XML 42 R26.htm IDEA: XBRL DOCUMENT v3.24.3
Balance Sheet Components (Tables)
9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
Accounts receivable, net consisted of the following:

(In thousands)September 30, 2024December 31, 2023
Accounts receivable$53,805 $49,643 
Less: allowance for expected credit losses(2,077)(2,119)
Accounts receivable, net$51,728 $47,524 
Schedule of Financing Receivable, Allowance for Credit Loss
Movement of allowance for expected credit losses was as follows:

Nine Months Ended September 30,
(In thousands)20242023
Beginning balance$2,119 $1,442 
(Decrease) increase in provision for expected credit losses(40)56 
Bad debt write-offs(2)(24)
Ending balance$2,077 $1,474 
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:

(In thousands)September 30, 2024December 31, 2023
Prepaid expenses$4,531 $4,591 
Advances to suppliers3,698 3,340 
Other current assets1,783 2,214 
Prepaid expenses and other current assets$10,012 $10,145 
Schedule of Property and Equipment
Property and equipment, net consisted of the following:

(In thousands)September 30, 2024December 31, 2023
Automobiles(1)
$47,859 $37,256 
Buildings(2)
63,045 63,045 
Building improvements22,677 22,014 
Furniture and fixtures419 474 
Land49,929 49,929 
Machinery and equipment13,232 11,532 
Construction in progress7,981 1,391 
Subtotal205,142 185,641 
Less: accumulated depreciation(59,069)(52,505)
Property and equipment, net$146,073 $133,136 
_________________
(1)    The cost and accumulated depreciation of property and equipment related to finance leases was $32.4 million and $13.1 million at September 30, 2024 and $22.2 million and $10.3 million at December 31, 2023, which primarily relates to Automobiles. During the nine months ended September 30, 2024, the Company entered into finance leases for automobiles which mature in 4 to 6 years and have a weighted average discount rate of 6.6%. The total future minimum lease payments under finance leases as of September 30, 2024 is $31.5 million. As of September 30, 2024, the Company had additional automobile leases that had not yet commenced which totaled $16.2 million in future minimum lease payments.
(2)    The Company entered into a finance lease on September 30, 2024 for a new Atlanta, GA based distribution center which will commence during 2025 and totaled $15.8 million in future minimum lease payments over 10 years.
Schedule of Long-Term Investments
Long-term investments consisted of the following:

(In thousands)Ownership as of September 30,
2024
September 30, 2024December 31, 2023
Asahi Food, Inc. ("Asahi")49%$574 $588 
Pt. Tamron Akuatik Produk Industri ("Tamron")12%1,800 1,800 
Total long-term investments$2,374 $2,388 
Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following:

(In thousands)September 30, 2024December 31, 2023
Accrued compensation$6,090 $7,941 
Accrued professional fees854 1,353 
Accrued interest and fees1,089 1,276 
Self-insurance liability2,999 1,723 
Other8,652 4,994 
Total accrued expenses and other liabilities$19,684 $17,287