Avalon(AWX) - 2024 Q2 - Quarterly Report

Item 1. Financial Statements This section presents Avalon Holdings Corporation's unaudited condensed consolidated financial statements, including statements of operations, balance sheets, shareholders' equity, and cash flows, along with detailed notes Condensed Consolidated Statements of Operations (Unaudited) For the three months ended June 30, 2024, Avalon Holdings Corporation reported a significant increase in net income attributable to common shareholders, reaching $954 thousand, a substantial improvement from a net loss of $152 thousand in the prior-year period, driven by increased net operating revenues and improved operating income Condensed Consolidated Statements of Operations (in thousands) | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :---------------------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net Operating Revenues | $23,057 | $20,826 | $41,915 | $39,281 | | Operating Income (Loss) | $1,448 | $348 | $934 | $(905) | | Income (Loss) Before Income Taxes | $927 | $(181) | $(87) | $(1,949) | | Net Income (Loss) Attributable to Avalon Holdings Corporation Common Shareholders | $954 | $(152) | $(25) | $(1,829) | | Basic and Diluted Net Income (Loss) Per Share | $0.24 | $(0.04) | $(0.01) | $(0.47) | Condensed Consolidated Balance Sheets (Unaudited) As of June 30, 2024, Avalon's total assets increased to $91.7 million from $88.0 million at December 31, 2023, primarily driven by a significant increase in cash and cash equivalents and accounts receivable, while total liabilities also increased, leading to a slight decrease in total equity Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2024 | December 31, 2023 | | :---------------------------------------------------------------- | :------------ | :---------------- | | Total Current Assets | $19,181 | $14,045 | | Total Assets | $91,725 | $87,965 | | Total Current Liabilities | $22,239 | $17,909 | | Total Liabilities | $55,796 | $51,865 | | Total Equity | $35,929 | $36,100 | Condensed Consolidated Statements of Shareholders' Equity (Unaudited) For the six months ended June 30, 2024, Avalon Holdings Corporation's total equity slightly decreased from $36.1 million to $35.9 million, primarily due to a net loss of $171 thousand, partially offset by changes in non-controlling interest Condensed Consolidated Statements of Shareholders' Equity (in thousands) | Metric | Balance at January 1, 2024 | Net Loss | Balance at June 30, 2024 | | :--------------------------------------- | :------------------------- | :------- | :----------------------- | | Total Avalon Shareholders' Equity | $36,716 | $(25) | $36,691 | | Non-controlling Interest in Subsidiaries | $(616) | $(146) | $(762) | | Total Equity | $36,100 | $(171) | $35,929 | Condensed Consolidated Statements of Cash Flows (Unaudited) For the six months ended June 30, 2024, net cash provided by operating activities significantly increased to $3.6 million from $2.5 million in the prior year, while net cash used in investing activities decreased due to lower capital expenditures, and financing activities shifted from providing cash to using cash Condensed Consolidated Statements of Cash Flows (in thousands) | Metric | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :---------------------------------------- | :----------------------------- | :----------------------------- | | Net Cash Provided by Operating Activities | $3,610 | $2,501 | | Net Cash Used in Investing Activities | $(696) | $(2,210) | | Net Cash Used in Financing Activities | $(375) | $326 | | Increase in Cash, Cash Equivalents and Restricted Cash | $2,539 | $617 | | Cash, Cash Equivalents and Restricted Cash at End of Period | $13,991 | $12,667 | Notes to Unaudited Condensed Consolidated Financial Statements The notes provide detailed disclosures on Avalon's business segments (waste management and golf/related operations), revenue recognition policies, recent accounting pronouncements, and specifics regarding cash, debt, leases, and equity, also detailing legal proceedings, particularly the ongoing suspension of saltwater injection well operations, and related party transactions Note 1. Description of Business Avalon Holdings Corporation operates in waste management services and golf/related hospitality, including resorts, clubs, and athletic facilities - Avalon Holdings Corporation provides waste management services in selected northeastern and midwestern U.S. markets and operates Avalon Resorts and Clubs, Inc., which includes golf courses, clubhouses, athletic facilities, and a hotel with related amenities[23] Note 2. Basis of Presentation These unaudited condensed consolidated financial statements are prepared in accordance with SEC rules, omitting certain GAAP disclosures, and consolidate all significant entities - The unaudited condensed consolidated financial statements are prepared in accordance with SEC rules, omitting certain GAAP disclosures, and include Avalon, its wholly-owned subsidiaries, and companies under its managerial control, with all significant intercompany transactions eliminated[24] Note 3. Recent Accounting Pronouncements Avalon is evaluating new accounting standards for segment reporting and income tax disclosures, expecting no material impact on its financial statements - Avalon is evaluating ASU 2023-07 (Segment Reporting) and ASU 2023-09 (Income Tax Disclosures), both effective for future periods, and does not expect them to have a material impact on its financial position, results of operations, or disclosures[26][27] Note 4. Cash, Cash Equivalents and Restricted Cash This note details the composition of cash, cash equivalents, and restricted cash, primarily consisting of loan proceeds for resort renovations - Restricted cash primarily consists of loan proceeds deposited into a project fund account to fund costs associated with the renovation and expansion of The Grand Resort and Avalon Field Club at New Castle[29] Cash, Cash Equivalents and Restricted Cash (in thousands) | Metric | June 30, 2024 | December 31, 2023 | | :----------------------------------- | :------------ | :---------------- | | Cash and Cash Equivalents | $3,775 | $1,187 | | Restricted Cash | $10,216 | $10,265 | | Cash, Cash Equivalents and Restricted Cash | $13,991 | $11,452 | Note 5. Revenues This section details Avalon's net operating revenues by source, including waste management and golf operations, and provides a breakdown of receivables and contract liabilities - Total net operating revenues increased to $23.1 million for the three months ended June 30, 2024, from $20.8 million in the prior year, with waste management services contributing 53% and golf/related operations 47%, while saltwater injection well operations generated no revenue due to suspension[35][50] Net Operating Revenues by Source (in thousands) | Revenue Source | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Waste Management Services | $12,220 | $10,298 | $24,690 | $22,950 | | Golf and Related Operations | $10,837 | $10,528 | $17,225 | $16,331 | | Total Net Operating Revenues | $23,057 | $20,826 | $41,915 | $39,281 | Receivables and Contract Liabilities (in thousands) | Metric | June 30, 2024 | December 31, 2023 | | :----------------------------------- | :------------ | :---------------- | | Accounts Receivable, Net | $11,525 | $9,499 | | Unbilled Membership Dues Receivable | $1,110 | $567 | | Deferred Membership Dues Revenue | $5,863 | $3,443 | | Customer Advance Deposits | $1,312 | $1,223 | Note 6. Property and Equipment This note provides a detailed breakdown of Avalon's property and equipment, net of accumulated depreciation and amortization Property and Equipment, Net (in thousands) | Metric | June 30, 2024 | December 31, 2023 | | :----------------------------------- | :------------ | :---------------- | | Land and Land Improvements | $17,052 | $17,052 | | Buildings and Improvements | $54,527 | $54,171 | | Machinery and Equipment | $9,641 | $9,490 | | Office Furniture and Fixtures | $10,423 | $10,346 | | Vehicles | $1,055 | $976 | | Construction in Progress | $97 | $10 | | Less Accumulated Depreciation and Amortization | $(37,094) | $(35,415) | | Property and Equipment, Net | $55,701 | $56,630 | Note 7. Leases This section outlines Avalon's operating and finance lease arrangements, including right-of-use assets, obligations, and lease expenses - Avalon holds both operating and finance leases for various assets, with the weighted average remaining lease term for operating leases approximately 2.6 years (down from 3.4 years) and for finance leases approximately 3.5 years (up from 3.4 years) at June 30, 2024[64][69] Leased Property and Obligations (in thousands) | Lease Type | June 30, 2024 | December 31, 2023 | | :----------------------------------- | :------------ | :---------------- | | Operating Lease Right-of-Use Assets | $1,096 | $1,270 | | Total Obligations Under Operating Leases | $1,096 | $1,270 | | Leased Property Under Finance Leases, Net | $5,487 | $5,711 | | Total Obligations Under Finance Leases | $826 | $796 | Components of Lease Expense (in thousands) | Lease Expense | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating Lease Rental Expense | $155 | $220 | $223 | $294 | | Total Finance Lease Cost | $142 | $130 | $299 | $265 | Note 8. Basic and Diluted Net Income (Loss) per Share This note presents the basic and diluted net income (loss) per share for Avalon Holdings Corporation common shareholders for the reported periods - Basic and diluted net income (loss) per share for Avalon Holdings Corporation common shareholders was $0.24 for the three months ended June 30, 2024, compared to $(0.04) for the same period in 2023, and for the six months, it was $(0.01) in 2024 versus $(0.47) in 2023, with no dilution occurring in 2024 due to no outstanding options[6][75][76] Note 9. Term Loans and Line of Credit Agreements This section details Avalon's term loan and line of credit agreements, including interest rates, outstanding balances, and future debt maturities - Avalon has a $31.0 million 2022 Term Loan Agreement with a fixed interest rate of 6.00% (reset after 7 years) and a $5.0 million Line of Credit Agreement, with $3.2 million outstanding at June 30, 2024, bearing interest at Prime Rate plus 0.25% (8.75% at June 30, 2024), and the company was in compliance with all loan covenants[79][81][84] Debt Obligations (in thousands) | Debt Obligation | June 30, 2024 | December 31, 2023 | | :---------------------------- | :------------ | :---------------- | | Term Loan Agreement (Net) | $29,494 | $29,758 | | Line of Credit | $3,200 | $3,200 | | Long-term Debt, Net of Current Portion | $28,938 | $29,220 | Future Maturities of Long-term Debt (in thousands) | Year | Amount | | :--- | :----- | | 2025 | $616 | | 2026 | $3,854 | | 2027 | $694 | | 2028 | $737 | | 2029 | $782 | | Thereafter | $26,480| | Total | $33,163| Note 10. Income Taxes This note explains Avalon's income tax provisions, including the impact of a full valuation allowance against deferred tax assets - Avalon recorded state income tax provisions related to waste management operations, but its overall effective tax rate reflects a full valuation allowance against federal and most state net deferred tax assets, indicating uncertainty about their future realization[91] Note 11. Long-Term Incentive Plan This section describes Avalon's Long-Term Incentive Plan, which allows for stock option grants, noting that all previously granted options have expired or been cancelled - The Long-Term Incentive Plan, approved in 2019, allows for granting up to 1,300,000 shares of Class A Common Stock as stock options, but as of June 30, 2024, all previously granted options were cancelled or expired because they did not meet the predetermined stock price vesting conditions, resulting in no outstanding options[92][99] Predetermined Stock Price for Vesting | Stock Option Block | Predetermined Price | | :----------------- | :------------------ | | Block 1 | $3.43 | | Block 2 | $4.69 | | Block 3 | $6.43 | | Block 4 | $8.81 | | Block 5 | $12.07 | Note 12. Legal Matters This note provides an overview of Avalon's involvement in various legal and administrative proceedings, including environmental matters - Avalon is involved in various lawsuits and administrative proceedings, including environmental matters, but management believes that any uninsured liabilities, fines, or penalties from these proceedings will not have a material adverse effect on its liquidity, financial position, or results of operations[103] Note 13. Business Segment Information This section presents financial information for Avalon's two reportable segments: waste management services and golf and related operations - Avalon operates in two reportable segments: waste management services and golf and related operations, with the waste management segment's identifiable assets at $37.7 million and the golf segment's at $64.4 million at June 30, 2024[104][108] Identifiable Assets by Segment (in thousands) | Segment | June 30, 2024 | December 31, 2023 | | :-------------------------- | :------------ | :---------------- | | Waste Management Services | $37,716 | $35,839 | | Golf and Related Operations | $64,389 | $63,670 | | Corporate | $65,818 | $65,453 | | Total Assets (after eliminations) | $91,725 | $87,965 | Segment Income (Loss) Before Income Taxes (in thousands) | Segment | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Waste Management Services | $1,311 | $844 | $2,532 | $1,793 | | Golf and Related Operations | $1,068 | $393 | $317 | $(902) | | Segment Income Before Income Taxes | $2,379 | $1,237 | $2,849 | $891 | Note 14. Certain Relationships and Related Transactions This note details Avalon's non-controlling and majority interests in various entities, including their impact on net loss attributable to non-controlling interest - Avalon holds non-controlling interests in AWMS Holdings, LLC (47% ownership) and Avalon Med Spa, LLC (50.1% ownership), and a majority interest in Avalon Dermatology, LLC (50.1% ownership), all of which are Variable Interest Entities (VIEs) consolidated into Avalon's financial statements[113][115][117] Net Loss Attributable to Non-controlling Interest (in thousands) | Entity | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :----------------------------- | | AWMS Holdings, LLC | $(11) | $(37) | | Avalon Med Spa, LLC | $(35) | $(84) | | Avalon Dermatology, LLC | $(24) | $(24) | Note 15. Injection Wells Suspension This note provides an update on the ongoing suspension of Avalon's saltwater injection well operations due to seismic concerns and related legal proceedings - Operations of Avalon's AWMS 2 saltwater injection well remain suspended since September 2014 due to seismic concerns, despite multiple legal appeals and court decisions, including a recent Supreme Court of Ohio ruling in January 2024 remanding the case for a decision on property taking, and the Ohio Oil and Gas Commission upheld the Division's decision on June 30, 2024, regarding restart conditions[120][129][130] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on Avalon's financial condition, liquidity, capital resources, growth strategies, and operational performance Liquidity and Capital Resources Avalon utilized existing cash, operating cash flow, and its line of credit to fund operations and capital expenditures, including renovations at The Grand Resort, maintaining a $31.0 million term loan and a $5.0 million line of credit, with $1.8 million available under the line of credit at June 30, 2024, and an improved working capital deficit from $3.9 million at December 31, 2023, to $3.1 million at June 30, 2024 - Avalon utilized existing cash, operating cash flow, and the line of credit to meet operating needs and fund capital expenditures, including the continued renovation of The Grand Resort[134] - At June 30, 2024, approximately $3.2 million was outstanding under the Line of Credit Agreement, with $1.8 million available, and the 2022 Term Loan Agreement has a fixed interest rate of 6.00%[136][140] - Working capital deficit improved to approximately $3.1 million at June 30, 2024, from $3.9 million at December 31, 2023, due to increases in cash, accounts receivable, and unbilled membership dues, partially offset by higher deferred membership dues and accounts payable[145] - Capital expenditures for the first six months of 2024 were $0.7 million, significantly lower than $2.2 million in 2023, primarily for renovations at The Grand Resort and Avalon Dermatology, LLC, with expected aggregate capital expenditures for 2024 ranging from $2.5 million to $3.5 million[143][144] Growth Strategy Avalon's growth strategy for waste management services focuses on internal growth through enhanced sales and marketing, leveraging management expertise, and identifying opportunities for integrated service provision, while for golf and related operations, the strategy involves integrating The Grand Resort to boost memberships and considering acquisitions of distressed country clubs - The waste management services segment's growth strategy focuses on increasing revenue, gaining market share, and enhancing shareholder value through internal growth, emphasizing sales and marketing activities to retain existing customers and obtain new business[150][151] - Development activities for waste management include identifying opportunities for integrated service provision, bidding on significant one-time projects, and expanding service offerings or leveraging existing volumes for strategic positioning[152] - The golf and related operations segment's strategy involves integrating The Grand Resort to provide a self-contained vacation experience, offering golf packages, and allowing members access to amenities, aiming to increase Avalon Golf and Country Club memberships[153] - Avalon also considers attractive investment opportunities in economically distressed private country clubs in the northeast Ohio area[154] Results of Operations Avalon experienced improved financial performance for both the three and six months ended June 30, 2024, compared to the prior year, driven by increased net operating revenues in both waste management and golf segments, coupled with cost-cutting efforts in golf operations, resulting in significantly improved net income attributable to common shareholders in Q2 2024 and substantially reduced net loss in H1 2024 Performance in the second quarter of 2024 compared with the second quarter of 2023 Avalon's second quarter of 2024 saw substantial improvements in net operating revenues and operating income, driven by growth in both waste management and golf operations, leading to a significant shift from net loss to net income attributable to common shareholders Key Financial Performance (Q2 2024 vs Q2 2023, in thousands) | Metric | Q2 2024 | Q2 2023 | Change ($) | Change (%) | | :---------------------------------------------------------------- | :------ | :------ | :--------- | :--------- | | Net Operating Revenues | $23,057 | $20,826 | $2,231 | 10.7% | | Waste Management Services Revenue | $12,220 | $10,298 | $1,922 | 18.7% | | Golf & Related Operations Revenue | $10,837 | $10,528 | $309 | 2.9% | | Operating Income (Loss) | $1,448 | $348 | $1,100 | 316.1% | | Net Income (Loss) Attributable to Avalon Holdings Corporation Common Shareholders | $954 | $(152) | $1,106 | N/A | | Basic and Diluted Net Income (Loss) Per Share | $0.24 | $(0.04) | $0.28 | N/A | - Waste management services revenue increased due to growth in both continuous and event work projects while golf and related operations revenue increased due to pricing adjustments and increased business operations at The Grand Resort and country clubs[156][164] - Golf and related operations segment saw a decrease in total cost of operations and an increase in income before income taxes, driven by cost-cutting efforts and increased room rental and salon/spa revenue[157][172] Performance in the first six months of 2024 compared with the first six months of 2023 Avalon's first six months of 2024 demonstrated improved financial performance with increased net operating revenues across both segments and a significant reduction in net loss attributable to common shareholders, reflecting enhanced business operations and cost management Key Financial Performance (H1 2024 vs H1 2023, in thousands) | Metric | H1 2024 | H1 2023 | Change ($) | Change (%) | | :---------------------------------------------------------------- | :------ | :------ | :--------- | :--------- | | Net Operating Revenues | $41,915 | $39,281 | $2,634 | 6.7% | | Waste Management Services Revenue | $24,690 | $22,950 | $1,740 | 7.6% | | Golf & Related Operations Revenue | $17,225 | $16,331 | $894 | 5.5% | | Operating Income (Loss) | $934 | $(905) | $1,839 | N/A | | Net Loss Attributable to Avalon Holdings Corporation Common Shareholders | $(25) | $(1,829)| $1,804 | N/A | | Basic and Diluted Net Loss Per Share | $(0.01) | $(0.47) | $0.46 | N/A | - Waste management services revenue increased due to growth in both continuous and event work projects while golf and related operations revenue increased due to higher business operations at The Grand Resort and country clubs, including increased membership dues and room rental revenue[177][189] - Golf and related operations segment shifted from a net loss before income taxes of $0.9 million in H1 2023 to an income of $0.3 million in H1 2024, primarily due to increased room rental, salon/spa revenue, and cost-cutting efforts[192] Trends and Uncertainties Avalon faces various risks including government regulations affecting waste transportation, ongoing legal matters (especially regarding saltwater injection wells), and credit risks from customer payment defaults, while competitive pressures, unfavorable economic conditions, labor challenges, and commodity price volatility could adversely impact financial results, with a significant portion of business not under long-term contracts and golf operations being seasonal and dependent on memberships - Avalon faces risks from government regulations restricting waste transportation, ongoing legal matters (particularly the suspension of saltwater injection wells), and credit risks from customer payment defaults[196][197][198] - Competitive pressures in the waste industry, unfavorable general economic conditions (recession, inflation), labor availability and cost challenges, and commodity price volatility could adversely impact financial results[199][200][201][203] - A significant portion of Avalon's business is not subject to long-term contracts, making it vulnerable to customer retention challenges, and the captive landfill business relies on a single customer, while golf operations depend on the sale and renewal of memberships[206][207] - The company's loan and security agreement contains covenants that, if breached, could trigger early debt repayment, and saltwater disposal wells face increased regulation and environmental/seismic risks, with current operations suspended[208][209][210] - Golf operations are seasonal and highly dependent on weather conditions, and the loss of liquor licenses could adversely affect financial performance, with inflationary pressures expected to continue impacting commodity costs[224][225][226] Item 3. Quantitative and Qualitative Disclosures about Market Risk This section details Avalon's exposure to market risks, primarily interest rate risk, and its approach to managing such risks Interest Rate Risk Avalon Holdings Corporation has limited exposure to changing interest rates, with its primary term loan at a fixed rate and its line of credit at a variable rate tied to Prime, and the company does not engage in interest rate risk management transactions or hold derivative financial instruments - The 2022 Term Loan Agreement bears interest at a fixed rate of 6.00% until the seventh anniversary, after which it resets to a fixed rate based on the three-year treasury rate plus 3.40%, not exceeding 8.50%[227] - Outstanding borrowings under the Line of Credit Agreement bear interest at Prime Rate plus 0.25%, which was 8.75% at June 30, 2024, with approximately $3.2 million outstanding[227] - Avalon does not undertake specific actions to cover interest rate risk exposure and does not purchase or hold any derivative financial instruments[228] Item 4. Controls and Procedures This section outlines the evaluation of Avalon's disclosure controls and procedures and reports on any changes in internal controls over financial reporting Disclosure Controls and Procedures Avalon's management, including the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of its disclosure controls and procedures as of June 30, 2024, concluding they were effective at a reasonable assurance level, with no material changes in internal controls over financial reporting during the quarter - Avalon's management, under the supervision of the CEO and CFO, concluded that disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2024[229] - There were no changes in internal controls over financial reporting during the fiscal quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, internal controls over financial reporting[230] Item 1. Legal Proceedings This section refers to the detailed description of legal proceedings provided in Avalon's Annual Report on Form 10-K Reference to Annual Report This section refers to the detailed description of legal proceedings provided in Avalon's Annual Report on Form 10-K for the year ended December 31, 2023 - For a description of legal proceedings, reference is made to "Item 3. Legal Proceedings" in Avalon's Annual Report on Form 10-K for the year ended December 31, 2023[231] Item 2. Changes in Securities and Use of Proceeds This section reports that there were no changes in securities or use of proceeds for the period No Changes Reported There were no changes in securities or use of proceeds to report for the period - No changes in securities and use of proceeds were reported for the period[231] Item 3. Defaults upon Senior Securities This section reports that there were no defaults upon senior securities for the period No Defaults Reported There were no defaults upon senior securities to report for the period - No defaults upon senior securities were reported for the period[231] Item 4. Mine Safety Disclosures This section reports that there were no mine safety disclosures for the period No Disclosures Reported There were no mine safety disclosures to report for the period - No mine safety disclosures were reported for the period[231] Item 5. Other Information This section reports that no other information was required to be disclosed for the period No Other Information Reported No other information was required to be reported in this section - No other information was reported for the period[231] Item 6. Exhibits and Reports on Form 8-K This section lists the exhibits filed with the report and summarizes recent Form 8-K filings Exhibits This section lists the exhibits filed with the 10-Q report, including certifications under the Sarbanes-Oxley Act and XBRL interactive data files - The report includes certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, along with various Inline XBRL Taxonomy Extension Documents[231][232] Reports on Form 8-K This section summarizes recent Form 8-K filings regarding a Supreme Court ruling on a saltwater injection well case and annual meeting voting results - On January 24, 2024, Avalon reported a Supreme Court of Ohio ruling overturning a Court of Appeal's decision regarding the saltwater injection well mandamus action, remanding the case[233] - On May 9, 2024, Avalon reported the voting results from its Annual Meeting held on May 8, 2024[233] SIGNATURE This section contains the official signature and date of filing for the report - The report was signed on August 8, 2024, by Michael J. Havalo, Chief Financial Officer and Treasurer of Avalon Holdings Corporation[234]