Avalon(US:AWX)2020-03-12 21:11Facilities and Operations - Avalon owns a 37,000 square foot headquarters building located on approximately 5.6 acres in Warren, Ohio, which includes various facilities for golf operations[93]. - ALGI operates an 18-hole golf course and practice facility on approximately 200 acres, along with a maintenance building of 12,000 square feet and a restaurant of 10,400 square feet[94]. - TBG, Inc. operates the Avalon Golf and Country Club at Squaw Creek, featuring an 18-hole golf course on 224 acres and a 67,000 square foot clubhouse[95]. - Avalon Resort and Spa LLC owns a 146,000 square foot hotel with extensive amenities, located on approximately 9.3 acres adjacent to the Avalon Lakes Golf Course[97]. - The Avalon Mahoning Sports Center, Inc. has a 55,000 square foot facility that includes multiple indoor sports courts and a fitness area[98]. Financial Reporting and Compliance - Avalon has no unresolved comments from the U.S. Securities and Exchange Commission as of December 31, 2019[93]. - The company has engaged Grant Thornton LLP as its independent registered public accounting firm since May 2019[107]. - Avalon believes that its disclosure controls and procedures were effective at a reasonable assurance level as of December 31, 2019[108]. - There were no changes in internal control over financial reporting that materially affected the company during the fourth fiscal quarter ended December 31, 2019[111]. - Avalon has adopted a Code of Ethics applicable to all employees, including principal officers[119]. Debt and Financial Management - Avalon Holdings Corporation entered into a loan and security agreement with Laurel Capital Corporation for a $23.0 million term loan to refinance existing debts and fund future renovations[138]. - The proceeds from the new term loan were utilized to pay down outstanding balances on the company's line of credit and associated transaction costs[138]. - The remaining funds from the loan were deposited into a project fund account for the renovation and expansion of The Grand Resort and Field Club at New Castle[138]. Allowance and Valuation Adjustments - The allowance for doubtful accounts increased from $255,000 in 2018 to $275,000 in 2019, reflecting a rise of 7.84%[141]. - The deferred tax asset valuation allowance decreased from $1,881,000 in 2018 to $1,313,000 in 2019, indicating a reduction of 30.19%[141]. - The total additions charged to costs and expenses for the allowance for doubtful accounts in 2019 amounted to $1,881,000[141]. - The accounts receivable written-off as uncollectible in 2019 was $13,000, net of recoveries[141]. - The company has undergone a change in valuation allowance primarily for deferred tax assets, indicating a strategic adjustment in financial reporting[141].