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Pure Sunfarms Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2021
Pure Sunfarms [Member] |
Business Acquisitions Purchase Price Allocation To Assets Acquired And Liabilities Assumed | The following table shows the allocation of the purchase price to assets acquired and liabilities assumed, based on estimates of fair value, including a summary of the identifiable classes of consideration transferred, and amounts by category of assets acquired and liabilities assumed at the acquisition date:
Consideration paid |  | Shares |  |  | Share Price |  |  | Amount |
Cash |  |  |  |  |  |  |  |  |  | $ | 45,259 |
Promissory note |  |  |  |  |  |  |  |  |  |  | 15,011 |
Shareholder loan |  |  |  |  |  |  |  |  |  |  | 4,529 |
Promissory note owed to PSF from Emerald |  |  |  |  |  |  |  |  |  |  | 439 |
Due to related party |  |  |  |  |  |  |  |  |  |  | 61 |
Fair value of previously held investment shares held by Village Farms |  |  | 52,569,197 |  |  | $ | 1.767 |  |  |  | 92,881 |
Total fair value of consideration |  |  |  |  |  |  |  |  |  | $ | 158,180 |
|  | November 2, 2020 |
ASSETS |  |  |  |
Cash and cash equivalents |  | $ | 10,860 |
Trade receivables, net |  |  | 10,553 |
Inventories |  |  | 32,393 |
Prepaid expenses and deposits |  |  | 3,572 |
Property, plant and equipment |  |  | 122,831 |
Goodwill |  |  | 23,095 |
Intangibles |  |  | 16,670 |
Total assets |  |  | 219,974 |
LIABILITIES |  |  |  |
Trade payables |  |  | 3,849 |
Accrued liabilities |  |  | 13,062 |
Income taxes payable |  |  | 2,173 |
Current maturities of long-term debt |  |  | 2,306 |
Deferred revenue |  |  | 77 |
Long-term debt |  |  | 23,903 |
Deferred tax liabilities |  |  | 16,424 |
Total liabilities |  |  | 61,794 |
Net assets acquired |  |  | 158,180 |
Summarized financial information of Pure Sunfarms:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Sales |  | $ | 27,393 |  |  | $ | 17,048 |  |  | $ | 69,614 |  |  | $ | 39,571 |
Cost of sales* |  |  | (14,244 | ) |  |  | (11,154 | ) |  |  | (44,433 | ) |  |  | (23,678 | )
Gross Margin |  |  | 13,149 |  |  |  | 5,894 |  |  |  | 25,181 |  |  |  | 15,893 |
Selling, general and administrative expenses |  |  | (5,510 | ) |  |  | (2,447 | ) |  |  | (15,131 | ) |  |  | (6,731 | )
Income from operations |  |  | 7,639 |  |  |  | 3,447 |  |  |  | 10,050 |  |  |  | 9,162 |
Interest expense, net |  |  | (563 | ) |  |  | (386 | ) |  |  | (1,362 | ) |  |  | (734 | )
Foreign exchange (loss) gain |  |  | 105 |  |  |  | (56 | ) |  |  | (131 | ) |  |  | (207 | )
Loss on disposal |  |  | — |  |  |  | — |  |  |  | (40 | ) |  |  | — |
Other income, net** |  |  | 131 |  |  |  | (131 | ) |  |  | (188 | ) |  |  | 4,202 |
Income before taxes |  |  | 7,312 |  |  |  | 2,874 |  |  |  | 8,329 |  |  |  | 12,423 |
Provision for income taxes |  |  | (2,024 | ) |  |  | (417 | ) |  |  | (2,654 | ) |  |  | (3,012 | )
Net income |  | $ | 5,288 |  |  | $ | 2,457 |  |  | $ | 5,675 |  |  | $ | 9,411 |

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