v3.26.1
Business Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segment Information

(8)  Business Segment Information

 

The Company’s reportable segments are components of the Company that engage in certain business activities. The Company measures and evaluates operating segments based on revenues and operating income (loss). The internal reporting of these operating segments is based, in part, on the reporting and review process used in the evaluation of operating income (loss). The internal reporting is used for such review process by the Company’s chief operating decision maker (“CODM”), its President. The CODM primarily uses operating income (loss), a measure that is determined in accordance with U.S. GAAP, to evaluate segment income (loss) when making decisions about allocating resources to the segments.

 

As described in Note 1. Summary of Significant Accounting Policies, the Company has two reportable business segments, Property and Agriculture. The Company’s Property segment consists primarily of revenue received from land sales and development, and lease and licensing agreements. The Company’s Agricultural segment currently consists primarily of coffee farming, milling operations and sales of coffee, other farm related operations, and revenue derived from licensing agreements.

 

The Corporate amounts include interest earned on the Company’s investments and costs that are not allocated to segments including direct expenses and general overhead expenses reimbursed to Pacific Trail, certain professional fees, insurance expenses and other expenses.

 

Net gain on property damage and lost profits, net of insurance claims is a result of the Company’s losses caused by the destruction of the Lahaina wildfires.

 

The Company has determined its significant segment expense categories based on amounts used, in part, by the Company’s CODM when making decisions about allocating resources to the segments.

 

Reportable segment revenues and significant reportable segment expense categories and amounts included in the Company’s measure of operating profit (loss) by business segment are presented in the tables below.

 

 

           
 

Three Months Ended

March 31,

  2026   2025
Property          
    Revenue from property sale $ 19,899    $ -- 
    Other revenue   80      94 
Less:          
    Land basis and other costs of property sale   9,663      -- 
    Operating costs and expenses   432      308 
    Property tax   35      33 
    Credit loss reserve expense   15      17 
    Other selling, general, and administrative expenses   200      293 
    Depreciation   19      16 
Property operating income (loss) before income taxes   9,615      (573)

 

Agriculture

          
    Revenue   226      108 
Less:          
    Cost of goods sold   396      293 
    Property tax   5      5 
    Other selling, general, and administrative expenses   11      94 
    Depreciation   28      14 
Agriculture operating income (loss) before income taxes   (214)     (298)
           
Operating income (loss)   9,401      (871)
           
    Crop insurance proceeds   500      -- 

    Net gain on property damage and lost profits,

      net of insurance claims

   4,038      -- 
    Corporate operating loss before income taxes   (630)     (646)
           
Income (loss) before income taxes $ 13,309    $ (1,517)