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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ | QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the Quarterly period ended September 30, 2024
☐ | TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from ____________ to _____________
Commission
File No. 001-40314
WHERE
FOOD COMES FROM, INC.
(exact
name of registrant as specified in its charter)
Colorado |
|
43-1802805 |
(State
or other jurisdiction of
incorporation or organization) |
|
(I.R.S.
Employer
Identification No.) |
202
6th Street, Suite
400
Castle
Rock, CO 80104
(Address
of principal executive offices, including zip code)
Registrant’s
telephone number, including area code:
(303)
895-3002
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject
to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or a small reporting
company. See definitions of “large accelerated filer” and “accelerated filer” and “smaller reporting entity”
in Rule 12b-2 of the Exchange Act.
Large
accelerated filer: |
☐ |
|
Accelerated
filer: |
☐ |
Non-accelerated
filer: |
☐ |
|
Smaller
reporting company: |
☒ |
Emerging
growth company |
☐ |
|
|
|
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.001 par value |
|
WFCF |
|
The
NASDAQ Stock Market LLC |
The
number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of November 1, 2024, was 5,277,436.
Where
Food Comes From, Inc.
Table
of Contents
September
30, 2024
Where
Food Comes From, Inc.
Consolidated
Balance Sheets
| |
September
30, | | |
December
31, | |
(Amounts
in thousands, except per share amounts) | |
2024 | | |
2023 | |
| |
(Unaudited) | | |
| |
Assets | |
| | | |
| | |
Current
assets: | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 2,757 | | |
$ | 2,641 | |
Accounts
receivable, net of allowance | |
| 2,234 | | |
| 2,128 | |
Inventory | |
| 1,089 | | |
| 1,109 | |
Prepaid
expenses and other current assets | |
| 1,309 | | |
| 335 | |
Total
current assets | |
| 7,389 | | |
| 6,213 | |
Property
and equipment, net | |
| 760 | | |
| 844 | |
Right-of-use
assets, net | |
| 2,144 | | |
| 2,296 | |
Equity
investments | |
| 1,191 | | |
| 1,191 | |
Intangible
and other assets, net | |
| 2,035 | | |
| 2,303 | |
Goodwill,
net | |
| 2,946 | | |
| 2,946 | |
Deferred
tax assets, net | |
| 481 | | |
| 493 | |
Total
assets | |
$ | 16,946 | | |
$ | 16,286 | |
| |
| | | |
| | |
Liabilities
and Equity | |
| | | |
| | |
Current
liabilities: | |
| | | |
| | |
Accounts
payable | |
$ | 873 | | |
$ | 567 | |
Accrued
expenses and other current liabilities | |
| 1,842 | | |
| 615 | |
Deferred
revenue | |
| 2,146 | | |
| 1,485 | |
Current
portion of finance lease obligations | |
| 15 | | |
| 14 | |
Current
portion of operating lease obligations | |
| 335 | | |
| 298 | |
Total
current liabilities | |
| 5,211 | | |
| 2,979 | |
Finance
lease obligations, net of current portion | |
| 29 | | |
| 41 | |
Operating
lease obligation, net of current portion | |
| 2,252 | | |
| 2,447 | |
Total
liabilities | |
| 7,492 | | |
| 5,467 | |
| |
| | | |
| | |
Commitments
and contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
Equity: | |
| | | |
| | |
Preferred
stock, $0.001 par value; 5,000 shares authorized; none issued or outstanding | |
| - | | |
| - | |
Common
stock, $0.001 par value; 95,000 shares authorized; 6,447 (2024) and 6,516 (2023) shares issued, and 5,297 (2024) and 5,503 (2023)
shares outstanding | |
| 7 | | |
| 7 | |
Additional
paid-in-capital | |
| 11,358 | | |
| 12,290 | |
Treasury
stock of 1,149 (2024) and 1,014 (2023) shares | |
| (12,811 | ) | |
| (11,219 | ) |
Retained
earnings | |
| 10,900 | | |
| 9,741 | |
Total
equity | |
| 9,454 | | |
| 10,819 | |
Total
liabilities and stockholders’ equity | |
$ | 16,946 | | |
$ | 16,286 | |
The
accompanying notes are an integral part of these consolidated financial statements.
Where
Food Comes From, Inc.
Consolidated
Statements of Operations
(Unaudited)
(Amounts in thousands, except per share
amounts) | |
2024 | | |
2023 | |
| |
Three
months ended September 30, | |
(Amounts
in thousands, except per share amounts) | |
2024 | | |
2023 | |
Revenues: | |
| | | |
| | |
Verification
and certification service revenue | |
$ | 5,486 | | |
$ | 5,359 | |
Product
sales | |
| 1,329 | | |
| 1,221 | |
Professional
services | |
| 292 | | |
| 431 | |
Total
revenues | |
| 7,107 | | |
| 7,011 | |
Costs of revenues: | |
| | | |
| | |
Costs
of verification and certification services | |
| 3,288 | | |
| 3,123 | |
Costs
of products | |
| 841 | | |
| 681 | |
Costs
of professional services | |
| 204 | | |
| 341 | |
Total
costs of revenues | |
| 4,333 | | |
| 4,145 | |
Gross
profit | |
| 2,774 | | |
| 2,866 | |
Selling,
general and administrative expenses | |
| 2,166 | | |
| 1,920 | |
Income
from operations | |
| 608 | | |
| 946 | |
Other
income/(expense): | |
| | | |
| | |
Dividend
income from Progressive Beef | |
| 50 | | |
| 50 | |
Other
income, net | |
| 15 | | |
| 16 | |
Gain
on sale of assets | |
| 1 | | |
| - | |
Loss
on foreign currency exchange | |
| - | | |
| (2 | ) |
Interest
expense | |
| (1 | ) | |
| (1 | ) |
Income
tax expense | |
| 181 | | |
| 286 | |
Net
income | |
$ | 492 | | |
$ | 723 | |
| |
| | | |
| | |
Per share - net income: | |
| | | |
| | |
Basic | |
$ | 0.09 | | |
$ | 0.13 | |
Diluted | |
$ | 0.09 | | |
$ | 0.13 | |
| |
| | | |
| | |
Weighted average
number of common shares outstanding: | |
| | | |
| | |
Basic | |
| 5,342 | | |
| 5,599 | |
Diluted | |
| 5,357 | | |
| 5,658 | |
The
accompanying notes are an integral part of these consolidated financial statements.
Where
Food Comes From, Inc.
Consolidated
Statements of Operations
(Unaudited)
(Amounts in thousands, except per share
amounts) | |
2024 | | |
2023 | |
| |
Nine
months ended September 30, | |
(Amounts
in thousands, except per share amounts) | |
2024 | | |
2023 | |
Revenues: | |
| | | |
| | |
Verification
and certification service revenue | |
$ | 15,172 | | |
$ | 13,944 | |
Product
sales | |
| 2,881 | | |
| 3,130 | |
Professional
services | |
| 1,031 | | |
| 1,330 | |
Total
revenues | |
| 19,084 | | |
| 18,404 | |
Costs of revenues: | |
| | | |
| | |
Costs
of verification and certification services | |
| 8,831 | | |
| 8,055 | |
Costs
of products | |
| 1,744 | | |
| 1,804 | |
Costs
of professional services | |
| 748 | | |
| 1,030 | |
Total
costs of revenues | |
| 11,323 | | |
| 10,889 | |
Gross
profit | |
| 7,761 | | |
| 7,515 | |
Selling,
general and administrative expenses | |
| 6,309 | | |
| 5,741 | |
Income
from operations | |
| 1,452 | | |
| 1,774 | |
Other
income/(expense): | |
| | | |
| | |
Dividend
income from Progressive Beef | |
| 150 | | |
| 150 | |
Other
income, net | |
| 29 | | |
| 36 | |
Gain
on sale of assets | |
| 1 | | |
| 5 | |
Loss
on foreign currency exchange | |
| (4 | ) | |
| (6 | ) |
Interest
expense | |
| (3 | ) | |
| (3 | ) |
Income
tax expense | |
| 466 | | |
| 580 | |
Net
income | |
$ | 1,159 | | |
$ | 1,376 | |
| |
| | | |
| | |
Per share - net income | |
| | | |
| | |
Basic | |
$ | 0.22 | | |
$ | 0.25 | |
Diluted | |
$ | 0.21 | | |
$ | 0.24 | |
| |
| | | |
| | |
Weighted average
number of common shares outstanding: | |
| | | |
| | |
Basic | |
| 5,398 | | |
| 5,605 | |
Diluted | |
| 5,415 | | |
| 5,669 | |
The
accompanying notes are an integral part of these consolidated financial statements.
Where
Food Comes From, Inc.
Consolidated
Statements of Cash Flows
(Unaudited)
(Amounts in thousands) | |
2024 | | |
2023 | |
| |
Nine
months ended September 30, | |
(Amounts
in thousands) | |
2024 | | |
2023 | |
| |
| | |
| |
Operating
activities: | |
| | | |
| | |
Net
income | |
$ | 1,159 | | |
$ | 1,376 | |
Adjustments
to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation
and amortization | |
| 467 | | |
| 488 | |
Gain
on sale of assets | |
| (1 | ) | |
| (5 | ) |
Stock-based
compensation expense | |
| 11 | | |
| 38 | |
Deferred
tax expense | |
| 12 | | |
| 15 | |
Bad
debt expense | |
| 52 | | |
| 39 | |
Changes
in operating assets and liabilities: | |
| | | |
| | |
Accounts
receivable | |
| (158 | ) | |
| (158 | ) |
Inventory | |
| 20 | | |
| (232 | ) |
Prepaid
expenses and other assets | |
| (958 | ) | |
| (32 | ) |
Accounts
payable | |
| 306 | | |
| 82 | |
Accrued
expenses and other current liabilities | |
| 1,227 | | |
| 584 | |
Deferred
revenue | |
| 661 | | |
| 435 | |
Right
of use assets and liabilities, net | |
| (18 | ) | |
| (17 | ) |
Net
cash provided by operating activities | |
| 2,780 | | |
| 2,613 | |
| |
| | | |
| | |
Investing
activities: | |
| | | |
| | |
Investment
in BlueTrace | |
| - | | |
| (200 | ) |
Proceeds
from sale of intangible assets | |
| 11 | | |
| - | |
Purchases
of property, equipment and software development costs | |
| (130 | ) | |
| (87 | ) |
Net
cash used in investing activities | |
| (119 | ) | |
| (287 | ) |
| |
| | | |
| | |
Financing
activities: | |
| | | |
| | |
Repayments
of finance lease obligations | |
| (10 | ) | |
| (9 | ) |
Proceeds
from stock option exercise | |
| 84 | | |
| 49 | |
Private
purchase of common shares | |
| (1,027 | ) | |
| - | |
Stock
repurchase under Stock Buyback Plan | |
| (1,592 | ) | |
| (2,921 | ) |
Net
cash used in financing activities | |
| (2,545 | ) | |
| (2,881 | ) |
Net
change in cash | |
| 116 | | |
| (555 | ) |
Cash
at beginning of period | |
| 2,641 | | |
| 4,368 | |
Cash
at end of period | |
$ | 2,757 | | |
$ | 3,813 | |
The
accompanying notes are an integral part of these consolidated financial statements.
Where
Food Comes From, Inc.
Consolidated
Statement of Equity
(Unaudited)
(Amounts in thousands) | |
Shares | | |
Amount | | |
Capital | | |
Stock | | |
Earnings | | |
Total | |
| |
| | |
| | |
Additional | | |
| | |
| | |
| |
| |
Common
Stock | | |
Paid-in | | |
Treasury | | |
Retained | | |
| |
(Amounts
in thousands) | |
Shares | | |
Amount | | |
Capital | | |
Stock | | |
Earnings | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Balance
at December 31, 2022 | |
| 5,775 | | |
$ | 6 | | |
$ | 12,145 | | |
$ | (7,263 | ) | |
$ | 7,589 | | |
$ | 12,477 | |
Stock-based
compensation expense | |
| - | | |
| - | | |
| 15 | | |
| - | | |
| - | | |
| 15 | |
Repurchase
of common shares under Stock Buyback Plan | |
| (90 | ) | |
| - | | |
| - | | |
| (1,230 | ) | |
| - | | |
| (1,230 | ) |
Net
income | |
| - | | |
| - | | |
| - | | |
| - | | |
| 121 | | |
| 121 | |
Balance
at March 31, 2023 | |
| 5,685 | | |
$ | 6 | | |
$ | 12,160 | | |
$ | (8,493 | ) | |
$ | 7,710 | | |
$ | 11,383 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based
compensation expense | |
| - | | |
| - | | |
| 17 | | |
| - | | |
| - | | |
| 17 | |
Stock
options exercised | |
| 7 | | |
| - | | |
| 46 | | |
| - | | |
| - | | |
| 46 | |
Repurchase
of common shares under Stock Buyback Plan | |
| (61 | ) | |
| - | | |
| - | | |
| (836 | ) | |
| - | | |
| (836 | ) |
Net
income | |
| - | | |
| - | | |
| - | | |
| - | | |
| 532 | | |
| 532 | |
Balance
at June 30, 2023 | |
| 5,631 | | |
$ | 6 | | |
$ | 12,223 | | |
$ | (9,329 | ) | |
$ | 8,242 | | |
$ | 11,142 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based
compensation expense | |
| - | | |
| - | | |
| 6 | | |
| - | | |
| - | | |
| 6 | |
Stock
options exercised | |
| 3 | | |
| - | | |
| 3 | | |
| - | | |
| - | | |
| 3 | |
Private purchase of common shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Private purchase of common shares, shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Repurchase
of common shares under Stock Buyback Plan | |
| (60 | ) | |
| - | | |
| - | | |
| (855 | ) | |
| - | | |
| (855 | ) |
Net
income | |
| - | | |
| - | | |
| - | | |
| - | | |
| 723 | | |
| 723 | |
Balance
at September 30, 2023 | |
| 5,574 | | |
$ | 6 | | |
$ | 12,232 | | |
$ | (10,184 | ) | |
$ | 8,965 | | |
$ | 11,019 | |
The
accompanying notes are an integral part of these consolidated financial statements.
Where
Food Comes From, Inc.
Consolidated
Statement of Equity
(Unaudited)
| |
| | |
| | |
Additional | | |
| | |
| | |
| |
| |
Common
Stock | | |
Paid-in | | |
Treasury | | |
Retained | | |
| |
(Amounts
in thousands) | |
Shares | | |
Amount | | |
Capital | | |
Stock | | |
Earnings | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Balance
at December 31, 2023 | |
| 5,503 | | |
$ | 7 | | |
$ | 12,290 | | |
$ | (11,219 | ) | |
$ | 9,741 | | |
$ | 10,819 | |
Stock-based
compensation expense | |
| - | | |
| - | | |
| 11 | | |
| - | | |
| - | | |
| 11 | |
Stock
option exercised | |
| 8 | | |
| - | | |
| 64 | | |
| - | | |
| - | | |
| 64 | |
Private purchase
of common shares | |
| (80 | ) | |
| - | | |
| (1,027 | ) | |
| - | | |
| - | | |
| (1,027 | ) |
Repurchase
of common shares under Stock Buyback Plan | |
| (36 | ) | |
| - | | |
| - | | |
| (469 | ) | |
| - | | |
| (469 | ) |
Net
income | |
| - | | |
| - | | |
| - | | |
| - | | |
| 178 | | |
| 178 | |
Balance
at March 31, 2024 | |
| 5,395 | | |
$ | 7 | | |
$ | 11,338 | | |
$ | (11,688 | ) | |
$ | 9,919 | | |
$ | 9,576 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock
option exercised | |
| 1 | | |
| - | | |
| 10 | | |
| - | | |
| - | | |
| 10 | |
Repurchase
of common shares under Stock Buyback Plan | |
| (33 | ) | |
| - | | |
| - | | |
| (389 | ) | |
| - | | |
| (389 | ) |
Net
income | |
| - | | |
| - | | |
| - | | |
| - | | |
| 489 | | |
| 489 | |
Balance
at June 30, 2024 | |
| 5,363 | | |
$ | 7 | | |
$ | 11,348 | | |
$ | (12,077 | ) | |
$ | 10,408 | | |
$ | 9,686 | |
Balance
| |
| 5,363 | | |
$ | 7 | | |
$ | 11,348 | | |
$ | (12,077 | ) | |
$ | 10,408 | | |
$ | 9,686 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock
option exercised | |
| 1 | | |
| - | | |
| 10 | | |
| - | | |
| - | | |
| 10 | |
Repurchase
of common shares under Stock Buyback Plan | |
| (67 | ) | |
| - | | |
| - | | |
| (734 | ) | |
| - | | |
| (734 | ) |
Net
income | |
| - | | |
| - | | |
| - | | |
| - | | |
| 492 | | |
| 492 | |
Balance
at September 30, 2024 | |
| 5,297 | | |
$ | 7 | | |
$ | 11,358 | | |
$ | (12,811 | ) | |
$ | 10,900 | | |
$ | 9,454 | |
Balance | |
| 5,297 | | |
$ | 7 | | |
$ | 11,358 | | |
$ | (12,811 | ) | |
$ | 10,900 | | |
$ | 9,454 | |
The
accompanying notes are an integral part of these consolidated financial statements.
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
Note
1 - The Company and Basis of Presentation
Business
Overview
Where
Food Comes From, Inc. is a Colorado corporation based in Castle Rock, Colorado (“WFCF”, the “Company,” “our,”
“we,” or “us”). We are an independent, third-party food verification company conducting both on-site and desk
audits to verify that claims being made about livestock, food, other high-value specialty crops and agricultural and aquaculture products
are accurate. We care about food and other agricultural and aquacultural products, how it is grown and raised, the quality of what we
eat, what farmers and ranchers do, and authentically telling that story to the consumer. Our team visits farms and ranches and looks
at their plants, animals, and records, and compares the information we collect to specific standards or claims that farms and ranches
want to make about how they are producing food. We strive to ensure that everyone involved in the food business - from growers and farmers
to retailers and shoppers – can count on WFCF to provide authentic and transparent information about the food we eat and how, where,
and by whom it is produced.
We
also provide a wide range of professional consulting services that generate incremental revenue specific to the food and agricultural
industry and drive sustainable value creation. Finally, the Company’s Where Food Comes From Source Verified® retail and restaurant
labeling program utilizes the verification of product attributes to connect consumers directly to the source of the food they purchase
through product labeling and web-based information sharing and education.
Most
of our customers are located throughout the United States.
Basis
of Presentation
Our
unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United
States of America (“GAAP”) and include the results of operations, financial position and
cash flows of Where Food Comes From, Inc. and its subsidiaries, Where Food Comes From Organic,
Inc. (“WFCFO”), Validus Verifications Services, LLC (“Validus”), SureHarvest Services, Inc. (“SureHarvest”),
and Postelsia Holdings, Ltd. (“Postelsia”) (collectively referred to as “we,” “us,” and “our”
throughout this Form 10-Q). The preparation of financial statements in conformity with GAAP requires us to make estimates and
assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of
the financial statements, and the reported amounts of revenues, costs and expenses during the reporting period. All
significant intercompany transactions and amounts have been eliminated. The results of businesses acquired are included in the consolidated
financial statements from the date of the acquisition. Actual results could differ from the estimates.
The
consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission
(“SEC”) and should be read in conjunction with our audited financial statements and footnotes thereto for the year ended
December 31, 2023, included in our Form 10-K filed on February 15, 2024. Certain information and footnote disclosures normally included
in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been
omitted pursuant to such rules and regulations. However, we believe that the disclosures are adequate to make the information presented
not misleading. Certain prior year amounts have been reclassified to conform to current year presentation. Net income and shareholders’
equity were not affected by these reclassifications. The financial statements reflect all adjustments (consisting primarily of normal
recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of our financial position and results
of operations. The consolidated operating results for the three and nine months ended September 30, 2024 are not necessarily indicative
of the results to be expected for any other interim period of any future year.
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
Seasonality
Our
business is subject to seasonal fluctuations annually. Significant portions of our verification and certification service revenue are
typically realized during late May through early October when the calf marketings and the growing seasons are at their peak.
Additionally,
the cattle industry is cyclical by nature based on factors impacting current and future supplies such as drought-induced feedlot placements,
higher cow and heifer slaughter, and lower auction receipts. The production lags inherent to this industry lead to long-lasting impacts
of production decisions. For example, increased liquidation implies tighter supplies for next year. Similarly, times of herd expansion
are typically a multi-year period. These cycles typically last roughly 10 years. The current cycle began in 2014, and we believe we are
currently in the contraction phase of the cycle after peaking in 2018-2019. How long we continue to contract will be directly impacted
by drought, pasture conditions, supply and demand.
Because
of the seasonality of the business and cyclical nature of our industry, results for any quarter are not necessarily indicative of the
results that may be achieved for any other quarter or for the full fiscal year.
Recent
Accounting Pronouncements
The
Financial Accounting Standards Board (FASB) Accounting Standards Codification is the sole source of authoritative GAAP other than SEC
issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standards Update (ASU) to communicate
changes to the codification. The Company considers the applicability and impact of all ASU’s.
In
March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation (Topic 718); Scope Application of Profits Interest and
Similar Awards, to improve GAAP by adding an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph
718-10-15-3 to determine whether profits interest and similar awards should be accounted for in accordance with Topic 718, Compensation
– Stock Compensation. The Company will be required to adopt the changes effective January 1, 2025. The standard is not expected
to impact the Company’s financial statements.
In
March 2024, the FASB issued ASU 2024-02, Codification Improvements – Amendments to Remove References to the Concepts Statements.
The FASB as a standing project on its agenda to facilitate Codification updates for technical corrections such as conforming amendments,
clarifications to guidance, simplifications to working or the structure of guidance, and other minor improvements. The Company will be
required to adopt the changes effective January 1, 2025. At this time, management is determining the extent of changes to the disclosures
on its financial statements.
Note
2 – Basic and Diluted Net Income per Share
Basic
net income per share was computed by dividing income available to common shareholders by the weighted average number of common shares
outstanding during the period. Diluted net income per share is based on the assumption that all dilutive convertible shares and stock
options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options are assumed
to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to
purchase common stock at the average market price during the period.
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
The
following is a reconciliation of the share data used in the basic and diluted income per share computations (amounts in thousands):
Schedule
of Reconciliation of Basic and Diluted Income Per Share Computations
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three
months ended September 30, | | |
Nine
months ended September 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Basic: | |
| | | |
| | | |
| | | |
| | |
Weighted
average shares outstanding | |
| 5,342 | | |
| 5,599 | | |
| 5,398 | | |
| 5,605 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted: | |
| | | |
| | | |
| | | |
| | |
Weighted
average shares outstanding | |
| 5,342 | | |
| 5,599 | | |
| 5,398 | | |
| 5,605 | |
Weighted
average effects of dilutive securities | |
| 15 | | |
| 59 | | |
| 17 | | |
| 64 | |
Total | |
| 5,357 | | |
| 5,658 | | |
| 5,415 | | |
| 5,669 | |
| |
| | | |
| | | |
| | | |
| | |
Antidilutive
securities: | |
| 17 | | |
| 17 | | |
| 17 | | |
| 17 | |
The
effect of the inclusion of the antidilutive shares would have resulted in an increase in earnings per share. Accordingly, the weighted
average shares outstanding have not been adjusted for antidilutive shares.
Note
3 – Equity Investments
For
the three months and nine months ended September 30, 2024 and 2023, the Company received dividend income from Progressive Beef of $50,000
and $150,000, respectively, representing a distribution of their earnings The income is reflected within the “Other income/(expense)”
section of the Company’s Consolidated Statement of Operations for the three and nine months ended September 30, 2024 and 2023.
On
March 29, 2023, the Company made an equity investment of $0.2 million in a private placement of ShellFish Solutions, Inc. dba BlueTrace,
Inc. (“BlueTrace”) Series Seed 2 Preferred Stock. The Company will account for its investment in BlueTrace at cost, in accordance
with Accounting Standard Update (“ASU”) 2016-01: Financial Instruments – Overall (Subtopic 825-10): Recognition
and Measurement of Financial Assets and Financial Liabilities.
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
Note
4 – Intangible and Other Assets
The
following table summarizes our intangible and other assets (amounts in thousands, except useful life):
Schedule
of Intangible and Other Assets
| |
September
30, | | |
December
31, | | |
Estimated |
| |
2024 | | |
2023 | | |
Useful
Life |
Intangible
assets subject to amortization: | |
| | | |
| | | |
|
Tradenames
and trademarks | |
$ | 417 | | |
$ | 417 | | |
2.5
- 8.0 years |
Accreditations | |
| 75 | | |
| 75 | | |
5.0
years |
Customer
relationships | |
| 3,928 | | |
| 3,937 | | |
3.0
- 15.0 years |
Patents | |
| 970 | | |
| 970 | | |
4.0
years |
Non-compete
agreements | |
| 121 | | |
| 121 | | |
5.0
years |
Intangible and other assets, gross | |
| 5,511 | | |
| 5,520 | | |
|
Less
accumulated amortization | |
| 4,076 | | |
| 3,821 | | |
|
Intangible and other assets, net | |
| 1,435 | | |
| 1,699 | | |
|
Cryptocurrency
(not subject to amortization) | |
| 116 | | |
| 116 | | |
|
Tradenames/trademarks
(not subject to amortization) | |
| 465 | | |
| 465 | | |
|
Intangible assets | |
| 2,016 | | |
| 2,280 | | |
|
Other
assets | |
| 19 | | |
| 23 | | |
|
Intangible
and other assets: | |
$ | 2,035 | | |
$ | 2,303 | | |
|
For
the three and nine months ended September 30, 2024 and 2023, we have not sold any digital assets and have not recognized any impairment
losses. As of September 30, 2024 and December 31, 2023, the carrying value of our digital assets held was $116,000.
Note
5 – Accrued Expenses and Other Current Liabilities
The
following table summarizes our accrued expenses and other current liabilities as of (amounts in thousands):
Schedule
of Accrued Expenses and Other Current Liabilities
| |
September
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Income
and sales taxes payable | |
$ | 525 | | |
$ | 62 | |
Payroll
related accruals | |
| 1,096 | | |
| 341 | |
Customer
deposits | |
| 113 | | |
| 41 | |
Professional
fees and other expenses | |
| 108 | | |
| 171 | |
Accrued expenses and
other current liabilities | |
$ | 1,842 | | |
$ | 615 | |
Note
6 – Notes Payable
Unison
Revolving Line of Credit
The
Company has a revolving line of credit (“LOC”) agreement which matures April 12, 2025. The LOC provides for $75,080 in working
capital. The interest rate is at the Wall Street Journal prime rate plus 1.50% and is adjusted daily. Principal and interest are payable
upon demand, but if demand is not made, then annual payments of accrued interest only are due, with the principal balance due on maturity.
As of September 30, 2024 and December 31, 2023, the effective interest rate was 10.0%. The LOC is collateralized by all the business
assets of Where Food Comes From Organic, Inc. (“WFCFO”). As of September 30, 2024, and December 31, 2023, there were no amounts
outstanding under this LOC.
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
Note
7 – Equity and Stock-Based Compensation
In
addition to cash compensation, the Company may compensate certain service providers, including employees, directors, consultants, and
other advisors, with equity-based compensation in the form of stock options, stock awards and restricted stock awards. The Company recognizes
all equity-based compensation as stock-based compensation expense based on the fair value of the compensation measured at the grant date.
For stock options, fair value is calculated at the date of grant using the Black-Scholes-Merton option pricing model. For stock awards
and restricted stock awards, fair value is the closing stock price for the Company’s common stock on the grant date. The expense
is recognized over the vesting period of the grant. For the periods presented, all stock-based compensation expense was classified as
a component within selling, general and administrative expense in the Company’s consolidated statements of operations.
The
amount of stock-based compensation expense recognized for the three and nine month periods ended September 30, 2024 was $0 and $11,000,
respectively. The amount of stock-based compensation expense recognized for the three and nine month periods ended September 30, 2023
was $6,000 and $38,000, respectively. All compensation cost from unvested awards was recognized as of March 31, 2024.
During
the three and nine months ended September 30, 2024 and 2023, no stock options or common stock were awarded.
Equity
Incentive Plans
Our
2006 Equity Incentive Plan (the “2006 Plan”) and 2016 Equity Incentive Plan (the “2016 Plan,” and together with
the 2006 Plan, the “Plans”) provide for the issuance of stock-based awards to employees, officers, directors and consultants.
The Plans permit the granting of stock awards and stock options. The vesting of stock-based awards is generally subject to the passage
of time and continued employment through the vesting period.
Stock
Option Activity
Stock
option activity under our Equity Incentive Plans is summarized as follows:
Schedule
of Stock Option Activity
| |
Number
of awards | | |
Weighted
avg. exercise price per share | | |
Weighted
avg. grant date fair value per share | | |
Weighted
avg remaining contractual life (in years) | | |
Aggregate
intrinsic value | |
Outstanding,
December 31, 2023 | |
| 73,469 | | |
$ | 8.84 | | |
$ | 7.97 | | |
| 5.07 | | |
$ | 346,125 | |
Granted | |
| - | | |
$ | - | | |
$ | - | | |
| - | | |
| | |
Exercised | |
| (11,000 | ) | |
$ | 7.66 | | |
$ | 7.40 | | |
| 3.29 | | |
| | |
Expired/Forfeited | |
| - | | |
$ | - | | |
$ | - | | |
| - | | |
| | |
Outstanding,
September 30, 2024 | |
| 62,469 | | |
$ | 8.87 | | |
$ | 8.07 | | |
| 4.62 | | |
$ | 334,769 | |
Exercisable,
September 30, 2024 | |
| 62,469 | | |
$ | 8.87 | | |
$ | 8.07 | | |
| 4.62 | | |
$ | 334,769 | |
Unvested,
September 30, 2024 | |
| - | | |
$ | - | | |
$ | - | | |
| - | | |
$ | - | |
The
aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate difference between the closing price of our common
stock on September 30, 2024 and the exercise price for the in-the-money options) that would have been received by the option holders
if all the in-the-money options had been exercised on September 30, 2024.
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
Private
Purchase of Common Shares
During
March 2024, the Company purchased 80,201 shares of its common stock from one shareholder for approximately $1.0 million. The purchase
was limited to this single shareholder who approached the company; it was privately negotiated and involved no solicitation or advertising.
No fees were paid in connection with the transaction, as it was a non-brokered placement. The shares were immediately retired upon purchase.
Note
8 – Income Taxes
Deferred
tax assets and liabilities have been determined based upon the differences between the financial statement amounts and the tax bases
of assets and liabilities as measured by enacted tax rates expected to be in effect when these differences are expected to reverse. In
assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all
of the deferred tax assets will not be realized.
The
provision or benefit for income taxes is recorded at the end of each interim period based on the Company’s best estimate of its
effective income tax rate expected to be applicable for the full fiscal year. For the three months ended September 30, 2024 and 2023
we recorded an income tax expense of approximately $0.2 million and $0.3 million, respectively. For the nine months ended September 30,
2024 and 2023 we recorded an income tax expense of approximately $0.5 million and $0.6 million, respectively.
Note
9 - Revenue Recognition
Disaggregation
of Revenue
We
have identified three material revenue categories in our business: (i) verification and certification service revenue, (ii) product sales,
(iii) professional services revenue.
Revenue
attributable to each of our identified revenue categories is disaggregated in the table below (amounts in thousands).
Schedule
of Revenue Attributable to Each of Our Identified Revenue Categories
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
| |
Nine
months ended September 30, 2024 | | |
Nine
months ended September 30, 2023 | |
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Verification
and certification service revenue | |
$ | 15,172 | | |
$ | - | | |
$ | - | | |
$ | 15,172 | | |
$ | 13,944 | | |
$ | - | | |
$ | - | | |
$ | 13,944 | |
Product
sales | |
| 2,881 | | |
| - | | |
| - | | |
| 2,881 | | |
| 3,130 | | |
| - | | |
| - | | |
| 3,130 | |
Professional
services | |
| - | | |
| 1,031 | | |
| - | | |
| 1,031 | | |
| - | | |
| 1,330 | | |
| - | | |
| 1,330 | |
Total
revenues | |
$ | 18,053 | | |
$ | 1,031 | | |
$ | - | | |
$ | 19,084 | | |
$ | 17,074 | | |
$ | 1,330 | | |
$ | - | | |
$ | 18,404 | |
|
|
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
| |
Three
months ended September 30, 2024 | | |
Three
months ended September 30, 2023 | |
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Verification
and certification service revenue | |
$ | 5,486 | | |
$ | - | | |
$ | - | | |
$ | 5,486 | | |
$ | 5,359 | | |
$ | - | | |
$ | - | | |
$ | 5,359 | |
Product
sales | |
| 1,329 | | |
| - | | |
| - | | |
| 1,329 | | |
| 1,221 | | |
| - | | |
| - | | |
| 1,221 | |
Professional
services | |
| - | | |
| 292 | | |
| - | | |
| 292 | | |
| - | | |
| 431 | | |
| - | | |
| 431 | |
Total
revenues | |
$ | 6,815 | | |
$ | 292 | | |
$ | - | | |
$ | 7,107 | | |
$ | 6,580 | | |
$ | 431 | | |
$ | - | | |
$ | 7,011 | |
Contract
Balances
As
of September 30, 2024 and December 31, 2023, accounts receivable from contracts with customers, net of allowance for doubtful accounts,
was approximately $2.2 million and $2.1 million, respectively.
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
As
of September 30, 2024 and December 31, 2023, deferred revenue from contracts with customers was approximately $2.1 million and $1.5 million,
respectively. The balance of the contract liabilities at September 30, 2024 and December 31, 2023 are expected to be recognized as revenue
within one year or less of the invoice date.
The
following table reflects the changes in our contract liabilities during the nine month period ended September 30, 2024 (amounts in thousands):
Schedule
of Changes in Contract Liabilities
Deferred
revenue: | |
| | |
Unearned
revenue December 31, 2023 | |
$ | 1,485 | |
Unearned
billings | |
| 3,246 | |
Revenue
recognized | |
| (2,585 | ) |
Unearned
revenue September 30, 2024 | |
$ | 2,146 | |
Note
10 – Leases
The
components of lease expense were as follows (amounts in thousands):
Schedule
of Lease Expense
| |
| | |
| | |
| | |
| |
| |
Three
months ended September 30, | | |
Nine
months ended September 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Operating
lease cost | |
$ | 110 | | |
$ | 119 | | |
$ | 337 | | |
$ | 364 | |
Finance
lease cost | |
| | | |
| | | |
| | | |
| | |
Amortization
of assets | |
| 4 | | |
| 4 | | |
| 11 | | |
| 11 | |
Interest
on finance lease obligations | |
| 1 | | |
| 1 | | |
| 3 | | |
| 4 | |
Variable
lease cost | |
| - | | |
| - | | |
| - | | |
| - | |
Total
net lease cost | |
$ | 115 | | |
$ | 124 | | |
$ | 351 | | |
$ | 379 | |
Included
in the table above, for the three and nine months ended September 30, 2024 and 2023, is $0.1 million and $0.3 million of operating lease
cost for our corporate headquarters. This space is being
leased from The Move, LLC. Our CEO and President, each a related party to WFCF, have a 24.3% jointly-held ownership interest in The Move,
LLC.
Supplemental
balance sheet information related to leases was as follows (amounts in thousands):
Schedule
of Supplemental Balance Sheet Information Related to Leases
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
September
30, 2024 | | |
December
31, 2023 | |
Operating
leases: | |
Related
Party | | |
Other | | |
Total | | |
Related
Party | | |
Other | | |
Total | |
Operating
lease ROU assets | |
$ | 1,991 | | |
$ | 113 | | |
$ | 2,104 | | |
$ | 2,158 | | |
$ | 87 | | |
$ | 2,245 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Current
operating lease liabilities | |
$ | 269 | | |
$ | 66 | | |
$ | 335 | | |
$ | 249 | | |
$ | 49 | | |
$ | 298 | |
Noncurrent
operating lease liabilities | |
| 2,203 | | |
| 49 | | |
| 2,252 | | |
| 2,407 | | |
| 40 | | |
| 2,447 | |
Total
operating lease liabilities | |
$ | 2,472 | | |
$ | 115 | | |
$ | 2,587 | | |
$ | 2,656 | | |
$ | 89 | | |
$ | 2,745 | |
Finance
leases: | |
September
30, 2024 | | |
December
31, 2023 | |
Right
of use asset, at cost | |
$ | 76 | | |
$ | 76 | |
Accumulated
amortization | |
| (36 | ) | |
| (25 | ) |
Property
and equipment, net | |
$ | 40 | | |
$ | 51 | |
| |
| | | |
| | |
Current
obligations of finance leases | |
$ | 15 | | |
$ | 14 | |
Finance
leases, net of current obligations | |
| 29 | | |
| 41 | |
Total
finance lease liabilities | |
$ | 44 | | |
$ | 55 | |
| |
| | | |
| | |
Weighted
average remaining lease term (in years): | |
| | | |
| | |
Operating
leases | |
| 6.6 | | |
| 7.4 | |
Finance
leases | |
| 3.0 | | |
| 3.7 | |
| |
| | | |
| | |
Weighted average
discount rate: | |
| | | |
| | |
Operating
leases | |
| 5.8 | % | |
| 5.8 | % |
Finance
leases | |
| 8.4 | % | |
| 8.3 | % |
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
Supplemental
cash flow and other information related to leases was as follows (amounts in thousands):
Schedule of Supplemental Cash Flow Information Related to Leases
| |
| | |
| | |
| | |
| |
| |
Three
months ended September 30, | | |
Nine
months ended September 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Cash
paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Operating
cash flows from operating leases | |
$ | 118 | | |
$ | 126 | | |
$ | 354 | | |
$ | 380 | |
Operating
cash flows from finance leases | |
$ | 1 | | |
$ | 1 | | |
$ | 3 | | |
$ | 4 | |
Financing
cash flows from finance leases | |
$ | 3 | | |
$ | 3 | | |
$ | 10 | | |
$ | 9 | |
| |
| | | |
| | | |
| | | |
| | |
ROU
assets obtained in exchange for lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Operating
leases | |
$ | - | | |
$ | - | | |
$ | 80 | | |
$ | - | |
Maturities
of lease liabilities were as follows (amounts in thousands):
Schedule of Maturities of Operating Lease and Finance Lease Liabilities
Years
Ending December 31st, | |
Operating
Leases | | |
Finance
Leases | |
2024
(remaining three months) | |
$ | 119 | | |
$ | 4 | |
2025 | |
| 471 | | |
| 18 | |
2026 | |
| 456 | | |
| 14 | |
2027 | |
| 430 | | |
| 14 | |
2028 | |
| 443 | | |
| - | |
Thereafter | |
| 1,205 | | |
| - | |
Total
lease payments | |
| 3,124 | | |
| 50 | |
Less
amount representing interest | |
| (537 | ) | |
| (6 | ) |
Total
lease obligations | |
| 2,587 | | |
| 44 | |
Less
current portion | |
| (335 | ) | |
| (15 | ) |
Long-term
lease obligations | |
$ | 2,252 | | |
$ | 29 | |
Note
11 – Commitments and Contingencies
Legal
proceedings
From
time to time, we may become involved in various legal actions, administrative proceedings and claims in the ordinary course of business.
We generally record losses for claims in excess of the limits of purchased insurance in earnings at the time and to the extent they are
probable and estimable.
Note
12 - Segments
With
each acquisition, we assess the need to disclose discrete information related to our operating segments. Because of the similarities
of certain of our acquisitions that provide certification and verification services, we aggregate operations into one verification and
certification reportable segment. The operating segments included in the aggregated verification and certification segment include IMI
Global, WFCFO and Validus. The factors considered in determining this aggregated reporting segment include the economic similarity of
the businesses, the nature of services provided, production processes, types of customers and distribution methods.
The
Company also determined that it has a professional services reportable segment. SureHarvest, which includes Postelsia, is the sole operating
segment. This segment includes consulting, data analysis and other reporting service revenues.
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
The
Company’s chief operating decision maker (the Company’s CEO) allocates resources and assesses the performance of its operating
segments. Segment management makes decisions, measures performance, and manages the business utilizing internal reporting operating segment
information. Performance of operating segments are based on net sales, gross profit, selling, general and administrative expenses and
most importantly, operating income.
The
Company eliminates intercompany transfers between segments for management reporting purposes. The following table shows information for
reportable operating segments (amounts in thousands):
Schedule
of Operating Segments
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Three
months ended September 30, 2024 | | |
Three
months ended September 30, 2023 | |
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
Assets: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Goodwill | |
$ | 1,947 | | |
$ | 999 | | |
$ | - | | |
$ | 2,946 | | |
$ | 1,947 | | |
$ | 999 | | |
$ | - | | |
$ | 2,946 | |
All
other assets, net | |
| (536 | ) | |
| 2,715 | | |
| 11,821 | | |
| 14,000 | | |
| 5,252 | | |
| 2,686 | | |
| 6,804 | | |
| 14,742 | |
Total
assets | |
$ | 1,411 | | |
$ | 3,714 | | |
$ | 11,821 | | |
$ | 16,946 | | |
$ | 7,199 | | |
$ | 3,685 | | |
$ | 6,804 | | |
$ | 17,688 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Verification
and certification service revenue | |
$ | 5,486 | | |
$ | - | | |
$ | - | | |
$ | 5,486 | | |
$ | 5,359 | | |
$ | - | | |
$ | - | | |
$ | 5,359 | |
Product
sales | |
| 1,329 | | |
| - | | |
| - | | |
| 1,329 | | |
| 1,221 | | |
| - | | |
| - | | |
| 1,221 | |
Professional
services | |
| - | | |
| 292 | | |
| - | | |
| 292 | | |
| - | | |
| 431 | | |
| - | | |
| 431 | |
Total
revenues | |
$ | 6,815 | | |
$ | 292 | | |
$ | - | | |
$ | 7,107 | | |
$ | 6,580 | | |
$ | 431 | | |
$ | - | | |
$ | 7,011 | |
Costs of revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Costs
of verification and certification services | |
| 3,288 | | |
| - | | |
| - | | |
| 3,288 | | |
| 3,123 | | |
| - | | |
| - | | |
| 3,123 | |
Costs
of products | |
| 841 | | |
| - | | |
| - | | |
| 841 | | |
| 681 | | |
| - | | |
| - | | |
| 681 | |
Costs
of professional services | |
| - | | |
| 204 | | |
| - | | |
| 204 | | |
| - | | |
| 341 | | |
| - | | |
| 341 | |
Total
costs of revenues | |
| 4,129 | | |
| 204 | | |
| - | | |
| 4,333 | | |
| 3,804 | | |
| 341 | | |
| - | | |
| 4,145 | |
Gross
profit | |
| 2,686 | | |
| 88 | | |
| - | | |
| 2,774 | | |
| 2,776 | | |
| 90 | | |
| - | | |
| 2,866 | |
Depreciation
& amortization | |
| 115 | | |
| 41 | | |
| - | | |
| 156 | | |
| 111 | | |
| 42 | | |
| - | | |
| 153 | |
Other
operating expenses | |
| 1,978 | | |
| 32 | | |
| - | | |
| 2,010 | | |
| 1,682 | | |
| 85 | | |
| - | | |
| 1,767 | |
Segment
operating income/(loss) | |
$ | 593 | | |
$ | 15 | | |
$ | - | | |
$ | 608 | | |
$ | 983 | | |
$ | (37 | ) | |
$ | - | | |
$ | 946 | |
Other
items to reconcile segment operating income (loss) to net income/(loss): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other
income / (expense) | |
| 65 | | |
| - | | |
| - | | |
| 65 | | |
| 65 | | |
| (2 | ) | |
| - | | |
| 63 | |
Income
tax expense | |
| - | | |
| - | | |
| (181 | ) | |
| (181 | ) | |
| - | | |
| - | | |
| (286 | ) | |
| (286 | ) |
Net
income/(loss) | |
$ | 658 | | |
$ | 15 | | |
$ | (181 | ) | |
$ | 492 | | |
$ | 1,048 | | |
$ | (39 | ) | |
$ | (286 | ) | |
$ | 723 | |
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Nine
months ended September 30, 2024 | | |
Nine
months ended September 30, 2023 | |
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
Assets: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Goodwill | |
$ | 1,947 | | |
$ | 999 | | |
$ | - | | |
$ | 2,946 | | |
$ | 1,947 | | |
$ | 999 | | |
$ | - | | |
$ | 2,946 | |
All
other assets, net | |
| (536 | ) | |
| 2,715 | | |
| 11,821 | | |
| 14,000 | | |
| 5,252 | | |
| 2,686 | | |
| 6,804 | | |
| 14,742 | |
Total
assets | |
$ | 1,411 | | |
$ | 3,714 | | |
$ | 11,821 | | |
$ | 16,946 | | |
$ | 7,199 | | |
$ | 3,685 | | |
$ | 6,804 | | |
$ | 17,688 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Verification
and certification service revenue | |
$ | 15,172 | | |
$ | - | | |
$ | - | | |
$ | 15,172 | | |
$ | 13,944 | | |
$ | - | | |
$ | - | | |
$ | 13,944 | |
Product
sales | |
| 2,881 | | |
| - | | |
| - | | |
| 2,881 | | |
| 3,130 | | |
| - | | |
| - | | |
| 3,130 | |
Professional
services | |
| - | | |
| 1,031 | | |
| - | | |
| 1,031 | | |
| - | | |
| 1,330 | | |
| - | | |
| 1,330 | |
Total
revenues | |
$ | 18,053 | | |
$ | 1,031 | | |
$ | - | | |
$ | 19,084 | | |
$ | 17,074 | | |
$ | 1,330 | | |
$ | - | | |
$ | 18,404 | |
Costs of revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Costs
of verification and certification services | |
| 8,831 | | |
| - | | |
| - | | |
| 8,831 | | |
| 8,055 | | |
| - | | |
| - | | |
| 8,055 | |
Costs
of products | |
| 1,744 | | |
| - | | |
| - | | |
| 1,744 | | |
| 1,804 | | |
| - | | |
| - | | |
| 1,804 | |
Costs
of professional services | |
| - | | |
| 748 | | |
| - | | |
| 748 | | |
| - | | |
| 1,030 | | |
| - | | |
| 1,030 | |
Total
costs of revenues | |
| 10,575 | | |
| 748 | | |
| - | | |
| 11,323 | | |
| 9,859 | | |
| 1,030 | | |
| - | | |
| 10,889 | |
Gross
profit | |
| 7,478 | | |
| 283 | | |
| - | | |
| 7,761 | | |
| 7,215 | | |
| 300 | | |
| - | | |
| 7,515 | |
Depreciation
& amortization | |
| 342 | | |
| 125 | | |
| - | | |
| 467 | | |
| 361 | | |
| 127 | | |
| - | | |
| 488 | |
Other
operating expenses | |
| 5,691 | | |
| 151 | | |
| - | | |
| 5,842 | | |
| 5,027 | | |
| 226 | | |
| - | | |
| 5,253 | |
Segment
operating income/(loss) | |
$ | 1,445 | | |
$ | 7 | | |
$ | - | | |
$ | 1,452 | | |
$ | 1,827 | | |
$ | (53 | ) | |
$ | - | | |
$ | 1,774 | |
Other
items to reconcile segment operating income (loss) to net income/(loss): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other
income / (expense) | |
| 172 | | |
| 1 | | |
| - | | |
| 173 | | |
| 187 | | |
| (5 | ) | |
| - | | |
| 182 | |
Income
tax expense | |
| - | | |
| - | | |
| (466 | ) | |
| (466 | ) | |
| - | | |
| - | | |
| (580 | ) | |
| (580 | ) |
Net
income/(loss) | |
$ | 1,617 | | |
$ | 8 | | |
$ | (466 | ) | |
$ | 1,159 | | |
$ | 2,014 | | |
$ | (58 | ) | |
$ | (580 | ) | |
$ | 1,376 | |
Note
13 – Supplemental Cash Flow Information
Schedule of Supplemental Cash Flow Information
| |
| | |
| |
| |
Nine
months ended September 30, | |
(Amounts
in thousands) | |
2024 | | |
2023 | |
Cash
paid during the year: | |
| | | |
| | |
Interest
expense | |
$ | - | | |
$ | - | |
Income
taxes | |
$ | 925 | | |
$ | 659 | |
Note
14 – Subsequent Events
The
Company has had no material, significant or unusual transactions or events from the financial statement date through the issuance of
the financial statements.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General
This
information should be read in conjunction with the consolidated financial statements and the notes included in Item 1 of Part I of this
Quarterly Report and the audited consolidated financial statements and notes, and Management’s Discussion and Analysis of Financial
Condition and Results of Operations, contained in the Form 10−K for the fiscal year ended December 31, 2023. The following discussion
and analysis includes historical and certain forward−looking information that should be read together with the accompanying consolidated
financial statements, related footnotes and the discussion below of certain risks and uncertainties that could cause future operating
results to differ materially from historical results or from the expected results indicated by forward−looking statements.
Business
Overview
Where
Food Comes From, Inc. and its subsidiaries (“WFCF,” the “Company,” “our,” “we,” or “us”)
is a leading trusted resource for third-party verification of food production practices in North America. The Company estimates that
is supports more than approximately 17,500 farmers, ranchers, vineyards, wineries, processors, retailers, distributors, trade associations,
consumer brands, chefs and restaurants with a wide variety of value-added services provided through its family of verifiers, including
IMI Global (“IMI”), Where Food Comes From Organic (“WFCFO” - previously International Certification Services
and A Bee Organic), and Validus Verification Services (“Validus”). In order to have credibility, product claims such as gluten-free,
non-GMO, non-hormone treated, humane handling, and others require verification by an independent third-party such as WFCF. The Company’s
principal business is conducting both on-site and desk audits to verify that claims being made about livestock, aquaculture, crops and
other food products are accurate.
Through
SureHarvest Services LLC (“SureHarvest”) and Postelsia Holdings, Ltd. (“Postelsia”), we primarily provide a wide
range of professional services and technology solutions that generate incremental revenue specific to the food and agricultural industry
and drive sustainable value creation.
Finally,
the Company’s Where Food Comes From Source Verified® retail and restaurant labeling program utilizes the verification of product
attributes to connect consumers directly to the source of the food they purchase through product labeling and web-based information sharing
and education. With the use of Quick Response Code (“QR”) technology, consumers can instantly access information about the
producers behind their food.
WFCF
was founded in 1996 and incorporated in the state of Colorado as a subchapter C corporation in 2006. The Company’s shares of common
stock trade on the NASDAQ Capital Market (“NASDAQ”), under the stock ticker symbol, “WFCF.”
The
Company’s original name – Integrated Management Information, Inc. (d.b.a. IMI Global) – was changed to Where Food Comes
From, Inc. in 2012 to better reflect the Company’s mission. Early growth was attributable to source and age verification services
for beef producers that wanted access to markets overseas following the discovery of “mad cow” disease in the U.S. Over the
years, WFCF has expanded its portfolio to include verification and professional services for most food groups and over 50 programs and
organizations. This growth has been achieved both organically and through the acquisition of other companies.
Pandemics,
the Inflationary Environment and other Weather Related Risks
We
continue to monitor risks related to pandemics, inflation and weather, as well as other risks closely and will react accordingly, while
keeping the interest of our customers, employees and shareholders in mind. Please refer to our risk factors included in our Form 10-K
for the fiscal year ended December 31, 2023 for additional information related to all of our risks.
Environmental,
Social and Governance (“ESG”) and Human Capital Resources
ESG
We
take environmental and social responsibility very seriously. It’s the entire reason we spend day in and day out helping farmers,
ranchers and brands around the world provide transparency to their consumers. Communicating authentic, sustainable, and traceable stories
directly impacts our future.
We
believe that sound corporate governance is critical to helping us achieve our goals, including with respect to ESG. We continue to evolve
a governance framework that exercises appropriate oversight of responsibilities at all levels throughout the company and manages its
affairs consistent with high principles of business ethics. Our internal ESG Council is made up of leaders from across our company, and
regularly presents to our Executive Team, which oversees our ESG impacts, initiatives, and priorities.
Human
Capital Resources
Our
greatest asset is our people, and we continue to attract the best and brightest with our competitive pay and benefits package. As of
September 30, 2024, we had 104 total employees, of which 94 were full-time employees. Approximately 84% of our workforce is comprised
of female and other minority employees.
We
are committed to providing a workplace where our employees feel respected and appreciated. Our Human Resource department (“HR”)
conducts a new hire orientation, so employees know whom to contact with questions or concerns. HR has an open door policy and is actively
involved in driving culture and engagement alongside business leaders.
Our
policies are designed to promote fairness and respect for everyone. We hire, evaluate, and promote employees based on their skills and
performance. Everyone is expected to be trustworthy, demonstrate excellence in their performance, and collaborate with others. With this
in mind, we will not tolerate certain behaviors. These include harassment, retaliation, violence, intimidation, and discrimination of
any kind on the basis of race, color, religion, national origin, gender, sexual orientation, gender identity, gender expression, age,
disability or veteran status.
To
continue innovating, we must ensure we have a talented and engaged workforce with ample opportunity to contribute to our mission and
grow professionally. We are focused on intentionally creating pathways to career opportunities across WFCF through strategic initiatives
such as internships and leadership training.
At
WFCF, our employees show up passionate about making a difference in the world and for each other. With a majority-minority workforce,
empowering our employee resource groups to take charge in driving initiatives that attract, develop, and retain our passionate workforce
is vital to our continued success.
Seasonality
Our
business is subject to seasonal fluctuations annually. Significant portions of our verification and certification service revenue is
typically realized during late May through early October when the calf marketings and the growing seasons are at their peak.
Additionally,
the cattle industry is cyclical by nature based on factors impacting current and future supplies such as drought-induced feedlot placements,
higher cow and heifer slaughter, and lower auction receipts. The production lags inherent to this industry lead to long-lasting impacts
of production decisions. For example, increased liquidation implies tighter supplies for next year. Similarly, times of herd expansion
are typically a multi-year period. These cycles typically last roughly 10 years. The current cycle began in 2014 and we believe we are
currently in the contraction phase of the cycle after peaking in 2018-2019. How long we continue to contract will be directly impacted
by drought, pasture conditions, supply and demand.
Because
of the seasonality of the business and cyclical nature of our industry, results for any quarter are not necessarily indicative of the
results that may be achieved for any other quarter or for the full fiscal year.
Liquidity
and Capital Resources
At
September 30, 2024 and December 31, 2023, we had cash and cash equivalents of approximately $2.8 million and $2.6 million, respectively.
Our working capital at September 30, 2024 and December 31, 2023 was approximately $2.2 million and $3.2 million, respectively.
Net
cash provided by operating activities for the nine months ended September 30, 2024 was approximately $2.8 million compared to $2.6 million
during the same period in 2023. Net cash provided by operating activities is driven by our net income and adjusted by non-cash items.
Non-cash adjustments primarily include depreciation, amortization of intangible assets, stock-based compensation expense, and deferred
taxes. Fluctuations are primarily due to operating performance offset by the timing of cash receipts and cash disbursements. The increase
in cash provided by operating activities for the periods ending September 30, 2024 and 2023 was primarily driven by a change in accrued
expenses and other current liabilities, prepaid expenses and other assets, and deferred revenue.
Net
cash used in investing activities for the nine months ended September 30, 2024 was approximately $0.1 million compared to $0.3 million
in the 2023 period. Net cash used in the period ending September 30, 2023 was primarily related to our equity investment in BlueTrace.
Net
cash used in financing activities for the nine months ended September 30, 2024 and 2023 was approximately $2.5 million and $2.9 million,
respectively. Cash used for the period ending nine months ended September 30, 2024, was primarily due to a private purchase of our common
shares and the repurchase of common shares under the Stock Buyback Plan. Cash used for the period ending September 30, 2023, was primarily
due to the repurchase of common shares under the Stock Buyback Plan.
Over
the past several years, our growth has been funded primarily through cash flows from operations. We continually evaluate all funding
options, including additional offerings of our securities to private, public and institutional investors and other credit facilities
as they become available.
The
primary driver of our operating cash flow is our third-party verification solutions, specifically the gross margin generated from services
provided. Therefore, we focus on the elements of those operations, including revenue growth, gross margin and long-term projects that
ensure a steady stream of operating profits to enable us to meet our cash obligations. On a weekly basis, we review the performance of
each of our revenue streams focusing on third-party verification solutions compared with prior periods and our operating plan. We believe
that our various sources of capital, including cash flow from operating activities, overall improvement in our performance, and our ability
to obtain additional financing, are adequate to finance current operations. We are not aware of any other event or trend that would negatively
affect our liquidity. In the event such a trend develops, we believe that there are sufficient financing avenues available to us and
from our internal cash-generating capabilities to adequately manage our ongoing business.
The
culmination of all our efforts has brought significant opportunities to us, including increased investor
confidence and renewed interest in our company, as well as the potential to develop business relationships with long-term strategic
partners. In keeping with our core business, we will continue to review our business model with a focus on profitability, long-term capital
solutions and the potential impact of acquisitions or divestitures, if such an opportunity arises.
Our
plan for continued growth is primarily based on diversification and bundling opportunities in our product offerings within national and
international markets, as well as, potential acquisitions. We believe that there are significant growth opportunities available to us
because of growing consumer awareness and demand on a national level. Internationally, a quality verification program is often the only
way to overcome import or export restrictions.
Debt
Facility
The
Company has a revolving line of credit (“LOC”) agreement which matures April 12, 2025. The LOC provides for $75,080 in working
capital. The interest rate is at the Wall Street Journal prime rate plus 1.50% and is adjusted daily. Principal and interest are payable
upon demand, but if demand is not made, then annual payments of accrued interest only are due, with the principal balance due upon maturity.
As of September 30, 2024 and December 31, 2023, the effective interest rate was 10.0%. The LOC is collateralized by all the business
assets of Where Food Comes From Organic, Inc. (“WFCFO”). As of September 30, 2024, and December 31, 2023, there were no amounts
outstanding under this LOC.
Off-Balance
Sheet Arrangements
As
of September 30, 2024, we had no off-balance sheet arrangements of any type.
RESULTS
OF OPERATIONS
Three
and nine months ended September 30, 2024 compared to the same period in fiscal year 2023
The
following table shows information for reportable operating segments (amounts in thousands):
| |
Three
months ended September 30, 2024 | | |
Three
months ended September 30, 2023 | |
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
Assets: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Goodwill | |
$ | 1,947 | | |
$ | 999 | | |
$ | - | | |
$ | 2,946 | | |
$ | 1,947 | | |
$ | 999 | | |
$ | - | | |
$ | 2,946 | |
All
other assets, net | |
| (536 | ) | |
| 2,715 | | |
| 11,821 | | |
| 14,000 | | |
| 5,252 | | |
| 2,686 | | |
| 6,804 | | |
| 14,742 | |
Total
assets | |
$ | 1,411 | | |
$ | 3,714 | | |
$ | 11,821 | | |
$ | 16,946 | | |
$ | 7,199 | | |
$ | 3,685 | | |
$ | 6,804 | | |
$ | 17,688 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Verification
and certification service revenue | |
$ | 5,486 | | |
$ | - | | |
$ | - | | |
$ | 5,486 | | |
$ | 5,359 | | |
$ | - | | |
$ | - | | |
$ | 5,359 | |
Product
sales | |
| 1,329 | | |
| - | | |
| - | | |
| 1,329 | | |
| 1,221 | | |
| - | | |
| - | | |
| 1,221 | |
Professional
services | |
| - | | |
| 292 | | |
| - | | |
| 292 | | |
| - | | |
| 431 | | |
| - | | |
| 431 | |
Total
revenues | |
$ | 6,815 | | |
$ | 292 | | |
$ | - | | |
$ | 7,107 | | |
$ | 6,580 | | |
$ | 431 | | |
$ | - | | |
$ | 7,011 | |
Costs of revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Costs
of verification and certification services | |
| 3,288 | | |
| - | | |
| - | | |
| 3,288 | | |
| 3,123 | | |
| - | | |
| - | | |
| 3,123 | |
Costs
of products | |
| 841 | | |
| - | | |
| - | | |
| 841 | | |
| 681 | | |
| - | | |
| - | | |
| 681 | |
Costs
of professional services | |
| - | | |
| 204 | | |
| - | | |
| 204 | | |
| - | | |
| 341 | | |
| - | | |
| 341 | |
Total
costs of revenues | |
| 4,129 | | |
| 204 | | |
| - | | |
| 4,333 | | |
| 3,804 | | |
| 341 | | |
| - | | |
| 4,145 | |
Gross
profit | |
| 2,686 | | |
| 88 | | |
| - | | |
| 2,774 | | |
| 2,776 | | |
| 90 | | |
| - | | |
| 2,866 | |
Depreciation
& amortization | |
| 115 | | |
| 41 | | |
| - | | |
| 156 | | |
| 111 | | |
| 42 | | |
| - | | |
| 153 | |
Other
operating expenses | |
| 1,978 | | |
| 32 | | |
| - | | |
| 2,010 | | |
| 1,682 | | |
| 85 | | |
| - | | |
| 1,767 | |
Segment
operating income/(loss) | |
$ | 593 | | |
$ | 15 | | |
$ | - | | |
$ | 608 | | |
$ | 983 | | |
$ | (37 | ) | |
$ | - | | |
$ | 946 | |
Other
items to reconcile segment operating income (loss) to net income/(loss): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other
income / (expense) | |
| 65 | | |
| - | | |
| - | | |
| 65 | | |
| 65 | | |
| (2 | ) | |
| - | | |
| 63 | |
Income
tax expense | |
| - | | |
| - | | |
| (181 | ) | |
| (181 | ) | |
| - | | |
| - | | |
| (286 | ) | |
| (286 | ) |
Net
income/(loss) | |
$ | 658 | | |
$ | 15 | | |
$ | (181 | ) | |
$ | 492 | | |
$ | 1,048 | | |
$ | (39 | ) | |
$ | (286 | ) | |
$ | 723 | |
| |
Nine
months ended September 30, 2024 | | |
Nine
months ended September 30, 2023 | |
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
Assets: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Goodwill | |
$ | 1,947 | | |
$ | 999 | | |
$ | - | | |
$ | 2,946 | | |
$ | 1,947 | | |
$ | 999 | | |
$ | - | | |
$ | 2,946 | |
All
other assets, net | |
| (536 | ) | |
| 2,715 | | |
| 11,821 | | |
| 14,000 | | |
| 5,252 | | |
| 2,686 | | |
| 6,804 | | |
| 14,742 | |
Total
assets | |
$ | 1,411 | | |
$ | 3,714 | | |
$ | 11,821 | | |
$ | 16,946 | | |
$ | 7,199 | | |
$ | 3,685 | | |
$ | 6,804 | | |
$ | 17,688 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Verification
and certification service revenue | |
$ | 15,172 | | |
$ | - | | |
$ | - | | |
$ | 15,172 | | |
$ | 13,944 | | |
$ | - | | |
$ | - | | |
$ | 13,944 | |
Product
sales | |
| 2,881 | | |
| - | | |
| - | | |
| 2,881 | | |
| 3,130 | | |
| - | | |
| - | | |
| 3,130 | |
Professional
services | |
| - | | |
| 1,031 | | |
| - | | |
| 1,031 | | |
| - | | |
| 1,330 | | |
| - | | |
| 1,330 | |
Total
revenues | |
$ | 18,053 | | |
$ | 1,031 | | |
$ | - | | |
$ | 19,084 | | |
$ | 17,074 | | |
$ | 1,330 | | |
$ | - | | |
$ | 18,404 | |
Costs of revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Costs
of verification and certification services | |
| 8,831 | | |
| - | | |
| - | | |
| 8,831 | | |
| 8,055 | | |
| - | | |
| - | | |
| 8,055 | |
Costs
of products | |
| 1,744 | | |
| - | | |
| - | | |
| 1,744 | | |
| 1,804 | | |
| - | | |
| - | | |
| 1,804 | |
Costs
of professional services | |
| - | | |
| 748 | | |
| - | | |
| 748 | | |
| - | | |
| 1,030 | | |
| - | | |
| 1,030 | |
Total
costs of revenues | |
| 10,575 | | |
| 748 | | |
| - | | |
| 11,323 | | |
| 9,859 | | |
| 1,030 | | |
| - | | |
| 10,889 | |
Gross
profit | |
| 7,478 | | |
| 283 | | |
| - | | |
| 7,761 | | |
| 7,215 | | |
| 300 | | |
| - | | |
| 7,515 | |
Depreciation
& amortization | |
| 342 | | |
| 125 | | |
| - | | |
| 467 | | |
| 361 | | |
| 127 | | |
| - | | |
| 488 | |
Other
operating expenses | |
| 5,691 | | |
| 151 | | |
| - | | |
| 5,842 | | |
| 5,027 | | |
| 226 | | |
| - | | |
| 5,253 | |
Segment
operating income/(loss) | |
$ | 1,445 | | |
$ | 7 | | |
$ | - | | |
$ | 1,452 | | |
$ | 1,827 | | |
$ | (53 | ) | |
$ | - | | |
$ | 1,774 | |
Other
items to reconcile segment operating income (loss) to net income/(loss): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other
income / (expense) | |
| 172 | | |
| 1 | | |
| - | | |
| 173 | | |
| 187 | | |
| (5 | ) | |
| - | | |
| 182 | |
Income
tax expense | |
| - | | |
| - | | |
| (466 | ) | |
| (466 | ) | |
| - | | |
| - | | |
| (580 | ) | |
| (580 | ) |
Net
income/(loss) | |
$ | 1,617 | | |
$ | 8 | | |
$ | (466 | ) | |
$ | 1,159 | | |
$ | 2,014 | | |
$ | (58 | ) | |
$ | (580 | ) | |
$ | 1,376 | |
Verification
and Certification Segment
Verification
and certification service revenues consist of fees charged for verification audits and other verification and certification related services
that the Company performs for customers. Fees earned from our WFCF labeling program are also included in our verification and certification
revenues as it represents a value-added extension of our source verification. We are recognized and utilized by numerous standard-setting
bodies as an accredited verification or certification service provider. We enable food producers and brands to make certain claims on
live animals or packaged food products by verifying that they are meeting the standards or guidelines associated with the claim(s) they
are making. Verification and certification service revenue for the three and nine months ended September 30, 2024 increased 2.4% and
8.8%, respectively, compared with the same periods in 2023. While our verification and certification service revenue continues to improve
due to new customer growth and bundling opportunities, we believe we are in a low point of a contraction phase within the cattle cycle
which negatively impacts revenue tied directly to price per head of cattle.
Our
product sales are an ancillary part of our verification and certification services and represent sales of cattle identification ear tags.
Product sales for the three months ended September 30, 2024 slightly increased $0.1 million, compared to the same period in 2023. Product
sales for the nine months ended September 30, 2024 decreased $0.3 million, compared to the same period in 2023. We continue to see some
new customer growth, but our customers are ordering less tags due to smaller beef cow herd size. According to the USDA July 2023 statistics,
overall beef cow inventories have declined over 3% compared to last year. As mentioned above, we believe we are at a low point of a contraction
phase within the cattle cycle which negatively impacts revenue tied directly to price per head of cattle.
Segment
costs of revenues for the three and nine months ended September 30, 2024 were approximately $4.1 million and $10.6 million, respectively,
compared to approximately $3.8 million and $9.9 million, respectively for the same periods in 2023. Gross margin for the three months
ended September 30, 2024 and 2023 was 39.4% and 42.2%, respectively, while the gross margin for the nine months ended September 30, 2024
and 2023 was 41.4% and 42.3%, respectively. The slight decline was primarily driven by higher cost of product sales overset by higher
margin verification services. Our margins are generally impacted by various fixed costs such as cost of products, salaries and benefits,
insurance and taxes.
Other
operating expenses for the three and nine months ended September 30, 2024 increased by approximately $0.3 million and $0.6 million, respectively,
compared to the same three and nine month periods in 2023. Some of the increase was due to costs incurred to expand our marketing efforts
both nationally and internationally. Additionally, some year-end audit and tax return preparation fees were incurred during the third
quarter of 2024 versus the fourth quarter of 2023.
Professional
Services Segment
Professional
services includes a wide range of professional consulting, data analysis, reporting and technology solutions that support our verification
business and generate incremental revenue specific to the food and agricultural industry. Professional services revenue for the three
and nine months ended September 30, 2024 decreased approximately $0.1 million and $0.3 million, respectively, compared to the same periods
in 2023.
Costs
of revenues for our professional services segment for the three and nine months ended September 30, 2024 was approximately $0.2 million
and $0.7 million, respectively, compared to approximately $0.3 million and $1.0 million, respectively, for the same periods in 2023.
Gross margin for the three and nine months ended September 30, 2024 increased to 30.1% and 27.4%, respectively, compared to 20.9% and
22.6% for the same periods in 2023, as a result of realigning employees tasks to more profitable areas of focus.
Dividend
Income from Progressive Beef
For
the three and nine months ended September 30, 2024 and
2023, the Company received dividend income from Progressive Beef of $50,000 and $150,000, respectively,
representing a distribution of their earnings.
Income
Tax Expense
The
provision for income taxes is recorded at the end of each interim period based on the Company’s best estimate of its effective
income tax rate expected to be applicable for the full fiscal year. For the three months ended September 30, 2024 and 2023 we recorded
an income tax expense of approximately $0.2 million and $0.3 million, respectively. For the nine months ended September 30, 2024 and
2023 we recorded an income tax expense of approximately $0.5 million and $0.6 million, respectively.
Net
Income and Per Share Information
As
a result of the foregoing, net income attributable to WFCF shareholders for the three and nine months ended September 30, 2024 was approximately
$0.5 million and $1.2 million, respectively, and $0.09 and $0.22, respectively, per basic share common share and $0.09 and $0.21 per
diluted common share. Compared to net income of approximately $0.7 million and $1.4 million, respectively, and $0.13 and $0.25, respectively,
per basic share and $0.13 and $0.24, respectively, per diluted common share for the three and nine months ended September 30, 2023.
ITEM
4. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
Our
management, including our principal executive and financial officers, have conducted an evaluation of the effectiveness of the design
and operation of our “disclosure controls and procedures,” as such term is defined under Rules 13a-15(e) and 15d-15(e) of
the Exchange Act, to ensure that information we are required to disclose in the reports we file or submit under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and include controls and procedures
designed to ensure that information we are required to disclose in such reports is accumulated and communicated to management, including
our principal executive and financial officers, as appropriate, to allow timely decisions regarding required disclosure. Based on that
evaluation, our principal executive and financial officers concluded that our disclosure controls and procedures were effective as of
the end of the period covered by this report. We believe that the financial statements included in this report fairly present in all
material respects our financial condition, results of operations and cash flows for the periods presented.
Internal
Control Over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f)
of the Exchange Act. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements
and can only provide reasonable assurance with respect to financial statement preparation. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
There
have not been any other changes in the Company’s internal control over financial reporting (as such term is defined in Rule 13a-15(f)
under the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect,
the Company’s internal control over financial reporting.
PART
II – OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
From
time to time, we may become involved in various legal actions, administrative proceedings and claims in the ordinary course of business.
We generally record losses for claims in excess of the limits of purchased insurance in earnings at the time and to the extent they are
probable and estimable. We are not aware of any significant legal actions at this time.
ITEM
1A. RISK FACTORS
Our
business is subject to a number of risks, including those identified in Item 1A. — “Risk Factors” of our 2023 Annual
Report on Form 10−K, that could have a material effect on our business, results of operations, financial condition and/or liquidity
and that could cause our operating results to vary significantly from period to period. As of September 30, 2024,
the Company recognizes matters specific to pandemics, the inflationary environment and weather-related risks may have a continued economic
impact on the Company, but management does not know and cannot estimate what the long-term financial impact may be. We may also disclose
changes to such factors or disclose additional factors from time to time in our future filings with the SEC.
ITEM
2. ISSUER PURCHASES OF EQUITY SECURITIES
Issuer
Purchases of Equity Securities
On
September 30, 2019, our Board of Directors approved a new plan to buyback up to 2.5 million additional shares of our common stock from
the open market (“Stock Buyback Plan”). Activity for the three months ended September 30, 2024 is as follows:
| |
Number
of Shares | | |
Cost
of Shares (in thousands) | | |
Average
Cost per Share | |
Shares
purchased - July 2024 | |
| 6,147 | | |
$ | 66 | | |
$ | 10.76 | |
Shares purchased
- August 2024 | |
| 19,448 | | |
| 215 | | |
$ | 11.08 | |
Shares
purchased - September 2024 | |
| 41,025 | | |
| 453 | | |
$ | 11.04 | |
Total | |
| 66,620 | | |
$ | 734 | | |
| | |
Private
Purchase of Common Shares
During
March 2024, the Company purchased 80,201 shares of its common stock from one shareholder for approximately $1.0 million. The purchase
was limited to this single shareholder who approached the company; it was privately negotiated and involved no solicitation or advertising.
No fees were paid in connection with the transaction, as it was a non-brokered placement. The shares were immediately retired upon purchase.
ITEM
6. EXHIBITS
(a)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
Date:
November 12, 2024 |
Where
Food Comes From, Inc. |
|
|
|
By: |
/s/
John K. Saunders |
|
|
Chief
Executive Officer |
|
By: |
/s/
Dannette Henning |
|
|
Chief
Financial Officer |
EXHIBIT 31.1
I, John Saunders, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Where Food Comes
From, Inc.
2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the consolidated financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officers
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. The registrant’s other certifying officers
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 12, 2024 |
|
|
|
/s/ John Saunders |
|
John Saunders, Chief Executive Officer |
|
EXHIBIT 31.2
I, Dannette Henning, certify that:
1. I have reviewed this quarterly report on Form 10-Q
of Where Food Comes From, Inc.
2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the consolidated financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officers
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. The registrant’s other certifying officers
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 12, 2024 |
|
|
|
/s/ Dannette Henning |
|
Dannette Henning, Chief Financial Officer |
|
EXHIBIT 32.1
Certification of Periodic Financial Report
Pursuant to 18 U.S.C. Section 1350
For purposes of 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, John Saunders the Chief Executive Officer of Where Food Comes
From, Inc. (the “Company”), hereby certifies that, to his knowledge:
|
(i) |
the Quarterly Report on Form 10-Q of the Company for the quarterly period ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(ii) |
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: November 12, 2024 |
|
|
|
/s/ John Saunders |
|
John Saunders, Chief Executive Officer |
|
EXHIBIT 32.2
Certification of Periodic Financial Report
Pursuant to 18 U.S.C. Section 1350
For purposes of 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Dannette Henning, the Chief Financial Officer of Where Food
Comes From, Inc. (the “Company”), hereby certifies that, to her knowledge:
|
(i) |
the Quarterly Report on Form 10-Q of the Company for the quarterly period ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(ii) |
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: November 12, 2024 |
|
|
|
/s/ Dannette Henning |
|
Dannette Henning, Chief Financial Officer |
|
v3.24.3
Cover - $ / shares
|
9 Months Ended |
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Sep. 30, 2024 |
Nov. 01, 2024 |
Cover [Abstract] |
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2024
|
|
Current Fiscal Year End Date |
--12-31
|
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Entity File Number |
001-40314
|
|
Entity Registrant Name |
WHERE
FOOD COMES FROM, INC.
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Entity Central Index Key |
0001360565
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43-1802805
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v3.24.3
Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 2,757
|
$ 2,641
|
Accounts receivable, net of allowance |
2,234
|
2,128
|
Inventory |
1,089
|
1,109
|
Prepaid expenses and other current assets |
1,309
|
335
|
Total current assets |
7,389
|
6,213
|
Property and equipment, net |
760
|
844
|
Right-of-use assets, net |
2,144
|
2,296
|
Equity investments |
1,191
|
1,191
|
Intangible and other assets, net |
2,035
|
2,303
|
Goodwill, net |
2,946
|
2,946
|
Deferred tax assets, net |
481
|
493
|
Total assets |
16,946
|
16,286
|
Current liabilities: |
|
|
Accounts payable |
873
|
567
|
Accrued expenses and other current liabilities |
1,842
|
615
|
Deferred revenue |
2,146
|
1,485
|
Current portion of finance lease obligations |
15
|
14
|
Current portion of operating lease obligations |
335
|
298
|
Total current liabilities |
5,211
|
2,979
|
Finance lease obligations, net of current portion |
29
|
41
|
Operating lease obligation, net of current portion |
2,252
|
2,447
|
Total liabilities |
7,492
|
5,467
|
Commitments and contingencies |
|
|
Equity: |
|
|
Preferred stock, $0.001 par value; 5,000 shares authorized; none issued or outstanding |
|
|
Common stock, $0.001 par value; 95,000 shares authorized; 6,447 (2024) and 6,516 (2023) shares issued, and 5,297 (2024) and 5,503 (2023) shares outstanding |
7
|
7
|
Additional paid-in-capital |
11,358
|
12,290
|
Treasury stock of 1,149 (2024) and 1,014 (2023) shares |
(12,811)
|
(11,219)
|
Retained earnings |
10,900
|
9,741
|
Total equity |
9,454
|
10,819
|
Total liabilities and stockholders’ equity |
$ 16,946
|
$ 16,286
|
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v3.24.3
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
5,000
|
5,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
95,000
|
95,000
|
Common stock, shares issued |
6,447
|
6,516
|
Common stock, shares outstanding |
5,297
|
5,503
|
Treasury stock, shares |
1,149
|
1,014
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.3
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Revenues: |
|
|
|
|
Total revenues |
$ 7,107,000
|
$ 7,011,000
|
$ 19,084,000
|
$ 18,404,000
|
Costs of revenues: |
|
|
|
|
Total costs of revenues |
4,333,000
|
4,145,000
|
11,323,000
|
10,889,000
|
Gross profit |
2,774,000
|
2,866,000
|
7,761,000
|
7,515,000
|
Selling, general and administrative expenses |
2,166,000
|
1,920,000
|
6,309,000
|
5,741,000
|
Income from operations |
608,000
|
946,000
|
1,452,000
|
1,774,000
|
Other income/(expense): |
|
|
|
|
Dividend income from Progressive Beef |
50,000
|
50,000
|
150,000
|
150,000
|
Other income, net |
15,000
|
16,000
|
29,000
|
36,000
|
Gain on sale of assets |
1,000
|
|
1,000
|
5,000
|
Loss on foreign currency exchange |
|
(2,000)
|
(4,000)
|
(6,000)
|
Interest expense |
(1,000)
|
(1,000)
|
(3,000)
|
(3,000)
|
Income before income taxes |
673,000
|
1,009,000
|
1,625,000
|
1,956,000
|
Income tax expense |
181,000
|
286,000
|
466,000
|
580,000
|
Net income |
$ 492,000
|
$ 723,000
|
$ 1,159,000
|
$ 1,376,000
|
Per share - net income |
|
|
|
|
Basic |
$ 0.09
|
$ 0.13
|
$ 0.22
|
$ 0.25
|
Diluted |
$ 0.09
|
$ 0.13
|
$ 0.21
|
$ 0.24
|
Weighted average number of common shares outstanding: |
|
|
|
|
Basic |
5,342
|
5,599
|
5,398
|
5,605
|
Diluted |
5,357
|
5,658
|
5,415
|
5,669
|
Verification and Certification Service Revenue [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues |
$ 5,486,000
|
$ 5,359,000
|
$ 15,172,000
|
$ 13,944,000
|
Costs of revenues: |
|
|
|
|
Total costs of revenues |
3,288,000
|
3,123,000
|
8,831,000
|
8,055,000
|
Product Sales [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues |
1,329,000
|
1,221,000
|
2,881,000
|
3,130,000
|
Costs of revenues: |
|
|
|
|
Total costs of revenues |
841,000
|
681,000
|
1,744,000
|
1,804,000
|
Professional Services [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues |
292,000
|
431,000
|
1,031,000
|
1,330,000
|
Costs of revenues: |
|
|
|
|
Total costs of revenues |
$ 204,000
|
$ 341,000
|
$ 748,000
|
$ 1,030,000
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Operating activities: |
|
|
Net income |
$ 1,159
|
$ 1,376
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
467
|
488
|
Gain on sale of assets |
(1)
|
(5)
|
Stock-based compensation expense |
11
|
38
|
Deferred tax expense |
12
|
15
|
Bad debt expense |
52
|
39
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(158)
|
(158)
|
Inventory |
20
|
(232)
|
Prepaid expenses and other assets |
(958)
|
(32)
|
Accounts payable |
306
|
82
|
Accrued expenses and other current liabilities |
1,227
|
584
|
Deferred revenue |
661
|
435
|
Right of use assets and liabilities, net |
(18)
|
(17)
|
Net cash provided by operating activities |
2,780
|
2,613
|
Investing activities: |
|
|
Investment in BlueTrace |
|
(200)
|
Proceeds from sale of intangible assets |
11
|
|
Purchases of property, equipment and software development costs |
(130)
|
(87)
|
Net cash used in investing activities |
(119)
|
(287)
|
Financing activities: |
|
|
Repayments of finance lease obligations |
(10)
|
(9)
|
Proceeds from stock option exercise |
84
|
49
|
Private purchase of common shares |
(1,027)
|
|
Stock repurchase under Stock Buyback Plan |
(1,592)
|
(2,921)
|
Net cash used in financing activities |
(2,545)
|
(2,881)
|
Net change in cash |
116
|
(555)
|
Cash at beginning of period |
2,641
|
4,368
|
Cash at end of period |
$ 2,757
|
$ 3,813
|
X |
- DefinitionIncrease decrease in right of use assets and liabilities net.
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v3.24.3
Consolidated Statement of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Treasury Stock, Common [Member] |
Retained Earnings [Member] |
Balance at Dec. 31, 2022 |
$ 12,477
|
$ 6
|
$ 12,145
|
$ (7,263)
|
$ 7,589
|
Balance, shares at Dec. 31, 2022 |
|
5,775
|
|
|
|
Stock-based compensation expense |
15
|
|
15
|
|
|
Repurchase of common shares under Stock Buyback Plan |
(1,230)
|
|
|
(1,230)
|
|
Repurchase of common shares under Stock Buyback Plan, shares |
|
(90)
|
|
|
|
Net income |
121
|
|
|
|
121
|
Balance at Mar. 31, 2023 |
11,383
|
$ 6
|
12,160
|
(8,493)
|
7,710
|
Balance, shares at Mar. 31, 2023 |
|
5,685
|
|
|
|
Balance at Dec. 31, 2022 |
12,477
|
$ 6
|
12,145
|
(7,263)
|
7,589
|
Balance, shares at Dec. 31, 2022 |
|
5,775
|
|
|
|
Net income |
1,376
|
|
|
|
|
Balance at Sep. 30, 2023 |
11,019
|
$ 6
|
12,232
|
(10,184)
|
8,965
|
Balance, shares at Sep. 30, 2023 |
|
5,574
|
|
|
|
Balance at Mar. 31, 2023 |
11,383
|
$ 6
|
12,160
|
(8,493)
|
7,710
|
Balance, shares at Mar. 31, 2023 |
|
5,685
|
|
|
|
Stock-based compensation expense |
17
|
|
17
|
|
|
Repurchase of common shares under Stock Buyback Plan |
(836)
|
|
|
(836)
|
|
Repurchase of common shares under Stock Buyback Plan, shares |
|
(61)
|
|
|
|
Net income |
532
|
|
|
|
532
|
Stock option exercised |
46
|
|
46
|
|
|
Stock options exercised, shares |
|
7
|
|
|
|
Balance at Jun. 30, 2023 |
11,142
|
$ 6
|
12,223
|
(9,329)
|
8,242
|
Balance, shares at Jun. 30, 2023 |
|
5,631
|
|
|
|
Stock-based compensation expense |
6
|
|
6
|
|
|
Repurchase of common shares under Stock Buyback Plan |
(855)
|
|
|
(855)
|
|
Repurchase of common shares under Stock Buyback Plan, shares |
|
(60)
|
|
|
|
Net income |
723
|
|
|
|
723
|
Stock option exercised |
3
|
|
3
|
|
|
Stock options exercised, shares |
|
3
|
|
|
|
Balance at Sep. 30, 2023 |
11,019
|
$ 6
|
12,232
|
(10,184)
|
8,965
|
Balance, shares at Sep. 30, 2023 |
|
5,574
|
|
|
|
Balance at Dec. 31, 2023 |
10,819
|
$ 7
|
12,290
|
(11,219)
|
9,741
|
Balance, shares at Dec. 31, 2023 |
|
5,503
|
|
|
|
Stock-based compensation expense |
11
|
|
11
|
|
|
Repurchase of common shares under Stock Buyback Plan |
(469)
|
|
|
(469)
|
|
Repurchase of common shares under Stock Buyback Plan, shares |
|
(36)
|
|
|
|
Net income |
178
|
|
|
|
178
|
Stock option exercised |
64
|
|
64
|
|
|
Stock options exercised, shares |
|
8
|
|
|
|
Private purchase of common shares |
(1,027)
|
|
(1,027)
|
|
|
Private purchase of common shares, shares |
|
(80)
|
|
|
|
Balance at Mar. 31, 2024 |
9,576
|
$ 7
|
11,338
|
(11,688)
|
9,919
|
Balance, shares at Mar. 31, 2024 |
|
5,395
|
|
|
|
Balance at Dec. 31, 2023 |
10,819
|
$ 7
|
12,290
|
(11,219)
|
9,741
|
Balance, shares at Dec. 31, 2023 |
|
5,503
|
|
|
|
Net income |
1,159
|
|
|
|
|
Balance at Sep. 30, 2024 |
9,454
|
$ 7
|
11,358
|
(12,811)
|
10,900
|
Balance, shares at Sep. 30, 2024 |
|
5,297
|
|
|
|
Balance at Mar. 31, 2024 |
9,576
|
$ 7
|
11,338
|
(11,688)
|
9,919
|
Balance, shares at Mar. 31, 2024 |
|
5,395
|
|
|
|
Repurchase of common shares under Stock Buyback Plan |
(389)
|
|
|
(389)
|
|
Repurchase of common shares under Stock Buyback Plan, shares |
|
(33)
|
|
|
|
Net income |
489
|
|
|
|
489
|
Stock option exercised |
10
|
|
10
|
|
|
Stock options exercised, shares |
|
1
|
|
|
|
Balance at Jun. 30, 2024 |
9,686
|
$ 7
|
11,348
|
(12,077)
|
10,408
|
Balance, shares at Jun. 30, 2024 |
|
5,363
|
|
|
|
Repurchase of common shares under Stock Buyback Plan |
(734)
|
|
|
(734)
|
|
Repurchase of common shares under Stock Buyback Plan, shares |
|
(67)
|
|
|
|
Net income |
492
|
|
|
|
492
|
Stock option exercised |
10
|
|
10
|
|
|
Stock options exercised, shares |
|
1
|
|
|
|
Balance at Sep. 30, 2024 |
$ 9,454
|
$ 7
|
$ 11,358
|
$ (12,811)
|
$ 10,900
|
Balance, shares at Sep. 30, 2024 |
|
5,297
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for option under share-based payment arrangement.
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v3.24.3
The Company and Basis of Presentation
|
9 Months Ended |
Sep. 30, 2024 |
Accounting Policies [Abstract] |
|
The Company and Basis of Presentation |
Note
1 - The Company and Basis of Presentation
Business
Overview
Where
Food Comes From, Inc. is a Colorado corporation based in Castle Rock, Colorado (“WFCF”, the “Company,” “our,”
“we,” or “us”). We are an independent, third-party food verification company conducting both on-site and desk
audits to verify that claims being made about livestock, food, other high-value specialty crops and agricultural and aquaculture products
are accurate. We care about food and other agricultural and aquacultural products, how it is grown and raised, the quality of what we
eat, what farmers and ranchers do, and authentically telling that story to the consumer. Our team visits farms and ranches and looks
at their plants, animals, and records, and compares the information we collect to specific standards or claims that farms and ranches
want to make about how they are producing food. We strive to ensure that everyone involved in the food business - from growers and farmers
to retailers and shoppers – can count on WFCF to provide authentic and transparent information about the food we eat and how, where,
and by whom it is produced.
We
also provide a wide range of professional consulting services that generate incremental revenue specific to the food and agricultural
industry and drive sustainable value creation. Finally, the Company’s Where Food Comes From Source Verified® retail and restaurant
labeling program utilizes the verification of product attributes to connect consumers directly to the source of the food they purchase
through product labeling and web-based information sharing and education.
Most
of our customers are located throughout the United States.
Basis
of Presentation
Our
unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United
States of America (“GAAP”) and include the results of operations, financial position and
cash flows of Where Food Comes From, Inc. and its subsidiaries, Where Food Comes From Organic,
Inc. (“WFCFO”), Validus Verifications Services, LLC (“Validus”), SureHarvest Services, Inc. (“SureHarvest”),
and Postelsia Holdings, Ltd. (“Postelsia”) (collectively referred to as “we,” “us,” and “our”
throughout this Form 10-Q). The preparation of financial statements in conformity with GAAP requires us to make estimates and
assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of
the financial statements, and the reported amounts of revenues, costs and expenses during the reporting period. All
significant intercompany transactions and amounts have been eliminated. The results of businesses acquired are included in the consolidated
financial statements from the date of the acquisition. Actual results could differ from the estimates.
The
consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission
(“SEC”) and should be read in conjunction with our audited financial statements and footnotes thereto for the year ended
December 31, 2023, included in our Form 10-K filed on February 15, 2024. Certain information and footnote disclosures normally included
in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been
omitted pursuant to such rules and regulations. However, we believe that the disclosures are adequate to make the information presented
not misleading. Certain prior year amounts have been reclassified to conform to current year presentation. Net income and shareholders’
equity were not affected by these reclassifications. The financial statements reflect all adjustments (consisting primarily of normal
recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of our financial position and results
of operations. The consolidated operating results for the three and nine months ended September 30, 2024 are not necessarily indicative
of the results to be expected for any other interim period of any future year.
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
Seasonality
Our
business is subject to seasonal fluctuations annually. Significant portions of our verification and certification service revenue are
typically realized during late May through early October when the calf marketings and the growing seasons are at their peak.
Additionally,
the cattle industry is cyclical by nature based on factors impacting current and future supplies such as drought-induced feedlot placements,
higher cow and heifer slaughter, and lower auction receipts. The production lags inherent to this industry lead to long-lasting impacts
of production decisions. For example, increased liquidation implies tighter supplies for next year. Similarly, times of herd expansion
are typically a multi-year period. These cycles typically last roughly 10 years. The current cycle began in 2014, and we believe we are
currently in the contraction phase of the cycle after peaking in 2018-2019. How long we continue to contract will be directly impacted
by drought, pasture conditions, supply and demand.
Because
of the seasonality of the business and cyclical nature of our industry, results for any quarter are not necessarily indicative of the
results that may be achieved for any other quarter or for the full fiscal year.
Recent
Accounting Pronouncements
The
Financial Accounting Standards Board (FASB) Accounting Standards Codification is the sole source of authoritative GAAP other than SEC
issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standards Update (ASU) to communicate
changes to the codification. The Company considers the applicability and impact of all ASU’s.
In
March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation (Topic 718); Scope Application of Profits Interest and
Similar Awards, to improve GAAP by adding an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph
718-10-15-3 to determine whether profits interest and similar awards should be accounted for in accordance with Topic 718, Compensation
– Stock Compensation. The Company will be required to adopt the changes effective January 1, 2025. The standard is not expected
to impact the Company’s financial statements.
In
March 2024, the FASB issued ASU 2024-02, Codification Improvements – Amendments to Remove References to the Concepts Statements.
The FASB as a standing project on its agenda to facilitate Codification updates for technical corrections such as conforming amendments,
clarifications to guidance, simplifications to working or the structure of guidance, and other minor improvements. The Company will be
required to adopt the changes effective January 1, 2025. At this time, management is determining the extent of changes to the disclosures
on its financial statements.
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v3.24.3
Basic and Diluted Net Income per Share
|
9 Months Ended |
Sep. 30, 2024 |
Per share - net income |
|
Basic and Diluted Net Income per Share |
Note
2 – Basic and Diluted Net Income per Share
Basic
net income per share was computed by dividing income available to common shareholders by the weighted average number of common shares
outstanding during the period. Diluted net income per share is based on the assumption that all dilutive convertible shares and stock
options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options are assumed
to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to
purchase common stock at the average market price during the period.
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
The
following is a reconciliation of the share data used in the basic and diluted income per share computations (amounts in thousands):
Schedule
of Reconciliation of Basic and Diluted Income Per Share Computations
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three
months ended September 30, | | |
Nine
months ended September 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Basic: | |
| | | |
| | | |
| | | |
| | |
Weighted
average shares outstanding | |
| 5,342 | | |
| 5,599 | | |
| 5,398 | | |
| 5,605 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted: | |
| | | |
| | | |
| | | |
| | |
Weighted
average shares outstanding | |
| 5,342 | | |
| 5,599 | | |
| 5,398 | | |
| 5,605 | |
Weighted
average effects of dilutive securities | |
| 15 | | |
| 59 | | |
| 17 | | |
| 64 | |
Total | |
| 5,357 | | |
| 5,658 | | |
| 5,415 | | |
| 5,669 | |
| |
| | | |
| | | |
| | | |
| | |
Antidilutive
securities: | |
| 17 | | |
| 17 | | |
| 17 | | |
| 17 | |
The
effect of the inclusion of the antidilutive shares would have resulted in an increase in earnings per share. Accordingly, the weighted
average shares outstanding have not been adjusted for antidilutive shares.
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v3.24.3
Equity Investments
|
9 Months Ended |
Sep. 30, 2024 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Equity Investments |
Note
3 – Equity Investments
For
the three months and nine months ended September 30, 2024 and 2023, the Company received dividend income from Progressive Beef of $50,000
and $150,000, respectively, representing a distribution of their earnings The income is reflected within the “Other income/(expense)”
section of the Company’s Consolidated Statement of Operations for the three and nine months ended September 30, 2024 and 2023.
On
March 29, 2023, the Company made an equity investment of $0.2 million in a private placement of ShellFish Solutions, Inc. dba BlueTrace,
Inc. (“BlueTrace”) Series Seed 2 Preferred Stock. The Company will account for its investment in BlueTrace at cost, in accordance
with Accounting Standard Update (“ASU”) 2016-01: Financial Instruments – Overall (Subtopic 825-10): Recognition
and Measurement of Financial Assets and Financial Liabilities.
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
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v3.24.3
Intangible and Other Assets
|
9 Months Ended |
Sep. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible and Other Assets |
Note
4 – Intangible and Other Assets
The
following table summarizes our intangible and other assets (amounts in thousands, except useful life):
Schedule
of Intangible and Other Assets
| |
September
30, | | |
December
31, | | |
Estimated |
| |
2024 | | |
2023 | | |
Useful
Life |
Intangible
assets subject to amortization: | |
| | | |
| | | |
|
Tradenames
and trademarks | |
$ | 417 | | |
$ | 417 | | |
2.5
- 8.0 years |
Accreditations | |
| 75 | | |
| 75 | | |
5.0
years |
Customer
relationships | |
| 3,928 | | |
| 3,937 | | |
3.0
- 15.0 years |
Patents | |
| 970 | | |
| 970 | | |
4.0
years |
Non-compete
agreements | |
| 121 | | |
| 121 | | |
5.0
years |
Intangible and other assets, gross | |
| 5,511 | | |
| 5,520 | | |
|
Less
accumulated amortization | |
| 4,076 | | |
| 3,821 | | |
|
Intangible and other assets, net | |
| 1,435 | | |
| 1,699 | | |
|
Cryptocurrency
(not subject to amortization) | |
| 116 | | |
| 116 | | |
|
Tradenames/trademarks
(not subject to amortization) | |
| 465 | | |
| 465 | | |
|
Intangible assets | |
| 2,016 | | |
| 2,280 | | |
|
Other
assets | |
| 19 | | |
| 23 | | |
|
Intangible
and other assets: | |
$ | 2,035 | | |
$ | 2,303 | | |
|
For
the three and nine months ended September 30, 2024 and 2023, we have not sold any digital assets and have not recognized any impairment
losses. As of September 30, 2024 and December 31, 2023, the carrying value of our digital assets held was $116,000.
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v3.24.3
Accrued Expenses and Other Current Liabilities
|
9 Months Ended |
Sep. 30, 2024 |
Payables and Accruals [Abstract] |
|
Accrued Expenses and Other Current Liabilities |
Note
5 – Accrued Expenses and Other Current Liabilities
The
following table summarizes our accrued expenses and other current liabilities as of (amounts in thousands):
Schedule
of Accrued Expenses and Other Current Liabilities
| |
September
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Income
and sales taxes payable | |
$ | 525 | | |
$ | 62 | |
Payroll
related accruals | |
| 1,096 | | |
| 341 | |
Customer
deposits | |
| 113 | | |
| 41 | |
Professional
fees and other expenses | |
| 108 | | |
| 171 | |
Accrued expenses and
other current liabilities | |
$ | 1,842 | | |
$ | 615 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.3
Notes Payable
|
9 Months Ended |
Sep. 30, 2024 |
Debt Disclosure [Abstract] |
|
Notes Payable |
Note
6 – Notes Payable
Unison
Revolving Line of Credit
The
Company has a revolving line of credit (“LOC”) agreement which matures April 12, 2025. The LOC provides for $75,080 in working
capital. The interest rate is at the Wall Street Journal prime rate plus 1.50% and is adjusted daily. Principal and interest are payable
upon demand, but if demand is not made, then annual payments of accrued interest only are due, with the principal balance due on maturity.
As of September 30, 2024 and December 31, 2023, the effective interest rate was 10.0%. The LOC is collateralized by all the business
assets of Where Food Comes From Organic, Inc. (“WFCFO”). As of September 30, 2024, and December 31, 2023, there were no amounts
outstanding under this LOC.
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
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v3.24.3
Equity and Stock-Based Compensation
|
9 Months Ended |
Sep. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Equity and Stock-Based Compensation |
Note
7 – Equity and Stock-Based Compensation
In
addition to cash compensation, the Company may compensate certain service providers, including employees, directors, consultants, and
other advisors, with equity-based compensation in the form of stock options, stock awards and restricted stock awards. The Company recognizes
all equity-based compensation as stock-based compensation expense based on the fair value of the compensation measured at the grant date.
For stock options, fair value is calculated at the date of grant using the Black-Scholes-Merton option pricing model. For stock awards
and restricted stock awards, fair value is the closing stock price for the Company’s common stock on the grant date. The expense
is recognized over the vesting period of the grant. For the periods presented, all stock-based compensation expense was classified as
a component within selling, general and administrative expense in the Company’s consolidated statements of operations.
The
amount of stock-based compensation expense recognized for the three and nine month periods ended September 30, 2024 was $0 and $11,000,
respectively. The amount of stock-based compensation expense recognized for the three and nine month periods ended September 30, 2023
was $6,000 and $38,000, respectively. All compensation cost from unvested awards was recognized as of March 31, 2024.
During
the three and nine months ended September 30, 2024 and 2023, no stock options or common stock were awarded.
Equity
Incentive Plans
Our
2006 Equity Incentive Plan (the “2006 Plan”) and 2016 Equity Incentive Plan (the “2016 Plan,” and together with
the 2006 Plan, the “Plans”) provide for the issuance of stock-based awards to employees, officers, directors and consultants.
The Plans permit the granting of stock awards and stock options. The vesting of stock-based awards is generally subject to the passage
of time and continued employment through the vesting period.
Stock
Option Activity
Stock
option activity under our Equity Incentive Plans is summarized as follows:
Schedule
of Stock Option Activity
| |
Number
of awards | | |
Weighted
avg. exercise price per share | | |
Weighted
avg. grant date fair value per share | | |
Weighted
avg remaining contractual life (in years) | | |
Aggregate
intrinsic value | |
Outstanding,
December 31, 2023 | |
| 73,469 | | |
$ | 8.84 | | |
$ | 7.97 | | |
| 5.07 | | |
$ | 346,125 | |
Granted | |
| - | | |
$ | - | | |
$ | - | | |
| - | | |
| | |
Exercised | |
| (11,000 | ) | |
$ | 7.66 | | |
$ | 7.40 | | |
| 3.29 | | |
| | |
Expired/Forfeited | |
| - | | |
$ | - | | |
$ | - | | |
| - | | |
| | |
Outstanding,
September 30, 2024 | |
| 62,469 | | |
$ | 8.87 | | |
$ | 8.07 | | |
| 4.62 | | |
$ | 334,769 | |
Exercisable,
September 30, 2024 | |
| 62,469 | | |
$ | 8.87 | | |
$ | 8.07 | | |
| 4.62 | | |
$ | 334,769 | |
Unvested,
September 30, 2024 | |
| - | | |
$ | - | | |
$ | - | | |
| - | | |
$ | - | |
The
aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate difference between the closing price of our common
stock on September 30, 2024 and the exercise price for the in-the-money options) that would have been received by the option holders
if all the in-the-money options had been exercised on September 30, 2024.
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
Private
Purchase of Common Shares
During
March 2024, the Company purchased 80,201 shares of its common stock from one shareholder for approximately $1.0 million. The purchase
was limited to this single shareholder who approached the company; it was privately negotiated and involved no solicitation or advertising.
No fees were paid in connection with the transaction, as it was a non-brokered placement. The shares were immediately retired upon purchase.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note
8 – Income Taxes
Deferred
tax assets and liabilities have been determined based upon the differences between the financial statement amounts and the tax bases
of assets and liabilities as measured by enacted tax rates expected to be in effect when these differences are expected to reverse. In
assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all
of the deferred tax assets will not be realized.
The
provision or benefit for income taxes is recorded at the end of each interim period based on the Company’s best estimate of its
effective income tax rate expected to be applicable for the full fiscal year. For the three months ended September 30, 2024 and 2023
we recorded an income tax expense of approximately $0.2 million and $0.3 million, respectively. For the nine months ended September 30,
2024 and 2023 we recorded an income tax expense of approximately $0.5 million and $0.6 million, respectively.
|
X |
- DefinitionThe entire disclosure for income tax.
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v3.24.3
Revenue Recognition
|
9 Months Ended |
Sep. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenue Recognition |
Note
9 - Revenue Recognition
Disaggregation
of Revenue
We
have identified three material revenue categories in our business: (i) verification and certification service revenue, (ii) product sales,
(iii) professional services revenue.
Revenue
attributable to each of our identified revenue categories is disaggregated in the table below (amounts in thousands).
Schedule
of Revenue Attributable to Each of Our Identified Revenue Categories
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
| |
Nine
months ended September 30, 2024 | | |
Nine
months ended September 30, 2023 | |
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Verification
and certification service revenue | |
$ | 15,172 | | |
$ | - | | |
$ | - | | |
$ | 15,172 | | |
$ | 13,944 | | |
$ | - | | |
$ | - | | |
$ | 13,944 | |
Product
sales | |
| 2,881 | | |
| - | | |
| - | | |
| 2,881 | | |
| 3,130 | | |
| - | | |
| - | | |
| 3,130 | |
Professional
services | |
| - | | |
| 1,031 | | |
| - | | |
| 1,031 | | |
| - | | |
| 1,330 | | |
| - | | |
| 1,330 | |
Total
revenues | |
$ | 18,053 | | |
$ | 1,031 | | |
$ | - | | |
$ | 19,084 | | |
$ | 17,074 | | |
$ | 1,330 | | |
$ | - | | |
$ | 18,404 | |
|
|
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
| |
Three
months ended September 30, 2024 | | |
Three
months ended September 30, 2023 | |
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Verification
and certification service revenue | |
$ | 5,486 | | |
$ | - | | |
$ | - | | |
$ | 5,486 | | |
$ | 5,359 | | |
$ | - | | |
$ | - | | |
$ | 5,359 | |
Product
sales | |
| 1,329 | | |
| - | | |
| - | | |
| 1,329 | | |
| 1,221 | | |
| - | | |
| - | | |
| 1,221 | |
Professional
services | |
| - | | |
| 292 | | |
| - | | |
| 292 | | |
| - | | |
| 431 | | |
| - | | |
| 431 | |
Total
revenues | |
$ | 6,815 | | |
$ | 292 | | |
$ | - | | |
$ | 7,107 | | |
$ | 6,580 | | |
$ | 431 | | |
$ | - | | |
$ | 7,011 | |
Contract
Balances
As
of September 30, 2024 and December 31, 2023, accounts receivable from contracts with customers, net of allowance for doubtful accounts,
was approximately $2.2 million and $2.1 million, respectively.
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
As
of September 30, 2024 and December 31, 2023, deferred revenue from contracts with customers was approximately $2.1 million and $1.5 million,
respectively. The balance of the contract liabilities at September 30, 2024 and December 31, 2023 are expected to be recognized as revenue
within one year or less of the invoice date.
The
following table reflects the changes in our contract liabilities during the nine month period ended September 30, 2024 (amounts in thousands):
Schedule
of Changes in Contract Liabilities
Deferred
revenue: | |
| | |
Unearned
revenue December 31, 2023 | |
$ | 1,485 | |
Unearned
billings | |
| 3,246 | |
Revenue
recognized | |
| (2,585 | ) |
Unearned
revenue September 30, 2024 | |
$ | 2,146 | |
|
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.24.3
Leases
|
9 Months Ended |
Sep. 30, 2024 |
Leases |
|
Leases |
Note
10 – Leases
The
components of lease expense were as follows (amounts in thousands):
Schedule
of Lease Expense
| |
| | |
| | |
| | |
| |
| |
Three
months ended September 30, | | |
Nine
months ended September 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Operating
lease cost | |
$ | 110 | | |
$ | 119 | | |
$ | 337 | | |
$ | 364 | |
Finance
lease cost | |
| | | |
| | | |
| | | |
| | |
Amortization
of assets | |
| 4 | | |
| 4 | | |
| 11 | | |
| 11 | |
Interest
on finance lease obligations | |
| 1 | | |
| 1 | | |
| 3 | | |
| 4 | |
Variable
lease cost | |
| - | | |
| - | | |
| - | | |
| - | |
Total
net lease cost | |
$ | 115 | | |
$ | 124 | | |
$ | 351 | | |
$ | 379 | |
Included
in the table above, for the three and nine months ended September 30, 2024 and 2023, is $0.1 million and $0.3 million of operating lease
cost for our corporate headquarters. This space is being
leased from The Move, LLC. Our CEO and President, each a related party to WFCF, have a 24.3% jointly-held ownership interest in The Move,
LLC.
Supplemental
balance sheet information related to leases was as follows (amounts in thousands):
Schedule
of Supplemental Balance Sheet Information Related to Leases
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
September
30, 2024 | | |
December
31, 2023 | |
Operating
leases: | |
Related
Party | | |
Other | | |
Total | | |
Related
Party | | |
Other | | |
Total | |
Operating
lease ROU assets | |
$ | 1,991 | | |
$ | 113 | | |
$ | 2,104 | | |
$ | 2,158 | | |
$ | 87 | | |
$ | 2,245 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Current
operating lease liabilities | |
$ | 269 | | |
$ | 66 | | |
$ | 335 | | |
$ | 249 | | |
$ | 49 | | |
$ | 298 | |
Noncurrent
operating lease liabilities | |
| 2,203 | | |
| 49 | | |
| 2,252 | | |
| 2,407 | | |
| 40 | | |
| 2,447 | |
Total
operating lease liabilities | |
$ | 2,472 | | |
$ | 115 | | |
$ | 2,587 | | |
$ | 2,656 | | |
$ | 89 | | |
$ | 2,745 | |
Finance
leases: | |
September
30, 2024 | | |
December
31, 2023 | |
Right
of use asset, at cost | |
$ | 76 | | |
$ | 76 | |
Accumulated
amortization | |
| (36 | ) | |
| (25 | ) |
Property
and equipment, net | |
$ | 40 | | |
$ | 51 | |
| |
| | | |
| | |
Current
obligations of finance leases | |
$ | 15 | | |
$ | 14 | |
Finance
leases, net of current obligations | |
| 29 | | |
| 41 | |
Total
finance lease liabilities | |
$ | 44 | | |
$ | 55 | |
| |
| | | |
| | |
Weighted
average remaining lease term (in years): | |
| | | |
| | |
Operating
leases | |
| 6.6 | | |
| 7.4 | |
Finance
leases | |
| 3.0 | | |
| 3.7 | |
| |
| | | |
| | |
Weighted average
discount rate: | |
| | | |
| | |
Operating
leases | |
| 5.8 | % | |
| 5.8 | % |
Finance
leases | |
| 8.4 | % | |
| 8.3 | % |
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
Supplemental
cash flow and other information related to leases was as follows (amounts in thousands):
Schedule of Supplemental Cash Flow Information Related to Leases
| |
| | |
| | |
| | |
| |
| |
Three
months ended September 30, | | |
Nine
months ended September 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Cash
paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Operating
cash flows from operating leases | |
$ | 118 | | |
$ | 126 | | |
$ | 354 | | |
$ | 380 | |
Operating
cash flows from finance leases | |
$ | 1 | | |
$ | 1 | | |
$ | 3 | | |
$ | 4 | |
Financing
cash flows from finance leases | |
$ | 3 | | |
$ | 3 | | |
$ | 10 | | |
$ | 9 | |
| |
| | | |
| | | |
| | | |
| | |
ROU
assets obtained in exchange for lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Operating
leases | |
$ | - | | |
$ | - | | |
$ | 80 | | |
$ | - | |
Maturities
of lease liabilities were as follows (amounts in thousands):
Schedule of Maturities of Operating Lease and Finance Lease Liabilities
Years
Ending December 31st, | |
Operating
Leases | | |
Finance
Leases | |
2024
(remaining three months) | |
$ | 119 | | |
$ | 4 | |
2025 | |
| 471 | | |
| 18 | |
2026 | |
| 456 | | |
| 14 | |
2027 | |
| 430 | | |
| 14 | |
2028 | |
| 443 | | |
| - | |
Thereafter | |
| 1,205 | | |
| - | |
Total
lease payments | |
| 3,124 | | |
| 50 | |
Less
amount representing interest | |
| (537 | ) | |
| (6 | ) |
Total
lease obligations | |
| 2,587 | | |
| 44 | |
Less
current portion | |
| (335 | ) | |
| (15 | ) |
Long-term
lease obligations | |
$ | 2,252 | | |
$ | 29 | |
|
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v3.24.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
11 – Commitments and Contingencies
Legal
proceedings
From
time to time, we may become involved in various legal actions, administrative proceedings and claims in the ordinary course of business.
We generally record losses for claims in excess of the limits of purchased insurance in earnings at the time and to the extent they are
probable and estimable.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.3
Segments
|
9 Months Ended |
Sep. 30, 2024 |
Segment Reporting [Abstract] |
|
Segments |
Note
12 - Segments
With
each acquisition, we assess the need to disclose discrete information related to our operating segments. Because of the similarities
of certain of our acquisitions that provide certification and verification services, we aggregate operations into one verification and
certification reportable segment. The operating segments included in the aggregated verification and certification segment include IMI
Global, WFCFO and Validus. The factors considered in determining this aggregated reporting segment include the economic similarity of
the businesses, the nature of services provided, production processes, types of customers and distribution methods.
The
Company also determined that it has a professional services reportable segment. SureHarvest, which includes Postelsia, is the sole operating
segment. This segment includes consulting, data analysis and other reporting service revenues.
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
The
Company’s chief operating decision maker (the Company’s CEO) allocates resources and assesses the performance of its operating
segments. Segment management makes decisions, measures performance, and manages the business utilizing internal reporting operating segment
information. Performance of operating segments are based on net sales, gross profit, selling, general and administrative expenses and
most importantly, operating income.
The
Company eliminates intercompany transfers between segments for management reporting purposes. The following table shows information for
reportable operating segments (amounts in thousands):
Schedule
of Operating Segments
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Three
months ended September 30, 2024 | | |
Three
months ended September 30, 2023 | |
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
Assets: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Goodwill | |
$ | 1,947 | | |
$ | 999 | | |
$ | - | | |
$ | 2,946 | | |
$ | 1,947 | | |
$ | 999 | | |
$ | - | | |
$ | 2,946 | |
All
other assets, net | |
| (536 | ) | |
| 2,715 | | |
| 11,821 | | |
| 14,000 | | |
| 5,252 | | |
| 2,686 | | |
| 6,804 | | |
| 14,742 | |
Total
assets | |
$ | 1,411 | | |
$ | 3,714 | | |
$ | 11,821 | | |
$ | 16,946 | | |
$ | 7,199 | | |
$ | 3,685 | | |
$ | 6,804 | | |
$ | 17,688 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Verification
and certification service revenue | |
$ | 5,486 | | |
$ | - | | |
$ | - | | |
$ | 5,486 | | |
$ | 5,359 | | |
$ | - | | |
$ | - | | |
$ | 5,359 | |
Product
sales | |
| 1,329 | | |
| - | | |
| - | | |
| 1,329 | | |
| 1,221 | | |
| - | | |
| - | | |
| 1,221 | |
Professional
services | |
| - | | |
| 292 | | |
| - | | |
| 292 | | |
| - | | |
| 431 | | |
| - | | |
| 431 | |
Total
revenues | |
$ | 6,815 | | |
$ | 292 | | |
$ | - | | |
$ | 7,107 | | |
$ | 6,580 | | |
$ | 431 | | |
$ | - | | |
$ | 7,011 | |
Costs of revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Costs
of verification and certification services | |
| 3,288 | | |
| - | | |
| - | | |
| 3,288 | | |
| 3,123 | | |
| - | | |
| - | | |
| 3,123 | |
Costs
of products | |
| 841 | | |
| - | | |
| - | | |
| 841 | | |
| 681 | | |
| - | | |
| - | | |
| 681 | |
Costs
of professional services | |
| - | | |
| 204 | | |
| - | | |
| 204 | | |
| - | | |
| 341 | | |
| - | | |
| 341 | |
Total
costs of revenues | |
| 4,129 | | |
| 204 | | |
| - | | |
| 4,333 | | |
| 3,804 | | |
| 341 | | |
| - | | |
| 4,145 | |
Gross
profit | |
| 2,686 | | |
| 88 | | |
| - | | |
| 2,774 | | |
| 2,776 | | |
| 90 | | |
| - | | |
| 2,866 | |
Depreciation
& amortization | |
| 115 | | |
| 41 | | |
| - | | |
| 156 | | |
| 111 | | |
| 42 | | |
| - | | |
| 153 | |
Other
operating expenses | |
| 1,978 | | |
| 32 | | |
| - | | |
| 2,010 | | |
| 1,682 | | |
| 85 | | |
| - | | |
| 1,767 | |
Segment
operating income/(loss) | |
$ | 593 | | |
$ | 15 | | |
$ | - | | |
$ | 608 | | |
$ | 983 | | |
$ | (37 | ) | |
$ | - | | |
$ | 946 | |
Other
items to reconcile segment operating income (loss) to net income/(loss): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other
income / (expense) | |
| 65 | | |
| - | | |
| - | | |
| 65 | | |
| 65 | | |
| (2 | ) | |
| - | | |
| 63 | |
Income
tax expense | |
| - | | |
| - | | |
| (181 | ) | |
| (181 | ) | |
| - | | |
| - | | |
| (286 | ) | |
| (286 | ) |
Net
income/(loss) | |
$ | 658 | | |
$ | 15 | | |
$ | (181 | ) | |
$ | 492 | | |
$ | 1,048 | | |
$ | (39 | ) | |
$ | (286 | ) | |
$ | 723 | |
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Nine
months ended September 30, 2024 | | |
Nine
months ended September 30, 2023 | |
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
Assets: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Goodwill | |
$ | 1,947 | | |
$ | 999 | | |
$ | - | | |
$ | 2,946 | | |
$ | 1,947 | | |
$ | 999 | | |
$ | - | | |
$ | 2,946 | |
All
other assets, net | |
| (536 | ) | |
| 2,715 | | |
| 11,821 | | |
| 14,000 | | |
| 5,252 | | |
| 2,686 | | |
| 6,804 | | |
| 14,742 | |
Total
assets | |
$ | 1,411 | | |
$ | 3,714 | | |
$ | 11,821 | | |
$ | 16,946 | | |
$ | 7,199 | | |
$ | 3,685 | | |
$ | 6,804 | | |
$ | 17,688 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Verification
and certification service revenue | |
$ | 15,172 | | |
$ | - | | |
$ | - | | |
$ | 15,172 | | |
$ | 13,944 | | |
$ | - | | |
$ | - | | |
$ | 13,944 | |
Product
sales | |
| 2,881 | | |
| - | | |
| - | | |
| 2,881 | | |
| 3,130 | | |
| - | | |
| - | | |
| 3,130 | |
Professional
services | |
| - | | |
| 1,031 | | |
| - | | |
| 1,031 | | |
| - | | |
| 1,330 | | |
| - | | |
| 1,330 | |
Total
revenues | |
$ | 18,053 | | |
$ | 1,031 | | |
$ | - | | |
$ | 19,084 | | |
$ | 17,074 | | |
$ | 1,330 | | |
$ | - | | |
$ | 18,404 | |
Costs of revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Costs
of verification and certification services | |
| 8,831 | | |
| - | | |
| - | | |
| 8,831 | | |
| 8,055 | | |
| - | | |
| - | | |
| 8,055 | |
Costs
of products | |
| 1,744 | | |
| - | | |
| - | | |
| 1,744 | | |
| 1,804 | | |
| - | | |
| - | | |
| 1,804 | |
Costs
of professional services | |
| - | | |
| 748 | | |
| - | | |
| 748 | | |
| - | | |
| 1,030 | | |
| - | | |
| 1,030 | |
Total
costs of revenues | |
| 10,575 | | |
| 748 | | |
| - | | |
| 11,323 | | |
| 9,859 | | |
| 1,030 | | |
| - | | |
| 10,889 | |
Gross
profit | |
| 7,478 | | |
| 283 | | |
| - | | |
| 7,761 | | |
| 7,215 | | |
| 300 | | |
| - | | |
| 7,515 | |
Depreciation
& amortization | |
| 342 | | |
| 125 | | |
| - | | |
| 467 | | |
| 361 | | |
| 127 | | |
| - | | |
| 488 | |
Other
operating expenses | |
| 5,691 | | |
| 151 | | |
| - | | |
| 5,842 | | |
| 5,027 | | |
| 226 | | |
| - | | |
| 5,253 | |
Segment
operating income/(loss) | |
$ | 1,445 | | |
$ | 7 | | |
$ | - | | |
$ | 1,452 | | |
$ | 1,827 | | |
$ | (53 | ) | |
$ | - | | |
$ | 1,774 | |
Other
items to reconcile segment operating income (loss) to net income/(loss): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other
income / (expense) | |
| 172 | | |
| 1 | | |
| - | | |
| 173 | | |
| 187 | | |
| (5 | ) | |
| - | | |
| 182 | |
Income
tax expense | |
| - | | |
| - | | |
| (466 | ) | |
| (466 | ) | |
| - | | |
| - | | |
| (580 | ) | |
| (580 | ) |
Net
income/(loss) | |
$ | 1,617 | | |
$ | 8 | | |
$ | (466 | ) | |
$ | 1,159 | | |
$ | 2,014 | | |
$ | (58 | ) | |
$ | (580 | ) | |
$ | 1,376 | |
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- DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
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v3.24.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
14 – Subsequent Events
The
Company has had no material, significant or unusual transactions or events from the financial statement date through the issuance of
the financial statements.
|
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v3.24.3
Basic and Diluted Net Income per Share (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Per share - net income |
|
Schedule of Reconciliation of Basic and Diluted Income Per Share Computations |
The
following is a reconciliation of the share data used in the basic and diluted income per share computations (amounts in thousands):
Schedule
of Reconciliation of Basic and Diluted Income Per Share Computations
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three
months ended September 30, | | |
Nine
months ended September 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Basic: | |
| | | |
| | | |
| | | |
| | |
Weighted
average shares outstanding | |
| 5,342 | | |
| 5,599 | | |
| 5,398 | | |
| 5,605 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted: | |
| | | |
| | | |
| | | |
| | |
Weighted
average shares outstanding | |
| 5,342 | | |
| 5,599 | | |
| 5,398 | | |
| 5,605 | |
Weighted
average effects of dilutive securities | |
| 15 | | |
| 59 | | |
| 17 | | |
| 64 | |
Total | |
| 5,357 | | |
| 5,658 | | |
| 5,415 | | |
| 5,669 | |
| |
| | | |
| | | |
| | | |
| | |
Antidilutive
securities: | |
| 17 | | |
| 17 | | |
| 17 | | |
| 17 | |
|
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v3.24.3
Intangible and Other Assets (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Intangible and Other Assets |
The
following table summarizes our intangible and other assets (amounts in thousands, except useful life):
Schedule
of Intangible and Other Assets
| |
September
30, | | |
December
31, | | |
Estimated |
| |
2024 | | |
2023 | | |
Useful
Life |
Intangible
assets subject to amortization: | |
| | | |
| | | |
|
Tradenames
and trademarks | |
$ | 417 | | |
$ | 417 | | |
2.5
- 8.0 years |
Accreditations | |
| 75 | | |
| 75 | | |
5.0
years |
Customer
relationships | |
| 3,928 | | |
| 3,937 | | |
3.0
- 15.0 years |
Patents | |
| 970 | | |
| 970 | | |
4.0
years |
Non-compete
agreements | |
| 121 | | |
| 121 | | |
5.0
years |
Intangible and other assets, gross | |
| 5,511 | | |
| 5,520 | | |
|
Less
accumulated amortization | |
| 4,076 | | |
| 3,821 | | |
|
Intangible and other assets, net | |
| 1,435 | | |
| 1,699 | | |
|
Cryptocurrency
(not subject to amortization) | |
| 116 | | |
| 116 | | |
|
Tradenames/trademarks
(not subject to amortization) | |
| 465 | | |
| 465 | | |
|
Intangible assets | |
| 2,016 | | |
| 2,280 | | |
|
Other
assets | |
| 19 | | |
| 23 | | |
|
Intangible
and other assets: | |
$ | 2,035 | | |
$ | 2,303 | | |
|
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v3.24.3
Accrued Expenses and Other Current Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued Expenses and Other Current Liabilities |
The
following table summarizes our accrued expenses and other current liabilities as of (amounts in thousands):
Schedule
of Accrued Expenses and Other Current Liabilities
| |
September
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Income
and sales taxes payable | |
$ | 525 | | |
$ | 62 | |
Payroll
related accruals | |
| 1,096 | | |
| 341 | |
Customer
deposits | |
| 113 | | |
| 41 | |
Professional
fees and other expenses | |
| 108 | | |
| 171 | |
Accrued expenses and
other current liabilities | |
$ | 1,842 | | |
$ | 615 | |
|
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- DefinitionTabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.
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v3.24.3
Equity and Stock-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Stock Option Activity |
Stock
option activity under our Equity Incentive Plans is summarized as follows:
Schedule
of Stock Option Activity
| |
Number
of awards | | |
Weighted
avg. exercise price per share | | |
Weighted
avg. grant date fair value per share | | |
Weighted
avg remaining contractual life (in years) | | |
Aggregate
intrinsic value | |
Outstanding,
December 31, 2023 | |
| 73,469 | | |
$ | 8.84 | | |
$ | 7.97 | | |
| 5.07 | | |
$ | 346,125 | |
Granted | |
| - | | |
$ | - | | |
$ | - | | |
| - | | |
| | |
Exercised | |
| (11,000 | ) | |
$ | 7.66 | | |
$ | 7.40 | | |
| 3.29 | | |
| | |
Expired/Forfeited | |
| - | | |
$ | - | | |
$ | - | | |
| - | | |
| | |
Outstanding,
September 30, 2024 | |
| 62,469 | | |
$ | 8.87 | | |
$ | 8.07 | | |
| 4.62 | | |
$ | 334,769 | |
Exercisable,
September 30, 2024 | |
| 62,469 | | |
$ | 8.87 | | |
$ | 8.07 | | |
| 4.62 | | |
$ | 334,769 | |
Unvested,
September 30, 2024 | |
| - | | |
$ | - | | |
$ | - | | |
| - | | |
$ | - | |
|
X |
- DefinitionTabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.
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v3.24.3
Revenue Recognition (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Revenue Attributable to Each of Our Identified Revenue Categories |
Revenue
attributable to each of our identified revenue categories is disaggregated in the table below (amounts in thousands).
Schedule
of Revenue Attributable to Each of Our Identified Revenue Categories
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
| |
Nine
months ended September 30, 2024 | | |
Nine
months ended September 30, 2023 | |
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Verification
and certification service revenue | |
$ | 15,172 | | |
$ | - | | |
$ | - | | |
$ | 15,172 | | |
$ | 13,944 | | |
$ | - | | |
$ | - | | |
$ | 13,944 | |
Product
sales | |
| 2,881 | | |
| - | | |
| - | | |
| 2,881 | | |
| 3,130 | | |
| - | | |
| - | | |
| 3,130 | |
Professional
services | |
| - | | |
| 1,031 | | |
| - | | |
| 1,031 | | |
| - | | |
| 1,330 | | |
| - | | |
| 1,330 | |
Total
revenues | |
$ | 18,053 | | |
$ | 1,031 | | |
$ | - | | |
$ | 19,084 | | |
$ | 17,074 | | |
$ | 1,330 | | |
$ | - | | |
$ | 18,404 | |
|
|
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
| |
Three
months ended September 30, 2024 | | |
Three
months ended September 30, 2023 | |
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Verification
and certification service revenue | |
$ | 5,486 | | |
$ | - | | |
$ | - | | |
$ | 5,486 | | |
$ | 5,359 | | |
$ | - | | |
$ | - | | |
$ | 5,359 | |
Product
sales | |
| 1,329 | | |
| - | | |
| - | | |
| 1,329 | | |
| 1,221 | | |
| - | | |
| - | | |
| 1,221 | |
Professional
services | |
| - | | |
| 292 | | |
| - | | |
| 292 | | |
| - | | |
| 431 | | |
| - | | |
| 431 | |
Total
revenues | |
$ | 6,815 | | |
$ | 292 | | |
$ | - | | |
$ | 7,107 | | |
$ | 6,580 | | |
$ | 431 | | |
$ | - | | |
$ | 7,011 | |
|
Schedule of Changes in Contract Liabilities |
The
following table reflects the changes in our contract liabilities during the nine month period ended September 30, 2024 (amounts in thousands):
Schedule
of Changes in Contract Liabilities
Deferred
revenue: | |
| | |
Unearned
revenue December 31, 2023 | |
$ | 1,485 | |
Unearned
billings | |
| 3,246 | |
Revenue
recognized | |
| (2,585 | ) |
Unearned
revenue September 30, 2024 | |
$ | 2,146 | |
|
X |
- DefinitionTabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.
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v3.24.3
Leases (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Leases |
|
Schedule of Lease Expense |
The
components of lease expense were as follows (amounts in thousands):
Schedule
of Lease Expense
| |
| | |
| | |
| | |
| |
| |
Three
months ended September 30, | | |
Nine
months ended September 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Operating
lease cost | |
$ | 110 | | |
$ | 119 | | |
$ | 337 | | |
$ | 364 | |
Finance
lease cost | |
| | | |
| | | |
| | | |
| | |
Amortization
of assets | |
| 4 | | |
| 4 | | |
| 11 | | |
| 11 | |
Interest
on finance lease obligations | |
| 1 | | |
| 1 | | |
| 3 | | |
| 4 | |
Variable
lease cost | |
| - | | |
| - | | |
| - | | |
| - | |
Total
net lease cost | |
$ | 115 | | |
$ | 124 | | |
$ | 351 | | |
$ | 379 | |
|
Schedule of Supplemental Balance Sheet Information Related to Leases |
Supplemental
balance sheet information related to leases was as follows (amounts in thousands):
Schedule
of Supplemental Balance Sheet Information Related to Leases
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
September
30, 2024 | | |
December
31, 2023 | |
Operating
leases: | |
Related
Party | | |
Other | | |
Total | | |
Related
Party | | |
Other | | |
Total | |
Operating
lease ROU assets | |
$ | 1,991 | | |
$ | 113 | | |
$ | 2,104 | | |
$ | 2,158 | | |
$ | 87 | | |
$ | 2,245 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Current
operating lease liabilities | |
$ | 269 | | |
$ | 66 | | |
$ | 335 | | |
$ | 249 | | |
$ | 49 | | |
$ | 298 | |
Noncurrent
operating lease liabilities | |
| 2,203 | | |
| 49 | | |
| 2,252 | | |
| 2,407 | | |
| 40 | | |
| 2,447 | |
Total
operating lease liabilities | |
$ | 2,472 | | |
$ | 115 | | |
$ | 2,587 | | |
$ | 2,656 | | |
$ | 89 | | |
$ | 2,745 | |
Finance
leases: | |
September
30, 2024 | | |
December
31, 2023 | |
Right
of use asset, at cost | |
$ | 76 | | |
$ | 76 | |
Accumulated
amortization | |
| (36 | ) | |
| (25 | ) |
Property
and equipment, net | |
$ | 40 | | |
$ | 51 | |
| |
| | | |
| | |
Current
obligations of finance leases | |
$ | 15 | | |
$ | 14 | |
Finance
leases, net of current obligations | |
| 29 | | |
| 41 | |
Total
finance lease liabilities | |
$ | 44 | | |
$ | 55 | |
| |
| | | |
| | |
Weighted
average remaining lease term (in years): | |
| | | |
| | |
Operating
leases | |
| 6.6 | | |
| 7.4 | |
Finance
leases | |
| 3.0 | | |
| 3.7 | |
| |
| | | |
| | |
Weighted average
discount rate: | |
| | | |
| | |
Operating
leases | |
| 5.8 | % | |
| 5.8 | % |
Finance
leases | |
| 8.4 | % | |
| 8.3 | % |
|
Schedule of Supplemental Cash Flow Information Related to Leases |
Supplemental
cash flow and other information related to leases was as follows (amounts in thousands):
Schedule of Supplemental Cash Flow Information Related to Leases
| |
| | |
| | |
| | |
| |
| |
Three
months ended September 30, | | |
Nine
months ended September 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Cash
paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Operating
cash flows from operating leases | |
$ | 118 | | |
$ | 126 | | |
$ | 354 | | |
$ | 380 | |
Operating
cash flows from finance leases | |
$ | 1 | | |
$ | 1 | | |
$ | 3 | | |
$ | 4 | |
Financing
cash flows from finance leases | |
$ | 3 | | |
$ | 3 | | |
$ | 10 | | |
$ | 9 | |
| |
| | | |
| | | |
| | | |
| | |
ROU
assets obtained in exchange for lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Operating
leases | |
$ | - | | |
$ | - | | |
$ | 80 | | |
$ | - | |
|
Schedule of Maturities of Operating Lease and Finance Lease Liabilities |
Maturities
of lease liabilities were as follows (amounts in thousands):
Schedule of Maturities of Operating Lease and Finance Lease Liabilities
Years
Ending December 31st, | |
Operating
Leases | | |
Finance
Leases | |
2024
(remaining three months) | |
$ | 119 | | |
$ | 4 | |
2025 | |
| 471 | | |
| 18 | |
2026 | |
| 456 | | |
| 14 | |
2027 | |
| 430 | | |
| 14 | |
2028 | |
| 443 | | |
| - | |
Thereafter | |
| 1,205 | | |
| - | |
Total
lease payments | |
| 3,124 | | |
| 50 | |
Less
amount representing interest | |
| (537 | ) | |
| (6 | ) |
Total
lease obligations | |
| 2,587 | | |
| 44 | |
Less
current portion | |
| (335 | ) | |
| (15 | ) |
Long-term
lease obligations | |
$ | 2,252 | | |
$ | 29 | |
|
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v3.24.3
Segments (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Segment Reporting [Abstract] |
|
Schedule of Operating Segments |
The
Company eliminates intercompany transfers between segments for management reporting purposes. The following table shows information for
reportable operating segments (amounts in thousands):
Schedule
of Operating Segments
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Three
months ended September 30, 2024 | | |
Three
months ended September 30, 2023 | |
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
Assets: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Goodwill | |
$ | 1,947 | | |
$ | 999 | | |
$ | - | | |
$ | 2,946 | | |
$ | 1,947 | | |
$ | 999 | | |
$ | - | | |
$ | 2,946 | |
All
other assets, net | |
| (536 | ) | |
| 2,715 | | |
| 11,821 | | |
| 14,000 | | |
| 5,252 | | |
| 2,686 | | |
| 6,804 | | |
| 14,742 | |
Total
assets | |
$ | 1,411 | | |
$ | 3,714 | | |
$ | 11,821 | | |
$ | 16,946 | | |
$ | 7,199 | | |
$ | 3,685 | | |
$ | 6,804 | | |
$ | 17,688 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Verification
and certification service revenue | |
$ | 5,486 | | |
$ | - | | |
$ | - | | |
$ | 5,486 | | |
$ | 5,359 | | |
$ | - | | |
$ | - | | |
$ | 5,359 | |
Product
sales | |
| 1,329 | | |
| - | | |
| - | | |
| 1,329 | | |
| 1,221 | | |
| - | | |
| - | | |
| 1,221 | |
Professional
services | |
| - | | |
| 292 | | |
| - | | |
| 292 | | |
| - | | |
| 431 | | |
| - | | |
| 431 | |
Total
revenues | |
$ | 6,815 | | |
$ | 292 | | |
$ | - | | |
$ | 7,107 | | |
$ | 6,580 | | |
$ | 431 | | |
$ | - | | |
$ | 7,011 | |
Costs of revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Costs
of verification and certification services | |
| 3,288 | | |
| - | | |
| - | | |
| 3,288 | | |
| 3,123 | | |
| - | | |
| - | | |
| 3,123 | |
Costs
of products | |
| 841 | | |
| - | | |
| - | | |
| 841 | | |
| 681 | | |
| - | | |
| - | | |
| 681 | |
Costs
of professional services | |
| - | | |
| 204 | | |
| - | | |
| 204 | | |
| - | | |
| 341 | | |
| - | | |
| 341 | |
Total
costs of revenues | |
| 4,129 | | |
| 204 | | |
| - | | |
| 4,333 | | |
| 3,804 | | |
| 341 | | |
| - | | |
| 4,145 | |
Gross
profit | |
| 2,686 | | |
| 88 | | |
| - | | |
| 2,774 | | |
| 2,776 | | |
| 90 | | |
| - | | |
| 2,866 | |
Depreciation
& amortization | |
| 115 | | |
| 41 | | |
| - | | |
| 156 | | |
| 111 | | |
| 42 | | |
| - | | |
| 153 | |
Other
operating expenses | |
| 1,978 | | |
| 32 | | |
| - | | |
| 2,010 | | |
| 1,682 | | |
| 85 | | |
| - | | |
| 1,767 | |
Segment
operating income/(loss) | |
$ | 593 | | |
$ | 15 | | |
$ | - | | |
$ | 608 | | |
$ | 983 | | |
$ | (37 | ) | |
$ | - | | |
$ | 946 | |
Other
items to reconcile segment operating income (loss) to net income/(loss): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other
income / (expense) | |
| 65 | | |
| - | | |
| - | | |
| 65 | | |
| 65 | | |
| (2 | ) | |
| - | | |
| 63 | |
Income
tax expense | |
| - | | |
| - | | |
| (181 | ) | |
| (181 | ) | |
| - | | |
| - | | |
| (286 | ) | |
| (286 | ) |
Net
income/(loss) | |
$ | 658 | | |
$ | 15 | | |
$ | (181 | ) | |
$ | 492 | | |
$ | 1,048 | | |
$ | (39 | ) | |
$ | (286 | ) | |
$ | 723 | |
Where
Food Comes From, Inc.
Notes
to the Consolidated Financial Statements
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Nine
months ended September 30, 2024 | | |
Nine
months ended September 30, 2023 | |
| |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | | |
Verification
and Certification Segment | | |
Consulting
Segment | | |
Eliminations
and Other | | |
Consolidated
Totals | |
Assets: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Goodwill | |
$ | 1,947 | | |
$ | 999 | | |
$ | - | | |
$ | 2,946 | | |
$ | 1,947 | | |
$ | 999 | | |
$ | - | | |
$ | 2,946 | |
All
other assets, net | |
| (536 | ) | |
| 2,715 | | |
| 11,821 | | |
| 14,000 | | |
| 5,252 | | |
| 2,686 | | |
| 6,804 | | |
| 14,742 | |
Total
assets | |
$ | 1,411 | | |
$ | 3,714 | | |
$ | 11,821 | | |
$ | 16,946 | | |
$ | 7,199 | | |
$ | 3,685 | | |
$ | 6,804 | | |
$ | 17,688 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Verification
and certification service revenue | |
$ | 15,172 | | |
$ | - | | |
$ | - | | |
$ | 15,172 | | |
$ | 13,944 | | |
$ | - | | |
$ | - | | |
$ | 13,944 | |
Product
sales | |
| 2,881 | | |
| - | | |
| - | | |
| 2,881 | | |
| 3,130 | | |
| - | | |
| - | | |
| 3,130 | |
Professional
services | |
| - | | |
| 1,031 | | |
| - | | |
| 1,031 | | |
| - | | |
| 1,330 | | |
| - | | |
| 1,330 | |
Total
revenues | |
$ | 18,053 | | |
$ | 1,031 | | |
$ | - | | |
$ | 19,084 | | |
$ | 17,074 | | |
$ | 1,330 | | |
$ | - | | |
$ | 18,404 | |
Costs of revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Costs
of verification and certification services | |
| 8,831 | | |
| - | | |
| - | | |
| 8,831 | | |
| 8,055 | | |
| - | | |
| - | | |
| 8,055 | |
Costs
of products | |
| 1,744 | | |
| - | | |
| - | | |
| 1,744 | | |
| 1,804 | | |
| - | | |
| - | | |
| 1,804 | |
Costs
of professional services | |
| - | | |
| 748 | | |
| - | | |
| 748 | | |
| - | | |
| 1,030 | | |
| - | | |
| 1,030 | |
Total
costs of revenues | |
| 10,575 | | |
| 748 | | |
| - | | |
| 11,323 | | |
| 9,859 | | |
| 1,030 | | |
| - | | |
| 10,889 | |
Gross
profit | |
| 7,478 | | |
| 283 | | |
| - | | |
| 7,761 | | |
| 7,215 | | |
| 300 | | |
| - | | |
| 7,515 | |
Depreciation
& amortization | |
| 342 | | |
| 125 | | |
| - | | |
| 467 | | |
| 361 | | |
| 127 | | |
| - | | |
| 488 | |
Other
operating expenses | |
| 5,691 | | |
| 151 | | |
| - | | |
| 5,842 | | |
| 5,027 | | |
| 226 | | |
| - | | |
| 5,253 | |
Segment
operating income/(loss) | |
$ | 1,445 | | |
$ | 7 | | |
$ | - | | |
$ | 1,452 | | |
$ | 1,827 | | |
$ | (53 | ) | |
$ | - | | |
$ | 1,774 | |
Other
items to reconcile segment operating income (loss) to net income/(loss): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other
income / (expense) | |
| 172 | | |
| 1 | | |
| - | | |
| 173 | | |
| 187 | | |
| (5 | ) | |
| - | | |
| 182 | |
Income
tax expense | |
| - | | |
| - | | |
| (466 | ) | |
| (466 | ) | |
| - | | |
| - | | |
| (580 | ) | |
| (580 | ) |
Net
income/(loss) | |
$ | 1,617 | | |
$ | 8 | | |
$ | (466 | ) | |
$ | 1,159 | | |
$ | 2,014 | | |
$ | (58 | ) | |
$ | (580 | ) | |
$ | 1,376 | |
|
X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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v3.24.3
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- DefinitionTabular disclosure of supplemental cash flow information for the periods presented.
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v3.24.3
Schedule of Reconciliation of Basic and Diluted Income Per Share Computations (Details) - shares shares in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Basic: |
|
|
|
|
Weighted average shares outstanding |
5,342
|
5,599
|
5,398
|
5,605
|
Diluted: |
|
|
|
|
Weighted average effects of dilutive securities |
15
|
59
|
17
|
64
|
Total |
5,357
|
5,658
|
5,415
|
5,669
|
Antidilutive securities: |
17
|
17
|
17
|
17
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.24.3
Equity Investments (Details Narrative) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
Mar. 29, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Dividend income |
|
$ 50,000
|
$ 50,000
|
$ 150,000
|
$ 150,000
|
ShellFish Solutions Inc [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Payments to acquire equity investments |
$ 200,000
|
|
|
|
|
X |
- DefinitionAmount of dividend income on nonoperating securities.
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v3.24.3
Schedule of Intangible and Other Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Intangible assets subject to amortization: |
|
|
Intangible and other assets, gross |
$ 5,511
|
$ 5,520
|
Less accumulated amortization |
4,076
|
3,821
|
Intangible and other assets, net |
1,435
|
1,699
|
Cryptocurrency (not subject to amortization) |
116
|
116
|
Tradenames/trademarks (not subject to amortization) |
465
|
465
|
Intangible assets |
2,016
|
2,280
|
Other assets |
19
|
23
|
Intangible and other assets: |
2,035
|
2,303
|
Trademarks and Trade Names [Member] |
|
|
Intangible assets subject to amortization: |
|
|
Intangible and other assets, gross |
$ 417
|
417
|
Minimum [Member] | Trademarks and Trade Names [Member] |
|
|
Intangible assets subject to amortization: |
|
|
Estimated useful lives of intangible assets |
2 years 6 months
|
|
Minimum [Member] | Customer Relationships [Member] |
|
|
Intangible assets subject to amortization: |
|
|
Estimated useful lives of intangible assets |
3 years
|
|
Maximum [Member] | Trademarks and Trade Names [Member] |
|
|
Intangible assets subject to amortization: |
|
|
Estimated useful lives of intangible assets |
8 years
|
|
Maximum [Member] | Customer Relationships [Member] |
|
|
Intangible assets subject to amortization: |
|
|
Estimated useful lives of intangible assets |
15 years
|
|
Accreditations [Member] |
|
|
Intangible assets subject to amortization: |
|
|
Intangible and other assets, gross |
$ 75
|
75
|
Estimated useful lives of intangible assets |
5 years
|
|
Customer Relationships [Member] |
|
|
Intangible assets subject to amortization: |
|
|
Intangible and other assets, gross |
$ 3,928
|
3,937
|
Patents [Member] |
|
|
Intangible assets subject to amortization: |
|
|
Intangible and other assets, gross |
$ 970
|
970
|
Estimated useful lives of intangible assets |
4 years
|
|
Noncompete Agreements [Member] |
|
|
Intangible assets subject to amortization: |
|
|
Intangible and other assets, gross |
$ 121
|
$ 121
|
Estimated useful lives of intangible assets |
5 years
|
|
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v3.24.3
Schedule of Stock Option Activity (Details) - Equity Incentive Plans [Member] $ / shares in Units, $ in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of awards Outstanding, Balance | shares |
73,469
|
|
Weighted avg exercise price per share, beginning balance |
$ 8.84
|
|
Weighted avg grant date fair value per share, beginning Balance |
$ 7.97
|
|
Weighted avg remaining contractual life (in years), ending Balance |
4 years 7 months 13 days
|
5 years 25 days
|
Aggregate intrinsic value, beginning balance | $ |
$ 346,125
|
|
Number of awards, granted | shares |
|
|
Weighted avg exercise price per share, granted |
|
|
Weighted avg grant date fair value per share, granted |
|
|
Number of awards, exercised | shares |
(11,000)
|
|
Weighted avg exercise price per share, exercised |
$ 7.66
|
|
Weighted avg grant date fair value per share, exercised |
$ 7.40
|
|
Weighted avg remaining contractual life (in years), exercised |
3 years 3 months 14 days
|
|
Number of awards, expired/forfeited | shares |
|
|
Weighted avg exercise price per share, expired/forfeited |
|
|
Weighted avg grant date fair value per share, expired/forfeited |
|
|
Number of awards, ending balance | shares |
62,469
|
73,469
|
Weighted avg exercise price per share, ending balance |
$ 8.87
|
$ 8.84
|
Weighted avg grant date fair value per share, ending Balance |
$ 8.07
|
$ 7.97
|
Aggregate intrinsic value, ending balance | $ |
$ 334,769
|
$ 346,125
|
Number of awards exercisable, ending balance | shares |
62,469
|
|
Weighted avg exercise price per share exercisable, ending balance |
$ 8.87
|
|
Weighted avg grant date fair value per share exercisable, ending Balance |
$ 8.07
|
|
Weighted avg remaining contractual life (in years) exercisable, ending Balance |
4 years 7 months 13 days
|
|
Aggregate intrinsic value, exercisable | $ |
$ 334,769
|
|
Number of awards unvested, ending balance | shares |
|
|
Weighted avg exercise price per share unvested, ending balance |
|
|
Weighted avg grant date fair value per share unvested, ending Balance |
|
|
Weighted avg remaining contractual life (in years) unvested, ending Balance |
0 years
|
|
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|
|
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v3.24.3
v3.24.3
Schedule of Revenue Attributable to Each of Our Identified Revenue Categories (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
$ 7,107
|
$ 7,011
|
$ 19,084
|
$ 18,404
|
Verification and Certification Service Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
5,486
|
5,359
|
15,172
|
13,944
|
Product Sales [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
1,329
|
1,221
|
2,881
|
3,130
|
Professional Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
292
|
431
|
1,031
|
1,330
|
Verification and Certification Segment [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
6,815
|
6,580
|
18,053
|
17,074
|
Verification and Certification Segment [Member] | Verification and Certification Service Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
5,486
|
5,359
|
15,172
|
13,944
|
Verification and Certification Segment [Member] | Product Sales [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
1,329
|
1,221
|
2,881
|
3,130
|
Verification and Certification Segment [Member] | Professional Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
|
|
|
|
Consulting Segment [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
292
|
431
|
1,031
|
1,330
|
Consulting Segment [Member] | Verification and Certification Service Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
|
|
|
|
Consulting Segment [Member] | Product Sales [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
|
|
|
|
Consulting Segment [Member] | Professional Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
292
|
431
|
1,031
|
1,330
|
Eliminations and Other [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
|
|
|
|
Eliminations and Other [Member] | Verification and Certification Service Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
|
|
|
|
Eliminations and Other [Member] | Product Sales [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
|
|
|
|
Eliminations and Other [Member] | Professional Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
|
|
|
|
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v3.24.3
Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Operating lease ROU assets |
$ 2,104
|
$ 2,245
|
Current operating lease liabilities |
335
|
298
|
Noncurrent operating lease liabilities |
2,252
|
2,447
|
Total operating lease liabilities |
2,587
|
2,745
|
Right of use asset, at cost |
76
|
76
|
Accumulated amortization |
(36)
|
(25)
|
Property and equipment, net |
40
|
51
|
Current obligations of finance leases |
15
|
14
|
Finance leases, net of current obligations |
29
|
41
|
Total finance lease liabilities |
$ 44
|
$ 55
|
Weighted average remaining operating lease term (in years) |
6 years 7 months 6 days
|
7 years 4 months 24 days
|
Weighted average remaining finance lease term (in years) |
3 years
|
3 years 8 months 12 days
|
Operating leases weighted average discount rate |
5.80%
|
5.80%
|
Finance leases weighted average discount rate |
8.40%
|
8.30%
|
Related Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Operating lease ROU assets |
$ 1,991
|
$ 2,158
|
Current operating lease liabilities |
269
|
249
|
Noncurrent operating lease liabilities |
2,203
|
2,407
|
Total operating lease liabilities |
2,472
|
2,656
|
Other [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Operating lease ROU assets |
113
|
87
|
Current operating lease liabilities |
66
|
49
|
Noncurrent operating lease liabilities |
49
|
40
|
Total operating lease liabilities |
$ 115
|
$ 89
|
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v3.24.3
Schedule of Maturities of Operating Lease and Finance Lease Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] |
|
|
Operating Leases, 2024 (remaining six months) |
$ 119
|
|
Operating Leases, 2025 |
471
|
|
Operating Leases, 2026 |
456
|
|
Operating Leases, 2027 |
430
|
|
Operating Leases, 2028 |
443
|
|
Operating Leases, Thereafter |
1,205
|
|
Operating Leases, Total lease payments |
3,124
|
|
Operating Leases, Less amount representing interest |
(537)
|
|
Total operating lease liabilities |
2,587
|
$ 2,745
|
Operating Leases, Less current portion |
(335)
|
(298)
|
Operating Leases, Long-term lease obligations |
2,252
|
2,447
|
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] |
|
|
Finance Leases, 2024 (remaining six months) |
4
|
|
Finance Leases, 2025 |
18
|
|
Finance Leases, 2026 |
14
|
|
Finance Leases, 2027 |
14
|
|
Finance Leases, 2028 |
|
|
Finance Leases, Thereafter |
|
|
Finance Leases, Total lease payments |
50
|
|
Finance Leases, Less amount representing interest |
(6)
|
|
Total finance lease liabilities |
44
|
55
|
Finance Leases, Less current portion |
(15)
|
(14)
|
Finance Leases, Long-term lease obligations |
$ 29
|
$ 41
|
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v3.24.3
Leases (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Lessee, Lease, Description [Line Items] |
|
|
|
|
Operating lease cost |
$ 110
|
$ 119
|
$ 337
|
$ 364
|
The Move LLC [Member] |
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
Jointly held ownership interest percentage |
24.30%
|
|
24.30%
|
|
Corporate Headquarters [Member] |
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
Operating lease cost |
$ 100
|
$ 100
|
$ 300
|
$ 300
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.24.3
Schedule of Operating Segments (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Assets: |
|
|
|
|
|
|
|
|
Goodwill |
$ 2,946
|
|
|
$ 2,946
|
|
|
$ 2,946
|
$ 2,946
|
All other assets, net |
14,000
|
|
|
14,742
|
|
|
14,000
|
14,742
|
Total assets |
16,946
|
|
|
17,688
|
|
|
16,946
|
17,688
|
Revenues: |
|
|
|
|
|
|
|
|
Total revenues |
7,107
|
|
|
7,011
|
|
|
19,084
|
18,404
|
Costs of revenues: |
|
|
|
|
|
|
|
|
Total costs of revenues |
4,333
|
|
|
4,145
|
|
|
11,323
|
10,889
|
Gross profit |
2,774
|
|
|
2,866
|
|
|
7,761
|
7,515
|
Depreciation & amortization |
156
|
|
|
153
|
|
|
467
|
488
|
Other operating expenses |
2,010
|
|
|
1,767
|
|
|
5,842
|
5,253
|
Segment operating income/(loss) |
608
|
|
|
946
|
|
|
1,452
|
1,774
|
Other items to reconcile segment operating income (loss) to net income/(loss): |
|
|
|
|
|
|
|
|
Other income / (expense) |
65
|
|
|
63
|
|
|
173
|
182
|
Income tax expense |
(181)
|
|
|
(286)
|
|
|
(466)
|
(580)
|
Net income/(loss) |
492
|
$ 489
|
$ 178
|
723
|
$ 532
|
$ 121
|
1,159
|
1,376
|
Service [Member] |
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Total revenues |
5,486
|
|
|
5,359
|
|
|
15,172
|
13,944
|
Costs of revenues: |
|
|
|
|
|
|
|
|
Total costs of revenues |
3,288
|
|
|
3,123
|
|
|
8,831
|
8,055
|
Product [Member] |
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Total revenues |
1,329
|
|
|
1,221
|
|
|
2,881
|
3,130
|
Costs of revenues: |
|
|
|
|
|
|
|
|
Total costs of revenues |
841
|
|
|
681
|
|
|
1,744
|
1,804
|
Professional Services [Member] |
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Total revenues |
292
|
|
|
431
|
|
|
1,031
|
1,330
|
Costs of revenues: |
|
|
|
|
|
|
|
|
Total costs of revenues |
204
|
|
|
341
|
|
|
748
|
1,030
|
Verification and Certification Segment [Member] |
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
Goodwill |
1,947
|
|
|
1,947
|
|
|
1,947
|
1,947
|
All other assets, net |
(536)
|
|
|
5,252
|
|
|
(536)
|
5,252
|
Total assets |
1,411
|
|
|
7,199
|
|
|
1,411
|
7,199
|
Revenues: |
|
|
|
|
|
|
|
|
Total revenues |
6,815
|
|
|
6,580
|
|
|
18,053
|
17,074
|
Costs of revenues: |
|
|
|
|
|
|
|
|
Total costs of revenues |
4,129
|
|
|
3,804
|
|
|
10,575
|
9,859
|
Gross profit |
2,686
|
|
|
2,776
|
|
|
7,478
|
7,215
|
Depreciation & amortization |
115
|
|
|
111
|
|
|
342
|
361
|
Other operating expenses |
1,978
|
|
|
1,682
|
|
|
5,691
|
5,027
|
Segment operating income/(loss) |
593
|
|
|
983
|
|
|
1,445
|
1,827
|
Other items to reconcile segment operating income (loss) to net income/(loss): |
|
|
|
|
|
|
|
|
Other income / (expense) |
65
|
|
|
65
|
|
|
172
|
187
|
Income tax expense |
|
|
|
|
|
|
|
|
Net income/(loss) |
658
|
|
|
1,048
|
|
|
1,617
|
2,014
|
Verification and Certification Segment [Member] | Service [Member] |
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Total revenues |
5,486
|
|
|
5,359
|
|
|
15,172
|
13,944
|
Costs of revenues: |
|
|
|
|
|
|
|
|
Total costs of revenues |
3,288
|
|
|
3,123
|
|
|
8,831
|
8,055
|
Verification and Certification Segment [Member] | Product [Member] |
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Total revenues |
1,329
|
|
|
1,221
|
|
|
2,881
|
3,130
|
Costs of revenues: |
|
|
|
|
|
|
|
|
Total costs of revenues |
841
|
|
|
681
|
|
|
1,744
|
1,804
|
Verification and Certification Segment [Member] | Professional Services [Member] |
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Total revenues |
|
|
|
|
|
|
|
|
Costs of revenues: |
|
|
|
|
|
|
|
|
Total costs of revenues |
|
|
|
|
|
|
|
|
Consulting Segment [Member] |
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
Goodwill |
999
|
|
|
999
|
|
|
999
|
999
|
All other assets, net |
2,715
|
|
|
2,686
|
|
|
2,715
|
2,686
|
Total assets |
3,714
|
|
|
3,685
|
|
|
3,714
|
3,685
|
Revenues: |
|
|
|
|
|
|
|
|
Total revenues |
292
|
|
|
431
|
|
|
1,031
|
1,330
|
Costs of revenues: |
|
|
|
|
|
|
|
|
Total costs of revenues |
204
|
|
|
341
|
|
|
748
|
1,030
|
Gross profit |
88
|
|
|
90
|
|
|
283
|
300
|
Depreciation & amortization |
41
|
|
|
42
|
|
|
125
|
127
|
Other operating expenses |
32
|
|
|
85
|
|
|
151
|
226
|
Segment operating income/(loss) |
15
|
|
|
(37)
|
|
|
7
|
(53)
|
Other items to reconcile segment operating income (loss) to net income/(loss): |
|
|
|
|
|
|
|
|
Other income / (expense) |
|
|
|
(2)
|
|
|
1
|
(5)
|
Income tax expense |
|
|
|
|
|
|
|
|
Net income/(loss) |
15
|
|
|
(39)
|
|
|
8
|
(58)
|
Consulting Segment [Member] | Service [Member] |
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Total revenues |
|
|
|
|
|
|
|
|
Costs of revenues: |
|
|
|
|
|
|
|
|
Total costs of revenues |
|
|
|
|
|
|
|
|
Consulting Segment [Member] | Product [Member] |
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Total revenues |
|
|
|
|
|
|
|
|
Costs of revenues: |
|
|
|
|
|
|
|
|
Total costs of revenues |
|
|
|
|
|
|
|
|
Consulting Segment [Member] | Professional Services [Member] |
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Total revenues |
292
|
|
|
431
|
|
|
1,031
|
1,330
|
Costs of revenues: |
|
|
|
|
|
|
|
|
Total costs of revenues |
204
|
|
|
341
|
|
|
748
|
1,030
|
Eliminations and Other [Member] |
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
|
|
|
|
|
All other assets, net |
11,821
|
|
|
6,804
|
|
|
11,821
|
6,804
|
Total assets |
11,821
|
|
|
6,804
|
|
|
11,821
|
6,804
|
Revenues: |
|
|
|
|
|
|
|
|
Total revenues |
|
|
|
|
|
|
|
|
Costs of revenues: |
|
|
|
|
|
|
|
|
Total costs of revenues |
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
|
Depreciation & amortization |
|
|
|
|
|
|
|
|
Other operating expenses |
|
|
|
|
|
|
|
|
Segment operating income/(loss) |
|
|
|
|
|
|
|
|
Other items to reconcile segment operating income (loss) to net income/(loss): |
|
|
|
|
|
|
|
|
Other income / (expense) |
|
|
|
|
|
|
|
|
Income tax expense |
(181)
|
|
|
(286)
|
|
|
(466)
|
(580)
|
Net income/(loss) |
(181)
|
|
|
(286)
|
|
|
(466)
|
(580)
|
Eliminations and Other [Member] | Service [Member] |
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Total revenues |
|
|
|
|
|
|
|
|
Costs of revenues: |
|
|
|
|
|
|
|
|
Total costs of revenues |
|
|
|
|
|
|
|
|
Eliminations and Other [Member] | Product [Member] |
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Total revenues |
|
|
|
|
|
|
|
|
Costs of revenues: |
|
|
|
|
|
|
|
|
Total costs of revenues |
|
|
|
|
|
|
|
|
Eliminations and Other [Member] | Professional Services [Member] |
|
|
|
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