General form of registration statement for all companies including face-amount certificate companies

Inventory

v3.21.2
Inventory
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Inventory Disclosure [Abstract]    
Inventory
4. Inventory
Inventory is carried at the lower of cost or net realizable value using the
first-in,
first-out
(“FIFO”) method. Cost is determined using the weighted average cost method. Inventory write-downs are recorded for shrinkage, damaged, stale and slow-moving items. Inventories consisted of the following (in thousands):
 
    
As of September 30,
2021
     
As of December 31,
2020
  
Raw materials
    $ 161      $ 21  
Work-in-process
      53        83  
Finished goods
      1        5  
Packaging
      266        182  
Consignment
      166        21  
    
 
 
     
 
 
  
Inventory allowance
      (17 )       (69 ) 
    
 
 
     
 
 
  
Total inventory, net
    $ 630      $ 243  
    
 
 
     
 
 
  
The assessment of recoverability of inventories and the amounts of any write-downs are based on currently available information and assumptions about future demand and market conditions. Demand for produce may fluctuate significantly over time, and actual demand and market conditions may be more or less favorable than the Company’s projections. If actual demand is lower than originally projected, additional inventory write- downs may be required.
3. Inventory
Inventories as of December 31, 2020 and 2019, consisted of the following (in
thousands
):
 
    
As of December 31,
  
    
  2020  
     
  2019  
  
Raw materials
    $ 21      $ —    
Work-in-process
      83        —    
Finished goods
      5        —    
Packaging
      182        —    
Consignment
      21         
    
 
 
     
 
 
  
Inventory allowance
      (69 )       —    
    
 
 
     
 
 
  
Total inventory, net
    $ 243      $ —    
    
 
 
     
 
 
  
The assessment of recoverability of inventories and the amounts of any write-downs are based on currently available information and assumptions about future demand and market conditions. Demand for produce may fluctuate significantly overtime, and actual demand and market conditions may be more or less favorable than our projections. In the event that actual demand is lower than originally projected, additional inventory write-downs may be required.