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Note 6 - Contract Assets and Liabilities
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

6.

CONTRACT ASSETS AND LIABILITIES

 

Receivables from contracts with customers were $0.5 million and $0.4 million at September 30, 2024 and December 31, 2023, respectively.

 

Deferred club membership revenue

 

The Company operates the Kapalua Club, a private, non-equity club program providing members special programs, access and other privileges to certain of the amenities within the Kapalua Resort. Deferred revenues from membership dues received from the Kapalua Club are recognized on a straight-line basis over one year. Revenue recognized for each of the nine months ended September 30, 2024 and 2023 was $0.6 million.

 

Deferred license fee revenue

 

Effective April 1, 2020, the Company entered into a trademark license agreement (the “Agreement”) with Kapalua Golf (the “Licensee”), the owner of Kapalua Plantation and Bay golf courses. Under the terms and conditions set forth in the Agreement, the Licensee is granted a perpetual, terminable on default, transferable, non-exclusive license to use the Company’s trademarks and service marks to promote its golf courses and to sell its licensed products. The Company received a single royalty payment of $2.0 million in March 2020. Revenue recognized on a straight-line basis over its estimated economic useful life of 15 years was $99,999 for each of the nine months ended September 30, 2024 and 2023.