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 |
|