Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.23.3
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Schedule of disaggregation of revenue
Revenues disaggregated by significant products and services for the years ended September 30, 2023, 2022 and 2021 are as follows:
(in thousands) Years Ended September 30,
2023 2022 2021
Alico Citrus
Early and Mid-Season $ 11,954  $ 28,287  $ 31,525 
Valencias 23,906  47,529  55,918 
Fresh Fruit and other 1,051  1,937  1,370 
Grove Management Services 1,234  11,928  16,983 
Total $ 38,145  $ 89,681  $ 105,796 
Land Management and Other Operations
Land and Other Leasing $ 1,327  $ 1,655  $ 2,404 
Other 374  611  364 
Total $ 1,701  $ 2,266  $ 2,768 
Total Revenues $ 39,846  $ 91,947  $ 108,564 
Schedule of short-term debt
The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows:
(in thousands) September 30, 2023 September 30, 2022
Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value
Corporate debt
Current long-term debt $ 2,566  $ 2,325  $ 3,035  $ 2,847 
Long-term debt $ 126,753  $ 115,851  $ 108,589  $ 102,558 
Schedule of accounts receivable, net
The following table presents accounts receivable, net, as of September 30, 2023 and 2022:
(in thousands) September 30,
2023 2022
Accounts receivable $ 726  $ 338 
Allowance for doubtful accounts (14) (14)
Accounts receivable, net $ 712  $ 324 
Schedule of revenues and accounts receivable from major customers
Accounts receivable from the Company’s major customer as of September 30, 2023 and 2022, and revenue from such customer for the years ended September 30, 2023, 2022 and 2021, are as follows:
(in thousands) Accounts Receivable Revenue % of Total Revenue
2023 2022 2023 2022 2021 2023 2022 2021
Tropicana $ —  $ —  $ 32,403  $ 73,791  $ 84,136  81.3  % 79.7  % 77.5  %
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, 2023, 2022 and 2021:
(in thousands) Years Ended September 30,
2023 2022 2021
Weighted Average Common Shares Outstanding – Basic 7,602 7,560 7,516
Effect of dilutive securities – stock options and unrestricted stock 8 3
Weighted Average Common Shares Outstanding – Diluted 7,602 7,568 7,519