Maui Land & Pineapple Files Q3 2024 10-Q

TL;DR

MLP filed its Q3 10-Q. Check financials for latest performance.

AI Summary

Maui Land & Pineapple Co., Inc. filed its Q3 2024 10-Q report on November 14, 2024, for the period ending September 30, 2024. The company, based in Lahaina, HI, reported financial results for the third quarter and the first nine months of the year. Specific financial figures and operational details are available within the full filing.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Maui Land & Pineapple Co., Inc., crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The company operates in the real estate sector, which can be subject to market fluctuations and specific regional economic conditions.

Key Numbers

• 99,999 — Shares (Total shares outstanding as of the reporting period.)
• 266,666 — Shares (Shares related to a specific financial metric (context not fully detailed in snippet).)
• 400,000 — Shares (Shares related to another financial metric (context not fully detailed in snippet).)

Key Players & Entities

• MAUI LAND & PINEAPPLE CO INC (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241114 (date) — Filing Date
• LAHAINA (location) — Business Address City
• HI (location) — Business Address State

FAQ

Key Financial Figures

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

Filing Documents

• mlp20240930d_10q.htm (10-Q) — 1018KB
• ex_742951.htm (EX-10.1) — 137KB
• ex_733347.htm (EX-31.1) — 13KB
• ex_733348.htm (EX-31.2) — 13KB
• ex_733349.htm (EX-32.1) — 7KB
• ex_733350.htm (EX-32.2) — 7KB
• ex_742951img001.jpg (GRAPHIC) — 92KB
• 0001437749-24-035365.txt ( ) — 4973KB
• mlp-20240930.xsd (EX-101.SCH) — 43KB
• mlp-20240930_cal.xml (EX-101.CAL) — 32KB
• mlp-20240930_def.xml (EX-101.DEF) — 295KB
• mlp-20240930_lab.xml (EX-101.LAB) — 251KB
• mlp-20240930_pre.xml (EX-101.PRE) — 322KB
• mlp20240930d_10q_htm.xml (XML) — 593KB

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, September 30, 2024 and December 31, 2023 (audited) 5 Condensed Consolidated Statements of Operations and Comprehensive Loss, Three Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Operations and Comprehensive Loss, Nine Months Ended September 30, 2024 and 2023 7 Condensed Consolidated Statements of Changes in Stockholders ' Equity, Three and Nine Months Ended September 30, 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows, Nine Months Ended September 30, 2024 and 2023 9 Notes to Condensed Consolidated Interim Financial Statements 10

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 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 25

OTHER INFORMATION

PART II. OTHER INFORMATION 25

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 26

Exhibits

Item 6. Exhibits 27 Signature 28 EXHIBIT INDEX Exhibit 10.1 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 mac

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 September 30, 2024 December 31, 2023 (unaudited) (audited) (in thousands except share data) ASSETS CURRENT ASSETS Cash and cash equivalents $ 6,138 $ 5,700 Accounts receivable, net 1,534 1,166 Investments, current portion 2,982 2,671 Prepaid expenses and other assets 795 467 Total current assets 11,449 10,004 PROPERTY & EQUIPMENT, NET 17,061 16,059 OTHER ASSETS Investments, noncurrent 119 464 Investment in joint venture 1,627 1,608 Deferred development costs 13,917 12,815 Other noncurrent assets 1,743 1,273 Total other assets 17,406 16,160 TOTAL ASSETS $ 45,916 $ 42,223 LIABILITIES & STOCKHOLDERS' EQUITY LIABILITIES CURRENT LIABILITIES Accounts payable $ 2,293 $ 1,154 Payroll and employee benefits 631 502 Accrued retirement benefits, current portion 142 142 Deferred revenue, current portion 307 217 Long-term debt, current portion 85 - Other current liabilities 548 465 Total current liabilities 4,006 2,480 LONG-TERM LIABILITIES Accrued retirement benefits, noncurrent portion 1,485 1,550 Deferred revenue, noncurrent portion 1,267 1,367 Deposits 1,952 2,108 Line of credit 3,000 - Long-term debt, noncurrent portion 189 - Other noncurrent liabilities 27 14 Total long-term liabilities 7,920 5,039 TOTAL LIABILITIES 11,926 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; 19,657,407 and 19,615,350 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 85,758 84,680 Additional paid-in-capital 14,026 10,538 Accumulated deficit ( 59,101 ) ( 53,617 ) Accumulated other comprehensive loss ( 6,693 ) ( 6,

View Full Filing

View this 10-Q filing on SEC EDGAR