Kaanapali Land (KANP) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 12, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	0-50273
Entity Registrant Name	KAANAPALI LAND, LLC
Entity Central Index Key	0001230058
Entity Tax Identification Number	01-0731997
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	900 N. Michigan Ave.
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60611
City Area Code	312
Local Phone Number	915-1987
Title of 12(b) Security	N/A
No Trading Symbol Flag	true
Security Exchange Name	NONE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,792,613

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 25,481	$ 26,260
Property, net	62,357	60,200
Retirement plan investments	4,209	5,067
Other assets	767	1,492
Total assets	92,814	93,019
Liabilities
Accounts payable and accrued expenses	811	346
Deposits and deferred gains	991	1,433
Deferred income taxes	5,380	5,979
Other liabilities	2,080	1,550
Total liabilities	9,262	9,308
Equity
Common equity, at 9/30/2024 and 12/31/2023   Shares authorized – unlimited, Class C shares       52,000;Common shares issued and outstanding 1,792,613       at 9/30/2024 and 12/31/2023, Class C shares issued and       outstanding 52,000 at 9/30/2024 and 12/31/2023
Additional paid-in capital	5,471	5,471
Accumulated earnings	78,081	78,240
Total shareholders’ equity	83,552	83,711
Total liabilities and shareholders’ equity	$ 92,814	$ 93,019

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Sep. 30, 2024	Dec. 31, 2023
Common stock, shares issued	1,792,613	1,792,613
Common stock, shares outstanding	1,792,613	1,792,613
Common Class C [Member]
Common stock, shares authorized	52,000	52,000
Common stock, shares issued	52,000	52,000
Common stock, shares outstanding	52,000	52,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Sales	$ 45	$ 498	$ 269	$ 2,798
Interest and other income	357	525	1,097	1,293
Crop insurance proceeds		509		509
Total revenues	402	1,532	1,366	4,600
Cost and expenses:
Cost of sales	767	838	2,035	2,262
Selling, general and     administrative	1,105	1,451	5,245	(1,589)
Excise tax expense		2,955		2,955
Depreciation and     amortization	53	52	152	156
Total cost and expenses	1,925	5,296	7,432	3,784
Operating income (loss)     before other income and     income taxes	(1,523)	(3,764)	(6,066)	816
Insurance proceeds	1,088		6,243
	1,088		6,243
Income (loss) before     income taxes	(435)	(3,764)	177	816
Income tax benefit (expense)	114	4,044	501	2,853
Net income (loss)	$ (321)	$ 280	$ 678	$ 3,669

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net income (loss) per share - basic	$ (0.17)	$ 0.15	$ 0.37	$ 1.99
Net income (loss) per share - diluted	$ (0.17)	$ 0.15	$ 0.37	$ 1.99

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2022		$ 5,471	$ 74,533	$ 80,004
Net income			(336)	(336)
Ending balance, value at Mar. 31, 2023		5,471	74,197	79,668
Beginning balance, value at Dec. 31, 2022		5,471	74,533	80,004
Net income				3,669
Ending balance, value at Sep. 30, 2023		5,471	78,202	83,673
Beginning balance, value at Mar. 31, 2023		5,471	74,197	79,668
Net income			3,725	3,725
Ending balance, value at Jun. 30, 2023		5,471	77,922	83,393
Net income			280	280
Ending balance, value at Sep. 30, 2023		5,471	78,202	83,673
Beginning balance, value at Dec. 31, 2023		5,471	78,240	83,711
Distribution for retirement plan   contribution for employees of   affiliates under common control			(837)	(837)
Net income			(1,034)	(1,034)
Ending balance, value at Mar. 31, 2024		5,471	76,369	81,840
Beginning balance, value at Dec. 31, 2023		5,471	78,240	83,711
Net income				678
Ending balance, value at Sep. 30, 2024		5,471	78,081	83,552
Beginning balance, value at Mar. 31, 2024		5,471	76,369	81,840
Net income			2,033	2,033
Ending balance, value at Jun. 30, 2024		5,471	78,402	83,873
Net income			(321)	(321)
Ending balance, value at Sep. 30, 2024		$ 5,471	$ 78,081	$ 83,552

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ (49)	$ 12,021
Net cash provided by (used in) investing activities:
Property additions	(2,309)	(1,097)
Property disposals		399
Receivable due to sewer line installation		(776)
Proceeds from insurance	2,416
	107	(1,474)
Net cash used in financing activities:
Distribution for retirement plan contribution for     employees of affiliates under common control	(837)
	(837)
Net increase (decrease) in cash and cash equivalents	(779)	10,547
Cash and cash equivalents at beginning of period	26,260	19,815
Cash and cash equivalents at end of period	$ 25,481	$ 30,362

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (321)	$ 2,033	$ (1,034)	$ 280	$ 3,725	$ (336)	$ 678	$ 3,669

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	(1) Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Kaanapali Land, LLC (“Kaanapali Land”) and all of its subsidiaries and its predecessors (collectively, the “Company”). The Company's continuing operations are in two business segments - Agriculture and Property. The Agriculture segment primarily engages in farming, harvesting and milling operations relating to coffee orchards and also cultivates, harvests and sells bananas and citrus fruits, and engages in certain ranching operations. The Property segment primarily develops land for sale and negotiates bulk sales of undeveloped land. The Property and Agriculture segments operate exclusively in the State of Hawaii. For further information on the Company’s business segments see Note 8. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and therefore, should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). These unaudited condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair presentation of the financial position and results of operations and cash flows for interim periods in accordance with U.S. GAAP. A description of the Company’s significant accounting policies is included in Note 1 to the Notes to the Consolidated Financial Statements included in the 2023 Form 10-K. Except as noted below, there were no material changes in the Company’s significant accounting policies during the three and nine months ended September 30, 2024. Property The Company's significant property holdings are on the island of Maui and consist of approximately 3,900 1,500 Inventory of land held for sale, if any, is carried at the lower of cost or fair market value, less costs to sell, which is based on current and foreseeable market conditions, discussions with real estate brokers and review of historical land sale activity fair value hierarchy (Levels 2 and 3). The Company has determined that none of its properties currently meet held for sale criteria. Land is currently utilized for commercial specialty coffee farming operations which also support the Company's land development program, as well as farming bananas, citrus and other farm products and ranching operations. Additionally, miscellaneous parcels of land have been leased or licensed to third parties on a short term basis prior to the Lahaina wildfire, as discussed below. Beginning on August 8, 2023, a wildfire occurred due east of historic Lahaina town in Maui. The fire spread rapidly due to extreme wind conditions caused in part by Hurricane Dora which traveled 800 miles offshore west of Maui. The fires caused multiple fatalities, widespread damage to Lahaina town and the surrounding area including the Company’s 19-acre Pioneer Mill site. The Company’s offices and coffee mill were located on the site as well as various other structures, including a building which was leased to an unrelated third party and used to operate a coffee store. The Company also utilized portions of the property for short term license agreements with third parties that generated income for the Company. Although no employees were injured in the fire, the Company’s offices and coffee store building were destroyed. Additionally, most of the personal property of the licensees and the coffee mill was destroyed. The widespread destruction is likely to cause disruptions in the Company’s development plans. The damage to the coffee mill has disrupted operations and prevented the Company from processing and selling the 2023 and 2024 year coffee crop. It is also likely that the fires and devastation caused thereby will adversely affect the long-term Maui economy and businesses operated on Maui. Maui hotel occupancy and average daily rates has declined significantly during 2024 as the Lahaina wildfire continues to disrupt tourism. Clean up of Lahaina town, including the Pioneer Mill Site, has commenced by U.S. Army Corps of Engineers (“USACE”) contractors. Access to the property remains restricted, and such restrictions are expected to continue while the clean-up of Lahaina town continues, estimated by USACE to be completed in the first quarter of 2025. The Company has initiated claims with its insurance carriers. In October 2023, the Company received an initial, unallocated advance payment of $ 1,000 $4,882 $1,088 The Company reviews its property for impairment of value if events or circumstances indicate that the carrying amount of its property may not be recoverable. Such reviews contain uncertainties due to assumptions and judgments considering certain indicators of impairment such as significant changes in asset usage, significant deterioration in the surrounding economy or environmental problems. Provisions for impairment losses related to long-lived assets, if any, are recognized when expected future cash flows are less than the carrying values of the assets. If indicators of impairment are present, the Company evaluates the carrying value of the related long-lived assets in relation to the future undiscounted cash flows of the underlying operations or anticipated sales proceeds. The Company adjusts the net book value of property to fair value if the sum of the expected undiscounted future cash flow or sales proceeds is less than book value. Assets held for sale are recorded at the lower of the carrying value of the asset or fair value less costs to sell. As a result of the fires, the Company performed an impairment evaluation of its asset groups to determine if provisions for impairment losses should be recognized. Based on the evaluation and continued monitoring, the Company concluded a provision for impairment should not be recognized for the current period. The Company will continue to monitor and evaluate the indicators for evidence of impairment in future periods. There can be no assurance that future impairment testing will not indicate that impairment has occurred and that a provision for impairment will be required. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the nine months ended September 30, 2024 are not necessarily indicative of the results that may be achieved for the full year ending December 31, 2024 or in any other future periods. Cash and Cash Equivalents The Company considers as cash equivalents all investments with maturities of three months or less when purchased. Included in this balance as of September 30, 2024 is a money market fund for $24,114 Revenue Recognition Revenue from real property sales is recognized at the time of closing when control of the property transfers to the buyer. After closing of the sale transaction, the Company has no remaining performance obligation. Other revenues are recognized when control of goods or services transfers to the customers, in the amount that the Company expects to receive for the transfer of goods or provision of services. Revenue recognition standards require entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange. The revenue recognition standards have implications for all revenues, excluding those that are under the specific scope of other accounting standards. The Company’s revenues that were subject to revenue recognition standards were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Sales of real estate $ -- $ -- $ -- $ -- Coffee and other sales -- 323 115 2,038 Total $ -- $ 323 $ 115 $ 2,038 The revenue recognition standards require the use of a five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. Lease Accounting The Company’s lease arrangements, both as lessor and as lessee, are short-term leases. The Company leases land to tenants under operating leases, and the Company leases property, primarily office and storage space, from lessors under operating leases. During the three and nine months ended September 30, 2024, the Company recognized $49 $154 $175 $760 $64 $121 $31 $80 Recently Issued Accounting Pronouncements In October 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-06 (“ASU 2023-06”), Disclosure Improvements - Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU modified the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations. The amendments to the various topics should be applied prospectively, and the effective date will be determined for each individual disclosure based on the effective date of the SEC’s removal of the related disclosure. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, then this ASU will not become effective. Early adoption is prohibited. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial statements, no significant impact is anticipated. In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments in the ASU enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. Early adoption is permitted. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial statements, no significant impact is anticipated. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis. Early adoption is permitted. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial statements, no significant impact is anticipated.

Land Development

Land Development	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Land Development	(2) Land Development In September 2014, Kaanapali Land Management Corp. (“KLMC”), pursuant to a property and option purchase agreement (“Purchase Agreement”) with Newport Hospital Corporation (“NHC”), sold a parcel of approximately 14.9 acres in West Maui. The Purchase Agreement included an Infrastructure Improvement Agreement (as subsequently amended) which commits KLMC to fund up to $583 $1,137 $1,108 $208 6.5% 14.9 $969 On June 3, 2024, KLMC entered into a property sale agreement (“PVM Sales Agreement”) with an unrelated third party for the sale of several parcels of land, aggregating approximately 241 acres (the “PVM land parcels”) within Pu’ukoli’i Village Mauka located near the Kaanapali resort area, north of Lahaina, Hawaii. Pursuant to the PVM Sales Agreement, the base sales price for the PVM land parcels is $29,900 On June 13, 2024, Pioneer Mill Company, LLC. (“PMC”), entered into a property sale agreement (“PMC Sales Agreement”) with an unrelated third party for the sale of four parcels of land, aggregating approximately 20 acres (the “PMS land parcels”) located in Lahaina, Hawaii. Pursuant to the PMC Sales Agreement, the sales price for the PMS land parcels is $20,000

Retirement Plan Investments

Retirement Plan Investments	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Retirement Plan Investments	(3) Retirement Plan Investments Prior to June 1, 2022, the Company participated in a defined benefit pension plan (the “Pension Plan”) that covered substantially all of its eligible employees. The Pension Plan was sponsored and maintained by Kaanapali Land in conjunction with other plans providing benefits to employees of Kaanapali Land and its affiliates. Pacific Trail Holdings LLC, the manager of the Company, adopted a plan to freeze the benefit accruals under and close participation in the Pension Plan and terminate the Pension Plan on June 1, 2022. Effective February 7, 2022, the fair value hierarchy Level 1 and Level 2 plan asset investments were reallocated to a money market fund. Benefit accruals were frozen on March 31, 2022. The Company paid lump sum benefits totaling approximately $420 $14,500 On September 8, 2023, the Company transferred $5,000 25% $2,900 $1,019 $182 $837 The Company maintains a nonqualified deferred compensation arrangement (the "Rabbi Trust") which provides certain former directors of Amfac Hawaii, LLC (now known as KLC Land Company, LLC, a direct subsidiary of Kaanapali Land through which the Company conducts substantially all of its operations) and their spouses with pension benefits. The deferred compensation liability of $244

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	(4) Income Taxes The Company's taxes for 2020 and more recent years remain open to examinations by tax authorities, subject to possible utilization of loss carryforwards from earlier years. Notwithstanding the foregoing, all net operating losses (“NOL”) generated and not yet utilized are subject to adjustment by the Internal Revenue Service (“IRS”). The Company believes adequate provisions for income tax have been recorded for all years, although there can be no assurance that such provisions will be adequate. To the extent that there is a shortfall, any such shortfall for which the Company is liable could adversely and materially affect the Company’s results of operations. The Tax Cuts and Jobs Act of 2017 is a comprehensive tax reform bill containing a number of other provisions that either currently or in the future could impact the Company, particularly the effect of certain limitations effective for the tax year 2018 and forward (prior losses remain subject to the prior 20 year carryforward period) on the use of federal NOL carryforwards, which will generally be limited to being used to offset 80% of future annual taxable income.

Transactions with Affiliates

Transactions with Affiliates	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Transactions with Affiliates	(5) Transactions with Affiliates An affiliated insurance agency, JMB Insurance Agency, Inc., which has some degree of common ownership with the Company, earns insurance brokerage commissions in connection with providing the placement of insurance coverage for certain of the properties and operations of the Company. Commissions paid for the three and nine months ended September 30, 2024 were $0 $25 $0 $23 The Company reimburses its affiliates for general overhead expense and for direct expenses incurred on its behalf, including salaries and salary-related expenses incurred in connection with the management of the Company's operations. Generally, the entity that employs the person providing the services receives the reimbursement. Substantially all of such reimbursable amounts were incurred by JMB Realty Corporation or its affiliates, 900FMS, LLC, 900Work, LLC, and JMB Financial Advisors, LLC, all of which have some degree of common ownership with the Company. The total costs recorded in cost of sales and selling, general and administrative expenses in the consolidated statement of operations for the three and nine months ended September 30, 2024 and 2023 were $342 $997 $296 $861 $342 The Company maintains a suspense account within the QRP pending allocation to the employees of certain affiliates, all of which have some degree of common ownership with the Company and were concluded as eligible participants per ERISA requirements for QRPs. The total allocation of $ 837

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(6) Commitments and Contingencies Material legal proceedings of the Company are described below. Unless otherwise noted, the parties adverse to the Company in the legal proceedings described below have not made a claim for damages in a liquidated amount and/or the Company believes that it would be speculative to attempt to determine the Company's exposure relative thereto, and as a consequence believes that an estimate of the range of potential loss cannot be made. A subsidiary of the Company, D/C Distribution Corporation (“D/C”) was substantially without assets and was unable to obtain additional sources of capital to satisfy its liabilities, and therefore filed with the United States Bankruptcy Court, Northern District of Illinois, its voluntary petition for liquidation under Chapter 7 of Title 11, United States Bankruptcy Code in July 2007, Case No. 07-12776. Such filing was not expected to have a material adverse effect on the Company as D/C was substantially without assets at the time of the filing. Kaanapali Land filed claims in the D/C bankruptcy that aggregated approximately $26,800 At the time of the filing of the bankruptcy petition, Kaanapali Land, as successor by merger to other entities, and D/C had been named as defendants in personal injury actions allegedly based on exposure to asbestos. While there were relatively few cases that name Kaanapali Land, there were a substantial number of cases that were pending against D/C on the U.S. mainland (primarily in California). Cases against Kaanapali Land (hereafter, “Kaanapali Land asbestos cases”) were allegedly based on its prior business operations in Hawaii and cases against D/C were allegedly based on sale of asbestos-containing products by D/C's prior distribution business operations primarily in California. Each entity defending these cases believes that it has meritorious defenses against these actions, but can give no assurances as to the ultimate outcome of these cases. The defense of these cases had a material adverse effect on the financial condition of D/C as it has been forced to file a voluntary petition for liquidation as discussed above. Kaanapali Land does not believe that it has liability, directly or indirectly, for D/C's obligations in those cases. Kaanapali Land does not presently believe that the cases in which it is named will result in any material liability to Kaanapali Land; however, there can be no assurance in that regard. On January 21, 2020, certain asbestos claimants filed a Stay Relief Motion (“motion to lift stay”) in connection with the D/C proceeding. The motion to lift stay sought the entry of an order, among other things, modifying the automatic stay in the D/C bankruptcy to permit those claimants to prosecute various lawsuits in state courts against D/C and to recover on any judgment or settlement solely from any available insurance coverage. Various oppositions to the motion to lift stay were filed, and the matter was heard and taken under advisement in April 2020. On July 21, 2020, the bankruptcy court issued an order granting the motion to lift stay to permit the movants to pursue their claims and to recover any judgment or settlement from and to the extent of any available insurance coverage of D/C only. Certain asbestos-related proofs claims in the bankruptcy case were withdrawn in connection with the closing of the case. A court hearing was held on March 29, 2023 in which the court awarded the trustee’s compensation and expenses and therefore D/C no longer has any assets. On June 6, 2023, the bankruptcy trustee filed a final account and application to close the D/C bankruptcy and on June 14, 2023, the D/C bankruptcy court closed the case and the trustee was discharged. Due to the closing of the case, the Company derecognized a related contingent liability. The derecognition of the contingent liability is included as a reduction of selling, general and administrative expenses and resulted in a credit in expenses on the Company’s consolidated statement of operations for the nine months ended September 30, 2023. However, personal injury claimants may in the future assert asbestos-related claims against D/C. The Company has received notice from Hawaii’s Department of Land and Natural Resources (“DLNR”) that DLNR on a periodic basis would inspect all significant dams and reservoirs in Hawaii, including those maintained by the Company on Maui in connection with its agricultural operations. A series of such inspections have taken place over the period from 2006 through the most recent inspections that occurred in July 2024. To date, the DLNR has cited certain deficiencies concerning two of the Company’s reservoirs relating to dam and reservoir safety standards established by the State of Hawaii. These deficiencies include, among other things, vegetative overgrowth, erosion of slopes, uncertainty of inflow control, spillway capacity, and freeboard, and uncertainty of structural stability under certain loading and seismic conditions. The Company does not expect that additional deficiencies will be cited as a result of the most recent inspection. The Company has taken certain corrective actions, including lowering the reservoir operating level, as well as updating plans to address emergency events and basic operations and maintenance. In 2018, the Company contracted with an engineering firm to develop plans to address certain DLNR cited deficiencies on one of the Company’s reservoirs. Remediation plans for addressing all deficiencies have been submitted to DLNR. In 2012, the State of Hawaii issued new Hawaii Administrative Rules for Dams and Reservoirs which require dam owners to obtain from DLNR Certificates of Impoundment (“permits”) to operate and maintain dams or reservoirs. Obtaining such permits requires owners to completely resolve all cited deficiencies. Therefore, the process may involve further analysis of dam and reservoir safety requirements, which will involve continuing engagement with specialized engineering consultants, and ultimately could result in significant and costly improvements which may be material to the Company. The DLNR categorizes the reservoirs as "high hazard" under State of Hawaii administrative rules and state statutes concerning dam and reservoir safety. This classification, which bears upon government oversight and reporting requirements, may increase the cost of managing and maintaining these reservoirs materially. The Company does not believe that this classification is warranted for either of the reservoirs and has initiated a dialogue with DLNR in that regard. In April 2008, the Company received further correspondence from DLNR that included the assessment by their consultants of the potential losses that result from the failure of these reservoirs. In April 2009, the Company filed a written response to DLNR to correct certain factual errors in its report and to request further analysis on whether such "high hazard" classifications are warranted. It is unlikely that the “high hazard” designation will be changed. On August 5, 2024, NHC served KLMC with a Demand for Arbitration administrated by Dispute Prevention and Resolution, Inc. (“DPR”), relating to the Infrastructure Improvement Agreement and NHC’s development of the site. NHC alleges, among other things, that KLMC wrongfully caused significant delays, increased costs and related damages to NHC with respect to NHC’s planning and construction of the infrastructure improvements required of NHC under the Infrastructure Improvement Agreement (as subsequently amended). NHC seeks judgment for declaratory relief that the Infrastructure Improvement Agreement between NHC and KLMC is void; in the alternative, for reformation of the Infrastructure Improvement Agreement; for award of damages in an amount to be proven at arbitration; for attorneys’ fees and costs; for prejudgment and post-judgment interest on any monetary award; and for such other and further relief as the arbitrator deems appropriate. On October 25, 2024, KLMC filed an Answering Statement to NHC’s Demand for Arbitration and KLMC’s counterclaim against NHC. On November 5, 2024, DPR confirmed the assignment of a mutually agreed upon arbitrator. A Schedule for the arbitration hearing has not been set. The pre-arbitration discovery process is ongoing. KLMC will continue to vigorously defend. However, there can be no assurance that the eventual outcome of the arbitration will not result in any material liability or have a material impact on business and financial results for KLMC. Other than as described above, the Company is not involved in any material pending legal proceedings, other than ordinary routine litigation incidental to its business. The Company and/or certain of its affiliates have been named as defendants in several pending lawsuits. While it is impossible to predict the outcome of such routine litigation that is now pending (or threatened) and for which the potential liability is not covered by insurance, the Company is of the opinion that the ultimate liability from any of this litigation will not materially adversely affect the Company's consolidated results of operations or its financial condition. The Company often seeks insurance recoveries under its policies for costs incurred or expected to be incurred for losses or claims under which the policies might apply. As a result of the Lahaina wildfire, in October 2023, the Company received an initial, unallocated advance payment of $ 1,000 $4,882 $1,088 KLMC is a party to an agreement with the State of Hawaii for the development of the Lahaina Bypass Highway. Approximately 2.4 miles of this two lane state highway have been completed. Construction to extend the southern terminus was completed mid-2018. The northern portion of the Lahaina Bypass Highway, which extends to KLMC’s lands, is in the early stage of planning. Under certain circumstances, which have not yet occurred, KLMC remains committed for approximately $1,100 $6,700 These potential commitments have not been reflected in the accompanying condensed consolidated financial statements. While the completion of the Lahaina Bypass Highway would add value to KLMC’s lands north of the town of Lahaina, there can be no assurance that it will be completed or when any future phases will be undertaken.

Calculation of Net Income (Loss

Calculation of Net Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Calculation of Net Income (Loss) Per Share	(7) Calculation of Net Income (Loss) Per Share The following tables set forth the computation of net income (loss) per share - basic and diluted: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands, except per share amounts) 2024 2023 2024 2023 Numerator: Net income (loss) attributable to stockholders $ (321) $ 280 $ 678 $ 3,669 Denominator: Number of weighted average share outstanding - basic and diluted 1,845 1,845 1,845 1,845 Net income (loss) per share, - basic and diluted $ (0.17 $ 0.15 $ 0.37 $ 1.99

Business Segment Information

Business Segment Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Business Segment Information	(8) Business Segment Information As described in Note 1, the Company operates in two business segments. Total revenues and operating profit by business segment are presented in the tables below. Total revenues by business segment includes primarily (i) sales, all of which are to unaffiliated customers, and (ii) interest income that is earned from outside sources on assets which are included in the individual industry segment's identifiable assets. Operating income (loss) is comprised of total revenue less cost of sales and operating expenses. In computing operating income (loss), none of the following items have been added or deducted: general corporate revenues and expenses, interest expense and income taxes. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: Property $ 78 $ 98 $ 194 $ 397 Agriculture 8 931 170 2,995 Corporate 316 503 1,002 1,208 $ 402 $ 1,532 $ 1,366 $ 4,600 Operating income (loss): Property $ (490 $ (414) $ 2,487 $ (1,175 Agriculture (854 43 2,109 406 Operating income (loss) (1,344) (371 (4,596 (769 Corporate (179 (3,393 (1,470 1,585 Operating income (loss) before income taxes $ (1,523) $ (3,764 $ (6,066 $ 816 The Company’s Property segment consists primarily of revenue received from land sales and lease and licensing agreements. The Company’s Agriculture segment consists primarily of coffee operations and licensing agreements. The Company’s Corporate segment consists primarily of interest earned on investments. The Company is exploring alternative agricultural operations, but there can be no assurance that replacement operations at any level will result.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Kaanapali Land, LLC (“Kaanapali Land”) and all of its subsidiaries and its predecessors (collectively, the “Company”). The Company's continuing operations are in two business segments - Agriculture and Property. The Agriculture segment primarily engages in farming, harvesting and milling operations relating to coffee orchards and also cultivates, harvests and sells bananas and citrus fruits, and engages in certain ranching operations. The Property segment primarily develops land for sale and negotiates bulk sales of undeveloped land. The Property and Agriculture segments operate exclusively in the State of Hawaii. For further information on the Company’s business segments see Note 8. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and therefore, should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). These unaudited condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair presentation of the financial position and results of operations and cash flows for interim periods in accordance with U.S. GAAP. A description of the Company’s significant accounting policies is included in Note 1 to the Notes to the Consolidated Financial Statements included in the 2023 Form 10-K. Except as noted below, there were no material changes in the Company’s significant accounting policies during the three and nine months ended September 30, 2024.
Property	Property The Company's significant property holdings are on the island of Maui and consist of approximately 3,900 1,500 Inventory of land held for sale, if any, is carried at the lower of cost or fair market value, less costs to sell, which is based on current and foreseeable market conditions, discussions with real estate brokers and review of historical land sale activity fair value hierarchy (Levels 2 and 3). The Company has determined that none of its properties currently meet held for sale criteria. Land is currently utilized for commercial specialty coffee farming operations which also support the Company's land development program, as well as farming bananas, citrus and other farm products and ranching operations. Additionally, miscellaneous parcels of land have been leased or licensed to third parties on a short term basis prior to the Lahaina wildfire, as discussed below. Beginning on August 8, 2023, a wildfire occurred due east of historic Lahaina town in Maui. The fire spread rapidly due to extreme wind conditions caused in part by Hurricane Dora which traveled 800 miles offshore west of Maui. The fires caused multiple fatalities, widespread damage to Lahaina town and the surrounding area including the Company’s 19-acre Pioneer Mill site. The Company’s offices and coffee mill were located on the site as well as various other structures, including a building which was leased to an unrelated third party and used to operate a coffee store. The Company also utilized portions of the property for short term license agreements with third parties that generated income for the Company. Although no employees were injured in the fire, the Company’s offices and coffee store building were destroyed. Additionally, most of the personal property of the licensees and the coffee mill was destroyed. The widespread destruction is likely to cause disruptions in the Company’s development plans. The damage to the coffee mill has disrupted operations and prevented the Company from processing and selling the 2023 and 2024 year coffee crop. It is also likely that the fires and devastation caused thereby will adversely affect the long-term Maui economy and businesses operated on Maui. Maui hotel occupancy and average daily rates has declined significantly during 2024 as the Lahaina wildfire continues to disrupt tourism. Clean up of Lahaina town, including the Pioneer Mill Site, has commenced by U.S. Army Corps of Engineers (“USACE”) contractors. Access to the property remains restricted, and such restrictions are expected to continue while the clean-up of Lahaina town continues, estimated by USACE to be completed in the first quarter of 2025. The Company has initiated claims with its insurance carriers. In October 2023, the Company received an initial, unallocated advance payment of $ 1,000 $4,882 $1,088 The Company reviews its property for impairment of value if events or circumstances indicate that the carrying amount of its property may not be recoverable. Such reviews contain uncertainties due to assumptions and judgments considering certain indicators of impairment such as significant changes in asset usage, significant deterioration in the surrounding economy or environmental problems. Provisions for impairment losses related to long-lived assets, if any, are recognized when expected future cash flows are less than the carrying values of the assets. If indicators of impairment are present, the Company evaluates the carrying value of the related long-lived assets in relation to the future undiscounted cash flows of the underlying operations or anticipated sales proceeds. The Company adjusts the net book value of property to fair value if the sum of the expected undiscounted future cash flow or sales proceeds is less than book value. Assets held for sale are recorded at the lower of the carrying value of the asset or fair value less costs to sell. As a result of the fires, the Company performed an impairment evaluation of its asset groups to determine if provisions for impairment losses should be recognized. Based on the evaluation and continued monitoring, the Company concluded a provision for impairment should not be recognized for the current period. The Company will continue to monitor and evaluate the indicators for evidence of impairment in future periods. There can be no assurance that future impairment testing will not indicate that impairment has occurred and that a provision for impairment will be required.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the nine months ended September 30, 2024 are not necessarily indicative of the results that may be achieved for the full year ending December 31, 2024 or in any other future periods.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers as cash equivalents all investments with maturities of three months or less when purchased. Included in this balance as of September 30, 2024 is a money market fund for $24,114
Revenue Recognition	Revenue Recognition Revenue from real property sales is recognized at the time of closing when control of the property transfers to the buyer. After closing of the sale transaction, the Company has no remaining performance obligation. Other revenues are recognized when control of goods or services transfers to the customers, in the amount that the Company expects to receive for the transfer of goods or provision of services. Revenue recognition standards require entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange. The revenue recognition standards have implications for all revenues, excluding those that are under the specific scope of other accounting standards. The Company’s revenues that were subject to revenue recognition standards were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Sales of real estate $ -- $ -- $ -- $ -- Coffee and other sales -- 323 115 2,038 Total $ -- $ 323 $ 115 $ 2,038 The revenue recognition standards require the use of a five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.
Lease Accounting	Lease Accounting The Company’s lease arrangements, both as lessor and as lessee, are short-term leases. The Company leases land to tenants under operating leases, and the Company leases property, primarily office and storage space, from lessors under operating leases. During the three and nine months ended September 30, 2024, the Company recognized $49 $154 $175 $760 $64 $121 $31 $80
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In October 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-06 (“ASU 2023-06”), Disclosure Improvements - Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU modified the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations. The amendments to the various topics should be applied prospectively, and the effective date will be determined for each individual disclosure based on the effective date of the SEC’s removal of the related disclosure. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, then this ASU will not become effective. Early adoption is prohibited. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial statements, no significant impact is anticipated. In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments in the ASU enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. Early adoption is permitted. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial statements, no significant impact is anticipated. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis. Early adoption is permitted. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial statements, no significant impact is anticipated.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Revenues Subject to Accounting Standards Codification 606	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Sales of real estate $ -- $ -- $ -- $ -- Coffee and other sales -- 323 115 2,038 Total $ -- $ 323 $ 115 $ 2,038

Calculation of Net Income (Lo_2

Calculation of Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Calculation of Net Income (Loss) Per Share	Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands, except per share amounts) 2024 2023 2024 2023 Numerator: Net income (loss) attributable to stockholders $ (321) $ 280 $ 678 $ 3,669 Denominator: Number of weighted average share outstanding - basic and diluted 1,845 1,845 1,845 1,845 Net income (loss) per share, - basic and diluted $ (0.17 $ 0.15 $ 0.37 $ 1.99

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Operating Income (Loss) by Segments	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: Property $ 78 $ 98 $ 194 $ 397 Agriculture 8 931 170 2,995 Corporate 316 503 1,002 1,208 $ 402 $ 1,532 $ 1,366 $ 4,600 Operating income (loss): Property $ (490 $ (414) $ 2,487 $ (1,175 Agriculture (854 43 2,109 406 Operating income (loss) (1,344) (371 (4,596 (769 Corporate (179 (3,393 (1,470 1,585 Operating income (loss) before income taxes $ (1,523) $ (3,764 $ (6,066 $ 816

Schedule of Revenues Subject to

Schedule of Revenues Subject to Accounting Standards Codification 606 (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total		$ 323	$ 115	$ 2,038
Sales Of Real Estate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total
Coffee And Other Sales [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total		$ 323	$ 115	$ 2,038

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details Narrative) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	Aug. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Oct. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) a	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) a	Sep. 30, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Area of significant property holdings on island of Maui | a				3,900		3,900
Area of property holdings in Maui classified as conservation land which precludes development | a				1,500		1,500
Unallocated advance insurance payment related to Lahaina Wildfire			$ 1,000
Insurance proceeds	$ 1,088	$ 4,882		$ 1,088		$ 6,243
Money market fund				24,114		24,114
Lease income				49	175	154	760
Lease expense				$ 64	$ 31	$ 121	$ 80

Land Development (Details Narra

Land Development (Details Narrative) $ in Thousands	1 Months Ended	9 Months Ended
	Sep. 30, 2014 USD ($) a	Sep. 30, 2024 USD ($)	Jun. 13, 2024 USD ($)	Jun. 03, 2024 USD ($)
Real Estate [Line Items]
Contract price for sewer line improvement project		$ 1,137
Amount paid by KLMC on sewer line project		1,108
Sewer line project commitment amount		$ 208
Interest rate of receivable per Purchase Agreement		6.50%
Acres of land sold | a	14.9
Credit loss reserve recorded against receivable with NHC		$ 969
Base sales price for the PVM land parcels pursuant to the PVM Sales Agreement				$ 29,900
Base sales price for the PMC land parcels pursuant to the PMC Sales Agreement			$ 20,000
Maximum [Member]
Real Estate [Line Items]
Future funds committed by KLMC to improve parcel of land sold	$ 583

Retirement Plan Investments (De

Retirement Plan Investments (Details Narrative) - USD ($) $ in Thousands			1 Months Ended		3 Months Ended		9 Months Ended
	Feb. 26, 2024	Sep. 08, 2023	Oct. 31, 2023	Oct. 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 15, 2023
Retirement Benefits [Abstract]
Lump sum benefits paid to pension plan participants for settlement of all benefit Pension Plan liabilities				$ 420
Remaining value of Pension Plan assets reverted to company									$ 14,500
Value of Pension Plan assets recently transferred and held in investment suspense account		$ 5,000
Amount allocated to the participants in the qualified replacement plan		25%
Excise taxes paid			$ 2,900			$ 2,955		$ 2,955
Value of amounts allocated to participants in QRP	$ 1,019
Value of amounts allocated to participants in terminated pension plan	$ 182
Distributions for retirement plan contributions for employees of affiliates under common control							837
Assets held under deferred compensation arrangement ("Rabbi Trust")					$ 244		$ 244

Transactions with Affiliates (D

Transactions with Affiliates (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Amounts due to affiliates not yet paid	$ 342		$ 342
Distributions for retirement plan contributions for employees of affiliates under common control			837
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Insurance commissions paid to related party	0	$ 0	25	23
Selling, general and administrative expenses incurred during the period with related parties	$ 342	$ 296	997	$ 861
Distributions for retirement plan contributions for employees of affiliates under common control			$ 837

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	Aug. 31, 2024	Jun. 30, 2024	Oct. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2014
Gain Contingencies [Line Items]
Unallocated advance insurance payment related to Lahaina Wildfire			$ 1,000
Insurance proceeds	$ 1,088	$ 4,882		$ 1,088		$ 6,243
Approximate future costs and expenditures KLMC remains committed for on uncompleted portion of Bypass Highway				1,100		1,100
Maximum amount KLMC has agreed to contribute towards construction costs on Bypass Highway project				$ 6,700		$ 6,700
Dc Distributions Bankruptcy [Member]
Gain Contingencies [Line Items]
Amount of claims filed								$ 26,800

Calculation of Net Income (Lo_3

Calculation of Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (321)	$ 280	$ 678	$ 3,669
Number of weighted average share outstanding - basic	1,845	1,845	1,845	1,845
Number of weighted average share outstanding - diluted	1,845	1,845	1,845	1,845
Net loss per share - basic	$ (0.17)	$ 0.15	$ 0.37	$ 1.99
Net loss per share - diluted	$ (0.17)	$ 0.15	$ 0.37	$ 1.99

Schedule of Operating Income (L

Schedule of Operating Income (Loss) by Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Revenues	$ 402	$ 1,532	$ 1,366	$ 4,600
Operating income (loss) from continuing operations before income taxes	(1,523)	(3,764)	(6,066)	816
Property [Member]
Revenues:
Revenues	78	98	194	397
Operating income (loss) from continuing operations before income taxes	(490)	(414)	2,487	(1,175)
Agriculture [Member]
Revenues:
Revenues	8	931	170	2,995
Operating income (loss) from continuing operations before income taxes	(854)	43	2,109	406
Corporate Segment [Member]
Revenues:
Revenues	316	503	1,002	1,208
Operating income (loss) from continuing operations before income taxes	(179)	(3,393)	(1,470)	1,585
Property And Agriculture [Member]
Revenues:
Operating income (loss) from continuing operations before income taxes	$ (1,344)	$ (371)	$ (4,596)	$ (769)