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ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS | 23. ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS As part of its new strategy with a Morocco and soft wheat focus, the Company initiated in November 2024 a plan for the potential disposal of several assets and businesses. As of December 31, 2024, the Company concluded that the following pending sale transactions met the criteria of classification as held for sale in accordance with Subtopic 205-20 and 360-10:
| - | All long-term assets belonging to a durum wheat mill with a capacity of 240 tons per day, located in Casablanca,
| - | A wholly owned subsidiary operating in logistic activities.
In January 2025, the Company entered into an agreement for the sale of these two items for total consideration of $29,000. The Company expects to finalize these transactions before the end of May 2025. FORAFRIC GLOBAL PLC AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) The following table presents a summary of the carrying amounts of major classes of assets and liabilities classified as held for sale: SCHEDULE OF ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE
|  | 2024 |  |  | 2023 |
|  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Carrying amounts of major classes of assets included as part of discontinued operations: |  |  |  |  |  |  |  |
Property, plant, and equipment, net |  | $ | 6,685 |  |  | $ | 7,066 |
Goodwill |  |  | 4,380 |  |  |  | 4,477 |
Total assets held for sale, current assets |  | $ | 11,065 |  |  | $ | 11,543 |
Carrying amounts of major classes of assets not included as part of discontinued operations: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | - |  |  | $ | 23 |
Accounts receivable, net |  |  | 139 |  |  |  | 13 |
Prepaid expenses and other current assets |  |  | 119 |  |  |  | 249 |
Property, plant, and equipment, net |  |  | 2,439 |  |  |  | 2,598 |
Right-of-use assets |  |  | 107 |  |  |  | 121 |
Other assets, noncurrent |  |  | 4 |  |  |  | 4 |
Total assets held for sale, current assets |  | $ | 2,808 |  |  | $ | 3,008 |
Total assets held for sale |  | $ | 13,873 |  |  | $ | 14,551 |
Carrying amounts of major classes of liabilities included as part of discontinued operations: |  |  |  |  |  |  |  |
Deferred tax liabilities |  | $ | 404 |  |  | $ | 443 |
Total liabilities held for sale, current liabilities |  | $ | 404 |  |  | $ | 443 |
Carrying amounts of major classes of liabilities not included as part of discontinued operations: |  |  |  |  |  |  |  |
Lines of credit – working capital |  | $ | 209 |  |  | $ | - |
Accounts payable |  |  | 187 |  |  |  | 247 |
Accrued expenses |  |  | 514 |  |  |  | 512 |
Current portion of long-term debt |  |  | 23 |  |  |  | 22 |
Long-term debt |  |  | 63 |  |  |  | 88 |
Deferred tax liabilities, net |  |  | 174 |  |  |  | 218 |
Total liabilities held for sale, current liabilities |  | $ | 1,170 |  |  | $ | 1,087 |
Total liabilities held for sale |  | $ | 1,574 |  |  | $ | 1,530 |
The following table presents the major line items constituting pretax profit (loss) of discontinued operations:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Revenues |  | $ | 11,866 |  |  | $ | 3,522 |  |  | $ | 5,840 |
Cost of sales |  |  | (9,045 | ) |  |  | (1,461 | ) |  |  | (5,675 | )
Selling, general and administrative expenses |  |  | (2,264 | ) |  |  | (2,170 | ) |  |  | (3,862 | )
Interest expense |  |  | (521 | ) |  |  | (538 | ) |  |  | (569 | )
Foreign Exchange loss |  |  | (3 | ) |  |  | (5 | ) |  |  | (5 | )
Total pretax profit (loss) of discontinued operations |  | $ | 33 |  |  | $ | (652 | ) |  | $ | (4,271 | )
FORAFRIC GLOBAL PLC AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Cash and cash equivalents, as reported in the consolidated statements of cash flows, are reconciled to the balance sheet as follows:
|  | 2024 |  |  | 2023 |
|  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Cash and cash equivalents |  | $ | 12,231 |  |  | $ | 23,998 |
Cash and cash equivalents in held-for-sale assets |  |  | - |  |  |  | 23 |
Amounts reported in the consolidated statements of cash flows |  | $ | 12,231 |  |  | $ | 24,021 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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