Kaanapali Land LLC 10-Q Filing

Ticker: KANP · Form: 10-Q · Filed: Aug 13, 2024 · CIK: 1230058

Kaanapali Land LLC 10-Q Filing Summary
FieldDetail
CompanyKaanapali Land LLC (KANP)
Form Type10-Q
Filed DateAug 13, 2024
Pages15
Reading Time18 min
Key Dollar Amounts$4,882
Sentimentneutral

Sentiment: neutral

FAQ

What type of filing is this?

This is a 10-Q filing submitted by Kaanapali Land LLC (ticker: KANP) to the SEC on Aug 13, 2024.

What are the key financial figures in this filing?

Key dollar amounts include: $4,882 (4,882 , from its insurance carrier. The $4,882 is recorded within insurance proceeds i).

How long is this filing?

Kaanapali Land LLC's 10-Q filing is 15 pages with approximately 4,617 words. Estimated reading time is 18 minutes.

Where can I view the full 10-Q filing?

The complete filing is available on SEC EDGAR. You can also read the AI-decoded analysis with risk assessment and key highlights on ReadTheFiling.

Filing Stats: 4,617 words · 18 min read · ~15 pages · Grade level 14.9 · Accepted 2024-08-13 15:54:31

Key Financial Figures

  • $4,882 — 4,882 , from its insurance carrier. The $4,882 is recorded within insurance proceeds i

Filing Documents

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 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

Part II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28

SIGNATURES

SIGNATURES 29 3 Table of Contents

Financial Information

Part I. Financial Information Item 1. Financial Statements KAANAPALI LAND, LLC Condensed Consolidated Balance Sheets June 30, 2024 and December 31, 2023 (Dollars in Thousands, except share data) (Unaudited) June 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 26,001 $ 26,260 Property, net 62,025 60,200 Retirement plan investments 4,158 5,067 Other assets 640 1,492 Total assets $ 92,824 $ 93,019 Liabilities Accounts payable and accrued expenses $ 307 $ 346 Deposits and deferred gains 1,006 1,433 Deferred income taxes 5,494 5,979 Other liabilities 2,144 1,550 Total liabilities 8,951 9,308 Commitments and contingencies (Note 7) Equity Common equity, at 6/30/2024 and 12/31/2023 Shares authorized – unlimited, Class C shares 52,000 ;Common shares issued and outstanding 1,792,613 at 6/30/2024 and 12/31/2023, Class C shares issued and outstanding 52,000 at 6/30/2024 and 12/31/2023 -- -- Additional paid-in capital 5,471 5,471 Accumulated earnings 78,402 78,240 Total shareholders' equity 83,873 83,711 Total liabilities and shareholders' equity $ 92,824 $ 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 and Six Months Ended June 30, 2024 and 2023 (Unaudited) (Dollars in Thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: Sales $ 65 $ 1,147 $ 224 $ 2,300 Interest and other income 358 426 740 768 Total revenues 423 1,573 964 3,068 Cost and expenses: Cost of sales 606 722 1,268 1,424 Selling, general and administrative 2,834 ( 4,235 ) 4,140 ( 3,040 ) Depreciation and amortization 52 52 99 104 Total cost and expenses 3,492 ( 3,461

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 six months ended June 30, 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 June 30, 2024 is a money market fund for $ 20,100 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. Subsequent Events The Company has performed an evaluation of subsequent events from the date of the financial statements included in this quarterly report through the date of its filing with the Securities and Exchange Commission. Revenue Recognition Revenue from real property sales is recognized at the time of closing when control of the property transfers to the buyer. 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. 11 Table of Contents The Company's revenues that were s

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