Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.24.3
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Schedule of disaggregation of revenue
(in thousands) September 30,
2024 2023
Revenue recognized at a point-in-time $ 42,233  $ 36,911 
Revenue recognized over time 4,410  2,935 
Total $ 46,643  $ 39,846 
Revenues disaggregated by significant products and services for the years ended September 30, 2024 and 2023 are as follows:
(in thousands) Years Ended September 30,
2024 2023
Alico Citrus
Early and Mid-Season $ 14,534  $ 11,954 
Valencias 26,925  23,906 
Fresh Fruit and Other 774  1,051 
Grove Management Services 2,826  1,234 
Total $ 45,059  $ 38,145 
Land Management and Other Operations
Land and Other Leasing $ 1,284  $ 1,327 
Other 300  374 
Total $ 1,584  $ 1,701 
Total Revenues $ 46,643  $ 39,846 
Schedule of short-term debt
The carrying amounts and estimated fair values (Level 2) of debt instruments (see Note 7. Long-Term Debt and Lines of Credit for further information) are as follows:
(in thousands) September 30, 2024 September 30, 2023
Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value
Debt
Current long-term debt $ 1,410  $ 1,420  $ 2,566  $ 2,325 
Long-term debt and lines of credit $ 91,141  $ 86,987  $ 126,753  $ 115,851 
Restrictions on cash and cash equivalents
(in thousands) September 30,
2024 2023
Cash and cash equivalents $ 3,150  $ 1,062 
Restricted cash 248  2,630 
Cash and cash equivalents and restricted cash $ 3,398  $ 3,692 
Schedule of cash and cash equivalents
(in thousands) September 30,
2024 2023
Cash and cash equivalents $ 3,150  $ 1,062 
Restricted cash 248  2,630 
Cash and cash equivalents and restricted cash $ 3,398  $ 3,692 
Schedule of accounts receivable, net
The following table presents accounts receivable, net, as of September 30, 2024 and 2023:
(in thousands) September 30,
2024 2023
Accounts receivable $ 844  $ 726 
Allowance for credit losses (73) (14)
Accounts receivable, net $ 771  $ 712 
Schedule of revenues and accounts receivable from major customers
Accounts receivable from the Company’s major customer as of September 30, 2024 and 2023, and revenue from such customer for the years ended September 30, 2024 and 2023, which is included in the Alico Citrus segment, are as follows:
(in thousands) Accounts Receivable Revenue % of Total Revenue
2024 2023 2024 2023 2024 2023
Tropicana $ —  $ —  $ 40,466  $ 32,403  86.8  % 81.3  %
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
15-39 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 the years ended September 30, 2024 and 2023:
(in thousands) Years Ended September 30,
2024 2023
Weighted Average Common Shares Outstanding – Basic 7,622 7,602
Effect of dilutive securities – stock options and unrestricted stock
Weighted Average Common Shares Outstanding – Diluted 7,622 7,602