Kaanapali Land LLC Files Q3 2024 10-Q

TL;DR

Kaanapali Land LLC's Q3 2024 10-Q is in. Check financials.

AI Summary

Kaanapali Land LLC filed its 10-Q for the period ending September 30, 2024. The filing provides financial details for the third quarter and the first nine months of the fiscal year. Specific financial figures such as revenue, net income, and assets for these periods are detailed within the report.

Why It Matters

This filing provides investors with an update on Kaanapali Land LLC's financial performance and position as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not indicate any immediate or significant risks.

Key Players & Entities

• KAANAPALI LAND LLC (company) — Filer
• JMB REALTY CORP (company) — Related entity for business address
• 20240930 (date) — Reporting period end date
• 20241112 (date) — Filing date

FAQ

Filing Documents

• kaa10q20240930.htm (10-Q) — 461KB
• kaa10q20240930-exh311.htm (EX-31.1) — 15KB
• kaa10q20240930-exh321.htm (EX-32.1) — 4KB
• kaa10q20240930-exh103.htm (EX-10.3) — 1KB
• exh103-pg1.jpg (GRAPHIC) — 900KB
• exh103-pg2.jpg (GRAPHIC) — 204KB
• 0000892626-24-000034.txt ( ) — 4124KB
• kanp-20240930.xsd (EX-101.SCH) — 23KB
• kanp-20240930_cal.xml (EX-101.CAL) — 27KB
• kanp-20240930_def.xml (EX-101.DEF) — 45KB
• kanp-20240930_lab.xml (EX-101.LAB) — 199KB
• kanp-20240930_pre.xml (EX-101.PRE) — 145KB
• kaa10q20240930_htm.xml (XML) — 320KB

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 September 30, 2024 and December 31, 2023 (Dollars in Thousands, except share data) (Unaudited) September 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 25,481 $ 26,260 Property, net 62,357 60,200 Retirement plan investments 4,209 5,067 Other assets 767 1,492 Total assets $ 92,814 $ 93,019 Liabilities Accounts payable and accrued expenses $ 811 $ 346 Deposits and deferred gains 991 1,433 Deferred income taxes 5,380 5,979 Other liabilities 2,080 1,550 Total liabilities 9,262 9,308 Commitments and contingencies (Note 6) Equity Common equity, at 9/30/2024 and 12/31/2023 Shares authorized – Common shares unlimited, Class C shares 52,000 ;Common shares issued and outstanding 1,792,613 at 9/30/2024 and 12/31/2023, Class C shares issued and outstanding 52,000 at 9/30/2024 and 12/31/2023 -- -- Additional paid-in capital 5,471 5,471 Accumulated earnings 78,081 78,240 Total shareholders' equity 83,552 83,711 Total liabilities and shareholders' equity $ 92,814 $ 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 Nine Months Ended September 30, 2024 and 2023 (Unaudited) (Dollars in Thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: Sales $ 45 $ 498 $ 269 $ 2,798 Interest and other income 357 525 1,097 1,293 Crop insurance proceeds -- 509 -- 509 Total revenues 402 1,532 1,366 4,600 Cost and expenses: Cost of sales 767 838 2,035 2,262 Selling, general and administrative 1,105 1,451 5,245 ( 1,589 ) Excise

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 nine months ended September 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 September 30, 2024 is a money market fund for $ 24,114 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 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 subject to revenue recognition standards were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Sales of real estate $ -- $ -- $ -- $

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View this 10-Q filing on SEC EDGAR