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SALES OF CORPORATE HEADQUARTERS & NEW CEO EMPLOYMENT | 3 Months Ended
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Mar. 31, 2025
SALES OF CORPORATE HEADQUARTERS & NEW CEO EMPLOYMENT [Abstract] |
SALES OF CORPORATE HEADQUARTERS & NEW CEO EMPLOYMENT | 8. SALES OF CORPORATE HEADQUARTERS & NEW CEO EMPLOYMENT The Company concluded the sale of our corporate headquarters, and the net proceeds of the sale is recorded on the face of our consolidated statements of operations and comprehensive income as Gain on disposal of Headquarter. On January 22, 2025, the Company finalized the sale of its corporate headquarters and distribution facilities in Fort Worth, Texas for net proceeds of $24.9 million after deduction of commission and relevant closing fees. The total net book value disposed was $7.2 million resulting in a gain of $17.7 million as the result of the sale and this is included in ‘Other income on the face of our consolidated statements of operations and comprehensive income. The Company has elected to include all one-time move expenses in ‘Other income’ as management deems these are not part of our normal operations.
Sales and Disposal of Headquarter (in thousands) |
Net Proceeds |  | $ | 24,897 |
NBV of Headquarter Assets |  |  | 7,221 |
Net Gain |  | $ | 17,676 |
On January 28, 2025, the Company also signed a 10-year lease for new corporate headquarters and distribution facilities in Benbrook that will be effective on September 1, 2025, Texas and the Company has the ability to renew the lease for an additional 10 years at market rate. We also signed a short term lease through lease through September 1, 2025 for our current facility that was evaluated as a sale leaseback. Due to the short term nature of the lease it was not recorded under ASC 842 in accordance with our policy of not recording short term leases. The Company hired Johan Hedberg as its new Chief Executive Officer as of January 6, 2025. Prior to the hiring of Mr. Hedberg, Janet Carr resigned as Chief Executive Officer, effective January 3, 2025; she remained employed by the Company to assist with transition until March 31, 2025.

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