Avalon Holdings Corp-A 2025年季度报告

PART I. FINANCIAL INFORMATION Item 2.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3.Quantitative and Qualitative Disclosures about Market RiskItem 4.Controls and ProceduresPART II. OTHER INFORMATIONItem 1.Legal ProceedingsItem 2.Changes in Securities and Use of ProceedsItem 3.Defaults upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.Exhibits and Reports on Form 8-KSIGNATUREi Note 2. Basis of Presentation principles have been omitted consistent with such rules and regulations. The accompanying unaudited condensed consolidatedfinancial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in Avalon’s 2024 Annual Report to Shareholders.The unaudited condensed consolidated financial statements include the accounts of Avalon, its wholly owned subsidiaries and In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments, consisting ofnormal recurring adjustments, necessary for a fair presentation of the financial position of Avalon as of March 31, 2025, and theresults of its operations and cash flows for the interim periods presented. The condensed consolidated financial statements presented herein reflect our current estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the financial statements and reported amounts ofrevenues and expenses during the reporting periods presented. statements. As a result of adoption, the Company’s segment disclosure now includes significant expense categories. TheCompany’s primary segment measure remains unchanged. See Note 13, Business Segment Information for enhanced disclosuresassociated with the adoption of ASU 2023-07. In December 2023, The FASB issued ASU 2023-09,Income Taxes (Topic 740): Improvements to Income Tax Disclosures,toimprove income tax disclosures around effective tax rates and cash income taxes paid. ASU 2023-09 is effective for public entitiesfor annual periods beginning after December 15, 2024 (calendar year 2025). The Company is currently evaluating the adoption of The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cashequivalents for purposes of the Condensed Consolidated Balance Sheets. Avalon maintains its cash balances in various financial Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements ofCash Flows. Cash, cash equivalents and restricted cash consist of the following at March 31, 2025 and December 31, 2024 (in thousands):March 31,December 31,20252024 Cash, cash equivalents and restricted cash$10,206$Note 5. Revenues payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue isrecognized when obligations under the terms of the contract with our customer are satisfied; generally this occurs with the transfer of control of the good or service to the customer. Revenue is measured as the amount of consideration we expect to receive inexchange for transferring goods or providing services. Sales and other taxes we collect concurrent with revenue-producingactivities are excluded from revenue as the Company is a pass-through conduit for collecting and remitting sales taxes. TheCompany does not incur incremental costs to obtain contracts or costs to fulfill contracts that meet the criteria for capitalization. In commercial, municipal and governmental customers primarily in selected northeastern and midwestern United States markets.Avalon’s waste brokerage and management business assists customers with managing and disposing of wastes at approvedtreatment and disposal sites based upon a customer’s needs. Avalon provides a service to its customers whereby Avalon, arranges Avalon’s landfill management business provides technical and operational services to customers owning captive disposal facilities.A captive disposal facility only disposes of waste generated by the owner of such facility. The Company provides turnkey services,including daily operations, facilities management and management reporting for its customers. Currently, Avalon manages onecaptive disposal facility located in Ohio. The net operating revenues of the captive landfill operations are almost entirely dependent customer accounted for9% of the consolidated net operating revenues and14% of the waste management services segment’s netoperating revenues to external customers.For our waste management services contracts, the customer contracts with us to provide a series of distinct waste managementservices over time which integrates a set of tasks (i.e. removal, transportation and disposal of waste) into a single project. Avalon treats that series as a single performance obligation. The Company allocates the trans