Note 9 - Contract Assets and Liabilities

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

9. CONTRACT ASSETS AND LIABILITIES

Receivables from contracts with customers were

$876,000,

$806,000,

and

$673,000

at

March 31, 2021,

December 31, 2020

and

December 31, 2019,

respectively.

Deferred club membership revenue

The Company manages the operations of the Kapalua Club, a private, non-equity club program providing members special programs, access and other privileges at certain of the amenities within the Kapalua Resort. Deferred revenues from dues received from the private club membership program are recognized on a straight-line basis over

one

year.

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 recognized on a straight-line basis over its estimated economic useful life of

15

years was

$33,000

for the

three

months ended

March 31, 2021.