2024 Q3 Form 10-Q Financial Statement

#000149315224031696 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $41.32K $0.00
YoY Change
Cost Of Revenue $33.73K
YoY Change
Gross Profit $7.584K
YoY Change
Gross Profit Margin 18.36%
Selling, General & Admin $305.5K $335.7K $355.5K
YoY Change 50.42% -5.59% -5.68%
% of Gross Profit 4425.82%
Research & Development $54.04K $509.00 $13.24K
YoY Change -299.79% -96.15% -56.36%
% of Gross Profit 6.71%
Depreciation & Amortization $169.3K $162.9K $171.8K
YoY Change -0.44% -5.18% 3044.37%
% of Gross Profit 2148.47%
Operating Expenses $5.605M $1.176M $368.8K
YoY Change 3084.47% 218.87% -9.45%
Operating Profit -$5.605M -$1.168M -$2.914M
YoY Change 243.67% -59.9% -30.98%
Interest Expense -$631.0K -$806.8K -$2.074M
YoY Change -69.81% -61.11% -2104.83%
% of Operating Profit
Other Income/Expense, Net $314.0K -$369.1K $2.461M
YoY Change 36.51% -115.0% 264.33%
Pretax Income -$5.847M -$4.232M -$2.527M
YoY Change 67.55% 67.48% -26.6%
Income Tax
% Of Pretax Income
Net Earnings -$5.847M -$4.232M -$2.527M
YoY Change 67.4% 67.48% -26.6%
Net Earnings / Revenue -10243.49%
Basic Earnings Per Share -$0.06 -$0.09 -$0.10
Diluted Earnings Per Share -$0.06 -$0.09 -$0.10
COMMON SHARES
Basic Shares Outstanding 92.34M shares 22.57M shares 18.52M shares
Diluted Shares Outstanding 92.02M shares 45.88M shares 499.5K shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.373M $2.938M $1.229M
YoY Change 69.54% 139.03% -38.46%
Cash & Equivalents $1.373M $2.937M $1.005M
Short-Term Investments $223.6K
Other Short-Term Assets $74.94K $18.99K $198.0K
YoY Change -70.02% -90.41% 77.12%
Inventory $47.17K $4.621K
Prepaid Expenses $280.3K $136.2K $88.60K
Receivables $163.00 $8.479K $61.80K
Other Receivables $23.65K $25.21K $61.80K
Total Short-Term Assets $1.944M $3.273M $1.489M
YoY Change 67.52% 119.88% -89.42%
LONG-TERM ASSETS
Property, Plant & Equipment $2.612K $3.574K $101.3K
YoY Change -97.18% -96.47% -17.39%
Goodwill $314.4K
YoY Change
Intangibles $8.370M $11.98M $13.06M
YoY Change -33.68% -8.23% 42.09%
Long-Term Investments $216.3K
YoY Change
Other Assets $48.21K $78.89K $0.00
YoY Change
Total Long-Term Assets $8.848M $12.39M $16.74M
YoY Change -45.3% -25.97% 27.6%
TOTAL ASSETS
Total Short-Term Assets $1.944M $3.273M $1.489M
Total Long-Term Assets $8.848M $12.39M $16.74M
Total Assets $10.79M $15.66M $18.23M
YoY Change -37.75% -14.06% -32.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $612.1K $409.1K $574.2K
YoY Change -1.89% -28.75% -57.14%
Accrued Expenses $962.5K $875.4K $445.6K
YoY Change 44.58% 96.43% 300.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.094M $925.9K $5.175M
YoY Change -76.58% -82.11% 39.96%
Total Short-Term Liabilities $3.160M $2.642M $7.010M
YoY Change -53.94% -62.31% 0.09%
LONG-TERM LIABILITIES
Long-Term Debt $44.45K $43.84K $45.32K
YoY Change 11.13% -3.27% -2.66%
Other Long-Term Liabilities $25.17K $1.656M $3.863M
YoY Change -99.18% -57.14% -61.33%
Total Long-Term Liabilities $25.17K $1.700M $3.908M
YoY Change -99.19% -56.51% -61.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.160M $2.642M $7.010M
Total Long-Term Liabilities $25.17K $1.700M $3.908M
Total Liabilities $4.122M $4.342M $10.92M
YoY Change -58.72% -60.23% -35.93%
SHAREHOLDERS EQUITY
Retained Earnings -$57.91M -$52.07M -$37.02M
YoY Change 42.95% 40.64% 39.05%
Common Stock $62.13M $61.09M $33.09M
YoY Change 48.31% 84.62% 23.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.669M $11.32M $7.309M
YoY Change
Total Liabilities & Shareholders Equity $10.79M $15.66M $18.23M
YoY Change -37.75% -14.06% -32.95%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$5.847M -$4.232M -$2.527M
YoY Change 67.4% 67.48% -26.6%
Depreciation, Depletion And Amortization $169.3K $162.9K $171.8K
YoY Change -0.44% -5.18% 3044.37%
Cash From Operating Activities -$1.201M -$919.2K -$1.692M
YoY Change 9.15% -45.68% -22.64%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$356.1K
YoY Change
Cash From Investing Activities -$356.1K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 1.082M -11.40K
YoY Change -100.0% -9589.74% -67.43%
NET CHANGE
Cash From Operating Activities -1.201M -919.2K -1.692M
Cash From Investing Activities -356.1K 0.000
Cash From Financing Activities 0.000 1.082M -11.40K
Net Change In Cash -1.557M 162.6K -1.704M
YoY Change 238.42% -109.55% -27.96%
FREE CASH FLOW
Cash From Operating Activities -$1.201M -$919.2K -$1.692M
Capital Expenditures $0.00
Free Cash Flow -$1.692M
YoY Change -17.25%

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<p id="xdx_80D_eus-gaap--NatureOfOperations_zDi1ZRVIEPxj" 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>1. <span id="xdx_826_z5hWIcrXi9n5">NATURE OF OPERATIONS AND 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>Business Overview</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">AgriFORCE Growing Systems Ltd. (“AgriFORCE™” or the “Company”) was incorporated as a private company by Articles of Incorporation issued pursuant to the provisions of the <i>Business Corporations Act (British Columbia)</i> on December 22, 2017. The Company’s registered and records office address is at 800 – 525 West 8<sup>th</sup> Avenue, Vancouver, British Columbia, Canada, V5Z 1C6.</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 is an innovative agriculture-focused technology company that delivers reliable, financially robust solutions for high value crops through our proprietary facility design and automation Intellectual Property to businesses and enterprises globally through our AgriFORCE™ Solutions division (“Solutions”) and delivers nutritious food products through our AgriFORCE™ Brands division (“Brands”). During 2023, the Company launched its UN(THINK) Awakened Flour™ flour, which is a nutritious flour that provides many health advantages over traditional flour.</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">Solutions intends to operate in the plant based pharmaceutical, nutraceutical, and other high value crop markets using its unique proprietary facility design and hydroponics based automated growing system that enable cultivators to effectively grow crops in a controlled environment (“FORCEGH+™”). The Company has designed FORCEGH+™ facilities to produce in virtually any environmental condition and to optimize crop yields to as near their full genetic potential possible whilst substantially eliminating the need for the use of pesticides and/or irradiation. The Company also has a global license to sell and distribute hydroxyl devices. During 2023, the Company completed sales and deliveries of its hydroxyl devices.</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">Brands is focused on the development and commercialization of plant-based ingredients and products that deliver healthier and more nutritious solutions. We will market and commercialize both branded consumer product offerings and ingredient supply.</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 Unaudited Condensed Consolidated Interim Financial Statements and related financial information of AgriFORCE Growing Systems Ltd. should be read in conjunction with the audited financial statements and the related notes thereto for the years ended December 31, 2023 and 2022 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on April 1, 2024. These unaudited interim financial statements have been prepared in accordance with the rules and regulations of the United States Securities and SEC for interim financial information. Accordingly, they do not include all of the information and footnotes required by the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements.</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">In the opinion of management, the accompanying interim financial statements contain all adjustments which are necessary to state fairly the Company’s financial position as of June 30, 2024 and December 31, 2023, and the results of its operations and cash flows during the six months ended June 30, 2024 and 2023. Such adjustments are of a normal and recurring nature. The results for the six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2024, or for any future period.</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"></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>Liquidity and Management’s Plan</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. As reflected in the interim financial statements for the six months ended June 30, 2024, the Company had a net loss of $<span id="xdx_905_eus-gaap--NetIncomeLoss_pn5n6_di_c20240101__20240630_z5diAYjBhy9k" title="Net loss">7.6</span> million, $<span id="xdx_90E_eus-gaap--NetCashProvidedByUsedInOperatingActivities_pn5n6_di_c20240101__20240630_zklT5vOQXlOk" title="Net cash used in operating activities">2.2</span> million of net cash used in operating activities, and the Company had working capital of $<span id="xdx_90B_ecustom--WorkingCapitalDeficit_iI_pn5n6_c20240630_ze8dRpeBaJQk" title="Working captial deficit">0.6</span> million.</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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 24, 2024, the Company received a Staff Listing Determination Letter from Nasdaq pursuant to which the Staff has determined that as of June 21, 2024, the Company’s common shares had a per share closing bid price of $<span id="xdx_908_ecustom--CommonStockClosingBidPrice_c20240606__20240724_z2SFgr64U0Lc" title="Closing bid price">0.10</span> or less for ten consecutive trading days (the Company’s bid price has closed at or below $<span id="xdx_90A_ecustom--CommonStockClosingBidPrice_c20240606__20240724_zLfFdvYC2ykj" title="Closing bid price">0.10</span> per share from June 6, 2024, through June 21, 2024). Nasdaq has granted the Company an exception to comply with the bid price rule as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or before August 1, 2024, the Company shall obtain Board of Directors approval for a reverse stock split, which was received as of that date;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or before September 30, 2024, the Company shall obtain shareholders approval for a reverse stock split at a ratio that satisfies the minimum requirement in the Bid Price Rule;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or before October 9, 2024, the Company shall effect a reverse stock split and, thereafter, maintain a $<span id="xdx_908_ecustom--CommonStockClosingBidPrice_c20241009__20241009__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z29zerSCAdTe" title="Closing bid price">1</span> closing bid price for a minimum of ten consecutive business days;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or before October 22, 2024, the Company shall have demonstrated compliance with the Bid Price Rule, by evidencing a closing bid price of $<span id="xdx_900_ecustom--CommonStockClosingBidPrice_c20241022__20241022__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zTp4tM0IlUxi" title="Closing bid price">1</span> or more per share for a minimum of ten consecutive trading sessions.</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> <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 interim 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 interim 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 is at the development stage of its business plan. As such it is likely that additional financing will be needed by the Company 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. For the next twelve months from issuance of these interim financial statements, the Company will seek to obtain additional capital through the sale of debt or equity financings or other arrangements to fund operations; however, there can be no assurance that the Company will be able to raise needed capital under acceptable terms, if at all. The sale of additional equity may dilute existing shareholders and newly issued shares may contain senior rights and preferences compared to our currently outstanding common shares. If the Company is unable to obtain such additional financing, future operations would need to be scaled back or discontinued. Due to the uncertainty in the Company’s ability to raise capital, management believes that there is substantial doubt in the Company’s ability to continue as a going concern for twelve months from the issuance of these interim financial statements.</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>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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Net Income Loss
NetIncomeLoss
-7600000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2200000 usd
CY2024Q2 AGRI Working Capital Deficit
WorkingCapitalDeficit
600000 usd
CY2024Q3 AGRI Common Stock Closing Bid Price
CommonStockClosingBidPrice
0.10
CY2024Q3 AGRI Common Stock Closing Bid Price
CommonStockClosingBidPrice
0.10
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_84A_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zfTHsjBLmtpe" 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_866_zDt6jMvqpQNc">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 2023 consolidated statements of comprehensive loss to align with the 2024 presentation.</span></p>
CY2024Q2 AGRI Legal Retainer
LegalRetainer
31547 usd
CY2023Q4 AGRI Legal Retainer
LegalRetainer
8039 usd
CY2024Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
136157 usd
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
223624 usd
CY2024Q2 AGRI Inventory Advances
InventoryAdvances
110918 usd
CY2023Q4 AGRI Inventory Advances
InventoryAdvances
30654 usd
CY2024Q2 us-gaap Other Assets Current
OtherAssetsCurrent
18987 usd
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
10555 usd
CY2024Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
297609 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
272872 usd
AGRI Write Off Of Deposit
WriteOffOfDeposit
12000 usd
CY2024Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
4621 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
38857 usd
CY2023 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
141175 shares
CY2024Q2 AGRI Unconverted Prefunded Warrants Outstanding
UnconvertedPrefundedWarrantsOutstanding
6425 shares
CY2023Q4 AGRI Unconverted Prefunded Warrants Outstanding
UnconvertedPrefundedWarrantsOutstanding
6425 shares
CY2024Q2 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P20Y
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
323816 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
647631 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
647631 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
647631 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
647631 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
647631 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
8419204 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
11981175 usd
CY2024Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
409147 usd
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
578128 usd
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
875401 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
868451 usd
CY2024Q2 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
431726 usd
CY2023Q4 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
495432 usd
CY2024Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1716274 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1942011 usd
CY2023Q3 us-gaap Debt Instrument Convertible Threshold Trading Days
DebtInstrumentConvertibleThresholdTradingDays
5 integer
us-gaap Debt Instrument Interest Rate Terms
DebtInstrumentInterestRateTerms
The First, Second, Third, Fourth, Fifth, Sixth and Seventh Tranche Debentures (the “Debentures”) have an interest rate of 5% for the first 12 months, 6% for the subsequent 12 months, and 8% per annum thereafter. Principal repayments will be made in 25 equal installments which began on September 1, 2022 for the First Tranche Debentures, July 1, 2023 for the Second Tranche Debentures, January 1, 2024 for the Third Tranche Debentures, May 1, 2024 for the Fourth Tranche Debentures, August 1, 2024 for the Fifth Tranche Debentures, October 1, 2024 for the Sixth Tranche Debentures and November 1, 2024 for the Seventh Tranche Debentures. The Debentures may be extended by nine months at the election of the Company by paying a sum equal to nine months’ interest on the principal amount outstanding at the end of the 18th month, at the rate of 8% per annum.
CY2024Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2222618 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
7385494 usd
CY2024Q2 us-gaap Secured Debt Current
SecuredDebtCurrent
925882 usd
CY2023Q4 us-gaap Secured Debt Current
SecuredDebtCurrent
4084643 usd
AGRI Accretion Interest On Debentures
AccretionInterestOnDebentures
2203081 usd
AGRI Accretion Interest On Debentures
AccretionInterestOnDebentures
3980278 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
802282 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
1741950 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
15336 usd
CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
2690308 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
2029000 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
-2297316 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
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AGRI Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Effect Of Exchange Rate Changes
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodEffectOfExchangeRateChanges
-98126 usd
CY2024Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1630940 usd
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
4649115 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
4022120 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
-194492 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-5833025 usd
AGRI Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Effect Of Exchange Rate Changes
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodEffectOfExchangeRateChanges
27893 usd
CY2023Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
2671611 usd
CY2024Q2 us-gaap Employee Stock Ownership Plan Esop Terms Of Repurchase Obligation
EmployeeStockOwnershipPlanESOPTermsOfRepurchaseObligation
Company’s Board of Directors authorized a share repurchase program (the “Repurchase Program”) under which the Company may repurchase up to $1 million of its outstanding common shares, for a period of six months, subject to contractual requirements.
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
47220131 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1202552 shares
us-gaap Revenues
Revenues
41315 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
145795 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
58576 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
3479 usd
us-gaap Lease Cost
LeaseCost
58576 usd
us-gaap Lease Cost
LeaseCost
149274 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
996000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
1800500 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
352000 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
3148500 usd
CY2023Q3 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
451684 usd
CY2023Q3 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
230000 usd
CY2024Q1 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
467249

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