Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.2
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Schedule of disaggregation of revenue

Revenues disaggregated by significant products and services for the fiscal years ended September 30, 2020, 2019 and 2018 are as follows:

 

(in thousands)

 

Fiscal Year Ended September 30,

 

 

 

2020

 

 

2019

 

 

2018

 

Alico Citrus

 

 

 

 

 

 

 

 

 

 

 

 

Early and Mid-Season

 

$

31,303

 

 

$

39,574

 

 

$

24,309

 

Valencias

 

 

50,060

 

 

 

73,480

 

 

 

48,865

 

Fresh fruit

 

 

2,321

 

 

 

3,629

 

 

 

2,054

 

Grove management services

 

 

4,599

 

 

 

1,342

 

 

 

1,808

 

Other

 

 

1,086

 

 

 

1,006

 

 

 

1,085

 

Total

 

$

89,369

 

 

$

119,031

 

 

$

78,121

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land Management and Other Operations

 

 

 

 

 

 

 

 

 

 

 

 

Land and other leasing

 

$

2,683

 

 

$

2,787

 

 

$

2,595

 

Sale of calves and culls

 

 

 

 

 

 

 

 

57

 

Other

 

 

455

 

 

 

433

 

 

 

508

 

Total

 

$

3,138

 

 

$

3,220

 

 

$

3,160

 

Total Revenues

 

$

92,507

 

 

$

122,251

 

 

$

81,281

 

Schedule of accounts receivable, net

The following table presents accounts receivable, net as of September 30, 2020 and 2019:

 

(in thousands)

 

September 30,

 

 

 

2020

 

 

2019

 

Accounts receivable

 

$

4,384

 

 

$

746

 

Allowance for doubtful accounts

 

 

(37

)

 

 

(33

)

Accounts receivable, net

 

$

4,347

 

 

$

713

 

 

Schedule of revenues and accounts receivable from major customers

Accounts receivable from the Company’s major customer as of September 30, 2020 and 2019 and revenue from such customers for the fiscal years ended September 30, 2020, 2019 and 2018, are as follows:

 

(in thousands)

 

Accounts Receivable

 

 

Revenue

 

 

% of Total Revenue

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2018

 

 

2020

 

 

2019

 

 

2018

 

Tropicana

 

$

 

 

$

 

 

$

80,388

 

 

$

108,318

 

 

$

70,396

 

 

 

86.9

%

 

 

88.6

%

 

 

86.6

%

Schedule of estimated useful lives for property and equipment

The estimated useful lives for property and equipment are primarily as follows:

 

Citrus trees

 

25 years

Equipment and other facilities

 

3-20 years

Buildings and improvements

 

25-39 years

Schedule of reconciliation of basic to diluted weighted average shares outstanding

The following table presents a reconciliation of basic to diluted weighted average common shares outstanding for fiscal years ended September 30, 2020, 2019 and 2018:

 

(in thousands)

 

Fiscal Year Ended September 30,

 

 

 

2020

 

 

2019

 

 

2018

 

Weighted Average Common Shares Outstanding - Basic

 

 

7,484

 

 

 

7,472

 

 

 

8,232

 

Effect of dilutive securities - stock options and unrestricted stock

 

 

12

 

 

 

21

 

 

 

69

 

Weighted Average Common Shares Outstanding - Diluted

 

 

7,496

 

 

 

7,493

 

 

 

8,301

 

 

Schedule of stock-based compensation expense

Total stock-based compensation expense for the three years ended September 30, 2020, 2019 and 2018 in general and administrative expense was as follows:

 

(in thousands)

 

Fiscal Year Ended September 30,

 

 

 

2020

 

 

2019

 

 

2018

 

Stock-based compensation expense:

 

 

 

 

 

 

 

 

 

 

 

 

Executives

 

$

497

 

 

$

778

 

 

$

1,754

 

Management

 

 

76

 

 

 

 

 

 

 

Executive forfeitures

 

 

 

 

 

(823

)

 

 

 

Board of Directors

 

 

733

 

 

 

869

 

 

 

859

 

Total stock-based compensation expense

 

$

1,306

 

 

$

824

 

 

$

2,613