Property and Equipment, Net
|9 Months Ended|
Jun. 30, 2022
|Property Plant And Equipment [Abstract]|
|Property and Equipment, Net||
Note 4. Property and Equipment, Net
Property and equipment, net consists of the following at June 30, 2022 and September 30, 2021:
For the nine months ended June 30, 2022 and fiscal year ended September 30, 2021, the Company did not record any impairments.
In connection with the State of Florida’s condemnation of a certain portion of Alico’s property in October 2021, the Company received approximately $1,450,000, all of which was recognized as a gain.
On October 30, 2020, the Company purchased approximately 3,280 gross citrus acres located in Hendry County for a purchase price of approximately $18,230,000. This acquisition complements the Company’s existing citrus acres as these acres are located adjacent to existing groves in Hendry County. This purchase was part of a like-kind exchange transaction, which allowed the Company to defer taxes relating to the sale of certain sections of the Alico Ranch.
The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef