KAANAPALI LAND LLC Files Quarterly Report for Period Ended March 31, 2024

TL;DR

<b>KAANAPALI LAND LLC filed its Q1 2024 10-Q report on May 15, 2024.</b>

AI Summary

KAANAPALI LAND LLC (KANP) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. KAANAPALI LAND LLC filed a Form 10-Q for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business is Land Subdividers & Developers. The filing was made on May 15, 2024. The company's address is C/O JMB REALTY CORP, 900 NORTH MICHIGAN AVE, CHICAGO, IL 60611.

Why It Matters

For investors and stakeholders tracking KAANAPALI LAND LLC, this filing contains several important signals. This 10-Q filing provides an update on KAANAPALI LAND LLC's financial performance and operational status for the first quarter of 2024. Investors and analysts can use this report to assess the company's current financial health, identify trends, and make informed investment decisions.

Risk Assessment

Risk Level: low — KAANAPALI LAND LLC shows low risk based on this filing. The filing is a routine quarterly report (10-Q) and does not contain significant new financial data or strategic shifts that would indicate a high-risk profile.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand KAANAPALI LAND LLC's performance in Q1 2024.

Key Numbers

• 2024-03-31 — Quarterly Period End Date (Reported period)
• 2024-05-15 — Filing Date (Date of submission)
• 6552 — Standard Industrial Classification (Industry code)

Key Players & Entities

• KAANAPALI LAND LLC (company) — Filer name
• JMB REALTY CORP (company) — Business address
• 900 NORTH MICHIGAN AVE (address) — Business address
• CHICAGO (location) — Business address
• IL (location) — Business address
• 60611 (zip_code) — Business address

FAQ

Industry Context

KAANAPALI LAND LLC operates in the Land Subdividers & Developers industry, focusing on real estate development and sales.

Regulatory Implications

The filing is a standard Form 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue and expense details for Q1 2024.
2. Examine any disclosures regarding property sales or development activities.
3. Compare Q1 2024 results with previous periods to identify performance trends.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Filing Documents

• kaa10q-20240331.htm (10-Q) — 332KB
• kaa10q20240331-exh311.htm (EX-31.1) — 15KB
• kaa10q20240331-exh321.htm (EX-32.1) — 4KB
• 0000892626-24-000014.txt (&nbsp;) — 2181KB
• kanp-20240331.xsd (EX-101.SCH) — 21KB
• kanp-20240331_cal.xml (EX-101.CAL) — 25KB
• kanp-20240331_def.xml (EX-101.DEF) — 42KB
• kanp-20240331_lab.xml (EX-101.LAB) — 191KB
• kanp-20240331_pre.xml (EX-101.PRE) — 140KB
• kaa10q-20240331_htm.xml (XML) — 192KB

FINANCIAL INFORMATION

Part I FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 4 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23

OTHER INFORMATION

Part II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 24 Item 5. Other Information 24 Item 6. Exhibits 24

SIGNATURES

SIGNATURES 25 3 Table of Contents

Financial Information

Part I. Financial Information Item 1. Financial Statements KAANAPALI LAND, LLC Condensed Consolidated Balance Sheets March 31, 2024 and December 31, 2023 (Dollars in Thousands, except share data) (Unaudited) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 23,567 $ 26,260 Property, net 61,483 60,200 Retirement plan investments 4,107 5,067 Other assets 1,472 1,492 Total assets $ 90,629 $ 93,019 Liabilities Accounts payable and accrued expenses $ 512 $ 346 Deposits and deferred gains 1,027 1,433 Deferred income taxes 5,714 5,979 Other liabilities 1,536 1,550 Total liabilities 8,789 9,308 Commitments and contingencies (Note 7) Equity Common equity, at 3/31/2024 and 12/31/2023 Shares authorized – unlimited, Class C shares 52,000 ;Common shares issued and outstanding 1,792,613 at 3/31/2024 and 12/31/2023, Class C shares issued and outstanding 52,000 at 3/31/2024 and 12/31/2023 -- -- Additional paid-in capital 5,471 5,471 Accumulated earnings 76,369 78,240 Total shareholders' equity 81,840 83,711 Total liabilities and shareholders' equity $ 90,629 $ 93,019 The accompanying notes are an integral part of the condensed consolidated financial statements. 4 Table of Contents KAANAPALI LAND, LLC Condensed Consolidated Statements of Operations Three Months Ended March 31, 2024 and 2023 (Unaudited) (Dollars in Thousands, except per share data) Three Months Ended March 31, 2024 2023 Revenues: Sales $ 159 $ 1,153 Interest and other income 382 342 Total revenues 541 1,495 Cost and expenses: Cost of sales 662 702 Selling, general and administrative 1,306 1,195 Depreciation and amortization 47 52 Total cost and expenses 2,015 1,949 Operating loss before other income and income taxes ( 1,474 ) ( 454 ) Other income: Casualty loss insurance proceeds 273 -- 273

financial statements and accompanying notes. Actual results could differ from those estimates

financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be achieved for the full year ending December 31, 2024 or in any other future periods. Cash and Cash Equivalents The Company considers as cash equivalents all investments with maturities of three months or less when purchased. Included in this balance as of March 31, 2024 is a money market fund for $ 21,750 that is considered to be a fair value hierarchy Level 1 investment. The Company's cash balances are maintained primarily in two financial institutions. Such balances significantly exceed the Federal Deposit Insurance Corporation insurance limits. Management does not believe the Company is exposed to significant risk of loss on cash and cash equivalents. Revenue Recognition Revenue from real property sales is recognized at the time of closing when control of the property transfers to the customer. After closing of the sale transaction, the Company has no remaining performance obligation. Other revenues are recognized when control of goods or services transfers to the customers, in the amount that the Company expects to receive for the transfer of goods or provision of services. Revenue recognition standards require entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange. The revenue recognition standards have implications for all revenues, excluding those that are under the specific scope of other accounting standards. 10 Table of Contents The Company's revenues that were subject to revenue recognition standards were as follows (in thousands): Three Months Ended March 31, 2024 2023 Sales of real estate $ -- $ -- Coffee and other sales 100 855 Total $ 100 $ 855 The rev

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View this 10-Q filing on SEC EDGAR