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Note 9 - Discontinued Operations | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
9 . | DISCONTINUED OPERATIONS
In December 2019, the Company entered into an Asset Purchase Agreement to sell the PUC-regulated assets of Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. located in the Kapalua Resort for a purchase price of approximately $3.8 million in addition to a potential Capital Expenditures Adjustment, as defined in the agreement, to be determined at closing. The sale is subject to certain closing conditions, including completion of due diligence and PUC approval. As part of the agreement, the purchaser commits to serve the future expansion areas of Kapalua as they are developed. Furthermore, the Company agrees to deliver water from its wells and ditches to certain delivery points at defined rates over an initial period of 20 years. Under terms of the agreement, the purchase price will not include approximately $3.6 million of water system infrastructure and other related assets conveyed to the Company by the owner of a 125 -acre portion of the Kapalua Mauka project. Accordingly, upon classification of the Kapalua Water Company and Kapalua Waste Treatment Company assets as held for sale at December 31, 2019, these assets were written-down to fair value and included as part of the Company’s discontinued operations for the year ended December 31, 2019. The fair value of the assets was measured using Level 3 inputs, including the provisions set forth in the agreement Upon entering the agreement, the Company classified the following assets as Assets Held for Sale:
|  | December 31 |
|  | 2019 |  |  | 2018 |
|  | (in thousands) |
Property, net |  | $ | 4,425 |  |  | $ | 7,696 |
Deferred development costs |  |  | 78 |  |  |  | - |
Total Assets |  | $ | 4,503 |  |  | $ | 7,696 |
The results related to the operation of these assets have been reported as discontinued operations in 2019 and 2018 as follows:
|  | 2019 |  |  | 2018 |
|  | (in thousands) |
Operating revenues |  | $ | 2,415 |  |  | $ | 2,177 |
Operating costs and expenses |  |  | (1,875 | ) |  |  | (1,746 | )
Depreciation expense |  |  | (283 | ) |  |  | (280 | )
Loss from classification to held for sale |  |  | (3,614 | ) |  |  | - |
Income (loss) from discontinued operations |  | $ | (3,357 | ) |  | $ | 151 |
Capital expenditures in discontinued operations were $626,000 and $155,000 in 2019 and 2018, respectively.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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