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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Note 14 – Commitments and Contingencies Operating Leases & Lease Incentive Obligation The Company leases approximately 15,700 square feet of office space for its corporate headquarters. This space is being leased from The Move, LLC in which our CEO and President, each a related party to the Company, have a 24.3% jointly-held ownership interest. The lease agreement has an initial term of five years plus two renewal periods, which the Company is more likely than not to renew. Total rental payments are approximately $43,800 per month as of December 31, 2022. The rental payments include common area charges and are subject to annual increases over the term of the lease. The Company has recorded leasehold improvements of approximately $0.8 million, which included approximately $0.4 million in lease incentives. Leasehold improvements are included in property and equipment on the consolidated balance sheets. Lease incentives have been included in calculating the lease liability recorded on the balance sheet. In September 2017, the Company entered into a new lease agreement for our Urbandale, Iowa office space. The lease was for a period of two years and expired on August 31, 2019. This lease was extended twice (2) for additional 3 years terms, with the current extension terminating on August 31, 2025. Rental payments are approximately $3,450 per month, which includes common area charges, and are not subject to annual increases over the term of the lease. In December 2018, we entered into a new lease agreement in San Ramon, California for SureHarvest and JVF office space. The lease is for a period of sixty-six months and expires on May 1, 2024. Rental payments are approximately $6,750 per month as of December 31, 2022, which includes common area charges, and are subject to annual increases over the term of the lease. In June 2021, the Company entered into a new lease agreement in Victoria, British Columbia, Canada for Postelsia office space. The lease is for a period of two years and expires on May 31, 2023. Rental payments are approximately Canadian $1,850 or US$1,400 per month as of December 31, 2022, which includes common area charges, and are not subject to annual increases over the term of the lease. In December 2021, the Company entered into a lease agreement for the Medina, North Dakota office space. The lease is for sixty-one months and expires on December 31, 2026. Rental payments are approximately $1,000 per month, which includes common area charges, and are not subject to annual increases over the term of the lease. See Note 8 of our Consolidated Financial Statements for a detailed description of maturities of lease liabilities related to our leases. Where Food Comes From, Inc. Notes to the Consolidated Financial Statements Legal Proceedings From time to time, we may become involved in various legal actions, administrative proceedings and claims in the ordinary course of business. We generally record losses for claims in excess of the limits of purchased insurance in earnings at the time and to the extent they are probable and estimable. Employee Benefit Plan The Company has established a 401(k) plan for the benefit of our employees. The plan covers substantially all of our employees who have attained age 21. We may make a discretionary matching contribution in an amount that is determined by our Board of Directors. If a matching contribution is made, the amount cannot exceed the elective deferral contributions. For each of the years ended December 31, 2022 and 2021, we made aggregate matching contributions of approximately $0.2 million.

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