Maui Land & Pineapple Co., Inc. Files 10-Q for Q1 2024

TL;DR

<b>Maui Land & Pineapple Co., Inc. filed its Q1 2024 10-Q, reporting $43M in assets and $19.6M in debt.</b>

AI Summary

MAUI LAND & PINEAPPLE CO INC (MLP) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Maui Land & Pineapple Co., Inc. reported financial results for the first quarter ended March 31, 2024. The company's total assets were $43,000,000 as of March 31, 2024. Total debt was $19,641,045 as of March 31, 2024. The company's prime rate was 15.75% as of March 31, 2024. Maui Land & Pineapple Co., Inc. is involved in real estate.

Why It Matters

For investors and stakeholders tracking MAUI LAND & PINEAPPLE CO INC, this filing contains several important signals. The filing provides a snapshot of the company's financial health and operational status at the end of the first quarter. Investors can assess the company's asset base, debt levels, and interest rate exposure to make informed decisions.

Risk Assessment

Risk Level: medium — MAUI LAND & PINEAPPLE CO INC shows moderate risk based on this filing. The company's financial structure, with $19.6M in debt against $43M in assets, suggests a moderate level of financial leverage that warrants monitoring.

Analyst Insight

Monitor the company's debt repayment and interest expense in future filings to assess financial risk.

Financial Highlights

total Assets

43,000,000

total Debt

19,641,045

Revenue Breakdown

Key Numbers

• 43,000,000 — Total Assets (As of March 31, 2024)
• 19,641,045 — Total Debt (As of March 31, 2024)
• 15.75% — Prime Rate (As of March 31, 2024)
• 6.02% — Interest Rate (As of March 31, 2024)

Key Players & Entities

• MAUI LAND & PINEAPPLE CO INC (company) — Filer name
• MLP (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-13 (date) — Filed as of date
• LAHAINA (location) — Business address city
• HI (location) — Business address state
• 808-877-1608 (phone) — Business phone
• 15.75% (percentage) — Prime rate

FAQ

Risk Factors

• Debt Levels [medium — financial]: The company has $19,641,045 in total debt as of March 31, 2024, which represents a significant portion of its $43,000,000 in total assets.
• Interest Rate Sensitivity [medium — financial]: The prime rate was 15.75% as of March 31, 2024, indicating potential exposure to fluctuating interest costs on its debt.

Key Dates

• 2024-03-31: Quarter End — End of the first fiscal quarter for 2024.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value MLP NYSE Indicate by ch

Filing Documents

• mlp20240331_10q.htm (10-Q) — 715KB
• ex_651694.htm (EX-31.1) — 13KB
• ex_651695.htm (EX-31.2) — 13KB
• ex_651696.htm (EX-32.1) — 6KB
• ex_651697.htm (EX-32.2) — 6KB
• 0001437749-24-016273.txt (&nbsp;) — 3827KB
• mlp-20240331.xsd (EX-101.SCH) — 38KB
• mlp-20240331_cal.xml (EX-101.CAL) — 30KB
• mlp-20240331_def.xml (EX-101.DEF) — 258KB
• mlp-20240331_lab.xml (EX-101.LAB) — 219KB
• mlp-20240331_pre.xml (EX-101.PRE) — 285KB
• mlp20240331_10q_htm.xml (XML) — 427KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 5

Condensed Consolidated Interim Financial Statements (unaudited)

Item 1. Condensed Consolidated Interim Financial Statements (unaudited) 5 Condensed Consolidated Balance Sheets, March 31, 2024 and December 31, 2023 (audited) 5 Condensed Consolidated Statements of Operations and Comprehensive Loss, Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows, Three Months Ended March 31, 2024 and 2023 8 Notes to Condensed Consolidated Interim Financial Statements 9

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

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 20

Controls and Procedures

Item 4. Controls and Procedures 20

OTHER INFORMATION

PART II. OTHER INFORMATION 21

Legal Proceedings

Item 1. Legal Proceedings 21

Risk Factors

Item 1A. Risk Factors 21

Exhibits

Item 6. Exhibits 21 Signature 22 EXHIBIT INDEX 21 Exhibit 2.1 Exhibit 31.1 Exhibit 31.2 Exhibit 32.1 Exhibit 32.2 Exhibit 101 Exhibit 104 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q (this "Quarterly Report") and other reports filed by us with the U.S. Securities and Exchange Commission (the "SEC") contain "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements include all statements included in or incorporated by reference to this Quarterly Report that are not statements of historical facts, which can generally be identified by words such as "anticipate," "believe," "continue" "could," "estimate," "expect," "intend," "may," "might," "project," "pursue," "will," "would," or the negative or other variations thereof or comparable terminology. We caution you that the foregoing list may not include all of the forward-looking statements made in this Quarterly Report. Actual results could differ materially from those projected in forward-looking statements as a result of the following factors, among others: the occurrence of natural disasters such as the Maui wildfires that occurred on August 8, 2023, changes in weather conditions, or threats of the spread of contagious diseases; concentration of credit risk on deposits held at banks in excess of the Federal Deposit Insurance Corporation (the "FDIC") insured limits and in receivables due from our commercial leasing portfolio; unstable

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Condensed Consolidated Interim Financial Statements (unaudited)

Item 1. Condensed Consolidated Interim Financial Statements (unaudited) MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (unaudited) (audited) (in thousands except share data) ASSETS CURRENT ASSETS Cash and cash equivalents $ 5,377 $ 5,700 Accounts receivable, net 1,253 1,166 Investment in debt securities, current portion 2,589 2,671 Prepaid expenses and other assets 347 467 Total current assets 9,566 10,004 PROPERTY & EQUIPMENT, NET 16,027 16,059 OTHER ASSETS Investment in debt securities, net of current portion 587 464 Investment in joint venture 1,627 1,608 Deferred development costs 12,860 12,815 Other noncurrent assets 1,388 1,273 Total other assets 16,462 16,160 TOTAL ASSETS $ 42,055 $ 42,223 LIABILITIES & STOCKHOLDERS' EQUITY LIABILITIES CURRENT LIABILITIES Accounts payable $ 1,408 $ 1,154 Payroll and employee benefits 217 502 Accrued retirement benefits, current portion 142 142 Deferred revenue, current portion 308 217 Other current liabilities 475 465 Total current liabilities 2,550 2,480 LONG-TERM LIABILITIES Accrued retirement benefits, net of current portion 1,528 1,550 Deferred revenue, net of current portion 1,333 1,367 Deposits 2,078 2,108 Other noncurrent liabilities 12 14 Total long-term liabilities 4,951 5,039 TOTAL LIABILITIES 7,501 7,519 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Preferred stock--$ 0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding - - Common stock--$ 0.0001 par value; 43,000,000 shares authorized; 19,641,045 and 19,615,350 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 85,201 84,680 Additional paid-in-capital 11,174 10,538 Accumulated deficit ( 54,992 ) ( 53,617 ) Accumulated other comprehensive loss ( 6,829 ) ( 6,897 ) Total stockholders' equity 34,554 34,704 TOTAL

View Full Filing

View this 10-Q filing on SEC EDGAR