Note 6 - Assets Held for Sale

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block]

6.         ASSETS HELD FOR SALE

Assets held for sale at March 31, 2022 and December 31, 2021 consisted of the following:

	March 31, 2022 (unaudited)		December 31, 2021 (audited)
	(in thousands)
Kapalua Resort, 46-acre Kapalua Central Resort project	$	3,001	$	2,988
Upcountry Maui, 646-acre parcel of agricultural land		156		156
	$	3,157	$	3,144

In December 2021, the Company entered into an agreement to sell the Kapalua Central Resort project for $40.0 million. On May 5, 2022, terms of the agreement were amended to extend the diligence period to May 19, 2022 and extend the closing date to two weeks following the expiration of the diligence period. The buyer transferred a non-refundable deposit of $300,000 into escrow on March 31, 2022. 

In February 2022, the Company entered into an agreement to sell the 646-acre parcel in Upcountry Maui for $9.7 million. Terms of the agreement include a 30-day due diligence period, a closing date 30 days after the last day of the due diligence period, and other customary closing conditions. On May 2, 2022, the agreement was amended to extend the diligence period to May 16, 2022 and extend the closing date to no later than May 20, 2022. A $2.0 million deposit that was transferred into escrow on March 31, 2022 becomes non-refundable at the end of the diligence period.

The above assets held for sale have not been pledged as collateral under the Credit Facility (as defined in Note 7).