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Related Party Transactions and Balances
 12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Related Party Transaction and Balances

14

RELATED PARTY TRANSACTIONS AND BALANCES

On March 25, 2019, the Company entered into a Grid Loan Agreement (the “Grid Loan”) with VF Hemp. The Grid Loan has a maturity date of March 25, 2022 and bears simple interest at the rate of 8% per annum, calculated monthly. As of December 31, 2020, and December 31, 2019 the Grid Loan balance was $3,545 and $10,865, respectively. VF Hemp recognized a loss on inventory due to a write-down to net realizable value.  As a result of the loss, the Company wrote down $3,791 of its loan to VF Hemp to $3,545.

Under the terms of the AVGG Hemp Joint Venture Agreement, the Company agreed to lend approximately $5 million to AVGG Hemp for start-up costs and working capital. The loan bore simple interest at the rate of 8% per annum, calculated monthly. As of December 31, 2019, the Company had loaned AVGG Hemp approximately $1,184. Immediately following AVGG Hemp’s 2019 fourth quarter harvest, all of the hemp was destroyed by a severe windstorm. As a result of the loss, the Company wrote off its $1,184 loan to AVGG Hemp during the year ended December 31, 2019.

 

One of the Company’s employees is related to a member of the Company’s executive management team and received approximately $118, $110 and $115 in salary and benefits during the years ended December 31, 2020, 2019 and 2018, respectively.

 

As of December 31, 2020, the Company had advanced $249 to an employee in connection with a relocation at the request of the Company, which was included in other assets on the Consolidated Statement of Financial Position. In January 2021, the employee repaid $124 of the outstanding loan balance. The remaining balance will be forgiven following on year of service with the Company.