Note 14 - Contract Assets and Liabilities

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

14. CONTRACT ASSETS AND LIABILITIES

Receivables from contracts with customers were

$0.8

million,

$0.7

million, and

$0.6

million at

December 31, 2020,

2019,

and

2018,

respectively. Contract assets and liabilities were

not

considered significant to the Company at

December 31, 2019

and

2018.

Deferred license fee revenue

The Company entered into a trademark license agreement with the owner of the Kapalua Plantation and Bay golf courses, effective

April 1, 2020.

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 payment royalty of

$2.0

million in

March 2020.

Revenue from the license agreement is recognized on a straight-line basis over its estimated economic useful life of

15

years.