Maui Land & Pineapple (MLP) 10-Q 11 Aug 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Document Information [Line Items]
Entity Central Index Key	0000063330
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-06510
Entity Registrant Name	MAUI LAND & PINEAPPLE COMPANY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-0107542
Entity Address, Address Line One	200 Village Road, Lahaina
Entity Address, City or Town	Maui
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96761
City Area Code	808
Local Phone Number	877-3351
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	MLP
Security Exchange Name	NYSE
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		19,514,931

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash	$ 16,949	$ 5,596
Restricted cash	273	0
Accounts receivable, net	1,093	1,103
Prepaid expenses and other assets	394	333
Assets held for sale	3,017	3,144
Total current assets	21,726	10,176
Property & equipment, net	16,437	16,998
OTHER ASSETS
Deferred development costs	9,566	9,564
Other noncurrent assets	1,184	1,181
Total other assets	10,750	10,745
TOTAL ASSETS	48,913	37,919
CURRENT LIABILITIES
Accounts payable	845	580
Payroll and employee benefits	671	949
Accrued retirement benefits, current portion	142	142
Deferred revenue, current portion	704	217
Other current liabilities	493	509
Total current liabilities	2,855	2,397
LONG-TERM LIABILITIES
Accrued retirement benefits, net of current portion	7,789	7,937
Other noncurrent liabilities	53	53
Total long-term liabilities	11,602	11,932
TOTAL LIABILITIES	14,457	14,329
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock--no par value, 43,000,000 shares authorized, 19,443,623 and 19,383,288 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	83,025	82,378
Additional paid-in-capital	9,184	9,184
Accumulated deficit	(42,417)	(52,324)
Accumulated other comprehensive loss	(15,336)	(15,648)
Total stockholders' equity	34,456	23,590
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	48,913	37,919
License [Member]
LONG-TERM LIABILITIES
Deferred revenue	1,567	1,633
Member Deposits [Member]
LONG-TERM LIABILITIES
Deferred revenue	$ 2,193	$ 2,309

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) -parentheticals (Parentheticals) - $ / shares $ / shares in Thousands	Jun. 30, 2022	Dec. 31, 2021
Common Stock, No Par Value (in dollars per share)	$ 0	$ 0
Common Stock, Shares Authorized (in shares)	43,000,000	43,000,000
Common stock, shares issued (in shares)	19,443,623	19,383,288
Common stock, shares outstanding (in shares)	19,443,623	19,383,288

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
OPERATING REVENUES
Leasing	$ 2,198	$ 1,962	$ 4,228	$ 3,763
Total operating revenues	13,987	4,950	16,234	7,009
OPERATING COSTS AND EXPENSES
Leasing	997	876	1,739	1,716
General and administrative	759	574	1,516	1,291
Share-based compensation	276	370	654	719
Depreciation	277	302	550	602
Total operating costs and expenses	3,346	2,854	6,095	5,571
OPERATING INCOME	10,641	2,096	10,139	1,438
Pension and other post-retirement expenses	(114)	(116)	(229)	(232)
Other income			0	13
Interest expense	(2)	(32)	(3)	(65)
INCOME FROM CONTINUING OPERATIONS	10,525	1,948	9,907	1,154
Loss from discontinued operations, net	0	(69)	0	(209)
NET INCOME	10,525	1,879	9,907	945
Other compreshensive income - pension, net	156	221	312	442
TOTAL COMPREHENSIVE INCOME	10,681	2,100	10,219	1,387
EARNINGS PER COMMON SHARE-BASIC AND DILUTED
TOTAL COMPREHENSIVE INCOME	$ 10,681	$ 2,100	$ 10,219	$ 1,387
Income from Continuing Operations (in dollars per share)	$ 0.54	$ 0.10	$ 0.51	$ 0.06
Loss from Discontinued Operations (in dollars per share)	0	0	0	(0.01)
Net Income (in dollars per share)	$ 0.54	$ 0.10	$ 0.51	$ 0.05
Real Estate [Member]
OPERATING REVENUES
Operating revenues	$ 11,600	$ 2,700	$ 11,600	$ 2,700
OPERATING COSTS AND EXPENSES
Operating Costs and Expenses	707	454	796	552
Resort Amenities and Other [Member]
OPERATING REVENUES
Operating revenues	189	288	406	546
OPERATING COSTS AND EXPENSES
Operating Costs and Expenses	$ 330	$ 278	$ 840	$ 691

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2020	19,312
Balance at Dec. 31, 2020	$ 81,485	$ 9,184	$ (48,904)	$ (21,698)	$ 20,067
Share-based compensation (in shares)	60
Share-based compensation	$ 748	163			911
Vested restricted stock issued (in shares)	14
Vested restricted stock issued	$ 163	(163)			0
Shares cancelled to pay tax liability (in shares)	(34)
Shares cancelled to pay tax liability	$ (424)				(424)
Other comprehensive income - pension				221	221
Net loss			(934)		(934)
Balance (in shares) at Mar. 31, 2021	19,352
Balance at Mar. 31, 2021	$ 81,972	9,184	(49,838)	(21,477)	19,841
Balance (in shares) at Dec. 31, 2020	19,312
Balance at Dec. 31, 2020	$ 81,485	9,184	(48,904)	(21,698)	20,067
Other comprehensive income - pension					442
Net loss					945
Balance (in shares) at Jun. 30, 2021	19,362
Balance at Jun. 30, 2021	$ 82,104	9,184	(47,959)	(21,256)	22,073
Balance (in shares) at Mar. 31, 2021	19,352
Balance at Mar. 31, 2021	$ 81,972	9,184	(49,838)	(21,477)	19,841
Share-based compensation		184			184
Vested restricted stock issued (in shares)	15
Vested restricted stock issued	$ 184	(184)			0
Shares cancelled to pay tax liability (in shares)	(5)
Shares cancelled to pay tax liability	$ (52)				(52)
Other comprehensive income - pension				221	221
Net loss			1,879		1,879
Balance (in shares) at Jun. 30, 2021	19,362
Balance at Jun. 30, 2021	$ 82,104	9,184	(47,959)	(21,256)	22,073
Balance (in shares) at Dec. 31, 2021	19,383
Balance at Dec. 31, 2021	$ 82,378	9,184	(52,324)	(15,648)	23,590
Share-based compensation (in shares)	49
Share-based compensation	$ 494	273			767
Vested restricted stock issued (in shares)	24
Vested restricted stock issued	$ 273	(273)			0
Shares cancelled to pay tax liability (in shares)	(26)
Shares cancelled to pay tax liability	$ (269)				(269)
Other comprehensive income - pension				156	156
Net loss			(618)		(618)
Balance (in shares) at Mar. 31, 2022	19,430
Balance at Mar. 31, 2022	$ 82,876	9,184	(52,942)	(15,492)	23,626
Balance (in shares) at Dec. 31, 2021	19,383
Balance at Dec. 31, 2021	$ 82,378	9,184	(52,324)	(15,648)	23,590
Other comprehensive income - pension					312
Net loss					9,907
Balance (in shares) at Jun. 30, 2022	19,444
Balance at Jun. 30, 2022	$ 83,025	9,184	(42,417)	(15,336)	34,456
Balance (in shares) at Mar. 31, 2022	19,430
Balance at Mar. 31, 2022	$ 82,876	9,184	(52,942)	(15,492)	23,626
Share-based compensation		170			170
Vested restricted stock issued (in shares)	16
Vested restricted stock issued	$ 170	(170)			0
Shares cancelled to pay tax liability (in shares)	(2)
Shares cancelled to pay tax liability	$ (21)				(21)
Other comprehensive income - pension				156	156
Net loss			10,525		10,525
Balance (in shares) at Jun. 30, 2022	19,444
Balance at Jun. 30, 2022	$ 83,025	$ 9,184	$ (42,417)	$ (15,336)	$ 34,456

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 11,948	$ 1,691
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for property and deferred development costs	(31)	(94)
Proceeds from sale of long-term assets	0	4,203
Proceeds from investment	0	13
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES	(31)	4,122
CASH FLOWS FROM FINANCING ACTIVITIES
Debt and common stock issuance costs and other	(291)	(477)
Proceeds from long-term debt	0	600
Payments on long-term debt	0	(800)
NET CASH USED IN FINANCING ACTIVITIES	(291)	(677)
NET INCREASE IN CASH	11,626	5,136
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD	5,596	869
CASH AND RESTRICTED CASH AT END OF PERIOD	17,222	6,005
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest:	$ 0	$ 8

Supplemental Schedule of Non-Ca

Supplemental Schedule of Non-Cash Investing and Financing Activities	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: ● Common stock issued under the Company’s 2017 Equity and Incentive Award Plan was $0.6 million during each of the six months ended June 30, 2022 and 2021. See Notes to Condensed Consolidated Interim Financial Statements.

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated interim financial statements have been prepared by Maui Land & Pineapple Company, Inc. (together with its subsidiaries, collectively, the “Company”) in conformity with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information that are consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes to the annual audited consolidated financial statements required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated interim financial statements contain all normal and recurring adjustments necessary to fairly present the Company’s consolidated financial position, results of operations and cash flows for the interim periods ended June 30, 2022 and 2021. The unaudited condensed consolidated interim financial statements and notes should be read in conjunction with the annual audited consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2021. On June 29, 2022, the Company’s shareholders voted to approve a proposal to change the state of incorporation of the Company from Hawaii to Delaware. The reincorporation was effected through a plan of conversion completed on July 18, 2022. Total authorized capital stock provided by the Delaware certificate of incorporation include 48,000,000 million shares, consisting of 43,000,000 shares of common stock, par value $0.0001 per share, and 5,000,000 shares of preferred stock, par value $0.0001 per share. No change in ownership resulted from the reincorporation as each outstanding share of common stock was automatically converted into one share of the newly established Company. The name of the Company after reincorporation remains Maui Land & Pineapple Company, Inc. and shares of common stock continue to be listed on the New York Stock Exchange under the ticker symbol “MLP.”

Note 2 - Use of Estimates and R

Note 2 - Use of Estimates and Reclassifications	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Use of Estimates and Reclassifications Disclosure [Text Block]	2. USE OF ESTIMATES AND RECLASSIFICATIONS The Company’s reports for interim periods utilize numerous estimates of general and administrative expenses and other costs for the full year. Future actual amounts may differ from these estimates. Amounts reflected in condensed consolidated interim statements are not necessarily indicative of results for a full year..

Note 3 - Restricted Cash

Note 3 - Restricted Cash	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	3. RESTRICTED CASH Restricted cash of $0.3 million at June 30, 2022 consisted of deposits held in escrow from the prospective buyer of a property held for sale.

Note 4 - Earnings (Loss) Per Sh

Note 4 - Earnings (Loss) Per Share - Basic and Diluted	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	4. EARNINGS (LOSS) PER SHARE BASIC AND DILUTED Basic and diluted weighted-average shares outstanding for the three months ended June 30, 2022 and 2021 were 19,430,409 and 19,351,489, Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed similar to basic net income per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares from share-based compensation arrangements had been issued.

Note 5 - Property & Equipment

Note 5 - Property & Equipment	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	5. PROPERTY & EQUIPMENT Property and equipment at June 30, 2022 and December 31, 2021 consisted of the following: June 30, December 31, 2022 2021 (unaudited) (audited) (in thousands) Land $ 5,052 $ 5,063 Land improvements 12,943 12,943 Buildings 22,869 22,869 Machinery and equipment 10,360 10,360 Total property and equipment 51,224 51,235 Less accumulated depreciation 34,787 34,237 Property and equipment, net $ 16,437 $ 16,998 Land Most of the Company’s 22,100 acres of land were acquired between 1911 and 1932 and are carried in its consolidated balance sheets at cost. Approximately 20,700 acres of land are located in West Maui and comprise a largely contiguous parcel that extends from the sea to an elevation of approximately 5,700 feet. This parcel includes approximately 900 acres within the Kapalua Resort, a master-planned, destination resort and residential community located in West Maui encompassing approximately 3,000 acres. The Company’s remaining 1,400 acres of land are located in Upcountry Maui in an area commonly known as Hali’imaile and are mainly comprised of leased agricultural fields, including related processing and maintenance facilities. Land Improvements Land improvements are comprised primarily of roads, utilities, and landscaping infrastructure improvements at the Kapalua Resort. Also included is the Company’s potable and non-potable water systems in West Maui. The majority of the Company’s land improvements were constructed and placed in service in the mid-to-late 1970’s or conveyed in 2017. Depreciation expense would be considerably higher if these assets were stated at current replacement cost. Buildings Buildings are comprised of restaurant, retail and light industrial spaces located at the Kapalua Resort and Hali’imaile which are used in the Company’s leasing operations. The majority of the buildings were constructed and placed in service in the mid-to-late 1970’s. Depreciation expense would be considerably higher if these assets were stated at current replacement cost. Machinery and Equipment Machinery and equipment are mainly comprised of zipline course equipment installed in 2008 at the Kapalua Resort and used in the Company’s leasing operations.

Note 6 - Assets Held for Sale

Note 6 - Assets Held for Sale	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block]	6. ASSETS HELD FOR SALE Assets held for sale at June 30, 2022 and December 31, 2021 consisted of the following: June 30, December 31, 2022 2021 (unaudited) (audited) (in thousands) Kapalua Resort, 46-acre Kapalua Central Resort project $ 3,017 $ 2,988 Upcountry Maui, 646-acre parcel of agricultural land - 156 $ 3,017 $ 3,144 In December 2021, the Company entered into an agreement to sell the Kapalua Central Resort project for $40.0 million. On May 13, 2022, terms of the agreement were amended to include a closing condition requiring the Maui Planning Commission to approve a (5) five-year extension of a Special Management Area (SMA) permit issued by the County of Maui by April 10, 2023. If the extension is not approved by April 10, 2023, the purchase agreement will terminate. The amendment also allows the buyer to spend $290,000 of the initial $300,000 escrowed deposit on costs related to the extension of the SMA permit. If the extension is approved, the closing date is expected to be no later than (30) thirty days after the date of the extension approval. In February 2022, the Company entered into an agreement to sell the 646-acre parcel of agricultural land in Upcountry Maui. Terms of the agreement, as amended, included a purchase price of $9.6 million, a diligence period ending on May 16, 2022, and other customary closing conditions. On May 20, 2022, net proceeds of $9.2 million were collected upon closing. The above assets held for sale have not been pledged as collateral under the Company’s credit facility.

Note 7 - Long-term Debt

Note 7 - Long-term Debt	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	7. LONG-TERM DEBT Long-term debt is comprised of amounts outstanding under the Company’s $15.0 million revolving line of credit facility with First Hawaiian Bank (“Credit Facility”) maturing on December 31, 2025. The Credit Facility provides options for revolving or term loan borrowing. Interest on revolving loan borrowing is based on the Bank’s prime rate minus 1.125 percentage points. Interest on term loan borrowing is fixed at the Bank’s commercial loan rates with interest rate swap options available. The Company has pledged approximately 30,000 square feet of commercial leased space in the Kapalua Resort as security for the Credit Facility. Net proceeds from the sale of any collateral are required to be repaid toward outstanding borrowings and will permanently reduce the Credit Facility’s revolving commitment amount. There are no commitment fees on the unused portion of the Credit Facility. The terms of the Credit Facility include various representations, warranties, affirmative, negative and financial covenants and events of default customary for financings of this type. Financial covenants include a minimum liquidity (as defined) of $2.0 million, a maximum of $45.0 million in total liabilities, and a limitation on new indebtedness. The outstanding balance of the Credit Facility was zero

Note 8 - Share-based Compensati

Note 8 - Share-based Compensation	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	8. SHARE-BASED COMPENSATION The Company’s directors, officers and certain members of management receive a portion of their compensation in shares of the Company’s common stock granted under the Company’s 2017 Equity and Incentive Award Plan (“Equity Plan”). Share-based compensation is valued based on the average of the high and low share price on the date of grant. Shares are issued upon execution of agreements reflecting the grantee’s acceptance of the respective shares subject to the terms and conditions of the Equity Plan. Restricted shares issued under the Equity Plan vest quarterly and have voting and regular dividend rights but cannot be disposed of until such time as they are vested. All unvested restricted shares are forfeited upon the grantee’s termination of directorship or employment from the Company. Share-based compensation is determined and awarded annually to the Company’s officers and certain members of management based on their achievement of certain predefined performance goals and objectives under the Equity Plan. Such share-based compensation is comprised of an annual incentive paid in shares of common stock and a long-term incentive paid in restricted shares vesting quarterly over a period of three Share-based compensation totaled $0.7 million for each of the six months ended June 30, 2022 and 2021. Included in these amounts were $0.4 million and $0.3 million of restricted common stock vested during the six months ended June 30, 2022 and 2021, respectively.

Note 9 - Accrued Retirement Ben

Note 9 - Accrued Retirement Benefits	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Retirement Benefits [Text Block]	9. ACCRUED RETIREMENT BENEFITS Accrued retirement benefits at June 30, 2022 and December 31, 2021 consisted of the following: June 30, December 31, 2022 2021 (unaudited) (audited) (in thousands) Defined benefit pension plan $ 5,820 $ 5,932 Non-qualified retirement plans 2,111 2,147 Total 7,931 8,079 Less current portion 142 142 Non-current portion of accrued retirement benefits $ 7,789 $ 7,937 The Company has a defined benefit pension plan which covers substantially all of its former bargaining and non-bargaining full-time, part-time and intermittent employees. In 2011, pension benefits under the plan were frozen. The Company also has an unfunded non-qualified retirement plan covering nine of its former executives. The non-qualified retirement plan was frozen in 2009 and future vesting of additional benefits discontinued. The net periodic benefit costs for pension and post-retirement benefits for the three and six months ended June 30, 2022 and 2021 were as follows: Three Months Ended Six Months Ended June 30, June 30, (unaudited) (unaudited) 2022 2021 2022 2021 (in thousands) Interest cost $ 264 $ 309 $ 529 $ 618 Expected return on plan assets (306 ) (418 ) (612 ) (836 ) Amortization of net loss 156 221 312 442 Pension and other postretirement expenses $ 114 $ 112 $ 229 $ 224

Note 10 - Contract Assets and L

Note 10 - Contract Assets and Liabilities	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	10. CONTRACT ASSETS AND LIABILITIES Receivables from contracts with customers were $0.3 million at June 30, 2022 and December 31, 2021. Deferred club membership revenue The Company manages the operations of the Kapalua Club, a private, non-equity club program providing members special programs, access and other privileges at certain of the amenities within the Kapalua Resort. Deferred revenues from dues received from the private club membership program are recognized on a straight-line basis over one Deferred license fee revenue The Company entered into a trademark license agreement with the owner of the Kapalua Plantation and Bay golf courses, effective April 1, 2020. Under the terms and conditions set forth in the agreement, the licensee is granted a perpetual, terminable on default, transferable, non-exclusive license to use the Company’s trademarks and service marks to promote its golf courses and to sell its licensed products. The Company received a single royalty payment of $2.0 million in March 2020. Revenue recognized on a straight-line basis over its estimated economic useful life of 15 years was $67,000 for the six months ended June 30, 2022 and 2022. Escrowed deposits The Company had $0.3 million of deposits held in escrow from the prospective buyers of properties held for sale at June 30, 2022

Note 11 - Income Taxes

Note 11 - Income Taxes	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	11. INCOME TAXES The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company’s provision for income taxes is calculated using the liability method. Deferred income taxes are provided for all temporary differences between the financial statement and income tax bases of assets and liabilities using tax rates enacted by law or regulation. A full valuation allowance was established for deferred income tax assets at June 30, 2022 and December 31, 2021, respectively.

Note 12 - Reportable Operating

Note 12 - Reportable Operating Segments	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	12. REPORTABLE OPERATING SEGMENTS The Company’s reportable operating segments are comprised of the discrete business units whose operating results are regularly reviewed by the Company’s Chief Executive Officer – its chief decision maker – in assessing performance and determining the allocation of resources. Reportable operating segments are as follows: • Real Estate includes the planning, entitlement, development and sale of real estate inventory. • Leasing includes revenues and expenses from real property leasing activities, license fees and royalties for the use of certain of the Company’s trademarks and brand names by third parties, and the cost of maintaining the Company’s real estate assets, including conservation activities. The operating segment also includes the management of ditch, reservoir and well systems that provide non-potable irrigation water to West and Upcountry Maui areas. • Resort Amenities include a membership program that provides certain benefits and privileges within the Kapalua Resort for its members. The Company’s reportable operating segment results are measured based on operating income (loss), exclusive of interest, depreciation, general and administrative, share-based compensation, pension and other postretirement expenses. Reportable operating segment revenues and income for the three and six months ended June 30, 2022 and 2021 were as follows: Three Months Ended Six Months Ended June 30, June 30, (unaudited) (unaudited) 2022 2021 2022 2021 (in thousands) (in thousands) Operating Segment Revenues Real estate $ 11,600 $ 2,700 $ 11,600 $ 2,700 Leasing 2,198 1,962 4,228 3,763 Resort amenities and other 189 288 406 546 Total Operating Segment Revenues $ 13,987 $ 4,950 $ 16,234 $ 7,009 Operating Segment Income (Loss) Real estate $ 10,893 $ 2,246 $ 10,804 $ 2,148 Leasing 1,201 1,086 2,489 2,047 Resort amenities and other (141 ) 10 (434 ) (145 ) Total Operating Segment Income $ 11,953 $ 3,342 $ 12,859 $ 4,050

Note 13 - Leasing Arrangements

Note 13 - Leasing Arrangements	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	13. LEASING ARRANGEMENTS The Company leases land primarily to agriculture operators and space in commercial buildings, primarily to restaurant and retail tenants through 2048. These operating leases generally provide for minimum rents and, in some cases, licensing fees, percentage rentals based on tenant revenues, and reimbursement of common area maintenance and other expenses. Certain leases allow the lessee an option to extend or terminate the agreement. There are no leases allowing a lessee an option to purchase the underlying asset. Total leasing income subject to ASC Topic 842 for the three and six months ended June 30, 2022 and 2021 were as follows: Three Months Ended Six Months Ended June 30, June 30, (unaudited) (unaudited) 2022 2021 2022 2021 (in thousands) (in thousands) Minimum rentals $ 818 $ 742 $ 1,641 $ 1,482 Percentage rentals 578 417 971 534 Licensing fees 275 165 498 290 Other 264 315 603 863 Total $ 1,935 $ 1,639 $ 3,713 $ 3,169

Note 14 - Discontinued Operatio

Note 14 - Discontinued Operations	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	14. DISCONTINUED OPERATIONS In December 2019, the Company entered into an Asset Purchase Agreement to sell the Public Utilities Commission regulated assets of Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. located in the Kapalua Resort. The Company received net proceeds of approximately $4.2 million upon closing of the sale in May 2021. A loss of approximately $0.2 million was reported in discontinued operations for the six months ended June 30, 2021.

Note 15 - Commitments and Conti

Note 15 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	15. COMMITMENTS AND CONTINGENCIES On December 31, 2018, the State of Hawaii Department of Health (“DOH”) issued a Notice and Finding of Violation and Order (“Order”) for alleged wastewater effluent violations related to the Company’s Upcountry Maui wastewater treatment facility. The facility was built in the 1960’s to serve approximately 200 single-family homes developed for workers in the Company’s former agricultural operations. The facility is made up of two 1.5-acre wastewater stabilization ponds and surrounding disposal leach fields. The Order includes, among other requirements, payment of a $230,000 administrative penalty and development of a new wastewater treatment plant, which become final and binding – unless a hearing is requested to contest the alleged violations and penalties. The DOH agreed to defer the Order without a hearing date while the Company continues working on a previously approved corrective action plan to resolve and remediate the facility’s wastewater effluent issues. Continued testing of wastewater effluent consistently returns results within the allowable ranges. No hearing date has been set as discussions with the DOH are still ongoing to address any other matters regarding the Order. At June 30, 2022 and December 31, 2021, approximately $23,000 was accrued related to the administrative penalty. The Company is presently unable to estimate the remaining amount, or range of amounts, of any probable liability, if any, related to the Order and no additional provision has been made in the accompanying unaudited condensed consolidated financial statements. There are various other claims and legal actions pending against the Company. The resolution of these other matters is not expected to have a material adverse effect on the Company’s consolidated financial position or results of operations after consultation with legal counsel.

Note 16 - Fair Value Measuremen

Note 16 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]	16. FAIR VALUE MEASUREMENTS GAAP establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements to enable the reader of the unaudited condensed consolidated interim financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. GAAP requires that financial assets and liabilities be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The Company considers all cash on hand to be unrestricted cash for the purposes of the unaudited condensed consolidated balance sheets and unaudited condensed consolidated statements of cash flows. The fair value of receivables and payables approximate their carrying value due to the short-term nature of the instruments. The valuation is based on settlements of similar financial instruments all of which are short-term in nature and are generally settled at or near cost.

Note 17 - Recent Accounting Pro

Note 17 - Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	17. RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU 2016-13 to update the methodology used to measure current expected credit losses (“CECL”). This ASU apples to financial assets measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases, and trade accounts receivable as well as certain off-balance sheet exposures, such as loan commitments. This ASU requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. The guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings/(accumulated deficit) in the period of adoption. ASU 2019-10 was subsequently issued delaying the effective date to the first quarter of 2023. The Company is in the process of assessing the impact of the ASU on its consolidated financial statements. In November 2021, the FASB issued ASU 2021-10 as an update of ASC Topic 832 to increase the transparency of government assistance received by a business entity, including disclosure of the types of transactions, the accounting for those transactions, and the effect of those transactions on its financial statements. The ASU is effective for annual periods beginning after December 15, 2021. The Company is currently evaluating the impact of the ASU on its consolidated financial statements and related disclosures.

Note 5 - Property & Equipment (

Note 5 - Property & Equipment (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 30, December 31, 2022 2021 (unaudited) (audited) (in thousands) Land $ 5,052 $ 5,063 Land improvements 12,943 12,943 Buildings 22,869 22,869 Machinery and equipment 10,360 10,360 Total property and equipment 51,224 51,235 Less accumulated depreciation 34,787 34,237 Property and equipment, net $ 16,437 $ 16,998

Note 6 - Assets Held for Sale (

Note 6 - Assets Held for Sale (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Disclosure of Long-Lived Assets Held-for-sale [Table Text Block]	June 30, December 31, 2022 2021 (unaudited) (audited) (in thousands) Kapalua Resort, 46-acre Kapalua Central Resort project $ 3,017 $ 2,988 Upcountry Maui, 646-acre parcel of agricultural land - 156 $ 3,017 $ 3,144

Note 9 - Accrued Retirement B_2

Note 9 - Accrued Retirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	June 30, December 31, 2022 2021 (unaudited) (audited) (in thousands) Defined benefit pension plan $ 5,820 $ 5,932 Non-qualified retirement plans 2,111 2,147 Total 7,931 8,079 Less current portion 142 142 Non-current portion of accrued retirement benefits $ 7,789 $ 7,937
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, (unaudited) (unaudited) 2022 2021 2022 2021 (in thousands) Interest cost $ 264 $ 309 $ 529 $ 618 Expected return on plan assets (306 ) (418 ) (612 ) (836 ) Amortization of net loss 156 221 312 442 Pension and other postretirement expenses $ 114 $ 112 $ 229 $ 224

Note 12 - Reportable Operatin_2

Note 12 - Reportable Operating Segments (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, (unaudited) (unaudited) 2022 2021 2022 2021 (in thousands) (in thousands) Operating Segment Revenues Real estate $ 11,600 $ 2,700 $ 11,600 $ 2,700 Leasing 2,198 1,962 4,228 3,763 Resort amenities and other 189 288 406 546 Total Operating Segment Revenues $ 13,987 $ 4,950 $ 16,234 $ 7,009 Operating Segment Income (Loss) Real estate $ 10,893 $ 2,246 $ 10,804 $ 2,148 Leasing 1,201 1,086 2,489 2,047 Resort amenities and other (141 ) 10 (434 ) (145 ) Total Operating Segment Income $ 11,953 $ 3,342 $ 12,859 $ 4,050

Note 13 - Leasing Arrangements

Note 13 - Leasing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Operating Lease, Lease Income [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, (unaudited) (unaudited) 2022 2021 2022 2021 (in thousands) (in thousands) Minimum rentals $ 818 $ 742 $ 1,641 $ 1,482 Percentage rentals 578 417 971 534 Licensing fees 275 165 498 290 Other 264 315 603 863 Total $ 1,935 $ 1,639 $ 3,713 $ 3,169

Supplemental Schedule of Non-_2

Supplemental Schedule of Non-Cash Investing and Financing Activities (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Stock Issued	$ 0.6	$ 0.6

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual) - $ / shares	Jun. 30, 2022	Jun. 29, 2022	Dec. 31, 2021
Capital Units, Authorized		48,000,000
Common Stock, Shares Authorized	43,000,000	43,000,000	43,000,000
Common Stock, Par or Stated Value Per Share		$ 0.0001
Preferred Stock, Shares Authorized		5,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.0001

Note 3 - Restricted Cash (Detai

Note 3 - Restricted Cash (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents, Current, Total	$ 273	$ 0
Deposits held in Escrow for Properties Held for Sale [Member]
Restricted Cash and Cash Equivalents, Current, Total	$ 300

Note 4 - Earnings (Loss) Per _2

Note 4 - Earnings (Loss) Per Share - Basic and Diluted (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Weighted Average Number of Shares Outstanding, Basic, Total	19,430,409	19,351,489	19,414,336	19,339,680

Note 5 - Property & Equipment_2

Note 5 - Property & Equipment (Details Textual) - Land [Member]	6 Months Ended
	Jun. 30, 2022 a
Area of Land (Acre)	22,100
West Maui [Member]
Area of Land (Acre)	20,700
Area of Elevation from Sea, Feet	5,700
West Maui [Member] | Kapalua Resort [Member]
Area of Land (Acre)	3,000
Area of Land Designated (Acre)	900
Upcountry Maui [Member]
Area of Land (Acre)	1,400

Note 5 - Property - Property, P

Note 5 - Property - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, plant and equipment, gross	$ 51,224	$ 51,235
Less accumulated depreciation	34,787	34,237
Property and equipment, net	16,437	16,998
Land [Member]
Property, plant and equipment, gross	5,052	5,063
Land Improvements [Member]
Property, plant and equipment, gross	12,943	12,943
Building [Member]
Property, plant and equipment, gross	22,869	22,869
Machinery and Equipment [Member]
Property, plant and equipment, gross	$ 10,360	$ 10,360

Note 6 - Assets Held for Sale_2

Note 6 - Assets Held for Sale (Details Textual)	May 20, 2022 USD ($)	Jun. 30, 2022 a	May 13, 2022 USD ($)	Feb. 01, 2022 USD ($) a	Dec. 31, 2021 USD ($) a
Kapalua Central Resort Project [Member]
Receivables, Long-Term Contracts or Programs					$ 40,000,000
Escrow Deposit			$ 300,000
Kapalua Central Resort Project [Member] | Restricted to Cost Associated With Extending Sma Permit [Member]
Restricted Cash and Cash Equivalents, Total			$ 290,000
630-Acre Parcel Of Agricultural Land [Member] | Upcountry Maui [Member]
Receivables, Long-Term Contracts or Programs				$ 9,600,000
Area of Real Estate Property (Acre) | a		646		646	646
Increase (Decrease) in Long-Term Receivables, Current	$ (9,200,000)

Note 6 - Assets Held for Sale -

Note 6 - Assets Held for Sale - Assets Held for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets held for sale	$ 3,017	$ 3,144
Kapalua Central Resort Project [Member] | Kapalua Resort [Member]
Assets held for sale	3,017	2,988
630-Acre Parcel Of Agricultural Land [Member] | Upcountry Maui [Member]
Assets held for sale	$ 0	$ 156

Note 6 - Assets Held for Sale_3

Note 6 - Assets Held for Sale - Assets Held for Sale-parentheticals (Details) (Parentheticals) - a	Jun. 30, 2022	Feb. 01, 2022	Dec. 31, 2021
Kapalua Central Resort Project [Member] | Kapalua Resort [Member]
Area of Real Estate Property (Acre)	46		46
630-Acre Parcel Of Agricultural Land [Member] | Upcountry Maui [Member]
Area of Real Estate Property (Acre)	646	646	646

Note 7 - Long-term Debt (Detail

Note 7 - Long-term Debt (Details Textual) - First Hawaiian Bank Revolving Line of Credit [Member] - Revolving Credit Facility [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) ft²
Line of Credit Facility, Maximum Borrowing Capacity	$ 15,000
Line of Credit Facility, Commitment Fee Amount	0
Debt Instrument, Covenant, Required Minimum Liquidity	2,000
Debt Instrument, Covenant, Maximum Total Liabilities	45,000
Long-Term Line of Credit, Total	$ 0
Kapalua Resort [Member]
Pledged Assets not Separately Reported, Area of Real Estate (Square Foot) | ft²	30,000
Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.01125%

Note 8 - Share-based Compensa_2

Note 8 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement, Expense	$ 276	$ 370	$ 654	$ 719
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)			3 years
Share-Based Payment Arrangement, Expense			$ 400	$ 300

Note 9 - Accrued Retirement B_3

Note 9 - Accrued Retirement Benefits - Accrued Retirement Benefits (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued retirement benefits	$ 7,931	$ 8,079
Less current portion	142	142
Non-current portion of accrued retirement benefits	7,789	7,937
Pension Plan [Member] | Qualified Plan [Member]
Accrued retirement benefits	5,820	5,932
Supplemental Employee Retirement Plan [Member] | Nonqualified Plan [Member]
Accrued retirement benefits	$ 2,111	$ 2,147

Note 9 - Accrued Retirement B_4

Note 9 - Accrued Retirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest cost	$ 264	$ 309	$ 529	$ 618
Expected return on plan assets	(306)	(418)	(612)	(836)
Amortization of net loss	156	221	312	442
Pension and other postretirement expenses	$ 114	$ 112	$ 229	$ 224

Note 10 - Contract Assets and_2

Note 10 - Contract Assets and Liabilities 1 (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Mar. 31, 2021
Contract with Customer, Receivable, after Allowance for Credit Loss, Total	$ 300,000		$ 300,000
Contract with Customer, Liability, Current	704,000		217,000
License [Member]
Contract with Customer, Liability, Noncurrent	1,567,000		$ 1,633,000	$ 2,000,000
Contract with Customer, Liability, Revenue Recognized	67,000	$ 67,000
Deposits held in Escrow for Properties Held for Sale [Member]
Contract with Customer, Liability, Current	$ 300,000

Note 10 - Contract Assets and_3

Note 10 - Contract Assets and Liabilities 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01	Jun. 30, 2022
Club Membership [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
License [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	15 years

Note 12 - Reportable Operatin_3

Note 12 - Reportable Operating Segments - Financial Results for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Segment Income (Loss)
Operating income (loss)	$ 10,641	$ 2,096	$ 10,139	$ 1,438
Operating Segments [Member]
Operating Segment Revenues
Operating revenues	13,987	4,950	16,234	7,009
Operating Segment Income (Loss)
Operating income (loss)	11,953	3,342	12,859	4,050
Operating Segments [Member] | Real Estate Segment [Member]
Operating Segment Revenues
Operating revenues	11,600	2,700	11,600	2,700
Operating Segment Income (Loss)
Operating income (loss)	10,893	2,246	10,804	2,148
Operating Segments [Member] | Leasing Segment [Member]
Operating Segment Revenues
Operating revenues	2,198	1,962	4,228	3,763
Operating Segment Income (Loss)
Operating income (loss)	1,201	1,086	2,489	2,047
Operating Segments [Member] | Resort Amenities Segment [Member]
Operating Segment Revenues
Operating revenues	189	288	406	546
Operating Segment Income (Loss)
Operating income (loss)	$ (141)	$ 10	$ (434)	$ (145)

Note 13 - Leasing Arrangement_2

Note 13 - Leasing Arrangements - Rental Income under Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Minimum rentals	$ 818	$ 742	$ 1,641	$ 1,482
Percentage rentals	578	417	971	534
Licensing fees	275	165	498	290
Other	264	315	603	863
Total	2,198	1,962	4,228	3,763
Operating Lease Income Including Water System Sales [Member]
Total	$ 1,935	$ 1,639	$ 3,713	$ 3,169

Note 14 - Discontinued Operat_2

Note 14 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Proceeds from Sale of Productive Assets, Total				$ 0	$ 4,203
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent, Total		$ 0	$ (69)	0	$ (209)
PUC-regulated Assets of Kapalua Water Company, Ltd and Kapalua Waste Treatment Company, Ltd [Member]
Proceeds from Sale of Productive Assets, Total	$ 4,200
PUC-regulated Assets of Kapalua Water Company, Ltd and Kapalua Waste Treatment Company, Ltd [Member] | Discontinued Operations, Disposed of by Sale [Member]
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent, Total				$ (200)

Note 15 - Commitments and Con_2

Note 15 - Commitments and Contingencies (Details Textual) - Notice and Finding of Violation and Order [Member] - USD ($)	Dec. 31, 2018	Jun. 30, 2022	Dec. 31, 2021
Loss Contingency, Damages Sought, Value	$ 230,000
Loss Contingency Accrual, Ending Balance		$ 23,000	$ 23,000