Annual report pursuant to Section 13 and 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.24.1
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]  
Schedule of Property, Plant and Equipment
Depreciation begins when the asset becomes available for use and is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:

Estimated Useful Life
(In Years)
Land N/A – indefinite
Buildings & warehouse
2 – 40 years
Furniture and appliances
5 years
Agricultural equipment
2 – 10 years
Computer equipment
3 years
Laboratory equipment
3 – 20 years
The Company has property, plant, and equipment related to land, buildings and warehouses, leasehold improvements, laboratory, and construction in progress. Property, plant and equipment, net consisted of the following:
December 31,
2023		   December 31,
2022
Land $ 1,806  $ 1,806 
Building & warehouse 7,817  7,658 
Laboratory equipment 6,571  6,416 
Agricultural equipment 1,598  1,477 
Computer equipment 1,384  1,397 
Furniture & appliances 828  785 
Construction in progress (b)
162  240 
Other 948  1,304 
Property, plant and equipment, gross 21,114  21,083 
Less: accumulated depreciation(a)
(8,793) (7,120)
Property, plant and equipment, net $ 12,321  $ 13,963 
(a) The Company recorded total depreciation expense in the Consolidated Statement of Operations for approximately $1,673 and $1,418 in 2023 and 2022, respectively. Total depreciation for the year ended December 31, 2023 includes approximately $738 and $973 of depreciation, included in cost of goods sold and research & development expense respectively. Total depreciation for the year ended December 31, 2022 includes approximately $1,213 and $802 of depreciation, included in inventory and costs of goods sold, respectively.
(b) Construction in progress primarily relate to on-going construction of the Company's Colombian facilities.
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination The finite lived intangible assets acquired in the Herbal Brands acquisition and the related estimated useful lives at time of acquisition were as follows:
Remaining Useful Life at the Acquisition Date
(In Years)
Finite-lived intangible assets:
Customer contracts 8.7
Customer relationships
4 - 7
Customer list 5
Trade name 10