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Note 5 - Investment in Joint Venture
6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Investment [Text Block]

5.

INVESTMENT IN JOINT VENTURE

 

In December 2023, the Company entered into a joint venture agreement with a local developer to form a Hawai‘i limited liability company ("BRE2 LLC"). The Company's initial capital contribution to BRE2 LLC consisted of approximately 30 acres of former pineapple lands in Hali‘imaile valued at $1.6 million.  During the six months ended June 30, 2024, the company provided BRE2LLC with additional funding of $19,000. According to terms of the joint venture agreement, net proceeds from the sales of improved agricultural lots will be distributed, when the funds are available for distribution.