Annual report pursuant to Section 13 and 15(d)

Supplemental Financial Statement Information (Tables)

v3.22.1
Supplemental Financial Statement Information (Tables)
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Schedule of Other Assets
The following table summarizes the composition of other current assets as of the dates indicated:
(in thousands) December 31, 2021 December 31, 2020
Other current assets:
VAT refund receivable $ 143  $ 4,391 
Prepaid expenses 2,726  1,542 
Indemnification receivable, net 122  921 
Customs bonds 4,550  300 
Other 4,118  3,738 
$ 11,658  $ 10,892 
The following table summarizes the composition of accrued expenses and other current liabilities as of the dates indicated:
(in thousands) December 31, 2021 December 31, 2020
Accrued expenses and other current liabilities:
VAT payable $ 4,393  $ 10,800 
Contingent consideration 5,641  — 
Accrued employee compensation 6,055  2,361 
Accrued professional fees 1,700  1,750 
Refund liability 1,481  785 
Accrued construction in progress (ERP) 1,061  — 
Sales tax payable 1,034  284 
Accrued third-party logistics fees 421  1,295 
Other 3,342  2,115 
$ 25,128  $ 19,390 
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, Estimated useful life
(in thousands) 2021 2020
Furniture, equipment and software (includes $0.4 million and $0.6 million under finance leases as of December 31, 2021 and 2020, respectively)
 $ 8,478  $ 2,978 
3 - 7 years
Personal property 1,130  1,130  5 years
Leasehold improvements 1,562  844 
Lesser of lease term or 5 years
Building 8,128  8,088  39 years
Land 691  691 
Land improvements 601  601  15 years
Work in process 4,871  633 
25,461  14,965 
Less: accumulated depreciation (includes $0.1 million under finance leases as of December 31, 2021 and 2020)
 4,610  2,764 
Property and equipment, net $ 20,851  $ 12,201 
Identified intangible assets consisted of the following at the dates indicated below:
December 31, 2021
(in thousands) Gross carrying
amount		 Accumulated
amortization		 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 

December 31, 2020
(in thousands) Gross carrying
amount		 Accumulated
amortization		 Carrying value Estimated useful life
Design libraries $ 1,677  $ (214) $ 1,463  15 years
Trademarks and tradenames 3,617  (1,572) 2,045 
1-15 years
Customer relationships 2,565  (796) 1,769 
5-15 years
Other intangibles 2,045  (1,377) 668 
2-15 years
Total intangible assets, net $ 9,904  $ (3,959) $ 5,945 
Schedule of Future Amortization Expense Total estimated amortization expense for our intangible assets for the years 2021 through 2026 is as follows:
Amortization Expense (in thousands)
2022 $ 5,831 
2023 5,337 
2024 5,179 
2025 5,156 
2026 4,883 
Schedule of Goodwill
Changes in the carrying amount of goodwill by reportable segment for the year ended December 31, 2021 were as follows:
(in thousands) Industrial Goods Consumer Goods Total
Balance at December 31, 2020 $ —  $ 3,280  $ 3,280 
Eyce acquisition (Note 3) 5,450  5,450 
KushCo merger (Note 3) 24,332  —  24,332 
DaVinci acquisition (Note 3) 9,052  9,052 
Foreign currency translation adjustment —  (254) (254)
Balance at December 31, 2021 $ 24,332  $ 17,528  $ 41,860 
Contract with Customer, Asset and Liability Changes in our customer deposits liability balance during the year ended December 31, 2021 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 
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, 2019 $ (22) $ (50) $ (72)
Other comprehensive income (loss) 654  (459) 195 
Less: Other comprehensive (income) loss attributable to non-controlling interest (449) 355  (94)
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