Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Schedule of disaggregation of revenue

Revenues disaggregated by significant products and services for the fiscal years ended September 30, 2021, 2020 and 2019 are as follows:

 

(in thousands)

 

Fiscal Year Ended September 30,

 

 

 

2021

 

 

2020

 

 

2019

 

Alico Citrus

 

 

 

 

 

 

 

 

 

 

 

 

Early and Mid-Season

 

$

31,525

 

 

$

31,303

 

 

$

39,574

 

Valencias

 

 

55,918

 

 

 

50,060

 

 

 

73,480

 

Fresh fruit

 

 

608

 

 

 

2,321

 

 

 

3,629

 

Grove management services

 

 

16,983

 

 

 

4,599

 

 

 

1,342

 

Other

 

 

762

 

 

 

1,086

 

 

 

1,006

 

Total

 

$

105,796

 

 

$

89,369

 

 

$

119,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land Management and Other Operations

 

 

 

 

 

 

 

 

 

 

 

 

Land and other leasing

 

$

2,404

 

 

$

2,683

 

 

$

2,787

 

Other

 

 

364

 

 

 

455

 

 

 

433

 

Total

 

$

2,768

 

 

$

3,138

 

 

$

3,220

 

Total Revenues

 

$

108,564

 

 

$

92,507

 

 

$

122,251

 

Schedule of accounts receivable, net

The following table presents accounts receivable, net, as of September 30, 2021 and 2020:

 

(in thousands)

 

September 30,

 

 

 

2021

 

 

2020

 

Accounts receivable

 

$

6,118

 

 

$

4,384

 

Allowance for doubtful accounts

 

 

(13

)

 

 

(37

)

Accounts receivable, net

 

$

6,105

 

 

$

4,347

 

 

Schedule of revenues and accounts receivable from major customers

Accounts receivable from the Company’s major customer as of September 30, 2021 and 2020 and revenue from such customer for the fiscal years ended September 30, 2021, 2020 and 2019, are as follows:

 

(in thousands)

 

Accounts Receivable

 

 

Revenue

 

 

% of Total Revenue

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2019

 

 

2021

 

 

2020

 

 

2019

 

Tropicana

 

$

3,066

 

 

$

 

 

$

84,136

 

 

$

80,388

 

 

$

108,318

 

 

 

77.5

%

 

 

86.9

%

 

 

88.6

%

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, 2021, 2020 and 2019:

 

(in thousands)

 

Fiscal Year Ended September 30,

 

 

 

2021

 

 

2020

 

 

2019

 

Weighted Average Common Shares Outstanding - Basic

 

 

7,516

 

 

 

7,484

 

 

 

7,472

 

Effect of dilutive securities - stock options and unrestricted stock

 

 

3

 

 

 

12

 

 

 

21

 

Weighted Average Common Shares Outstanding - Diluted

 

 

7,519

 

 

 

7,496

 

 

 

7,493

 

 

Schedule of stock-based compensation expense

Total stock-based compensation expense for the three years ended September 30, 2021, 2020 and 2019 in general and administrative expense was as follows:

 

(in thousands)

 

Fiscal Year Ended September 30,

 

 

 

2021

 

 

2020

 

 

2019

 

Stock-based compensation expense:

 

 

 

 

 

 

 

 

 

 

 

 

Executives

 

$

349

 

 

$

497

 

 

$

778

 

Management

 

 

37

 

 

 

76

 

 

 

 

Executive forfeitures

 

 

 

 

 

 

 

 

(823

)

Board of Directors

 

 

844

 

 

 

733

 

 

 

869

 

Total stock-based compensation expense

 

$

1,230

 

 

$

1,306

 

 

$

824