Maui Land & Pineapple (MLP) 10-Q 11 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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 (in shares)		19,596,496
Entity Central Index Key	0000063330
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 8,653	$ 8,499
Restricted cash	10	10
Accounts receivable, net	918	892
Investments, current portion	2,956	2,432
Prepaid expenses and other assets	340	368
Assets held for sale	3,021	3,019
Total current assets	15,898	15,220
PROPERTY & EQUIPMENT, NET	15,625	15,878
OTHER ASSETS
Investments, net of current portion	58	551
Deferred development costs	9,566	9,566
Other noncurrent assets	1,180	1,191
Total other assets	10,804	11,308
TOTAL ASSETS	42,327	42,406
CURRENT LIABILITIES
Accounts payable	650	589
Payroll and employee benefits	903	869
Accrued retirement benefits, current portion	142	142
Deferred revenue, current portion	506	227
Other current liabilities	478	480
Total current liabilities	2,679	2,307
LONG-TERM LIABILITIES
Accrued retirement benefits, net of current portion	2,619	2,612
Other noncurrent liabilities	21	30
Total long-term liabilities	6,261	6,327
TOTAL LIABILITIES	8,940	8,634
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock-- $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock--$0.0001 par value; 43,000,000 shares authorized; 19,576,304 and 19,476,671 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	84,289	83,392
Additional paid-in-capital	9,184	9,184
Accumulated deficit	(51,901)	(50,537)
Accumulated other comprehensive loss	(8,185)	(8,267)
Total stockholders' equity	33,387	33,772
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	42,327	42,406
License [Member]
LONG-TERM LIABILITIES
Deferred revenue, net of current portion	1,467	1,500
Member Deposits [Member]
LONG-TERM LIABILITIES
Deferred revenue, net of current portion	$ 2,154	$ 2,185

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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 (in shares)	0	0
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized (in shares)	43,000,000	43,000,000
Common stock, shares outstanding (in shares)	19,576,304	19,476,671
common stock, shares issued (in shares)	19,576,304	19,476,671
common stock, shares issued (in shares)	19,576,304	19,476,671
Common stock, shares outstanding (in shares)	19,576,304	19,476,671

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING REVENUES
Leasing	$ 2,077	$ 2,031
Total operating revenues	2,298	2,248
OPERATING COSTS AND EXPENSES
Leasing	794	741
General and administrative	1,025	756
Share-based compensation	964	379
Depreciation	253	274
Total operating costs and expenses	3,668	2,750
OPERATING LOSS	(1,370)	(502)
Other income	129	0
Pension and other post-retirement expenses	(121)	(114)
Interest expense	(2)	(2)
NET LOSS	(1,364)	(618)
Other comprehensive income - pension, net	82	156
TOTAL COMPREHENSIVE LOSS	$ (1,282)	$ (462)
EARNINGS PER COMMON SHARE-BASIC AND DILUTED
NET LOSS PER COMMON SHARE-BASIC AND DILUTED (in dollars per share)	$ (0.07)	$ (0.03)
Resort Amenities and Other [Member]
OPERATING REVENUES
Resort amenities and other	$ 221	$ 217
OPERATING COSTS AND EXPENSES
Operating Costs and Expenses	549	510
Real Estate [Member]
OPERATING COSTS AND EXPENSES
Operating Costs and Expenses	$ 83	$ 90

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, 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, 2022	19,477
Balance at Dec. 31, 2022	$ 83,392	9,184	(50,537)	(8,267)	33,772
Share-based compensation (in shares)	67
Share-based compensation	$ 620	347			967
Vested restricted stock issued (in shares)	82
Vested restricted stock issued	$ 821	(347)			474
Shares cancelled to pay tax liability (in shares)	(50)
Shares cancelled to pay tax liability	$ (544)				(544)
Other comprehensive income - pension				82	82
Net loss			(1,364)		(1,364)
Balance (in shares) at Mar. 31, 2023	19,576
Balance at Mar. 31, 2023	$ 84,289	$ 9,184	$ (51,901)	$ (8,185)	$ 33,387

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 731	$ 2,817
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for property and deferred development costs	(2)	(13)
Purchases of bond investments	(426)	0
Maturities of bond investments	395	0
NET CASH USED IN INVESTING ACTIVITIES	(33)	(13)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt and common stock issuance costs and other	(544)	(269)
NET CASH USED IN FINANCING ACTIVITIES	(544)	(269)
NET INCREASE IN CASH	154	2,535
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD	8,509	5,596
CASH AND RESTRICTED CASH AT END OF PERIOD	$ 8,663	$ 8,131

Supplemental Schedule of Non-ca

Supplemental Schedule of Non-cash Investing and Financing Activities	3 Months Ended
	Mar. 31, 2023
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 and $0.5 million for the three months ended March 31, 2023 and 2022, respectively.

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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, 2022, 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 March 31, 2023 and 2022. 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, 2022. 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 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 - Cash and Cash Equivale

Note 2 - Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	2. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand, deposits in banks, and money market funds.

Note 3 - Restricted Cash

Note 3 - Restricted Cash	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Restricted Assets Disclosure [Text Block]	3. RESTRICTED CASH Restricted cash of $10,000 at March 31, 2023 and December 31, 2022 (audited) consisted of deposits held in escrow from the prospective buyer of a property held for sale. The funds held in escrow will be returned to the Company due to the termination of the sale agreement in April 2023.

Note 4 - Investments

Note 4 - Investments	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	4. INVESTMENTS Held-to-maturity debt securities are stated at amortized cost. Investments are reviewed for impairment by management on a periodic basis. If any impairment is considered other-than-temporary, the security is written down to its fair value and a corresponding loss recorded as a component of other income (expense). Amortized cost and fair value of corporate debt securities at March 31, 2023 and December 31, 2022 consisted of the following: March 31, December 31, 2023 2022 (unaudited) (audited) (in thousands) Amortized cost $ 3,014 $ 2,983 Unrealized gains 3 9 Unrealized losses (7 ) - Fair value $ 3,010 $ 2,992 Maturities of debt securities at March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 (unaudited) December 31, 2022 (unaudited) Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) One year or less $ 2,956 $ 2,952 $ 2,432 $ 2,440 Greater than one year through five years 58 58 551 552 $ 3,014 $ 3,010 $ 2,983 $ 2,992 The fair value of debt securities were measured using Level 1 inputs which are based on quotes for trades occurring in active markets for identical assets.

Note 5 - Property & Equipment

Note 5 - Property & Equipment	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	5. PROPERTY & EQUIPMENT Property and equipment at March 31, 2023 and December 31, 2022 consisted of the following: March 31, December 31, 2023 2022 (unaudited) (audited) (in thousands) Land $ 5,052 $ 5,052 Land improvements 12,943 12,943 Buildings 22,869 22,869 Machinery and equipment 10,360 10,360 Total property and equipment 51,224 51,224 Less accumulated depreciation 35,599 35,346 Property and equipment, net $ 15,625 $ 15,878 Land Most of the Company’s over 22,000 acres of land were acquired between 1911 and 1932 and are carried in its condensed consolidated balance sheets at cost. More than 20,400 acres of land are located in West Maui and comprise a largely contiguous collection of parcels which extend from the ocean to an elevation of approximately 5,700 feet. The West Maui landholdings include approximately 900 acres within the Kapalua Resort, a master-planned, destination resort and residential community. The Company’s remaining approximately 1,500 acres of land are located in Upcountry Maui in an area commonly known as Hali’imaile and are mainly comprised of leased agricultural fields, commercial and light industrial properties. 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 Company’s 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	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block]	6. ASSETS HELD FOR SALE Assets held for sale consisted of the 46-acre Central Resort project located in Kapalua. In December 2021, the Company entered into an agreement to sell the Kapalua Central Resort project for $40.0 million. Terms of the agreement were subsequently amended to include a closing condition requiring the Maui Planning Commission to approve a five-year extension of a Special Management Area (“SMA”) permit issued by the County of Maui. The Company allowed the agreement with the buyer to expire on April 11, 2023. The application for the extension of the SMA permit will be managed by the Company. The above assets held for sale have not been pledged as collateral under the Company’s credit facility.

Note 7 - Contract Assets and Li

Note 7 - Contract Assets and Liabilities	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	7. CONTRACT ASSETS AND LIABILITIES Receivables from contracts with customers were $0.4 million and $0.3 million at March 31, 2023 and December 31, 2022, 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 $33,000 for each of the three months ended March 31, 2023 and 2022. Escrowed deposits The Company had $10,000 of deposits held in escrow from the prospective buyer of an asset held for sale at March 31, 2023.

Note 8 - Long-term Debt

Note 8 - Long-term Debt	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	8. 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 9 - Accrued Retirement Ben

Note 9 - Accrued Retirement Benefits	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Retirement Benefits [Text Block]	9. ACCRUED RETIREMENT BENEFITS Accrued retirement benefits at March 31, 2023 and December 31, 2022 consisted of the following: March 31, December 31, 2023 2022 (unaudited) (audited) (in thousands) Defined benefit pension plan $ 1,041 $ 1,023 Non-qualified retirement plans 1,720 1,731 Total 2,761 2,754 Less current portion 142 142 Non-current portion of accrued retirement benefits $ 2,619 $ 2,612 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 months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, (unaudited) 2023 2022 (in thousands) Interest cost $ 203 $ 264 Expected return on plan assets (164 ) (306 ) Amortization of net loss 82 156 Pension and other postretirement expenses $ 121 $ 114 No contributions are required to be made to the defined benefit pension plan in 2023.

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. 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 as the Company continues to work to resolve and remediate the facility’s wastewater effluent issues through an approved corrective action plan. The construction of additional leach fields and installations of a surface aerator, sludge removal system, and natural pond cover using water plants were completed. Test results from wastewater monitoring continues to reflect effluent concentration amounts within allowable ranges. An administrative hearing date has been scheduled for July 2023. 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 interim financial position or results of operations after consultation with legal counsel.

Note 11 - Leasing Arrangements

Note 11 - Leasing Arrangements	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	11. 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. Leasing income subject to ASC Topic 842 for the three months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, (unaudited) 2023 2022 (in thousands) Minimum rentals $ 806 $ 823 Percentage rentals 495 394 Licensing fees 223 222 Other 205 237 Total $ 1,729 $ 1,676

Note 12 - Share-based Compensat

Note 12 - Share-based Compensation	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	12. 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 $0.4 million for the three months ended March 31, 2023 and 2022, respectively. Included in these amounts were $0.8 million and $0.3 million of restricted common stock vested during the three months ended March 31, 2023 and 2022, respectively.

Note 13 - Income Taxes

Note 13 - Income Taxes	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	13. 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 March 31, 2023 and December 31, 2022, respectively.

Note 14 - Earnings (Loss) Per S

Note 14 - Earnings (Loss) Per Share - Basic and Diluted	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	14. EARNINGS (LOSS) PER SHARE BASIC AND DILUTED Basic and diluted weighted-average shares outstanding for the three months ended March 31, 2023 and 2022 were 19.5 million and 19.4 million, 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 15 - Reportable Operating

Note 15 - Reportable Operating Segments	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	15. 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 and by the Board of Directors. 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 watershed conservation activities. The operating segment also includes the revenues and expenses from 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 months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, (unaudited) 2023 2022 (in thousands) Operating Segment Revenues Real estate $ - $ - Leasing 2,077 2,031 Resort amenities and other 221 217 Total Operating Segment Revenues $ 2,298 $ 2,248 Operating Segment Income (Loss) Real estate $ (83 ) $ (90 ) Leasing 1,283 1,290 Resort amenities and other (328 ) (293 ) Total Operating Segment Income $ 872 $ 907

Note 16 - Fair Value Measuremen

Note 16 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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 Sta

Note 17 - Recent Accounting Standard Adopted	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	17. NEW ACCOUNTING STANDARD ADOPTED In June 2016, the FASB issued ASU 2016-13 to update the methodology used to measure current expected credit losses. The ASU applies 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. The guidance requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. ASU 2019-10 was subsequently issued delaying the effective date to the first quarter of 2023. The application of the ASU did not have a material effect on the Company’s condensed consolidated interim financial statements.

Note 4 - Investments (Tables)

Note 4 - Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Debt Securities, Held-to-Maturity [Table Text Block]	March 31, December 31, 2023 2022 (unaudited) (audited) (in thousands) Amortized cost $ 3,014 $ 2,983 Unrealized gains 3 9 Unrealized losses (7 ) - Fair value $ 3,010 $ 2,992
Investments Classified by Contractual Maturity Date [Table Text Block]	March 31, 2023 (unaudited) December 31, 2022 (unaudited) Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) One year or less $ 2,956 $ 2,952 $ 2,432 $ 2,440 Greater than one year through five years 58 58 551 552 $ 3,014 $ 3,010 $ 2,983 $ 2,992

Note 5 - Property & Equipment (

Note 5 - Property & Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, December 31, 2023 2022 (unaudited) (audited) (in thousands) Land $ 5,052 $ 5,052 Land improvements 12,943 12,943 Buildings 22,869 22,869 Machinery and equipment 10,360 10,360 Total property and equipment 51,224 51,224 Less accumulated depreciation 35,599 35,346 Property and equipment, net $ 15,625 $ 15,878

Note 9 - Accrued Retirement B_2

Note 9 - Accrued Retirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	March 31, December 31, 2023 2022 (unaudited) (audited) (in thousands) Defined benefit pension plan $ 1,041 $ 1,023 Non-qualified retirement plans 1,720 1,731 Total 2,761 2,754 Less current portion 142 142 Non-current portion of accrued retirement benefits $ 2,619 $ 2,612
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended March 31, (unaudited) 2023 2022 (in thousands) Interest cost $ 203 $ 264 Expected return on plan assets (164 ) (306 ) Amortization of net loss 82 156 Pension and other postretirement expenses $ 121 $ 114

Note 11 - Leasing Arrangements

Note 11 - Leasing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Operating Lease, Lease Income [Table Text Block]	Three Months Ended March 31, (unaudited) 2023 2022 (in thousands) Minimum rentals $ 806 $ 823 Percentage rentals 495 394 Licensing fees 223 222 Other 205 237 Total $ 1,729 $ 1,676

Note 15 - Reportable Operatin_2

Note 15 - Reportable Operating Segments (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31, (unaudited) 2023 2022 (in thousands) Operating Segment Revenues Real estate $ - $ - Leasing 2,077 2,031 Resort amenities and other 221 217 Total Operating Segment Revenues $ 2,298 $ 2,248 Operating Segment Income (Loss) Real estate $ (83 ) $ (90 ) Leasing 1,283 1,290 Resort amenities and other (328 ) (293 ) Total Operating Segment Income $ 872 $ 907

Supplemental Schedule of Non-_2

Supplemental Schedule of Non-cash Investing and Financing Activities (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Issued	$ 0.6	$ 0.5

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual) - $ / shares	Mar. 31, 2023	Dec. 31, 2022	Jun. 29, 2022
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	5,000,000	5,000,000	5,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001	$ 0.0001

Note 3 - Restricted Cash (Detai

Note 3 - Restricted Cash (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents, Current	$ 10	$ 10
Deposits held in Escrow for Properties Held for Sale [Member]
Restricted Cash and Cash Equivalents, Current	$ 10,000,000	$ 10,000,000

Note 4 - Investments - Amortize

Note 4 - Investments - Amortized Cost to Fair Value of Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Amortized cost	$ 3,014	$ 2,983
Unrealized gains	3	9
Unrealized losses	(7)	0
Fair value	$ 3,010	$ 2,992

Note 4 - Investments - Maturiti

Note 4 - Investments - Maturities of Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
One year or less, Amortized Cost	$ 2,956	$ 2,432
One year or less, Fair Value	2,952	2,440
Greater than one year through five years, Amortized Cost	58	551
Greater than one year through five years, Fair Value	58	552
Amortized cost	3,014	2,983
Fair value	$ 3,010	$ 2,992

Note 5 - Property & Equipment_2

Note 5 - Property & Equipment (Details Textual) - Land [Member]	3 Months Ended
	Mar. 31, 2023 a
Area of Land (Acre)	22,000
West Maui [Member]
Area of Land (Acre)	20,400
Area of Elevation from Sea, Feet	5,700
West Maui [Member] | Kapalua Resort [Member]
Area of Land Designated (Acre)	900
Upcountry Maui [Member]
Area of Land (Acre)	1,500

Note 5 - Property & Equipment -

Note 5 - Property & Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, plant and equipment, gross	$ 51,224	$ 51,224
Less accumulated depreciation	35,599	35,346
Property and equipment, net	15,625	15,878
Land [Member]
Property, plant and equipment, gross	5,052	5,052
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 (

Note 6 - Assets Held for Sale (Details Textual) $ in Millions	Dec. 31, 2021 USD ($)
Kapalua Central Resort Project [Member]
Receivables, Long-Term Contracts or Programs	$ 40

Note 7 - Contract Assets and _2

Note 7 - Contract Assets and Liabilities 1 (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Mar. 31, 2020
Contract with Customer, Receivable, after Allowance for Credit Loss, Total	$ 400,000		$ 300,000
Contract with Customer, Liability, Current	506,000		227,000
Club Membership [Member]
Contract with Customer, Liability, Revenue Recognized	200,000	$ 200,000
License [Member]
Contract with Customer, Liability, Revenue Recognized	33,000	$ 33,000
Contract with Customer, Liability, Noncurrent	1,467,000		$ 1,500,000	$ 2,000,000
Deposits held in Escrow for Properties Held for Sale [Member]
Contract with Customer, Liability, Current	$ 10,000,000,000

Note 7 - Contract Assets and _3

Note 7 - Contract Assets and Liabilities 2 (Details Textual)	Mar. 31, 2023	Mar. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | License [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)		15 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Club Membership [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year

Note 8 - Long-term Debt (Detail

Note 8 - Long-term Debt (Details Textual) - First Hawaiian Bank Revolving Line of Credit [Member] - Revolving Credit Facility [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)
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 9 - Accrued Retirement B_3

Note 9 - Accrued Retirement Benefits - Accrued Retirement Benefits (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued retirement benefits	$ 2,761	$ 2,754
Less current portion	142	142
Non-current portion of accrued retirement benefits	2,619	2,612
Pension Plan [Member] | Qualified Plan [Member]
Accrued retirement benefits	1,041	1,023
Supplemental Employee Retirement Plan [Member] | Nonqualified Plan [Member]
Accrued retirement benefits	$ 1,720	$ 1,731

Note 9 - Accrued Retirement B_4

Note 9 - Accrued Retirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest cost	$ 203	$ 264
Expected return on plan assets	(164)	(306)
Amortization of net loss	82	156
Pension and other postretirement expenses	$ 121	$ 114

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual)	Dec. 31, 2018 USD ($)
Notice and Finding of Violation and Order [Member]
Loss Contingency, Damages Sought, Value	$ 230,000

Note 11 - Leasing Arrangement_2

Note 11 - Leasing Arrangements - Rental Income under Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Minimum rentals	$ 806	$ 823
Percentage rentals	495	394
Licensing fees	223	222
Other	205	237
Total	2,077	2,031
Operating Lease Income Including Water System Sales [Member]
Total	$ 1,729	$ 1,676

Note 12 - Share-based Compens_2

Note 12 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement, Expense	$ 964	$ 379
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Share-Based Payment Arrangement, Expense	$ 800	$ 300

Note 14 - Earnings (Loss) Per_2

Note 14 - Earnings (Loss) Per Share - Basic and Diluted (Details Textual) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Weighted Average Number of Shares Outstanding, Basic	19.5	19.4

Note 15 - Reportable Operatin_3

Note 15 - Reportable Operating Segments - Financial Results for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Segment Income (Loss)
Operating Segment Income (Loss)	$ (1,370)	$ (502)
Operating Segments [Member]
Operating Segment Revenues
Operating Segment Revenues	2,298	2,248
Operating Segment Income (Loss)
Operating Segment Income (Loss)	872	907
Operating Segments [Member] | Real Estate Segment [Member]
Operating Segment Revenues
Operating Segment Revenues	0	0
Operating Segment Income (Loss)
Operating Segment Income (Loss)	(83)	(90)
Operating Segments [Member] | Leasing Segment [Member]
Operating Segment Revenues
Operating Segment Revenues	2,077	2,031
Operating Segment Income (Loss)
Operating Segment Income (Loss)	1,283	1,290
Operating Segments [Member] | Resort Amenities Segment [Member]
Operating Segment Revenues
Operating Segment Revenues	221	217
Operating Segment Income (Loss)
Operating Segment Income (Loss)	$ (328)	$ (293)