Related Party Transactions

3 Months Ended

Jan. 31, 2023

The Company has transactions with equity method investments and various related parties summarized in Note 6 - Equity in Investments and in the tables below (in thousands):


		January 31, 2023								October 31, 2022
		Balance Sheet								Balance Sheet
Ref	Related Party	Receivable/Other from Related Parties		Other Assets		Payables to Related Parties		Other Long-Term Liabilities		Receivable/Other from Related Parties		Other Assets		Payables to Related Parties		Other Long-Term Liabilities

2	Mutual water companies	$	—	$	11	$	207	$	—	$	—	$	506	$	133	$	—



5	Cadiz / Fenner / WAM	$	—	$	1,268	$	722	$	1,178	$	—	$	1,288	$	446	$	1,198


8	FGF	$	2,896	$	2,858	$	837	$	—	$	2,965	$	2,652	$	837	$	—
9	LLCB	$	66	$	—	$	3,444	$	—	$	66	$	—	$	3,444	$	—


		Three Months Ended January 31, 2023						Three Months Ended January 31, 2022
		Consolidated Statement of Operations								Consolidated Statement of Operations
Ref	Related Party	Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid			Net Revenue Agribusiness		Net Revenue Other Operations		Agribusiness Expense and Other		Dividends Paid
1	Employees	$	—	$	223	$	—	$	—		$	—	$	211	$	—	$	—
2	Mutual water companies	$	—	$	—	$	372	$	—		$	—	$	—	$	139	$	—
3	Cooperative association	$	—	$	—	$	393	$	—		$	—	$	—	$	365	$	—
4	Calavo	$	—	$	—	$	—	$	—		$	—	$	80	$	2	$	126
5	Cadiz / Fenner / WAM	$	—	$	—	$	1,138	$	—		$	—	$	—	$	717	$	—

7	YMIDD	$	135	$	—	$	—	$	—		$	—	$	—	$	14	$	—
8	FGF	$	83	$	74	$	10	$	—		$	229	$	—	$	59	$	—
12	Principal owner	$	—	$	—	$	—	$	209		$	—	$	—	$	—	$	—

(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 material rental payments due from employees at January 31, 2023 or October 31, 2022.

(2) Mutual water companies - The Company has representation on the boards of directors of the mutual water companies in which the Company has investments, as well as other water districts. Refer to Note 8 - Other Assets. The Company recorded capital contributions, purchased water and water delivery services and had water payments due to the mutual water companies and districts.

(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 - Through January 2022, the Company had representation on the board of directors of Calavo. Calavo owned common stock of the Company and the Company paid dividends on such common stock to Calavo. Additionally, the Company leases office space to Calavo. As of February 2022, Calavo is no longer a related party.

(5) 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 rent 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 affiliate of 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 right-of-use, or ROU, asset and corresponding lease liability.

(7) 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 immaterial amounts payable to them for such purchases. Additionally, the Company received fallowing revenue from YMIDD.

14. Related Party Transactions (continued)

(8) 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. The Company has a receivable from FGF for lemon sales and the sale of packing supplies and a payable due to FGF for fruit purchases and services. The Company records revenue related to the licensing of intangible assets to FGF. The Company leases the Santa Clara ranch to FGF and records rental revenue related to the leased land.

(9) LLCB - Refer to Note 5 - Real Estate Development.

(12) Principal owner - The Company has one principal owner with ownership shares over 10% and paid dividends to such owner.