Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001061069 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-14105 | |
Entity Registrant Name | AVALON HOLDINGS CORPORATION | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-1863889 | |
Entity Address, Address Line One | One American Way | |
Entity Address, City or Town | Warren | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44484-5555 | |
City Area Code | 330 | |
Local Phone Number | 856-8800 | |
Title of 12(b) Security | Class A Common Stock, $0.01 par value | |
Trading Symbol | AWX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 3,287,647 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net operating revenues: | ||||
Operating revenues | $ 25,713 | $ 21,301 | $ 59,544 | $ 52,804 |
Costs and expenses: | ||||
Depreciation and amortization expense | 882 | 777 | 2,553 | 2,308 |
Selling, general and administrative expenses | 2,913 | 2,743 | 7,518 | 7,559 |
Operating income | 1,513 | 1,047 | 939 | 928 |
Other income (expense): | ||||
Interest expense | 408 | 290 | 960 | 878 |
Interest expense | (408) | (290) | (960) | (878) |
Gain on debt extinguishment | 0 | 0 | 0 | 1,964 |
Other income, net | 22 | 85 | 205 | 298 |
Income before income taxes | 1,127 | 842 | 184 | 2,312 |
Provision for income taxes | 55 | 27 | 108 | 85 |
Net income | 1,072 | 815 | 76 | 2,227 |
Less net loss attributable to non-controlling interest in subsidiaries | (96) | (168) | (314) | (214) |
Net income attributable to Avalon Holdings Corporation common shareholders | $ 1,168 | $ 983 | $ 390 | $ 2,441 |
Income per share attributable to Avalon Holdings Corporation common shareholders: | ||||
Basic net income per share (in dollars per share) | $ 0.30 | $ 0.25 | $ 0.10 | $ 0.63 |
Diluted net income per share (in dollars per share) | $ 0.30 | $ 0.25 | $ 0.10 | $ 0.62 |
Weighted average shares outstanding - basic (in shares) | 3,899,431 | 3,899,431 | 3,899,431 | 3,899,431 |
Weighted average shares outstanding - diluted (in shares) | 3,918,512 | 3,930,869 | 3,921,628 | 3,934,838 |
Operating Segments [Member] | ||||
Net operating revenues: | ||||
Operating revenues | $ 25,738 | $ 21,316 | $ 59,600 | $ 52,836 |
Other income (expense): | ||||
Income before income taxes | 2,677 | 2,084 | 4,119 | 5,729 |
Waste Management Services [Member] | ||||
Net operating revenues: | ||||
Operating revenues | 15,036 | 11,444 | 35,092 | 31,279 |
Costs and expenses: | ||||
Operating costs | 12,173 | 9,385 | 28,243 | 25,055 |
Waste Management Services [Member] | Operating Segments [Member] | ||||
Net operating revenues: | ||||
Operating revenues | 15,036 | 11,444 | 35,092 | 31,279 |
Other income (expense): | ||||
Gain on debt extinguishment | 0 | 0 | 0 | 0 |
Income before income taxes | 1,454 | 672 | 3,143 | 2,491 |
Golf and Related Operations [Member] | ||||
Net operating revenues: | ||||
Operating revenues | 10,702 | 9,872 | 24,508 | 21,557 |
Costs and expenses: | ||||
Operating costs | 6,511 | 5,692 | 16,297 | 13,356 |
Golf and Related Operations [Member] | Operating Segments [Member] | ||||
Net operating revenues: | ||||
Operating revenues | 10,677 | 9,857 | 24,452 | 21,525 |
Other income (expense): | ||||
Gain on debt extinguishment | 0 | 0 | 0 | 1,462 |
Income before income taxes | 1,223 | 1,412 | 976 | 3,238 |
Golf and Related Operations [Member] | Food and Beverage [Member] | ||||
Net operating revenues: | ||||
Operating revenues | 4,077 | 3,984 | 9,305 | 8,608 |
Costs and expenses: | ||||
Operating costs | 1,721 | 1,657 | 3,994 | 3,598 |
Golf and Related Operations [Member] | Product and Service, Other [Member] | ||||
Net operating revenues: | ||||
Operating revenues | $ 6,600 | $ 5,873 | $ 15,147 | $ 12,917 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 1,476 | $ 3,254 |
Accounts receivable, less allowance for credit losses | 13,409 | 9,933 |
Unbilled membership dues receivable | 878 | 578 |
Inventories | 1,489 | 1,105 |
Prepaid expenses | 1,058 | 996 |
Other current assets | 90 | 105 |
Total current assets | 18,400 | 15,971 |
Property and equipment, net | 56,496 | 53,338 |
Property and equipment under finance leases, net | 5,134 | 5,390 |
Operating lease right-of-use assets | 1,191 | 1,598 |
Restricted cash | 10,415 | 1,696 |
Noncurrent deferred tax asset | 8 | 8 |
Other assets, net | 36 | 36 |
Total assets | 91,680 | 78,037 |
Liabilities and Equity | ||
Current portion of long-term debt | 494 | 1,126 |
Current portion of obligations under finance leases | 130 | 167 |
Current portion of obligations under operating leases | 478 | 534 |
Accounts payable | 10,997 | 10,164 |
Accrued payroll and other compensation | 1,504 | 797 |
Accrued income taxes | 128 | 67 |
Other accrued taxes | 423 | 541 |
Deferred membership dues revenue | 4,649 | 3,363 |
Other liabilities and accrued expenses | 1,628 | 1,265 |
Total current liabilities | 20,431 | 18,024 |
Long-term debt, net of current portion | 29,887 | 19,376 |
Line of credit | 950 | 0 |
Obligations under finance leases, net of current portion | 401 | 496 |
Obligations under operating leases, net of current portion | 713 | 1,064 |
Asset retirement obligation | 100 | 100 |
Equity: | ||
Paid-in capital | 59,204 | 59,201 |
Accumulated deficit | (19,781) | (20,171) |
Total Avalon Holdings Corporation Shareholders' Equity | 39,462 | 39,069 |
Non-controlling interest in subsidiaries | (264) | (92) |
Total equity | 39,198 | 38,977 |
Total liabilities and equity | 91,680 | 78,037 |
Common Class A [Member] | ||
Equity: | ||
Common stock | 33 | 33 |
Common Class B [Member] | ||
Equity: | ||
Common stock | $ 6 | $ 6 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited)-parentheticals (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 3,287,647 | 611,784 | |||||
Balance at Dec. 31, 2020 | $ 33 | $ 6 | $ 59,196 | $ (22,142) | $ 37,093 | $ (126) | $ 36,967 |
Stock options - compensation costs | 4 | 0 | 4 | 0 | 4 | ||
Net income (loss) | 0 | 2,441 | 2,441 | (214) | 2,227 | ||
Investment in subsidiary from accredited investor | 0 | 0 | 0 | 358 | 358 | ||
Balance (in shares) at Sep. 30, 2021 | 3,287,647 | 611,784 | |||||
Balance at Sep. 30, 2021 | $ 33 | $ 6 | 59,200 | (19,701) | 39,538 | 18 | 39,556 |
Balance (in shares) at Jun. 30, 2021 | 3,287,647 | 611,784 | |||||
Balance at Jun. 30, 2021 | $ 33 | $ 6 | 59,199 | (20,684) | 38,554 | (172) | 38,382 |
Stock options - compensation costs | 1 | 0 | 1 | 0 | 1 | ||
Net income (loss) | 0 | 983 | 983 | (168) | 815 | ||
Investment in subsidiary from accredited investor | 0 | 0 | 0 | 358 | 358 | ||
Balance (in shares) at Sep. 30, 2021 | 3,287,647 | 611,784 | |||||
Balance at Sep. 30, 2021 | $ 33 | $ 6 | 59,200 | (19,701) | 39,538 | 18 | 39,556 |
Balance (in shares) at Dec. 31, 2021 | 3,287,647 | 611,784 | |||||
Balance at Dec. 31, 2021 | $ 33 | $ 6 | 59,201 | (20,171) | 39,069 | (92) | 38,977 |
Stock options - compensation costs | 0 | 0 | 3 | 0 | 3 | 0 | 3 |
Net income (loss) | $ 0 | $ 0 | 0 | 390 | 390 | (314) | 76 |
Investment in subsidiary from accredited investor | 0 | 0 | 0 | 142 | 142 | ||
Balance (in shares) at Sep. 30, 2022 | 3,287,647 | 611,784 | |||||
Balance at Sep. 30, 2022 | $ 33 | $ 6 | 59,204 | (19,781) | 39,462 | (264) | 39,198 |
Balance (in shares) at Jun. 30, 2022 | 3,287,647 | 611,784 | |||||
Balance at Jun. 30, 2022 | $ 33 | $ 6 | 59,203 | (20,949) | 38,293 | (168) | 38,125 |
Stock options - compensation costs | 0 | 0 | 1 | 0 | 1 | 0 | 1 |
Net income (loss) | $ 0 | $ 0 | 0 | 1,168 | 1,168 | (96) | 1,072 |
Balance (in shares) at Sep. 30, 2022 | 3,287,647 | 611,784 | |||||
Balance at Sep. 30, 2022 | $ 33 | $ 6 | $ 59,204 | $ (19,781) | $ 39,462 | $ (264) | $ 39,198 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 76,000 | $ 2,227,000 |
Reconciliation of net income to cash provided by operating activities: | ||
Depreciation and amortization expense | 2,553,000 | 2,308,000 |
Amortization of debt issuance costs | 35,000 | 31,000 |
Compensation costs - stock options | 3,000 | 4,000 |
Provision for losses on accounts receivable | 11,000 | 35,000 |
Gain from disposal of equipment | 0 | (3,000) |
Gain on debt extinguishment | 0 | (1,964,000) |
Change in operating assets and liabilities: | ||
Accounts receivable | (3,487,000) | (1,210,000) |
Unbilled membership dues receivable | (300,000) | (254,000) |
Inventories | (384,000) | (244,000) |
Prepaid expenses | (62,000) | (21,000) |
Other assets, net | 15,000 | 14,000 |
Increase (Decrease) in Accounts Payable, Total | 610,000 | (418,000) |
Accrued payroll and other compensation | 707,000 | 417,000 |
Accrued income taxes | 61,000 | 54,000 |
Other accrued taxes | (118,000) | (33,000) |
Deferred membership dues revenue | 1,286,000 | 1,226,000 |
Other liabilities and accrued expenses | 363,000 | (79,000) |
Net cash provided by operating activities | 1,369,000 | 2,090,000 |
Cash flows from investing activities: | ||
Capital expenditures | (5,232,000) | (3,249,000) |
Proceeds from disposal of equipment | 0 | 3,000 |
Net cash used in investing activities | (5,232,000) | (3,246,000) |
Cash flows from financing activities: | ||
Proceeds under New Term Loan facility | 31,000,000 | 0 |
Principal payments on term loan facilities | (20,879,000) | (828,000) |
Borrowings under line of credit facility | 950,000 | 0 |
Payments of debt issuance costs | (277,000) | 0 |
Principal payments on finance lease obligations | (132,000) | (271,000) |
Net cash provided by (used in) financing activities | 10,804,000 | (741,000) |
Increase (decrease) in cash, cash equivalents and restricted cash | 6,941,000 | (1,897,000) |
Cash, cash equivalents and restricted cash at beginning of period | 4,950,000 | 8,095,000 |
Cash, cash equivalents and restricted cash at end of period | 11,891,000 | 6,198,000 |
Significant non-cash operating and investing activities: | ||
Capital expenditures included in accounts payable | 223,000 | 294,000 |
Significant non-cash investing and financing activities: | ||
Operating lease right-of-use assets in exchange for lease obligations | 31,000 | 67,000 |
Cash paid during the period for interest | 820,000 | 851,000 |
Cash paid during the period for income taxes | 47,000 | 31,000 |
Paycheck Protection Program CARES Act [Member] | ||
Significant non-cash operating and financing activities: | ||
Interest forgiven from Paycheck Protection Program loans | 0 | 17,000 |
Subsidiaries [Member] | ||
Cash flows from financing activities: | ||
Proceeds from subsidiary private placement offering | $ 142,000 | $ 358,000 |
Note 1 - Description of the Bus
Note 1 - Description of the Business | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1. Description of Business Avalon Holdings Corporation (“Avalon” or the “Company”) was formed on April 30, 1998 as a subsidiary of American Waste Services, Inc. (“AWS”). On June 17, 1998, AWS distributed, as a special dividend, all of the outstanding shares of capital stock of Avalon to the holders of AWS common stock on a pro rata and corresponding basis. Avalon provides waste management services to industrial, commercial, municipal and governmental customers in selected northeastern and midwestern U.S. markets, captive landfill management services and salt water injection well operations. In addition, Avalon owns Avalon Resorts and Clubs, Inc. (“ARCI”), which includes the operation and management of four |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 2. Basis of Presentation The unaudited condensed consolidated financial statements of Avalon and related notes included herein have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted consistent with such rules and regulations. The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in Avalon’s 2021 Annual Report to Shareholders. The unaudited condensed consolidated financial statements include the accounts of Avalon, its wholly owned subsidiaries and those companies in which Avalon has managerial control. All significant intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial position of Avalon as of September 30, 2022, and the results of its operations and cash flows for the interim periods presented. The operating results for the interim periods are not necessarily indicative of the results to be expected for the full year. The condensed consolidated financial statements presented herein reflect our current estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the financial statements and reported amounts of revenues and expenses during the reporting periods presented. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 3. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU 2020-04”), establishing Accounting Standards Codification (“ASC”) Topic 848, Reference Rate Reform. |
Note 4 - Cash, Cash Equivalents
Note 4 - Cash, Cash Equivalents and Restricted Cash | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | Note 4. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents for purposes of the Condensed Consolidated Balance Sheets. Avalon maintains its cash balances in various financial institutions. These balances may, at times, exceed federal insured limits. Avalon has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk relating to its cash and cash equivalents. Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded in restricted cash on the Condensed Consolidated Balance Sheets. Restricted cash consists of loan proceeds deposited into a project fund account to fund costs associated with the renovation and expansion of The Grand Resort and Avalon Field Club at New Castle in accordance with the provisions of the loan and security agreement (See Note 9). The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows. Cash, cash equivalents and restricted cash consist of the following at September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, 2022 2021 Cash and cash equivalents $ 1,476 $ 3,254 Restricted cash 10,415 1,696 Cash, cash equivalents and restricted cash $ 11,891 $ 4,950 |
Note 5 - Revenues
Note 5 - Revenues | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 5. Revenues Revenue Recognition The Company identifies a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when obligations under the terms of the contract with our customer are satisfied; generally this occurs with the transfer of control of the good or service to the customer. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Sales and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. The Company does not incur incremental costs to obtain contracts or costs to fulfill contracts that meet the criteria for capitalization. In addition, the Company does not have material significant payment terms as payment is received at or shortly after the point of sale. Waste Management Services Avalon’s waste management services provide hazardous and nonhazardous waste brokerage and management services, captive landfill management services and salt water injection well operations. Waste management services are provided to industrial, commercial, municipal and governmental customers primarily in selected northeastern and midwestern United States markets. Avalon’s waste brokerage and management business assists customers with managing and disposing of wastes at approved treatment and disposal sites based upon a customer’s needs. Avalon provides a service to its customers whereby Avalon, arranges for, and accepts responsibility for the removal, transportation and disposal of waste on behalf of the customer. Avalon’s landfill management business provides technical and operational services to customers owning captive disposal facilities. A captive disposal facility only disposes of waste generated by the owner of such facility. The Company provides turnkey services, including daily operations, facilities management and management reporting for its customers. Currently, Avalon manages one captive disposal facility located in Ohio. The net operating revenues of the captive landfill operations are almost entirely dependent upon the volume of waste generated by the owner of the landfill for whom Avalon manages the facility. Avalon is a minority owner with managerial control over two For the three months ended September 30, 2022 and 2021, the net operating revenues related to waste management services represented approximately 58% and 54%, respectively, of Avalon’s total consolidated net operating revenues. For both the nine months ended September 30, 2022 and 2021, the net operating revenues related to waste management services represented approximately 59% of Avalon’s total consolidated net operating revenues. For the nine months ended September 30, 2022, one For our waste management services contracts, the customer contracts with us to provide a series of distinct waste management services over time which integrates a set of tasks (i.e. removal, transportation and disposal of waste) into a single project. Avalon provides substantially the same service over time and the same method is used to measure the Company’s progress toward complete satisfaction of the performance obligation to transfer each distinct service in the series to the customer. The series of distinct waste management services, which are the same over time, meets the series provision criteria, and as such, the Company treats that series as a single performance obligation. The Company allocates the transaction price to the single performance obligation and recognizes revenue by applying a single measure of progress to that performance obligation. Avalon transfers control of the service over time and, therefore, satisfies the performance obligation and recognizes the revenue over time as the customer simultaneously receives and consumes the benefits provided by Avalon’s performance as we perform. In addition, as the promise to provide services qualifies as a series accounted for as a single performance obligation, the Company applied the practical expedient guidance that allows an entity that is recognizing revenue over time by using an output method to recognize revenue equal to the amount that the entity has the right to invoice if the invoiced amount corresponds directly to the value transferred to the customer. The Company applied the standard's practical expedient that permits the omission of disclosures relating to unsatisfied performance obligations as most of the Company’s waste management service contracts (i) have an original expected length of one Avalon evaluated whether we are the principal (i.e. report revenues on a gross basis) or agent (i.e. report revenues on a net basis). Avalon reports waste management services on a gross basis, that is, amounts billed to our customers are recorded as revenues, and amounts paid to vendors for providing those services are recorded as operating costs. As principal, Avalon is primarily responsible for fulfilling the promise to provide waste management services for the customer. Avalon accepts credit risk in the event of nonpayment by the customer and is obligated to pay vendors who provide the service regardless of whether the customer pays the Company. Avalon does have a level of discretion in establishing the pricing for its service. Our payment terms vary by the type and location of our customer and the service offered. Avalon does not have any financing arrangements with its customers. The term between invoicing and when payment is due is not significant. The Company assesses each contract amendment individually. Typically, amendments made to our contracts do not materially change the terms of the agreement or performance obligation of the Company. The Company accounts for such contract amendments as if it were part of the existing contract as the material terms contained in the contract do not change. In cases where Avalon views there is a material change in the terms of the agreement, the Company will reevaluate and determine if the contract should be viewed as an entirely new contract, replacement contract or a continuation of the existing contract. Consideration promised in our waste management contracts do not typically include material variable amounts such as discounts, rebates, refunds, credits, price concessions, incentives, penalties or other such items, and, as such, no estimate is made by the Company for such items. Golf and Related Operations Avalon’s golf and related operations include the operation and management of four For the three months ended September 30, 2022 and 2021, the net operating revenues related to the golf and related operations represented approximately 42% and 46%, respectively, of Avalon’s total consolidated net operating revenues. For both the nine months ended September 30, 2022 and 2021, the net operating revenues related to the golf and related operations represented approximately 41% of Avalon’s total consolidated net operating revenues. For both the nine months ended September 30, 2022 and 2021, no one customer individually accounted for 10% or more of Avalon’s golf and related operations segment revenues. For Avalon’s golf and related operations, the Avalon Golf and Country Club offers membership packages for use of the country club facilities and its related amenities. Membership agreements are a one Membership for the Avalon Golf and Country Club does not contain up-front initiation fees or require monthly minimum spending at the facilities. Annual membership dues do not cover the cost of food, beverage or any other ancillary paid services which are made available to the member nor do they typically provide for discounts on these goods or services. Members have no obligation to purchase or utilize any of these additional goods or services. Avalon is not required to provide such goods or services unless requested and paid for at the point of sale by the member. Under the terms of the contract, Avalon will provide unlimited use and access to the country club facilities. Avalon’s performance obligation in the contract is the “stand ready obligation” to provide access to these facilities for the member for the entire membership term. Avalon providing the “stand ready obligation” for use of the facilities to the member over the entire term of the membership agreement represents a single performance obligation of which Avalon expects the member to receive and consume the benefits of its obligation throughout the membership term, and as such, the Company recognizes membership dues on a straight line basis over the term of the contract. The Company applied the standard's practical expedient that permits the omission of disclosures relating to unsatisfied performance obligations for contracts with an original expected length of one year or less as Avalon Golf and Country Club membership agreements are one year in length. For our hotel operations, Avalon’s performance obligation is to provide lodging facilities. The separate components of providing these services (hotel room, toiletry items, housekeeping, and amenities) are not distinct within the context of the contract as they are all highly dependent and interrelated as part of the obligation to provide the lodging facility. Room sales are driven by a fixed fee charged to a hotel guest to stay at The Grand Resort for an agreed upon period. The Company agrees to provide a room to the hotel guest for a specified time period for that agreed-upon rate. Our hotel room reservations are performance obligations satisfied over time as the hotel guest simultaneously receives and consumes the benefits provided by the hotel. For performance obligations satisfied over time, our hotel operations measure the progress toward complete satisfaction of the performance obligation and recognize revenue proportionately over the course of the customer’s stay. For food, beverage, and merchandise sales, greens fees and associated cart rental, fitness activities, salon and spa services and other ancillary services, the transaction price is the set price charged by the Company for those goods or services. Upon purchase of the good or service, the Company transfers control of the good or service to the customer and the customer immediately consumes the benefits of the Company’s performance and, as such, we recognize revenue at the point of sale. Amounts paid in advance, such as deposits on overnight lodging or for banquet or conferences facilities, are recorded as a liability until the goods or services are provided to the customer (see Contract Liabilities below). The following table presents our net operating revenues disaggregated by revenue source for the three and nine months ended September 30, 2022 and 2021 (in thousands). Sales and other taxes are excluded from revenues. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Waste management and brokerage services $ 14,377 $ 10,841 $ 33,131 $ 29,470 Captive landfill management operations 659 603 1,961 1,809 Total waste management services revenues 15,036 11,444 35,092 31,279 Food, beverage and merchandise sales 4,077 3,984 9,305 8,608 Membership dues revenue 1,783 1,684 5,291 4,952 Room rental revenue 2,179 1,824 4,383 3,438 Greens fees and cart rental revenue 1,596 1,467 2,601 2,470 Salon and spa services 474 319 1,360 741 Fitness and tennis lesson revenue 83 89 332 338 Other revenue 485 490 1,180 978 Total golf and related operations revenue 10,677 9,857 24,452 21,525 Total net operating revenues $ 25,713 $ 21,301 $ 59,544 $ 52,804 Avalon does not have operations located outside the United States and, accordingly, geographical revenue information is not presented. Receivables, Net Receivables, net, include amounts billed and currently due from customers. The amounts due are stated at their net realizable value. At September 30, 2022 and December 31, 2021, accounts receivable, net, related to our waste management services segment were approximately $11.9 million and $9.0 million, respectively. At September 30, 2022, three one The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. Customer accounts that are outstanding longer than the contractual payment terms are considered past due. Avalon determines its allowance by considering a number of factors, including the length of time trade accounts receivable are past due, Avalon’s previous accounts receivable loss history, the customer’s current ability to pay its obligation to Avalon and the condition of the general economy and the industry as a whole. Avalon writes off accounts receivable when they become uncollectible. Payments subsequently received on such receivables are credited to the allowance for credit losses, or to income, as appropriate under the circumstances. Allowance for credit losses was approximately $0.3 million at both September 30, 2022 and December 31, 2021. The following table presents changes in our allowance for credit losses during the three and nine months ended September 30, 2022 and 2021 (in thousands): Provision Write-offs Balance at for Credit less Balance at Beginning of Period Losses Recoveries End of Period Allowance for credit losses Three months ended September 30, 2022 $ 256 $ 5 $ (10 ) $ 251 Three months ended September 30, 2021 $ 250 $ 35 $ (18 ) $ 267 Nine months ended September 30, 2022 $ 265 $ 11 $ (25 ) $ 251 Nine months ended September 30, 2021 $ 265 $ 35 $ (33 ) $ 267 Contract Assets Contract assets include unbilled membership dues receivables related to the Avalon Golf and Country Club for the customers membership commitment which are billed on a monthly basis over the course of the annual agreement. Such amounts are stated at their net realizable value. Contract assets related to unbilled membership dues are classified as current as revenue related to such agreements is recognized within the annual membership period. Unbilled membership receivables in our Condensed Consolidated Balance Sheets were approximately $0.9 million at September 30, 2022 and $0.6 million at December 31, 2021. The following table presents changes in our contract assets during the three and nine months ended September 30, 2022 and 2021 (in thousands): Unbilled Balance at Membership Balance at Beginning of Period Dues Billings End of Period Contract Assets: Unbilled membership dues receivable Three months ended September 30, 2022 $ 1,145 $ 252 $ (519 ) $ 878 Three months ended September 30, 2021 $ 1,102 $ 237 $ (500 ) $ 839 Nine months ended September 30, 2022 $ 578 $ 1,857 $ (1,557 ) $ 878 Nine months ended September 30, 2021 $ 585 $ 1,802 $ (1,548 ) $ 839 Contract Liabilities Contract liabilities include unrecognized or deferred revenues relating to membership dues and customer advance deposits. We record deferred revenue when cash payments are received in advance of satisfying our performance obligation. We classify deferred membership dues revenue as current based on the timing of when we expect to recognize revenue for the membership commitment based on the Company satisfying the stand ready performance obligation throughout the annual membership period. The unrecognized or deferred revenues related to membership dues in our Condensed Consolidated Balance Sheets were approximately $4.6 million at September 30, 2022 and $3.4 million at December 31, 2021, respectively. Customer advance deposits are recorded as a liability until the goods or services are provided to the customer. Generally, customer advances, and corresponding performance obligation are satisfied within 12 months of the date of receipt of advance payment. The unrecognized revenues related to customer advance deposits are recorded in “Other liabilities and accrued expenses” in our Condensed Consolidated Balance Sheets. Customer advance deposits were approximately $1.0 million at September 30, 2022 and $0.8 million at December 31, 2021. The following table presents changes in our contract liabilities during the three and nine months ended September 30, 2022 and 2021 (in thousands): Balance at Revenue Balance at Beginning of Period Billings Recognized End of Period Contract Liabilities: Deferred membership dues revenue Three months ended September 30, 2022 $ 5,782 $ 650 $ (1,783 ) $ 4,649 Three months ended September 30, 2021 $ 5,376 $ 730 $ (1,684 ) $ 4,422 Nine months ended September 30, 2022 $ 3,363 $ 6,577 $ (5,291 ) $ 4,649 Nine months ended September 30, 2021 $ 3,196 $ 6,178 $ (4,952 ) $ 4,422 Customer advance deposits Three months ended September 30, 2022 $ 992 $ 785 $ (773 ) $ 1,004 Three months ended September 30, 2021 $ 784 $ 588 $ (688 ) $ 684 Nine months ended September 30, 2022 $ 795 $ 2,088 $ (1,879 ) $ 1,004 Nine months ended September 30, 2021 $ 674 $ 1,299 $ (1,289 ) $ 684 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6. Property and Equipment Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful life of the asset which varies from 10 to 30 years for land improvements; 5 to 50 years in the case of buildings and improvements; and from 3 to 10 years for machinery and equipment, vehicles and office furniture and equipment. Major additions and improvements are charged to the property and equipment accounts while replacements, maintenance and repairs, which do not improve or extend the life of the respective asset, are expensed as incurred. The cost of assets retired or otherwise disposed of and the related accumulated depreciation is eliminated from the accounts in the year of disposal. Gains or losses resulting from the disposal of property and equipment are recorded in “Other income, net” in our Condensed Consolidated Statements of Operations. Property and equipment at September 30, 2022 and December 31, 2021 consists of the following (in thousands): September 30, December 31, 2022 2021 Land and land improvements $ 16,408 $ 15,588 Buildings and improvements 52,616 48,603 Machinery and equipment 8,227 7,122 Office furniture and fixtures 9,469 8,773 Vehicles 791 791 Construction in progress 117 1,448 87,628 82,325 Less accumulated depreciation and amortization (31,132 ) (28,987 ) Property and equipment, net $ 56,496 $ 53,338 At September 30, 2022, the Company did not have any significant fixed contractual commitments for construction projects. Avalon reviews the carrying value of its long-lived assets whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. If indicators of impairment exist, Avalon would determine whether the estimated undiscounted sum of the future cash flows of such assets and their eventual disposition is less than its carrying amount. If less, an impairment loss would be recognized if, and to the extent that the carrying amount of such assets exceeds their respective fair value. Avalon would determine the fair value by using quoted market prices, if available, for such assets; or if quoted market prices are not available, Avalon would discount the expected estimated future cash flows. During the first nine months of 2022 and 2021, no triggering events were present. |
Note 7 - Leases
Note 7 - Leases | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating and Financing Leases [Text Block] | Note 7. Leases Operating Leases Avalon leases golf carts, machinery and equipment for the landfill operations, furniture and fixtures for The Grand Resort and office copiers under operating leases. Our operating leases have remaining lease terms ranging from less than 1 year to 4.2 years. The weighted average remaining lease term on operating leases was approximately 2.9 years at September 30, 2022. During the first nine months of 2022, the Company entered into a new operating lease agreement for golf cart GPS equipment. The Company recorded an operating lease right-of-use asset and corresponding obligation under the operating lease of approximately $31,000. During the first nine months of 2021, the Company entered into new operating lease agreements for a facility and golf cart GPS equipment. The Company recorded operating lease right-of-use assets and corresponding obligations under the operating leases of approximately $67,000. Leased property and associated obligations under operating leases at September 30, 2022 and December 31, 2021 consists of the following (in thousands): September 30, December 31, 2022 2021 Operating lease right-of-use assets $ 1,191 $ 1,598 Current portion of obligations under operating leases $ 478 $ 534 Long-term portion of obligations under operating leases 713 1,064 Total obligations under operating leases $ 1,191 $ 1,598 The weighted average discount rate on operating leases was 4.7% at September 30, 2022 and 4.6% at December 31, 2021. Finance Leases In November 2003, Avalon entered into a long-term agreement with Squaw Creek Country Club to lease and operate its golf course and related facilities. The lease has an initial term of ten four ten In addition, the golf and related operations also entered into lease agreements for vehicles, golf course maintenance and restaurant equipment and the captive landfill operations entered into lease agreements for equipment which were determined to be finance leases. At September 30, 2022, the vehicles, golf course maintenance and restaurant equipment and the landfill operations equipment have remaining lease terms ranging from less than 1 year to 4.1 years. The weighted average remaining lease term on the vehicles and equipment leases was approximately 2.9 years at September 30, 2022. Leased property and associated obligations under finance leases at September 30, 2022 and December 31, 2021 consists of the following (in thousands): September 30, December 31, 2022 2021 Leased property under finance leases $ 12,100 $ 11,978 Less accumulated amortization (6,966 ) (6,588 ) Leased property under finace leases, net $ 5,134 $ 5,390 Current portion of obligations under finance leases $ 130 $ 167 Long-term portion of obligations under finance leases 401 496 Total obligations under finance leases $ 531 $ 663 The weighted average discount rate on finance leases was 5.1% at September 30, 2022 and December 31, 2021. For the three and nine months ended September 30, 2022 and 2021, components of lease expense were as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Operating lease cost: Rental expense $ 273 $ 279 $ 620 $ 571 Finance lease cost: Depreciation expense $ 124 $ 133 $ 378 $ 413 Interest expense 7 9 24 33 Total finance lease cost $ 131 $ 142 $ 402 $ 446 For the twelve months ending September 30, future commitments under long-term, operating and finance leases are as follows (in thousands): Finance Operating Total 2023 $ 155 $ 524 $ 679 2024 131 363 494 2025 79 269 348 2026 38 115 153 2027 19 14 33 Thereafter 390 - 390 Total lease payments 812 1,285 2,097 Less: imputed interest 281 94 375 Total 531 1,191 1,722 Less: current portion of obligations under leases 130 478 608 Long-term portion of obligations under leases $ 401 $ 713 $ 1,114 |
Note 8 - Basic and Diluted Net
Note 8 - Basic and Diluted Net Income Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 8. Basic and Diluted Net Income per Share Basic net income per share attributable to Avalon Holdings Corporation common shareholders is computed by dividing the net income by the weighted average number of common shares outstanding. For both the three and nine months ended September 30, 2022 and 2021, the weighted average number of common shares outstanding was 3,899,431. Diluted net income per share attributable to Avalon Holdings Corporation common shareholders is computed by dividing net income by the weighted average number of common shares outstanding plus any weighted common equivalent shares determined to be outstanding during the period using the treasury method. The weighted common equivalent shares included in the calculation are related to stock options granted by Avalon where the weighted average market price of Avalon’s common stock for the period presented is greater than the option exercise price of the stock option. For the three and nine months ended September 30, 2022, the diluted weighted average number of shares outstanding was 3,918,512 and 3,921,628, respectively. For the three and nine months ended September 30, 2021, the diluted weighted average number of shares outstanding was 3,930,869 and 3,934,838, respectively. |
Note 9 - Term Loans and Line of
Note 9 - Term Loans and Line of Credit Agreements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9. Term Loans and Line of Credit Agreements 2022 Term Loan Agreement On August 5, 2022, Avalon and certain direct and indirect wholly owned subsidiaries entered into a loan and security agreement (the “2022 Term Loan Agreement”) with Laurel Capital Corporation which provided for a $31.0 million term loan. At closing, $20.2 million of the proceeds were used to pay off and refinance amounts outstanding and associated interest under our 2019 Term Loan Agreement with Laurel Capital Corporation and $0.4 million of the proceeds were utilized to pay transaction costs. The remaining proceeds of approximately $10.4 million were deposited into a project fund account for which those proceeds are to fund future costs of renovating and expanding both The Grand Resort and Avalon Field Club at New Castle. At September 30, 2022, loan proceeds of $10.4 million are presented in the Condensed Consolidated Balance Sheets as “Restricted cash.” The 2019 Term Loan Agreement was terminated in conjunction with the 2022 Term Loan Agreement. The 2022 Term Loan Agreement is payable in 119 equal monthly installments of principal and interest, based on a twenty-five Avalon has the right to prepay the amount outstanding under the 2022 Term Loan Agreement, in whole or in part, at any time upon payment of the principal amount of the loan to be prepaid plus accrued unpaid interest thereon to the prepayment date, plus an applicable prepayment penalty. The prepayment penalty, expressed as a percentage of the principal of the loan being prepaid, is six percent (6%) (4%) (3%) (2%) Borrowings under the 2022 Term Loan Agreement are secured by certain real property and related business assets as defined in the agreement. The 2022 Term Loan Agreement contains a Fixed Charge Coverage Ratio requirement of at least 1.20 tested on an annual basis on December 31 of each year, commencing December 31, 2023. The 2022 Term Loan also contains other nonfinancial covenants, customary representations, warranties and events of default. Avalon was in compliance with the 2022 Term Loan Agreement covenants at September 30, 2022. The Company capitalized approximately $0.6 million of debt issuance costs in connection with the 2022 Term Loan Agreement in accordance with ASC Subtopic 470-50, Debt-Modifications and Extinguishments Simplifying the Presentation of Debt Issuance Costs Line of Credit Agreement On May 31, 2018, Avalon entered into a business loan agreement with Premier Bank (formerly Home Savings Bank), (the “Line of Credit Agreement”) which provides for a line of credit of up to $5.0 million. On July 22, 2022, the Company amended the Line of Credit Agreement to extend the maturity date to July 31, 2024. Under the Line of Credit Agreement, borrowings in excess of $1.0 million are subject to a borrowing base which is calculated based off a specific level of eligible accounts receivable of the waste management business as defined in the agreement. At September 30, 2022, approximately $1.0 million was outstanding under the Line of Credit Agreement. No .25 Borrowings under the Line of Credit Agreement are secured by certain business assets of the Company including accounts receivable, inventory and equipment. The Line of Credit Agreement contains a Fixed Charge Coverage Ratio requirement of at least 1.20 tested on an annual basis on December 31 of each year. The Line of Credit Agreement also contains other nonfinancial covenants, customary representations, warranties and events of default. Avalon was in compliance with the Line of Credit Agreements covenants at September 30, 2022 and December 31, 2021. Paycheck Protection Program Loans The Coronavirus Aid, Relief, and Economic Security Act, or (“CARES”) Act, which was signed into law in March 2020, authorized the Small Business Administration to temporarily guarantee loans under a loan program called the Paycheck Protection Program (the “Program”). The Program provides for 100% federally guaranteed loans to small businesses to allow employers to keep workers employed and maintain payroll during the pandemic and economic downturn. Under the Program, the borrower is eligible for loan forgiveness up to the amount the borrower spends on certain eligible costs during the covered period beginning on the date the proceeds were received on the loan. Eligible costs under the Program include payroll costs, interest on mortgage obligations incurred before the covered period, rent on leasing agreements and utility services. Collateral or guarantor support is not required for the loan. In the second quarter of 2020, certain wholly-owned subsidiaries of Avalon entered into agreements and received a total of approximately $2.8 million in loans under the Program. The Company utilized the entire balance of the loan proceeds in accordance with the Program’s guidelines and subsequently applied for forgiveness with the Small Business Administration. The Company accounted for the loans in accordance with ASC 470 – Debt Liabilities: Extinguishments of Liabilities During the three months ended September 30, 2022 and 2021, the weighted average interest rate on outstanding borrowings was 5.69% and 5.00%, respectively. During the nine months ended September 30, 2022 and 2021, the weighted average interest rate on outstanding borrowings was 5.27% and 4.91%, respectively. Obligations under the Company’s term loan agreements at September 30, 2022 and December 31, 2021 consist of the following (in thousands): September 30, 2022 Gross Amount Debt Issuance Costs Net Amount 2022 Term Loan Agreement $ 30,955 $ (574 ) $ 30,381 Less current portion 554 (60 ) 494 Long-term debt $ 30,401 $ (514 ) $ 29,887 December 31, 2021 Gross Amount Debt Issuance Costs Net Amount 2019 Term Loan Agreement $ 20,833 $ (331 ) $ 20,502 Less current portion 1,168 (42 ) 1,126 Long-term debt $ 19,665 $ (289 ) $ 19,376 For the twelve months ending September 30, future maturities under the Company’s 2022 Term Loan Agreement are as follows (in thousands): 2023 $ 554 2024 589 2025 625 2026 664 2027 705 Thereafter 27,818 Total $ 30,955 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10. Income Taxes During the three months ended September 30, 2022 and 2021, net income attributable to Avalon Holdings Corporation shareholders was $1.2 million and $1.0 million, respectively. During the nine months ended September 30, 2022 and 2021, net income attributable to Avalon Holdings Corporation shareholders was $0.4 million and $2.4 million, respectively. Avalon recorded a state income tax provision in both the three and nine month periods ended September 30, 2022 and 2021, which was related entirely to the waste management and brokerage operations. Due to the recording of a full valuation allowance against the Company’s federal net deferred tax assets, the overall effective tax rate in both periods reflects taxes owed in certain U.S state jurisdictions. Avalon’s income tax on the income before taxes was offset by a change in the valuation allowance. A valuation allowance is provided when it is more likely than not that deferred tax assets relating to certain federal and state loss carryforwards will not be realized. Avalon continues to maintain a valuation allowance against the majority of its deferred tax amounts until it is evident that the deferred tax asset will be utilized in the future. On March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss carryforwards generated in taxable years beginning after December 31, 2017, to offset 100% of taxable income for taxable years beginning before January 1, 2021, and 80% of taxable income in taxable years beginning after December 31, 2020. In addition, the CARES Act allows net operating losses incurred in taxable years beginning after December 31, 2017, and before January 1, 2021, to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The adoption of these provisions did not have a material impact on the Company’s financial position or results of operations. On December 27, 2020, the Consolidated Appropriations Act, 2021 (the “Appropriations Act”) was enacted in response to the COVID-19 pandemic. The Appropriations Act, among other things, temporarily extends through December 31, 2025, certain expiring tax provisions, including look-through treatment of payments of dividends, interest, rents, and royalties received or accrued from related controlled foreign corporations. Additionally, the Appropriations Act enacts new provisions and extends certain provisions originated within the CARES Act, including an extension of time for repayment of the deferred portion of employees’ payroll tax through December 31, 2021, and a temporary allowance for full deduction of certain business meals. Avalon has elected not to defer the employees’ portion of payroll tax. The adoption of the Appropriations Act did not result in a material tax or cash benefit. |
Note 11 - Long-term Incentive P
Note 11 - Long-term Incentive Plan | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 11. Long-Term Incentive Plan On March 14, 2019, the Board of Directors of Avalon approved the renewal of the expired 2009 Long-term Incentive Plan (the “2009 Plan”), which was set to expire in October of 2019. The 2009 Plan provides for the granting of options which are intended to be non-qualified stock options (“NQSO’s”) for federal income tax purposes except for those options designated as incentive stock options (“ISO’s”) which qualify under Section 422 of the Internal Revenue Code. The name of the plan was changed to the 2019 Long-term Incentive Plan (“the Option Plan”) to reflect the year of approval. The Option Plan represents the renewal of the 2009 Plan which had 1,300,000 shares of Class A Common Stock available for stock options to employees and non-employee directors. The Option Plan has 1,300,000 shares available for stock options, less any shares of stock issued pursuant to options exercised under the 2009 Plan. The total number of shares under the Option Plan and the 2009 Plan will not exceed 1,300,000. Shares of stock covered by options granted pursuant to the 2009 Plan which terminate or expire prior to exercise or have been surrendered or canceled shall be available for further option grants under the Option Plan. On April 25, 2019, at the Annual Meeting of Shareholders, the shareholders approved the Option Plan. The purpose of the Avalon Holdings Corporation 2019 Long-term Incentive Plan (the “Plan”) is (a) to improve individual employee performance by providing long-term incentives and rewards to employees of Avalon, (b) to assist Avalon in attracting, retaining and motivating employees and non-employee directors with experience and ability, and (c) to associate the interests of such employees and directors with those of the Avalon shareholders. NQSO’s may be granted with an exercise price which is not less than 100% of the fair market value of the Class A Common Stock on the date of grant. Options designated as ISO’s shall not be less than 110% of fair market value for employees who are ten percent shareholders and not less than 100% of fair market value for other employees. The Board of Directors may, from time to time in its discretion, grant options to one or more outside directors, subject to such terms and conditions as the Board of Directors may determine, provided that such terms and conditions are not inconsistent with other applicable provisions of the Option Plan. Options shall have a term of no longer than ten five No option shall be exercisable prior to one The stock options, vest ratably over a five ten three The grant-date fair values of the stock option awards were estimated using the Monte Carlo Simulation. The Monte Carlo Simulation was selected to determine the fair value because it incorporates six minimum considerations; 1) the exercise price of the option, 2) the expected term of the option, taking into account both the contractual term of the option, the effects of employees’ expected exercise and post-vesting employment termination behavior, as well as the possibility of change in control events during the contractual term of the option agreements, 3) the current fair value of the underlying equity, 4) the expected volatility of the value of the underlying share for the expected term of the option, 5) the expected dividends on the underlying share for the expected term of the option and 6) the risk-free interest rate(s) for the expected term of the option. The grant date fair value of the underlying equity was determined to be equal to Avalon’s publicly traded stock price as of the grant dates times the sum of the Class A and Class B common shares outstanding. The expected term, or time until the option is exercised, is typically based on historical exercising behavior of previous option holders of a company’s stock. Due to the fact that the Company has had no historical exercising activity, prior to 2018, the simplified method was applied. Because of the nature of the vesting described above, the options are separated into five blocks, with each block having its own vesting period and expected term. For stock option awards, the expected volatility was based on the observed historical volatility of Avalon common stock. There were no In March 2022, the Board of Directors extended the period of time for certain vested options that were not exercisable due to those options not meeting the predetermined stock price within the three years following the contractual vesting period. At September 30, 2022, options to purchase 90,000 shares have been granted under the 2009 Plan. Of these, 36,000 shares have been exercised, and options for 54,000 shares remain outstanding. The following table is a summary of the stock option activity during 2022: Weighted Weighted Number of Average Average Options Exercise Fair Value at Granted Price Grant Date Outstanding at January 1, 2022 54,000 1.83 0.43 Options granted - - - Options exercised - - - Options expired - - - Options cancelled or forfeited - - - Outstanding at September 30, 2022 54,000 $ 1.83 $ 0.43 Options Vested 54,000 $ 1.83 $ 0.43 Exercisable at September 30, 2022 - $ - $ - The stock options vest and become exercisable based upon achieving two critical metrics as follows: 1) Contract Vesting Term: The stock options vest ratably over a five year period. 2) The Avalon common stock price traded on a public stock exchange (NYSE Amex) must reach the predetermined vesting price within three years after the options become vested under the contractual vesting term. The table below represents the period and predetermined stock price needed for vesting. Begins Ends Predetermined Vesting Vesting Vesting Price Block 1 12 months after Grant Dates 48 months after Grant Dates $ 3.43 Block 2 24 months after Grant Dates 60 months after Grant Dates $ 4.69 Block 3 36 months after Grant Dates 72 months after Grant Dates $ 6.43 Block 4 48 months after Grant Dates 84 months after Grant Dates $ 8.81 Block 5 60 months after Grant Dates 96 months after Grant Dates $ 12.07 Compensation costs were approximately $1,000 for both the three month periods ended September 30, 2022 and 2021. For the nine months ended September 30, 2022 and 2021, compensation costs were approximately $3,000 and $4,000, respectively. As of September 30, 2022, there was approximately $4,000 of total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 1.67 years. |
Note 12 - Legal Matters
Note 12 - Legal Matters | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | Note 12. Legal Matters In the ordinary course of conducting its business, Avalon becomes involved in lawsuits, administrative proceedings and governmental investigations, including those related to environmental matters. Some of these proceedings may result in fines, penalties or judgments being assessed against Avalon which, from time to time, may have an impact on its business and financial condition. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty, Avalon does not believe that any uninsured ultimate liabilities, fines or penalties resulting from such pending proceedings, individually or in the aggregate, will have a material adverse effect on its liquidity, financial position or results of operations. In August 2018, Avalon filed a complaint in the United States District Court for the Southern District of New York against Guy Gentile and MintBroker International, Ltd (collectively “MintBroker”). The complaint seeks to recover from MintBroker all short-swing trading profits realized through its purchases and subsequent sales of the Avalon Class A Common Stock during the six month period ending on or about August 1, 2018, in accordance with Section 16(b) of the Securities Exchange Act of 1934, as amended, based on MintBroker’s Schedule 13(d), Form 3 and Form 4 filings made with the Securities and Exchange Commission. In April 2022, the United States District Court for the Southern District of New York determined that MintBroker was liable under Section 16(b) of the Securities Exchange Act of 1934, as amended. The case was referred to a magistrate judge for a determination of damages. There can be no assurance that any damages determined by the court are collectible. |
Note 13 - Business Segment Info
Note 13 - Business Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 13. Business Segment Information In determining the segment information, Avalon considered its operating and management structure and the types of information subject to regular review by its “chief operating decision maker.” Using the criteria of FASB ASC 280 Segment Reporting Avalon’s primary business segment, the waste management services segment, provides hazardous and nonhazardous brokerage and management services to industrial, commercial, municipal and governmental customers, captive landfill management for an industrial customer and salt water injection well operations. Avalon’s golf and related operations segment consists of four golf courses and associated clubhouses which provide dining and banquet facilities, a hotel which provides lodging and resort related amenities including dining, banquet and conference facilities and a multipurpose recreation center. Revenue for the golf and related operations segment consists primarily of membership dues, greens fees, cart rentals, room rentals, merchandise sales, tennis and fitness activities, salon and spa services and food and beverage sales. Avalon does not have operations located outside the United States and, accordingly, geographical segment information is not presented. For the nine months ended September 30, 2022, one one The accounting policies of the segments are consistent with those described for the consolidated financial statements in the summary of significant accounting policies included in Avalon’s 2021 Annual Report to Shareholders. Avalon measures segment profit for internal reporting purposes as income (loss) before income taxes. Business segment information including the reconciliation of segment income (loss) to consolidated income (loss) before taxes is as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Net operating revenues from: Waste management services: External customer revenues $ 15,036 $ 11,444 $ 35,092 $ 31,279 Intersegment revenues - - - - Total waste management services 15,036 11,444 35,092 31,279 Golf and related operations: External customer revenues 10,677 9,857 24,452 21,525 Intersegment revenues 25 15 56 32 Total golf and related operations 10,702 9,872 24,508 21,557 Segment operating revenues 25,738 21,316 59,600 52,836 Intersegment eliminations (25 ) (15 ) (56 ) (32 ) Total net operating revenues $ 25,713 $ 21,301 $ 59,544 $ 52,804 Income (loss) before income taxes: Waste management services $ 1,454 $ 672 $ 3,143 $ 2,491 Golf and related operations 1,223 1,412 976 3,238 Segment income before income taxes 2,677 2,084 4,119 5,729 Corporate interest expense (402 ) (282 ) (937 ) (845 ) Corporate gain on debt extinguishment - - - 502 Corporate other income, net - 2 1 10 General corporate expenses (1,148 ) (962 ) (2,999 ) (3,084 ) Income before income taxes $ 1,127 $ 842 $ 184 $ 2,312 Gain on debt extinguishment: Waste management services $ - $ - $ - $ - Golf and related operations - - - 1,462 Corporate - - - 502 Total gain on debt extinguishment $ - $ - $ - $ 1,964 September 30, December 31, 2022 2021 Identifiable assets: Waste management services $ 35,822 $ 34,203 Golf and related operations 63,469 59,700 Corporate 64,243 55,027 Subtotal 163,534 148,930 Elimination of intersegment receivables (71,854 ) (70,893 ) Total $ 91,680 $ 78,037 In comparing total assets at September 30, 2022 with those at December 31, 2021, the increase in the total assets of the waste management services segment of approximately $1.6 million was primarily a result of an increase accounts receivable partially offset by a decrease in intersegment transactions, which are eliminated in consolidation. The increase in total assets of the golf and related operations segment of $3.8 million was primarily due to an increase in accounts receivable and capital expenditures associated with The Grand Resort and Avalon Field Club at New Castle partially offset by current year depreciation on property and equipment. The increase in corporate total assets of approximately $9.2 million was primarily due to an increase in restricted cash received in conjunction with our 2022 Term Loan Agreement and an increase in intersegment transactions, which are eliminated in consolidation, partially offset by a decrease in operating cash and cash equivalents. |
Note 14 - Certain Relationships
Note 14 - Certain Relationships and Related Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 14. Certain Relationships and Related Transactions AWMS Holdings, LLC In August 2013, Avalon created a new Ohio limited liability company, AWMS Holdings, LLC, to act as a holding company to form and own a series of wholly owned subsidiaries that will own and operate Class II salt water injection wells and facilities (together the “facilities”). AWMS Holdings, LLC, offers investment opportunities to accredited investors by selling membership units of AWMS Holdings, LLC through private placement offerings. The monies received from these offerings, along with internally contributed capital, are used to construct the facilities necessary for the operation of salt water injection wells. AWMS Water Solutions, LLC, a wholly owned subsidiary of Avalon, manages all the salt water injection well operations, including the marketing and sales function and all decisions regarding the well operations for a percentage of the gross revenues. In 2014 and 2013, Avalon, through a wholly owned subsidiary made capital contributions totaling approximately $3.4 million, which included cash and certain well assets, including the permits, in exchange for membership units of AWMS Holdings, LLC. Through a private placement offering for the purchase of membership units, AWMS Holdings, LLC raised approximately $3.8 million from accredited investors in 2014 and 2013. Management and outside directors of Avalon, who qualified as accredited investors, invested approximately $1.0 million in AWMS Holdings, LLC. As a result of a private placement offering, Avalon is not the majority owner of AWMS Holdings, LLC. At September 30, 2022 and December 31, 2021, respectively, Avalon owns approximately 47% of AWMS Holdings, LLC. In accordance with ASC 810-10 and related amendment , Avalon Med Spa, LLC In March 2021, Avalon created a new Ohio limited liability company, Avalon Med Spa, LLC. Avalon Med Spa, LLC provides elective appearance improving nonsurgical aesthetic services under the supervision of a licensed physician. Avalon Med Spa, LLC, offers investment opportunities to accredited investors by selling membership units through private placement offerings. The monies received from these offerings, along with internally contributed capital, are used to purchase medical spa equipment and construct the facilities necessary for operation. Avalon operates and manages all decisions regarding the medical spa operations for a percentage of the gross revenues. In 2021, Avalon made a capital contribution totaling $359,000, which included cash and certain equipment, in exchange for membership units of Avalon Med Spa, LLC. Through a private placement offering for the purchase of membership units, Avalon Med Spa, LLC raised $358,000 from accredited investors in August 2021. In March 2022, Avalon and accredited investors made additional capital contributions of $143,000 and $142,000, respectively. An outside director of Avalon, who qualified as an accredited investor, invested less than 10% of the total investment in Avalon Med Spa, LLC. Avalon is the majority owner of Avalon Med Spa, LLC owning 50.1% of the company at both September 30, 2022 and December 31, 2021. In accordance with ASC 810-10 and related amendment , |
Note 15 - Injection Wells Suspe
Note 15 - Injection Wells Suspension | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Suspended Injection Well Costs Disclosure [Text Block] | Note 15. Injection Wells Suspension As a result of a seismic event with a magnitude of 2.1 occurring on August 31, 2014, the Chief of the Division of Oil and Gas Resources Management (“Chief” or “Division”) issued Orders on September 3, 2014 to immediately suspend all operations of Avalon’s two On September 5, 2014, Avalon submitted the information required by the Chief’s Order in regards to its AWMS #1 injection well, and the Chief lifted the suspension for that well on September 18, 2014. On September 19, 2014, Avalon submitted information and a written plan required by the Chief’s Order proposing the establishment of certain operations and management controls on injections for the AWMS #2 injection well. To date, the Division has not responded to that plan despite Avalon’s requests for feedback. On October 2, 2014, Avalon filed an appeal with the Ohio Oil and Gas Commission (the “Commission”) disputing the basis for suspending operations of AWMS #2 and also the authority of the Chief to immediately suspend such operations. On March 11, 2015, an appeal hearing was held. The Chief stated during the hearing that the suspension order is temporary, and he expects that AWMS #2 will be allowed to resume operations once the state’s final policymaking is complete. On August 12, 2015, the Commission upheld the temporary suspension of injection operations of AWMS #2 stating that the temporary suspension would allow the Chief more time to fully evaluate the facts in anticipation of the Division’s implementation of a comprehensive regulatory plan that will specifically address injection-induced seismicity. Avalon appealed that decision to the Franklin County Court of Common Pleas (the “Court”), and on November 1, 2016 an appeal hearing was held in that Court. On December 23, 2016, the Court issued its Decision and Order in Avalon’s favor, and vacated the Commission’s decision. The Court found that the Division’s suspension and refusal to work with the Company over the 26 month period was arbitrary and not in accordance with reason. Subsequent to the ruling, and in accordance with the Court’s Decision and Order, both Avalon and the Division submitted their proposed restart plans to the Court. Avalon’s plan sets forth both the initial volumes and pressures and increases in volume and pressure while continuously monitoring seismicity and addressing the concerns of public health and safety. On February 21, 2017, the Court issued its Final Decision and Order. The Court’s Final Decision and Order set forth conditions for restarting the AWMS #2 salt water injection well in accordance with the proposed restart plans filed by Avalon with minor revisions. On February 22, 2017, the Division appealed the Final Decision and Order and filed a Motion to Stay the Court Order. The Motion to Stay was granted by the Ohio 10 th On September 14, 2017, an appeal hearing was held in the Ohio 10 th On September 12, 2018, the Company appealed the Ohio 10 th th On April 5, 2019, Avalon filed with the Oil and Gas Commission a motion to vacate its prior decisions in this matter. The Oil and Gas Commission scheduled a hearing on this motion for August 13, 2019. Before the hearing began, and in response to the Division’s motion to dismiss the Company’s motion to vacate, the Commission dismissed the matter. The Company appealed that decision to the Franklin County Court of Common Pleas. In April 2020, the Division’s motion to dismiss and the Company’s opposition were reviewed by the Court. Following the restart orders received on May 24, 2021, and discussed below, the Court dismissed the complaint. Concurrently with the filing of the appeal with the Franklin County Court of Common Pleas, the Company filed a writ of mandamus in the 10 th In addition, on August 26, 2016, Avalon filed a complaint in the 11 th On March 18, 2019, Avalon received notice that the 11 th th th On May 24, 2021, the Company received Chief’s Orders from the Division vacating the September 3, 2014 suspension orders for AWMS #2 and setting conditions for restart of that well. Among these conditions was a limit placed on the seismicity within three miles of the well. Under the Order, if a seismic event with a magnitude 2.1 or above occurs, the well must cease operations for an indefinite period of time until concurrence for subsequent restart is received from the Division. The Company appealed the May 2021 Chief’s Order to the Ohio Oil and Gas Commission, seeking reasonable operating conditions that will allow the facility to operate profitably while protecting human health and property. A hearing in this matter occurred in February 2022. On September 30, 2022, the Oil and Gas Commission rendered their decision for the Division in this matter, once again deferring to the Division in their decision. The Company appealed the decision to the Franklin County Ohio Court of Common Pleas on August 9, 2022. The briefings in this matter are continuing. |
Note 4 - Cash, Cash Equivalen_2
Note 4 - Cash, Cash Equivalents and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block] | September 30, December 31, 2022 2021 Cash and cash equivalents $ 1,476 $ 3,254 Restricted cash 10,415 1,696 Cash, cash equivalents and restricted cash $ 11,891 $ 4,950 |
Note 5 - Revenues (Tables)
Note 5 - Revenues (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Waste management and brokerage services $ 14,377 $ 10,841 $ 33,131 $ 29,470 Captive landfill management operations 659 603 1,961 1,809 Total waste management services revenues 15,036 11,444 35,092 31,279 Food, beverage and merchandise sales 4,077 3,984 9,305 8,608 Membership dues revenue 1,783 1,684 5,291 4,952 Room rental revenue 2,179 1,824 4,383 3,438 Greens fees and cart rental revenue 1,596 1,467 2,601 2,470 Salon and spa services 474 319 1,360 741 Fitness and tennis lesson revenue 83 89 332 338 Other revenue 485 490 1,180 978 Total golf and related operations revenue 10,677 9,857 24,452 21,525 Total net operating revenues $ 25,713 $ 21,301 $ 59,544 $ 52,804 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Provision Write-offs Balance at for Credit less Balance at Beginning of Period Losses Recoveries End of Period Allowance for credit losses Three months ended September 30, 2022 $ 256 $ 5 $ (10 ) $ 251 Three months ended September 30, 2021 $ 250 $ 35 $ (18 ) $ 267 Nine months ended September 30, 2022 $ 265 $ 11 $ (25 ) $ 251 Nine months ended September 30, 2021 $ 265 $ 35 $ (33 ) $ 267 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Unbilled Balance at Membership Balance at Beginning of Period Dues Billings End of Period Contract Assets: Unbilled membership dues receivable Three months ended September 30, 2022 $ 1,145 $ 252 $ (519 ) $ 878 Three months ended September 30, 2021 $ 1,102 $ 237 $ (500 ) $ 839 Nine months ended September 30, 2022 $ 578 $ 1,857 $ (1,557 ) $ 878 Nine months ended September 30, 2021 $ 585 $ 1,802 $ (1,548 ) $ 839 Balance at Revenue Balance at Beginning of Period Billings Recognized End of Period Contract Liabilities: Deferred membership dues revenue Three months ended September 30, 2022 $ 5,782 $ 650 $ (1,783 ) $ 4,649 Three months ended September 30, 2021 $ 5,376 $ 730 $ (1,684 ) $ 4,422 Nine months ended September 30, 2022 $ 3,363 $ 6,577 $ (5,291 ) $ 4,649 Nine months ended September 30, 2021 $ 3,196 $ 6,178 $ (4,952 ) $ 4,422 Customer advance deposits Three months ended September 30, 2022 $ 992 $ 785 $ (773 ) $ 1,004 Three months ended September 30, 2021 $ 784 $ 588 $ (688 ) $ 684 Nine months ended September 30, 2022 $ 795 $ 2,088 $ (1,879 ) $ 1,004 Nine months ended September 30, 2021 $ 674 $ 1,299 $ (1,289 ) $ 684 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, 2022 2021 Land and land improvements $ 16,408 $ 15,588 Buildings and improvements 52,616 48,603 Machinery and equipment 8,227 7,122 Office furniture and fixtures 9,469 8,773 Vehicles 791 791 Construction in progress 117 1,448 87,628 82,325 Less accumulated depreciation and amortization (31,132 ) (28,987 ) Property and equipment, net $ 56,496 $ 53,338 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lessee, Operating Lease Assets and Liabilities [Table Text Block] | September 30, December 31, 2022 2021 Operating lease right-of-use assets $ 1,191 $ 1,598 Current portion of obligations under operating leases $ 478 $ 534 Long-term portion of obligations under operating leases 713 1,064 Total obligations under operating leases $ 1,191 $ 1,598 September 30, December 31, 2022 2021 Leased property under finance leases $ 12,100 $ 11,978 Less accumulated amortization (6,966 ) (6,588 ) Leased property under finace leases, net $ 5,134 $ 5,390 Current portion of obligations under finance leases $ 130 $ 167 Long-term portion of obligations under finance leases 401 496 Total obligations under finance leases $ 531 $ 663 |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Operating lease cost: Rental expense $ 273 $ 279 $ 620 $ 571 Finance lease cost: Depreciation expense $ 124 $ 133 $ 378 $ 413 Interest expense 7 9 24 33 Total finance lease cost $ 131 $ 142 $ 402 $ 446 |
Lease, Liability, Maturity [Table Text Block] | Finance Operating Total 2023 $ 155 $ 524 $ 679 2024 131 363 494 2025 79 269 348 2026 38 115 153 2027 19 14 33 Thereafter 390 - 390 Total lease payments 812 1,285 2,097 Less: imputed interest 281 94 375 Total 531 1,191 1,722 Less: current portion of obligations under leases 130 478 608 Long-term portion of obligations under leases $ 401 $ 713 $ 1,114 |
Note 9 - Term Loans and Line _2
Note 9 - Term Loans and Line of Credit Agreements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | September 30, 2022 Gross Amount Debt Issuance Costs Net Amount 2022 Term Loan Agreement $ 30,955 $ (574 ) $ 30,381 Less current portion 554 (60 ) 494 Long-term debt $ 30,401 $ (514 ) $ 29,887 December 31, 2021 Gross Amount Debt Issuance Costs Net Amount 2019 Term Loan Agreement $ 20,833 $ (331 ) $ 20,502 Less current portion 1,168 (42 ) 1,126 Long-term debt $ 19,665 $ (289 ) $ 19,376 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2023 $ 554 2024 589 2025 625 2026 664 2027 705 Thereafter 27,818 Total $ 30,955 |
Note 11 - Long-term Incentive_2
Note 11 - Long-term Incentive Plan (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Number of Average Average Options Exercise Fair Value at Granted Price Grant Date Outstanding at January 1, 2022 54,000 1.83 0.43 Options granted - - - Options exercised - - - Options expired - - - Options cancelled or forfeited - - - Outstanding at September 30, 2022 54,000 $ 1.83 $ 0.43 Options Vested 54,000 $ 1.83 $ 0.43 Exercisable at September 30, 2022 - $ - $ - |
Schedule Of Period And Predetermined Stock Price Needed For Vesting [Table Text Block] | Begins Ends Predetermined Vesting Vesting Vesting Price Block 1 12 months after Grant Dates 48 months after Grant Dates $ 3.43 Block 2 24 months after Grant Dates 60 months after Grant Dates $ 4.69 Block 3 36 months after Grant Dates 72 months after Grant Dates $ 6.43 Block 4 48 months after Grant Dates 84 months after Grant Dates $ 8.81 Block 5 60 months after Grant Dates 96 months after Grant Dates $ 12.07 |
Note 13 - Business Segment In_2
Note 13 - Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Net operating revenues from: Waste management services: External customer revenues $ 15,036 $ 11,444 $ 35,092 $ 31,279 Intersegment revenues - - - - Total waste management services 15,036 11,444 35,092 31,279 Golf and related operations: External customer revenues 10,677 9,857 24,452 21,525 Intersegment revenues 25 15 56 32 Total golf and related operations 10,702 9,872 24,508 21,557 Segment operating revenues 25,738 21,316 59,600 52,836 Intersegment eliminations (25 ) (15 ) (56 ) (32 ) Total net operating revenues $ 25,713 $ 21,301 $ 59,544 $ 52,804 Income (loss) before income taxes: Waste management services $ 1,454 $ 672 $ 3,143 $ 2,491 Golf and related operations 1,223 1,412 976 3,238 Segment income before income taxes 2,677 2,084 4,119 5,729 Corporate interest expense (402 ) (282 ) (937 ) (845 ) Corporate gain on debt extinguishment - - - 502 Corporate other income, net - 2 1 10 General corporate expenses (1,148 ) (962 ) (2,999 ) (3,084 ) Income before income taxes $ 1,127 $ 842 $ 184 $ 2,312 Gain on debt extinguishment: Waste management services $ - $ - $ - $ - Golf and related operations - - - 1,462 Corporate - - - 502 Total gain on debt extinguishment $ - $ - $ - $ 1,964 September 30, December 31, 2022 2021 Identifiable assets: Waste management services $ 35,822 $ 34,203 Golf and related operations 63,469 59,700 Corporate 64,243 55,027 Subtotal 163,534 148,930 Elimination of intersegment receivables (71,854 ) (70,893 ) Total $ 91,680 $ 78,037 |
Note 1 - Description of the B_2
Note 1 - Description of the Business (Details Textual) | 9 Months Ended |
Sep. 30, 2022 | |
Golf and Related Operations [Member] | |
Number of Golf Courses | 4 |
Note 4 - Cash, Cash Equivalen_3
Note 4 - Cash, Cash Equivalents and Restricted Cash - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 1,476 | $ 3,254 | ||
Restricted cash | 10,415 | 1,696 | ||
Cash, cash equivalents and restricted cash | $ 11,891 | $ 4,950 | $ 6,198 | $ 8,095 |
Note 5 - Revenues (Details Text
Note 5 - Revenues (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Sep. 03, 2014 | |
Number of Suspended Saltwater Injection Wells | 2 | 2 | 2 | ||||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 300 | $ 300 | $ 300 | ||||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 878 | $ 839 | 878 | $ 839 | 578 | $ 1,145 | $ 1,102 | $ 585 | |
Contract with Customer, Liability, Total | 4,600 | 4,600 | 3,400 | ||||||
Customer Advance Deposits [Member] | |||||||||
Contract with Customer, Liability, Total | $ 1,004 | $ 684 | $ 1,004 | $ 684 | $ 795 | $ 992 | $ 784 | $ 674 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||||||
Number of Major Customers | 2 | 1 | |||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customers [Member] | |||||||||
Concentration Risk, Percentage | 6% | 7% | |||||||
Customer Concentration Risk [Member] | Sales Revenue, Net to External Customers [Member] | Two Customers [Member] | |||||||||
Concentration Risk, Percentage | 10% | 12% | |||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | |||||||||
Concentration Risk, Percentage | 34% | ||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | |||||||||
Concentration Risk, Percentage | 17% | ||||||||
Waste Management Services [Member] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Percentage | 58% | 54% | |||||||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 11,900 | $ 11,900 | $ 9,000 | ||||||
Waste Management Services [Member] | Maximum [Member] | |||||||||
Contract Term (Year) | 1 year | ||||||||
Waste Management Services [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||||||
Concentration Risk, Percentage | 59% | 59% | |||||||
Waste Management Services [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customers [Member] | |||||||||
Concentration Risk, Percentage | 6% | ||||||||
Waste Management Services [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | |||||||||
Concentration Risk, Percentage | 7% | ||||||||
Waste Management Services [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net to External Customers [Member] | |||||||||
Number of Major Customers | 2 | ||||||||
Waste Management Services [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net to External Customers [Member] | Two Customers [Member] | |||||||||
Concentration Risk, Percentage | 10% | ||||||||
Waste Management Services [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net to External Customers [Member] | One Customer [Member] | |||||||||
Concentration Risk, Percentage | 12% | ||||||||
Waste Management Services [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||||
Number of Major Customers | 2 | 1 | |||||||
Waste Management Services [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | |||||||||
Concentration Risk, Percentage | 38% | ||||||||
Waste Management Services [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | |||||||||
Concentration Risk, Percentage | 19% | ||||||||
Golf and Related Operations [Member] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Percentage | 42% | 46% | |||||||
Number of Golf Courses | 4 | ||||||||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 1,500 | $ 900 | $ 1,500 | $ 900 | |||||
Golf and Related Operations [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||||||
Membership Agreement, Term | 1 year |
Note 5 - Revenues - Disaggregat
Note 5 - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Total net operating revenues | $ 25,713 | $ 21,301 | $ 59,544 | $ 52,804 |
Operating Segments [Member] | ||||
Total net operating revenues | 25,738 | 21,316 | 59,600 | 52,836 |
Waste Management Services [Member] | ||||
Total net operating revenues | 15,036 | 11,444 | 35,092 | 31,279 |
Waste Management Services [Member] | Operating Segments [Member] | ||||
Total net operating revenues | 15,036 | 11,444 | 35,092 | 31,279 |
Waste Management Services [Member] | Waste Brokerage And Management Services Member | ||||
Total net operating revenues | 14,377 | 10,841 | 33,131 | 29,470 |
Waste Management Services [Member] | Captive Landfill Management Operations [Member] | ||||
Total net operating revenues | 659 | 603 | 1,961 | 1,809 |
Golf and Related Operations [Member] | ||||
Total net operating revenues | 10,702 | 9,872 | 24,508 | 21,557 |
Golf and Related Operations [Member] | Operating Segments [Member] | ||||
Total net operating revenues | 10,677 | 9,857 | 24,452 | 21,525 |
Golf and Related Operations [Member] | Food and Beverage [Member] | ||||
Total net operating revenues | 4,077 | 3,984 | 9,305 | 8,608 |
Golf and Related Operations [Member] | Membership Dues [Member] | ||||
Total net operating revenues | 1,783 | 1,684 | 5,291 | 4,952 |
Golf and Related Operations [Member] | Room Rental [Member] | ||||
Total net operating revenues | 2,179 | 1,824 | 4,383 | 3,438 |
Golf and Related Operations [Member] | Green Fees and Cart Rental [Member] | ||||
Total net operating revenues | 1,596 | 1,467 | 2,601 | 2,470 |
Golf and Related Operations [Member] | Salon and Spa Services [Member] | ||||
Total net operating revenues | 474 | 319 | 1,360 | 741 |
Golf and Related Operations [Member] | Fitness and Tennis Lesson [Member] | ||||
Total net operating revenues | 83 | 89 | 332 | 338 |
Golf and Related Operations [Member] | Other Revenue [Member] | ||||
Total net operating revenues | $ 485 | $ 490 | $ 1,180 | $ 978 |
Note 5 - Revenues - Allowance f
Note 5 - Revenues - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Allowance for doubtful accounts, Balance | $ 256 | $ 250 | $ 265 | $ 265 |
Provision for losses on accounts receivable | 5 | 35 | 11 | 35 |
Allowance for Credit Loss, Writeoff | (10) | (18) | (25) | (33) |
Allowance for doubtful accounts, Balance | $ 251 | $ 267 | $ 251 | $ 267 |
Note 5 - Revenues - Contract As
Note 5 - Revenues - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Balance | $ 1,145 | $ 1,102 | $ 578 | $ 585 |
Balance | 3,400 | |||
Unbilled | 252 | 237 | 1,857 | 1,802 |
Billings | 519 | 500 | 1,557 | 1,548 |
Billings | (519) | (500) | (1,557) | (1,548) |
Balance | 878 | 839 | 878 | 839 |
Balance | 4,600 | 4,600 | ||
Deferred Membership Dues [Member] | ||||
Balance | 5,782 | 5,376 | 3,363 | 3,196 |
Billings | 650 | 730 | 6,577 | 6,178 |
Billings | (650) | (730) | (6,577) | (6,178) |
Revenue recognized | (1,783) | (1,684) | (5,291) | (4,952) |
Balance | 4,649 | 4,422 | 4,649 | 4,422 |
Revenue recognized | 1,783 | 1,684 | 5,291 | 4,952 |
Customer Advance Deposits [Member] | ||||
Balance | 992 | 784 | 795 | 674 |
Billings | 785 | 588 | 2,088 | 1,299 |
Billings | (785) | (588) | (2,088) | (1,299) |
Revenue recognized | (773) | (688) | (1,879) | (1,289) |
Balance | 1,004 | 684 | 1,004 | 684 |
Revenue recognized | $ 773 | $ 688 | $ 1,879 | $ 1,289 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment (Details Textual) | 9 Months Ended |
Sep. 30, 2022 | |
Land Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Land Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 30 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 50 years |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property and equipment, gross | $ 87,628 | $ 82,325 |
Less accumulated depreciation and amortization | (31,132) | (28,987) |
Property and equipment, net | 56,496 | 53,338 |
Land and Land Improvements [Member] | ||
Property and equipment, gross | 16,408 | 15,588 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 52,616 | 48,603 |
Machinery and Equipment [Member] | ||
Property and equipment, gross | 8,227 | 7,122 |
Office Equipment [Member] | ||
Property and equipment, gross | 9,469 | 8,773 |
Vehicles [Member] | ||
Property and equipment, gross | 791 | 791 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 117 | $ 1,448 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | 1 Months Ended | |||
Nov. 30, 2003 | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | |
Operating Lease, Weighted Average Remaining Lease Term | 2 years 10 months 24 days | |||
Operating Lease, Liability, Total | $ 1,191,000 | $ 1,598,000 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.70% | 460% | ||
Lessee, Finance Lease, Term of Contract | 10 years | |||
Number of Consecutive Renewal Term Options | 4 | |||
Lessee, Finance Lease, Renewal Term | 10 years | |||
Lessee, Finance Lease, Annual Rent | $ 15,000 | |||
Leasehold Improvements Required to be Made Per Year | $ 150,000 | |||
Lessee, Finance Lease, Remaining Lease Term | 31 years 1 month 6 days | |||
Finance Lease, Weighted Average Remaining Lease Term | 2 years 10 months 24 days | |||
Finance Lease, Weighted Average Discount Rate, Percent | 5.10% | 5.10% | ||
Lease for Golf Cart GPS Equipment [Member] | ||||
Operating Lease, Liability, Total | $ 31,000 | |||
Operating Lease Agreement for Hotel furniture [Member] | ||||
Operating Lease, Liability, Total | $ 67,000 | |||
Minimum [Member] | ||||
Lessee, Operating Lease, Remaining Lease Term | 1 year | |||
Minimum [Member] | Golf and Related Operations [Member] | ||||
Lessee, Finance Lease, Remaining Lease Term | 1 year | |||
Maximum [Member] | ||||
Lessee, Operating Lease, Remaining Lease Term | 4 years 2 months 12 days | |||
Maximum [Member] | Golf and Related Operations [Member] | ||||
Lessee, Finance Lease, Remaining Lease Term | 4 years 1 month 6 days |
Note 7 - Leases - Operating Lea
Note 7 - Leases - Operating Leases Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Operating lease right-of-use assets | $ 1,191 | $ 1,598 |
Leased property under finance leases | 12,100 | 11,978 |
Current portion of obligations under operating leases | 478 | 534 |
Less accumulated amortization | (6,966) | (6,588) |
Long-term portion of obligations under operating leases | 713 | 1,064 |
Leased property under finace leases, net | 5,134 | 5,390 |
Total obligations under operating leases | 1,191 | 1,598 |
Current portion of obligations under finance leases | 130 | 167 |
Long-term portion of obligations under finance leases | 401 | 496 |
Total obligations under finance leases | $ 531 | $ 663 |
Note 7 - Leases - Lease Cost (D
Note 7 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Rental expense | $ 273 | $ 279 | $ 620 | $ 571 |
Depreciation expense | 124 | 133 | 378 | 413 |
Interest expense | 7 | 9 | 24 | 33 |
Total finance lease cost | $ 131 | $ 142 | $ 402 | $ 446 |
Note 7 - Leases - Future Commit
Note 7 - Leases - Future Commitments Under Long-term Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
2023, finance | $ 155 | |
2023, operating | 524 | |
2023, total | 679 | |
2024, finance | 131 | |
2024, operating | 363 | |
2024, total | 494 | |
2025, finance | 79 | |
2025, operating | 269 | |
2025, total | 348 | |
2026, finance | 38 | |
2026, operating | 115 | |
2026, total | 153 | |
2027, finance | 19 | |
2027, operating | 14 | |
2027, total | 33 | |
Thereafter, finance | 390 | |
Thereafter, operating | 0 | |
Thereafter, total | 390 | |
Total lease payments, finance | 812 | |
Total lease payments, operating | 1,285 | |
Total lease payments, total | 2,097 | |
Less imputed interest, finance | 281 | |
Less imputed interest, operating | 94 | |
Less imputed interest, total | 375 | |
Total, finance | 531 | $ 663 |
Total, operating | 1,191 | 1,598 |
Total, total | 1,722 | |
Current portion of obligations under finance leases | 130 | 167 |
Less: current portion of obligations under leases, operating | 478 | 534 |
Less: current portion of obligations under leases, total | 608 | |
Long-term portion of obligations under finance leases | 401 | 496 |
Obligations under operating leases, net of current portion | 713 | $ 1,064 |
Long-term portion of obligations under leases, total | $ 1,114 |
Note 8 - Basic and Diluted Ne_2
Note 8 - Basic and Diluted Net Income Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Weighted Average Number of Shares Outstanding, Basic, Total | 3,899,431 | 3,899,431 | 3,899,431 | 3,899,431 |
Weighted Average Number of Shares Outstanding, Diluted, Total | 3,918,512 | 3,930,869 | 3,921,628 | 3,934,838 |
Note 9 - Term Loans and Line _3
Note 9 - Term Loans and Line of Credit Agreements (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 20, 2019 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 | Jun. 30, 2020 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | May 31, 2018 USD ($) | |
Long-Term Debt, Gross | $ 30,955,000 | $ 30,955,000 | ||||||
Payments of Debt Issuance Costs | 277,000 | $ 0 | ||||||
Proceeds from Lines of Credit, Total | 950,000 | 0 | ||||||
Proceeds from Issuance of Long-Term Debt, Total | $ 31,000,000 | $ 0 | ||||||
Long-Term Debt, Weighted Average Interest Rate, over Time | 5.69% | 5% | 527% | 491% | ||||
New Term Loan Agreement [Member] | Laurel Capital Corporation [Member] | ||||||||
Long-Term Debt, Gross | $ 31,000,000 | |||||||
Payments of Debt Issuance Costs | 400,000 | |||||||
Proceeds from Issuance of Debt | $ 10,400,000 | |||||||
Restricted Cash, Total | $ 10,400,000 | $ 10,400,000 | ||||||
Debt Instrument, Periodic Payment, Number of Payments | 119 | |||||||
Debt Instrument, Maturity Schedule | 15 years | |||||||
Debt Instrument, Interest Rate, Stated Percentage, First Five Years | 6% | |||||||
Debt Instrument, Prepayment Penalty, Percentage, First Five Years | 5% | |||||||
Debt Instrument, Prepayment Penalty, Percentage, Years Six and Seven | 4% | |||||||
Debt Instrument, Prepayment Penalty, Percentage, Years Eight and Nine | 3% | |||||||
Debt Instrument, Prepayment Penalty, Percentage, Year Ten | 2% | |||||||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1.20 | |||||||
Debt Issuance Costs, Net, Total | $ 600,000 | |||||||
New Castle Country Club Commercial Mortgage [Member] | Mercer County State Bank [Member] | ||||||||
Repayments of Debt | $ 20,200,000 | |||||||
The Line of Credit Agreement [Member] | Home Savings Bank [Member] | ||||||||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1.20 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | |||||||
Line of Credit Facility, Amounts in Excess of, Subject to Borrowing Base | $ 1,000,000 | |||||||
Proceeds from Lines of Credit, Total | $ 1,000,000 | $ 0 | ||||||
Line of Credit Facility, Interest Rate at Period End | 6.50% | 6.50% | ||||||
The Line of Credit Agreement [Member] | Home Savings Bank [Member] | Prime Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | 0.25% | ||||||
Paycheck Protection Program CARES Act [Member] | ||||||||
Proceeds from Issuance of Long-Term Debt, Total | $ 2,800,000 | |||||||
Debt Instrument, Decrease, Forgiveness | $ 2,000,000 | |||||||
Interest Forgiven | $ 0 | $ 17,000 |
Note 9 - Term Loans and Line _4
Note 9 - Term Loans and Line of Credit Agreements - Summary of Term Loan and Line of Credit Agreements (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Long-term debt, gross | $ 30,955 | |
Less current portion of long-term debt, gross | 554 | $ 1,168 |
Less current portion debt issuance costs | (60) | (42) |
Current portion of long-term debt | 494 | 1,126 |
Long-term debt, gross, net of current portion | 30,401 | 19,665 |
Debt issuance costs, net of current portion | (514) | (289) |
Long-term debt | 29,887 | 19,376 |
Term Loan Agreement [Member] | ||
Long-term debt, gross | 30,955 | 20,833 |
Debt issuance costs | (574) | (331) |
Term Loan Agreement | $ 30,381 | $ 20,502 |
Note 9 - Term Loans and Line _5
Note 9 - Term Loans and Line of Credit Agreements - Future Maturities of Long-term Debt (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
2023 | $ 554 |
2024 | 589 |
2025 | 625 |
2026 | 664 |
2027 | 705 |
Thereafter | 27,818 |
Total | $ 30,955 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income (Loss) Attributable to Parent, Total | $ 1,168 | $ 983 | $ 390 | $ 2,441 |
Note 11 - Long-term Incentive_3
Note 11 - Long-term Incentive Plan (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | Apr. 25, 2019 | Oct. 06, 2009 | |
Minimum Percentage of Fair Market Value for Non-qualified Stock Option Price | 100% | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 0 | 0 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance | 54,000 | 54,000 | 54,000 | ||||
Share-Based Payment Arrangement, Expense | $ 1,000 | $ 1,000 | $ 3,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4,000 | $ 4,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 8 months 1 day | ||||||
Ten Percent Shareholders [Member] | |||||||
Minimum Percentage of Fair Market Value for Incentive Stock Option Price | 110% | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 10 years | ||||||
Other Employees [Member] | |||||||
Minimum Percentage of Fair Market Value for Incentive Stock Option Price | 100% | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 5 years | ||||||
Avalon Holdings Corporation 2009 Long Term Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 10 years | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 5 years | ||||||
Number Of Years After Options Vested, Stock Price Reach Predetermined Vesting Price | 3 years | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures, Total | 90,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 36,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance | 54,000 | 54,000 | |||||
Avalon Holdings Corporation 2009 Long Term Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period | 1 year | ||||||
Avalon Holdings Corporation 2009 Long Term Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period | 6 months | ||||||
Avalon Holdings Corporation 2009 Long Term Incentive Plan [Member] | Common Class A [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 1,300,000 | ||||||
The 2019 Long-Term Incentive Plan [Member] | Common Class A [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 1,300,000 | ||||||
Avalon Holdings Corporation 2009 Long Term Incentive Plan And 2019 Long Term Incentive Plan [Member] | Common Class A [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 1,300,000 |
Note 11 - Long-term Incentive_4
Note 11 - Long-term Incentive Plan - Stock Option Activity (Details) - $ / shares | 3 Months Ended | 9 Months Ended |
Mar. 31, 2022 | Sep. 30, 2022 | |
Options outstanding (in shares) | 54,000 | 54,000 |
Weighted average exercise price, options outstanding (in dollars per share) | $ 1.83 | $ 1.83 |
Weighted average fair value at grant date, options outstanding (in dollars per share) | $ 0.43 | $ 0.43 |
Options granted (in shares) | 0 | |
Weighted average exercise price, options granted (in dollars per share) | $ 0 | |
Options exercised (in shares) | 0 | 0 |
Weighted average exercise price, options exercised (in dollars per share) | $ 0 | |
Weighted average fair value at grant date, options exercised (in dollars per share) | $ 0 | |
Options expired (in shares) | 0 | |
Weighted average exercise price, options expired (in dollars per share) | $ 0 | |
Weighted average fair value at grant date, options expired (in dollars per share) | $ 0 | |
Options cancelled or forfeited (in shares) | 0 | |
Weighted average exercise price, options cancelled or forfeited (in dollars per share) | $ 0 | |
Options outstanding (in shares) | 54,000 | |
Weighted average exercise price, options outstanding (in dollars per share) | $ 1.83 | |
Weighted average fair value at grant date, options outstanding (in dollars per share) | $ 0.43 | |
Options Vested (in shares) | 54,000 | |
Weighted average exercise price, options Vested (in dollars per share) | $ 1.83 | |
Weighted average fair value at grant date, options Vested (in dollars per share) | $ 0.43 | |
Options exercisable (in shares) | 0 |
Note 11 - Long-term Incentive_5
Note 11 - Long-term Incentive Plan - Period and Predetermined Stock Price Needed for Vesting (Details) | 9 Months Ended |
Sep. 30, 2022 $ / shares | |
Share-Based Payment Arrangement, Tranche One [Member] | |
Begins Vesting | 12 months after Grant Dates |
Ends Vesting | 48 months after Grant Dates |
Predetermined Vesting Price (in dollars per share) | $ 3.43 |
Share-Based Payment Arrangement, Tranche Two [Member] | |
Begins Vesting | 24 months after Grant Dates |
Ends Vesting | 60 months after Grant Dates |
Predetermined Vesting Price (in dollars per share) | $ 4.69 |
Share-Based Payment Arrangement, Tranche Three [Member] | |
Begins Vesting | 36 months after Grant Dates |
Ends Vesting | 72 months after Grant Dates |
Predetermined Vesting Price (in dollars per share) | $ 6.43 |
Share-Based Compensation Award Tranche Four [Member] | |
Begins Vesting | 48 months after Grant Dates |
Ends Vesting | 84 months after Grant Dates |
Predetermined Vesting Price (in dollars per share) | $ 8.81 |
Share-Based Compensation Award Tranche Five [Member] | |
Begins Vesting | 60 months after Grant Dates |
Ends Vesting | 96 months after Grant Dates |
Predetermined Vesting Price (in dollars per share) | $ 12.07 |
Note 13 - Business Segment In_3
Note 13 - Business Segment Information (Details Textual) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 USD ($) | Sep. 30, 2021 | |
Waste Management Services [Member] | ||
Increase (Decrease) in Total Assets | $ 1.6 | |
Golf and Related Operations [Member] | ||
Increase (Decrease) in Total Assets | 3.8 | |
Corporate Segment [Member] | ||
Increase (Decrease) in Total Assets | $ (9.2) | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of Major Customers | 2 | 1 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Waste Management Services [Member] | ||
Concentration Risk, Percentage | 59% | 59% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customers [Member] | ||
Concentration Risk, Percentage | 6% | 7% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customers [Member] | Waste Management Services [Member] | ||
Concentration Risk, Percentage | 6% | |
Customer Concentration Risk [Member] | Sales Revenue, Net to External Customers [Member] | Waste Management Services [Member] | ||
Number of Major Customers | 2 | |
Customer Concentration Risk [Member] | Sales Revenue, Net to External Customers [Member] | Two Customers [Member] | ||
Concentration Risk, Percentage | 10% | 12% |
Customer Concentration Risk [Member] | Sales Revenue, Net to External Customers [Member] | Two Customers [Member] | Waste Management Services [Member] | ||
Concentration Risk, Percentage | 10% |
Note 13 - Business Segment In_4
Note 13 - Business Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Total Assets | $ 91,680 | $ 91,680 | $ 78,037 | ||
Total net operating revenues | 25,713 | $ 21,301 | 59,544 | $ 52,804 | |
Income (loss) before income taxes | 1,127 | 842 | 184 | 2,312 | |
Interest expense | (408) | (290) | (960) | (878) | |
Gain on debt extinguishment | 0 | 0 | 0 | 1,964 | |
Other income, net | 22 | 85 | 205 | 298 | |
Income before income taxes | 1,127 | 842 | 184 | 2,312 | |
Waste Management Services [Member] | |||||
Total net operating revenues | 15,036 | 11,444 | 35,092 | 31,279 | |
Golf and Related Operations [Member] | |||||
Total net operating revenues | 10,702 | 9,872 | 24,508 | 21,557 | |
Operating Segments [Member] | |||||
Total Assets | 163,534 | 163,534 | 148,930 | ||
Total net operating revenues | 25,738 | 21,316 | 59,600 | 52,836 | |
Income (loss) before income taxes | 2,677 | 2,084 | 4,119 | 5,729 | |
Income before income taxes | 2,677 | 2,084 | 4,119 | 5,729 | |
Operating Segments [Member] | Waste Management Services [Member] | |||||
Total Assets | 35,822 | 35,822 | 34,203 | ||
Total net operating revenues | 15,036 | 11,444 | 35,092 | 31,279 | |
Income (loss) before income taxes | 1,454 | 672 | 3,143 | 2,491 | |
Gain on debt extinguishment | 0 | 0 | 0 | 0 | |
Income before income taxes | 1,454 | 672 | 3,143 | 2,491 | |
Operating Segments [Member] | Golf and Related Operations [Member] | |||||
Total Assets | 63,469 | 63,469 | 59,700 | ||
Total net operating revenues | 10,677 | 9,857 | 24,452 | 21,525 | |
Income (loss) before income taxes | 1,223 | 1,412 | 976 | 3,238 | |
Gain on debt extinguishment | 0 | 0 | 0 | 1,462 | |
Income before income taxes | 1,223 | 1,412 | 976 | 3,238 | |
Corporate, Non-Segment [Member] | |||||
Total Assets | 64,243 | 64,243 | 55,027 | ||
Interest expense | (402) | (282) | (937) | (845) | |
Gain on debt extinguishment | 0 | 0 | 0 | 502 | |
Other income, net | 0 | 2 | 1 | 10 | |
General corporate expenses | (1,148) | (962) | (2,999) | (3,084) | |
Intersegment Eliminations [Member] | |||||
Total Assets | (71,854) | (71,854) | $ (70,893) | ||
Total net operating revenues | (25) | (15) | (56) | (32) | |
Intersegment Eliminations [Member] | Waste Management Services [Member] | |||||
Total net operating revenues | 0 | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Golf and Related Operations [Member] | |||||
Total net operating revenues | $ 25 | $ 15 | $ 56 | $ 32 |
Note 14 - Certain Relationshi_2
Note 14 - Certain Relationships and Related Transactions (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 24 Months Ended | ||||
Aug. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2022 | Dec. 31, 2021 | |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | $ (96,000) | $ (168,000) | $ (314,000) | $ (214,000) | |||||
Avalon Med Spa [Member] | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | (24,000) | ||||||||
Avalon Med Spa [Member] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.10% | 50.10% | 50.10% | ||||||
Investment in Subsidiary [Member] | Management and Accredited Investors [Member] | |||||||||
Related Party Transaction, Amounts of Transaction | $ 1,000,000 | ||||||||
Investment in Subsidiary [Member] | Outside Director, Accredited Investor [Member] | Maximum [Member] | |||||||||
Related Party Transaction, Percentage of Total Investment | 10% | ||||||||
AWMS Holdings, LLC [Member] | |||||||||
Equity Method Investments | $ 3,400,000 | $ 3,400,000 | |||||||
Proceeds from Issuance of Private Placement | $ 3,800,000 | ||||||||
Equity Method Investment, Ownership Percentage | 47% | 47% | 47% | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | $ (13,000) | $ (144,000) | $ (85,000) | (190,000) | |||||
Avalon Med Spa [Member] | |||||||||
Equity Method Investments | $ 359,000 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | $ (83,000) | $ 229,000 | $ (24,000) | ||||||
Equity Method Investments, Additional | $ 143,000 | ||||||||
Avalon Med Spa [Member] | Accredited Investors [Member] | |||||||||
Proceeds from Issuance of Private Placement | $ 358,000 | ||||||||
Equity Method Investments, Additional | $ 142,000 |
Note 15 - Injection Wells Sus_2
Note 15 - Injection Wells Suspension (Details Textual) | Sep. 30, 2022 | Sep. 03, 2014 |
Number of Suspended Saltwater Injection Wells | 2 | 2 |