|9 Months Ended|
Jun. 30, 2019
|Inventory Disclosure [Abstract]|
Inventories consist of the following at June 30, 2019 and September 30, 2018:
The Company records its inventory at the lower of cost or net realizable value. For the three and nine months ended June 30, 2019 and June 30, 2018, the Company did not record any adjustments to reduce inventory to net realizable value.
During the fiscal year ended September 30, 2018, the Company received insurance proceeds relating to Hurricane Irma of approximately $477,000 for property and casualty damage claims and approximately $8,952,000 for crop claims. On June 26, 2019, the Company executed an agreement whereby the Company would receive approximately $486,000 in additional property and casualty claims reimbursement relating to Hurricane Irma. This amount was recorded in the three months ended June 30, 2019. The reimbursement was received in July 2019. There are no further property and casualty or crop insurance claims pending relating to Hurricane Irma.
The Company is eligible for Hurricane Irma federal relief programs distributed by the Farm Service Agency under the 2017 Wildfires and Hurricane Indemnity Program (2017 WHIP), as well as block grants that will be administered through the State of Florida. As of June 30, 2019, the Company was awaiting final approvals and could not determine the amount of federal relief funds, if any, which would be received, or when these funds will be disbursed. Subsequent to June 30, 2019 the Company did receive a portion of federal relief funds (see Note 14. “Subsequent Event”).
The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef