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Note 7 - Leases | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Lessee, Operating and Financing Leases [Text Block] | Note 7. Leases Operating Leases Avalon leases golf carts, machinery and equipment for the landfill operations, furniture and fixtures for The Grand Resort and office copiers under operating leases. Our operating leases have remaining lease terms ranging from less than 1 year to 4.9 years. The weighted average remaining lease term on operating leases was approximately 3.5 years at September 30, 2023. During the first nine months of 2023 and 2022, the Company entered into a new operating lease agreement for golf carts, GPS equipment and office copiers. During the first nine months of 2023 and 2022, the Company recorded operating lease right-of-use assets and corresponding obligations under the operating leases of approximately $323,000 and $31,000, respectively. Leased property and associated obligations under operating leases at September 30, 2023 and December 31, 2022 consists of the following (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Operating lease right-of-use assets |  | $ | 1,375 |  |  | $ | 1,386 |
Current portion of obligations under operating leases |  | $ | 446 |  |  | $ | 424 |
Long-term portion of obligations under operating leases |  |  | 929 |  |  |  | 962 |
Total obligations under operating leases |  | $ | 1,375 |  |  | $ | 1,386 |
The weighted average discount rate on operating leases was 5.9% at September 30, 2023 and 5.0% at December 31, 2022. Finance Leases In November 2003, Avalon entered into a long-term agreement with Squaw Creek Country Club to lease and operate its golf course and related facilities. The lease has an initial term of ten (10) years with four (4) consecutive ten (10) year renewal term options unilaterally exercisable by Avalon. Under the lease, Avalon is obligated to pay $15,000 in annual rent and make leasehold improvements of $150,000 per year. Amounts expended by Avalon for leasehold improvements during a given year in excess of $150,000 will be carried forward and applied to future leasehold improvement obligations. Based upon the amount of leasehold improvements already made, Avalon expects to exercise all its remaining renewal options. At September 30, 2023 there were approximately 30.1 years remaining on the golf course and related facilities finance lease. In addition, the golf and related operations also entered into lease agreements for vehicles, golf course maintenance and restaurant equipment and the captive landfill operations entered into lease agreements for equipment which were determined to be finance leases. At September 30, 2023, the vehicles, golf course maintenance and restaurant equipment and the landfill operations equipment have remaining lease terms ranging from less than 1 year to 4.1 years. The weighted average remaining lease term on the vehicles and equipment leases was approximately 2.9 years at September 30, 2023. Leased property and associated obligations under finance leases at September 30, 2023 and December 31, 2022 consists of the following (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Leased property under finance leases |  | $ | 12,863 |  |  | $ | 12,004 |
Less accumulated amortization |  |  | (7,373 | ) |  |  | (7,003 | )
Leased property under finace leases, net |  | $ | 5,490 |  |  | $ | 5,001 |
Current portion of obligations under finance leases |  | $ | 139 |  |  | $ | 115 |
Long-term portion of obligations under finance leases |  |  | 393 |  |  |  | 381 |
Total obligations under finance leases |  | $ | 532 |  |  | $ | 496 |
The weighted average discount rate on finance leases was 5.6% at September 30, 2023 and 5.2% at December 31, 2022. For the three and nine months ended September 30, 2023 and 2022, components of lease expense were as follows (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental expense |  | $ | 282 |  |  | $ | 273 |  |  | $ | 585 |  |  | $ | 620 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation expense |  | $ | 129 |  |  | $ | 124 |  |  | $ | 379 |  |  | $ | 378 |
Interest expense |  |  | 13 |  |  |  | 7 |  |  |  | 28 |  |  |  | 24 |
Total finance lease cost |  | $ | 142 |  |  | $ | 131 |  |  | $ | 407 |  |  | $ | 402 |
For the twelve months ending September 30, future commitments under long-term, operating and finance leases are as follows (in thousands):
|  | Finance |  |  | Operating |  |  | Total |
2024 |  | $ | 168 |  |  | $ | 518 |  |  | $ | 686 |
2025 |  |  | 115 |  |  |  | 447 |  |  |  | 562 |
2026 |  |  | 75 |  |  |  | 319 |  |  |  | 394 |
2027 |  |  | 56 |  |  |  | 184 |  |  |  | 240 |
2028 |  |  | 21 |  |  |  | 79 |  |  |  | 100 |
Thereafter |  |  | 375 |  |  |  | 9 |  |  |  | 384 |
Total lease payments |  |  | 810 |  |  |  | 1,556 |  |  |  | 2,366 |
Less: imputed interest |  |  | 278 |  |  |  | 181 |  |  |  | 459 |
Total |  |  | 532 |  |  |  | 1,375 |  |  |  | 1,907 |
Less: current portion of obligations under leases |  |  | 139 |  |  |  | 446 |  |  |  | 585 |
Long-term portion of obligations under leases |  | $ | 393 |  |  | $ | 929 |  |  | $ | 1,322 |

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