Investment In Joint Ventures And Minority Interests

3 Months Ended

Mar. 31, 2021

Equity Method Investments And Joint Ventures [Abstract]

Investment in Joint Ventures and Minority Interests

9	INVESTMENT IN JOINT VENTURES AND MINORITY INTERESTS

Village Fields Hemp USA LLC

For the three months ended March 31, 2021 and 2020, the Company’s equity losses from VF Hemp were ($127) and ($302), respectively. The Company’s maximum exposure to loss as a result of its involvement with VF Hemp is directly related to the recovery of the $3,423 loan outstanding to VF Hemp.

The Company’s share of the joint venture consisted of the following:

Balance, January 1, 2020	$	—
Share of net loss		(3,975	)
Losses applied against joint venture note receivable		3,975
Balance, December 31, 2020	$	—
Balance, January 1, 2021	$	—
Share of net loss		(127	)
Losses applied against joint venture note receivable		127
Balance, March 31, 2021	$	—

Summarized financial information of VF Hemp:

	March 31, 2021			December 31, 2020
Current assets
Inventory	$	4,035		$	4,035
Other current assets		182			302
Non-current assets		885			937
Current liabilities		(1,479	)		(1,472	)
Non-current liabilities		(13,702	)		(13,697	)
Net assets	$	(10,079	)	$	(9,895	)
Reconciliation of net assets:
Accumulated retained earnings	$	(9,895	)	$	(3,791	)
Net loss		(194	)		(6,114	)
Contributions from joint venture partners		10			10
Net assets	$	(10,079	)	$	(9,895	)