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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2021
Accounting Policies [Abstract] |
Schedule of estimated useful life of property and equipment | The estimated useful life of property and equipment are as follows:
Machinery and equipment | 5 to 10 years
Leasehold Improvements | Lesser of useful life or lease term
Vehicles | 5 years
Furniture and fixtures | 7 years
Building | 28 to 40 years
Property held under capital leases | 3 to 5 years
Computer hardware and software | 3 years
Schedule of goodwill | The following table summarizes the activity in the Company's goodwill from December 31, 2019 to December 31, 2021:
| (in thousands)
Balance at December 31, 2019 | $3,113
Goodwill acquired | —
Balance at December 31, 2020 | $3,113
Goodwill acquired | 397
Balance at December 31, 2021 | $3,510
Schedule of variable interest entity financial information | The following financial information includes assets and liabilities of Global Wells and are included in the accompanying consolidated balance sheets, except for those that eliminate upon consolidation:
| December 31, 2021 |  | December 31, 2020
| (in thousands)
Cash | $ | 1,163 |  |  | $ | 81 |
Accounts receivable | 384 |  |  | 343 |
Prepaid expenses and other current assets | 63 |  |  | 98 |
Property and equipment, net | 46,612 |  |  | 47,826 |
Other assets | 4,762 |  |  | 5,260 |
Total assets | 52,984 |  |  | 53,608 |
Accounts payable | $ | 497 |  |  | $ | 564 |
Accrued expenses | 68 |  |  | 128 |
Income tax payable | 9 |  | —
Customer deposits | 88 |  | —
Due to Lollicup USA Inc. | 2,620 |  |  | 2,990 |
Long-term debt, current portion | 1,178 |  |  | 694 |
Long-term debt, net of current portion | 35,339 |  |  | 36,697 |
Other liabilities | 2,636 |  |  | 3,906 |
Total liabilities | $ | 42,435 |  |  | $ | 44,979 |
Summary of net sales disaggregated by customer type | For the years ended December 31, 2021 and 2020, net sales disaggregated by customer type consist of the amounts shown below.
| Year Ended December 31,
| 2021 |  | 2020
| (in thousands)
National and regional chains | $ | 86,017 |  |  | $ | 67,875 |
Distributors | 199,902 |  |  | 157,164 |
Online | 50,271 |  |  | 33,194 |
Retail | 28,054 |  |  | 37,285 |
| $ | 364,244 |  |  | $ | 295,518 |
Schedule of concentration of credit risk | For the years ended December 31, 2021 and 2020, purchases from the following vendor makes up greater than 10 percent of total purchases:
| Year Ended December 31,
| 2021 |  | 2020
Keary Global Ltd. (“Keary Global”) and its affiliate, Keary International, Ltd. – related parties | 12 | % |  | 11 | %
Amounts due to the following vendors at December 31, 2021 and 2020, respectively, that exceed 10 percent of total accounts payable are as follows:
| December 31, 2021 |  | December 31, 2020
Keary Global and its affiliate, Keary International – related parties | 10 | % |  | 18 | %
Taizhou Fuling Plastics Co.,Ltd | * |  | 11 | %
Fuling Technology Co., Ltd. | 21 | % |  | *
Wen Ho Industrial Co., Ltd | 11 | % |  | *
* Amounts payable represented less than 10% of total accounts payable.
Summary of fair value measurements by level for the assets and liabilities measured at fair value on a recurring basis | The following table summarize the Company’s fair value measurements by level at December 31, 2021 for the assets and liabilities measured at fair value on a recurring basis:
| Level 1 |  | Level 2 |  | Level 3
| (in thousands)
Cash equivalents | $ | 2,000 |  |  | $ | — |  |  | $ | — |
Interest rate swap | — |  |  | (1,334) |  |  | — |
Fair value, December 31, 2021 | $ | 2,000 |  |  | $ | (1,334) |  |  | $ | — |
The following table summarize the Company’s fair value measurements by level at December 31, 2020 for the assets and liabilities measured at fair value on a recurring basis:
| Level 1 |  | Level 2 |  | Level 3
| (in thousands)
Cash equivalents | $ | 448 |  |  | $ | — |  |  | $ | — |
Interest rate swaps | — |  |  | (2,847) |  |  | — |
Fair value, December 31, 2020 | $ | 448 |  |  | $ | (2,847) |  |  | $ | — |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=123419778&loc=SL6759159-111685 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5747-111685 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123419778&loc=SL6228884-111685 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5728-111685 + Details
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