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 · Operating Leases
Operating Leases
Avalon leases golf carts and associated GPS equipment, machinery and equipment for the landfill operations, furniture and fixtures for The Grand Resort and office copiers under operating leases. Our operating leases have remaining lease terms ranging from less than 1 year to 5.0 years. The weighted average remaining lease term on operating leases was approximately 3.4 years at December 31, 2023.
During 2023, the Company entered into new operating lease agreements for golf carts, GPS equipment and office printers. The Company recorded operating lease right-of-use assets and corresponding obligations under the operating leases of approximately $0.3 million. During 2022, the Company entered into new operating lease agreements for a facility, vehicle, golf carts and associated GPS equipment. The Company recorded operating lease right-of-use assets and corresponding obligations under the operating leases of approximately $0.4 million.
Leased property and associated obligations under operating leases at December 31, 2023 and 2022 consists of the following (in thousands):
| 2023 | 2022 | |
|---|---|---|
| Operating lease right-of-use assets | $1,270 | $1,386 |
| Current portion of obligations under operating leases | $432 | $424 |
| Long-term portion of obligations under operating leases | 838 | 962 |
| Total obligations under operating leases | $1,270 | $1,386 |
The weighted average discount rate on operating leases was 5.9% at December 31, 2023 and 5.0% at December 31, 2022.
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