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Related-Party Transactions
3 Months Ended
Jan. 31, 2020
Related Party Transactions [Abstract]  
Related-Party Transactions
Related-Party Transactions
The Company has transactions with various related-parties as summarized in the tables below (in thousands):
 
 
 
 
January 31, 2020
 
October 31, 2019
 
 
 
 
Balance Sheet
 
Balance Sheet
Ref
 
Related Party
 
Accounts Receivable
 
Other Assets
 
Accounts Payable
 
Accrued Liabilities
 
Other Long-Term Liabilities
 
Accounts Receivable
 
Other Assets
 
Accounts Payable
 
Accrued Liabilities
1

 
Employees
 
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$

2

 
Mutual water companies
 

 
457

 
2

 

 

 

 
473

 
11

 

3

 
Cooperative association
 

 

 
31

 

 

 

 

 
35

 

4

 
Calavo
 
32

 

 
1

 

 

 

 

 

 

5

 
Third-party growers
 

 

 

 

 

 

 

 

 

6

 
Cadiz / Fenner / WAM
 

 
1,498

 

 
134

 
1,408

 

 

 

 

7

 
Colorado River Growers
 
521

 

 

 

 

 
376

 

 

 

8

 
YMIDD
 

 

 

 

 

 

 

 

 

9

 
FGF
 
2,808

 

 

 
1,123

 

 
2,609

 

 

 
906

 
 
 
 
Three Months Ended January 31, 2020
 
Three Months Ended January 31, 2019
 
 
 
 
Consolidated Statement of Operations
 
 
 
Consolidated Statement of Operations
 
 
Ref
 
Related Party
 
Net Revenue Agribusiness
 
Net Revenue Rental Operations
 
Agribusiness Expense and Other
 
Other Income, Net
 
Dividends Paid
 
Net Revenue Agribusiness
 
Net Revenue Rental Operations
 
Agribusiness Expense and Other
 
Other Income, Net
 
Dividends Paid
1

 
Employees
 
$

 
$
197

 
$

 
$

 
$

 
$

 
$
178

 
$

 
$

 
$

2

 
Mutual water companies
 

 

 
348

 

 

 

 

 
321

 

 

3

 
Cooperative association
 

 

 
446

 

 

 

 

 
316

 

 

4

 
Calavo
 
32

 
81

 
118

 
220

 
126

 
3

 
79

 
1

 
250

 
129

5

 
Third-party growers
 

 

 

 

 

 

 

 
377

 

 

6

 
Cadiz / Fenner / WAM
 

 

 
102

 

 

 

 

 
66

 

 

7

 
Colorado River Growers
 
521

 

 
5,001

 

 

 
306

 

 
3,841

 

 

8

 
YMIDD
 

 

 
34

 

 

 

 

 
32

 

 

9

 
FGF
 
199

 

 
163

 

 

 

 

 

 

 

(1) Employees - The Company rents certain of its residential housing assets to employees on a month-to-month basis and recorded rental income from employees. There were no rental payments due from employees at January 31, 2020 and October 31, 2019.

(2) Mutual water companies - The Company has representation on the boards of directors of the mutual water companies in which the Company has investments. The Company recorded capital contributions, purchased water and water delivery services and had water payments due to the mutual water companies.

(3) Cooperative association - The Company has representation on the board of directors of a non-profit cooperative association that provides pest control services for the agricultural industry. The Company purchased services and supplies from and had payments due to the cooperative association.

(4) Calavo - The Company has an investment in and representation on the board of directors of Calavo and Calavo has an investment in the Company. Calavo had representation on the board of directors of the Company through December 2018. The Company recorded dividend income on its investment in Calavo, paid dividends to Calavo and had avocado sales to Calavo. Additionally, the Company leases office space to Calavo, purchases storage services from Calavo and had amounts due to Calavo for those services.

(5) Third party growers - A member of the Company’s board of directors markets lemons through the Company.





15. Related-Party Transactions (continued)

(6) Cadiz / Fenner / WAM - A member of the Company’s board of directors serves as the CEO, President and a member of the board of directors of Cadiz, Inc. In 2013, the Company entered a long-term lease agreement (the “Lease”) with Cadiz Real Estate, LLC (“Cadiz”), a wholly owned subsidiary of Cadiz, Inc., and currently leases 670 acres located in eastern San Bernardino County, California. The annual base rental is equal to the sum of $200 per planted acre and 20% of gross revenues from the sale of harvested lemons (less operating expenses), not to exceed $1,200 per acre per year. In 2016, Cadiz assigned this lease to Fenner Valley Farms, LLC (“Fenner”), a subsidiary of Water Asset Management, LLC (“WAM”). An entity affiliated with WAM is the holder of 9,300 shares of the Company's Series B-2 convertible preferred stock. Upon the adoption of ASC 842, the Company recorded a ROU asset and corresponding lease liability.

(7) Colorado River Growers, Inc. (“CRG”) - The Company has representation on the board of directors of CRG, a non-profit cooperative association of fruit growers engaged in the agricultural harvesting business in Yuma County, Arizona. The Company paid harvest expense to CRG, provided harvest management and administrative services to CRG and had a receivable due from CRG for such services.

(8) Yuma Mesa Irrigation and Drainage District (“YMIDD”) - The Company has representation on the board of directors of YMIDD. The Company purchased water from YMIDD and had amounts payable to them for such purchases.

(9) FGF - The Company advances funds to FGF for fruit purchases which are recorded as an asset until the sales occur and the remaining proceeds become due to FGF. Additionally, FGF provided farming, packing, by-product processing and administrative services to Trapani Fresh. The Company had a payable due to FGF for such fruit purchases and services.