AVALON HOLDINGS CORP
For the period ended Dec 31, 2023. Filed Mar 21, 2024.
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FY2023 · Filed Mar 21, 2024
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EX-13.1 · Contract Liabilities
Contract Liabilities
Contract liabilities include unrecognized or deferred revenues relating to membership dues and customer advance deposits. We record deferred revenue when cash payments are received in advance of satisfying our performance obligation. We classify deferred membership dues revenue as current based on the timing of when we expect to recognize revenue for the membership commitment based on the Company satisfying the stand ready performance obligation throughout the annual membership period. The unrecognized or deferred revenues related to membership dues in our Consolidated Balance Sheets were approximately $3.4 million and $3.6 million at December 31, 2023 and 2022, respectively.
Customer advance deposits are recorded as a liability until the goods or services are provided to the customer. Generally, customer advances, and corresponding performance obligation are satisfied within 12 months of the date of receipt of advance payment. The unrecognized revenues related to customer advance deposits are recorded in “Other liabilities and accrued expenses” in our Consolidated Balance Sheets. Customer advance deposits were approximately $1.2 million and $1.0 million at December 31, 2023 and 2022, respectively.
The following table presents changes in our contract liabilities during the years ended December 31, 2023 and 2022 (in thousands):
| Balance at · Revenue · Balance at | ||||
|---|---|---|---|---|
| Beginning of Period | Billings | Recognized | End of Period | |
| Contract Liabilities: | ||||
| Deferred membership dues revenue | ||||
| Year ended December 31, 2023 | $3,643 | $7,141 | $(7,341) | $3,443 |
| Year ended December 31, 2022 | $3,363 | $7,372 | $(7,092) | $3,643 |
| Customer advance deposits | ||||
| Year ended December 31, 2023 | $965 | $3,030 | $(2,772) | $1,223 |
| Year ended December 31, 2022 | $795 | $3,038 | $(2,868) | $965 |
Note 6. Property and Equipment
Property and equipment at December 31, 2023 and 2022 consists of the following (in thousands):
| 2023 | 2022 | |
|---|---|---|
| Land and land improvements | $17,052 | $16,764 |
| Buildings and improvements | 54,171 | 52,974 |
| Machinery and equipment | 9,490 | 8,567 |
| Office furniture and fixtures | 10,346 | 9,638 |
| Vehicles | 976 | 865 |
| Construction in progress | 10 | 11 |
| 92,045 | 88,819 | |
| Less accumulated depreciation and amortization | (35,415) | (32,014) |
| Property and equipment, net | $56,630 | $56,805 |
At December 31, 2023, the Company did not have any significant fixed contractual commitments for construction projects.
Note 7. Leases
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