Annual report pursuant to Section 13 and 15(d)

Restatement of Previously Issued Financial Statements

v3.22.2.2
Restatement of Previously Issued Financial Statements
12 Months Ended
Sep. 30, 2022
Prior Period Adjustment [Abstract]  
Restatement of Previously Issued Financial Statements

Note 2. Restatement of Previously Issued Financial Statements

 

During the audit of our financial statements for the period ending September 30, 2022, the Company discovered an error in the calculation of the deferred tax liabilities for the fiscal years 2015 through 2019, remaining present in the deferred tax liabilities previously reported in the financial statements in the fiscal year ended September 30, 2020 and 2019.

 

The Company has presented a restated consolidated balance sheet as of September 30, 2022 in this Form 10-K to reflect the changes in the amounts of previously reported deferred tax liabilities and retained earnings to reflect the correction of this error. The impact of the accounting errors was a cumulative reduction in the deferred tax liability of approximately $2,512,000 and a cumulative increase in the Retained Earnings of approximately $2,512,000, and it had no impact on our Consolidated Statements of Operations or our Consolidated Statements of Cash Flows for the periods presented.

 

The following is a summary of the effect of the restatement to correct an error in the September 30, 2021 financial statements on the Consolidated Balance Sheet for the year ended September 30, 2021:

 

 

ALICO, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2021

 

 

 

Previously Reported

 

 

Restated

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

886

 

 

$

886

 

Accounts receivable, net

 

 

6,105

 

 

 

6,105

 

Inventories

 

 

43,377

 

 

 

43,377

 

Income tax receivable

 

 

3,233

 

 

 

3,233

 

Assets held for sale

 

 

160

 

 

 

160

 

Prepaid expenses and other current assets

 

 

1,152

 

 

 

1,152

 

Total current assets

 

 

54,913

 

 

 

54,913

 

Property and equipment, net

 

 

373,231

 

 

 

373,231

 

Goodwill

 

 

2,246

 

 

 

2,246

 

Other non-current assets

 

 

2,827

 

 

 

2,827

 

Total assets

 

$

433,217

 

 

$

433,217

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

7,274

 

 

$

7,274

 

Accrued liabilities

 

 

9,872

 

 

 

9,872

 

Long-term debt, current portion

 

 

4,285

 

 

 

4,285

 

Other current liabilities

 

 

875

 

 

 

875

 

Total current liabilities

 

 

22,306

 

 

 

22,306

 

Long-term debt:

 

 

 

 

 

 

Principal amount, net of current portion

 

 

122,009

 

 

 

122,009

 

Less: deferred financing costs, net

 

 

(986

)

 

 

(986

)

Long-term debt less current portion and deferred financing costs, net

 

 

121,023

 

 

 

121,023

 

Lines of credit

 

 

 

 

 

 

Deferred income tax liabilities, net

 

 

41,977

 

 

 

39,465

 

Other liabilities

 

 

306

 

 

 

306

 

Total liabilities

 

 

185,612

 

 

 

183,100

 

Commitments and Contingencies (Note 16)

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock, no par value, 1,000,000 shares authorized; none issued

 

 

 

 

 

 

Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,586,995 and 7,562,004 shares outstanding at September 30, 2022 and September 30, 2021, respectively

 

 

8,416

 

 

 

8,416

 

Additional paid in capital

 

 

19,989

 

 

 

19,989

 

Treasury stock, at cost, 829,150 and 890,141 shares held at September 30, 2022 and September 30, 2021, respectively

 

 

(29,853

)

 

 

(29,853

)

Retained earnings

 

 

243,651

 

 

 

246,163

 

Total Alico stockholders' equity

 

 

242,203

 

 

 

244,715

 

Noncontrolling interest

 

 

5,402

 

 

 

5,402

 

Total stockholders' equity

 

 

247,605

 

 

 

250,117

 

Total liabilities and stockholders' equity

 

$

433,217

 

 

$

433,217