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Equity Investments
 3 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Investments

Note 3 – Equity Investments

 

For the three months ended March 31, 2024, the Company did not receive dividend income from Progressive Beef. For the three months ended March 31, 2023, the Company received dividend income from Progressive Beef of $50,000, representing a distribution of their earnings. The income is reflected within the “Other income/(expense)” section of the Company’s Consolidated Statement of Operations for the three months ended March 31, 2024 and 2023.

 

On March 29, 2023, the Company made an equity investment of $0.2 million in a private placement of ShellFish Solutions, Inc. dba BlueTrace, Inc. (“BlueTrace”) Series Seed 2 Preferred Stock. The Company will account for its investment in BlueTrace at cost, in accordance with Accounting Standard Update (“ASU”) 2016-01: Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.

 

 

Where Food Comes From, Inc.

Notes to the Consolidated Financial Statements

(Unaudited)