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Subsequent Events | 9 Months Ended
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Sep. 30, 2020
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | 20. SUBSEQUENT EVENTS We have evaluated subsequent events through the time of filing on November 12, 2020, the date we have issued this Quarterly Report on Form 10-Q. The COVID-19 pandemic continues to create a great deal of uncertainty for us. We could experience product shortages, backlogs and production slowdowns due to difficulties accessing needed supplies and labor and other restrictions affecting our ability to consistently deliver our products to market. The milk price outlook for 2021 remains uncertain. The weakness in the general economy could result in a reduction in food demand, including dairy products. During the second quarter of 2020, we received $937,700 in support from the federal government under the Paycheck Protection Program (PPP), which amount was recorded as bank debt as of September 30, 2020. See Note 10. During the third quarter of 2020, we applied to our bank for forgiveness of this funding using 100% eligible payroll expenses. During the fourth quarter of 2020, our bank submitted our application for forgiveness to the federal government. Subsequent to that, we received notice from our bank that this loan has been fully forgiven by the federal government. The $937,700 is expected to be recognized as other income during the fourth quarter of 2020. As of the time of filing on November 12, 2020, there were no other material, reportable subsequent events.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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