Annual report pursuant to Section 13 and 15(d)

Supplemental Financial Statement Information (Tables)

v3.23.4
Supplemental Financial Statement Information (Tables)
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Other Assets
The following table summarizes the composition of other current assets as of the dates indicated:
As of December 31,
(in thousands) 2022 2021
Other current assets:
Employee retention credit (ERC) receivable $ 4,854  $ — 
VAT refund receivable (Note 2) $ 143  $ 143 
Prepaid expenses 1,293  2,726 
Indemnification receivable, net 736  122 
Customs bonds 1,378  4,550 
Other 2,716  4,118 
$ 11,120  $ 11,658 
The following table summarizes the composition of accrued expenses and other current liabilities as of the dates indicated:
As of December 31,
(in thousands) 2022 2021
Accrued expenses and other current liabilities:
VAT payable $ 2,809  $ 4,393 
Contingent consideration 2,738  5,641 
Accrued employee compensation 3,812  6,055 
Accrued professional fees 818  1,700 
Refund liability 329  1,481 
Accrued construction in progress (ERP) 170  1,061 
Sales tax payable 578  1,034 
Accrued third-party logistics fees —  421 
Other 628  3,342 
$ 11,882  $ 25,128 
Property, Plant and Equipment
The following is a summary of our property and equipment, at costs less accumulated depreciation and amortization:
As of December 31,
(in thousands) Estimated useful life 2022 2021
Furniture, equipment and software
3 - 7 years
 $ 7,492  $ 8,478 
Personal property 5 years —  1,130 
Leasehold improvements
Lesser of lease term or 5 years
 104  1,562 
Building 39 years —  8,128 
Land —  691 
Land improvements 15 years —  601 
Work in process 679  4,871 
8,275  25,461 
Less: accumulated depreciation 4,313  4,610 
Property and equipment, net $ 3,962  $ 20,851 
Identified intangible assets consisted of the following at the dates indicated below:
As of December 31, 2022
(As restated)
(in thousands) Gross carrying
amount		 Accumulated
amortization		 Impairment Charge Carrying value Estimated useful life
Design libraries $ 8,710  $ (1,010) $ (7,700) $ — 
7-15 years
Trademarks and tradenames 6,915  (3,361) (3,554) — 
5-15 years
Customer relationships 43,628  (4,666) (38,962) — 
5-15 years
Other intangibles 753  (275) (478) — 
5-15 years
Total finite-lived intangibles 60,006  (9,312) (50,694) — 
Trademarks 29,500  —  (29,500) —  Indefinite
Total indefinite-lived intangibles 29,500  —  (29,500) — 
Total intangible assets, net $ 89,506  $ (9,312) $ (80,194) $ — 

As of December 31, 2021
(in thousands) Gross carrying
amount		 Accumulated
amortization		 Impairment Charge Carrying value Estimated useful life
Design libraries $ 8,710  $ (573) $ —  $ 8,137  15 years
Trademarks and tradenames 7,055  (2,144) —  4,911 
5-15 years
Customer relationships 43,628  (2,359) —  41,269 
5-15 years
Other intangibles 1,086  (193) —  893 
5-15 years
Total finite-lived intangibles 60,479  (5,269) —  55,210 
Trademarks 29,500  —  —  29,500  Indefinite
Total indefinite-lived intangibles 29,500  —  —  29,500 
Total intangible assets, net $ 89,979  $ (5,269) $ —  $ 84,710 
Schedule of Future Amortization Expense
Schedule of Goodwill
The table below presents changes in the carrying amount of goodwill by reportable segment for the year ended December 31, 2022:
(in thousands) Industrial Goods Consumer Goods Total
Balance at December 31, 2021 $ 24,332  $ 17,528  $ 41,860 
Goodwill impairment charge (24,332) $ (17,528) $ (41,860)
Foreign currency translation adjustment —  $ —  $ — 
Balance at December 31, 2022 $ —  $ —  $ — 
Contract with Customer, Asset and Liability Changes in our customer deposits liability balance during the year ended December 31, 2022 and 2021, respectively, were as follows:
(in thousands) Customer Deposits
Balance as of December 31, 2020 $ 2,729 
Customer deposits assumed as part of the KushCo and DaVinci acquisitions (Note 3 - Business Acquisitions) 3,974 
Increases due to deposits received, net of other adjustments 20,066 
Revenue recognized (18,845)
Balance as of December 31, 2021 7,924 
Increases due to deposits received, net of other adjustments 12,016 
Revenue recognized (15,957)
Balance as of December 31, 2022 $ 3,983 
Schedule of Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) for the periods presented were as follows:
(in thousands) Foreign Currency Translation Unrealized Gain or (Loss) on Derivative Instrument Total
Balance at December 31, 2020 $ 183  $ (154) $ 29 
Other comprehensive income (loss) 115  376  491 
Less: Other comprehensive (income) loss attributable to non-controlling interest (16) (180) (196)
Balance at December 31, 2021 282  42  324 
Other comprehensive income (loss) (211) 358  147 
Less: Reclassification adjustment for (gain) loss included in net loss (Note 4) —  (332) (332)
Less: Other comprehensive (income) loss attributable to non-controlling interest (16) (68) (84)
Balance at December 31, 2022 $ 55  $ —  $ 55