Avalon Holdings Corp-2025年季度报告

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES INDEXPagePART I. FINANCIAL INFORMATIONItem 1.Financial StatementsCondensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (Unaudited)1 AVALON HOLDINGS CORPORATION AND SUBSIDIARIESNotes to Unaudited Condensed Consolidated Financial Statements Note 1. Description of Business Avalon Holdings Corporation (“Avalon” or the “Company”) was formed on April 30, 1998 as a subsidiary of American WasteServices, Inc. (“AWS”). On June 17, 1998, AWS distributed, as a special dividend, all of the outstanding shares of capital stock of Avalon provides waste management services to industrial, commercial, municipal and governmental customers in selectednortheastern and midwestern U.S. markets, captive landfill management services and salt water injection well operations. Avalon Note 2. Basis of Presentation The unaudited condensed consolidated financial statements of Avalon and related notes included herein have been prepared inaccordance with the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information andfootnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting The unaudited condensed consolidated financial statements include the accounts of Avalon, its wholly owned subsidiaries andthose companies in which Avalon has managerial control. All significant intercompany accounts and transactions have been 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 the The operating results for the interim periods are not necessarily indicative of the results to be expected for the full year. The condensed consolidated financial statements presented herein reflect our current estimates and assumptions that affect thereported amounts of assets and liabilities and related disclosures as of the date of the financial statements and reported amounts of Note 3. Recent Accounting Pronouncements The Company has adopted ASU 2023-07,Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures.ASU2023-07 enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financialstatements. As a result of adoption, the Company’s segment disclosure now includes significant expense categories. The 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 ofthis pronouncement and does not expect the adoption to have a material impact on the Company’s financial position, results of Note 4. Cash, Cash Equivalents and Restricted Cash 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 financialinstitutions. These balances may, at times, exceed federal insured limits. Avalon has not experienced any losses in such accounts Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recordedin restricted cash on the Condensed Consolidated Balance Sheets. Restricted cash consists of loan proceeds deposited into a projectfund account to fund costs associated with the renovation and expansion of The Grand Resort and Avalon Field Club at New Castle The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the CondensedConsolidated 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 Note 5. Revenues Revenue Recognition The Company identifies a contract when it has approval and commitment from both parties, the rights of the parties are identified,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 transferof 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-producing Waste Management Services Avalon’s waste management services provide hazardous and non