Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 27, 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 | Q3 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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, $0.0001 par value | |
Trading Symbol | MLP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,518,643 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash | $ 11,074 | $ 5,596 |
Restricted cash | 241 | 0 |
Accounts receivable, net | 1,127 | 1,103 |
Prepaid expenses and other assets | 657 | 333 |
Assets held for sale | 3,019 | 3,144 |
Total current assets | 16,118 | 10,176 |
PROPERTY & EQUIPMENT, NET | 16,157 | 16,998 |
OTHER ASSETS | ||
Deferred development costs | 9,566 | 9,564 |
Other noncurrent assets | 1,189 | 1,181 |
Total other assets | 10,755 | 10,745 |
TOTAL ASSETS | 43,030 | 37,919 |
CURRENT LIABILITIES | ||
Accounts payable | 629 | 580 |
Payroll and employee benefits | 813 | 949 |
Accrued retirement benefits, current portion | 142 | 142 |
Deferred revenue, current portion | 518 | 217 |
Other current liabilities | 476 | 509 |
Total current liabilities | 2,578 | 2,397 |
LONG-TERM LIABILITIES | ||
Accrued retirement benefits, net of current portion | 2,015 | 7,937 |
Other noncurrent liabilities | 53 | 53 |
Total long-term liabilities | 5,786 | 11,932 |
TOTAL LIABILITIES | 8,364 | 14,329 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock--$.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock--$.0001 par value and no par value at September 30, 2022 and December 31, 2021, respectively; 43,000,000 shares authorized; 19,459,558 and 19,383,288 shares issued and outstandingat September 30, 2022 and December 31, 2021, respectively | 83,203 | 82,378 |
Additional paid-in-capital | 9,184 | 9,184 |
Accumulated deficit | (42,541) | (52,324) |
Accumulated other comprehensive loss | (15,180) | (15,648) |
Total stockholders' equity | 34,666 | 23,590 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 43,030 | 37,919 |
License [Member] | ||
LONG-TERM LIABILITIES | ||
Deferred revenue, net of current portion | 1,533 | 1,633 |
Member Deposits [Member] | ||
LONG-TERM LIABILITIES | ||
Deferred revenue, net of current portion | $ 2,185 | $ 2,309 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) -parentheticals (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
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) | 19,459,558 | 19,459,558 |
Common stock, shares outstanding (in shares) | 19,383,288 | 19,383,288 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
OPERATING REVENUES | ||||
Leasing | $ 2,330 | $ 2,184 | $ 6,559 | $ 5,947 |
Total operating revenues | 2,551 | 2,437 | 18,787 | 9,446 |
OPERATING COSTS AND EXPENSES | ||||
Leasing | 869 | 784 | 2,608 | 2,495 |
General and administrative | 661 | 612 | 2,177 | 1,904 |
Share-based compensation | 302 | 365 | 958 | 1,084 |
Depreciation | 280 | 300 | 830 | 902 |
Total operating costs and expenses | 2,559 | 2,432 | 8,656 | 7,997 |
OPERATING INCOME (LOSS) | (8) | 5 | 10,131 | 1,449 |
Pension and other post-retirement expenses | (114) | (116) | (343) | (348) |
Interest expense | (2) | (28) | (5) | (94) |
NET LOSS | (124) | (139) | 9,783 | 806 |
Other comprehensive income - pension, net | 156 | 221 | 468 | 663 |
TOTAL COMPREHENSIVE INCOME | $ 32 | $ 82 | 10,251 | 1,469 |
Other income | 0 | 13 | ||
INCOME FROM CONTINUING OPERATIONS | 9,783 | 1,020 | ||
Loss from discontinued operations, net | $ 0 | $ (214) | ||
EARNINGS PER COMMON SHARE-BASIC AND DILUTED | ||||
NET LOSS PER COMMON SHARE-BASIC AND DILUTED (in dollars per share) | $ (0.01) | $ (0.01) | $ 0.50 | $ 0.05 |
Loss from Discontinued Operations (in dollars per share) | 0 | (0.01) | ||
Net Income (in dollars per share) | $ 0.50 | $ 0.04 | ||
Real Estate [Member] | ||||
OPERATING REVENUES | ||||
Resort amenities and other | $ 11,600 | $ 2,700 | ||
OPERATING COSTS AND EXPENSES | ||||
Real estate | $ 117 | $ 67 | 913 | 618 |
Resort Amenities and Other [Member] | ||||
OPERATING REVENUES | ||||
Resort amenities and other | 221 | 253 | 628 | 799 |
OPERATING COSTS AND EXPENSES | ||||
Real estate | $ 330 | $ 304 | $ 1,170 | $ 994 |
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 | 347 | 1,095 | ||
Vested restricted stock issued (in shares) | 29 | ||||
Vested restricted stock issued | $ 347 | (347) | 0 | ||
Shares cancelled to pay tax liability (in shares) | (39) | ||||
Shares cancelled to pay tax liability | $ (476) | (476) | |||
Other comprehensive income - pension | 442 | 442 | |||
Net Income (loss) | 945 | 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 Dec. 31, 2020 | 19,312 | ||||
Balance at Dec. 31, 2020 | $ 81,485 | 9,184 | (48,904) | (21,698) | 20,067 |
Other comprehensive income - pension | 663 | ||||
Net Income (loss) | 806 | ||||
Balance (in shares) at Sep. 30, 2021 | 19,373 | ||||
Balance at Sep. 30, 2021 | $ 82,243 | 9,184 | (48,098) | (21,035) | 22,294 |
Balance (in shares) at Jun. 30, 2021 | 19,362 | ||||
Balance at Jun. 30, 2021 | $ 82,104 | 9,184 | (47,959) | (21,256) | 22,073 |
Share-based compensation | 179 | 179 | |||
Vested restricted stock issued (in shares) | 15 | ||||
Vested restricted stock issued | $ 179 | (179) | 0 | ||
Shares cancelled to pay tax liability (in shares) | (4) | ||||
Shares cancelled to pay tax liability | $ (40) | (40) | |||
Other comprehensive income - pension | 221 | 221 | |||
Net Income (loss) | (139) | (139) | |||
Balance (in shares) at Sep. 30, 2021 | 19,373 | ||||
Balance at Sep. 30, 2021 | $ 82,243 | 9,184 | (48,098) | (21,035) | 22,294 |
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 | 443 | 937 | ||
Vested restricted stock issued (in shares) | 40 | ||||
Vested restricted stock issued | $ 443 | (443) | 0 | ||
Shares cancelled to pay tax liability (in shares) | (28) | ||||
Shares cancelled to pay tax liability | $ (290) | (290) | |||
Other comprehensive income - pension | 312 | 312 | |||
Net Income (loss) | 9,907 | 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 Dec. 31, 2021 | 19,383 | ||||
Balance at Dec. 31, 2021 | $ 82,378 | 9,184 | (52,324) | (15,648) | 23,590 |
Other comprehensive income - pension | 468 | ||||
Net Income (loss) | 9,783 | ||||
Balance (in shares) at Sep. 30, 2022 | 19,460 | ||||
Balance at Sep. 30, 2022 | $ 83,203 | 9,184 | (42,541) | (15,180) | 34,666 |
Balance (in shares) at Jun. 30, 2022 | 19,444 | ||||
Balance at Jun. 30, 2022 | $ 83,025 | 9,184 | (42,417) | (15,336) | 34,456 |
Share-based compensation | 198 | 198 | |||
Vested restricted stock issued (in shares) | 18 | ||||
Vested restricted stock issued | $ 198 | (198) | 0 | ||
Shares cancelled to pay tax liability (in shares) | (2) | ||||
Shares cancelled to pay tax liability | $ (20) | (20) | |||
Other comprehensive income - pension | 156 | 156 | |||
Net Income (loss) | (124) | (124) | |||
Balance (in shares) at Sep. 30, 2022 | 19,460 | ||||
Balance at Sep. 30, 2022 | $ 83,203 | $ 9,184 | $ (42,541) | $ (15,180) | $ 34,666 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 6,064 | $ 583 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Payments for property and deferred development costs | (34) | (93) |
Proceeds from sale of long-term assets | 0 | 4,203 |
Proceeds from investment | 0 | 13 |
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (34) | 4,123 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Debt and common stock issuance costs and other | (311) | (516) |
Proceeds from long-term debt | 0 | 600 |
Payments on long-term debt | 0 | (800) |
NET CASH USED IN FINANCING ACTIVITIES | (311) | (716) |
NET INCREASE IN CASH | 5,719 | 3,990 |
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD | 5,596 | 869 |
CASH AND RESTRICTED CASH AT END OF PERIOD | 11,315 | 4,859 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest: | $ 0 | $ 9 |
Supplemental Schedule of Non-Ca
Supplemental Schedule of Non-Cash Investing and Financing Activities | 9 Months Ended |
Sep. 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 $0.8 million and $0.7 million for the nine months ended September 30, 2022 and 2021, respectively. See Notes to Condensed Consolidated Interim Financial Statements. |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 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 September 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 includes 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 | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 3. RESTRICTED CASH Restricted cash of $0.2 million at September 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 | 9 Months Ended |
Sep. 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 September 30, 2022 and 2021 were 19,443,623 and 19,361,852 respectively. Basic and diluted weighted-average shares outstanding for the nine months ended September 30, 2022 and 2021 were 19,424,206 and 19,347,153, respectively. 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 | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. PROPERTY & EQUIPMENT Property and equipment at September 30, 2022 and December 31, 2021 consisted of the following: September 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 35,067 34,237 Property and equipment, net $ 16,157 $ 16,998 Land Most of the Company’s 22,100 acres of land were acquired between 1911 and 1932 and are carried in its condensed 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 | 9 Months Ended |
Sep. 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 September 30, 2022 and December 31, 2021 consisted of the following: September 30, December 31, 2022 2021 (unaudited) (audited) (in thousands) Kapalua Resort, 46-acre Kapalua Central Resort project $ 3,019 $ 2,988 Upcountry Maui, 646-acre parcel of agricultural land - 156 $ 3,019 $ 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 | 9 Months Ended |
Sep. 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 (“Credit Facility”) with First Hawaiian Bank (“Bank”) 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 | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 8. SHARE-BASED COMPENSATION The Company’s directors 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 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 expense totaled $1.0 million and $1.1 million for the nine months ended September 30, 2022 and 2021, respectively. Included in these amounts were $0.6 million and $0.5 million of restricted common stock vested during the nine months ended September 30, 2022 and 2021, respectively. |
Note 9 - Accrued Retirement Ben
Note 9 - Accrued Retirement Benefits | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 9. ACCRUED RETIREMENT BENEFITS Accrued retirement benefits at September 30, 2022 and December 31, 2021 consisted of the following: September 30, December 31, 2022 2021 (unaudited) (audited) (in thousands) Defined benefit pension plan $ 64 $ 5,932 Non-qualified retirement plans 2,093 2,147 Total 2,157 8,079 Less current portion 142 142 Non-current portion of accrued retirement benefits $ 2,015 $ 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 nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2022 2021 2022 2021 (in thousands) Interest cost $ 264 $ 309 $ 793 $ 927 Expected return on plan assets (306 ) (418 ) (918 ) (1,254 ) Amortization of net loss 156 225 468 675 Pension and other postretirement expenses $ 114 $ 116 $ 343 $ 348 In August 2022, the Company made a $5.7 million contribution to the defined benefit pension plan. No further contributions are required to be made to the plan in 2022. |
Note 10 - Contract Assets and L
Note 10 - Contract Assets and Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 10. CONTRACT ASSETS AND LIABILITIES Receivables from contracts with customers were $0.2 million and $0.3 million at September 30, 2022 and December 31, 2021, respectively. 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 $0.1 million for each of the nine months ended September 30, 2022 and 2021. Escrowed deposits The Company had $0.2 million of deposits held in escrow from the prospective buyers of properties held for sale at September 30, 2022. |
Note 11 - Income Taxes
Note 11 - Income Taxes | 9 Months Ended |
Sep. 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 September 30, 2022 and December 31, 2021, respectively. |
Note 12 - Reportable Operating
Note 12 - Reportable Operating Segments | 9 Months Ended |
Sep. 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, and share-based compensation. Reportable operating segment revenues and income for the three and nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2022 2021 2022 2021 (in thousands) (in thousands) Operating Segment Revenues Real estate $ - $ - $ 11,600 $ 2,700 Leasing 2,330 2,184 6,559 5,947 Resort amenities and other 221 253 628 799 Total Operating Segment Revenues $ 2,551 $ 2,437 $ 18,787 $ 9,446 Operating Segment Income (Loss) Real estate $ (117 ) $ (67 ) $ 10,687 $ 2,082 Leasing 1,461 1,400 3,951 3,452 Resort amenities and other (109 ) (51 ) (542 ) (195 ) Total Operating Segment Income $ 1,235 $ 1,282 $ 14,096 $ 5,339 |
Note 13 - Leasing Arrangements
Note 13 - Leasing Arrangements | 9 Months Ended |
Sep. 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 nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2022 2021 2022 2021 (in thousands) (in thousands) Minimum rentals $ 821 $ 753 $ 2,461 $ 2,225 Percentage rentals 566 547 1,538 1,080 Licensing fees 259 203 757 492 Other 396 373 999 1,248 Total $ 2,042 $ 1,876 $ 5,755 $ 5,045 |
Note 14 - Discontinued Operatio
Note 14 - Discontinued Operations | 9 Months Ended |
Sep. 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 nine months ended September 30, 2021. |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 9 Months Ended |
Sep. 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. Approximately $23,000 was accrued for the administrative penalty at September 30, 2022 and December 31, 2021. 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 condensed consolidated financial position or results of operations after consultation with legal counsel. |
Note 16 - Fair Value Measuremen
Note 16 - Fair Value Measurements | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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. Management is in the process of assessing the impact of the ASU on the Company’s 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. Management is currently evaluating the impact of the ASU on Company’s consolidated financial statements and related disclosures. |
Note 5 - Property & Equipment (
Note 5 - Property & Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 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 35,067 34,237 Property and equipment, net $ 16,157 $ 16,998 |
Note 6 - Assets Held for Sale (
Note 6 - Assets Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disclosure of Long-Lived Assets Held-for-sale [Table Text Block] | September 30, December 31, 2022 2021 (unaudited) (audited) (in thousands) Kapalua Resort, 46-acre Kapalua Central Resort project $ 3,019 $ 2,988 Upcountry Maui, 646-acre parcel of agricultural land - 156 $ 3,019 $ 3,144 |
Note 9 - Accrued Retirement B_2
Note 9 - Accrued Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | September 30, December 31, 2022 2021 (unaudited) (audited) (in thousands) Defined benefit pension plan $ 64 $ 5,932 Non-qualified retirement plans 2,093 2,147 Total 2,157 8,079 Less current portion 142 142 Non-current portion of accrued retirement benefits $ 2,015 $ 7,937 |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2022 2021 2022 2021 (in thousands) Interest cost $ 264 $ 309 $ 793 $ 927 Expected return on plan assets (306 ) (418 ) (918 ) (1,254 ) Amortization of net loss 156 225 468 675 Pension and other postretirement expenses $ 114 $ 116 $ 343 $ 348 |
Note 12 - Reportable Operatin_2
Note 12 - Reportable Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2022 2021 2022 2021 (in thousands) (in thousands) Operating Segment Revenues Real estate $ - $ - $ 11,600 $ 2,700 Leasing 2,330 2,184 6,559 5,947 Resort amenities and other 221 253 628 799 Total Operating Segment Revenues $ 2,551 $ 2,437 $ 18,787 $ 9,446 Operating Segment Income (Loss) Real estate $ (117 ) $ (67 ) $ 10,687 $ 2,082 Leasing 1,461 1,400 3,951 3,452 Resort amenities and other (109 ) (51 ) (542 ) (195 ) Total Operating Segment Income $ 1,235 $ 1,282 $ 14,096 $ 5,339 |
Note 13 - Leasing Arrangements
Note 13 - Leasing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2022 2021 2022 2021 (in thousands) (in thousands) Minimum rentals $ 821 $ 753 $ 2,461 $ 2,225 Percentage rentals 566 547 1,538 1,080 Licensing fees 259 203 757 492 Other 396 373 999 1,248 Total $ 2,042 $ 1,876 $ 5,755 $ 5,045 |
Supplemental Schedule of Non-_2
Supplemental Schedule of Non-Cash Investing and Financing Activities (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Stock Issued | $ 0.8 | $ 0.7 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - $ / shares | Sep. 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 | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Note 3 - Restricted Cash (Detai
Note 3 - Restricted Cash (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents, Current, Total | $ 241 | $ 0 |
Deposits held in Escrow for Properties Held for Sale [Member] | ||
Restricted Cash and Cash Equivalents, Current, Total | $ 200 |
Note 4 - Earnings (Loss) Per _2
Note 4 - Earnings (Loss) Per Share - Basic and Diluted (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Weighted Average Number of Shares Outstanding, Basic, Total | 19,443,623 | 19,361,852 | 19,424,206 | 19,347,153 |
Note 5 - Property & Equipment_2
Note 5 - Property & Equipment (Details Textual) - Land [Member] | 9 Months Ended |
Sep. 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Land | $ 51,224 | $ 51,235 |
Less accumulated depreciation | 35,067 | 34,237 |
Property and equipment, net | 16,157 | 16,998 |
Land [Member] | ||
Land | 5,052 | 5,063 |
Land Improvements [Member] | ||
Land | 12,943 | 12,943 |
Building [Member] | ||
Land | 22,869 | 22,869 |
Machinery and Equipment [Member] | ||
Land | $ 10,360 | $ 10,360 |
Note 6 - Assets Held for Sale_2
Note 6 - Assets Held for Sale (Details Textual) | May 20, 2022 USD ($) | Sep. 30, 2022 a | May 13, 2022 USD ($) | 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Assets held for sale | $ 3,019 | $ 3,144 |
Kapalua Central Resort Project [Member] | Kapalua Resort [Member] | ||
Assets held for sale | 3,019 | 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 | Sep. 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 | 9 Months Ended | |
Sep. 30, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) | |
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 | $ 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement, Expense | $ 302 | $ 365 | $ 958 | $ 1,084 |
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||
Share-Based Payment Arrangement, Expense | $ 600 | $ 500 |
Note 9 - Accrued Retirement B_3
Note 9 - Accrued Retirement Benefits (Details Textual) $ in Millions | 1 Months Ended |
Aug. 31, 2022 USD ($) | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 5.7 |
Note 9 - Accrued Retirement B_4
Note 9 - Accrued Retirement Benefits - Accrued Retirement Benefits (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued retirement benefits | $ 2,157 | $ 8,079 |
Less current portion | 142 | 142 |
Non-current portion of accrued retirement benefits | 2,015 | 7,937 |
Pension Plan [Member] | Qualified Plan [Member] | ||
Accrued retirement benefits | 64 | 5,932 |
Supplemental Employee Retirement Plan [Member] | Nonqualified Plan [Member] | ||
Accrued retirement benefits | $ 2,093 | $ 2,147 |
Note 9 - Accrued Retirement B_5
Note 9 - Accrued Retirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest cost | $ 264 | $ 309 | $ 793 | $ 927 |
Expected return on plan assets | (306) | (418) | (918) | (1,254) |
Amortization of net loss | 156 | 225 | 468 | 675 |
Pension and other postretirement expenses | $ 114 | $ 116 | $ 343 | $ 348 |
Note 10 - Contract Assets and_2
Note 10 - Contract Assets and Liabilities 1 (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2020 | |
Contract with Customer, Receivable, after Allowance for Credit Loss, Total | $ 200 | $ 300 | ||
Contract with Customer, Liability, Current | 518 | 217 | ||
License [Member] | ||||
Contract with Customer, Liability, Noncurrent | 1,533 | $ 1,633 | $ 2,000 | |
Contract with Customer, Liability, Revenue Recognized | 100 | $ 100 | ||
Deposits held in Escrow for Properties Held for Sale [Member] | ||||
Contract with Customer, Liability, Current | $ 200 |
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 | Sep. 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Segment Income (Loss) | ||||
Operating income (loss) | $ (8) | $ 5 | $ 10,131 | $ 1,449 |
Operating Segments [Member] | ||||
Operating Segment Revenues | ||||
Operating revenues | 2,551 | 2,437 | 18,787 | 9,446 |
Operating Segment Income (Loss) | ||||
Operating income (loss) | 1,235 | 1,282 | 14,096 | 5,339 |
Operating Segments [Member] | Real Estate Segment [Member] | ||||
Operating Segment Revenues | ||||
Operating revenues | 0 | 0 | 11,600 | 2,700 |
Operating Segment Income (Loss) | ||||
Operating income (loss) | (117) | (67) | 10,687 | 2,082 |
Operating Segments [Member] | Leasing Segment [Member] | ||||
Operating Segment Revenues | ||||
Operating revenues | 2,330 | 2,184 | 6,559 | 5,947 |
Operating Segment Income (Loss) | ||||
Operating income (loss) | 1,461 | 1,400 | 3,951 | 3,452 |
Operating Segments [Member] | Resort Amenities Segment [Member] | ||||
Operating Segment Revenues | ||||
Operating revenues | 221 | 253 | 628 | 799 |
Operating Segment Income (Loss) | ||||
Operating income (loss) | $ (109) | $ (51) | $ (542) | $ (195) |
Note 13 - Leasing Arrangement_2
Note 13 - Leasing Arrangements - Rental Income under Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Minimum rentals | $ 821 | $ 753 | $ 2,461 | $ 2,225 |
Percentage rentals | 566 | 547 | 1,538 | 1,080 |
Licensing fees | 259 | 203 | 757 | 492 |
Other | 396 | 373 | 999 | 1,248 |
Total | 2,330 | 2,184 | 6,559 | 5,947 |
Operating Lease Income Including Water System Sales [Member] | ||||
Total | $ 2,042 | $ 1,876 | $ 5,755 | $ 5,045 |
Note 14 - Discontinued Operat_2
Note 14 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |
May 31, 2021 | Sep. 30, 2022 | Sep. 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 | $ (214) | |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Loss Contingency, Damages Sought, Value | $ 230,000 | ||
Loss Contingency Accrual, Ending Balance | $ 23,000 | $ 23,000 |