Maui Land & Pineapple (MLP) 10-Q 13 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 04, 2024
Document Information [Line Items]
Entity Central Index Key	0000063330
Entity Registrant Name	MAUI LAND & PINEAPPLE CO INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-06510
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-0107542
Entity Address, Address Line One	500 Village Road
Entity Address, City or Town	Lahaina
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		19,689,710

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 5,377	$ 5,700
Accounts receivable, net	1,253	1,166
Investment in debt securities, current portion	2,589	2,671
Prepaid expenses and other assets	347	467
Total current assets	9,566	10,004
PROPERTY & EQUIPMENT, NET	16,027	16,059
OTHER ASSETS
Investment in debt securities, net of current portion	587	464
Investment in joint venture	1,627	1,608
Deferred development costs	12,860	12,815
Other noncurrent assets	1,388	1,273
Total other assets	16,462	16,160
TOTAL ASSETS	42,055	42,223
CURRENT LIABILITIES
Accounts payable	1,408	1,154
Payroll and employee benefits	217	502
Accrued retirement benefits, current portion	142	142
Deferred revenue, current portion	308	217
Other current liabilities	475	465
Total current liabilities	2,550	2,480
LONG-TERM LIABILITIES
Accrued retirement benefits, net of current portion	1,528	1,550
Other noncurrent liabilities	12	14
Total long-term liabilities	4,951	5,039
TOTAL LIABILITIES	7,501	7,519
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; 19,641,045 and 19,615,350 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	85,201	84,680
Additional paid-in-capital	11,174	10,538
Accumulated deficit	(54,992)	(53,617)
Accumulated other comprehensive loss	(6,829)	(6,897)
Total stockholders' equity	34,554	34,704
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	42,055	42,223
Excluding Deposits [Member]
LONG-TERM LIABILITIES
Deferred revenue, net of current portion	1,333	1,367
Member Deposits [Member]
LONG-TERM LIABILITIES
Deferred revenue, net of current portion	$ 2,078	$ 2,108

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	43,000,000	43,000,000
Common Stock, Shares, Issued	19,641,045	19,615,350
Common Stock, Shares, Outstanding	19,641,045	19,615,350

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING REVENUES
Leasing	$ 2,216	$ 2,077
Total operating revenues	2,483	2,298
OPERATING COSTS AND EXPENSES
Leasing	992	794
General and administrative	1,057	1,025
Share-based compensation	959	964
Depreciation	172	253
Total operating costs and expenses	3,882	3,668
OPERATING LOSS	(1,399)	(1,370)
Other income	104	129
Pension and other post-retirement expenses	(78)	(121)
Interest expense	(2)	(2)
NET LOSS	(1,375)	(1,364)
Other comprehensive income - pension, net	68	82
TOTAL COMPREHENSIVE LOSS	$ (1,307)	$ (1,282)
NET LOSS PER COMMON SHARE-BASIC AND DILUTED (in dollars per share)	$ (0.07)	$ (0.07)
Land and Development Sales [Member]
OPERATING REVENUES
Operating revenues	$ 0	$ 0
OPERATING COSTS AND EXPENSES
Operating Costs and Expenses	266	83
Resort Amenities and Other [Member]
OPERATING REVENUES
Operating revenues	267	221
OPERATING COSTS AND EXPENSES
Operating Costs and Expenses	$ 436	$ 549

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, 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	821		0	1,441
Vested restricted stock issued (in shares)	82
Vested restricted stock issued	$ 821	(821)	0	0	0
Shares cancelled to pay tax liability (in shares)	(50)
Shares cancelled to pay tax liability	$ (544)	0	0	0	(544)
Other comprehensive income - pension, net	0	0	0	82	82
Net loss	$ 0	0	(1,364)	0	(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
Balance (in shares) at Dec. 31, 2023	19,615
Balance at Dec. 31, 2023	$ 84,680	10,538	(53,617)	(6,897)	34,704
Share-based compensation (in shares)	18
Share-based compensation	$ 411	814		0	1,225
Vested restricted stock issued (in shares)	11
Vested restricted stock issued	$ 178	(178)	0	0	0
Shares cancelled to pay tax liability (in shares)	(3)
Shares cancelled to pay tax liability	$ (68)	0	0	0	(68)
Other comprehensive income - pension, net				68	68
Net loss	$ 0	0	(1,375)	0	(1,375)
Balance (in shares) at Mar. 31, 2024	19,641
Balance at Mar. 31, 2024	$ 85,201	$ 11,174	$ (54,992)	$ (6,829)	$ 34,554

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	$ (10)	$ 731
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for property and deferred development costs	(185)	(2)
Contributions to investment in joint venture	(19)	0
Purchases of debt securities	(1,344)	(426)
Maturities of debt securities	1,303	395
NET CASH USED IN INVESTING ACTIVITIES	(245)	(33)
CASH FLOWS FROM FINANCING ACTIVITIES
Common stock issuance costs and other	(68)	(544)
NET CASH USED IN FINANCING ACTIVITIES	(68)	(544)
NET (DECREASE) INCREASE IN CASH	(323)	154
CASH AT BEGINNING OF PERIOD	5,700	8,509
CASH AT END OF PERIOD	$ 5,377	$ 8,663

Supplemental Schedule of Non-Ca

Supplemental Schedule of Non-Cash Investing and Financing Activities	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: ● Capitalized property and deferred development costs in accounts payable were $0.4 million at March 31, 2024. ● Common stock issued under the Company’s 2017 three March 31, 2024 2023,

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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, 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 December 31, 2023 ( 10 8 X not March 31, 2024 2023. Maui Land & Pineapple Company, Inc. is a Delaware corporation and the successor to a business organized in 1909 July 18, 2022.

Note 2 - Cash and Cash Equivale

Note 2 - Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2024
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 - Investments in Debt Se

Note 3 - Investments in Debt Securities	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	3. INVESTMENTS IN DEBT SECURITIES Held-to-maturity debt securities are stated at amortized cost. Investments are reviewed for impairment for each reporting period. If any impairment is considered other-than-temporary, an allowance for credit loss would be established and held-to-maturity debt securities will be presented net of the credit loss allowance. Adjustments to expected credit losses are recorded as a component of other income (expense). Amortized cost and fair value of corporate debt securities at March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 (unaudited) (audited) (in thousands) Amortized cost $ 3,176 $ 3,135 Unrealized gains 1 4 Fair value $ 3,177 $ 3,139 Maturities of debt securities at March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (unaudited) (audited) Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) One year or less $ 2,589 $ 2,589 $ 2,671 $ 2,671 Greater than one year through five years 587 588 464 468 $ 3,176 $ 3,177 $ 3,135 $ 3,139 The fair value of debt securities was measured using Level 2

Note 4 - Property & Equipment

Note 4 - Property & Equipment	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	4. PROPERTY & EQUIPMENT Property and equipment at March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 (unaudited) (audited) (in thousands) Land $ 5,052 $ 5,052 Land improvements 13,862 13,853 Buildings 22,869 22,869 Machinery and equipment 10,500 10,500 Construction in progress 131 - Total property and equipment 52,414 52,274 Less accumulated depreciation 36,387 36,215 Property and equipment, net $ 16,027 $ 16,059 Land The Company holds approximately 22,300 acres of land. Most of this land was acquired between 1911 1932 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. A majority of the Company’s land improvements were either constructed and placed in service in the mid-to-late 1970s 2017. Buildings The Company holds approximately 266,000 square feet of leasable area on the island of Maui. Buildings are comprised of restaurant, retail, and light industrial spaces located at the Kapalua Resort and in Hali’imaile. A majority of the Company’s buildings were constructed and placed in service in the mid-to-late 1970s. Machinery and Equipment Machinery and equipment are mainly comprised of zipline course equipment installed in 2008

Note 5 - Investment in Joint Ve

Note 5 - Investment in Joint Venture	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Investment [Text Block]	5. INVESTMENT IN JOINT VENTURE In December 2023, "BRE2 BRE2 BRE2LLC three March 31, 2024. Net

Note 6 - Contract Assets and Li

Note 6 - Contract Assets and Liabilities	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	6. CONTRACT ASSETS AND LIABILITIES Receivables from contracts with customers were $0.7 million and $0.4 million at March 31, 2024 December 31, 2023, Deferred club membership revenue The Company operates 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 membership dues received from the Kapalua Club are recognized on a straight-line basis over one three March 31, 2024 2023 Deferred license fee revenue Effective April 1, 2020, March 2020. three March 31, 2024 2023.

Note 7 - Long-term Debt

Note 7 - Long-term Debt	3 Months Ended
	Mar. 31, 2024
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. prime rate may no 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 of new indebtedness on collateralized properties without the prior written consent of the Bank. The outstanding balance of the Credit Facility was zero at March 31, 2024 December 31, 2023. March 31, 2024.

Note 8 - Accrued Retirement Ben

Note 8 - Accrued Retirement Benefits	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Retirement Benefits [Text Block]	8. ACCRUED RETIREMENT BENEFITS Accrued retirement benefits at March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 (unaudited) (audited) (in thousands) Defined benefit pension plan $ (43 ) $ (33 ) Non-qualified retirement plans 1,713 1,725 Total 1,670 1,692 Less current portion 142 142 Non-current portion of accrued retirement benefits $ 1,528 $ 1,550 The Company has a defined benefit pension plan, which covers many of its former bargaining unit employees and an unfunded non-qualified plan covering nine 2009, 2011, 2009 2011 2023. The net periodic benefit costs for pension and post-retirement benefits for the three March 31, 2024 2023 Three Months Ended March 31, (unaudited) 2024 2023 (in thousands) Interest cost $ 184 $ 203 Expected return on plan assets (174 ) (164 ) Amortization of net loss 68 82 Pension and other postretirement expenses $ 78 $ 121 No contributions are required to be made to the defined benefit pension plan in 2024.

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. COMMITMENTS AND CONTINGENCIES On December 31, 2018, 1960s 200 two 1.5 The DOH agreed to defer the Order on February 15, 2024, 2023. January 15, 2024, March 14, 2024. 10 In addition, from time to time, the Company is the subject of various other claims, complaints and other legal actions which arise in the normal course of the Company’s business activities. The Company believes the resolution of these other matters, in the aggregate, is not

Note 10 - Leasing Arrangements

Note 10 - Leasing Arrangements	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	10. LEASING ARRANGEMENTS The Company leases land primarily to agriculture operators and leases space in commercial buildings primarily to restaurant and retail tenants with terms through 2048. no 842 three March 31, 2024 2023 Three Months Ended March 31, (unaudited) 2024 2023 (in thousands) Minimum rentals $ 964 $ 806 Percentage rentals 605 495 Licensing fees 33 223 Other 267 205 Total $ 1,869 $ 1,729

Note 11 - Share-based Compensat

Note 11 - Share-based Compensation	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	11. 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 Share-based compensation is awarded annually to certain members of the Company’s management based on their achievement of 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 of common stock vesting quarterly over a period of three Directors receive both cash and equity compensation under the Equity Plan. Share-based compensation is comprised of restricted shares of common stock vesting quarterly over the directors’ annual period of service which are 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 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. Options to purchase shares of the Company’s common stock under the Equity Plan were granted to directors in 2023. For annual board service and board committee service, stock option grants have a contractual period of ten one three March 31, 2024, For continued board service of the Chairman, the stock option grant has a contractual period of ten June 1, 2024, June 1, 2025, June 1, 2026. were 400,000 March 31, 2024. An option to purchase 400,000 shares of the Company’s common stock under the Equity Plan was granted to the Company's Chief Executive Officer during the three March 31, 2024. The ten January 1, 2025, January 1, 2026, January 1, 2027. $15.75 per January 2024. was $6.02 per January 1, 2024 based 6.00 years, were 400,000 March 31, 2024 The simplified method described in Staff Accounting Bulletin No. 107 not no March 31, 2024. not Share-based compensation expenses totaled $1.0 million for each of the three March 31, 2024 2023. three March 31, 2024 2023, three March 31, 2023.

Note 12 - Income Taxes

Note 12 - Income Taxes	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	12. 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, 2024, December 31, 2023,

Note 13 - Earnings (Loss) Per S

Note 13 - Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	13. EARNINGS (LOSS) PER SHARE Basic net income (loss) 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 (loss) 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 had been issued. Potentially dilutive shares arise from non-vested restricted stock and non-qualified stock options granted under the Company’s Equity Plan. The treasury stock method is applied to determine the number of potentially dilutive shares. Basic and diluted weighted-average shares outstanding for the three March 31, 2024 three March 31, 2023,

Note 14 - Reportable Operating

Note 14 - Reportable Operating Segments	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	14. 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 operating decision maker – in assessing performance and determining the allocation of resources and by the Board of Directors. Reportable operating segments are as follows: • Land development and sales include 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 • Resort amenities include the Kapalua Club, which 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 March 31, 2024 2023 not no Three Months Ended March 31, (unaudited) 2024 2023 (in thousands) Operating Segment Revenues Land development and sales $ - $ - Leasing 2,216 2,077 Resort amenities and other 267 221 Total Operating Segment Revenues $ 2,483 $ 2,298 Operating Segment Income (Loss) Land development and sales $ (266 ) $ (83 ) Leasing 1,224 1,283 Resort amenities and other (169 ) (328 ) Total Operating Segment Income $ 789 $ 872

Note 15 - Fair Value Measuremen

Note 15 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]	15. 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 three Level 1: Level 2: Level 3: not 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 method to determine the valuation of stock options granted to directors during the three March 31, 2024 11.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	II OTHER
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false

Note 3 - Investments in Debt _2

Note 3 - Investments in Debt Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Debt Securities, Held-to-Maturity [Table Text Block]	March 31, December 31, 2024 2023 (unaudited) (audited) (in thousands) Amortized cost $ 3,176 $ 3,135 Unrealized gains 1 4 Fair value $ 3,177 $ 3,139
Investments Classified by Contractual Maturity Date [Table Text Block]	March 31, 2024 December 31, 2023 (unaudited) (audited) Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) One year or less $ 2,589 $ 2,589 $ 2,671 $ 2,671 Greater than one year through five years 587 588 464 468 $ 3,176 $ 3,177 $ 3,135 $ 3,139

Note 4 - Property & Equipment (

Note 4 - Property & Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, December 31, 2024 2023 (unaudited) (audited) (in thousands) Land $ 5,052 $ 5,052 Land improvements 13,862 13,853 Buildings 22,869 22,869 Machinery and equipment 10,500 10,500 Construction in progress 131 - Total property and equipment 52,414 52,274 Less accumulated depreciation 36,387 36,215 Property and equipment, net $ 16,027 $ 16,059

Note 8 - Accrued Retirement B_2

Note 8 - Accrued Retirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	March 31, December 31, 2024 2023 (unaudited) (audited) (in thousands) Defined benefit pension plan $ (43 ) $ (33 ) Non-qualified retirement plans 1,713 1,725 Total 1,670 1,692 Less current portion 142 142 Non-current portion of accrued retirement benefits $ 1,528 $ 1,550
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended March 31, (unaudited) 2024 2023 (in thousands) Interest cost $ 184 $ 203 Expected return on plan assets (174 ) (164 ) Amortization of net loss 68 82 Pension and other postretirement expenses $ 78 $ 121

Note 10 - Leasing Arrangements

Note 10 - Leasing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Operating Lease, Lease Income [Table Text Block]	Three Months Ended March 31, (unaudited) 2024 2023 (in thousands) Minimum rentals $ 964 $ 806 Percentage rentals 605 495 Licensing fees 33 223 Other 267 205 Total $ 1,869 $ 1,729

Note 14 - Reportable Operatin_2

Note 14 - Reportable Operating Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31, (unaudited) 2024 2023 (in thousands) Operating Segment Revenues Land development and sales $ - $ - Leasing 2,216 2,077 Resort amenities and other 267 221 Total Operating Segment Revenues $ 2,483 $ 2,298 Operating Segment Income (Loss) Land development and sales $ (266 ) $ (83 ) Leasing 1,224 1,283 Resort amenities and other (169 ) (328 ) Total Operating Segment Income $ 789 $ 872

Supplemental Schedule of Non-_2

Supplemental Schedule of Non-Cash Investing and Financing Activities (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Capital Expenditures Incurred but Not yet Paid	$ 0.4
Stock Issued	$ 0.6	$ 0.6

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Jun. 18, 2022
Capital Units, Authorized (in shares)			48,000,000
Common Stock, Shares Authorized (in shares)	43,000,000	43,000,000	43,000,000
Common Stock, Par or Stated Value Per Share (in dollars 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 - Investments in Debt _3

Note 3 - Investments in Debt Securities - Amortized Cost to Fair Value of Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized cost	$ 3,176	$ 3,135
Unrealized gains	1	4
Fair value	$ 3,177	$ 3,139

Note 3 - Investments in Debt _4

Note 3 - Investments in Debt Securities - Maturities of Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
One year or less, amortized cost	$ 2,589	$ 2,671
One year or less, fair value	2,589	2,671
Greater than one year through five years, amortized cost	587	464
Greater than one year through five years, fair value	588	468
Amortized cost	3,176	3,135
Fair value	$ 3,177	$ 3,139

Note 4 - Property & Equipment_2

Note 4 - Property & Equipment (Details Textual)	3 Months Ended
	Mar. 31, 2024 a ft²
Land [Member]
Area of Land (Acre)	22,300
Land [Member] | West Maui [Member]
Area of Land (Acre)	20,400
Area of Elevation from Sea (Square Foot) | ft²	5,700
Land [Member] | West Maui [Member] | Kapalua Resort [Member]
Area of Land (Acre)	1,000
Land [Member] | Upcountry Maui [Member]
Area of Land (Acre)	1,400
Building [Member] | Maui [Member]
Area of Land (Acre) | ft²	266,000

Note 4 - Property & Equipment -

Note 4 - Property & Equipment - Property & Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property and equipment, gross	$ 52,414	$ 52,274
Less accumulated depreciation	36,387	36,215
Property and equipment, net	16,027	16,059
Land [Member]
Property and equipment, gross	5,052	5,052
Land Improvements [Member]
Property and equipment, gross	13,862	13,853
Building [Member]
Property and equipment, gross	22,869	22,869
Machinery and Equipment [Member]
Property and equipment, gross	10,500	10,500
Construction in Progress [Member]
Property and equipment, gross	$ 131	$ 0

Note 5 - Investment in Joint _2

Note 5 - Investment in Joint Venture (Details Textual)	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) a
Equity Method Investments	$ 1,627,000		$ 1,608,000
Payments to Acquire Equity Method Investments	19,000	$ 0
Joint Venture Agreement With BRE2 LLC [Member]
Area of Land (Acre) | a			30
Equity Method Investments			$ 1,600,000
Payments to Acquire Equity Method Investments	$ 19,000

Note 6 - Contract Assets and _2

Note 6 - Contract Assets and Liabilities 1 (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 31, 2020
Contract with Customer, Receivable, after Allowance for Credit Loss	$ 700,000		$ 400,000
Club Membership [Member]
Contract with Customer, Liability, Revenue Recognized	200,000	$ 200,000
License [Member]
Contract with Customer, Liability, Revenue Recognized	$ 33,333	$ 33,333
Contract with Customer, Liability, Noncurrent				$ 2,000,000

Note 6 - Contract Assets and _3

Note 6 - Contract Assets and Liabilities 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01	Mar. 31, 2024
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 7 - Long-term Debt (Detail

Note 7 - Long-term Debt (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) ft²	Dec. 31, 2023 USD ($)
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Prime Rate [Member]
First Hawaiian Bank Revolving Line of Credit [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 15,000
Debt Instrument, Basis Spread on Variable Rate	0.01125%
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	$ 0	$ 0
First Hawaiian Bank Revolving Line of Credit [Member] | Revolving Credit Facility [Member] | Kapalua Resort [Member]
Pledged Assets not Separately Reported, Area of Real Estate (Square Foot) | ft²	30,000

Note 8 - Accrued Retirement B_3

Note 8 - Accrued Retirement Benefits (Details Textual) $ in Thousands	Mar. 31, 2024 USD ($)
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	$ 0

Note 8 - Accrued Retirement B_4

Note 8 - Accrued Retirement Benefits - Accrued Retirement Benefits (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued retirement benefits	$ 1,670	$ 1,692
Less current portion	142	142
Non-current portion of accrued retirement benefits	1,528	1,550
Pension Plan [Member] | Qualified Plan [Member]
Accrued retirement benefits	(43)	(33)
Supplemental Employee Retirement Plan [Member] | Nonqualified Plan [Member]
Accrued retirement benefits	$ 1,713	$ 1,725

Note 8 - Accrued Retirement B_5

Note 8 - Accrued Retirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest cost	$ 184	$ 203
Expected return on plan assets	(174)	(164)
Amortization of net loss	68	82
Pension and other postretirement expenses	$ 78	$ 121

Note 9 - Commitments and Cont_2

Note 9 - Commitments and Contingencies (Details Textual)	1 Months Ended
	Jun. 30, 2018 USD ($)
Notice and Finding of Violation and Order [Member]
Loss Contingency, Damages Sought, Value	$ 230,000

Note 10 - Leasing Arrangement_2

Note 10 - Leasing Arrangements - Rental Income under Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total	$ 2,216	$ 2,077
Operating Lease Income Including Water System Sales [Member]
Minimum rentals	964	806
Percentage rentals	605	495
Licensing fees	33	223
Other	267	205
Total	$ 1,869	$ 1,729

Note 11 - Share-based Compens_2

Note 11 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-Based Payment Arrangement, Expense	$ 959	$ 964
Annual Board Service [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures (in shares)			250,000
Board Committee Service [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)			1 year
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures (in shares)			78,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)			10 years
Share Price (in dollars per share)			$ 12.11
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share)			$ 3.88
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) (Year)			5 years 3 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate			28%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			4.16%
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares)	82,000
Continued Service of the Chairman of the Board [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures (in shares)			400,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)			10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share)			$ 9.08
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) (Year)			6 years 1 month 13 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate			37%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			3.53%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share)			$ 3.94
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in shares)	400,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 1,100
Continued Service of the Chairman of the Board [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares)			133,334
Continued Service of the Chairman of the Board [Member] | Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares)			133,333
Continued Service of the Chairman of the Board [Member] | Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares)			133,333
Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures (in shares)	400,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)	10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share)	$ 15.75
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) (Year)	6 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	31%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	3.82%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share)	$ 6.02
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in shares)	400,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 2,200
Chief Executive Officer [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares)	133,334
Chief Executive Officer [Member] | Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares)	133,333
Chief Executive Officer [Member] | Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares)	133,333
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Share-Based Payment Arrangement, Expense	$ 200	800
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Expense		$ 600

Note 13 - Earnings (Loss) Per_2

Note 13 - Earnings (Loss) Per Share (Details Textual) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Weighted Average Number of Shares Outstanding, Basic (in shares)	19.6	19.5
Weighted Average Number of Shares Outstanding, Diluted (in shares)	19.9	19.5

Note 14 - Reportable Operatin_3

Note 14 - Reportable Operating Segments - Reportable Segment Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating segment income (loss)	$ (1,399)	$ (1,370)
Operating Segments [Member]
Operating segment revenues	2,483	2,298
Operating segment income (loss)	789	872
Operating Segments [Member] | Land Development and Sales Segment [Member]
Operating segment revenues	0	0
Operating segment income (loss)	(266)	(83)
Operating Segments [Member] | Leasing Segment [Member]
Operating segment revenues	2,216	2,077
Operating segment income (loss)	1,224	1,283
Operating Segments [Member] | Resort Amenities Segment [Member]
Operating segment revenues	267	221
Operating segment income (loss)	$ (169)	$ (328)