v3.26.1
Business Segment Information
 6 Months Ended
Jun. 30, 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

June 30,

(in thousands)

  

Six Months Ended

June 30,

(in thousands)

  2026   2025   2026   2025
Property                      

  Revenue from property

    sale

 $ --    $ --    $ 19,899    $ -- 
  Other revenue   104      81      185      175 
Less:                      

  Land basis and other

    costs of property sale

   (47)     --      9,616      -- 

  Operating costs and

    expenses

   232      233      665      542 
  Property tax   36      33      72      65 
  Credit loss reserve expense   15      15      29      32 

  Other selling, general

    and administrative

    expenses

   150      329      350      623 
  Depreciation   19      20      39      36 

Property operating income

  (loss) before income taxes

   (301)     (549)     9,313      (1,123)
                       
Agriculture                      
  Revenue   295      64      522      172 
Less:                      
  Cost of goods sold   1,074      390      1,470      683 
  Property tax   5      5      11      9 

  Other selling, general

    and administrative

    expenses

   13      72      24      166 
  Depreciation   10      15      38      29 

  Agriculture operating loss

    before income taxes

   (807)     (418)     (1,021)     (715)
                       
Operating income (loss)   (1,108)     (967)     8,292      (1,838)
                       
Crop insurance proceeds   867      682      1,367      682 

Net gain on property damage

    and lost profits, net of

    insurance claims

   --      --      4,038      -- 

Corporate operating loss

    before income taxes

   (316)     (171)     (945)     (817)
                       

Income (loss) before

  income taxes

 $ (557)   $ (456)   $ 12,752    $ (1,973)