Note 5 - Assets Held for Sale

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

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

5. ASSETS HELD FOR SALE

Assets held for sale at

March 31, 2021

and

December 31, 2020

consisted of the following:

	March 31,		December 31,
	2021		2020
	(unaudited)		(audited)
	(in thousands)
Kapalua Resort, 46-acre Kapalua Central Resort project	$	2,978	$	2,978
Kapalua Resort, Kapalua Water and Kapalua Waste Treatment Company assets		4,202		4,306
Upcountry Maui, 630-acre parcel of agricultural land		156		156
	$	7,336	$	7,440

In

February 2020,

the Company entered into an agreement to sell the Kapalua Central Resort project for

$43.9

million. The closing of the transaction is contingent upon, among other things, the satisfaction of certain customary closing conditions, including a due diligence period ending on

July 15, 2021.

The closing date of the sale is expected to be

30

days after the last day of the due diligence period.

The Company entered into an Asset Purchase Agreement in

December 2019

to sell the PUC-regulated assets of Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. located in the Kapalua Resort. In

March 2021,

the sale was approved by the State of Hawaii PUC subject to certain closing conditions of its Decision and Order. The sale, with net proceeds of

$4.2

million, was completed on

May 1, 2021. 

The results of discontinued operations related to the sale of the Kapalua Water Company and Kapalua Waste Treatment Company assets are reflected in Note

13.

The above assets held for sale have

not

been pledged as collateral under the Company's credit facility.