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Restatement of Previously Issued Financial Statements (Tables) | 12 Months Ended
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Sep. 30, 2022
Prior Period Adjustment [Abstract] |
Summary of Effect of Restatement to Correct an Error in Financial Statements on Consolidated Balance Sheet | The following is a summary of the effect of the restatement to correct an error in the September 30, 2021 financial statements on the Consolidated Balance Sheet for the year ended September 30, 2021:
ALICO, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) |
|  | September 30, 2021 |
|  | Previously Reported |  |  | Restated |
ASSETS |  |  |  |  |  |
Current assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 886 |  |  | $ | 886 |
Accounts receivable, net |  |  | 6,105 |  |  |  | 6,105 |
Inventories |  |  | 43,377 |  |  |  | 43,377 |
Income tax receivable |  |  | 3,233 |  |  |  | 3,233 |
Assets held for sale |  |  | 160 |  |  |  | 160 |
Prepaid expenses and other current assets |  |  | 1,152 |  |  |  | 1,152 |
Total current assets |  |  | 54,913 |  |  |  | 54,913 |
Property and equipment, net |  |  | 373,231 |  |  |  | 373,231 |
Goodwill |  |  | 2,246 |  |  |  | 2,246 |
Other non-current assets |  |  | 2,827 |  |  |  | 2,827 |
Total assets |  | $ | 433,217 |  |  | $ | 433,217 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Accounts payable |  | $ | 7,274 |  |  | $ | 7,274 |
Accrued liabilities |  |  | 9,872 |  |  |  | 9,872 |
Long-term debt, current portion |  |  | 4,285 |  |  |  | 4,285 |
Other current liabilities |  |  | 875 |  |  |  | 875 |
Total current liabilities |  |  | 22,306 |  |  |  | 22,306 |
Long-term debt: |  |  |  |  |  |
Principal amount, net of current portion |  |  | 122,009 |  |  |  | 122,009 |
Less: deferred financing costs, net |  |  | (986 | ) |  |  | (986 | )
Long-term debt less current portion and deferred financing costs, net |  |  | 121,023 |  |  |  | 121,023 |
Lines of credit |  |  | — |  |  |  | — |
Deferred income tax liabilities, net |  |  | 41,977 |  |  |  | 39,465 |
Other liabilities |  |  | 306 |  |  |  | 306 |
Total liabilities |  |  | 185,612 |  |  |  | 183,100 |
Commitments and Contingencies (Note 16) |  |  |  |  |  |
Stockholders' equity: |  |  |  |  |  |
Preferred stock, no par value, 1,000,000 shares authorized; none issued |  |  | — |  |  |  | — |
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,586,995 and 7,562,004 shares outstanding at September 30, 2022 and September 30, 2021, respectively |  |  | 8,416 |  |  |  | 8,416 |
Additional paid in capital |  |  | 19,989 |  |  |  | 19,989 |
Treasury stock, at cost, 829,150 and 890,141 shares held at September 30, 2022 and September 30, 2021, respectively |  |  | (29,853 | ) |  |  | (29,853 | )
Retained earnings |  |  | 243,651 |  |  |  | 246,163 |
Total Alico stockholders' equity |  |  | 242,203 |  |  |  | 244,715 |
Noncontrolling interest |  |  | 5,402 |  |  |  | 5,402 |
Total stockholders' equity |  |  | 247,605 |  |  |  | 250,117 |
Total liabilities and stockholders' equity |  | $ | 433,217 |  |  | $ | 433,217 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794 + Details
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