Village Farms Files 2023 Annual Report Amendment
Ticker: VFF · Form: 10-K/A · Filed: 2024-06-24T00:00:00.000Z
Sentiment: neutral
Topics: amendment, annual-report, cannabis, finance
Related Tickers: VFF
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
What specific financial adjustments or disclosures are being made in this 10-K/A filing for Village Farms International, Inc.?
The filing is an amendment to the 10-K for the period ending December 31, 2023, and includes updated information on various segments and financial instruments, though specific dollar amounts of adjustments are not detailed in the provided header.
What is the significance of the 'DeclineOf10InFutureCashFlowRateMember' and 'DeclineOf5InFutureCashFlowRateMember' mentioned in the filing?
These likely refer to changes or assessments related to future cash flow rates within the Cannabis United States Segment (10% decline) and Cannabis Canada Segment (5% decline) during the respective periods.
How does the filing address the 'TermLoanOneMember' related to 'PureSunfarms'?
The filing indicates that 'TermLoanOneMember' and 'PureSunfarms' are associated with the period from January 1, 2023, to December 31, 2023, suggesting updated information or disclosures regarding this loan and subsidiary.
What types of inventory are specifically mentioned in the filing for the period ending December 31, 2022?
The filing mentions 'SparePartsInventoryAndPackaging' within the 'ProduceAndEnergy' segment and 'CropInventory' for the period January 1, 2022, to December 31, 2022.
When was the original 10-K filed, and what is the purpose of this amendment?
The original 10-K was likely filed earlier, and this 10-K/A, filed on June 24, 2024, serves to amend or supplement the original filing with updated or corrected information for the fiscal year ended December 31, 2023.
From the Filing
0000950170-24-076842.txt : 20240624 0000950170-24-076842.hdr.sgml : 20240624 20240624170034 ACCESSION NUMBER: 0000950170-24-076842 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 90 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240624 DATE AS OF CHANGE: 20240624 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Village Farms International, Inc. CENTRAL INDEX KEY: 0001584549 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE PRODUCTION - CROPS [0100] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 000000000 STATE OF INCORPORATION: Z4 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-38783 FILM NUMBER: 241065118 BUSINESS ADDRESS: STREET 1: 4700 - 80TH STREET CITY: DELTA, BRITISH COLUMBIA STATE: Z4 ZIP: V4K 3N3 BUSINESS PHONE: 732-676-3008 MAIL ADDRESS: STREET 1: 4700 - 80TH STREET CITY: DELTA, BRITISH COLUMBIA STATE: Z4 ZIP: V4K 3N3 10-K/A 1 vff-20231231.htm 10-K/A 10-K/A 0001584549 true FY 1 years 1 years February 28, 2026 February 28, 2026 0001584549 2023-06-30 0001584549 vff:OperatingLeasesMember 2023-12-31 0001584549 vff:SalesAgreementMember 2022-12-31 0001584549 vff:PerformanceBasedRestrictedShareUnitMember 2022-01-01 2022-12-31 0001584549 us-gaap:GoodwillMember vff:CannabisUnitedStatesSegmentMember vff:DeclineOf10InFutureCashFlowRateMember 2022-01-01 2022-12-31 0001584549 vff:ProduceAndEnergyMember vff:SparePartsInventoryAndPackagingMember 2022-12-31 0001584549 us-gaap:GoodwillMember vff:CannabisCanadaSegmentMember vff:DeclineOf5InFutureCashFlowRateMember 2023-01-01 2023-12-31 0001584549 vff:TermLoanOneMember vff:PureSunfarmsMember 2023-01-01 2023-12-31 0001584549 srt:MinimumMember 2023-01-01 2023-12-31 0001584549 us-gaap:StateAndLocalJurisdictionMember 2023-01-01 2023-12-31 0001584549 vff:OtherMember 2022-12-31 0001584549 vff:CannabisUnitedStatesSegmentMember 2023-01-01 2023-12-31 0001584549 vff:CropInventoryMember 2022-01-01 2022-12-31 0001584549 vff:AdditionalIncreaseOf1ToDiscountRateMember vff:CannabisCanadaSegmentMember vff:BrandMember 2023-12-31 0001584549 us-gaap:GoodwillMember vff:CannabisUnitedStatesSegmentMember 2022-01-01 2022-12-31 0001584549 us-gaap:GoodwillMember vff:CannabisUnitedStatesSegmentMember 2022-06-30 0001584549 us-gaap:ComputerSoftwareIntangibleAssetMember srt:MaximumMember 2023-12-31 0001584549 vff:EnergyBusinessMember 2021-01-01 2021-12-31 0001584549 vff:TermLoanFCCLoanMember 2022-01-01 2022-12-31 0001584549 vff:CannabisBusinessMember country:US 2023-12-31 0001584549 vff:CannabisUnitedStatesSegmentMember vff:IncreaseOf1ToDiscountRateMember vff:BrandMember 2022-01-01 2022-06-30 0001584549 vff:MajorCustomerOneMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2023-01-01 2023-12-31 0001584549 2023-10-18 2023-10-18 0001584549 vff:OptionAgreementMember vff:LeliHollandBVLeliMember 2021-09-01 2021-09-30 0001584549 vff:EquipmentAndFacilityLeasesMember srt:MinimumMember 2023-12-31 0001584549 vff:PublicUtilitiesInventoryWorkInProcessMember vff:CannabisBusinessMember 2023-12-31 0001584549 vff:LeliHollandBVLeliMember 2022-07-19 0001584549 us-gaap:StateAndLocalJurisdictionMember 2023-12-31 0001584549 vff:SalesAgreementMember 2022-01-01 2022-12-31 0001584549 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-12-31 0001584549 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2023-12-31 0001584549 us-gaap:ConstructionInProgressMember 2022-12-31 0001584549 country:CA 2022-12-31 0001584549 vff:LeliHollandBVLeliMember 2022-07-19 2022-07-19 0001584549 us-gaap:GoodwillMember vff:CannabisCanadaSegmentMember srt:MinimumMember vff:IncreaseOf5InNetWorkingCaptialMember 2023-01-01 2023-12-31 0001584549 srt:MinimumMember us-gaap:LicensingAgreementsMember 2023-12-31 0001584549 vff:PureSunfarmsMember vff:BDCLoanMember 2023-01-01 2023-12-31 0001584549 us-gaap:ForeignCountryMember 2023-12-31 0001584549 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001584549 us-gaap:EmployeeStockOptionMember 2022-01-01 20