Filing Analysis
The Company issued a press release announcing its financial results for the quarter ended June 30, 2026. This is a routine earnings announcement filing.
📋 Key Facts
- Report date: August 14, 2026
- Reporting period: Quarter ended June 30, 2026
- The filing serves to incorporate the press release (Exhibit 99.1) by reference.
Maui Land & Pineapple Company, Inc. has entered into a Sixth Loan Modification Agreement with First Hawaiian Bank to expand and extend its existing credit facility. The modification increases the total revolving credit limit from $15 million to $25 million and extends the maturity date to December 31, 2030.
🚩 Red Flags
- The necessity of a 'Sixth Loan Modification' suggests ongoing restructuring or difficulty meeting original terms of previous agreements.
📋 Key Facts
- Executed a Sixth Loan Modification Agreement with First Hawaiian Bank effective Dec 22, 2025.
- Revolving credit facility limit increased from $15.0 million to $25.0 million.
- Maturity date extended to December 31, 2030.
- Interest rate for revolving borrowing is Prime Rate minus 1.125%.
- Provides option to convert revolving debt into a term loan with maturities up to Dec 31, 2040.
- As of Dec 22, 2025, the outstanding principal balance was $3.0 million.
- Security for the facility includes three commercial properties in Kapalua Resort (~30,000 sq ft).
Maui Land & Pineapple Company, Inc. entered into a Purchase and Sale Agreement to sell a 6.5-acre portion of land in Kapalua, Lahaina, Hawaii to Harvest at Kumulani Chapel for $10 million.
🚩 Red Flags
- Long entitlement period (730 days + extensions) introduces significant execution risk and uncertainty regarding the timing of cash inflow.
- The transaction is contingent on government approvals for permitted uses/improvements.
📋 Key Facts
- Transaction value: $10,000,000 purchase price.
- Asset: 6.5-acre portion of land including approximately 12,000 square feet of existing buildings.
- Buyer: Harvest at Kumulani Chapel (a Hawaii nonprofit corporation).
- Due diligence period: 90 days from execution.
- Entitlement period: 730 days to secure government approvals, with three potential 60-day extensions.
- Escrow: Initial $300,000 deposit required within three business days; additional $50,000 deposits for each extension exercise.
- Current status of asset: Currently subject to an unrecorded Ground Lease dated April 1, 2024, which will terminate upon closing.
The Company issued a press release announcing its financial results for the quarter ended September 30, 2025. This is a routine earnings announcement filing.
📋 Key Facts
- Report date: November 14, 2025
- Reporting period: Quarter ended September 30, 2025
- The filing incorporates an earnings press release as Exhibit 99.1.
Maui Land & Pineapple Co Inc has announced a strategic evaluation of its water source and infrastructure assets. The company is exploring options for the potential sale or lease of some or all of these specific assets.
🚩 Red Flags
- Strategic reviews of core infrastructure often signal liquidity needs or a shift in business model due to operational challenges.
📋 Key Facts
- Announced on September 10, 2025, that a comprehensive strategic review is underway.
- The review focuses on identifying options for the potential sale or lease of water source and infrastructure assets.
- The disclosure was made via Item 7.01 (Regulation FD Disclosure) rather than as a material definitive agreement.
The company issued a press release disclosing its results of operations for the fiscal quarter ended March 31, 2025. This is a routine earnings announcement filing.
📋 Key Facts
- Report date: August 14, 2025
- Reporting period: Quarter ended March 31, 2025
- The filing includes an earnings press release as Exhibit 99.1
- Signed by Wade K. Kodama, Chief Financial Officer
Maui Land & Pineapple Company, Inc. reported the results of its 2025 annual meeting of stockholders held on May 21, 2025. The meeting included the election of seven directors and several advisory votes regarding executive compensation and equity incentive plans.
📋 Key Facts
- Seven director nominees were elected to one-year terms expiring in 2026: Glyn Aeppel, Stephen M. Case, A. Catherine Ngo, Ken Ota, John Sabin, R. Scot Sellers, and Anthony P. Takitani.
- Stockholders approved the compensation of named executive officers on a non-binding advisory basis (13,553,101 votes for).
- Stockholders voted to hold future non-binding advisory votes on executive compensation annually.
- The 2017 Equity and Incentive Award Plan was amended to increase the total number of shares reserved by 800,000 shares.
The Company issued a press release announcing its financial results for the quarter ended March 31, 2025. This is a routine earnings announcement filing.
📋 Key Facts
- Report date: May 15, 2025
- Reporting period: Quarter ended March 31, 2025
- The filing includes Exhibit 99.1 containing the press release of results.
The Company issued a press release on March 31, 2025, disclosing its operational and financial results for the fiscal year ended December 31, 2024.
📋 Key Facts
- Reporting period: Fiscal year ended December 31, 2024.
- Report date: March 31, 2025.
- The filing is an announcement of earnings/results via press release (Exhibit 99.1).
Maui Land & Pineapple Co. is restating its fiscal year 2023 financial statements after the SEC disagreed with management's materiality assessment regarding a $1.6 million revenue misclassification. The error involved treating a non-cash land contribution to a joint venture as operating revenue instead of a gain on derecognition of a land asset.
🚩 Red Flags
- Non-reliance on previously issued financial statements (Item 4.02).
- Disagreement with the SEC regarding materiality of accounting errors.
- Misclassification of non-cash transactions as operating revenue, which can artificially inflate core business performance metrics.
📋 Key Facts
- The company is restating audited consolidated financial statements for the fiscal year ended December 31, 2023.
- The error involves $1.6 million in Land Development and Sales segment revenue related to a 30-acre parcel in Haliimaile, Hawaii.
- The misclassification was due to treating an equity contribution to BRE2 LLC as operating revenue rather than a gain on derecognition of land.
- The error does not affect net loss, stockholders' equity, EPS, cash flow, or loan covenant compliance.
- The restatement is prompted by SEC disagreement with the company's initial materiality conclusion.
The Company issued a press release disclosing its results of operations for the nine-month period ending September 30, 2024. This is a routine earnings announcement filing.
📋 Key Facts
- Reporting period: Nine months ended September 30, 2024.
- Filing date: November 14, 2024.
- The filing incorporates Exhibit 99.1 (Press Release) by reference.
Maui Land & Pineapple Co (MLP) entered into a Memorandum of Agreement with the State of Hawai‘i Department of Transportation to lease 50 acres of land at no cost for five years. The agreement involves MLP administering construction projects for temporary housing for wildfire victims, funded by the State.
🚩 Red Flags
- No direct revenue from administration services; MLP provides services 'at its cost'.
- Potential for unexpected costs, liabilities, or delays as noted in forward-looking statements.
- Uncertainty regarding the disposition of improvements at the end of the lease.
📋 Key Facts
- Effective Date: October 22, 2024
- Agreement Type: Memorandum of Agreement with State of Hawai‘i Department of Transportation
- Land Lease: ~50 acres in Honokeana (part of a 1,377-acre parcel) leased at no cost for 5 years plus construction duration.
- Project Funding: The State will fund all costs, including approximately $35,500,000 for horizontal improvements.
- MLP Role: MLP will administer the construction of horizontal and potentially vertical improvements at its own cost (no profit margin on administration).
- End of Lease: State to remove vertical improvements unless requested otherwise by MLP.
Maui Land & Pineapple Co. announced the termination of a $7 million purchase agreement for an 11.883-acre land parcel in Piiholo, Maui. The purchaser exercised their right to cancel during the inspection period, resulting in the refund of a $300,000 initial deposit.
🚩 Red Flags
- Loss of a potential $7 million liquidity event for the company.
📋 Key Facts
- The Purchase Agreement was originally entered into on August 14, 2024.
- The transaction involved an 11.883-acre parcel including easements and infrastructure improvements.
- Total purchase price was $7,000,000.
- An initial cash deposit of $300,000 was held in escrow.
- The Purchaser elected to cancel the agreement on September 25, 2024.
- The company will refund the full $300,000 deposit (less fees) to the purchaser.
The Company issued a press release disclosing its financial results for the six-month period ending June 30, 2024. This is a routine earnings announcement filing.
📋 Key Facts
- Reporting period: Six months ended June 30, 2024
- Filing date: August 19, 2024
- The filing serves to incorporate the press release (Exhibit 99.1) by reference.
Maui Land & Pineapple Company, Inc. reported the results of its 2024 annual meeting of shareholders held on May 15, 2024. The meeting included the election of directors, a non-binding advisory vote on executive compensation, and the ratification of Accuity LLP as the independent auditor.
📋 Key Facts
- Annual Meeting held on May 15, 2024.
- Seven directors were elected to one-year terms: Glyn Aeppel, Stephen M. Case, Ken Ota, A. Catherine Ngo, John Sabin, R. Scot Sellers, and Anthony P. Takitani.
- Shareholders approved the compensation of named executive officers on a non-binding advisory basis (Say-on-Pay).
- Accuity LLP was ratified as the independent registered public accounting firm for fiscal year 2024.
The Company issued a press release announcing its quarterly results of operations for the three months ended March 31, 2024. This is a routine earnings announcement filing.
📋 Key Facts
- Reporting period: Three months ended March 31, 2024.
- Filing date: May 13, 2024.
- The filing serves to incorporate the press release (Exhibit 99.1) by reference.
The company issued a press release announcing its financial results for the fiscal year ended December 31, 2023. This is a routine earnings announcement filing.
📋 Key Facts
- Report date: March 28, 2024
- Reporting period: Fiscal year ended December 31, 2023
- The filing serves to incorporate the company's press release (Exhibit 99.1) by reference.
Scott Kodama is resigning from his roles as Controller and Principal Accounting Officer, effective March 7, 2024. He will remain with the company in a limited capacity to assist with transitionary accounting matters.
🚩 Red Flags
- Departure of key financial personnel (Controller/Principal Accounting Officer) can create temporary gaps in internal controls or reporting oversight.
📋 Key Facts
- Scott Kodama resigned as Controller and Principal Accounting Officer on March 4, 2024 (effective March 7, 2024).
- Wade K. Kodama (CFO/PFO) will assume the role of Principal Accounting Officer until a replacement is hired.
- The departing officer will remain in a limited capacity to assist with accounting and reporting matters.
Maui Land & Pineapple Company, Inc. announced an expansion of its Board of Directors from five to seven members. The company appointed two new independent directors, A. Catherine Ngo and Ken Ota, effective January 1, 2024.
📋 Key Facts
- Board size increased from five to seven directors.
- A. Catherine Ngo and Ken Ota appointed as new directors effective January 1, 2024.
- Both new directors are classified as independent under NYSE standards.
- New directors will receive $100,000.00 in total compensation (cash retainer and stock) issued quarterly starting March 31, 2024.