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Note 8 - Contract Assets and Liabilities
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

8.

CONTRACT ASSETS AND LIABILITIES

 

Receivables from contracts with customers were $4.3 million, $0.4 million, and $0.3 million at December 31, 2024, 2023 and 2022, respectively. In 2024, $3.5 million of contract receivable is due to the outstanding progress billing from the temporary homes construction project and the remaining $0.8 million is due from Kapalua Club receivable, utility fees receivable and conservation grants receivable from the State of Hawaii.

 

Deferred license fee revenue

 

The Company entered into a trademark license agreement with the owner of the Kapalua Plantation and Bay golf courses, effective April 1, 2020. 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 payment royalty of $2.0 million in March 2020. Revenue recognized on a straight-line basis over its estimated economic useful life was $0.1 million for each of the years ended December 31, 2024 and 2023, respectively.