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Digital Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Digital Assets  
Schedule of Consolidated Balance Sheets of Digital Asset

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 
Schedule of Total Digital Assets Based on the Fair Value Model

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:

 

(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 
Schedule of Unaudited Quarterly Financial Statement

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:

 

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 
Deferred tax assets               
Before adoptions  $482   $477   $481 
Adjustments   (91)   (79)   (80)
As adjusted  $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 
Provision for (benefit from) income taxes               
Before adoption  $87   $198   $181 
Adjustments   44    (12)   1 
As adjusted  $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 
Diluted               
Before adoption  $0.03   $0.09   $0.09 
Adjustments   0.02    (0.01)   - 
As adjusted  $0.05   $0.08   $0.09