XML 28 R14.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Digital Assets | 12 Months Ended
--- | ---
Dec. 31, 2024
Digital Assets |
Digital Assets | Note 5 – Digital Assets Effective January 1, 2024, the Company early adopted ASU 2023-08, which required entities to measure digital assets or “cryptocurrencies” at fair value with changes recognized in the Consolidated Statements of Income each reporting period. The Company’s digital assets are within the scope of ASU 2023-08 and the transition guidance requires a cumulative-effect adjustment as of the beginning of the current fiscal year for any difference between the carrying amount of the Company’s digital assets and fair value. As a result of the Company’s early adoption of ASUC 2023-08, the Company recorded a $0.2 million increase to digital assets and a $0.1 million increase to retained earnings, net of tax effect, on the Consolidated Balance Sheets as of the beginning of the fiscal year ended December 31, 2024. The following table presents the Company’s digital asset holdings as of December 31, 2024: Schedule of Consolidated Balance Sheets of Digital Asset
(in thousands, except for quantity) |  | Quantity |  |  | Cost Basis |  |  | Fair Value |
Bitcoin |  |  | 7 |  |  | $ | 178 |  |  | $ | 654 |
Total digital assets held as of December 31, 2024 |  |  |  |  |  | $ | 178 |  |  | $ | 654 |
The following table presents a roll-forward of total digital assets for the year ended December 31, 2024, based on the fair value model under ASU 2023-08: Schedule of Total Digital Assets Based on the Fair Value Model
(in thousands) |  | Fair Value |
Digital assets at December 31, 2023 |  | $ | 116 |
Cumulative effect of the adoption of ASU 2023-08 |  |  | 193 |
Beginning balance: Digital assets January 1, 2024 |  | $ | 309 |
Unrealized gain on digital assets |  |  | 345 |
Digital assets December 31, 2024 |  | $ | 654 |
The following tables present summarized unaudited quarterly financial statement data for those impacted line items based on the Company’s adoption of ASU 2023-08: Schedule of Unaudited Quarterly Financial Statement
Consolidated Balance Sheets (unaudited): |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |
(in thousands) |  | As of: |
Consolidated Balance Sheets (unaudited): |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |
Digital assets, net |  |  |  |  |  |  |  |  |  |  |  |
Before adoptions |  | $ | 116 |  |  | $ | 116 |  |  | $ | 116 |
Adjustments |  |  | 370 |  |  |  | 323 |  |  |  | 327 |
As adjusted |  | $ | 486 |  |  | $ | 439 |  |  | $ | 443 |
Digital assets, net |  | $ | 486 |  |  | $ | 439 |  |  | $ | 443 |
Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |
Before adoptions |  | $ | 482 |  |  | $ | 477 |  |  | $ | 481 |
Adjustments |  |  | (91 | ) |  |  | (79 | ) |  |  | (80 | )
As adjusted |  | $ | 391 |  |  | $ | 398 |  |  | $ | 401 |
Deferred tax assets |  | $ | 391 |  |  | $ | 398 |  |  | $ | 401 |
Where Food Comes From, Inc. Notes to the Consolidated Financial Statements
Consolidated Statements of Income (unaudited): |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |
(in thousands, except per share amounts) |  | Three Months Ended |
Consolidated Statements of Income (unaudited): |  | March 31, 2024 |  |  | June 30, 2024 |  |  | September 30, 2024 |
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |  |
Before adoption |  | $ | 4 |  |  | $ | 4 |  |  | $ | 14 |
Adjustments |  |  | 177 |  |  |  | (47 | ) |  |  | 4 |
As adjusted |  | $ | 181 |  |  | $ | (43 | ) |  | $ | 18 |
Other income (expense), net |  | $ | 181 |  |  | $ | (43 | ) |  | $ | 18 |
Provision for (benefit from) income taxes |  |  |  |  |  |  |  |  |  |  |  |
Before adoption |  | $ | 87 |  |  | $ | 198 |  |  | $ | 181 |
Adjustments |  |  | 44 |  |  |  | (12 | ) |  |  | 1 |
As adjusted |  | $ | 131 |  |  | $ | 186 |  |  | $ | 182 |
Provision for (benefit from) income taxes |  | $ | 131 |  |  | $ | 186 |  |  | $ | 182 |
Net income per share of common stock |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |  |  |  |  |  |
Before adoption |  | $ | 0.03 |  |  | $ | 0.09 |  |  | $ | 0.09 |
Adjustments |  |  | 0.02 |  |  |  | (0.01 | ) |  |  | - |
As adjusted |  | $ | 0.05 |  |  | $ | 0.08 |  |  | $ | 0.09 |
Basic |  | $ | 0.05 |  |  | $ | 0.08 |  |  | $ | 0.09 |
Diluted |  |  |  |  |  |  |  |  |  |  |  |
Before adoption |  | $ | 0.03 |  |  | $ | 0.09 |  |  | $ | 0.09 |
Adjustments |  |  | 0.02 |  |  |  | (0.01 | ) |  |  | - |
As adjusted |  | $ | 0.05 |  |  | $ | 0.08 |  |  | $ | 0.09 |
Diluted |  | $ | 0.05 |  |  | $ | 0.08 |  |  | $ | 0.09 |
Prior to the adoption of ASU 2023-08, digital assets were accounted for as indefinite-lived intangible assets and were initially measured in accordance with ASC 350 – Intangible -Goodwill and Other. Digital assets were not amortized, but were assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating it is more likely than not that the indefinite-lived intangible asset is impaired. Whenever the exchange-traded price of digital assets declined below its carrying value, the Company was required to determine if an impairment existed and to record an impairment equal to the amount by which the carrying value exceeded the fair value. The Company did not recognize any impairments during 2023.

X
- Definition Digital Assetst [Disclosure Text Block] + References No definition available. + Details
Name: | WFCF_DigitalAssetstDisclosureTextBlock
Namespace Prefix: | WFCF_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | WFCF_DisclosureDigitalAssetsAbstract
Namespace Prefix: | WFCF_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration