Note 8 - Contract Assets and Liabilities

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

8. CONTRACT ASSETS AND LIABILITIES

Receivables from contracts with customers were $1.5 million and $4.3 million at September 30, 2025, and December 31, 2024, respectively. Billings in excess of costs and revenues were $0 and $3.2 million at September 30, 2025 and December 31, 2024, respectively.

Deferred license fee revenue

Effective April 1, 2020, the Company entered into a trademark license agreement (the “Agreement”) with Kapalua Golf (the “Licensee”), the owner of Kapalua Plantation and Bay golf courses. Under the terms and conditions set forth in the Agreement, the Licensee is granted a perpetual, terminable on default, transferable, non-exclusive license to use the Company’s trademarks and service marks to promote its golf courses and to sell its licensed products. The Company received a single royalty payment of $2.0 million in March 2020. Revenue recognized on a straight-line basis over its estimated economic useful life of 15 years was $100,000 for each of the nine months ended September 30, 2025 and 2024.