaid expenses | 478,000 | 462,000 |
Refundable income taxes | 6,000 | |
Other current assets | 35,000 | 35,000 |
Total current assets | 11,503,000 | 14,918,000 |
Property and equipment, net | 43,879,000 | 43,971,000 |
Leased property under capital leases, net | 6,540,000 | 6,035,000 |
Restricted cash | 2,905,000 | 2,905,000 |
Noncurrent deferred tax asset | 8,000 | 8,000 |
Other assets, net | 72,000 | 61,000 |
Total assets | 64,907,000 | 67,898,000 |
Liabilities and Equity | ||
Current portion of obligations under capital leases | 212,000 | 112,000 |
Current portion of long-term debt | 525,000 | 517,000 |
Accounts payable | 6,378,000 | 9,387,000 |
Accrued payroll and other compensation | 834,000 | 684,000 |
Accrued income taxes | 48,000 | |
Other accrued taxes | 296,000 | 448,000 |
Deferred revenues | 3,198,000 | 2,716,000 |
Other liabilities and accrued expenses | 876,000 | 764,000 |
Total current liabilities | 12,319,000 | 14,676,000 |
Long-term debt, net of current portion | 11,160,000 | 11,294,000 |
Obligations under capital leases, net of current portion | 966,000 | 452,000 |
Asset retirement obligation | 100,000 | 100,000 |
Equity: | ||
Paid-in capital | 58,958,000 | 58,953,000 |
Accumulated deficit | (21,176,000) | (20,250,000) |
Total Avalon Holdings Corporation Shareholders' Equity | 37,820,000 | 38,741,000 |
Non-controlling interest in subsidiary | 2,542,000 | 2,635,000 |
Total equity | 40,362,000 | 41,376,000 |
Total liabilities and equity | 64,907,000 | 67,898,000 |
Common Class A [Member] | ||
Equity: | ||
Common stock | 32 | 32 |
Common Class B [Member] | ||
Equity: | ||
Common stock | $ 6 | $ 6 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts receivable, allowance for doubtful accounts | $ 237 | $ 235 |
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 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) shares 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, 2016 | 3,191 | 612 | |||||
Balance at Dec. 31, 2016 | $ 32,000 | $ 6,000 | $ 58,953,000 | $ (20,250,000) | $ 38,741,000 | $ 2,635,000 | $ 41,376,000 |
Stock options - compensation costs | 5,000 | 5,000 | 5,000 | ||||
Net loss | (926,000) | (926,000) | (93,000) | (1,019,000) | |||
Balance (in shares) at Mar. 31, 2017 | 3,191 | 612 | |||||
Balance at Mar. 31, 2017 | $ 32,000 | $ 6,000 | $ 58,958,000 | $ (21,176,000) | $ 37,820,000 | $ 2,542,000 | $ 40,362,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities: | ||
Net loss | $ (1,019,000) | $ (1,000,000) |
Reconciliation of net loss to cash used in operating activities: | ||
Depreciation and amortization expense | 748,000 | 686,000 |
Amortization of debt issuance costs | 5,000 | 3,000 |
Compensation costs - stock options | 5,000 | 10,000 |
Deferred rental income | (22,000) | (22,000) |
Provision for losses on accounts receivable | 3,000 | 3,000 |
Change in operating assets and liabilities: | ||
Accounts receivable | 2,360,000 | 827,000 |
Inventories | (146,000) | (26,000) |
Prepaid expenses | (16,000) | 25,000 |
Refundable income taxes | (6,000) | 18,000 |
Other assets | (12,000) | 6,000 |
Accounts payable | (3,047,000) | (1,534,000) |
Accrued payroll and other compensation | 150,000 | 21,000 |
Accrued income taxes | (48,000) | |
Other accrued taxes | (152,000) | (79,000) |
Deferred revenues | 482,000 | 399,000 |
Other liabilities and accrued expenses | 134,000 | 96,000 |
Net cash used in operating activities | (581,000) | (567,000) |
Investing activities: | ||
Capital expenditures | (460,000) | (494,000) |
Net cash used in investing activities | (460,000) | (494,000) |
Financing activities: | ||
Borrowings under line of credit facilities | 510,000 | |
Payments of debt issuance costs | (32,000) | |
Principal payments on term loan facility | (131,000) | |
Principal payments on capital lease obligations | (16,000) | (15,000) |
Net cash (used in) provided by financing activities | (179,000) | 495,000 |
Decrease in cash and cash equivalents | (1,220,000) | (566,000) |
Cash and cash equivalents at beginning of period | 2,299,000 | 1,814,000 |
Cash and cash equivalents at end of period | 1,079,000 | 1,248,000 |
Supplemental disclosure of cash flow information: | ||
Capital expenditures included in accounts payable | 70,000 | 403,000 |
Significant non-cash investing and financing activities: | ||
Capital lease obligations incurred | 630,000 | |
Cash paid during the period for interest | 170,000 | 87,000 |
Cash paid during the period for income taxes | $ 75,000 | $ 5,000 |
Note 1 - Description of the Bus
Note 1 - Description of the Business | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1. Avalon Holdings Corporation (“Avalon” or the “Company”) was formed on April 30, 1998 June 17, 1998, 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 Avalon Clubs and Resorts, Inc. (“ACRI”), which includes the operation and management of three tennis tennis |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 2. 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 2016 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 March 31, 2017, 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 | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 3. In May 2014, issued Accounting Standards Update (“ASU”) 2014 09, Revenue from Contracts with Customers 2014 09”). 2014 09 2014 09 five company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. The new standard replaces most of the existing revenue recognition standards in U.S. GAAP. In addition, in March 2016, 2016 08, Revenue from Contracts with Customers (Topic 606): The Company has not yet completed our final review of the impact relating to the adoption of the new revenue recognition guidance. While we continue to assess all potential impacts of the new revenue recognition standard, we are currently reviewing whether the principal versus agent consideration would change how we present revenue for the managerial, consulting and clerical services provided for a single customer for the waste management service segment. We are also continuing to review potential disclosures and our method of adoption in order to complete our evaluation. The standard is required to be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected the transition method. The Company will adopt the new revenue standard in its first 2018. Based on our preliminary assessment, we do not expect the new guidance will fundamentally change our revenue recognition policies, practices or systems. In November 2015, 2015 17, Balance Sheet Classification of Deferred Taxes 2015 17”), December 15, 2016. first 2017, 2015 17. In February 2016, 2016 02, Leases 12 December 15, 2018, In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting 2016 09”), first 2017, 2016 09. In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments 2016 13”), 2016 13 January 1, 2020, January 1, 2019. In August 2016, 2016 15, Classification of Certain Cash Receipts and Cash Payments 2016 15”), zero 2016 15 one 2016 15 December 15, 2017, In November 2016, 2016 18, Statement of Cash Flows: Restricted Cash 2016 18”), 2016 18 January 1, 2018 2017 The Company reviews new accounting standards as issued. The Company has considered all other recently issued accounting pronouncements. |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 . Property and Equipment Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful life of the asset which varies from 10 30 5 50 3 10 Major additions and improvements are charged to the property and equipment accounts while replacements, maintenance and repairs, which do not improve or extend the life of the respective asset, are expensed as incurred. The cost of assets retired or otherwise disposed of and the related accumulated depreciation is eliminated from the accounts in the year of disposal. Gains or losses resulting from disposals of property and equipment are credited or charged to operations. Interest costs are capitalized on significant construction projects. Property and equipment at March 31, 2017 December 31, 2016 March 31, December 31, 2017 2016 Land and land improvements $ 14,118 $ 14,118 Buildings and improvements 34,043 33,533 Machinery and equipment 9,056 9,015 Vehicles 445 445 Office furniture and fixtures 6,232 5,963 Construction in progress 183 479 64,077 63,553 Less accumulated depreciation and amortization (20,198 ) (19,582 ) Property and equipment, net $ 43,879 $ 43,971 At March 31, 2017, |
Note 5 - Capital Leased Assets
Note 5 - Capital Leased Assets | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | Note 5 . Capital Leased Assets In November 2003, ten (10) four (4) ten (10) $15,000 $150,000 $150,000 In addition to the Squaw Creek Country Club lease, the captive landfill operations lease a piece of equipment that was determined to be a capital lease. The amount capitalized in the Condensed Consolidated Balance Sheets under the caption “Leased property under capital leases, net” relating to this asset was less than $0.1 March 31, 2017 $0.1 December 31, 2016. The golf and related operations entered into leases for a vehicle and golf course maintenance equipment that were determined to be capital leases. The amounts capitalized in the Condensed Consolidated Balance Sheets under the caption “Leased property under capital leases, net” relating to these assets were approximately $0.9 March 31, 2017 $0.3 December 31, 2016. Leased property under capital leases at March 31, 2017 December 31, 2016 March 31, December 31, 2017 2016 Leased property under capital leases $ 11,419 $ 10,783 Less accumulated amortization (4,879 ) (4,748 ) Leased property under capital leases, net $ 6,540 $ 6,035 |
Note 6 - Basic and Diluted Net
Note 6 - Basic and Diluted Net Loss Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 6 . Basic and Diluted Net Loss p er Share Basic net loss per share attributable to Avalon Holdings Corporation common shareholders is computed by dividing the net loss by the weighted average number of common shares outstanding, which were 3,803,331 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 March 31, 2017 2016, three March 31, 2017 2016 3,891,089 3,803,331, three March 31, 2016, |
Note 7 - Term Loan and Line of
Note 7 - Term Loan and Line of Credit Agreements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7 . Term Loan and Line of Credit Agreements On December 20, 2016, $12.0 $9.1 May 21, 2015, $2.9 March 31, 2017 December 31, 2016, $2.9 The $12.0 119 , fifteen (15) January 20, 2017. December 20, 2026 5.35% fifth 5.35% two (2) 3.95%, 7.50% Avalon has the right to prepay the amount outstanding under the Term Loan Agreement, in whole or in part, at any time upon payment of the principal amount of the loan to be prepaid plus accrued unpaid interest thereon to the prepayment date, plus an applicable prepayment penalty. The prepayment penalty, expressed as a percentage of the principal of the loan being prepaid, is five (5%) first five four (4%) sixth seventh three (3%) eighth ninth two (2%) tenth Borrowings are secured by certain real property and related business assets as defined in the Term Loan Agreement. The Term Loan Agreement also contains certain financial and other covenants, customary representations, warranties and events of default. Avalon was in compliance with the Term Loan Agreement covenants at March 31, 2017 December 31, 2016. The Company incurred approximately $189,000 2015 03, Simplifying the Presentation of Debt Issuance Costs Concurrently with the Term Loan Agreement, Avalon entered into a new business loan agreement with Home Savings Bank (the “Line of Credit Agreement”) which provides for a line of credit of up to $4.0 May 31, 2017. April 25, 2017, $4.0 $5.0 May 31, 2019. one 2018 $1.0 No March 31, 2017 December 31, 2016. Outstanding borrowings under the Line of Credit Agreement bear interest at Prime Rate plus .25%. March 31, 2017, 4.25%. Borrowings under the Line of Credit Agreement are secured by certain business assets of the Company including accounts receivable, inventory and equipment. The Line of Credit Agreement also contains certain covenants, customary representations, warranties and events of default. Avalon was in compliance with the Line of Credit Agreement covenants at March 31, 2017 December 31, 2016. During the three March 31, 2017 2016, 5.35% 3.75%, Obligations under the Company’s debt agreements at March 31, 2017 December 31, 2016 March 31, 2017 Gross Amount Debt Issuance Costs Net Amount Term loan agreement $ 11,869 $ (184 ) $ 11,685 Less current portion (544 ) 19 (525 ) Long-term debt $ 11,325 $ (165 ) $ 11,160 December 31, 2016 Gross Amount Debt Issuance Costs Net Amount Term loan agreement $ 12,000 $ (189 ) $ 11,811 Less current portion (536 ) 19 (517 ) Long-term debt $ 11,464 $ (170 ) $ 11,294 Future maturities of long-term debt are as follows (in thousands): For the Twelve Month Period Ending March 31, 2018 $ 544 2019 573 2020 605 2021 638 2022 673 Thereafter 8,836 Total $ 11,869 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8 . Income Taxes For both the three March 31, 2017 2016, $0.9 first 2017 2016, 0% three March 31, 2017 2016. |
Note 9 - Long-term Incentive Pl
Note 9 - Long-term Incentive Plan | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9. erm Incentive Plan The purpose of the Avalon Holdings Corporation 2009 1,300,000 760,000 March 31, 2017. five ten three 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 1) 2) 3) 4) 5) 6) 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 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 is applied. Because of the nature of the vesting described above, the options are separated into five The expected volatility was based on the observed historical volatility of Avalon common stock for a period prior to the grant date. There were no expected dividends and the risk-free interest rate was based on yield data for U. S. Treasury securities over a period consistent with the expected term. The following table 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, 2017 760,000 2.51 1.00 Options granted - - - Options exercised - - - Options cancelled or forfeited - - - Outstanding at March 31, 2017 760,000 $ 2.51 $ 1.00 Options Vested 688,000 Exercisable at March 31, 2017 268,000 The stock options vest and become exercisable based upon achieving two 1) Contract Vesting Term: The stock options vest ratably over a five 2) The Avalon common stock price traded on a public stock exchange (NYSE Amex) must reach the predetermined vesting price within three 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 $5,000 $10,000 three March 31, 2017 2016, March 31, 2017, $37,000 4.04 |
Note 10 - Legal Matters
Note 10 - Legal Matters | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | Note 10 . 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 may |
Note 11 - Business Segment Info
Note 11 - Business Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 11 . Business Segment Information 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 FASB Accounting Standards Codification (“ASC”) 280 Segment Reporting third 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 and salt water injection well operations. Avalon’s golf and related operations segment consists of three tennis March 31, 2017 December 31, 2016 $3.2 $2.7 Avalon does not have significant operations located outside the United States and, accordingly, geographical segment information is not presented. For both the three March 31, 2017 2016 , respectively, no one 10% 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 2016 Business segment information including the reconciliation of segment income before taxes to income (loss) before taxes is as follows (in thousands): Three Months Ended March 31, 2017 2016 Net operating revenues from: Waste management services: External customer revenues $ 7,613 $ 8,276 Intersegment revenues - - Total waste management services 7,613 8,276 Golf and related operations: External customer revenues 3,089 2,723 Intersegment revenues 26 16 Total golf and related operations 3,115 2,739 Segment operating revenues 10,728 11,015 Intersegment eliminations (26 ) (16 ) Total net operating revenues $ 10,702 $ 10,999 Income (loss) before income taxes: Waste management services $ 543 $ 373 Golf and related operations (597 ) (516 ) Segment loss before income taxes (54 ) (143 ) Corporate interest expense (164 ) (82 ) Corporate other income, net 2 4 General corporate expenses (783 ) (770 ) Loss before income taxes $ (999 ) $ (991 ) March 31, December 31, 2017 2016 Identifiable assets: Waste management services $ 23,024 $ 25,015 Golf and related operations 46,338 44,728 Corporate 50,155 51,937 Subtotal 119,517 121,680 Elimination of intersegment receivables (54,610 ) (53,782 ) Total $ 64,907 $ 67,898 In comparing the total assets at March 31, 2017 December 31, 2016, $2.0 $1.6 $1.8 |
Note 12 - Certain Relationships
Note 12 - Certain Relationships and Related Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 12 . Certain Relationships and Related Transactions In August 2013, In 2014 2013, $3.4 $3.8 2014 2013. $1.0 As a result of a private placement offering, Avalon is not the majority owner of AWMS Holdings, LLC. At March 31, 2017 December 31, 2016, 47% 810 10 , 810 10 |
Note 13 - Injection Wells Suspe
Note 13 - Injection Wells Suspension | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Suspended Injection Well Costs Disclosure [Text Block] | Note 13. As a result of a seismic event with a magnitude of 2.1 August 31, 2014, September 3, 2014, two two 112 two On September 5, 2014, #1 September 18, 2014. September 19, 2014, #2 On October 2, 2014, #2 March 11, 2015, #2 On August 12, 2015, #2 September 2015 10 th On November 1, 2016 December 23, 2016, 26 On February 21, 2017, #2 February 22, 2017. 10 th March 21, 2017. 2017. In addition, on August 26, 2016, 11 th There is currently no implemented state-wide policy on induced seismicity and The ODNR has refused to communicate with the Company regarding the status and requirements of any policymaking. The Company believes that the actions, and lack of responsible actions, by ODNR, which were triggered by a seismic event that presented no hazard or risk to any individual or to the environment, is a clear violation of the Company’s property rights and a violation of the Fifth and Fourteenth Amendments to the U.S. Constitution; Article I, Section 19 163. September 26, 2016, At December 31, 2016, 360 10 35, Property, Plant and Equipment – Overall – Subsequent Measurement 360 10 35”), $4.3 December 31, 2016 March 31, 2017. Management continues to consider whether indicators of impairment are present and tests for recoverability, as necessary, in accordance with ASC 360 10 15. may $4.1 |
Note 4 - Property and Equipme20
Note 4 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2017 2016 Land and land improvements $ 14,118 $ 14,118 Buildings and improvements 34,043 33,533 Machinery and equipment 9,056 9,015 Vehicles 445 445 Office furniture and fixtures 6,232 5,963 Construction in progress 183 479 64,077 63,553 Less accumulated depreciation and amortization (20,198 ) (19,582 ) Property and equipment, net $ 43,879 $ 43,971 |
Note 5 - Capital Leased Assets
Note 5 - Capital Leased Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Capital Leased Assets [Table Text Block] | March 31, December 31, 2017 2016 Leased property under capital leases $ 11,419 $ 10,783 Less accumulated amortization (4,879 ) (4,748 ) Leased property under capital leases, net $ 6,540 $ 6,035 |
Note 7 - Term Loan and Line o22
Note 7 - Term Loan and Line of Credit Agreements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2017 Gross Amount Debt Issuance Costs Net Amount Term loan agreement $ 11,869 $ (184 ) $ 11,685 Less current portion (544 ) 19 (525 ) Long-term debt $ 11,325 $ (165 ) $ 11,160 December 31, 2016 Gross Amount Debt Issuance Costs Net Amount Term loan agreement $ 12,000 $ (189 ) $ 11,811 Less current portion (536 ) 19 (517 ) Long-term debt $ 11,464 $ (170 ) $ 11,294 |
Schedule of Maturities of Long-term Debt [Table Text Block] | For the Twelve Month Period Ending March 31, 2018 $ 544 2019 573 2020 605 2021 638 2022 673 Thereafter 8,836 Total $ 11,869 |
Note 9 - Long-term Incentive 23
Note 9 - Long-term Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
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, 2017 760,000 2.51 1.00 Options granted - - - Options exercised - - - Options cancelled or forfeited - - - Outstanding at March 31, 2017 760,000 $ 2.51 $ 1.00 Options Vested 688,000 Exercisable at March 31, 2017 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 11 - Business Segment In24
Note 11 - Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2017 2016 Net operating revenues from: Waste management services: External customer revenues $ 7,613 $ 8,276 Intersegment revenues - - Total waste management services 7,613 8,276 Golf and related operations: External customer revenues 3,089 2,723 Intersegment revenues 26 16 Total golf and related operations 3,115 2,739 Segment operating revenues 10,728 11,015 Intersegment eliminations (26 ) (16 ) Total net operating revenues $ 10,702 $ 10,999 Income (loss) before income taxes: Waste management services $ 543 $ 373 Golf and related operations (597 ) (516 ) Segment loss before income taxes (54 ) (143 ) Corporate interest expense (164 ) (82 ) Corporate other income, net 2 4 General corporate expenses (783 ) (770 ) Loss before income taxes $ (999 ) $ (991 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, December 31, 2017 2016 Identifiable assets: Waste management services $ 23,024 $ 25,015 Golf and related operations 46,338 44,728 Corporate 50,155 51,937 Subtotal 119,517 121,680 Elimination of intersegment receivables (54,610 ) (53,782 ) Total $ 64,907 $ 67,898 |
Note 1 - Description of the B25
Note 1 - Description of the Business (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Golf and Related Operations [Member] | |
Number of Golf Courses | 3 |
Note 4 - Property and Equipme26
Note 4 - Property and Equipment (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Land Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Land Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 30 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 50 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Note 4 - Property and Equipme27
Note 4 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Property and equipment, gross | $ 64,077,000 | $ 63,553,000 |
Less accumulated depreciation and amortization | (20,198,000) | (19,582,000) |
Property and equipment, net | 43,879,000 | 43,971,000 |
Land and Land Improvements [Member] | ||
Property and equipment, gross | 14,118,000 | 14,118,000 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 34,043,000 | 33,533,000 |
Machinery and Equipment [Member] | ||
Property and equipment, gross | 9,056,000 | 9,015,000 |
Vehicles [Member] | ||
Property and equipment, gross | 445,000 | 445,000 |
Office Equipment [Member] | ||
Property and equipment, gross | 6,232,000 | 5,963,000 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 183,000 | $ 479,000 |
Note 5 - Capital Leased Asset28
Note 5 - Capital Leased Assets (Details Textual) | 1 Months Ended | ||
Nov. 30, 2003 | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | $ 6,540,000 | $ 6,035,000 | |
Waste Management Services [Member] | |||
Capital Leases, Balance Sheet, Assets by Major Class, Net | 100,000 | 100,000 | |
Golf and Related Operations [Member] | |||
Capital Leases, Balance Sheet, Assets by Major Class, Net | 900,000 | $ 300,000 | |
Squaw Creek Country Club Lease [Member] | |||
Initial Lease Term | 10 years | ||
Number of Consecutive Renewal Term Options | 4 | ||
Renewal Lease Term | 10 years | ||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 15,000 | ||
Leasehold Improvements Required to be Made Per Year | $ 150,000 |
Note 5 - Capital Leased Asset29
Note 5 - Capital Leased Assets - Leased Property Under Capital Leases (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Leased property under capital leases | $ 11,419,000 | $ 10,783,000 |
Less accumulated amortization | (4,879,000) | (4,748,000) |
Leased property under capital leases, net | $ 6,540,000 | $ 6,035,000 |
Note 6 - Basic and Diluted Ne30
Note 6 - Basic and Diluted Net Loss Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Weighted Average Number of Shares Outstanding, Basic | 3,803,331 | 3,803,331 |
Weighted Average Number of Shares Outstanding, Diluted | 3,891,089 | 3,803,331 |
Note 7 - Term Loan and Line o31
Note 7 - Term Loan and Line of Credit Agreements (Details Textual) - USD ($) | Dec. 20, 2016 | Mar. 31, 2017 | Apr. 25, 2017 | Apr. 24, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Long-term Debt, Gross | $ 11,869,000 | |||||
Restricted Cash and Cash Equivalents, Noncurrent | $ 2,905,000 | $ 2,905,000 | ||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.35% | 3.75% | ||||
Home Savings Bank [Member] | ||||||
Repayments of Lines of Credit | $ 9,100,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,000,000 | |||||
Line of Credit Facility, Amounts in Excess of, Subject to Borrowing Base | $ 1,000,000 | |||||
Line of Credit, Current | $ 0 | 0 | ||||
Line of Credit Facility, Interest Rate at Period End | 4.25% | |||||
Home Savings Bank [Member] | Line of Credit [Member] | Prime Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||
Home Savings Bank [Member] | Subsequent Event [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | $ 4,000,000 | ||||
Term Loan Agreement [Member] | ||||||
Long-term Debt, Gross | $ 11,869,000 | 12,000,000 | ||||
Debt Issuance Costs, Net | $ 184,000 | $ 189,000 | ||||
Term Loan Agreement [Member] | Laurel Capital Corporation [Member] | ||||||
Long-term Debt, Gross | 12,000,000 | |||||
Restricted Cash and Cash Equivalents, Noncurrent | $ 2,900,000 | |||||
Debt Instrument, Periodic Payment, Number of Payments | 119 | |||||
Debt Instrument, Maturity Schedule | 15 years | |||||
Debt Instrument, Interest Rate, Stated Percentage, First Five Years | 5.35% | |||||
Debt Instrument, Interest Rate, Stated Percentage, After Year Five, if Greater Than Sum of Index Rate and 3.95% | 5.35% | |||||
Debt Instrument, Interest Rate, Stated Percentage, After Year Five, Plus Index Rate, if Greater Than 5.35% | 3.95% | |||||
Debt Instrument, Maximum Interest Rate, Years Six Through Ten | 7.50% | |||||
Debt Instrument, Prepayment Penalty, Percentage, First Five Years | 5.00% | |||||
Debt Instrument, Prepayment Penalty, Percentage, Years Six and Seven | 4.00% | |||||
Debt Instrument, Prepayment Penalty, Percentage, Years Eight and Nine | 3.00% | |||||
Debt Instrument, Prepayment Penalty, Percentage, Year Ten | 2.00% | |||||
Debt Issuance Costs, Net | $ 189,000 |
Note 7 - Term Loan and Line o32
Note 7 - Term Loan and Line of Credit Agreements - Summary of Term Loan and Line of Credit Agreements (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Long-term debt, gross | $ 11,869,000 | |
Less current portion of long-term debt, gross | (544,000) | $ (536,000) |
Less current portion debt issuance costs | 19,000 | 19,000 |
Less current portion of long-term debt | (525,000) | (517,000) |
Long-term debt, gross, net of current portion | 11,325,000 | 11,464,000 |
Debt issuance costs, net of current portion | (165,000) | (170,000) |
Long-term debt, net of current portion | 11,160,000 | 11,294,000 |
Term Loan Agreement [Member] | ||
Long-term debt, gross | 11,869,000 | 12,000,000 |
Debt issuance costs | (184,000) | (189,000) |
Long-term debt | $ 11,685,000 | $ 11,811,000 |
Note 7 - Term Loan and Line o33
Note 7 - Term Loan and Line of Credit Agreements - Future Maturities of Long-term Debt (Details) $ in Thousands | Mar. 31, 2017USD ($) |
2,018 | $ 544 |
2,019 | 573 |
2,020 | 605 |
2,021 | 638 |
2,022 | 673 |
Thereafter | 8,836 |
Total | $ 11,869 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net Income (Loss) Attributable to Parent | $ (926) | $ (908) |
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.00% |
Note 9 - Long-term Incentive 35
Note 9 - Long-term Incentive Plan (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Oct. 06, 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 760,000 | 760,000 | ||
Avalon Holdings Corporation 2009 Long Term Incentive Plan Member | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 760,000 | |||
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 | |||
Allocated Share-based Compensation Expense | $ 5,000 | $ 10,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 37,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years 14 days | |||
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 |
Note 9 - Long-term Incentive 36
Note 9 - Long-term Incentive Plan - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Options outstanding (in shares) | shares | 760,000 |
Weighted average exercise price, options outstanding (in dollars per share) | $ 2.51 |
Weighted average fair value at grant date, options outstanding (in dollars per share) | $ 1 |
Options granted (in shares) | shares | |
Weighted average exercise price, options granted (in dollars per share) | |
Weighted average fair value at grant date, options granted (in dollars per share) | |
Options exercised (in shares) | shares | |
Weighted average exercise price, options exercised (in dollars per share) | |
Options cancelled or forfeited (in shares) | shares | |
Weighted average exercise price, options cancelled or forfeited (in dollars per share) | |
Weighted average fair value at grant date, options cancelled or forfeited (in dollars per share) | |
Options outstanding (in shares) | shares | 760,000 |
Weighted average exercise price, options outstanding (in dollars per share) | $ 2.51 |
Weighted average fair value at grant date, options outstanding (in dollars per share) | $ 1 |
Options vested (in shares) | shares | 688,000 |
Options exercisable (in shares) | shares | 268,000 |
Note 9 - Long-term Incentive 37
Note 9 - Long-term Incentive Plan - Period and Predetermined Stock Price Needed for Vesting (Details) | 3 Months Ended |
Mar. 31, 2017$ / 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 11 - Business Segment In38
Note 11 - Business Segment Information (Details Textual) | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016 | Dec. 31, 2016USD ($) | |
Deferred Revenue, Current | $ 3,198,000 | $ 2,716,000 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Number of Major Customers | 0 | 0 | |
Corporate, Non-Segment [Member] | |||
Increase (Decrease) in Total Assets | $ 1,800,000 | ||
Golf and Related Operations [Member] | |||
Number of Golf Courses | 3 | ||
Increase (Decrease) in Total Assets | $ (1,600,000) | ||
Waste Management Services [Member] | |||
Increase (Decrease) in Total Assets | $ 2,000,000 |
Note 11 - Business Segment In39
Note 11 - Business Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net operating revenues | $ 10,702 | $ 10,999 |
Income (loss) before income taxes | (999) | (991) |
Corporate interest expense | (175) | (87) |
Corporate other income, net | 77 | 72 |
Intersegment Eliminations [Member] | ||
Net operating revenues | (26) | (16) |
Operating Segments [Member] | ||
Net operating revenues | 10,728 | 11,015 |
Income (loss) before income taxes | (54) | (143) |
Corporate, Non-Segment [Member] | ||
Corporate interest expense | (164) | (82) |
Corporate other income, net | 2 | 4 |
General corporate expenses | (783) | (770) |
Waste Management Services [Member] | ||
Net operating revenues | 7,613 | 8,276 |
Waste Management Services [Member] | Intersegment Eliminations [Member] | ||
Net operating revenues | ||
Waste Management Services [Member] | Operating Segments [Member] | ||
Net operating revenues | 7,613 | 8,276 |
Income (loss) before income taxes | 543 | 373 |
Golf and Related Operations [Member] | ||
Net operating revenues | 3,089 | 2,723 |
Golf and Related Operations [Member] | Intersegment Eliminations [Member] | ||
Net operating revenues | 26 | 16 |
Golf and Related Operations [Member] | Operating Segments [Member] | ||
Net operating revenues | 3,115 | 2,739 |
Income (loss) before income taxes | $ (597) | $ (516) |
Note 11 - Business Segment In40
Note 11 - Business Segment Information - Identifiable Assets (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Total assets | $ 64,907,000 | $ 67,898,000 |
Operating Segments [Member] | ||
Total assets | 119,517,000 | 121,680,000 |
Corporate, Non-Segment [Member] | ||
Total assets | 50,155,000 | 51,937,000 |
Intersegment Eliminations [Member] | ||
Total assets | (54,610,000) | (53,782,000) |
Waste Management Services [Member] | Operating Segments [Member] | ||
Total assets | 23,024,000 | 25,015,000 |
Golf and Related Operations [Member] | Operating Segments [Member] | ||
Total assets | $ 46,338,000 | $ 44,728,000 |
Note 12 - Certain Relationshi41
Note 12 - Certain Relationships and Related Transactions (Details Textual) - USD ($) $ in Millions | 24 Months Ended | |||
Dec. 31, 2014 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 | |
Investment in Subsidiary [Member] | Management and Accredited Investors [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 1 | |||
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% |
Note 13 - Injection Wells Sus42
Note 13 - Injection Wells Suspension (Details Textual) | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 03, 2014 | |
Number of Suspended Saltwater Injection Wells | 2 | |||
Property, Plant and Equipment, Net | $ 43,879,000 | $ 43,971,000 | ||
Wells and Related Equipment and Facilities [Member] | ||||
Property, Plant and Equipment, Net | $ 4,300,000 | |||
Wells and Related Equipment and Facilities [Member] | Scenario, Forecast [Member] | Maximum [Member] | ||||
Tangible Asset Impairment Charges | $ 4,100,000 |