2024 Q2 Form 10-K Financial Statement

#000149315224012418 Filed on April 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $41.32K $16.28K $16.28K
YoY Change
Cost Of Revenue $33.73K $13.58K $13.58K
YoY Change
Gross Profit $7.584K $2.700K $2.700K
YoY Change
Gross Profit Margin 18.36% 16.58% 16.58%
Selling, General & Admin $335.7K $3.631M $10.35M
YoY Change -5.59% 15.82% 503.41%
% of Gross Profit 4425.82% 134480.74% 383248.52%
Research & Development $509.00 $6.590K
YoY Change -96.15% -98.93%
% of Gross Profit 6.71% 244.07%
Depreciation & Amortization $162.9K $169.8K $679.8K
YoY Change -5.18% 2434.93% 2933.24%
% of Gross Profit 2148.47% 6290.37% 25179.26%
Operating Expenses $1.176M $3.789M $11.16M
YoY Change 218.87% 16.03% 378.67%
Operating Profit -$1.168M -$3.786M -$11.15M
YoY Change -59.9% -18.33%
Interest Expense -$806.8K -$1.994M -$8.038M
YoY Change -61.11% 27.74% 158.76%
% of Operating Profit
Other Income/Expense, Net -$369.1K $2.469M $8.139M
YoY Change -115.0% 19.01% 109.25%
Pretax Income -$4.232M -$3.993M -$11.73M
YoY Change 67.48% 45.07% -8.85%
Income Tax
% Of Pretax Income
Net Earnings -$4.232M -$3.993M -$11.73M
YoY Change 67.48% 45.07% -9.04%
Net Earnings / Revenue -10243.49% -24527.83% -72071.31%
Basic Earnings Per Share -$0.09 -$10.11
Diluted Earnings Per Share -$0.09 -$1.43 -$10.11
COMMON SHARES
Basic Shares Outstanding 22.57M shares 1.414M shares 1.161M shares
Diluted Shares Outstanding 45.88M shares 1.161M shares

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.938M $3.879M $3.879M
YoY Change 139.03% 70.91% 70.91%
Cash & Equivalents $2.937M $3.879M
Short-Term Investments
Other Short-Term Assets $18.99K $272.9K $272.9K
YoY Change -90.41% -54.4% -54.4%
Inventory $4.621K $38.86K $38.86K
Prepaid Expenses $136.2K $223.6K
Receivables $8.479K $30.86K $30.86K
Other Receivables $25.21K $0.00 $0.00
Total Short-Term Assets $3.273M $4.221M $4.221M
YoY Change 119.88% 44.73% 44.73%
LONG-TERM ASSETS
Property, Plant & Equipment $3.574K $125.4K $125.4K
YoY Change -96.47% 3.04% -96.66%
Goodwill
YoY Change
Intangibles $11.98M $12.73M
YoY Change -8.23% -2.72%
Long-Term Investments $216.3K $223.8K $223.8K
YoY Change
Other Assets $78.89K $63.71K $63.71K
YoY Change -96.95% -96.95%
Total Long-Term Assets $12.39M $13.15M $13.15M
YoY Change -25.97% -30.55% -30.55%
TOTAL ASSETS
Total Short-Term Assets $3.273M $4.221M $4.221M
Total Long-Term Assets $12.39M $13.15M $13.15M
Total Assets $15.66M $17.37M $17.37M
YoY Change -14.06% -20.5% -20.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $409.1K $1.074M $1.074M
YoY Change -28.75% 115.49% 37.25%
Accrued Expenses $875.4K $868.5K $868.5K
YoY Change 96.43% 137.59% 36.41%
Deferred Revenue $15.34K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $925.9K $4.085M $4.085M
YoY Change -82.11% 3.62% 3.62%
Total Short-Term Liabilities $2.642M $6.042M $6.042M
YoY Change -62.31% 12.71% 12.71%
LONG-TERM LIABILITIES
Long-Term Debt $43.84K $45.37K $45.37K
YoY Change -3.27% 2.42% 2.42%
Other Long-Term Liabilities $1.656M $2.716M $2.716M
YoY Change -57.14% -53.96% -53.96%
Total Long-Term Liabilities $1.700M $2.761M $2.761M
YoY Change -56.51% -53.54% -53.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.642M $6.042M $6.042M
Total Long-Term Liabilities $1.700M $2.761M $2.761M
Total Liabilities $4.342M $8.803M $8.803M
YoY Change -60.23% -22.12% -22.12%
SHAREHOLDERS EQUITY
Retained Earnings -$52.07M -$44.50M
YoY Change 40.64% 35.67%
Common Stock $61.09M $49.83M
YoY Change 84.62% 83.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.32M $8.565M $8.565M
YoY Change
Total Liabilities & Shareholders Equity $15.66M $17.37M $17.37M
YoY Change -14.06% -20.5% -20.5%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$4.232M -$3.993M -$11.73M
YoY Change 67.48% 45.07% -9.04%
Depreciation, Depletion And Amortization $162.9K $169.8K $679.8K
YoY Change -5.18% 2434.93% 2933.24%
Cash From Operating Activities -$919.2K -$1.065M -$6.505M
YoY Change -45.68% -66.62% -46.24%
INVESTING ACTIVITIES
Capital Expenditures $225.0K $225.0K
YoY Change -687.93% -62.81%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$225.0K -$225.0K
YoY Change 1243.28% -64.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.190M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.082M 4.534M 8.274M
YoY Change -9589.74% -300.66% 9.44%
NET CHANGE
Cash From Operating Activities -919.2K -1.065M -6.505M
Cash From Investing Activities -225.0K -225.0K
Cash From Financing Activities 1.082M 4.534M 8.274M
Net Change In Cash 162.6K 3.244M 1.544M
YoY Change -109.55% -159.33% -128.04%
FREE CASH FLOW
Cash From Operating Activities -$919.2K -$1.065M -$6.505M
Capital Expenditures $225.0K $225.0K
Free Cash Flow -$1.290M -$6.730M
YoY Change -59.08% -47.03%

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1251000 usd
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1152000 usd
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1053000 usd
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1065000 usd
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CY2022 AGRI Initial Lease Rightofuse Asset
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CY2023 us-gaap Basis Of Accounting
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<p id="xdx_806_eus-gaap--BasisOfAccounting_zh2oPznk40Il" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. <span id="xdx_825_zpwgh78G1Is5">BASIS OF PREPARATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis of Presentation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying audited consolidated financial statements (the “financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. In the opinion of the Company’s management, the financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Principal of Consolidation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our consolidated financial statements include the accounts of our wholly owned subsidiaries. We consolidate variable interest entities (VIEs) when we have variable interests and are the primary beneficiary. The Company has no VIEs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All inter-company balances and transactions have been eliminated on consolidation. These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries:</span></p> <p id="xdx_89F_esrt--ScheduleOfCondensedFinancialStatementsTableTextBlock_zwMKhKrM5ow5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_8B5_zM8BV6MbdS8i" style="display: none">SCHEDULE OF CONSOLIDATED FINANCIAL STATEMENTS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of entity:</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Country of Incorporation</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purpose</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of Incorporation</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AgriFORCE Growing Systems Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_ecustom--CountryOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--AgriFORCEGrowingSystemsLtdMember_zu7f1UXlejk8" style="font: 10pt Times New Roman, Times, Serif" title="Country of Incorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canada</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_987_ecustom--Purpose_c20230101__20231231__dei--LegalEntityAxis__custom--AgriFORCEGrowingSystemsLtdMember_zOGOY4cE01W1" style="font: 10pt Times New Roman, Times, Serif" title="Purpose"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parent Company</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231__dei--LegalEntityAxis__custom--AgriFORCEGrowingSystemsLtdMember_ztpune7fEeC2" title="Date of Incorporation">Dec 22, 2017</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">un(Think) Food Company Canada Ltd.*</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_985_ecustom--CountryOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--UnFoodCompanyCanadaLtdMember_fKg_____ziIA53arRMsh" style="font: 10pt Times New Roman, Times, Serif" title="Country of Incorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canada</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_983_ecustom--Purpose_c20230101__20231231__dei--LegalEntityAxis__custom--UnFoodCompanyCanadaLtdMember_fKg_____zhLVc0720cQf" style="font: 10pt Times New Roman, Times, Serif" title="Purpose"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Food Product Manufacturing</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231__dei--LegalEntityAxis__custom--UnFoodCompanyCanadaLtdMember_fKg_____zpqNOZETPjU7" title="Date of Incorporation">Dec 4, 2019</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">West Pender Holdings, Inc.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_ecustom--CountryOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--WestPenderHoldingsIncMember_zNfTxOuY7zfj" style="font: 10pt Times New Roman, Times, Serif" title="Country of Incorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_ecustom--Purpose_c20230101__20231231__dei--LegalEntityAxis__custom--WestPenderHoldingsIncMember_zN5pIxCuU9Jk" style="font: 10pt Times New Roman, Times, Serif" title="Purpose"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real Estate Holding and Development Company</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231__dei--LegalEntityAxis__custom--WestPenderHoldingsIncMember_zqDh2KNzg4J8" title="Date of Incorporation">Sep 1, 2018</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AgriFORCE Investments Inc.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_ecustom--CountryOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--AgriFORCEInvestmentsIncMember_z2KqDVxGsh7b" style="font: 10pt Times New Roman, Times, Serif" title="Country of Incorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_ecustom--Purpose_c20230101__20231231__dei--LegalEntityAxis__custom--AgriFORCEInvestmentsIncMember_zkmK1V4SMLYa" style="font: 10pt Times New Roman, Times, Serif" title="Purpose"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holding Company</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231__dei--LegalEntityAxis__custom--AgriFORCEInvestmentsIncMember_zmjoGTXdpzB9" title="Date of Incorporation">Apr 9, 2019</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">West Pender Consulting Company</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_ecustom--CountryOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--WestPenderManagementCoMember_fKio___zkSamNsOH1s7" style="font: 10pt Times New Roman, Times, Serif" title="Country of Incorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_987_ecustom--Purpose_c20230101__20231231__dei--LegalEntityAxis__custom--WestPenderManagementCoMember_fKio___z6rxloyRavQi" style="font: 10pt Times New Roman, Times, Serif" title="Purpose"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Advisory Services</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231__dei--LegalEntityAxis__custom--WestPenderManagementCoMember_fKio___zmf0q63frA1f" title="Date of Incorporation">Jul 9, 2019</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGI IP Co.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_ecustom--CountryOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--AGIIPCoMember_zSdlHxsYfpcd" style="font: 10pt Times New Roman, Times, Serif" title="Country of Incorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_ecustom--Purpose_c20230101__20231231__dei--LegalEntityAxis__custom--AGIIPCoMember_zgrQIaTeUEj3" style="font: 10pt Times New Roman, Times, Serif" title="Purpose"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual Property</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231__dei--LegalEntityAxis__custom--AGIIPCoMember_zsJhi3noAv7e" title="Date of Incorporation">Mar 5, 2020</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">un(Think) Food Company</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98B_ecustom--CountryOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--UnFoodCompanyCanadaMember_zchIKVFIitck" style="font: 10pt Times New Roman, Times, Serif" title="Country of Incorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_988_ecustom--Purpose_c20230101__20231231__dei--LegalEntityAxis__custom--UnFoodCompanyCanadaMember_zS8CofwatN2c" style="font: 10pt Times New Roman, Times, Serif" title="Purpose"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Food Product Manufacturing</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231__dei--LegalEntityAxis__custom--UnFoodCompanyCanadaMember_zirob6x3bRw8" title="Date of Incorporation">June 20, 2022</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AgriFORCE Europe BV***</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98E_ecustom--CountryOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--AgriFORCEEuropeBVMember_fKioq_z5LoM119Qnck" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top" title="Country of Incorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Belgium</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_983_ecustom--Purpose_c20230101__20231231__dei--LegalEntityAxis__custom--AgriFORCEEuropeBVMember_fKioq_zYPXtNHsk679" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top" title="Purpose"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holding Company</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231__dei--LegalEntityAxis__custom--AgriFORCEEuropeBVMember_fKioq_z8feiHgFy1c8" title="Date of Incorporation">March 29, 2023</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AgriFORCE Belgium BV***</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_ecustom--CountryOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--AgriFORCEBelgiumBVMember_fKioq_z6lpdouJNZl2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top" title="Country of Incorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Belgium</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_ecustom--Purpose_c20230101__20231231__dei--LegalEntityAxis__custom--AgriFORCEBelgiumBVMember_fKioq_zRSSJGAkcDkl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top" title="Purpose"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holding Company</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231__dei--LegalEntityAxis__custom--AgriFORCEBelgiumBVMember_fKioq_zk8cpEIdu5Oj" title="Date of Incorporation">March 29, 2023</span></span></td></tr> <tr> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 36%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GrowForce BV***</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_985_ecustom--CountryOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--GrowForceBVMember_fKioq_zMaGwBMuuR7i" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 20%" title="Country of Incorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Belgium</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_982_ecustom--Purpose_c20230101__20231231__dei--LegalEntityAxis__custom--GrowForceBVMember_fKioq_zy3ZUk2ksER4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 20%" title="Purpose"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holding Company</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231__dei--LegalEntityAxis__custom--GrowForceBVMember_fKioq_zxPvGbgfwXC4" title="Date of Incorporation">June 19, 2023</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AgriFORCE (Barbados) Ltd.***</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_ecustom--CountryOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--AgriFORCEBarbadosLtdMember_fKioq_z3UVyhmowR7c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top" title="Country of Incorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barbados</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98C_ecustom--Purpose_c20230101__20231231__dei--LegalEntityAxis__custom--AgriFORCEBarbadosLtdMember_fKioq_zq1ALVIJvudi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top" title="Purpose"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holding Company</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231__dei--LegalEntityAxis__custom--AgriFORCEBarbadosLtdMember_fKioq_zIsDVOcGRdxe" title="Date of Incorporation">October 14, 2022</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0A_znAa99kg3Gi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_zaIwJUWXcSl4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">un(Think) Food Company Canada Ltd. changed its name from Daybreak AG Systems Ltd. on August 19, 2022. </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F02_zbOS0CJIko2e" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_z711gcBHllEg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">West Pender Consulting Company changed its name from West Pender Management Co. on August 1, 2022.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F08_z5pb0emFNiad" style="font: 10pt Times New Roman, Times, Serif">***</td> <td id="xdx_F1A_zMeanlSZPNv" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Entities have no activity and are in the process of being dissolved.</td></tr> </table> <p id="xdx_8A0_zYEWMywe7D5j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Functional and Reporting Currency</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The functional currency for each entity included in these consolidated financial statements is the currency of the primary economic environment in which the entity operates. These consolidated financial statements are presented in United States dollars (“USD”). Currency conversion to USD is performed in accordance with ASC 830, Foreign Currency Matters.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of our financial statements in accordance with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. Significant estimates reflected in these financial statements include, but are not limited to, accounting for share-based compensation, valuation of derivative liabilities, valuation of embedded conversion feature, going concern, impairment as well as depreciation method. Actual results could differ from these estimates and those differences could be material.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Going Concern</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has incurred substantial operating losses since its inception, and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As reflected in the financial statements, the Company had an accumulated deficit of approximately $<span id="xdx_909_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20231231_zzUU4Up3CdVa" title="Accumulated deficit">44.5</span> million at December 31, 2023, a net loss of approximately $<span id="xdx_905_eus-gaap--NetIncomeLoss_iN_pn5n6_di_c20230101__20231231_zni7REgicjz1" title="Net loss">11.7</span> million, and approximately $<span id="xdx_909_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn5n6_di_c20230101__20231231_z6Vg2cdz1Nhh" title="Net cash used in operating activities">6.5</span> million of net cash used in operating activities for the year ended December 31, 2023. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. The Company anticipates incurring additional losses until such time, if ever, that it can obtain marketing approval to sell, and then generate significant sales, of its technology that is currently in development. The Company will need to raise additional capital in order to fund its operations and to develop and commercialize its technology. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company is seeking additional financing to support its growth plans. The sale of additional equity may dilute existing shareholders and newly issued shares may contain senior rights and preferences compared to currently outstanding common shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reverse Stock Split</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 11, 2023, the Company executed a one-for-fifty reverse stock split of the Company’s common shares (the “Reverse Split”). As a result of the Reverse Split, every 50 shares of the Company’s old common shares were converted into one share of the Company’s new common shares. Fractional shares resulting from the reverse split were rounded up to the nearest whole number. The Reverse Split automatically and proportionately adjusted all issued and outstanding shares of the Company’s common shares, as well as convertible debentures, convertible features, prefunded warrants, stock options and warrants outstanding at the time of the date of the Reverse Split. The exercise price on outstanding equity based-grants was proportionately increased, while the number of shares available under the Company’s equity-based plans was proportionately reduced. Share and per share data (except par value) for the periods presented reflect the effects of the Reverse Split. References to numbers of common shares and per share data in the accompanying financial statements and notes thereto for periods ended prior to October 11, 2023 have been adjusted to reflect the Reverse Split on a retroactive basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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<p id="xdx_847_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_z86PsV081moa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zOJm7D3bWQp6">Reclassifications</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has reclassified certain share base payment expenses from <i>Wages and salaries</i> to <i>Share based compensation</i> in the 2022 consolidated statements of comprehensive loss to align with the 2023 presentation.</span></p>
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7572932 usd
CY2023Q4 AGRI Deferred Tax Assets Share Issue Costs
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285654 usd
CY2022Q4 AGRI Deferred Tax Assets Share Issue Costs
DeferredTaxAssetsShareIssueCosts
130732 usd
CY2023Q4 us-gaap Deferred Tax Assets Other
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2692 usd
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
-5286 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
11252910 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11252910 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
7698378 usd
CY2023 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6589 usd
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
615693 usd
CY2023 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6589 usd
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
615693 usd
CY2023Q4 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
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CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
242632 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
295601 usd
CY2023 us-gaap Short Term Lease Cost
ShortTermLeaseCost
47385 usd
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ShortTermLeaseCost
23361 usd
CY2023 us-gaap Lease Cost
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290017 usd
CY2022 us-gaap Lease Cost
LeaseCost
318962 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
7666599 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3143538 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
660000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
11470137 usd
CY2023Q3 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
451684.00 usd
CY2023Q3 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
230000 usd
CY2023 dei Auditor Firm
AuditorFirmId
688

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0001493152-24-012418.txt Edgar Link pending
0001493152-24-012418-xbrl.zip Edgar Link pending
agri-20231231.xsd Edgar Link pending
agri-20231231_def.xml Edgar Link unprocessable
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