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Note 5 - Investment in Joint Venture | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Investment [Text Block] |
5. | INVESTMENT IN JOINT VENTURE
In December 2023, the Company entered into a joint venture agreement with a local developer to form a Hawaii limited liability company ("BRE2 LLC"). The Company's initial capital contribution to BRE2 LLC consisted of approximately 30 acres of former pineapple lands in Hali‘imaile valued at $1.6 million. There were no proceeds from the transaction as the land was an equity contribution to the joint venture and was recognized as land development and sales operating revenues. However, after reevaluating the accounting treatment of the transaction, it was determined that the $1.6 million should have been presented as a nonoperating gain on the derecognition of the land rather than operating revenue. The Company does not consider the misclassification to be material and intends on restating the gain in the Company’s Annual Report on Form 10-K for fiscal year 2024, anticipated to be filed in March 2025. During the nine months ended September 30, 2024, the Company expensed $19,000 on behalf of BRE2 LLC which was recorded as an additional capital contribution to BRE2 LLC. According to terms of the Operating Agreement for BRE2 LLC, net proceeds from the sales of improved agricultural lots will be distributed when the funds are available for distribution. Although the Company holds a majority of the equity of BRE2 LLC, the Company does not control BRE2 LLC, and as a result, BRE2 LLC is presented in the Company’s financial statements using the equity method of accounting.

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