Inventories |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Inventories Inventories consist of the following at March 31, 2024 and September 30, 2023:
The Company records its inventory at the lower of cost or net realizable value.
For the six months ended March 31, 2024 and March 31, 2023, the Company recorded $28,549 and $1,616, respectively, for adjustments to reduce inventory to net realizable value. The adjustment for the six months ended March 31, 2024 was due to significantly lower than anticipated harvests of the Early and Mid-Season and Valencia crops, as a result of the continued recovery from the impacts of Hurricane Ian.
The Company received no insurance proceeds relating to Hurricane Ian during the three and six months ended March 31, 2024. In the three and six months ended March 31, 2023, the Company received insurance proceeds relating to Hurricane Ian of approximately $4,759 for crop claims, which have been recorded in operating expenses.
In the six months ended March 31, 2024 and March 31, 2023, the Company received $0 and approximately $1,266 under the Florida Citrus Recovery Block Grant (“CRBG”) program. These federal relief proceeds are included as a reduction to operating expenses in the Condensed Consolidated Statements of Operations.
In December 2022, the Consolidated Appropriations Act was signed into law by the federal government; however, the details of the mechanism and funding of any Hurricane Ian relief still remains unclear and, if available, the extent to which the Company will be eligible. The Company intends to take advantage of any such available programs as and when they become available. The Company is currently working with Florida Citrus Mutual, the industry trade group, and government agencies on the federal relief programs available as part of the Consolidated Appropriations Act.
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