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Note 7 - Leases | 6 Months Ended
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Jun. 30, 2025
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 3.5 years. The weighted average remaining lease term on operating leases was approximately 3.1 years and 4.0 years at June 30, 2025 and December 31, 2024, respectively. During the first six months of both 2025 and 2024 the Company did not record any new operating lease right-of-use assets or corresponding obligations under operating leases. Leased property and associated obligations under operating leases at June 30, 2025 and December 31, 2024 consists of the following (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Operating lease right-of-use assets |  | $ | 1,269 |  |  | $ | 1,383 |
Current portion of obligations under operating leases |  | $ | 364 |  |  | $ | 365 |
Long-term portion of obligations under operating leases |  |  | 905 |  |  |  | 1,018 |
Total obligations under operating leases |  | $ | 1,269 |  |  | $ | 1,383 |
The weighted average discount rate on operating leases was 6.7 % and 6.6% at June 30, 2025 and December 31, 2024. 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 June 30, 2025 there were approximately 28.3 years remaining on the golf course and related facilities finance lease. At December 31, 2024 there were approximately 28.8 years remaining on the golf course and related facilities finance lease. The net asset value of finance leases, excluding leasehold improvements was $1.2 million and $0.8 million at June 30, 2025 and December 31, 2024, respectively. In addition, the Company also entered into lease agreements for a vehicle, golf course maintenance equipment and the captive landfill operations entered into lease agreements for equipment which were determined to be finance leases. At June 30, 2025, the vehicles, golf course maintenance equipment and restaurant equipment and the landfill operations equipment have remaining lease terms ranging from less than 1 year to 4.5 years. The weighted average remaining lease term on the vehicles and equipment leases was approximately 3.8 years at both June 30, 2025 and December 31, 2024. Leased property and associated obligations under finance leases at June 30, 2025 and December 31, 2024 consists of the following (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Leased property under finance leases |  | $ | 13,784 |  |  | $ | 13,554 |
Less accumulated amortization |  |  | (7,860 | ) |  |  | (7,907 | )
Leased property under finace leases, net |  | $ | 5,924 |  |  | $ | 5,647 |
Current portion of obligations under finance leases |  | $ | 278 |  |  | $ | 201 |
Long-term portion of obligations under finance leases |  |  | 1,022 |  |  |  | 707 |
Total obligations under finance leases |  | $ | 1,300 |  |  | $ | 908 |
The weighted average discount rate on finance leases was 7.2% at June 30, 2025 and 7.8% at December 31, 2024. For the three and six months ended June 30, 2025 and 2024, components of lease expense were as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Operating lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental expense |  | $ | 175 |  |  | $ | 155 |  |  | $ | 226 |  |  | $ | 223 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation expense |  | $ | 121 |  |  | $ | 133 |  |  | $ | 268 |  |  | $ | 270 |
Interest expense |  |  | 19 |  |  |  | 9 |  |  |  | 33 |  |  |  | 29 |
Total finance lease cost |  | $ | 140 |  |  | $ | 142 |  |  | $ | 301 |  |  | $ | 299 |
For the twelve months ending June 30, future commitments under long-term, operating and finance leases are as follows (in thousands):
|  | Finance |  |  | Operating |  |  | Total |
2026 |  | $ | 362 |  |  | $ | 438 |  |  | $ | 800 |
2027 |  |  | 337 |  |  |  | 395 |  |  |  | 732 |
2028 |  |  | 296 |  |  |  | 292 |  |  |  | 588 |
2029 |  |  | 231 |  |  |  | 201 |  |  |  | 432 |
2030 |  |  | 115 |  |  |  | 109 |  |  |  | 224 |
Thereafter |  |  | 344 |  |  |  | - |  |  |  | 344 |
Total lease payments |  |  | 1,685 |  |  |  | 1,435 |  |  |  | 3,120 |
Less: imputed interest |  |  | 385 |  |  |  | 166 |  |  |  | 551 |
Total |  |  | 1,300 |  |  |  | 1,269 |  |  |  | 2,569 |
Less: current portion of obligations under leases |  |  | 278 |  |  |  | 364 |  |  |  | 642 |
Long-term portion of obligations under leases |  | $ | 1,022 |  |  | $ | 905 |  |  | $ | 1,927 |

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