Inventories |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories |
Note 3. Inventories
Inventories consist of the following at June 30, 2024 and September 30, 2023:
The Company records its inventory at the lower of cost or net realizable value.
For the nine months ended June 30, 2024 and June 30, 2023, the Company recorded $28,549 and $1,616, respectively, for adjustments to reduce inventory to net realizable value, within Operating expenses. The adjustment for the nine months ended June 30, 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 $299 of insurance proceeds relating to Hurricane Ian during the three and nine months ended June 30, 2024, as part of a final true-up of amounts due. In the three and nine months ended June 30, 2023, the Company received insurance proceeds relating to Hurricane Ian of approximately $16,643 and $21,403 for crop claims, which have been recorded in operating expenses. In the nine months ended June 30, 2024 and June 30, 2023, the Company received $0 and approximately $1,315 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.
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