XML 28 R8.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Restatement of Previously Issued Financial Statements | 12 Months Ended
--- | ---
Sep. 30, 2022
Prior Period Adjustment [Abstract] |
Restatement of Previously Issued Financial Statements | Note 2. Restatement of Previously Issued Financial Statements During the audit of our financial statements for the period ending September 30, 2022, the Company discovered an error in the calculation of the deferred tax liabilities for the fiscal years 2015 through 2019, remaining present in the deferred tax liabilities previously reported in the financial statements in the fiscal year ended September 30, 2020 and 2019. The Company has presented a restated consolidated balance sheet as of September 30, 2022 in this Form 10-K to reflect the changes in the amounts of previously reported deferred tax liabilities and retained earnings to reflect the correction of this error. The impact of the accounting errors was a cumulative reduction in the deferred tax liability of approximately $2,512,000 and a cumulative increase in the Retained Earnings of approximately $2,512,000, and it had no impact on our Consolidated Statements of Operations or our Consolidated Statements of Cash Flows for the periods presented. 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 |

X
- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
Name: | us-gaap_ErrorCorrectionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_PriorPeriodAdjustmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration