AVALON HOLDINGS CORP
For the period ended Dec 31, 2024. Filed Mar 20, 2025.
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FY2024 · Filed Mar 20, 2025
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EX-13.1 · Leases
Leases
Avalon applies FASB Accounting Standards Update (“ASU”) 2016-02,Leases. The standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the statements of operations as either rental expense for operating leases and depreciation and interest expense for finance leases (See Note 7).
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