XML 36 R25.htm IDEA: XBRL DOCUMENT
v3.20.2

Investment in Joint Ventures (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2020
Schedule of equity method investments [Line Items] |
Summary of earnings (losses) from unconsolidated entities | Summarized Equity Earnings (Losses) from Unconsolidated Entities
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Pure Sunfarms |  | $ | 463 |  |  | $ | 8,105 |  |  | $ | 3,994 |  |  | $ | 10,747 |
VF Hemp |  |  | (113 | ) |  |  | (104 | ) |  |  | (415 | ) |  |  | (133 | )
AVGG Hemp |  |  | — |  |  |  | (16 | ) |  |  | — |  |  |  | (21 | )
Total |  | $ | 350 |  |  | $ | 7,985 |  |  | $ | 3,579 |  |  | $ | 10,593 |
Summary of company share of the joint venture | The Company’s share of the joint venture consists of the following:
Balance, January 1, 2019 |  | $ | 6,341 |
Investments in joint venture |  |  | 18,717 |
Share of net income for the year |  |  | 16,276 |
Balance, December 31, 2019 |  | $ | 41,334 |
Balance, January 1, 2020 |  | $ | 41,334 |
Investments in joint venture |  |  | 16,393 |
Share of net income for the period |  |  | 3,994 |
Balance, June 30, 2020 |  | $ | 61,721 |
Summary of summarized financial information | Summarized financial information of Pure Sunfarms:
|  | June 30, 2020 |  |  | December 31, 2019 |
Current assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 6,472 |  |  | $ | 7,356 |
Trade receivables |  |  | 10,934 |  |  |  | 8,687 |
Inventory |  |  | 36,000 |  |  |  | 21,745 |
Other current assets |  |  | 5,950 |  |  |  | 6,964 |
Non-current assets |  |  | 112,167 |  |  |  | 108,652 |
Current liabilities |  |  |  |  |  |  |  |
Trade payables |  |  | (10,291 | ) |  |  | (4,938 | )
Borrowings due to joint ventures |  |  | (10,703 | ) |  |  | (26,413 | )
Income taxes payable |  |  | — |  |  |  | (8,489 | )
Borrowings – current |  |  | (1,798 | ) |  |  | (1,423 | )
Other current liabilities |  |  | (8,765 | ) |  |  | (5,021 | )
Non-current liabilities |  |  |  |  |  |  |  |
Borrowings – long term |  |  | (20,431 | ) |  |  | (13,089 | )
Deferred tax liabilities |  |  | (13,068 | ) |  |  | (2,473 | )
Net assets |  | $ | 106,467 |  |  | $ | 91,558 |
Reconciliation of net assets: |  |  |  |  |  |  |  |
Accumulated retained earnings |  | $ | 33,635 |  |  | $ | 26,679 |
Contributions from joint venture partners |  |  | 75,738 |  |  |  | 63,481 |
Currency translation adjustment |  |  | (2,906 | ) |  |  | 1,398 |
Net assets |  | $ | 106,467 |  |  |  | 91,558 |
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Revenue |  | $ | 9,386 |  |  | $ | 24,244 |  |  | $ | 22,523 |  |  | $ | 35,045 |
Cost of sales* |  |  | (6,266 | ) |  |  | (3,956 | ) |  |  | (12,524 | ) |  |  | (7,774 | )
Gross Margin |  |  | 3,120 |  |  |  | 20,288 |  |  |  | 9,999 |  |  |  | 27,271 |
Selling, general and administrative expenses |  |  | (1,850 | ) |  |  | (1,786 | ) |  |  | (4,284 | ) |  |  | (2,785 | )
Income from operations |  |  | 1,270 |  |  |  | 18,502 |  |  |  | 5,715 |  |  |  | 24,486 |
Interest expense |  |  | (131 | ) |  |  | (293 | ) |  |  | (348 | ) |  |  | (293 | )
Foreign exchange (loss) gain |  |  | 28 |  |  |  | (25 | ) |  |  | (151 | ) |  |  | 14 |
Other income, net** |  |  | 1 |  |  |  | 4 |  |  |  | 4,333 |  |  |  | 13 |
Income before taxes |  |  | 1,168 |  |  |  | 18,188 |  |  |  | 9,549 |  |  |  | 24,220 |
Provision for income taxes |  |  | (379 | ) |  |  | (5,169 | ) |  |  | (2,595 | ) |  |  | (6,798 | )
Net Income |  | $ | 789 |  |  | $ | 13,019 |  |  | $ | 6,954 |  |  | $ | 17,422 |
* | Included in cost of sales for the three months ended June 30, 2020 and 2019 is $563 and $387, and six months ended June 30, 2020 and 2019 is $1,012 and $845 respectively, of depreciation expense.
** | Includes gain recognized on settlement of net liabilities of $4,348.
Village Fields Hemp USA LLC [Member] |
Schedule of equity method investments [Line Items] |
Summary of company share of the joint venture | The Company’s share of the joint venture consists of the following:
Balance, beginning of the period |  | $ | — |
Investments in joint venture |  |  | 7 |
Share of net loss |  |  | (2,464 | )
Losses applied against joint venture note receivable |  |  | 2,457 |
Balance, December 31, 2019 |  | $ | — |
Balance, beginning of the period |  | $ | — |
Investments in joint venture |  |  | — |
Share of net loss |  |  | (415 | )
Losses applied against joint venture note receivable |  |  | 415 |
Balance, June 30, 2020 |  | $ | — |
Summary of summarized financial information | Summarized financial information of VF Hemp:
|  | June 30, 2020 |  |  | December 31, 2019 |
Current assets |  |  |  |  |  |  |  |
Inventory |  | $ | 9,268 |  |  | $ | 9,308 |
Other current assets |  |  | 314 |  |  |  | 546 |
Non-current assets |  |  | 1,336 |  |  |  | 1,476 |
Current liabilities |  |  | (1,642 | ) |  |  | (1,788 | )
Non-current liabilities |  |  | (13,697 | ) |  |  | (13,323 | )
Net assets |  | $ | (4,421 | ) |  | $ | (3,781 | )
Reconciliation of net assets: |  |  |  |  |  |  |  |
Accumulated retained earnings |  | $ | (3,791 | ) |  | $ | (3,791 | )
Net loss for the six months ended June 30, 2020 |  |  | (640 | ) |  |  | — |
Contributions from joint venture partners |  |  | 10 |  |  |  | 10 |
Net assets |  | $ | (4,421 | ) |  | $ | (3,781 | )

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_ScheduleOfEquityMethodInvestmentsLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Equity earnings from unconsolidated entities + References No definition available. + Details
Name: | vff_EquityEarningsFromUnconsolidatedEntitiesTableTextBlock
Namespace Prefix: | vff_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of parent entities share in join venture. + References No definition available. + Details
Name: | vff_ScheduleOfParentEntitiesShareInJoinVentureTableTextBlock
Namespace Prefix: | vff_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of summarized financial information. + References No definition available. + Details
Name: | vff_ScheduleOfSummarizedFinancialInformationTableTextBlock
Namespace Prefix: | vff_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | srt_ConsolidatedEntitiesAxis=vff_VillageFieldsHempUSALLCMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |