Village Farms Files 2023 Annual Report Amendment

TL;DR

VFF filed its 2023 10-K amendment, check for updated financials and risks.

AI Summary

Village Farms International, Inc. filed an amendment (10-K/A) to its annual report for the fiscal year ending December 31, 2023. The filing, dated June 24, 2024, provides updated information regarding its business operations, financial condition, and risk factors. Specific details on segments like Cannabis Canada and Produce & Energy, along with financial instruments such as operating leases and term loans, are included.

Why It Matters

This amendment provides updated disclosures for investors and stakeholders, offering a more current view of Village Farms' financial health and operational status as of year-end 2023.

Risk Assessment

Risk Level: medium — The filing is an amendment to an annual report, indicating potential corrections or updates to previously disclosed information, which could involve material changes.

Key Numbers

• FY 1 years — Fiscal Year (Indicates the reporting period is for one year.)
• 2023-12-31 — Reporting Period End Date (The end date for the fiscal year being reported.)
• 2022-12-31 — Prior Period End Date (The end date for the comparative prior fiscal year.)

Key Players & Entities

• Village Farms International, Inc. (company) — Filer of the 10-K/A
• 2023-12-31 (date) — Fiscal year end
• 20240624 (date) — Filing date
• Cannabis Canada Segment (company_segment) — Business segment mentioned
• Produce & Energy (company_segment) — Business segment mentioned
• Pure Sunfarms (company) — Subsidiary mentioned in relation to Term Loan One

FAQ

Key Financial Figures

• $10.0 million — the Cannabis – U.S. reporting unit was $10.0 million as of December 31, 2023. Goodwill is te
• $11.3 million — in an impairment charge to goodwill of $11.3 million. The principal considerations for our
• $45.8 million — he Cannabis – Canada reporting unit was $45.8 million as of December 31, 2023. Goodwill is te

Filing Documents

• vff-20231231.htm (10-K/A) — 2234KB
• vff-ex23_2.htm (EX-23.2) — 5KB
• vff-ex31_5.htm (EX-31.5) — 14KB
• vff-ex31_6.htm (EX-31.6) — 14KB
• vff-ex32_3.htm (EX-32.3) — 9KB
• vff-ex32_4.htm (EX-32.4) — 11KB
• img27913717_0.jpg (GRAPHIC) — 4KB
• 0000950170-24-076842.txt ( ) — 12146KB
• vff-20231231.xsd (EX-101.SCH) — 1886KB
• vff-20231231_htm.xml (XML) — 2481KB

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA The financial statements required by this item are included beginning on page 7 of this Amendment No. 2 to our Annual Report on Form 10-K. See also Item 15, "Exhibits, Financial Statement Schedules." 1 PART IV.

EXHIBITS, FINAN CIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINAN CIAL STATEMENT SCHEDULES (a) Documents filed as part of this report. 1. Financial Statements. Page Management's Report on Internal Controls Over Financial Controls 7 Report of Independent Registered Public Accounting Firm 8 Consolidated Statements of Financial Position 11 Consolidated Statements of Operations and Comprehensive Income (Loss) 12 Consolidated Statements of Changes in Shareholders' Equity and Mezzanine Equity 13 Consolidated Statements of Cash Flows 14

Notes to Financial Statements

Notes to Financial Statements 15 2 2. Financial Statement Schedules. All schedules are omitted because they are not applicable, or the required information is shown in the Financial Statements or notes thereto. (b) Exhibits The following exhibits are filed as part of, or incorporated by reference into, this report: 3.1 Articles of Continuance (incorporated by reference to Exhibit 3.1 of the Company's Annual Report on Form 10-K filed on March 9, 2023). 3.2 By-Law No. 4 of Village Farms International, Inc. (incorporated by reference to Appendix D of the Company's Proxy Statement, filed on April 19, 2022) 4.1 Description of Common Shares (incorporated by reference to Exhibit 4.1 of the Company's Annual Report on Form 10-K filed on March 9, 2023). 4.2 Securityholders' Agreement, as amended and restated on December 31, 2009 (incorporated by reference to Exhibit 4.3 of the Company's Annual Report on Form 10-K filed on April 1, 2020) 4.3 Form of Warrant (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on September 10, 2020). 4.4 Form of Warrant (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on January 30, 2023). 10.1 Controlled Equity OfferingSM Sales Agreement, dated August 9, 2022, between Village Farms International, Inc. and Cantor Fitzgerald & Co. and A.G.P./Alliance Global Partners (incorporated by reference to Exhibit 1.1 of the Company's Current Report on Form 8-K filed on August 9, 2022). 10.2 Credit Facility Agreement by and between Village Farms Canada Limited Partnership and Farm Credit Canada, dated March 28, 2013 (incorporated by reference to Exhibit 10.2 of the Company's Annual Report on Form 10-K filed on April 1, 2020) 10.3 Credit Agreement by and between Village Farms Canada Limited Partnership and Village Farms, L.P. and Bank of Montreal, dated August 29, 2013 (incorporated by reference to Exhibit 10.3 of the Company's A

View Full Filing

View this 10-K/A filing on SEC EDGAR