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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________________________________________
FORM 10-Q
(Mark one)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________________ to _______________________.
Commission File Number: 001-38180
__________________________________________________________________________
HF FOODS GROUP INC.
(Exact name of registrant as specified in its charter)
| | | | | |
Delaware (State or other jurisdiction of incorporation or organization) | 81-2717873 (I.R.S. Employer Identification No.) |
|
6325 South Rainbow Boulevard, Suite 420, Las Vegas, NV 89118 |
(Address of principal executive offices) (Zip Code) |
(888) 905-0988
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Stock, $0.0001 par value | HFFG | Nasdaq Capital Market |
Preferred Share Purchase Rights | N/A | Nasdaq Capital Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large accelerated filer | ☐ | Accelerated filer | ☒ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 5, 2023, the registrant had 54,145,924 shares of common stock outstanding.
HF Foods Group Inc. and Subsidiaries
Form 10-Q for the Quarter Ended June 30, 2023
Table of Contents
| | | | | | | | |
Description | Page |
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Item 1. | | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
| | |
| | |
Item 1. | | |
Item 1A. | | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3. | | |
Item 4. | | |
Item 5. | | |
Item 6. | | |
| | |
| |
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.
HF Foods Group Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited) | | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
ASSETS | | | |
CURRENT ASSETS: | | | |
Cash | $ | 14,946 | | | $ | 24,289 | |
Accounts receivable, net | 45,586 | | | 44,186 | |
Accounts receivable - related parties | 607 | | | 213 | |
Inventories | 111,066 | | | 120,291 | |
Prepaid expenses and other current assets | 12,482 | | | 8,937 | |
TOTAL CURRENT ASSETS | 184,687 | | | 197,916 | |
Property and equipment, net | 136,724 | | | 140,330 | |
Operating lease right-of-use assets | 12,336 | | | 14,164 | |
Long-term investments | 2,414 | | | 2,679 | |
Customer relationships, net | 152,465 | | | 157,748 | |
Trademarks and other intangibles, net | 33,484 | | | 36,343 | |
Goodwill | 85,118 | | | 85,118 | |
| | | |
Other long-term assets | 4,860 | | | 3,231 | |
TOTAL ASSETS | $ | 612,088 | | | $ | 637,529 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | |
CURRENT LIABILITIES: | | | |
Checks issued not presented for payment | $ | 20,874 | | | $ | 21,946 | |
Line of credit | 42,173 | | | 53,056 | |
Accounts payable | 54,848 | | | 55,515 | |
Accounts payable - related parties | 870 | | | 1,529 | |
Current portion of long-term debt, net | 5,936 | | | 6,266 | |
Current portion of obligations under finance leases | 1,980 | | | 2,254 | |
Current portion of obligations under operating leases | 3,538 | | | 3,676 | |
Accrued expenses and other liabilities | 19,763 | | | 19,648 | |
TOTAL CURRENT LIABILITIES | 149,982 | | | 163,890 | |
Long-term debt, net of current portion | 112,623 | | | 115,443 | |
| | | |
Obligations under finance leases, non-current | 11,375 | | | 11,441 | |
Obligations under operating leases, non-current | 9,052 | | | 10,591 | |
Deferred tax liabilities | 33,119 | | | 34,443 | |
Other long-term liabilities | 5,337 | | | 5,472 | |
TOTAL LIABILITIES | 321,488 | | | 341,280 | |
COMMITMENTS AND CONTINGENCIES (Note 14) | | | |
SHAREHOLDERS’ EQUITY: | | | |
Preferred Stock, $0.0001 par value, 1,000,000 shares authorized, no shares issued and outstanding as of June 30, 2023 and December 31, 2022 | — | | | — | |
Common Stock, $0.0001 par value, 100,000,000 shares authorized, 54,086,164 shares issued and outstanding as of June 30, 2023 and 53,813,777 shares issued and outstanding as of December 31, 2022 | 5 | | | 5 | |
Additional paid-in capital | 600,030 | | | 598,322 | |
Accumulated deficit | (313,297) | | | (306,514) | |
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO HF FOODS GROUP INC. | 286,738 | | | 291,813 | |
Noncontrolling interests | 3,862 | | | 4,436 | |
TOTAL SHAREHOLDERS’ EQUITY | 290,600 | | | 296,249 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 612,088 | | | $ | 637,529 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
1
HF Foods Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
(In thousands, except share and per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 | | |
Net revenue - third parties | $ | 290,364 | | | $ | 298,138 | | | $ | 581,926 | | | $ | 574,289 | | | |
Net revenue - related parties | 1,948 | | | 1,504 | | | 4,241 | | | 3,568 | | | |
TOTAL NET REVENUE | 292,312 | | | 299,642 | | | 586,167 | | | 577,857 | | | |
| | | | | | | | | |
Cost of revenue - third parties | 239,724 | | | 245,716 | | | 481,181 | | | 471,349 | | | |
Cost of revenue - related parties | 1,922 | | | 1,356 | | | 4,148 | | | 3,211 | | | |
TOTAL COST OF REVENUE | 241,646 | | | 247,072 | | | 485,329 | | | 474,560 | | | |
| | | | | | | | | |
GROSS PROFIT | 50,666 | | | 52,570 | | | 100,838 | | | 103,297 | | | |
| | | | | | | | | |
Distribution, selling and administrative expenses | 52,243 | | | 45,843 | | | 105,172 | | | 86,251 | | | |
| | | | | | | | | |
(LOSS) INCOME FROM OPERATIONS | (1,577) | | | 6,727 | | | (4,334) | | | 17,046 | | | |
| | | | | | | | | |
Other (income) expenses: | | | | | | | | | |
| | | | | | | | | |
Interest expense | 2,847 | | | 1,549 | | | 5,715 | | | 2,827 | | | |
Other income | (127) | | | (163) | | | (355) | | | (939) | | | |
Change in fair value of interest rate swap contracts | (2,856) | | | (208) | | | (110) | | | (566) | | | |
Lease guarantee expense | (90) | | | (42) | | | (210) | | | 5,889 | | | |
Total other (income) expenses, net | (226) | | | 1,136 | | | 5,040 | | | 7,211 | | | |
| | | | | | | | | |
(LOSS) INCOME BEFORE INCOME TAXES | (1,351) | | | 5,591 | | | (9,374) | | | 9,835 | | | |
| | | | | | | | | |
Income tax expense (benefit) | 209 | | | 1,097 | | | (2,017) | | | 2,201 | | | |
NET (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME | (1,560) | | | 4,494 | | | (7,357) | | | 7,634 | | | |
Less: net (loss) income attributable to noncontrolling interests | (710) | | | (70) | | | (574) | | | (44) | | | |
NET (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO HF FOODS GROUP INC. | $ | (850) | | | $ | 4,564 | | | $ | (6,783) | | | $ | 7,678 | | | |
| | | | | | | | | |
(LOSS) EARNINGS PER COMMON SHARE - BASIC | $ | (0.02) | | | $ | 0.08 | | | $ | (0.13) | | | $ | 0.14 | | | |
(LOSS) EARNINGS PER COMMON SHARE - DILUTED | $ | (0.02) | | | $ | 0.08 | | | $ | (0.13) | | | $ | 0.14 | | | |
WEIGHTED AVERAGE SHARES - BASIC | 54,046,328 | | | 53,706,392 | | | 53,935,178 | | | 53,706,392 | | | |
WEIGHTED AVERAGE SHARES - DILUTED | 54,046,328 | | | 53,900,883 | | | 53,935,178 | | | 53,927,957 | | | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2
HF Foods Group Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| | | | | | | | | | | | | |
| Six Months Ended June 30, |
| 2023 | | 2022 | | |
Cash flows from operating activities: | | | | | |
Net (loss) income | $ | (7,357) | | | $ | 7,634 | | | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | | | | | |
Depreciation and amortization expense | 13,129 | | | 11,859 | | | |
Asset impairment charges | 1,200 | | | 422 | | | |
Gain from disposal of property and equipment | — | | | (1,351) | | | |
Provision for credit losses | 56 | | | 111 | | | |
Deferred tax benefit | (1,324) | | | (2,674) | | | |
| | | | | |
Change in fair value of interest rate swap contracts | (110) | | | (565) | | | |
Stock-based compensation | 1,848 | | | 511 | | | |
| | | | | |
Non-cash lease expense | 1,916 | | | 1,579 | | | |
Lease guarantee expense | (210) | | | 5,889 | | | |
Other expense (income) | 389 | | | (47) | | | |
Changes in operating assets and liabilities (excluding effects of acquisitions): | | | | | |
Accounts receivable | (1,456) | | | (6,529) | | | |
Accounts receivable - related parties | (394) | | | (629) | | | |
Inventories | 9,225 | | | (13,662) | | | |
| | | | | |
| | | | | |
Prepaid expenses and other current assets | (3,545) | | | (4,199) | | | |
| | | | | |
Other long-term assets | (1,519) | | | (494) | | | |
Accounts payable | (667) | | | 16,799 | | | |
Accounts payable - related parties | (659) | | | 159 | | | |
Operating lease liabilities | (1,765) | | | (1,551) | | | |
Accrued expenses and other liabilities | (25) | | | 396 | | | |
Net cash provided by operating activities | 8,732 | | | 13,658 | | | |
Cash flows from investing activities: | | | | | |
| | | | | |
Purchase of property and equipment | (1,522) | | | (4,028) | | | |
Proceeds from sale of property and equipment | — | | | 7,667 | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Payment made for acquisition of Sealand | — | | | (34,849) | | | |
Payment made for acquisition of Great Wall Group | — | | | (17,445) | | | |
| | | | | |
| | | | | |
Net cash used in investing activities | (1,522) | | | (48,655) | | | |
Cash flows from financing activities: | | | | | |
Checks issued not presented for payment | (1,072) | | | 2,348 | | | |
Proceeds from line of credit | 594,916 | | | 625,656 | | | |
Repayment of line of credit | (605,826) | | | (620,783) | | | |
Proceeds from long-term debt | — | | | 45,952 | | | |
Repayment of long-term debt | (3,172) | | | (7,882) | | | |
Payment of debt financing costs | — | | | (579) | | | |
Repayment of obligations under finance leases | (1,399) | | | (1,243) | | | |
Repayment of promissory note payable - related party | — | | | (4,500) | | | |
Proceeds from noncontrolling interests shareholders | — | | | 240 | | | |
Cash distribution to shareholders | — | | | (186) | | | |
Net cash (used in) provided by financing activities | (16,553) | | | 39,023 | | | |
Net (decrease) increase in cash | (9,343) | | | 4,026 | | | |
Cash at beginning of the period | 24,289 | | | 14,792 | | | |
Cash at end of the period | $ | 14,946 | | | $ | 18,818 | | | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3
HF Foods Group Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| | | | | | | | | | | | | |
| Six Months Ended June 30, |
| 2023 | | 2022 | | |
| | | | | |
Supplemental disclosure of cash flow data: | | | | | |
Cash paid for interest | $ | 5,420 | | | $ | 1,883 | | | |
Cash paid for income taxes | 825 | | | 8,525 | | | |
Supplemental disclosure of non-cash investing and financing activities: | | | | | |
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 88 | | | $ | 3,913 | | | |
Property acquired in exchange for finance leases | 1,059 | | | 1,220 | | | |
| | | | | |
Intangible asset acquired in exchange for noncontrolling interests | — | | | 566 | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4
HF Foods Group Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Shareholders' Equity
(In thousands, except share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | Additional Paid-in Capital | | Retained Earnings (Accumulated Deficit) | | Total Shareholders’ Equity Attributable to HF Foods Group Inc. | | Noncontrolling Interests | | Total Shareholders’ Equity |
| Shares | | Amount | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Balance at January 1, 2022 | 53,706,392 | | | $ | 5 | | | | | | | $ | 597,227 | | | $ | (306,284) | | | $ | 290,948 | | | $ | 4,041 | | | $ | 294,989 | |
Cumulative effect of adoption of CECL (ASU 2016-13) | — | | | — | | | | | | | — | | | (690) | | | (690) | | | — | | | (690) | |
Balance at January 1, 2022 | 53,706,392 | | | 5 | | | | | | | 597,227 | | | (306,974) | | | 290,258 | | | 4,041 | | | 294,299 | |
Net income | — | | | — | | | | | | | — | | | 3,114 | | | 3,114 | | | 26 | | | 3,140 | |
Capital contribution by shareholders | — | | | — | | | | | | | — | | | — | | | — | | | 806 | | | 806 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Distribution to shareholders | — | | | — | | | | | | | — | | | — | | | — | | | (89) | | | (89) | |
Stock-based compensation | — | | | — | | | | | | | 290 | | | — | | | 290 | | | — | | | 290 | |
Balance at March 31, 2022 | 53,706,392 | | | 5 | | | | | | | 597,517 | | | (303,860) | | | 293,662 | | | 4,784 | | | 298,446 | |
Net income (loss) | — | | | — | | | | | | | — | | | 4,564 | | | 4,564 | | | (70) | | | 4,494 | |
Distribution to shareholders | — | | | — | | | | | | | — | | | — | | | — | | | (97) | | | (97) | |
Stock-based compensation | — | | | — | | | | | | | 221 | | | — | | | 221 | | | — | | | 221 | |
Balance at June 30, 2022 | 53,706,392 | | | $ | 5 | | | | | | | $ | 597,738 | | | $ | (299,296) | | | $ | 298,447 | | | $ | 4,617 | | | $ | 303,064 | |
| | | | | | | | | | | | | | | | | |
Balance at January 1, 2023 | 53,813,777 | | | $ | 5 | | | | | | | $ | 598,322 | | | $ | (306,514) | | | $ | 291,813 | | | $ | 4,436 | | | $ | 296,249 | |
Net (loss) income | — | | | — | | | | | | | — | | | (5,933) | | | (5,933) | | | 136 | | | (5,797) | |
| | | | | | | | | | | | | | | | | |
Issuance of common stock pursuant to equity compensation plan | 37,847 | | | — | | | | | | | — | | | — | | | — | | | — | | | — | |
Shares withheld for tax withholdings on vested awards | (7,132) | | | — | | | | | | | (34) | | | — | | | (34) | | | — | | | (34) | |
| | | | | | | | | | | | | | | | | |
Stock-based compensation | — | | | — | | | | | | | 1,096 | | | — | | | 1,096 | | | — | | | 1,096 | |
Balance at March 31, 2023 | 53,844,492 | | | 5 | | | | | | | 599,384 | | | (312,447) | | | 286,942 | | | 4,572 | | | 291,514 | |
Net (loss) income | — | | | — | | | | | | | — | | | (850) | | | (850) | | | (710) | | | (1,560) | |
Issuance of common stock pursuant to equity compensation plan | 269,113 | | | — | | | | | | | — | | | — | | | — | | | — | | | — | |
Shares withheld for tax withholdings on vested awards | (27,441) | | | — | | | | | | | (106) | | | — | | | (106) | | | — | | | (106) | |
Stock-based compensation | — | | | — | | | | | | | 752 | | | — | | | 752 | | | — | | | 752 | |
Balance at June 30, 2023 | 54,086,164 | | | $ | 5 | | | | | | | $ | 600,030 | | | $ | (313,297) | | | $ | 286,738 | | | $ | 3,862 | | | $ | 290,600 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5
HF Foods Group Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
Note 1 - Organization and Description of Business
Organization and General
HF Foods Group Inc. and subsidiaries (collectively “HF Group”, or the “Company”) is an Asian foodservice distributor that markets and distributes fresh produce, seafood, frozen and dry food, and non-food products to primarily Asian restaurants and other foodservice customers throughout the United States. The Company's business consists of one operating segment, which is also its one reportable segment: HF Group, which operates solely in the United States. The Company's customer base consists primarily of Chinese and Asian restaurants, and it provides sales and service support to customers who mainly converse in Mandarin or Chinese dialects.
On April 29, 2022, the Company completed the acquisition of substantially all of the operating assets of Sealand Food, Inc. ("Sealand") including equipment, machinery and vehicles. The acquisition was completed to expand the Company's territory along the East Coast, from Massachusetts to Florida, as well as Pennsylvania, West Virginia, Ohio, Kentucky, and Tennessee. See Note 6 - Acquisitions for additional information on the Sealand acquisition.
Note 2 - Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information pursuant to the rules and regulations of the SEC and have been consistently applied. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These financial statements are condensed and should be read in conjunction with the audited financial statements and notes thereto for the fiscal years ended December 31, 2022 and 2021. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
The accompanying condensed consolidated financial statements include the accounts of HF Group and a variable interest entity for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, the Company records net income (loss) attributable to noncontrolling interest in its condensed consolidated statements of operations and comprehensive income (loss) equal to the percentage of the economic or ownership interest retained in such entity by the respective noncontrolling party.
Variable Interest Entities
GAAP provides guidance on the identification of a variable interest entity (“VIE”) and financial reporting for an entity over which control is achieved through means other than voting interests. The Company evaluates each of its interests in an entity to determine whether or not the investee is a VIE and, if so, whether the Company is the primary beneficiary of such VIE. In determining whether the Company is the primary beneficiary, the Company considers if the Company (1) has power to direct the activities that most significantly affect the economic performance of the VIE, and (2) has the obligation to absorb losses or the right to receive the economic benefits of the VIE that could be potentially significant to the VIE. If deemed the primary beneficiary, the Company consolidates the VIE.
FUSO Trucking, LLC (“FUSO”) is a VIE for which the Company is the primary beneficiary. Although its operations have wound down and its remaining assets and liabilities are immaterial, FUSO continues to be consolidated by the Company as a VIE. The Company also has a VIE, AnHeart, Inc. (“AnHeart”), for which the Company is not the primary beneficiary and therefore does not consolidate. The Company did not incur expenses from VIEs and did not have any sales to or income from any VIEs during the six months ended June 30, 2023. See Note 14 - Commitments and Contingencies for additional information on AnHeart.
Noncontrolling Interests
GAAP requires that noncontrolling interests in subsidiaries and affiliates be reported in the equity section of the Company’s condensed consolidated balance sheets. In addition, the amounts attributable to the net income (loss) of those noncontrolling interests are reported separately in the condensed consolidated statements of operations and comprehensive income (loss).
As of June 30, 2023 and December 31, 2022, noncontrolling interest equity consisted of the following:
| | | | | | | | | | | | | | | | | | | | |
($ in thousands) | | Ownership of noncontrolling interest at June 30, 2023 | | June 30, 2023 | | December 31, 2022 |
| | | | | | |
HF Foods Industrial, LLC ("HFFI") (a) | | 45.00% | | $ | (672) | | | $ | 204 | |
Min Food, Inc. | | 39.75% | | 1,836 | | | 1,704 | |
Monterey Food Service, LLC | | 35.00% | | 447 | | | 452 | |
Ocean West Food Services, LLC | | 32.50% | | 2,161 | | | 1,986 | |
Syncglobal Inc. | | 43.00% | | 90 | | | 90 | |
Total | | | | $ | 3,862 | | | $ | 4,436 | |
_________________
(a)During the three months ended June 30, 2023, the Company began to wind down HFFI operations. Accordingly, the machinery used in HFFI operations was impaired. See Note 4 - Balance Sheet Components for additional information.
Uses of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during each reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s condensed consolidated financial statements include, but are not limited to, allowance for expected credit losses, inventory reserves, useful lives of property and equipment, lease assumptions, impairment of long-lived assets, impairment of long-term investments, impairment of goodwill, the purchase price allocation and fair value of assets and liabilities acquired with respect to business combinations, realization of deferred tax assets, uncertain income tax positions, the liability for self-insurance and stock-based compensation.
Recent Accounting Pronouncements
The Company has implemented all new pronouncements that are in effect and that may impact its condensed consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its condensed consolidated financial statements or results of operations.
Note 3 - Revenue
For the three and six months ended June 30, 2023 and 2022, revenue recognized from performance obligations related to prior periods was immaterial. Revenue expected to be recognized in any future periods related to remaining performance obligations is immaterial.
The following table presents the Company's net revenue disaggregated by principal product categories:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
($ in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Seafood | | $ | 91,382 | | | 31 | % | | $ | 93,397 | | | 32 | % | | $ | 184,272 | | | 32 | % | | $ | 168,203 | | | 29 | % |
Asian Specialty | | 76,337 | | | 26 | % | | 75,337 | | | 25 | % | | 154,161 | | | 26 | % | | 150,013 | | | 26 | % |
Meat and Poultry | | 56,012 | | | 19 | % | | 63,109 | | | 21 | % | | 108,061 | | | 18 | % | | 124,025 | | | 22 | % |
Fresh Produce | | 31,636 | | | 11 | % | | 31,076 | | | 10 | % | | 63,847 | | | 11 | % | | 60,955 | | | 11 | % |
Packaging and Other | | 18,037 | | | 6 | % | | 21,296 | | | 7 | % | | 37,433 | | | 6 | % | | 43,309 | | | 7 | % |
Commodity | | 18,908 | | | 7 | % | | 15,427 | | | 5 | % | | 38,393 | | | 7 | % | | 31,352 | | | 5 | % |
Total | | $ | 292,312 | | | 100 | % | | $ | 299,642 | | | 100 | % | | $ | 586,167 | | | 100 | % | | $ | 577,857 | | | 100 | % |
Note 4 - Balance Sheet Components
Accounts receivable, net consisted of the following:
| | | | | | | | | | | |
(In thousands) | June 30, 2023 | | December 31, 2022 |
Accounts receivable | $ | 47,060 | | | $ | 45,628 | |
Less: allowance for expected credit losses | (1,474) | | | (1,442) | |
Accounts receivable, net | $ | 45,586 | | | $ | 44,186 | |
Movement of allowance for expected credit losses was as follows:
| | | | | | | | | | | | | |
| Six Months Ended June 30, |
(In thousands) | 2023 | | 2022 | | |
Beginning balance | $ | 1,442 | | | $ | 840 | | | |
Adjustment for adoption of the CECL standard | — | | | 690 | | | |
Increase (decrease) in provision for expected credit losses | 56 | | | (54) | | | |
Bad debt write-offs | (24) | | | (8) | | | |
Ending balance | $ | 1,474 | | | $ | 1,468 | | | |
Property and equipment, net consisted of the following:
| | | | | | | | | | | |
(In thousands) | June 30, 2023 | | December 31, 2022 |
Automobiles | $ | 37,157 | | | $ | 34,891 | |
Buildings | 63,045 | | | 63,045 | |
Building improvements | 22,944 | | | 20,637 | |
Furniture and fixtures | 527 | | | 444 | |
Land | 49,929 | | | 49,929 | |
Machinery and equipment | 13,827 | | | 17,210 | |
Subtotal | 187,429 | | | 186,156 | |
Less: accumulated depreciation | (50,705) | | | (45,826) | |
Property and equipment, net | $ | 136,724 | | | $ | 140,330 | |
Depreciation expense was $2.4 million and $2.2 million for the three months ended June 30, 2023 and 2022, respectively. Depreciation expense was $5.0 million and $4.4 million for the six months ended June 30, 2023 and 2022, respectively. During the three months ended June 30, 2023, the Company impaired machinery and recognized impairment expense of $1.2 million in distribution, selling and administrative expense in the unaudited condensed consolidated statements of income and
comprehensive income. See Note 2 - Summary of Significant Accounting Policies for additional information regarding the Company’s operations at HFFI.
Long-term investments consisted of the following:
| | | | | | | | | | | | | | | | | |
(In thousands) | Ownership as of June 30, 2023 | | June 30, 2023 | | December 31, 2022 |
Asahi Food, Inc. ("Asahi") | 49% | | $ | 614 | | | $ | 879 | |
Pt. Tamron Akuatik Produk Industri ("Tamron") | 12% | | 1,800 | | | 1,800 | |
Total long-term investments | | | $ | 2,414 | | | $ | 2,679 | |
The investment in Tamron is accounted for using the measurement alternative under Accounting Standards Codification (“ASC”) Topic 321 Investments—Equity Securities, which is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments, if any. The investment in Asahi is accounted for under the equity method due to the fact that the Company has significant influence but does not exercise control over this investee. The Company determined there was no impairment as of June 30, 2023 and December 31, 2022 for these investments.
Accrued expenses and other liabilities consisted of the following:
| | | | | | | | | | | | | | |
(In thousands) | | June 30, 2023 | | December 31, 2022 |
Accrued compensation | | $ | 6,007 | | | $ | 6,798 | |
Accrued professional fees | | 2,077 | | | 3,866 | |
| | | | |
Accrued interest and fees | | 1,202 | | | 1,082 | |
Self-insurance liability | | 1,413 | | | 1,286 | |
Accrued other | | 9,064 | | | 6,616 | |
Total accrued expenses and other liabilities | | $ | 19,763 | | | $ | 19,648 | |
Note 5 - Fair Value Measurements
The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
| Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total |
| Quoted Prices in Active Markets for Identical Assets | | Significant Other Observable Inputs | | Significant Unobservable Inputs | | | | Quoted Prices in Active Markets for Identical Assets | | Significant Other Observable Inputs | | Significant Unobservable Inputs | | |
| (In thousands) |
Assets: | | | | | | | | | | | | | | | |
Interest rate swaps | $ | — | | | $ | 640 | | | $ | — | | | $ | 640 | | | $ | — | | | $ | 530 | | | $ | — | | | $ | 530 | |
| | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | |
The Company follows the provisions of ASC Topic 820 Fair Value Measurement which clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:
•Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.
•Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.
•Level 3 - Inputs are unobservable inputs which reflect the reporting entity’s own assumptions about what assumptions market participants would use in pricing the asset or liability based on the best available information.
Any transfers of assets or liabilities between Level 1, Level 2, and Level 3 of the fair value hierarchy will be recognized at the end of the reporting period in which the transfer occurs. There were no transfers between fair value levels in any of the periods presented herein.
The carrying amounts reported in the condensed consolidated balance sheets for cash, accounts receivable, advances to suppliers, other current assets, accounts payable, checks issued not presented for payment and accrued expenses and other liabilities approximate their fair value based on the short-term maturity of these instruments.
Please refer to Note 8 - Derivative Financial Instruments for additional information regarding the Company’s interest rate swaps.
Carrying Value and Estimated Fair Value of Outstanding Debt - The following table presents the carrying value and estimated fair value of the Company’s outstanding debt as described in Note 9 - Debt of the Notes to the Unaudited Condensed Consolidated Financial Statements, including the current portion, as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Fair Value Measurements | | | |
(In thousands) | | Level 1 | | Level 2 | | Level 3 | | Carrying Value | |
June 30, 2023 | | |
Fixed rate debt: | | | | | | | | | |
| | | | | | | | | |
Bank of America | | $ | — | | | $ | — | | | $ | 1,500 | | | $ | 1,768 | | |
East West Bank | | — | | | — | | | 1,747 | | | 2,314 | | |
| | | | | | | | | |
Other finance institutions | | — | | | — | | | 81 | | | 81 | | |
Variable rate debt: | | | | | | | | | |
JPMorgan Chase & Co. | | $ | — | | | $ | 108,698 | | | $ | — | | | $ | 108,698 | | |
Bank of America | | — | | | 2,261 | | | — | | | 2,261 | | |
East West Bank | | — | | | 3,437 | | | — | | | 3,437 | | |
| | | | | | | | | |
December 31, 2022 | | | | | | | | | |
Fixed rate debt: | | | | | | | | | |
| | | | | | | | | |
Bank of America | | $ | — | | | $ | — | | | $ | 1,630 | | | $ | 1,948 | | |
East West Bank | | — | | | — | | | 1,786 | | | 2,351 | | |
| | | | | | | | | |
Other finance institutions | | — | | | — | | | 186 | | | 197 | | |
Variable rate debt: | | | | | | | | | |
JPMorgan Chase & Co. | | $ | — | | | $ | 111,413 | | | $ | — | | | $ | 111,413 | | |
Bank of America | | — | | | 2,330 | | | — | | | 2,330 | | |
East West Bank | | — | | | 3,471 | | | — | | | 3,471 | | |
The carrying value of the variable rate debt approximates its fair value because of the variability of interest rates associated with these instruments. For the Company's fixed rate debt, the fair values were estimated using discounted cash flow analyses, based on the current incremental borrowing rates for similar types of borrowing arrangements.
Please refer to Note 9 - Debt for additional information regarding the Company's debt.
Note 6 - Acquisitions
Acquisition of Sealand
On April 29, 2022, the Company completed the acquisition of substantially all of the operating assets of Sealand, including equipment, machinery and vehicles. The acquisition was completed to expand the Company's territory along the East Coast, from Massachusetts to Florida, as well as Pennsylvania, West Virginia, Ohio, Kentucky, and Tennessee.
The price for the purchased assets was $20.0 million paid in cash at closing. In addition to the closing cash payment, the Company separately acquired all of the sellers' saleable product inventory, for approximately $14.4 million and additional fixed assets for approximately $0.5 million. The Company finalized its purchase accounting as of December 31, 2022.
The Company accounted for this transaction under ASC 805 Business Combinations, by applying the acquisition method of accounting and established a new basis of accounting on the date of acquisition. The assets acquired by the Company were measured at their estimated fair values as of the date of acquisition. Goodwill is calculated as the excess of the purchase price over the net assets recognized and represent synergies and benefits expected as a result from combining operations with an emerging national presence. The transaction costs for the acquisition for the six months ended June 30, 2022 totaled approximately $0.3 million and were reflected in distribution, selling and administrative expenses in the condensed consolidated statement of operations and comprehensive income.
The information included herein was prepared based on the allocation of the purchase price using estimates of the fair value of assets acquired and liabilities assumed which were determined using a combination of quoted market prices, discounted cash flows, and other estimates made by management. The Company finalized the valuation of assets acquired and liabilities assumed for the Sealand acquisition as of March 31, 2023.
Purchase Price Allocation
The total consideration paid to acquire the assets and liabilities of Sealand, as set forth below:
| | | | | | |
(In thousands) | | Amount |
Inventory | | $ | 13,846 | |
Property plant, and equipment | | 1,424 | |
Right-of-use assets | | 127 | |
Intangible assets | | 14,717 | |
Total assets acquired | | 30,114 | |
| | |
Obligations under operating leases | | 127 | |
Total liabilities assumed | | 127 | |
Net assets | | 29,987 | |
Goodwill | | 4,861 | |
Total consideration | | $ | 34,848 | |
The Company recorded acquired intangible assets of $14.7 million, which were measured at fair value using Level 3 inputs. These intangible assets include tradenames and trademarks of $4.4 million, customer relationships of $8.9 million and non-competition agreements of $1.4 million. The fair value of customer relationships was determined by applying the income approach utilizing the excess earnings methodology and Level 3 inputs including a discount rate. The fair value of tradenames and trademarks was determined by applying the income approach utilizing the relief from royalty methodology and Level 3 inputs including a royalty rate of 1% and a discount rate. The fair value of non-competition agreements was determined by applying the income approach and Level 3 inputs including a discount rate. Discount rates used in determining fair values for customer relationships, tradenames and trademarks, and non-competition agreements ranged from 17.5% to 18.0%. The useful lives of the tradenames and trademarks are ten years, customer relationships are ten years and non-competition agreements are three years, with a weighted average amortization period of approximately nine years. The associated goodwill is deductible for tax purposes.
Unaudited Supplemental Pro Forma Financial Information
The following table presents the Company’s unaudited pro forma results for the three and six months ended June 30, 2022, as if the acquisition of Sealand had been consummated on January 1, 2022. The unaudited pro forma financial information presented includes the effects of adjustments related to the amortization of acquired intangible assets and excludes other non-recurring
transaction costs directly associated with the acquisition such as legal and other professional service fees. Statutory rates were used to calculate income taxes.
| | | | | | | | | | | | | | |
(In thousands, except share and per share data) | | | | Three Months Ended June 30, 2022 | | Six Months Ended June 30, 2022 |
| | | | | | |
Pro forma net revenue | | | | $ | 307,587 | | | $ | 609,685 | |
| | | | | | |
Pro forma net income attributable to HF Group | | | | $ | 3,628 | | | $ | 7,253 | |
| | | | | | |
Pro forma earnings per common share - basic | | | | $ | 0.07 | | | $ | 0.14 | |
Pro forma earnings per common share - diluted | | | | $ | 0.07 | | | $ | 0.13 | |
| | | | | | |
Pro forma weighted average shares - basic | | | | 53,706,392 | | 53,706,392 |
Pro forma weighted average shares - diluted | | | | 53,900,883 | | 53,927,957 |
Note 7 - Goodwill and Acquired Intangible Assets
Goodwill
Goodwill was $85.1 million as of June 30, 2023 and December 31, 2022. There was no change in the carrying amount of goodwill for the six months ended June 30, 2023.
Acquired Intangible Assets
The components of the intangible assets are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | June 30, 2023 | | December 31, 2022 |
(In thousands) | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount |
Non-competition agreement | | $ | 3,892 | | | $ | (1,781) | | | $ | 2,111 | | | $ | 3,892 | | | $ | (1,132) | | | $ | 2,760 | |
Trademarks | | 44,256 | | | (12,883) | | | 31,373 | | | 44,256 | | | (10,673) | | | 33,583 | |
Customer relationships | | 185,266 | | | (32,801) | | | 152,465 | | | 185,266 | | | (27,518) | | | 157,748 | |
Total | | $ | 233,414 | | | $ | (47,465) | | | $ | 185,949 | | | $ | 233,414 | | | $ | (39,323) | | | $ | 194,091 | |
Amortization expense for acquired intangible assets was $4.1 million and $4.0 million for the three months ended June 30, 2023 and 2022, respectively. Amortization expense for acquired intangible assets was $8.1 million and $7.6 million for the six months ended June 30, 2023 and 2022, respectively. During the three months ended June 30, 2022, the Company impaired its acquired developed technology and recognized impairment expense of $0.4 million in distribution, selling and administrative expenses in the unaudited condensed consolidated statements of income and comprehensive income.
Note 8 - Derivative Financial Instruments
Derivative Instruments
The Company utilizes interest rate swaps ("IRS") for the sole purpose of mitigating interest rate fluctuation risk associated with floating rate debt instruments (as defined in Note 9 - Debt). The Company does not use any other derivative financial instruments for trading or speculative purposes.
On August 20, 2019, HF Group entered into two IRS contracts with East West Bank (the "EWB IRS") for initial notional amounts of $1.1 million and $2.6 million, respectively. On April 20, 2023, the Company amended the corresponding mortgage term loans, which pegged the two mortgage term loans to 1-month Term SOFR (Secured Overnight Financing Rate) + 2.29% per annum for the remaining duration of the term loans. The amended EWB IRS contracts fixed the two term loans at 4.23% per annum until maturity in September 2029.
On December 19, 2019, HF Group entered into an IRS contract with Bank of America (the "BOA IRS") for an initial notional amount of $2.7 million in conjunction with a newly contracted mortgage term loan of corresponding amount. On December 19, 2021, the Company entered into the Second Amendment to Loan Agreement, which pegged the mortgage term loan to Term SOFR + 2.5%. The BOA IRS was modified accordingly to fix the SOFR based loan to approximately 4.50%. The term loan and corresponding BOA IRS contract mature in December 2029.
On March 15, 2023, the Company entered into an amortizing IRS contract with J.P. Morgan Chase for an initial notional amount of $120.0 million, effective from March 1, 2023 and expiring in March 2028, as a means to partially hedge its existing floating rate loans exposure. Pursuant to the agreement, the Company will pay the swap counterparty a fixed rate of 4.11% in exchange for floating payments based on Term SOFR.
The Company evaluated the aforementioned IRS contracts currently in place and did not designate those as cash flow hedges. Hence, the fair value change on these IRS contracts are accounted for and recognized as a change in fair value of IRS contracts in the condensed consolidated statements of operations and comprehensive income (loss).
As of June 30, 2023, the Company determined that the fair values of the IRS contracts were $0.6 million in an asset position. As of December 31, 2022, the fair values of the IRS contracts were $0.5 million in an asset position. The Company includes these in other long-term assets and other long-term liabilities, respectively, on the condensed consolidated balance sheets. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in its assessment of fair value. The inputs used to determine the fair value of the IRS are classified as Level 2 on the fair value hierarchy.
Note 9 - Debt
Long-term debt at June 30, 2023 and December 31, 2022 is summarized as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in thousands) | | | | | | |
Bank Name | | Maturity | | Interest Rate at June 30, 2023 | | June 30, 2023 | | December 31, 2022 |
Bank of America (a) | | October 2026 - December 2029 | | 4.28% - 5.80% | | $ | 4,030 | | | $ | 4,315 | |
East West Bank (b) | | August 2027 - September 2029 | | 4.40% - 8.75% | | 5,750 | | | 5,822 | |
| | | | | | | | |
JPMorgan Chase & Co. (c) | | December 2023 - January 2030 | | 6.77% - 7.14% | | 108,978 | | | 111,714 | |
Other finance institutions (d) | | December 2023 - March 2024 | | 5.99% - 6.14% | | 81 | | | 160 | |
Total debt, principal amount | | | | | | 118,839 | | | 122,011 | |
Less: debt issuance costs | | | | | | (280) | | | (302) | |
Total debt, carrying value | | | | | | 118,559 | | | 121,709 | |
Less: current portion | | | | | | (5,936) | | | (6,266) | |
Long-term debt | | | | | | $ | 112,623 | | | $ | 115,443 | |
_______________
(a)Loan balance consists of real estate term loan and equipment term loan, collateralized by one real property and specific equipment. The real estate term loan is pegged to TERM SOFR + 2.5%.
(b)Real estate term loans with East West Bank are collateralized by four real properties. Balloon payments of $1.8 million and $2.9 million are due at maturity in 2027 and 2029, respectively.
(c)Real estate term loan with a principal balance of $108.8 million as of June 30, 2023 and 111.4 million as of December 31, 2022 is secured by assets held by the Company and has a maturity date of January 2030. Equipment term loan with a principal balance of $0.1 million as of June 30, 2023 and $0.3 million as of December 31, 2022 is secured by specific vehicles and equipment as defined in loan agreements. Equipment term loan matures in December 2023.
(d)Secured by vehicles.
The terms of the various loan agreements related to long-term bank borrowings require the Company to comply with certain financial covenants, including, but not limited to, a fixed charge coverage ratio and effective tangible net worth. As of June 30, 2023, the Company was in compliance with its covenants.
Note 10 - Earnings (Loss) Per Share
The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260 (“ASC 260”), Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net
income divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS, but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, warrants and restricted stock) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. There were 92,945 and 100,012 potential common shares related to performance-based restricted stock units and restricted stock units that were excluded from the calculation of diluted EPS for the three and six months ended June 30, 2023, respectively, because their effect would have been anti-dilutive. There were 3,471 and 3,668 potential common shares related to total shareholder return performance-based restricted stock units that were excluded from the calculation of diluted EPS for the three and six months ended June 30, 2022, respectively, because their effect would have been anti-dilutive.
The following table sets forth the computation of basic and diluted EPS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
($ in thousands, except share and per share data) | | 2023 | | 2022 | | 2023 | | 2022 | | |
Numerator: | | | | | | | | | | |
Net (loss) income attributable to HF Foods Group Inc. | | $ | (850) | | | $ | 4,564 | | | $ | (6,783) | | | $ | 7,678 | | | |
Denominator: | | | | | | | | | | |
Weighted-average common shares outstanding | | 54,046,328 | | | 53,706,392 | | | 53,935,178 | | | 53,706,392 | | | |
Effect of dilutive securities | | — | | | 194,491 | | | — | | | 221,565 | | | |
Weighted-average dilutive shares outstanding | | 54,046,328 | | | 53,900,883 | | | 53,935,178 | | | 53,927,957 | | | |
(Loss) earnings per common share: | | | | | | | | | | |
Basic | | $ | (0.02) | | | $ | 0.08 | | | $ | (0.13) | | | $ | 0.14 | | | |
Diluted | | $ | (0.02) | | | $ | 0.08 | | | $ | (0.13) | | | $ | 0.14 | | | |
Note 11 - Income Taxes
The Company has computed its provision for income taxes under the discrete method which treats the year-to-date period as if it were the annual period and determines the income tax expense or benefit on that basis. The Company believes that, at this time, the use of the discrete method is more appropriate than the estimated annual effective tax rate method as the estimated annual effective tax rate method is not reliable.
For the three and six months ended June 30, 2023, the Company's effective income tax rate of (15.5)% and 21.5%, respectively, differed from the federal statutory tax rate primarily as a result of permanent differences and state income taxes. For the three and six months ended June 30, 2022, the Company's effective income tax rate of 19.6% and 22.4%, respectively, differed from the federal statutory tax rate primarily as a result of state income taxes.
Note 12 - Related Party Transactions
The Company makes regular purchases from and sales to various related parties. Related party affiliations were attributed to transactions conducted between the Company and those business entities partially or wholly owned by the Company, the Company's officers and/or shareholders who owned no less than 10% shareholdings of the Company.
Mr. Xiao Mou Zhang (“Mr. Zhang”) became the sole Chief Executive Officer on February 23, 2021. Mr. Xiao Mou Zhang and certain of his immediate family also have ownership interests in various related parties involved in (i) the distribution of food and related products to restaurants and other retailers and (ii) the supply of fresh food, frozen food, and packaging supplies to distributors.
The Company believes that Mr. Zhou Min Ni (“Mr. Ni”), the Company’s former Co-Chief Executive Officer, together with various trusts for the benefit of Mr. Ni's four children, are collectively the beneficial owners of approximately 25% of the Company’s outstanding shares of common stock, and he and certain of his immediate family members have ownership interests in related parties involved in (i) the distribution of food and related products to restaurants and other retailers and (ii) the supply of fresh food, frozen food, and packaging supplies to distributors.
For the year ended December 31, 2022, North Carolina Good Taste Noodle, Inc. (“NC Noodle”) was a related party due to Mr. Jian Ming Ni's, a former Chief Financial Officer of the Company, continued ownership interest in NC Noodle. As of January 1, 2023, NC Noodle is no longer considered a related party since it has been three years since Mr. Jian Ming Ni resigned.
The related party transactions as of June 30, 2023 and December 31, 2022 and for the three and six months ended June 30, 2023 and 2022 are identified as follows:
Related Party Sales, Purchases, and Lease Agreements
Purchases
Below is a summary of purchases of goods and services from related parties recorded for the three and six months ended June 30, 2023 and 2022, respectively:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | |
| (In thousands) | | Nature | | 2023 | | 2022 | | 2023 | | 2022 | | |
| | | | | | | | | | | | | |
(a) | Best Food Services, LLC | | Trade | | $ | 2,729 | | | $ | 3,546 | | | $ | 4,813 | | | $ | 6,491 | | | |
| | | | | | | | | | | | | |
(b) | Eastern Fresh NJ, LLC | | Trade | | — | | | — | | | — | | | 1,093 | | | |
(b) | Enson Seafood GA, Inc. (formerly “GA-GW Seafood, Inc.”) | | Trade | | — | | | — | | | 37 | | | — | | | |
(c) | First Choice Seafood, Inc. | | Trade | | — | | | 26 | | | — | | | 109 | | | |
(c) | Fujian RongFeng Plastic Co., Ltd | | Trade | | — | | | — | | | — | | | 398 | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
(d) | North Carolina Good Taste Noodle, Inc. | | Trade | | — | | | 1,769 | | | — | | | 3,427 | | | |
(b) | Ocean Pacific Seafood Group, Inc. | | Trade | | 74 | | | 141 | | | 242 | | | 277 | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Other | | Trade | | 23 | | | 53 | | | 75 | | | 85 | | | |
| Total | | | | $ | 2,826 | | | $ | 5,535 | | | $ | 5,167 | | | $ | 11,880 | | | |
_______________
(a)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefit of Mr. Zhang's children effective November 1, 2020.
(b)Mr. Ni owns an equity interest in this entity.
(c)Mr. Ni owns an equity interest in this entity indirectly through its parent company.
(d)Mr. Jian Ming Ni, former Chief Financial Officer owns an equity interest in this entity. Mr. Zhou Min Ni previously owned an equity in this entity as of 12/31/2019. The Company has been informed by Mr. Zhou Min Ni that his equity interest was disposed of on 1/1/2020. No longer considered a related party as of 1/1/2023 since it has been three years since Mr. Jian Ming Ni resigned.
Sales
Below is a summary of sales to related parties recorded for the three and six months ended June 30, 2023 and 2022, respectively:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended June 30, | | Six Months Ended June 30, | | |
| (In thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | |
(a) | ABC Food Trading, LLC | | $ | 722 | | | $ | 1,070 | | | $ | 1,315 | | | $ | 2,262 | | | |
(b) | Asahi Food, Inc. | | 191 | | | 188 | | | 386 | | | 369 | | | |
(c) | Best Food Services, LLC | | 93 | | | 223 | | | 526 | | | 869 | | | |
(d) | Eagle Food Service, LLC | | 922 | | | — | | | 1,942 | | | — | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
(e) | First Choice Seafood, Inc. | | 8 | | | 9 | | | 16 | | | 18 | | | |
(e) | Fortune One Foods, Inc. | | 4 | | | 14 | | | 23 | | | 14 | | | |
| | | | | | | | | | | |
(f) | N&F Logistics, Inc. | | — | | | — | | | 6 | | | 36 | | | |
(g) | Union Food LLC | | 8 | | | — | | | 27 | | | — | | | |
| | | | | | | | | | | |
| Total | | $ | 1,948 | | | $ | 1,504 | | | $ | 4,241 | | | $ | 3,568 | | | |
_______________
(a)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefit of Mr. Zhang's children effective November 1, 2020.
(b)The Company, through its subsidiary MF, owns an equity interest in this entity.
(c)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefit of Mr. Zhang's children effective November 1, 2020.
(d)Tina Ni, one of Mr. Ni’s family members, owns an equity interest in this entity indirectly through its parent company.
(e)Mr. Ni owns an equity interest in this entity indirectly through its parent company.
(f)Mr. Ni owns an equity interest in this entity.
(g)Tina Ni, one of Mr. Ni’s family members, owns an equity interest in this entity.
Lease Agreements
The Company leases various facilities to related parties.
The Company leased a warehouse to Enson Seafood GA Inc. (formerly GA-GW Seafood, Inc.) under an operating lease agreement expiring on September 21, 2027. On May 18, 2022, the Company sold the warehouse to Enson Seafood GA Inc., a related party, for approximately $7.2 million, recognized a gain of $1.5 million and used a portion of the proceeds to pay the outstanding balance of the Company's $4.5 million loan with First Horizon Bank. Rental income for the three months ended June 30, 2023 and 2022 was nil and $0.1 million, respectively, and is included in other income in the unaudited condensed consolidated statements of operations and comprehensive income (loss). Rental income for the six months ended June 30, 2023 and 2022 was nil and $0.2 million, respectively, which is included in other income in the unaudited condensed consolidated statements of operations and comprehensive income (loss).
In 2020, the Company renewed a warehouse lease from Yoan Chang Trading Inc. under an operating lease agreement which expired on December 31, 2020. In February 2021, the Company executed a new five-year operating lease agreement with Yoan Chang Trading Inc., effective January 1, 2021 and expiring on December 31, 2025. Rent incurred was $0.1 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, which is included in distribution, selling and administrative expenses in the unaudited condensed consolidated statements of operations and comprehensive income (loss). Rent incurred to the related party was $0.2 million and $0.1 million for the six months ended June 30, 2023 and 2022, respectively, which is included in distribution, selling and administrative expenses in the unaudited condensed consolidated statements of operations and comprehensive income (loss).
Related Party Balances
Accounts Receivable - Related Parties, Net
Below is a summary of accounts receivable with related parties recorded as of June 30, 2023 and December 31, 2022, respectively:
| | | | | | | | | | | | | | | | | |
| (In thousands) | | June 30, 2023 | | December 31, 2022 |
(a) | ABC Food Trading, LLC | | $ | 146 | | | $ | — | |
(b) | Asahi Food, Inc. | | 133 | | | 81 | |
(c) | Best Food Services. LLC | | 94 | | | — | |
(d) | Eagle Food Service, LLC | | 173 | | | 69 | |
(e) | Enson Seafood GA, Inc. (formerly as GA-GW Seafood, Inc.) | | 59 | | | 59 | |
(f) | Fortune One Foods, Inc. | | — | | | 4 | |
(g) | Union Food LLC | | 2 | | | — | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Total | | $ | 607 | | | $ | 213 | |
_______________
(a)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefit of Mr. Zhang's children effective November 1, 2020.
(b)The Company, through its subsidiary MF, owns an equity interest in this entity.
(c)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefit of Mr. Zhang's children effective November 1, 2020.
(d)Tina Ni, one of Mr. Ni’s family members, owns an equity interest in this entity indirectly through its parent company.
(e)Mr. Ni owns an equity interest in this entity.
(f)Mr. Ni owns an equity interest in this entity indirectly through its parent company.
(g)Tina Ni, one of Mr. Ni’s family members, owns an equity interest in this entity.
The Company has reserved for 90% of the accounts receivable for Enson Seafood GA, Inc. as of June 30, 2023. This outstanding balance was reserved for 80% as of December 31, 2022. All other accounts receivable from these related parties are current and considered fully collectible. No additional allowance is deemed necessary as of June 30, 2023 and December 31, 2022.
Accounts Payable - Related Parties
All the accounts payable to related parties are payable upon demand without interest. Below is a summary of accounts payable with related parties recorded as of June 30, 2023 and December 31, 2022, respectively:
| | | | | | | | | | | | | | | | | |
| (In thousands) | | June 30, 2023 | | December 31, 2022 |
(a) | Best Food Services, LLC | | $ | 836 | | | $ | 729 | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
(b) | North Carolina Good Taste Noodle, Inc. | | — | | | 731 | |
| | | | | |
| | | | | |
| Others | | 34 | | | 69 | |
| Total | | $ | 870 | | | $ | 1,529 | |
_______________
(a)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefits of Mr. Zhang's children effective November 1, 2020.
(b)Mr. Jian Ming Ni, former Chief Financial Officer owns an equity interest in this entity. Mr. Zhou Min Ni previously owned an equity in this entity as of 12/31/2019. The Company has been informed by Mr. Zhou Min Ni that his equity interest was disposed of on 1/1/2020. No longer considered a related party as of 1/1/2023 since it has been three years since Mr. Jian Ming Ni resigned.
Promissory Note Payable - Related Party
The Company issued a $7.0 million unsecured subordinated promissory note to B&R Group Realty Holding, LLC in January 2020. During the three months ended June 30, 2022, the Company paid the remaining $4.5 million principal balance of this related party promissory note payable. Interest payments paid were $0.1 million for the three and six months ended June 30, 2022.
Note 13 - Stock-Based Compensation
In July 2021, the Company began issuing awards under the HF Foods Group Inc. 2018 Omnibus Equity Incentive Plan (the “2018 Incentive Plan”), which reserves up to 3,000,000 shares of the Company's common stock for issuance of awards to employees, non-employee directors and consultants. As of June 30, 2023, the Company had 909,226 time-based vesting restricted stock units unvested, 678,381 performance-based restricted stock units unvested, 449,619 shares of common stock vested and 962,774 shares remaining available for future awards under the 2018 Incentive Plan.
Stock-based compensation expense was $0.8 million and $0.2 million for the three months ended June 30, 2023 and 2022, respectively, and $1.8 million and $0.5 million for the six months ended June 30, 2023 and 2022, respectively. Stock-based compensation expense was included in distribution, selling and administrative expenses in the Company's unaudited condensed consolidated statements of income and comprehensive income.
As of June 30, 2023, there was $5.8 million of total unrecognized compensation cost related to all non-vested outstanding RSUs and PSUs outstanding under the 2018 Incentive Plan, with a weighted average remaining service period of 2.22 years.
Note 14 - Commitments and Contingencies
From time to time, the Company is a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. When the Company becomes aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. In accordance with authoritative guidance, the Company records loss contingencies in its financial statements only for matters in which losses are probable and can be reasonably estimated. Where a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum estimated liability. If the loss is not probable or the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the specific claim if the likelihood of a potential loss is reasonably possible and the amount involved is material. The Company continuously assesses the potential liability related to its pending litigation and revises its estimates when additional information becomes available. Adverse outcomes in some or all of these matters may result in significant monetary damages or injunctive relief against the Company that could adversely affect its ability to conduct its business. There also exists the possibility of a material adverse effect on the Company’s financial statements for the period in which the effect of an unfavorable outcome becomes probable and reasonably estimable.
As previously disclosed, in March 2020, an analyst report suggested certain improprieties in the Company’s operations, and in response to those allegations, the Company’s Board of Directors appointed a Special Committee of Independent Directors (the “Special Investigation Committee”) to conduct an internal independent investigation with the assistance of counsel. These allegations became the subject of two putative stockholder class actions filed on or after March 29, 2020 in the United States District Court for the Central District of California generally alleging the Company and certain of its current and former directors and officers violated the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making allegedly false and misleading statements (the “Class Actions”). These Class Actions have since been dismissed and are now closed.
In addition, the SEC initiated a formal, non-public investigation of the Company, and the SEC informally requested, and later issued a subpoena for, documents and other information. The subpoena relates to but is not necessarily limited to the matters identified in the Class Actions. The Special Investigation Committee and the Company are cooperating with the SEC.
While the SEC investigation is ongoing, the Special Investigation Committee has made certain factual findings based on evidence adduced during its investigation, and made recommendations to management regarding improvements to Company operations and structure, including but not limited to its dealings with related parties. The Company is working to implement those improvements.
As with any SEC investigation, there is also the possibility of potential fines and penalties. At this time, however, there has not been a demand made by the SEC nor is it possible at this time to estimate the amount of any such fines and penalties, should they occur.
On May 20, 2022, the Board of Directors of HF Foods received a letter from a stockholder, James Bishop (the “Bishop Demand”). The Bishop Demand alleges that certain current and former officers and directors of HF Foods engaged in misconduct and breached their fiduciary duties, and demands that HF Foods investigate the allegations and, if warranted, assert claims against those current or former officers and directors. Many of the allegations contained in the Bishop Demand were the subject of the Class Actions.
On June 30, 2022, the Board of Directors of HF Foods resolved to form a special committee (the “Special Litigation Committee”) comprised of independent directors and advised by counsel to analyze and evaluate the allegations in the Bishop Demand to determine whether the Company should assert any claims based on the allegations made in the Bishop Demand against the current or former officers and directors.
On August 19, 2022, James Bishop filed a verified stockholder derivative complaint (the “Delaware Action”) in the Court of Chancery of the State of Delaware (the “Court of Chancery”), which asserts similar allegations to those set forth in the Bishop Demand. On September 21, 2022, Bishop and the Company filed a stipulation to stay the Delaware Action for 90 days, which the court granted on September 22, 2022. On December 20, 2022, Bishop and the Company filed a stipulation to extend the stay of the Delaware Action for an additional 60 days, which the court granted on December 21, 2022. On March 15, 2023, the Court of Chancery entered an order approving a joint stipulation submitted by Bishop and HF Foods to stay the case for an additional 60 days.
Effective as of April 20, 2023, the Company and certain parties to the Delaware Action reached an agreement to settle the Delaware Action on the terms and conditions set forth in a binding term sheet, which was incorporated into a long-form settlement agreement on May 5, 2023 (the “Settlement Agreement”), which was filed with the Court of Chancery on May 8, 2023. The Settlement Agreement, which is subject to the approval of the Court of Chancery, provided for, among other things, the dismissal of the Delaware Action with prejudice, and releases of claims against all named defendants in the Delaware Action, in exchange for Zhou Min Ni, a former Chairman and Chief Executive Officer of the Company, and Chan Sin Wong, a former President and Chief Operating Officer of the Company, making a payment to the Company in the sum of $9.25 million and the Company adopting certain changes to its bylaws and/or other internal governance policies and procedures. On May 11, 2023, the Court of Chancery scheduled a hearing to be held on September 8, 2023, to consider, among other things, whether to approve the proposed settlement and an application by Bishop’s counsel for an award of attorneys’ fees and expenses.
AnHeart Lease Guarantee
The Company provided a guarantee for two separate leases for two properties located in Manhattan, New York, at 273 Fifth Avenue and 275 Fifth Avenue, for 30 years and 15 years, respectively. The Company has determined that AnHeart is a VIE as a result of the guarantee. However, the Company concluded it is not the primary beneficiary of AnHeart and therefore does not consolidate, because it does not have the power to direct the activities of AnHeart that most significantly impact AnHeart's economic performance.
On February 10, 2021, the Company entered into an Assignment and Assumption of Lease Agreement (“Assignment”), dated effective as of January 21, 2021, with AnHeart and Premier 273 Fifth, LLC, pursuant to which it assumed the lease of the premises at 273 Fifth Avenue (the “273 Lease Agreement”). At the same time, the closing documents were delivered to effectuate the amendment of the 273 Lease Agreement pursuant to an Amendment to Lease (the “Lease Amendment”). The Assignment and the Lease Amendment were negotiated in light of the Company’s guarantee obligations as guarantor under the Lease Agreement. The Company agreed to observe all the covenants and conditions of the Lease Agreement, as amended, including the payment of all rents due. Under the terms of the Lease Agreement and the Assignment, the Company has undertaken to construct, at its own expense, a building on the premises at a minimum cost of $2.5 million. The Lease Amendment permits subletting of the premises, and the Company intends to sublease the newly constructed premises to defray the rental expense undertaken pursuant to its guaranty obligations.
On January 17, 2022, the Company received notice that AnHeart had defaulted on its obligations as tenant under the lease for 275 Fifth Avenue. On February 7, 2022, the Company undertook its guaranty obligations by assuming responsibility for payment of monthly rent and other tenant obligations, including past due rent as well as property tax obligations beginning with the January 2022 rent due. On February 25, 2022, the Company instituted a legal action to pursue legal remedies against AnHeart and Minsheng. In March 2022, the Company agreed to stay litigation against AnHeart in exchange for AnHeart’s payment of certain back rent from January to April 2022 and its continued partial payment of monthly rent. The case remains pending in New York.
In accordance with ASC Topic 460, Guarantees, the Company has determined that its maximum exposure resulting from the 275 Fifth Avenue lease guarantee includes future minimum lease payments plus potential additional payments to satisfy maintenance, property tax and insurance requirements under the leases with a remaining term of approximately 11 years. The Company elected a policy to apply the discounted cash flow method to loss contingencies with more than 18 months of payments. AnHeart is obligated to pay all costs associated with the properties, including taxes, insurance, utilities, maintenance and repairs. During the three months ended March 31, 2022, the Company recorded a lease guarantee liability of $5.9 million. The Company determined the discounted value of the lease guarantee liability using a discount rate of 4.55%. As of June 30, 2023, the Company had a lease guarantee liability of $5.6 million. The current portion of the lease guarantee liability of $0.3 million is recorded in accrued expenses and other liabilities, while the long-term portion is recorded in other long-term liabilities on the condensed consolidated balance sheet. The Company's monthly rental payments range from approximately $42,000 per month to $63,000 per month, with the final payment due in 2034.
The estimated future minimum lease payments as of June 30, 2023 are presented below:
| | | | | | | | |
| | |
(In thousands) | | Amount |
Year Ended December 31, | | |
| | |
2023 (remaining six months) | | $ | 280 | |
2024 | | 582 | |
2025 | | 604 | |
2026 | | 621 | |
2027 | | 638 | |
Thereafter | | 4,478 | |
Total | | 7,203 | |
Less: imputed interest | | (1,583) | |
Total minimum lease payments | | $ | 5,620 | |
Note 15 - Subsequent Events
Other than as disclosed elsewhere, no subsequent events have occurred that would require recognition in the unaudited condensed consolidated financial statements or disclosure in the accompanying notes.
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY
This Quarterly Report on Form 10-Q for HF Foods Group Inc. (“HF Group,” “HF Foods”, the “Company,” “we,” “us,” or “our”) contains forward-looking statements. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected. Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, include without limitation:
•Low margins in the foodservice distribution industry and periods of significant or prolonged inflation or deflation;
•Qualified labor shortages;
•Unfavorable macroeconomic conditions in the United States;
•Competition in the foodservice distribution industry particularly the entry of new competitors into the Chinese/Asian restaurant supply market niche;
•Increases in fuel costs;
•Disruption of relationships with vendors and increases in product prices;
•Dependency on the timely delivery of products from vendors, particularly the prolonged diminution of global supply chains;
•The effects of the COVID-19 pandemic or other pandemics;
•The steps taken by the governments where our suppliers are located, including the People’s Republic of China, to address the COVID-19 pandemic or other pandemics;
•Disruption of relationships with or loss of customers;
•Changes in consumer eating and dining out habits;
•Related party transactions and possible conflicts of interests;
•Related parties and variable interest entities consolidation;
•Failure to protect our intellectual property rights;
•Our ability to renew or replace our current warehouse leases on favorable terms, or terminations prior to expiration of stated terms;
•Failure to retain our senior management and other key personnel, particularly our CEO, COO, CFO and CCO/General Counsel;
•Our ability to attract, train and retain employees;
•Changes in and enforcement of immigration laws;
•Failure to comply with various federal, state and local rules and regulations regarding food safety, sanitation, transportation, minimum wage, overtime and other health and safety laws;
•Product recalls, voluntary recalls or withdrawals if any of the products we distribute are alleged to have caused illness, been mislabeled, misbranded or adulterated or to otherwise have violated applicable government regulations;
•Costs to comply with environmental laws and regulations;
•Litigation;
•Increases in commodity prices;
•U.S. government tariffs on products imported into the United States, particularly from China;
•Severe weather, natural disasters and adverse climate change;
•Unfavorable geopolitical conditions;
•Any cyber security incident, other technology disruption or delay in implementing our information technology systems;
•Current indebtedness affecting our liquidity and ability of future financing;
•Failure to acquire other distributors or wholesalers and enlarge our customer base could negatively impact our results of operations and financial condition;
•Scarcity of and competition for acquisition opportunities;
•Our ability to obtain acquisition financing;
•The impact of non-cash charges relating to the amortization of intangible assets related to material acquisitions;
•Our ability to identify acquisition candidates;
•Increases in debt in order to successfully implement our acquisition strategy;
•Difficulties in integrating operations, personnel, and assets of acquired businesses that may disrupt our business, dilute stockholder value, and adversely affect our operating results;
•The impact on the price and demand for our common stock resulting from the relative illiquidity of the market for our common stock;
•Significant stockholders’ ability to significantly influence the Company; and
•The impact of state antitakeover laws and related provisions in our governance documents.
We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.
All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements as well as other cautionary statements that are made from time to time in our other filings with the Securities and Exchange Commission (the "SEC") and public communications. We caution you that the important factors referenced above may not contain all of the risks, uncertainties (some of which are beyond our control) or other assumptions that are important to you. These risks and uncertainties include, but are not limited to, those factors described under Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC.
In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date hereof. Except as otherwise required by law, we undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.
Overview
We market and distribute Asian specialty food products, seafood, fresh produce, frozen and dry food, and non-food products primarily to Asian restaurants and other foodservice customers throughout the United States. HF Group was formed through a merger between two complementary market leaders, HF Foods Group Inc. and B&R Global.
On April 29, 2022, HF Group acquired substantially all of the assets of Sealand Food, Inc. (the "Sealand Acquisition"), one of the largest frozen seafood suppliers servicing the Asian/Chinese restaurant market along the eastern seaboard, from Massachusetts to Florida, as well as Pennsylvania, West Virginia, Ohio, Kentucky, and Tennessee. See Note 6 - Acquisitions to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q for additional information.
We aim to supply the increasing demand for Asian American restaurant cuisine, leveraging our nationwide network of distribution centers and our strong relations with growers and suppliers of fresh, high-quality specialty restaurant food products and supplies in the US, South America, and China. Capitalizing on our deep understanding of the Chinese culture, we have become a trusted partner serving Asian and Chinese restaurants and other foodservice customers throughout the United States, providing sales and service support to customers who mainly converse in Mandarin or other Chinese dialects. We are dedicated to serving the vast array of Asian and Chinese restaurants in need of high-quality and specialized food ingredients at competitive prices.
Financial Overview
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Change | | Six Months Ended June 30, | | Change |
($ in thousands) | 2023 | | 2022 | | Amount | | % | | 2023 | | 2022 | | Amount | | % |
Net revenue | $ | 292,312 | | | $ | 299,642 | | | $ | (7,330) | | | (2.4) | % | | $ | 586,167 | | | $ | 577,857 | | | $ | 8,310 | | | 1.4 | % |
Net (loss) income | $ | (1,560) | | | $ | 4,494 | | | $ | (6,054) | | | (134.7) | % | | $ | (7,357) | | | $ | 7,634 | | | $ | (14,991) | | | (196.4) | % |
Adjusted EBITDA | $ | 6,942 | | | $ | 13,923 | | | $ | (6,981) | | | (50.1) | % | | $ | 12,198 | | | $ | 31,836 | | | $ | (19,638) | | | (61.7) | % |
For additional information on our non-GAAP financial measures, EBITDA and Adjusted EBITDA, see the section entitled “EBITDA and Adjusted EBITDA” below.
How to Assess HF Group’s Performance
In assessing our performance, we consider a variety of performance and financial measures, including principal growth in net revenue, gross profit, distribution, selling and administrative expenses, as well as certain non-GAAP financial measures, including EBITDA and Adjusted EBITDA. The key measures that we use to evaluate the performance of our business are set forth below:
Net Revenue
Net revenue is equal to gross sales minus sales returns, sales incentives that we offer to our customers, such as rebates and discounts that are offsets to gross sales; and certain other adjustments. Our net revenue is driven by changes in number of customers and average customer order amount, product inflation that is reflected in the pricing of our products and mix of products sold.
Gross Profit
Gross profit is equal to net revenue minus cost of revenue. Cost of revenue primarily includes inventory costs (net of supplier consideration), inbound freight, customs clearance fees and other miscellaneous expenses. Cost of revenue generally changes as we incur higher or lower costs from suppliers and as the customer and product mix changes.
Distribution, Selling and Administrative Expenses
Distribution, selling and administrative expenses consist primarily of salaries, stock-based compensation and benefits for employees and contract laborers, trucking and fuel expenses, utilities, maintenance and repair expenses, insurance expenses, depreciation and amortization expenses, selling and marketing expenses, professional fees and other operating expenses.
EBITDA and Adjusted EBITDA
Discussion of our results includes certain non-GAAP financial measures, including EBITDA and Adjusted EBITDA, that we believe provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial performance with other companies in the same industry, many of which present similar non-GAAP financial measures to investors. We present EBITDA and Adjusted EBITDA in order to provide supplemental information that we consider relevant for the readers of our condensed consolidated financial statements included elsewhere in this report, and such information is not meant to replace or supersede GAAP measures.
Management uses EBITDA to measure operating performance, defined as net income before interest expense, interest income, income taxes, and depreciation and amortization. In addition, management uses Adjusted EBITDA, defined as net income before interest expense, interest income, income taxes, and depreciation and amortization, further adjusted to exclude certain unusual, non-cash, or non-recurring expenses. Management believes that Adjusted EBITDA is less susceptible to variances in actual performance resulting from non-recurring expenses, and other non-cash charges and is more reflective of other factors that affect our operating performance.
The definition of EBITDA and Adjusted EBITDA may not be the same as similarly titled measures used by other companies in the industry. EBITDA and Adjusted EBITDA are not defined under GAAP and are subject to important limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of HF Group’s results as reported under GAAP. For example, Adjusted EBITDA:
•excludes certain tax payments that may represent a reduction in cash available;
•does not reflect any cash capital expenditure requirements for the assets being depreciated and amortized that may have to be replaced in the future;
•does not reflect changes in, or cash requirements for, our working capital needs; and
•does not reflect the significant interest expense, or the cash requirements, necessary to service our debt.
For additional information on EBITDA and Adjusted EBITDA and a reconciliation to their most directly comparable U.S. GAAP financial measures, see “Results of Operations — EBITDA and Adjusted EBITDA” below.
Results of Operations
Comparison of Three Months Ended June 30, 2023 to Three Months Ended June 30, 2022
The following table sets forth a summary of our consolidated results of operations for the three months ended June 30, 2023 and 2022. The historical results presented below are not necessarily indicative of the results that may be expected for any future period.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Change |
($ in thousands) | 2023 | | 2022 | | Amount | | % |
| | | | | | | |
Net revenue | $ | 292,312 | | | $ | 299,642 | | | $ | (7,330) | | | (2.4)% |
Cost of revenue | 241,646 | | | 247,072 | | | (5,426) | | | (2.2)% |
Gross profit | 50,666 | | | 52,570 | | | (1,904) | | | (3.6)% |
Distribution, selling and administrative expenses | 52,243 | | | 45,843 | | | 6,400 | | | 14.0% |
| | | | | | | |
(Loss) income from operations | (1,577) | | | 6,727 | | | (8,304) | | | (123.4)% |
| | | | | | | |
Interest expense | 2,847 | | | 1,549 | | | 1,298 | | 83.8% |
Other income | (127) | | | (163) | | | 36 | | (22.1)% |
Change in fair value of interest rate swap contracts | (2,856) | | | (208) | | | (2,648) | | 1,273.1% |
Lease guarantee expense | (90) | | | (42) | | | (48) | | 114.3% |
(Loss) income before income taxes | (1,351) | | | 5,591 | | | (6,942) | | | (124.2)% |
Income tax expense | 209 | | | 1,097 | | | (888) | | (80.9)% |
Net (loss) income and comprehensive (loss) income | (1,560) | | | 4,494 | | | (6,054) | | | (134.7)% |
Less: net (loss) income attributable to noncontrolling interests | (710) | | | (70) | | | (640) | | 914.3% |
Net (loss) income and comprehensive (loss) income attributable to HF Foods Group Inc. | $ | (850) | | | $ | 4,564 | | | $ | (5,414) | | | (118.6)% |
The following table sets forth the components of our consolidated results of operations expressed as a percentage of net revenue for the periods indicated:
| | | | | | | | | | | |
| Three Months Ended June 30, |
| 2023 | | 2022 |
| | | |
Net revenue | 100.0 | % | | 100.0 | % |
Cost of revenue | 82.7 | % | | 82.5 | % |
Gross profit | 17.3 | % | | 17.5 | % |
Distribution, selling and administrative expenses | 17.9 | % | | 15.3 | % |
| | | |
Income (loss) from operations | (0.5) | % | | 2.2 | % |
| | | |
Interest expense | 1.0 | % | | 0.5 | % |
Other income, net | — | % | | (0.1) | % |
Change in fair value of interest rate swap contracts | (1.0) | % | | (0.1) | % |
Lease guarantee expense | — | % | | — | % |
(Loss) income before income taxes | (0.5) | % | | 1.9 | % |
Income tax expense | 0.1 | % | | 0.4 | % |
Net (loss) income and comprehensive (loss) income | (0.5) | % | | 1.5 | % |
Less: net (loss) income attributable to noncontrolling interests | (0.2) | % | | — | % |
Net (loss) income and comprehensive (loss) income attributable to HF Foods Group Inc. | (0.3) | % | | 1.5 | % |
Net Revenue
Net revenue for the three months ended June 30, 2023 decreased by $7.3 million, or 2.4%, compared to the same period in 2022. This decrease was primarily attributable to a $7.0 million decrease in Meat and Poultry revenue compared to the same period in 2022 driven by deflationary pricing in poultry.
Gross Profit
Gross profit was $50.7 million for three months ended June 30, 2023 compared to $52.6 million in the same period in 2022, a decrease of $1.9 million, or 3.6%. The decrease was primarily attributable to a decrease in Meat and Poultry revenue. Gross profit margin for three months ended June 30, 2023 decreased to 17.3% from 17.5% in the same period in 2022. The decrease was primarily attributable to the deflationary pressure in Meat and Poultry partially offset by improved Seafood margins.
Distribution, Selling and Administrative Expenses
Distribution, selling and administrative expenses increased by $6.4 million, or 14.0%, primarily due to an increase of $1.8 million in payroll and related labor costs and higher professional fees, which increased by $1.3 million, from $6.8 million for the three months ended June 30, 2022 to $8.1 million for the three months ended June 30, 2023. In addition, the Company recognized asset impairment of $1.2 million related to our exit of HF Foods Industrial, LLC (“HFFI”). Distribution, selling and administrative expenses as a percentage of net revenue increased to 17.9% for the three months ended June 30, 2023 from 15.3% in the same period in 2022, primarily due to higher professional fees and increased headcount.
Interest Expense
Interest expense for the three months ended June 30, 2023 increased by $1.3 million, or 83.8%, compared to the three months ended June 30, 2022, primarily due to a sharply higher interest-rate environment. Average floating interest rates on our floating-rate debt for the three months ended June 30, 2023 increased by approximately 4.3% on our line of credit and 4.3% on the JPMorgan Chase mortgage-secured term loan, compared to the same period in 2022. Our average daily line of credit balance increased by $1.6 million, or 4.4%, to $37.2 million for the three months ended June 30, 2023 from $35.6 million for the three months ended June 30, 2022, and our average daily JPMorgan Chase mortgage-secured term loan balance decreased by $5.1 million, or 4.4%, to $109.3 million for the three months ended June 30, 2023 from $114.3 million for the three months ended June 30, 2022.
Income Tax Expense
Income tax expense was $209 thousand for the three months ended June 30, 2023, compared to an income tax expense of $1.1 million for the three months ended June 30, 2022, primarily due to a loss from operations of $1.6 million during the current period compared to income from operations of $6.7 million in the prior period.
Net (Loss) Income Attributable to HF Foods Group Inc.
Net loss attributable to HF Foods Group Inc. was $0.9 million for the three months ended June 30, 2023, compared to net income of $4.6 million for the three months ended June 30, 2022. The decrease of $5.4 million, or 118.6%, is primarily due to the increased distribution, selling, and administrative costs as well as a $1.3 million increase in interest expense, partially offset by the $2.6 million change in the fair value of interest rate swaps.
EBITDA and Adjusted EBITDA
The following table reconciles EBITDA and Adjusted EBITDA to the most directly comparable GAAP measure:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Change |
($ in thousands) | | 2023 | | 2022 | | Amount | | % |
| | | | | | | | |
Net (loss) income | | $ | (1,560) | | $ | 4,494 | | $ | (6,054) | | (134.7)% |
Interest expense | | 2,847 | | 1,549 | | 1,298 | | 83.8% |
Income tax expense | | 209 | | 1,097 | | (888) | | (80.9)% |
Depreciation and amortization | | 6,440 | | 6,080 | | 360 | | 5.9% |
EBITDA | | 7,936 | | 13,220 | | (5,284) | | (40.0)% |
Lease guarantee expense | | (90) | | (42) | | (48) | | 114.3% |
Change in fair value of interest rate swap contracts | | (2,856) | | (208) | | (2,648) | | NM |
Stock-based compensation expense | | 752 | | 221 | | 531 | | 240.3% |
Acquisition and integration costs | | — | | 310 | | (310) | | NM |
Asset impairment charges | | 1,200 | | 422 | | 778 | | 184.4% |
| | | | | | | | |
Adjusted EBITDA | | $ | 6,942 | | $ | 13,923 | | $ | (6,981) | | (50.1)% |
| | | | | | | | |
_________________
NM Not Meaningful
Adjusted EBITDA was $6.9 million for the three months ended June 30, 2023, a decrease of $7.0 million, or 50.1%, compared to $13.9 million for the three months ended June 30, 2022. The decrease in Adjusted EBITDA was attributable to the lower gross profit and higher distribution, selling and administrative costs.
Results of Operations
Comparison of Six Months Ended June 30, 2023 to Six Months Ended June 30, 2022
The following table sets forth a summary of our consolidated results of operations for the six months ended June 30, 2023 and 2022. The historical results presented below are not necessarily indicative of the results that may be expected for any future period.
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | Change |
($ in thousands) | 2023 | | 2022 | | Amount | | % |
| | | | | | | |
Net revenue | $ | 586,167 | | | $ | 577,857 | | | $ | 8,310 | | | 1.4% |
Cost of revenue | 485,329 | | | 474,560 | | | 10,769 | | | 2.3% |
Gross profit | 100,838 | | | 103,297 | | | (2,459) | | | (2.4)% |
Distribution, selling and administrative expenses | 105,172 | | | 86,251 | | | 18,921 | | | 21.9% |
| | | | | | | |
(Loss) income from operations | (4,334) | | | 17,046 | | | (21,380) | | | (125.4)% |
| | | | | | | |
Interest expense | 5,715 | | | 2,827 | | | 2,888 | | 102.2% |
Other income | (355) | | | (939) | | | 584 | | (62.2)% |
Change in fair value of interest rate swap contracts | (110) | | | (566) | | | 456 | | (80.6)% |
Lease guarantee expense | (210) | | | 5,889 | | | (6,099) | | | (103.6)% |
(Loss) income before income taxes | (9,374) | | | 9,835 | | | (19,209) | | | (195.3)% |
Income tax (benefit) expense | (2,017) | | | 2,201 | | | (4,218) | | (191.6)% |
Net (loss) income and comprehensive (loss) income | (7,357) | | | 7,634 | | | (14,991) | | | (196.4)% |
Less: net (loss) income attributable to noncontrolling interests | (574) | | | (44) | | | (530) | | 1,204.5% |
Net (loss) income and comprehensive (loss) income attributable to HF Foods Group Inc. | $ | (6,783) | | | $ | 7,678 | | | $ | (14,461) | | | (188.3)% |
The following table sets forth the components of our consolidated results of operations expressed as a percentage of net revenue for the periods indicated:
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2023 | | 2022 |
| | | |
Net revenue | 100.0 | % | | 100.0 | % |
Cost of revenue | 82.8 | % | | 82.1 | % |
Gross profit | 17.2 | % | | 17.9 | % |
Distribution, selling and administrative expenses | 17.9 | % | | 14.9 | % |
| | | |
(Loss) income from operations | (0.7) | % | | 3.0 | % |
| | | |
Interest expense | 1.0 | % | | 0.5 | % |
Other income, net | (0.1) | % | | (0.2) | % |
Change in fair value of interest rate swap contracts | — | % | | (0.1) | % |
Lease guarantee expense | — | % | | 1.0 | % |
(Loss) income before income taxes | (1.6) | % | | 1.8 | % |
Income tax (benefit) expense | (0.3) | % | | 0.4 | % |
Net (loss) income and comprehensive (loss) income | (1.3) | % | | 1.4 | % |
Less: net income attributable to noncontrolling interests | — | % | | — | % |
Net (loss) income and comprehensive (loss) income attributable to HF Foods Group Inc. | (1.3) | % | | 1.4 | % |
Net Revenue
Net revenue for the six months ended June 30, 2023 increased by $8.3 million, or 1.4%, compared to the same period in 2022. This increase was attributable to the additional Seafood revenue generated due to the Sealand Food, Inc. acquisition (the “Sealand Acquisition”) and product cost inflation, partially offset by a $16.0 million decrease in Meat and Poultry revenue compared to the same period in 2022 driven by deflationary pricing in poultry.
Gross Profit
Gross profit was $100.8 million for the six months ended June 30, 2023 compared to $103.3 million in the same period in 2022, a decrease of $2.5 million, or 2.4%. The decrease was primarily attributable to a decrease in Meat and Poultry revenue, partially offset by the additional Seafood revenue generated due to the Sealand Acquisition. Gross profit margin for the six months ended June 30, 2023 decreased to 17.2% from 17.9% for the same period in 2022. The decrease was primarily attributable to the shift in product mix to higher Seafood sales and the deflationary pressure in Meat and Poultry.
Distribution, Selling and Administrative Expenses
Distribution, selling and administrative expenses increased by $18.9 million, or 21.9%, primarily due to an increase of $4.6 million in payroll and related labor costs, inclusive of the additional costs due to the Sealand Acquisition. Professional fees increased $5.5 million to $15.2 million for the six months ended June 30, 2023, from $9.7 million for the six months ended June 30, 2022. In addition, the Company recognized asset impairment of $1.2 million related to our exit of HFFI. Distribution, selling and administrative expenses as a percentage of net revenue increased to 17.9% for the six months ended June 30, 2023 from 14.9% in the same period in 2022, primarily due to higher professional fees and increased headcount.
Interest Expense
Interest expense for the six months ended June 30, 2023 increased by $2.9 million or 102.2%, compared to the six months ended June 30, 2022, primarily due to a sharply higher interest-rate environment. Average floating interest rates on our floating-rate debt for the six months ended June 30, 2023 increased by approximately 4.4% on the line of credit and 4.4% on the JPMorgan Chase mortgage-secured term loan, compared to the same period in 2022. Our average daily line of credit balance decreased by $8.9 million, or 18.2%, to $39.9 million for the six months ended June 30, 2023 from $48.8 million for the six months ended June 30, 2022, and our average daily JPMorgan Chase mortgage-secured term loan balance increased by $18.1 million, or 19.7%, to $109.9 million for the six months ended June 30, 2023 from $91.8 million for the six months ended June 30, 2022.
Income Tax (Benefit) Expense
Income tax benefit of $2.0 million for the six months ended June 30, 2023, compared to income tax expense of $2.2 million for the six months ended June 30, 2022, primarily due to losses from operations during the six months ended June 30, 2023.
Net (Loss) Income Attributable to HF Foods Group Inc.
Net loss attributable to HF Foods Group Inc. was $6.8 million for the six months ended June 30, 2023, compared to net income of $7.7 million for the six months ended June 30, 2022. The decrease of $14.5 million, or 188.3%, is primarily due to the increased distribution, selling, and administrative costs as well as a $2.9 million increase in interest expense.
EBITDA and Adjusted EBITDA
The following table reconciles EBITDA and Adjusted EBITDA to the most directly comparable GAAP measure:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, | | Change |
($ in thousands) | | 2023 | | 2022 | | Amount | | % |
| | | | | | | | |
Net (loss) income | | $ | (7,357) | | $ | 7,634 | | $ | (14,991) | | (196.4)% |
Interest expense | | 5,715 | | 2,827 | | 2,888 | | 102.2% |
Income tax (benefit) expense | | (2,017) | | 2,201 | | (4,218) | | (191.6)% |
Depreciation and amortization | | 13,129 | | 11,859 | | 1,270 | | 10.7% |
EBITDA | | 9,470 | | 24,521 | | (15,051) | | (61.4)% |
Lease guarantee expense | | (210) | | 5,889 | | (6,099) | | (103.6)% |
Change in fair value of interest rate swap contracts | | (110) | | (566) | | 456 | | NM |
Stock-based compensation expense | | 1,848 | | 511 | | 1,337 | | 261.6% |
Acquisition and integration costs | | — | | 1,059 | | (1,059) | | NM |
Asset impairment charges | | 1,200 | | 422 | | 778 | | 184.4% |
| | | | | | | | |
Adjusted EBITDA | | $ | 12,198 | | $ | 31,836 | | $ | (19,638) | | (61.7)% |
| | | | | | | | |
_________________
NM Not Meaningful
Adjusted EBITDA was $12.2 million for the six months ended June 30, 2023, a decrease of $19.6 million or 61.7%, compared to $31.8 million for the three months ended June 30, 2022. The decrease in Adjusted EBITDA was attributable to the lower gross profit and higher distribution, selling and administrative costs.
Liquidity and Capital Resources
As of June 30, 2023, we had cash of approximately $14.9 million, checks issued not presented for payment of $20.9 million and access to approximately $57.8 million in additional funds through our $100.0 million line of credit, subject to a borrowing base calculation. We have funded working capital and other capital requirements primarily by cash flow from operations and bank loans. Cash is required to pay purchase costs for inventory, salaries, fuel and trucking expenses, selling expenses, rental expenses, income taxes, other operating expenses and to service debts.
We believe that our cash flow generated from operations is sufficient to meet our normal working capital needs for at least the next twelve months. However, our ability to repay our current obligations will depend on the future realization of our current assets. Management has considered the historical experience, the economy, the trends in the foodservice distribution industry to determine the expected collectability of accounts receivable and the realization of inventories as of June 30, 2023.
We are party to an amortizing IRS contract with J.P. Morgan Chase Bank for an initial notional amount of $120.0 million, expiring in March 2028, as a means to partially hedge our existing floating rate loans exposure. Pursuant to the agreement, we will pay the swap counterparty a fixed rate of 4.11% in exchange for floating payments based on CME Term SOFR.
Effective as of April 20, 2023, we and certain parties to the Delaware Action reached an agreement to settle the Delaware Action on the terms and conditions set forth in a binding term sheet (the “Binding Term Sheet”), which was incorporated into a long-form settlement agreement on May 5, 2023 and filed with the Court of Chancery on May 8, 2023. The Binding Term Sheet provided for, among other things, the dismissal of the Delaware Action with prejudice in exchange for Zhou Min Ni, a former Chairman and Chief Executive Officer of the Company, and Chan Sin Wong, a former President and Chief Operating Officer of the Company, making a payment to the Company in the sum of $9.25 million. The full terms of the settlement of the Delaware Action were incorporated into the long-form settlement agreement, which is subject to approval of the Court of Chancery. Please refer to Note 14 - Commitments and Contingencies to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q for additional information.
Management believes we have sufficient funds to meet our working capital requirements and debt obligations in the next twelve months. However, there are a number of factors that could potentially arise which might result in shortfalls in anticipated cash flow, such as the demand for our products, economic conditions, competitive pricing in the foodservice distribution industry, and our bank and suppliers being able to provide continued support. If the future cash flow from operations and other capital
resources is insufficient to fund our liquidity needs, we may have to resort to reducing or delaying our expected acquisition plans, liquidating assets, obtaining additional debt or equity capital, or refinancing all or a portion of our debt.
As of June 30, 2023, we have no off balance sheet arrangements that currently have or are reasonably likely to have a material effect on our consolidated financial position, changes in financial condition, results of operations, liquidity, capital expenditures or capital resources.
The following table summarizes cash flow data for the six months ended June 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | Change |
($ in thousands) | 2023 | | 2022 | | Amount | | % |
| | | | | | | |
Net cash provided by operating activities | $ | 8,732 | | | $ | 13,658 | | | $ | (4,926) | | | (36.1)% |
Net cash used in investing activities | (1,522) | | | (48,655) | | | 47,133 | | | (96.9)% |
Net cash (used in) provided by financing activities | (16,553) | | | 39,023 | | | (55,576) | | | (142.4)% |
Net (decrease) increase in cash and cash equivalents | $ | (9,343) | | | $ | 4,026 | | | $ | (13,369) | | | NM |
____________________
NM - Not meaningful
Operating Activities
Net cash provided by operating activities consists primarily of net income adjusted for non-cash items, including depreciation and amortization, changes in deferred income taxes and others, and includes the effect of working capital changes. Net cash provided by operating activities decreased by $4.9 million, or 36%, primarily due to the net loss for the six months ended June 30, 2023 as well as the timing of working capital outlays.
Investing Activities
Net cash used in investing activities decreased by $47.1 million, or 97%, primarily due to acquisitions in the six months ended June 30, 2022.
Financing Activities
Net cash provided by financing activities decreased by $55.6 million, or 142%, to $16.6 million used in financing activities primarily due to proceeds from long-term debt of $46.0 million for the six months ended June 30, 2022, as well as the net impact of our line of credit from net proceeds of $4.9 million for the six months ended June 30, 2022 to a net repayment of $10.9 million for the six months ended June 30, 2023.
Critical Accounting Policies and Estimates
We have prepared the financial information in this Quarterly Report in accordance with GAAP. Preparing our condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during these reporting periods. We base our estimates and judgments on historical experience and other factors we believe are reasonable under the circumstances. These assumptions form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Part II, Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2022 Annual Report on Form 10-K includes a summary of the critical accounting policies we believe are the most important to aid in understanding our financial results. There have been no changes to those critical accounting policies that have had a material impact on our reported amounts of assets, liabilities, revenue, or expenses during the three months and six months ended June 30, 2023.
Recent Accounting Pronouncements
For a discussion of recent accounting pronouncements, see Note 2 - Summary of Significant Accounting Policies to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q.
Item 3. Quantitative and Qualitative Disclosures about Market Risk.
Interest Rate Risk
Our debt exposes us to risk of fluctuations in interest rates. Floating rate debt, where the interest rate fluctuates periodically, exposes us to short-term changes in market interest rates. Fixed rate debt, where the interest rate is fixed over the life of the instrument, exposes us to changes in market interest rates reflected in the fair value of the debt and to the risk that we may need to refinance maturing debt with new debt at higher rates. We manage our debt portfolio to achieve an overall desired proportion of fixed and floating rate debts and may employ interest rate swaps as a tool from time to time to achieve that position. To manage our interest rate risk exposure, we entered into three interest rate swap contracts to hedge the floating rate term loans. See Note 8 - Derivative Financial Instruments to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q for additional information.
As of June 30, 2023, our aggregate floating rate debt’s outstanding principal balance without hedging was $42.2 million, or 26.2% of total debt, consisting of our revolving line of credit (see Note 9 - Debt to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q). Our floating rate debt interest is based on the floating 1-month SOFR plus a predetermined credit adjustment rate plus the bank spread. The remaining 73.8% of our debt is on a fixed rate or a floating rate with hedging. In a hypothetical scenario, a 1% change in the applicable rate would cause the interest expense on our floating rate debt to change by approximately $0.4 million per year.
Fuel Price Risk
We are also exposed to risks relating to fluctuations in the price and availability of diesel fuel. We require significant quantities of diesel fuel for our vehicle fleet, and the inbound delivery of the products we sell is also dependent upon shipment by diesel-fueled vehicles. We currently are able to obtain adequate supplies of diesel fuel, and average prices in the second quarter of 2023 decreased in comparison to average prices in the same period of 2022, decreasing 28.7% on average. However, it is impossible to predict the future availability or price of diesel fuel. The price and supply of diesel fuel fluctuates based on external factors not within our control, including geopolitical developments, supply and demand for oil and gas, regional production patterns, weather conditions and environmental concerns. Increases in the cost of diesel fuel could increase our cost of goods sold and operating costs to deliver products to our customers.
We do not actively hedge the price fluctuation of diesel fuel in general. Instead, we seek to minimize fuel cost risk through delivery route optimization and fleet utilization improvement.
ITEM 4. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered by this report. In connection with this review and the audit of our consolidated financial statements for the year ended December 31, 2022, we identified five material weaknesses as were reported previously, which continue to exist as of June 30, 2023. We did not properly design or maintain effective controls over the control environment, risk assessment, control activities, information and communication components and monitoring of the Committee of Sponsoring Organizations of the Treadway Commission in 2013.
Based on this evaluation, our principal executive officer and principal financial and accounting officer have concluded that as a result of the material weaknesses and control deficiencies as reported in our Annual Report on Form 10-K for the year ended December 31, 2022, our disclosure controls and procedures were not effective as of June 30, 2023. Notwithstanding the weaknesses, our management has concluded that the financial statements included elsewhere in this report present fairly, and in all material respects, our financial position, results of operation and cash flow in conformity with GAAP.
Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Controls Over Financial Reporting
In order to address and resolve the foregoing material weaknesses, we have begun to implement measures designed to improve our internal control over financial reporting to remediate these material weaknesses, including continuously hiring additional financial personnel with requisite training and experience in the preparation of financial statements in compliance with applicable SEC requirements, formalizing our processes to generate documentation sufficient to support customer orders and purchase orders, and implementing controls to obtain documentation evidencing customer agreements to transaction amounts and account balances.
The measures we are implementing are subject to continued management review supported by confirmation and testing, as well as audit committee oversight. Management remains committed to ongoing efforts to address these material weaknesses. Although we will continue to implement measures to remedy our internal control deficiencies, there can be no assurance that our efforts will be successful or avoid potential future material weaknesses. In addition, until remediation steps have been completed and operated for a sufficient period of time, and subsequent evaluation of their effectiveness is completed, the material weaknesses identified and described above will continue to exist.
Other than the remediation efforts described above, there have been no changes in our internal controls over financial reporting for the quarter ended June 30, 2023, that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
From time to time, we are a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to our outstanding legal matters, we believe that the amount or estimable range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows. For information relating to legal proceedings, see Note 14 - Commitments and Contingencies to our condensed consolidated financial statements.
Item 1A. Risk Factors.
There were no material changes from the risk factors disclosed in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities.
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
Securities Trading Plans of Directors and Executive Officers
During the three months ended June 30, 2023, none of our officers or directors adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.
Item 6. Exhibits
The following exhibits are incorporated herein by reference or are filed or furnished with this report as indicated below:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Incorporated by Reference |
Exhibit Number | | Description | | Form | | Exhibit | | Filing Date |
| | | | 8-K | | 3.1 | | 8/11/2017 |
| | | | 8-K | | 3.1.2 | | 8/27/2018 |
| | | | 8-K | | 3.02 | | 11/4/2022 |
| | | | 8-K | | 3.1 | | 4/26/2023 |
| | | | 8-K | | 3.1 | | 4/11/2023 |
| | | | S-1/A | | 4.2 | | 7/28/2017 |
| | | | | | | | |
| | | | S-1/A | | 4.5 | | 7/28/2017 |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
101.INS* | | XBRL Instance Document | | | | | | |
101.SCH* | | XBRL Taxonomy Extension Schema Document | | | | | | |
101.CAL* | | XBRL Taxonomy Extension Calculation Linkbase Document | | | | | | |
101.DEF* | | XBRL Taxonomy Extension Definition Linkbase Document | | | | | | |
101.LAB* | | XBRL Taxonomy Extension Label Linkbase Document | | | | | | |
101.PRE* | | XBRL Taxonomy Extension Presentation Linkbase Document | | | | | | |
104* | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | | | | | | |
| | | | | | | | | |
* | Filed herewith. | |
** | Furnished herewith. | |
† | Indicates a management contract or compensatory plan or arrangement. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | |
| HF Foods Group Inc. |
| |
| By: /s/ Xiao Mou Zhang |
| Xiao Mou Zhang Chief Executive Officer |
| |
| By: /s/ Carlos Rodriguez |
| Carlos Rodriguez Chief Financial Officer (Principal accounting and financial officer) |
| |
Date: August 9, 2023 | |
Exhibit 31.1
Certification of Chief Executive Officer
I, Xiao Mou Zhang, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of HF Foods Group Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: August 9, 2023 | By: | /s/ Xiao Mou Zhang |
| | Xiao Mou Zhang |
| | Chief Executive Officer |
Exhibit 31.2
Certification of Chief Financial Officer
I, Carlos Rodriguez, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of HF Foods Group Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: August 9, 2023 | By: | /s/ Carlos Rodriguez |
| | Carlos Rodriguez Chief Financial Officer |
Exhibit 32.1
Section 1350 Certification of Chief Executive Officer
In connection with the Quarterly Report on Form 10-Q of HF Foods Group Inc. (the “Company”) for the quarterly period ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Xiao Mou Zhang, Chief Executive Officer of the Company, certify, to the best of my knowledge and belief, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and
2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
Date: August 9, 2023 | By: | /s/ Xiao Mou Zhang |
| | Xiao Mou Zhang |
| | Chief Executive Officer |
Exhibit 32.2
Section 1350 Certification of Chief Financial Officer
In connection with the Quarterly Report on Form 10-Q of HF Foods Group Inc. (the “Company”) for the quarterly period ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Carlos Rodriguez, Chief Financial Officer of the Company, certify, to the best of my knowledge and belief, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and
2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
Date: August 9, 2023 | By: | /s/ Carlos Rodriguez |
| | Carlos Rodriguez Chief Financial Officer |
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v3.23.2
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
CURRENT ASSETS: |
|
|
Cash |
$ 14,946
|
$ 24,289
|
Inventories |
111,066
|
120,291
|
Prepaid expenses and other current assets |
12,482
|
8,937
|
TOTAL CURRENT ASSETS |
184,687
|
197,916
|
Property and equipment, net |
136,724
|
140,330
|
Operating lease right-of-use assets |
12,336
|
14,164
|
Long-term investments |
2,414
|
2,679
|
Customer relationships, net |
152,465
|
157,748
|
Trademarks and other intangibles, net |
33,484
|
36,343
|
Goodwill |
85,118
|
85,118
|
Other long-term assets |
4,860
|
3,231
|
TOTAL ASSETS |
612,088
|
637,529
|
CURRENT LIABILITIES: |
|
|
Checks issued not presented for payment |
20,874
|
21,946
|
Line of credit |
42,173
|
53,056
|
Current portion of long-term debt, net |
5,936
|
6,266
|
Current portion of obligations under finance leases |
1,980
|
2,254
|
Current portion of obligations under operating leases |
3,538
|
3,676
|
Accrued expenses and other liabilities |
19,763
|
19,648
|
TOTAL CURRENT LIABILITIES |
149,982
|
163,890
|
Long-term debt, net of current portion |
112,623
|
115,443
|
Obligations under finance leases, non-current |
11,375
|
11,441
|
Obligations under operating leases, non-current |
9,052
|
10,591
|
Deferred tax liabilities |
33,119
|
34,443
|
Other long-term liabilities |
5,337
|
5,472
|
TOTAL LIABILITIES |
321,488
|
341,280
|
COMMITMENTS AND CONTINGENCIES (Note 14) |
|
|
SHAREHOLDERS’ EQUITY: |
|
|
Preferred Stock, $0.0001 par value, 1,000,000 shares authorized, no shares issued and outstanding as of June 30, 2023 and December 31, 2022 |
0
|
0
|
Common Stock, $0.0001 par value, 100,000,000 shares authorized, 54,086,164 shares issued and outstanding as of June 30, 2023 and 53,813,777 shares issued and outstanding as of December 31, 2022 |
5
|
5
|
Additional paid-in capital |
600,030
|
598,322
|
Accumulated deficit |
(313,297)
|
(306,514)
|
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO HF FOODS GROUP INC. |
286,738
|
291,813
|
Noncontrolling interests |
3,862
|
4,436
|
TOTAL SHAREHOLDERS’ EQUITY |
290,600
|
296,249
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
612,088
|
637,529
|
Nonrelated Party |
|
|
CURRENT ASSETS: |
|
|
Accounts receivable, net |
45,586
|
44,186
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
54,848
|
55,515
|
Related Party |
|
|
CURRENT ASSETS: |
|
|
Accounts receivable, net |
607
|
213
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
$ 870
|
$ 1,529
|
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock. par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Preferred stock, authorized (in shares) |
1,000,000
|
1,000,000
|
Preferred stock, issued (in shares) |
0
|
0
|
Preferred stock, outstanding (in shares) |
0
|
0
|
Common stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Common stock, authorized (in shares) |
100,000,000
|
100,000,000
|
Common stock, issued (in shares) |
54,086,164
|
53,813,777
|
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54,086,164
|
53,813,777
|
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v3.23.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
TOTAL NET REVENUE |
$ 292,312
|
$ 299,642
|
$ 586,167
|
$ 577,857
|
TOTAL COST OF REVENUE |
241,646
|
247,072
|
485,329
|
474,560
|
GROSS PROFIT |
50,666
|
52,570
|
100,838
|
103,297
|
Distribution, selling and administrative expenses |
52,243
|
45,843
|
105,172
|
86,251
|
(LOSS) INCOME FROM OPERATIONS |
(1,577)
|
6,727
|
(4,334)
|
17,046
|
Other (income) expenses: |
|
|
|
|
Interest expense |
2,847
|
1,549
|
5,715
|
2,827
|
Other income |
(127)
|
(163)
|
(355)
|
(939)
|
Change in fair value of interest rate swap contracts |
(2,856)
|
(208)
|
(110)
|
(566)
|
Lease guarantee expense |
(90)
|
(42)
|
(210)
|
5,889
|
Total other (income) expenses, net |
(226)
|
1,136
|
5,040
|
7,211
|
(LOSS) INCOME BEFORE INCOME TAXES |
(1,351)
|
5,591
|
(9,374)
|
9,835
|
Income tax expense (benefit) |
209
|
1,097
|
(2,017)
|
2,201
|
NET (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME |
(1,560)
|
4,494
|
(7,357)
|
7,634
|
Less: net (loss) income attributable to noncontrolling interests |
(710)
|
(70)
|
(574)
|
(44)
|
NET (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO HF FOODS GROUP INC. |
$ (850)
|
$ 4,564
|
$ (6,783)
|
$ 7,678
|
(LOSS) EARNINGS PER COMMON SHARE - BASIC (in USD per share) |
$ (0.02)
|
$ 0.08
|
$ (0.13)
|
$ 0.14
|
(LOSS) EARNINGS PER COMMON SHARE - DILUTED (in USD per share) |
$ (0.02)
|
$ 0.08
|
$ (0.13)
|
$ 0.14
|
WEIGHTED AVERAGE SHARES - BASIC (in shares) |
54,046,328
|
53,706,392
|
53,935,178
|
53,706,392
|
WEIGHTED AVERAGE SHARES - DILUTED (in shares) |
54,046,328
|
53,900,883
|
53,935,178
|
53,927,957
|
Third Party |
|
|
|
|
TOTAL NET REVENUE |
$ 290,364
|
$ 298,138
|
$ 581,926
|
$ 574,289
|
TOTAL COST OF REVENUE |
239,724
|
245,716
|
481,181
|
471,349
|
Related Party |
|
|
|
|
TOTAL NET REVENUE |
1,948
|
1,504
|
4,241
|
3,568
|
TOTAL COST OF REVENUE |
$ 1,922
|
$ 1,356
|
$ 4,148
|
$ 3,211
|
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v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities: |
|
|
Net (loss) income |
$ (7,357)
|
$ 7,634
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
Depreciation and amortization expense |
13,129
|
11,859
|
Asset impairment charges |
1,200
|
422
|
Gain from disposal of property and equipment |
0
|
(1,351)
|
Provision for credit losses |
56
|
111
|
Deferred tax benefit |
(1,324)
|
(2,674)
|
Change in fair value of interest rate swap contracts |
(110)
|
(565)
|
Stock-based compensation |
1,848
|
511
|
Non-cash lease expense |
1,916
|
1,579
|
Lease guarantee expense |
(210)
|
5,889
|
Other expense (income) |
389
|
(47)
|
Changes in operating assets and liabilities (excluding effects of acquisitions): |
|
|
Accounts receivable |
(1,456)
|
(6,529)
|
Accounts receivable - related parties |
(394)
|
(629)
|
Inventories |
9,225
|
(13,662)
|
Prepaid expenses and other current assets |
(3,545)
|
(4,199)
|
Other long-term assets |
(1,519)
|
(494)
|
Accounts payable |
(667)
|
16,799
|
Accounts payable - related parties |
(659)
|
159
|
Operating lease liabilities |
(1,765)
|
(1,551)
|
Accrued expenses and other liabilities |
(25)
|
396
|
Net cash provided by operating activities |
8,732
|
13,658
|
Cash flows from investing activities: |
|
|
Purchase of property and equipment |
(1,522)
|
(4,028)
|
Proceeds from sale of property and equipment |
0
|
7,667
|
Payment made for acquisition of Sealand |
0
|
(34,849)
|
Payment made for acquisition of Great Wall Group |
0
|
(17,445)
|
Net cash used in investing activities |
(1,522)
|
(48,655)
|
Cash flows from financing activities: |
|
|
Checks issued not presented for payment |
(1,072)
|
2,348
|
Proceeds from line of credit |
594,916
|
625,656
|
Repayment of line of credit |
(605,826)
|
(620,783)
|
Proceeds from long-term debt |
0
|
45,952
|
Repayment of long-term debt |
(3,172)
|
(7,882)
|
Payment of debt financing costs |
0
|
(579)
|
Repayment of obligations under finance leases |
(1,399)
|
(1,243)
|
Repayment of promissory note payable - related party |
0
|
(4,500)
|
Proceeds from noncontrolling interests shareholders |
0
|
240
|
Cash distribution to shareholders |
0
|
(186)
|
Net cash (used in) provided by financing activities |
(16,553)
|
39,023
|
Net (decrease) increase in cash |
(9,343)
|
4,026
|
Cash at beginning of the period |
24,289
|
14,792
|
Cash at end of the period |
14,946
|
18,818
|
Supplemental disclosure of cash flow data: |
|
|
Cash paid for interest |
5,420
|
1,883
|
Cash paid for income taxes |
825
|
8,525
|
Supplemental disclosure of non-cash investing and financing activities: |
|
|
Right-of-use assets obtained in exchange for operating lease liabilities |
88
|
3,913
|
Property acquired in exchange for finance leases |
1,059
|
1,220
|
Intangible asset acquired in exchange for noncontrolling interests |
$ 0
|
$ 566
|
X |
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v3.23.2
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands |
Total |
Cumulative Effect, Period of Adoption, Adjustment |
Cumulative Effect, Period of Adoption, Adjusted Balance |
Total Shareholders’ Equity Attributable to HF Foods Group Inc. |
Total Shareholders’ Equity Attributable to HF Foods Group Inc.
Cumulative Effect, Period of Adoption, Adjustment
|
Total Shareholders’ Equity Attributable to HF Foods Group Inc.
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Common Stock |
Common Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Additional Paid-in Capital |
Additional Paid-in Capital
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Retained Earnings (Accumulated Deficit) |
Retained Earnings (Accumulated Deficit)
Cumulative Effect, Period of Adoption, Adjustment
|
Retained Earnings (Accumulated Deficit)
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Noncontrolling Interests |
Noncontrolling Interests
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Beginning balance (in shares) at Dec. 31, 2021 |
|
|
|
|
|
|
53,706,392
|
53,706,392
|
|
|
|
|
|
|
|
Beginning balance at Dec. 31, 2021 |
$ 294,989
|
$ (690)
|
$ 294,299
|
$ 290,948
|
$ (690)
|
$ 290,258
|
$ 5
|
$ 5
|
$ 597,227
|
$ 597,227
|
$ (306,284)
|
$ (690)
|
$ (306,974)
|
$ 4,041
|
$ 4,041
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
3,140
|
|
|
3,114
|
|
|
|
|
|
|
3,114
|
|
|
26
|
|
Distribution to shareholders |
(89)
|
|
|
|
|
|
|
|
|
|
|
|
|
(89)
|
|
Stock-based compensation |
290
|
|
|
290
|
|
|
|
|
290
|
|
|
|
|
0
|
|
Ending balance (in shares) at Mar. 31, 2022 |
|
|
|
|
|
|
53,706,392
|
|
|
|
|
|
|
|
|
Ending balance at Mar. 31, 2022 |
298,446
|
|
|
293,662
|
|
|
$ 5
|
|
597,517
|
|
(303,860)
|
|
|
4,784
|
|
Beginning balance (in shares) at Dec. 31, 2021 |
|
|
|
|
|
|
53,706,392
|
53,706,392
|
|
|
|
|
|
|
|
Beginning balance at Dec. 31, 2021 |
294,989
|
$ (690)
|
$ 294,299
|
290,948
|
$ (690)
|
$ 290,258
|
$ 5
|
$ 5
|
597,227
|
$ 597,227
|
(306,284)
|
$ (690)
|
$ (306,974)
|
4,041
|
$ 4,041
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
7,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance (in shares) at Jun. 30, 2022 |
|
|
|
|
|
|
53,706,392
|
|
|
|
|
|
|
|
|
Ending balance at Jun. 30, 2022 |
$ 303,064
|
|
|
298,447
|
|
|
$ 5
|
|
597,738
|
|
(299,296)
|
|
|
4,617
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounting Standards Update [Extensible Enumeration] |
Accounting Standards Update 2016-13 [Member]
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance (in shares) at Mar. 31, 2022 |
|
|
|
|
|
|
53,706,392
|
|
|
|
|
|
|
|
|
Beginning balance at Mar. 31, 2022 |
$ 298,446
|
|
|
293,662
|
|
|
$ 5
|
|
597,517
|
|
(303,860)
|
|
|
4,784
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
4,494
|
|
|
4,564
|
|
|
|
|
|
|
4,564
|
|
|
(70)
|
|
Distribution to shareholders |
(97)
|
|
|
|
|
|
|
|
|
|
|
|
|
(97)
|
|
Stock-based compensation |
221
|
|
|
221
|
|
|
|
|
221
|
|
|
|
|
0
|
|
Ending balance (in shares) at Jun. 30, 2022 |
|
|
|
|
|
|
53,706,392
|
|
|
|
|
|
|
|
|
Ending balance at Jun. 30, 2022 |
303,064
|
|
|
298,447
|
|
|
$ 5
|
|
597,738
|
|
(299,296)
|
|
|
4,617
|
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
|
|
|
|
|
53,813,777
|
|
|
|
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
296,249
|
|
|
291,813
|
|
|
$ 5
|
|
598,322
|
|
(306,514)
|
|
|
4,436
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
(5,797)
|
|
|
(5,933)
|
|
|
|
|
|
|
(5,933)
|
|
|
136
|
|
Capital contribution by shareholders |
806
|
|
|
|
|
|
|
|
|
|
|
|
|
806
|
|
Stock-based compensation |
1,096
|
|
|
1,096
|
|
|
|
|
1,096
|
|
|
|
|
0
|
|
Issuance of common stock pursuant to equity compensation plan (in shares) |
|
|
|
|
|
|
37,847
|
|
|
|
|
|
|
|
|
Shares withheld for tax withholdings on vested awards (in shares) |
|
|
|
|
|
|
(7,132)
|
|
|
|
|
|
|
|
|
Shares withheld for tax withholdings on vested awards |
(34)
|
|
|
(34)
|
|
|
|
|
(34)
|
|
|
|
|
|
|
Ending balance (in shares) at Mar. 31, 2023 |
|
|
|
|
|
|
53,844,492
|
|
|
|
|
|
|
|
|
Ending balance at Mar. 31, 2023 |
291,514
|
|
|
286,942
|
|
|
$ 5
|
|
599,384
|
|
(312,447)
|
|
|
4,572
|
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
|
|
|
|
|
53,813,777
|
|
|
|
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
296,249
|
|
|
291,813
|
|
|
$ 5
|
|
598,322
|
|
(306,514)
|
|
|
4,436
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
(7,357)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance (in shares) at Jun. 30, 2023 |
|
|
|
|
|
|
54,086,164
|
|
|
|
|
|
|
|
|
Ending balance at Jun. 30, 2023 |
290,600
|
|
|
286,738
|
|
|
$ 5
|
|
600,030
|
|
(313,297)
|
|
|
3,862
|
|
Beginning balance (in shares) at Mar. 31, 2023 |
|
|
|
|
|
|
53,844,492
|
|
|
|
|
|
|
|
|
Beginning balance at Mar. 31, 2023 |
291,514
|
|
|
286,942
|
|
|
$ 5
|
|
599,384
|
|
(312,447)
|
|
|
4,572
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
(1,560)
|
|
|
(850)
|
|
|
|
|
|
|
(850)
|
|
|
(710)
|
|
Stock-based compensation |
752
|
|
|
752
|
|
|
|
|
752
|
|
|
|
|
|
|
Issuance of common stock pursuant to equity compensation plan (in shares) |
|
|
|
|
|
|
269,113
|
|
|
|
|
|
|
|
|
Shares withheld for tax withholdings on vested awards (in shares) |
|
|
|
|
|
|
(27,441)
|
|
|
|
|
|
|
|
|
Shares withheld for tax withholdings on vested awards |
(106)
|
|
|
(106)
|
|
|
|
|
(106)
|
|
|
|
|
|
|
Ending balance (in shares) at Jun. 30, 2023 |
|
|
|
|
|
|
54,086,164
|
|
|
|
|
|
|
|
|
Ending balance at Jun. 30, 2023 |
$ 290,600
|
|
|
$ 286,738
|
|
|
$ 5
|
|
$ 600,030
|
|
$ (313,297)
|
|
|
$ 3,862
|
|
X |
- DefinitionIndicates amendment to accounting standards.
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v3.23.2
Organization and Description of Business
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Description of Business |
Note 1 - Organization and Description of Business
Organization and General
HF Foods Group Inc. and subsidiaries (collectively “HF Group”, or the “Company”) is an Asian foodservice distributor that markets and distributes fresh produce, seafood, frozen and dry food, and non-food products to primarily Asian restaurants and other foodservice customers throughout the United States. The Company's business consists of one operating segment, which is also its one reportable segment: HF Group, which operates solely in the United States. The Company's customer base consists primarily of Chinese and Asian restaurants, and it provides sales and service support to customers who mainly converse in Mandarin or Chinese dialects.
On April 29, 2022, the Company completed the acquisition of substantially all of the operating assets of Sealand Food, Inc. ("Sealand") including equipment, machinery and vehicles. The acquisition was completed to expand the Company's territory along the East Coast, from Massachusetts to Florida, as well as Pennsylvania, West Virginia, Ohio, Kentucky, and Tennessee. See Note 6 - Acquisitions for additional information on the Sealand acquisition.
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v3.23.2
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note 2 - Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information pursuant to the rules and regulations of the SEC and have been consistently applied. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These financial statements are condensed and should be read in conjunction with the audited financial statements and notes thereto for the fiscal years ended December 31, 2022 and 2021. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
The accompanying condensed consolidated financial statements include the accounts of HF Group and a variable interest entity for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, the Company records net income (loss) attributable to noncontrolling interest in its condensed consolidated statements of operations and comprehensive income (loss) equal to the percentage of the economic or ownership interest retained in such entity by the respective noncontrolling party.
Variable Interest Entities
GAAP provides guidance on the identification of a variable interest entity (“VIE”) and financial reporting for an entity over which control is achieved through means other than voting interests. The Company evaluates each of its interests in an entity to determine whether or not the investee is a VIE and, if so, whether the Company is the primary beneficiary of such VIE. In determining whether the Company is the primary beneficiary, the Company considers if the Company (1) has power to direct the activities that most significantly affect the economic performance of the VIE, and (2) has the obligation to absorb losses or the right to receive the economic benefits of the VIE that could be potentially significant to the VIE. If deemed the primary beneficiary, the Company consolidates the VIE.
FUSO Trucking, LLC (“FUSO”) is a VIE for which the Company is the primary beneficiary. Although its operations have wound down and its remaining assets and liabilities are immaterial, FUSO continues to be consolidated by the Company as a VIE. The Company also has a VIE, AnHeart, Inc. (“AnHeart”), for which the Company is not the primary beneficiary and therefore does not consolidate. The Company did not incur expenses from VIEs and did not have any sales to or income from any VIEs during the six months ended June 30, 2023. See Note 14 - Commitments and Contingencies for additional information on AnHeart. Noncontrolling Interests
GAAP requires that noncontrolling interests in subsidiaries and affiliates be reported in the equity section of the Company’s condensed consolidated balance sheets. In addition, the amounts attributable to the net income (loss) of those noncontrolling interests are reported separately in the condensed consolidated statements of operations and comprehensive income (loss).
As of June 30, 2023 and December 31, 2022, noncontrolling interest equity consisted of the following:
| | | | | | | | | | | | | | | | | | | | | ($ in thousands) | | Ownership of noncontrolling interest at June 30, 2023 | | June 30, 2023 | | December 31, 2022 | | | | | | | | HF Foods Industrial, LLC ("HFFI") (a) | | 45.00% | | $ | (672) | | | $ | 204 | | Min Food, Inc. | | 39.75% | | 1,836 | | | 1,704 | | Monterey Food Service, LLC | | 35.00% | | 447 | | | 452 | | Ocean West Food Services, LLC | | 32.50% | | 2,161 | | | 1,986 | | Syncglobal Inc. | | 43.00% | | 90 | | | 90 | | Total | | | | $ | 3,862 | | | $ | 4,436 | |
_________________ (a)During the three months ended June 30, 2023, the Company began to wind down HFFI operations. Accordingly, the machinery used in HFFI operations was impaired. See Note 4 - Balance Sheet Components for additional information.
Uses of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during each reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s condensed consolidated financial statements include, but are not limited to, allowance for expected credit losses, inventory reserves, useful lives of property and equipment, lease assumptions, impairment of long-lived assets, impairment of long-term investments, impairment of goodwill, the purchase price allocation and fair value of assets and liabilities acquired with respect to business combinations, realization of deferred tax assets, uncertain income tax positions, the liability for self-insurance and stock-based compensation.
Recent Accounting Pronouncements
The Company has implemented all new pronouncements that are in effect and that may impact its condensed consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its condensed consolidated financial statements or results of operations.
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v3.23.2
Revenue
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue |
Note 3 - Revenue For the three and six months ended June 30, 2023 and 2022, revenue recognized from performance obligations related to prior periods was immaterial. Revenue expected to be recognized in any future periods related to remaining performance obligations is immaterial. The following table presents the Company's net revenue disaggregated by principal product categories:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | ($ in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Seafood | | $ | 91,382 | | | 31 | % | | $ | 93,397 | | | 32 | % | | $ | 184,272 | | | 32 | % | | $ | 168,203 | | | 29 | % | Asian Specialty | | 76,337 | | | 26 | % | | 75,337 | | | 25 | % | | 154,161 | | | 26 | % | | 150,013 | | | 26 | % | Meat and Poultry | | 56,012 | | | 19 | % | | 63,109 | | | 21 | % | | 108,061 | | | 18 | % | | 124,025 | | | 22 | % | Fresh Produce | | 31,636 | | | 11 | % | | 31,076 | | | 10 | % | | 63,847 | | | 11 | % | | 60,955 | | | 11 | % | Packaging and Other | | 18,037 | | | 6 | % | | 21,296 | | | 7 | % | | 37,433 | | | 6 | % | | 43,309 | | | 7 | % | Commodity | | 18,908 | | | 7 | % | | 15,427 | | | 5 | % | | 38,393 | | | 7 | % | | 31,352 | | | 5 | % | Total | | $ | 292,312 | | | 100 | % | | $ | 299,642 | | | 100 | % | | $ | 586,167 | | | 100 | % | | $ | 577,857 | | | 100 | % |
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v3.23.2
Balance Sheet Components
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Balance Sheet Components |
Note 4 - Balance Sheet Components
Accounts receivable, net consisted of the following:
| | | | | | | | | | | | (In thousands) | June 30, 2023 | | December 31, 2022 | Accounts receivable | $ | 47,060 | | | $ | 45,628 | | Less: allowance for expected credit losses | (1,474) | | | (1,442) | | Accounts receivable, net | $ | 45,586 | | | $ | 44,186 | |
Movement of allowance for expected credit losses was as follows:
| | | | | | | | | | | | | | | Six Months Ended June 30, | (In thousands) | 2023 | | 2022 | | | Beginning balance | $ | 1,442 | | | $ | 840 | | | | Adjustment for adoption of the CECL standard | — | | | 690 | | | | Increase (decrease) in provision for expected credit losses | 56 | | | (54) | | | | Bad debt write-offs | (24) | | | (8) | | | | Ending balance | $ | 1,474 | | | $ | 1,468 | | | |
Property and equipment, net consisted of the following:
| | | | | | | | | | | | (In thousands) | June 30, 2023 | | December 31, 2022 | Automobiles | $ | 37,157 | | | $ | 34,891 | | Buildings | 63,045 | | | 63,045 | | Building improvements | 22,944 | | | 20,637 | | Furniture and fixtures | 527 | | | 444 | | Land | 49,929 | | | 49,929 | | Machinery and equipment | 13,827 | | | 17,210 | | Subtotal | 187,429 | | | 186,156 | | Less: accumulated depreciation | (50,705) | | | (45,826) | | Property and equipment, net | $ | 136,724 | | | $ | 140,330 | |
Depreciation expense was $2.4 million and $2.2 million for the three months ended June 30, 2023 and 2022, respectively. Depreciation expense was $5.0 million and $4.4 million for the six months ended June 30, 2023 and 2022, respectively. During the three months ended June 30, 2023, the Company impaired machinery and recognized impairment expense of $1.2 million in distribution, selling and administrative expense in the unaudited condensed consolidated statements of income and comprehensive income. See Note 2 - Summary of Significant Accounting Policies for additional information regarding the Company’s operations at HFFI.
Long-term investments consisted of the following:
| | | | | | | | | | | | | | | | | | (In thousands) | Ownership as of June 30, 2023 | | June 30, 2023 | | December 31, 2022 | Asahi Food, Inc. ("Asahi") | 49% | | $ | 614 | | | $ | 879 | | Pt. Tamron Akuatik Produk Industri ("Tamron") | 12% | | 1,800 | | | 1,800 | | Total long-term investments | | | $ | 2,414 | | | $ | 2,679 | |
The investment in Tamron is accounted for using the measurement alternative under Accounting Standards Codification (“ASC”) Topic 321 Investments—Equity Securities, which is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments, if any. The investment in Asahi is accounted for under the equity method due to the fact that the Company has significant influence but does not exercise control over this investee. The Company determined there was no impairment as of June 30, 2023 and December 31, 2022 for these investments. Accrued expenses and other liabilities consisted of the following:
| | | | | | | | | | | | | | | (In thousands) | | June 30, 2023 | | December 31, 2022 | Accrued compensation | | $ | 6,007 | | | $ | 6,798 | | Accrued professional fees | | 2,077 | | | 3,866 | | | | | | | Accrued interest and fees | | 1,202 | | | 1,082 | | Self-insurance liability | | 1,413 | | | 1,286 | | Accrued other | | 9,064 | | | 6,616 | | Total accrued expenses and other liabilities | | $ | 19,763 | | | $ | 19,648 | |
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v3.23.2
Fair Value Measurements
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
Note 5 - Fair Value Measurements
The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | | Quoted Prices in Active Markets for Identical Assets | | Significant Other Observable Inputs | | Significant Unobservable Inputs | | | | Quoted Prices in Active Markets for Identical Assets | | Significant Other Observable Inputs | | Significant Unobservable Inputs | | | | (In thousands) | Assets: | | | | | | | | | | | | | | | | Interest rate swaps | $ | — | | | $ | 640 | | | $ | — | | | $ | 640 | | | $ | — | | | $ | 530 | | | $ | — | | | $ | 530 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The Company follows the provisions of ASC Topic 820 Fair Value Measurement which clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:
•Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.
•Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. •Level 3 - Inputs are unobservable inputs which reflect the reporting entity’s own assumptions about what assumptions market participants would use in pricing the asset or liability based on the best available information.
Any transfers of assets or liabilities between Level 1, Level 2, and Level 3 of the fair value hierarchy will be recognized at the end of the reporting period in which the transfer occurs. There were no transfers between fair value levels in any of the periods presented herein.
The carrying amounts reported in the condensed consolidated balance sheets for cash, accounts receivable, advances to suppliers, other current assets, accounts payable, checks issued not presented for payment and accrued expenses and other liabilities approximate their fair value based on the short-term maturity of these instruments.
Please refer to Note 8 - Derivative Financial Instruments for additional information regarding the Company’s interest rate swaps.
Carrying Value and Estimated Fair Value of Outstanding Debt - The following table presents the carrying value and estimated fair value of the Company’s outstanding debt as described in Note 9 - Debt of the Notes to the Unaudited Condensed Consolidated Financial Statements, including the current portion, as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements | | | | (In thousands) | | Level 1 | | Level 2 | | Level 3 | | Carrying Value | | June 30, 2023 | | | Fixed rate debt: | | | | | | | | | | | | | | | | | | | | Bank of America | | $ | — | | | $ | — | | | $ | 1,500 | | | $ | 1,768 | | | East West Bank | | — | | | — | | | 1,747 | | | 2,314 | | | | | | | | | | | | | Other finance institutions | | — | | | — | | | 81 | | | 81 | | | Variable rate debt: | | | | | | | | | | JPMorgan Chase & Co. | | $ | — | | | $ | 108,698 | | | $ | — | | | $ | 108,698 | | | Bank of America | | — | | | 2,261 | | | — | | | 2,261 | | | East West Bank | | — | | | 3,437 | | | — | | | 3,437 | | | | | | | | | | | | | December 31, 2022 | | | | | | | | | | Fixed rate debt: | | | | | | | | | | | | | | | | | | | | Bank of America | | $ | — | | | $ | — | | | $ | 1,630 | | | $ | 1,948 | | | East West Bank | | — | | | — | | | 1,786 | | | 2,351 | | | | | | | | | | | | | Other finance institutions | | — | | | — | | | 186 | | | 197 | | | Variable rate debt: | | | | | | | | | | JPMorgan Chase & Co. | | $ | — | | | $ | 111,413 | | | $ | — | | | $ | 111,413 | | | Bank of America | | — | | | 2,330 | | | — | | | 2,330 | | | East West Bank | | — | | | 3,471 | | | — | | | 3,471 | | |
The carrying value of the variable rate debt approximates its fair value because of the variability of interest rates associated with these instruments. For the Company's fixed rate debt, the fair values were estimated using discounted cash flow analyses, based on the current incremental borrowing rates for similar types of borrowing arrangements.
Please refer to Note 9 - Debt for additional information regarding the Company's debt.
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v3.23.2
Acquisitions
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Acquisitions |
Note 6 - Acquisitions
Acquisition of Sealand On April 29, 2022, the Company completed the acquisition of substantially all of the operating assets of Sealand, including equipment, machinery and vehicles. The acquisition was completed to expand the Company's territory along the East Coast, from Massachusetts to Florida, as well as Pennsylvania, West Virginia, Ohio, Kentucky, and Tennessee.
The price for the purchased assets was $20.0 million paid in cash at closing. In addition to the closing cash payment, the Company separately acquired all of the sellers' saleable product inventory, for approximately $14.4 million and additional fixed assets for approximately $0.5 million. The Company finalized its purchase accounting as of December 31, 2022.
The Company accounted for this transaction under ASC 805 Business Combinations, by applying the acquisition method of accounting and established a new basis of accounting on the date of acquisition. The assets acquired by the Company were measured at their estimated fair values as of the date of acquisition. Goodwill is calculated as the excess of the purchase price over the net assets recognized and represent synergies and benefits expected as a result from combining operations with an emerging national presence. The transaction costs for the acquisition for the six months ended June 30, 2022 totaled approximately $0.3 million and were reflected in distribution, selling and administrative expenses in the condensed consolidated statement of operations and comprehensive income.
The information included herein was prepared based on the allocation of the purchase price using estimates of the fair value of assets acquired and liabilities assumed which were determined using a combination of quoted market prices, discounted cash flows, and other estimates made by management. The Company finalized the valuation of assets acquired and liabilities assumed for the Sealand acquisition as of March 31, 2023.
Purchase Price Allocation
The total consideration paid to acquire the assets and liabilities of Sealand, as set forth below:
| | | | | | | (In thousands) | | Amount | Inventory | | $ | 13,846 | | Property plant, and equipment | | 1,424 | | Right-of-use assets | | 127 | | Intangible assets | | 14,717 | | Total assets acquired | | 30,114 | | | | | Obligations under operating leases | | 127 | | Total liabilities assumed | | 127 | | Net assets | | 29,987 | | Goodwill | | 4,861 | | Total consideration | | $ | 34,848 | |
The Company recorded acquired intangible assets of $14.7 million, which were measured at fair value using Level 3 inputs. These intangible assets include tradenames and trademarks of $4.4 million, customer relationships of $8.9 million and non-competition agreements of $1.4 million. The fair value of customer relationships was determined by applying the income approach utilizing the excess earnings methodology and Level 3 inputs including a discount rate. The fair value of tradenames and trademarks was determined by applying the income approach utilizing the relief from royalty methodology and Level 3 inputs including a royalty rate of 1% and a discount rate. The fair value of non-competition agreements was determined by applying the income approach and Level 3 inputs including a discount rate. Discount rates used in determining fair values for customer relationships, tradenames and trademarks, and non-competition agreements ranged from 17.5% to 18.0%. The useful lives of the tradenames and trademarks are ten years, customer relationships are ten years and non-competition agreements are three years, with a weighted average amortization period of approximately nine years. The associated goodwill is deductible for tax purposes.
Unaudited Supplemental Pro Forma Financial Information
The following table presents the Company’s unaudited pro forma results for the three and six months ended June 30, 2022, as if the acquisition of Sealand had been consummated on January 1, 2022. The unaudited pro forma financial information presented includes the effects of adjustments related to the amortization of acquired intangible assets and excludes other non-recurring transaction costs directly associated with the acquisition such as legal and other professional service fees. Statutory rates were used to calculate income taxes.
| | | | | | | | | | | | | | | (In thousands, except share and per share data) | | | | Three Months Ended June 30, 2022 | | Six Months Ended June 30, 2022 | | | | | | | | Pro forma net revenue | | | | $ | 307,587 | | | $ | 609,685 | | | | | | | | | Pro forma net income attributable to HF Group | | | | $ | 3,628 | | | $ | 7,253 | | | | | | | | | Pro forma earnings per common share - basic | | | | $ | 0.07 | | | $ | 0.14 | | Pro forma earnings per common share - diluted | | | | $ | 0.07 | | | $ | 0.13 | | | | | | | | | Pro forma weighted average shares - basic | | | | 53,706,392 | | 53,706,392 | Pro forma weighted average shares - diluted | | | | 53,900,883 | | 53,927,957 |
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v3.23.2
Goodwill and Acquired Intangible Assets
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Acquired Intangible Assets |
Note 7 - Goodwill and Acquired Intangible Assets
Goodwill
Goodwill was $85.1 million as of June 30, 2023 and December 31, 2022. There was no change in the carrying amount of goodwill for the six months ended June 30, 2023.
Acquired Intangible Assets
The components of the intangible assets are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | (In thousands) | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | Non-competition agreement | | $ | 3,892 | | | $ | (1,781) | | | $ | 2,111 | | | $ | 3,892 | | | $ | (1,132) | | | $ | 2,760 | | Trademarks | | 44,256 | | | (12,883) | | | 31,373 | | | 44,256 | | | (10,673) | | | 33,583 | | Customer relationships | | 185,266 | | | (32,801) | | | 152,465 | | | 185,266 | | | (27,518) | | | 157,748 | | Total | | $ | 233,414 | | | $ | (47,465) | | | $ | 185,949 | | | $ | 233,414 | | | $ | (39,323) | | | $ | 194,091 | |
Amortization expense for acquired intangible assets was $4.1 million and $4.0 million for the three months ended June 30, 2023 and 2022, respectively. Amortization expense for acquired intangible assets was $8.1 million and $7.6 million for the six months ended June 30, 2023 and 2022, respectively. During the three months ended June 30, 2022, the Company impaired its acquired developed technology and recognized impairment expense of $0.4 million in distribution, selling and administrative expenses in the unaudited condensed consolidated statements of income and comprehensive income.
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v3.23.2
Derivative Financial Instruments
|
6 Months Ended |
Jun. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Derivative Financial Instruments |
Note 8 - Derivative Financial Instruments
Derivative Instruments
The Company utilizes interest rate swaps ("IRS") for the sole purpose of mitigating interest rate fluctuation risk associated with floating rate debt instruments (as defined in Note 9 - Debt). The Company does not use any other derivative financial instruments for trading or speculative purposes.
On August 20, 2019, HF Group entered into two IRS contracts with East West Bank (the "EWB IRS") for initial notional amounts of $1.1 million and $2.6 million, respectively. On April 20, 2023, the Company amended the corresponding mortgage term loans, which pegged the two mortgage term loans to 1-month Term SOFR (Secured Overnight Financing Rate) + 2.29% per annum for the remaining duration of the term loans. The amended EWB IRS contracts fixed the two term loans at 4.23% per annum until maturity in September 2029. On December 19, 2019, HF Group entered into an IRS contract with Bank of America (the "BOA IRS") for an initial notional amount of $2.7 million in conjunction with a newly contracted mortgage term loan of corresponding amount. On December 19, 2021, the Company entered into the Second Amendment to Loan Agreement, which pegged the mortgage term loan to Term SOFR + 2.5%. The BOA IRS was modified accordingly to fix the SOFR based loan to approximately 4.50%. The term loan and corresponding BOA IRS contract mature in December 2029.
On March 15, 2023, the Company entered into an amortizing IRS contract with J.P. Morgan Chase for an initial notional amount of $120.0 million, effective from March 1, 2023 and expiring in March 2028, as a means to partially hedge its existing floating rate loans exposure. Pursuant to the agreement, the Company will pay the swap counterparty a fixed rate of 4.11% in exchange for floating payments based on Term SOFR.
The Company evaluated the aforementioned IRS contracts currently in place and did not designate those as cash flow hedges. Hence, the fair value change on these IRS contracts are accounted for and recognized as a change in fair value of IRS contracts in the condensed consolidated statements of operations and comprehensive income (loss).
As of June 30, 2023, the Company determined that the fair values of the IRS contracts were $0.6 million in an asset position. As of December 31, 2022, the fair values of the IRS contracts were $0.5 million in an asset position. The Company includes these in other long-term assets and other long-term liabilities, respectively, on the condensed consolidated balance sheets. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in its assessment of fair value. The inputs used to determine the fair value of the IRS are classified as Level 2 on the fair value hierarchy.
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v3.23.2
Debt
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Debt |
Note 9 - Debt
Long-term debt at June 30, 2023 and December 31, 2022 is summarized as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in thousands) | | | | | | | Bank Name | | Maturity | | Interest Rate at June 30, 2023 | | June 30, 2023 | | December 31, 2022 | Bank of America (a) | | October 2026 - December 2029 | | 4.28% - 5.80% | | $ | 4,030 | | | $ | 4,315 | | East West Bank (b) | | August 2027 - September 2029 | | 4.40% - 8.75% | | 5,750 | | | 5,822 | | | | | | | | | | | JPMorgan Chase & Co. (c) | | December 2023 - January 2030 | | 6.77% - 7.14% | | 108,978 | | | 111,714 | | Other finance institutions (d) | | December 2023 - March 2024 | | 5.99% - 6.14% | | 81 | | | 160 | | Total debt, principal amount | | | | | | 118,839 | | | 122,011 | | Less: debt issuance costs | | | | | | (280) | | | (302) | | Total debt, carrying value | | | | | | 118,559 | | | 121,709 | | Less: current portion | | | | | | (5,936) | | | (6,266) | | Long-term debt | | | | | | $ | 112,623 | | | $ | 115,443 | |
_______________ (a)Loan balance consists of real estate term loan and equipment term loan, collateralized by one real property and specific equipment. The real estate term loan is pegged to TERM SOFR + 2.5%. (b)Real estate term loans with East West Bank are collateralized by four real properties. Balloon payments of $1.8 million and $2.9 million are due at maturity in 2027 and 2029, respectively. (c)Real estate term loan with a principal balance of $108.8 million as of June 30, 2023 and 111.4 million as of December 31, 2022 is secured by assets held by the Company and has a maturity date of January 2030. Equipment term loan with a principal balance of $0.1 million as of June 30, 2023 and $0.3 million as of December 31, 2022 is secured by specific vehicles and equipment as defined in loan agreements. Equipment term loan matures in December 2023. (d)Secured by vehicles.
The terms of the various loan agreements related to long-term bank borrowings require the Company to comply with certain financial covenants, including, but not limited to, a fixed charge coverage ratio and effective tangible net worth. As of June 30, 2023, the Company was in compliance with its covenants.
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v3.23.2
Earnings (Loss) Per Share
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
Earnings (Loss) Per Share |
The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260 (“ASC 260”), Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS, but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, warrants and restricted stock) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. There were 92,945 and 100,012 potential common shares related to performance-based restricted stock units and restricted stock units that were excluded from the calculation of diluted EPS for the three and six months ended June 30, 2023, respectively, because their effect would have been anti-dilutive. There were 3,471 and 3,668 potential common shares related to total shareholder return performance-based restricted stock units that were excluded from the calculation of diluted EPS for the three and six months ended June 30, 2022, respectively, because their effect would have been anti-dilutive.
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v3.23.2
Income Taxes
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note 11 - Income Taxes The Company has computed its provision for income taxes under the discrete method which treats the year-to-date period as if it were the annual period and determines the income tax expense or benefit on that basis. The Company believes that, at this time, the use of the discrete method is more appropriate than the estimated annual effective tax rate method as the estimated annual effective tax rate method is not reliable. For the three and six months ended June 30, 2023, the Company's effective income tax rate of (15.5)% and 21.5%, respectively, differed from the federal statutory tax rate primarily as a result of permanent differences and state income taxes. For the three and six months ended June 30, 2022, the Company's effective income tax rate of 19.6% and 22.4%, respectively, differed from the federal statutory tax rate primarily as a result of state income taxes.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note 12 - Related Party Transactions
The Company makes regular purchases from and sales to various related parties. Related party affiliations were attributed to transactions conducted between the Company and those business entities partially or wholly owned by the Company, the Company's officers and/or shareholders who owned no less than 10% shareholdings of the Company.
Mr. Xiao Mou Zhang (“Mr. Zhang”) became the sole Chief Executive Officer on February 23, 2021. Mr. Xiao Mou Zhang and certain of his immediate family also have ownership interests in various related parties involved in (i) the distribution of food and related products to restaurants and other retailers and (ii) the supply of fresh food, frozen food, and packaging supplies to distributors.
The Company believes that Mr. Zhou Min Ni (“Mr. Ni”), the Company’s former Co-Chief Executive Officer, together with various trusts for the benefit of Mr. Ni's four children, are collectively the beneficial owners of approximately 25% of the Company’s outstanding shares of common stock, and he and certain of his immediate family members have ownership interests in related parties involved in (i) the distribution of food and related products to restaurants and other retailers and (ii) the supply of fresh food, frozen food, and packaging supplies to distributors. For the year ended December 31, 2022, North Carolina Good Taste Noodle, Inc. (“NC Noodle”) was a related party due to Mr. Jian Ming Ni's, a former Chief Financial Officer of the Company, continued ownership interest in NC Noodle. As of January 1, 2023, NC Noodle is no longer considered a related party since it has been three years since Mr. Jian Ming Ni resigned.
The related party transactions as of June 30, 2023 and December 31, 2022 and for the three and six months ended June 30, 2023 and 2022 are identified as follows:
Related Party Sales, Purchases, and Lease Agreements
Purchases
Below is a summary of purchases of goods and services from related parties recorded for the three and six months ended June 30, 2023 and 2022, respectively: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | (In thousands) | | Nature | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | | | | | | | | | | (a) | Best Food Services, LLC | | Trade | | $ | 2,729 | | | $ | 3,546 | | | $ | 4,813 | | | $ | 6,491 | | | | | | | | | | | | | | | | | | (b) | Eastern Fresh NJ, LLC | | Trade | | — | | | — | | | — | | | 1,093 | | | | (b) | Enson Seafood GA, Inc. (formerly “GA-GW Seafood, Inc.”) | | Trade | | — | | | — | | | 37 | | | — | | | | (c) | First Choice Seafood, Inc. | | Trade | | — | | | 26 | | | — | | | 109 | | | | (c) | Fujian RongFeng Plastic Co., Ltd | | Trade | | — | | | — | | | — | | | 398 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (d) | North Carolina Good Taste Noodle, Inc. | | Trade | | — | | | 1,769 | | | — | | | 3,427 | | | | (b) | Ocean Pacific Seafood Group, Inc. | | Trade | | 74 | | | 141 | | | 242 | | | 277 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other | | Trade | | 23 | | | 53 | | | 75 | | | 85 | | | | | Total | | | | $ | 2,826 | | | $ | 5,535 | | | $ | 5,167 | | | $ | 11,880 | | | |
_______________ (a)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefit of Mr. Zhang's children effective November 1, 2020. (b)Mr. Ni owns an equity interest in this entity. (c)Mr. Ni owns an equity interest in this entity indirectly through its parent company. (d)Mr. Jian Ming Ni, former Chief Financial Officer owns an equity interest in this entity. Mr. Zhou Min Ni previously owned an equity in this entity as of 12/31/2019. The Company has been informed by Mr. Zhou Min Ni that his equity interest was disposed of on 1/1/2020. No longer considered a related party as of 1/1/2023 since it has been three years since Mr. Jian Ming Ni resigned.
Sales
Below is a summary of sales to related parties recorded for the three and six months ended June 30, 2023 and 2022, respectively:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | (In thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | | (a) | ABC Food Trading, LLC | | $ | 722 | | | $ | 1,070 | | | $ | 1,315 | | | $ | 2,262 | | | | (b) | Asahi Food, Inc. | | 191 | | | 188 | | | 386 | | | 369 | | | | (c) | Best Food Services, LLC | | 93 | | | 223 | | | 526 | | | 869 | | | | (d) | Eagle Food Service, LLC | | 922 | | | — | | | 1,942 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (e) | First Choice Seafood, Inc. | | 8 | | | 9 | | | 16 | | | 18 | | | | (e) | Fortune One Foods, Inc. | | 4 | | | 14 | | | 23 | | | 14 | | | | | | | | | | | | | | | | (f) | N&F Logistics, Inc. | | — | | | — | | | 6 | | | 36 | | | | (g) | Union Food LLC | | 8 | | | — | | | 27 | | | — | | | | | | | | | | | | | | | | | Total | | $ | 1,948 | | | $ | 1,504 | | | $ | 4,241 | | | $ | 3,568 | | | |
_______________ (a)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefit of Mr. Zhang's children effective November 1, 2020. (b)The Company, through its subsidiary MF, owns an equity interest in this entity. (c)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefit of Mr. Zhang's children effective November 1, 2020. (d)Tina Ni, one of Mr. Ni’s family members, owns an equity interest in this entity indirectly through its parent company. (e)Mr. Ni owns an equity interest in this entity indirectly through its parent company. (f)Mr. Ni owns an equity interest in this entity. (g)Tina Ni, one of Mr. Ni’s family members, owns an equity interest in this entity.
Lease Agreements
The Company leases various facilities to related parties.
The Company leased a warehouse to Enson Seafood GA Inc. (formerly GA-GW Seafood, Inc.) under an operating lease agreement expiring on September 21, 2027. On May 18, 2022, the Company sold the warehouse to Enson Seafood GA Inc., a related party, for approximately $7.2 million, recognized a gain of $1.5 million and used a portion of the proceeds to pay the outstanding balance of the Company's $4.5 million loan with First Horizon Bank. Rental income for the three months ended June 30, 2023 and 2022 was nil and $0.1 million, respectively, and is included in other income in the unaudited condensed consolidated statements of operations and comprehensive income (loss). Rental income for the six months ended June 30, 2023 and 2022 was nil and $0.2 million, respectively, which is included in other income in the unaudited condensed consolidated statements of operations and comprehensive income (loss).
In 2020, the Company renewed a warehouse lease from Yoan Chang Trading Inc. under an operating lease agreement which expired on December 31, 2020. In February 2021, the Company executed a new five-year operating lease agreement with Yoan Chang Trading Inc., effective January 1, 2021 and expiring on December 31, 2025. Rent incurred was $0.1 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, which is included in distribution, selling and administrative expenses in the unaudited condensed consolidated statements of operations and comprehensive income (loss). Rent incurred to the related party was $0.2 million and $0.1 million for the six months ended June 30, 2023 and 2022, respectively, which is included in distribution, selling and administrative expenses in the unaudited condensed consolidated statements of operations and comprehensive income (loss).
Related Party Balances
Accounts Receivable - Related Parties, Net
Below is a summary of accounts receivable with related parties recorded as of June 30, 2023 and December 31, 2022, respectively:
| | | | | | | | | | | | | | | | | | | (In thousands) | | June 30, 2023 | | December 31, 2022 | (a) | ABC Food Trading, LLC | | $ | 146 | | | $ | — | | (b) | Asahi Food, Inc. | | 133 | | | 81 | | (c) | Best Food Services. LLC | | 94 | | | — | | (d) | Eagle Food Service, LLC | | 173 | | | 69 | | (e) | Enson Seafood GA, Inc. (formerly as GA-GW Seafood, Inc.) | | 59 | | | 59 | | (f) | Fortune One Foods, Inc. | | — | | | 4 | | (g) | Union Food LLC | | 2 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 607 | | | $ | 213 | |
_______________ (a)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefit of Mr. Zhang's children effective November 1, 2020. (b)The Company, through its subsidiary MF, owns an equity interest in this entity. (c)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefit of Mr. Zhang's children effective November 1, 2020. (d)Tina Ni, one of Mr. Ni’s family members, owns an equity interest in this entity indirectly through its parent company. (e)Mr. Ni owns an equity interest in this entity. (f)Mr. Ni owns an equity interest in this entity indirectly through its parent company. (g)Tina Ni, one of Mr. Ni’s family members, owns an equity interest in this entity.
The Company has reserved for 90% of the accounts receivable for Enson Seafood GA, Inc. as of June 30, 2023. This outstanding balance was reserved for 80% as of December 31, 2022. All other accounts receivable from these related parties are current and considered fully collectible. No additional allowance is deemed necessary as of June 30, 2023 and December 31, 2022. Accounts Payable - Related Parties
All the accounts payable to related parties are payable upon demand without interest. Below is a summary of accounts payable with related parties recorded as of June 30, 2023 and December 31, 2022, respectively:
| | | | | | | | | | | | | | | | | | | (In thousands) | | June 30, 2023 | | December 31, 2022 | (a) | Best Food Services, LLC | | $ | 836 | | | $ | 729 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (b) | North Carolina Good Taste Noodle, Inc. | | — | | | 731 | | | | | | | | | | | | | | | Others | | 34 | | | 69 | | | Total | | $ | 870 | | | $ | 1,529 | |
_______________ (a)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefits of Mr. Zhang's children effective November 1, 2020. (b)Mr. Jian Ming Ni, former Chief Financial Officer owns an equity interest in this entity. Mr. Zhou Min Ni previously owned an equity in this entity as of 12/31/2019. The Company has been informed by Mr. Zhou Min Ni that his equity interest was disposed of on 1/1/2020. No longer considered a related party as of 1/1/2023 since it has been three years since Mr. Jian Ming Ni resigned.
Promissory Note Payable - Related Party
The Company issued a $7.0 million unsecured subordinated promissory note to B&R Group Realty Holding, LLC in January 2020. During the three months ended June 30, 2022, the Company paid the remaining $4.5 million principal balance of this related party promissory note payable. Interest payments paid were $0.1 million for the three and six months ended June 30, 2022.
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
Stock-Based Compensation
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6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
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Stock-Based Compensation |
Note 13 - Stock-Based Compensation
In July 2021, the Company began issuing awards under the HF Foods Group Inc. 2018 Omnibus Equity Incentive Plan (the “2018 Incentive Plan”), which reserves up to 3,000,000 shares of the Company's common stock for issuance of awards to employees, non-employee directors and consultants. As of June 30, 2023, the Company had 909,226 time-based vesting restricted stock units unvested, 678,381 performance-based restricted stock units unvested, 449,619 shares of common stock vested and 962,774 shares remaining available for future awards under the 2018 Incentive Plan.
Stock-based compensation expense was $0.8 million and $0.2 million for the three months ended June 30, 2023 and 2022, respectively, and $1.8 million and $0.5 million for the six months ended June 30, 2023 and 2022, respectively. Stock-based compensation expense was included in distribution, selling and administrative expenses in the Company's unaudited condensed consolidated statements of income and comprehensive income.
As of June 30, 2023, there was $5.8 million of total unrecognized compensation cost related to all non-vested outstanding RSUs and PSUs outstanding under the 2018 Incentive Plan, with a weighted average remaining service period of 2.22 years.
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.2
Commitments and Contingencies
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6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
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Commitments and Contingencies |
Note 14 - Commitments and Contingencies From time to time, the Company is a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. When the Company becomes aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. In accordance with authoritative guidance, the Company records loss contingencies in its financial statements only for matters in which losses are probable and can be reasonably estimated. Where a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum estimated liability. If the loss is not probable or the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the specific claim if the likelihood of a potential loss is reasonably possible and the amount involved is material. The Company continuously assesses the potential liability related to its pending litigation and revises its estimates when additional information becomes available. Adverse outcomes in some or all of these matters may result in significant monetary damages or injunctive relief against the Company that could adversely affect its ability to conduct its business. There also exists the possibility of a material adverse effect on the Company’s financial statements for the period in which the effect of an unfavorable outcome becomes probable and reasonably estimable. As previously disclosed, in March 2020, an analyst report suggested certain improprieties in the Company’s operations, and in response to those allegations, the Company’s Board of Directors appointed a Special Committee of Independent Directors (the “Special Investigation Committee”) to conduct an internal independent investigation with the assistance of counsel. These allegations became the subject of two putative stockholder class actions filed on or after March 29, 2020 in the United States District Court for the Central District of California generally alleging the Company and certain of its current and former directors and officers violated the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making allegedly false and misleading statements (the “Class Actions”). These Class Actions have since been dismissed and are now closed.
In addition, the SEC initiated a formal, non-public investigation of the Company, and the SEC informally requested, and later issued a subpoena for, documents and other information. The subpoena relates to but is not necessarily limited to the matters identified in the Class Actions. The Special Investigation Committee and the Company are cooperating with the SEC.
While the SEC investigation is ongoing, the Special Investigation Committee has made certain factual findings based on evidence adduced during its investigation, and made recommendations to management regarding improvements to Company operations and structure, including but not limited to its dealings with related parties. The Company is working to implement those improvements.
As with any SEC investigation, there is also the possibility of potential fines and penalties. At this time, however, there has not been a demand made by the SEC nor is it possible at this time to estimate the amount of any such fines and penalties, should they occur.
On May 20, 2022, the Board of Directors of HF Foods received a letter from a stockholder, James Bishop (the “Bishop Demand”). The Bishop Demand alleges that certain current and former officers and directors of HF Foods engaged in misconduct and breached their fiduciary duties, and demands that HF Foods investigate the allegations and, if warranted, assert claims against those current or former officers and directors. Many of the allegations contained in the Bishop Demand were the subject of the Class Actions.
On June 30, 2022, the Board of Directors of HF Foods resolved to form a special committee (the “Special Litigation Committee”) comprised of independent directors and advised by counsel to analyze and evaluate the allegations in the Bishop Demand to determine whether the Company should assert any claims based on the allegations made in the Bishop Demand against the current or former officers and directors.
On August 19, 2022, James Bishop filed a verified stockholder derivative complaint (the “Delaware Action”) in the Court of Chancery of the State of Delaware (the “Court of Chancery”), which asserts similar allegations to those set forth in the Bishop Demand. On September 21, 2022, Bishop and the Company filed a stipulation to stay the Delaware Action for 90 days, which the court granted on September 22, 2022. On December 20, 2022, Bishop and the Company filed a stipulation to extend the stay of the Delaware Action for an additional 60 days, which the court granted on December 21, 2022. On March 15, 2023, the Court of Chancery entered an order approving a joint stipulation submitted by Bishop and HF Foods to stay the case for an additional 60 days.
Effective as of April 20, 2023, the Company and certain parties to the Delaware Action reached an agreement to settle the Delaware Action on the terms and conditions set forth in a binding term sheet, which was incorporated into a long-form settlement agreement on May 5, 2023 (the “Settlement Agreement”), which was filed with the Court of Chancery on May 8, 2023. The Settlement Agreement, which is subject to the approval of the Court of Chancery, provided for, among other things, the dismissal of the Delaware Action with prejudice, and releases of claims against all named defendants in the Delaware Action, in exchange for Zhou Min Ni, a former Chairman and Chief Executive Officer of the Company, and Chan Sin Wong, a former President and Chief Operating Officer of the Company, making a payment to the Company in the sum of $9.25 million and the Company adopting certain changes to its bylaws and/or other internal governance policies and procedures. On May 11, 2023, the Court of Chancery scheduled a hearing to be held on September 8, 2023, to consider, among other things, whether to approve the proposed settlement and an application by Bishop’s counsel for an award of attorneys’ fees and expenses. AnHeart Lease Guarantee
The Company provided a guarantee for two separate leases for two properties located in Manhattan, New York, at 273 Fifth Avenue and 275 Fifth Avenue, for 30 years and 15 years, respectively. The Company has determined that AnHeart is a VIE as a result of the guarantee. However, the Company concluded it is not the primary beneficiary of AnHeart and therefore does not consolidate, because it does not have the power to direct the activities of AnHeart that most significantly impact AnHeart's economic performance.
On February 10, 2021, the Company entered into an Assignment and Assumption of Lease Agreement (“Assignment”), dated effective as of January 21, 2021, with AnHeart and Premier 273 Fifth, LLC, pursuant to which it assumed the lease of the premises at 273 Fifth Avenue (the “273 Lease Agreement”). At the same time, the closing documents were delivered to effectuate the amendment of the 273 Lease Agreement pursuant to an Amendment to Lease (the “Lease Amendment”). The Assignment and the Lease Amendment were negotiated in light of the Company’s guarantee obligations as guarantor under the Lease Agreement. The Company agreed to observe all the covenants and conditions of the Lease Agreement, as amended, including the payment of all rents due. Under the terms of the Lease Agreement and the Assignment, the Company has undertaken to construct, at its own expense, a building on the premises at a minimum cost of $2.5 million. The Lease Amendment permits subletting of the premises, and the Company intends to sublease the newly constructed premises to defray the rental expense undertaken pursuant to its guaranty obligations.
On January 17, 2022, the Company received notice that AnHeart had defaulted on its obligations as tenant under the lease for 275 Fifth Avenue. On February 7, 2022, the Company undertook its guaranty obligations by assuming responsibility for payment of monthly rent and other tenant obligations, including past due rent as well as property tax obligations beginning with the January 2022 rent due. On February 25, 2022, the Company instituted a legal action to pursue legal remedies against AnHeart and Minsheng. In March 2022, the Company agreed to stay litigation against AnHeart in exchange for AnHeart’s payment of certain back rent from January to April 2022 and its continued partial payment of monthly rent. The case remains pending in New York.
In accordance with ASC Topic 460, Guarantees, the Company has determined that its maximum exposure resulting from the 275 Fifth Avenue lease guarantee includes future minimum lease payments plus potential additional payments to satisfy maintenance, property tax and insurance requirements under the leases with a remaining term of approximately 11 years. The Company elected a policy to apply the discounted cash flow method to loss contingencies with more than 18 months of payments. AnHeart is obligated to pay all costs associated with the properties, including taxes, insurance, utilities, maintenance and repairs. During the three months ended March 31, 2022, the Company recorded a lease guarantee liability of $5.9 million. The Company determined the discounted value of the lease guarantee liability using a discount rate of 4.55%. As of June 30, 2023, the Company had a lease guarantee liability of $5.6 million. The current portion of the lease guarantee liability of $0.3 million is recorded in accrued expenses and other liabilities, while the long-term portion is recorded in other long-term liabilities on the condensed consolidated balance sheet. The Company's monthly rental payments range from approximately $42,000 per month to $63,000 per month, with the final payment due in 2034.
The estimated future minimum lease payments as of June 30, 2023 are presented below: | | | | | | | | | | | | (In thousands) | | Amount | Year Ended December 31, | | | | | | 2023 (remaining six months) | | $ | 280 | | 2024 | | 582 | | 2025 | | 604 | | 2026 | | 621 | | 2027 | | 638 | | Thereafter | | 4,478 | | Total | | 7,203 | | Less: imputed interest | | (1,583) | | Total minimum lease payments | | $ | 5,620 | |
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v3.23.2
Subsequent Events
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6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
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Subsequent Events |
Note 15 - Subsequent Events
Other than as disclosed elsewhere, no subsequent events have occurred that would require recognition in the unaudited condensed consolidated financial statements or disclosure in the accompanying notes.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Principles of Consolidation |
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information pursuant to the rules and regulations of the SEC and have been consistently applied. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These financial statements are condensed and should be read in conjunction with the audited financial statements and notes thereto for the fiscal years ended December 31, 2022 and 2021. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
The accompanying condensed consolidated financial statements include the accounts of HF Group and a variable interest entity for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, the Company records net income (loss) attributable to noncontrolling interest in its condensed consolidated statements of operations and comprehensive income (loss) equal to the percentage of the economic or ownership interest retained in such entity by the respective noncontrolling party.
|
Noncontrolling Interests |
Noncontrolling Interests
GAAP requires that noncontrolling interests in subsidiaries and affiliates be reported in the equity section of the Company’s condensed consolidated balance sheets. In addition, the amounts attributable to the net income (loss) of those noncontrolling interests are reported separately in the condensed consolidated statements of operations and comprehensive income (loss).
|
Use of Estimates |
Uses of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during each reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s condensed consolidated financial statements include, but are not limited to, allowance for expected credit losses, inventory reserves, useful lives of property and equipment, lease assumptions, impairment of long-lived assets, impairment of long-term investments, impairment of goodwill, the purchase price allocation and fair value of assets and liabilities acquired with respect to business combinations, realization of deferred tax assets, uncertain income tax positions, the liability for self-insurance and stock-based compensation.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
The Company has implemented all new pronouncements that are in effect and that may impact its condensed consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its condensed consolidated financial statements or results of operations.
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v3.23.2
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Noncontrolling Interest |
As of June 30, 2023 and December 31, 2022, noncontrolling interest equity consisted of the following:
| | | | | | | | | | | | | | | | | | | | | ($ in thousands) | | Ownership of noncontrolling interest at June 30, 2023 | | June 30, 2023 | | December 31, 2022 | | | | | | | | HF Foods Industrial, LLC ("HFFI") (a) | | 45.00% | | $ | (672) | | | $ | 204 | | Min Food, Inc. | | 39.75% | | 1,836 | | | 1,704 | | Monterey Food Service, LLC | | 35.00% | | 447 | | | 452 | | Ocean West Food Services, LLC | | 32.50% | | 2,161 | | | 1,986 | | Syncglobal Inc. | | 43.00% | | 90 | | | 90 | | Total | | | | $ | 3,862 | | | $ | 4,436 | |
_________________ (a)During the three months ended June 30, 2023, the Company began to wind down HFFI operations. Accordingly, the machinery used in HFFI operations was impaired. See Note 4 - Balance Sheet Components for additional information.
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v3.23.2
Revenue (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Disaggregation of Revenue |
The following table presents the Company's net revenue disaggregated by principal product categories:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | ($ in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Seafood | | $ | 91,382 | | | 31 | % | | $ | 93,397 | | | 32 | % | | $ | 184,272 | | | 32 | % | | $ | 168,203 | | | 29 | % | Asian Specialty | | 76,337 | | | 26 | % | | 75,337 | | | 25 | % | | 154,161 | | | 26 | % | | 150,013 | | | 26 | % | Meat and Poultry | | 56,012 | | | 19 | % | | 63,109 | | | 21 | % | | 108,061 | | | 18 | % | | 124,025 | | | 22 | % | Fresh Produce | | 31,636 | | | 11 | % | | 31,076 | | | 10 | % | | 63,847 | | | 11 | % | | 60,955 | | | 11 | % | Packaging and Other | | 18,037 | | | 6 | % | | 21,296 | | | 7 | % | | 37,433 | | | 6 | % | | 43,309 | | | 7 | % | Commodity | | 18,908 | | | 7 | % | | 15,427 | | | 5 | % | | 38,393 | | | 7 | % | | 31,352 | | | 5 | % | Total | | $ | 292,312 | | | 100 | % | | $ | 299,642 | | | 100 | % | | $ | 586,167 | | | 100 | % | | $ | 577,857 | | | 100 | % |
|
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- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
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v3.23.2
Balance Sheet Components (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of Accounts, Notes, Loans and Financing Receivable |
Accounts receivable, net consisted of the following:
| | | | | | | | | | | | (In thousands) | June 30, 2023 | | December 31, 2022 | Accounts receivable | $ | 47,060 | | | $ | 45,628 | | Less: allowance for expected credit losses | (1,474) | | | (1,442) | | Accounts receivable, net | $ | 45,586 | | | $ | 44,186 | |
|
Schedule of Financing Receivable, Allowance for Credit Loss |
Movement of allowance for expected credit losses was as follows:
| | | | | | | | | | | | | | | Six Months Ended June 30, | (In thousands) | 2023 | | 2022 | | | Beginning balance | $ | 1,442 | | | $ | 840 | | | | Adjustment for adoption of the CECL standard | — | | | 690 | | | | Increase (decrease) in provision for expected credit losses | 56 | | | (54) | | | | Bad debt write-offs | (24) | | | (8) | | | | Ending balance | $ | 1,474 | | | $ | 1,468 | | | |
|
Schedule of Property and Equipment |
Property and equipment, net consisted of the following:
| | | | | | | | | | | | (In thousands) | June 30, 2023 | | December 31, 2022 | Automobiles | $ | 37,157 | | | $ | 34,891 | | Buildings | 63,045 | | | 63,045 | | Building improvements | 22,944 | | | 20,637 | | Furniture and fixtures | 527 | | | 444 | | Land | 49,929 | | | 49,929 | | Machinery and equipment | 13,827 | | | 17,210 | | Subtotal | 187,429 | | | 186,156 | | Less: accumulated depreciation | (50,705) | | | (45,826) | | Property and equipment, net | $ | 136,724 | | | $ | 140,330 | |
|
Schedule of Long-Term Investments |
Long-term investments consisted of the following:
| | | | | | | | | | | | | | | | | | (In thousands) | Ownership as of June 30, 2023 | | June 30, 2023 | | December 31, 2022 | Asahi Food, Inc. ("Asahi") | 49% | | $ | 614 | | | $ | 879 | | Pt. Tamron Akuatik Produk Industri ("Tamron") | 12% | | 1,800 | | | 1,800 | | Total long-term investments | | | $ | 2,414 | | | $ | 2,679 | |
|
Schedule of Accrued Expenses and Other Liabilities |
Accrued expenses and other liabilities consisted of the following:
| | | | | | | | | | | | | | | (In thousands) | | June 30, 2023 | | December 31, 2022 | Accrued compensation | | $ | 6,007 | | | $ | 6,798 | | Accrued professional fees | | 2,077 | | | 3,866 | | | | | | | Accrued interest and fees | | 1,202 | | | 1,082 | | Self-insurance liability | | 1,413 | | | 1,286 | | Accrued other | | 9,064 | | | 6,616 | | Total accrued expenses and other liabilities | | $ | 19,763 | | | $ | 19,648 | |
|
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- DefinitionTabular disclosure of allowance for credit loss on financing receivable.
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v3.23.2
Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of Fair Value Measurements, Assets and Liabilities |
The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | | Quoted Prices in Active Markets for Identical Assets | | Significant Other Observable Inputs | | Significant Unobservable Inputs | | | | Quoted Prices in Active Markets for Identical Assets | | Significant Other Observable Inputs | | Significant Unobservable Inputs | | | | (In thousands) | Assets: | | | | | | | | | | | | | | | | Interest rate swaps | $ | — | | | $ | 640 | | | $ | — | | | $ | 640 | | | $ | — | | | $ | 530 | | | $ | — | | | $ | 530 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Schedule of Debt Securities, Carrying Value and Fair Value |
The following table presents the carrying value and estimated fair value of the Company’s outstanding debt as described in Note 9 - Debt of the Notes to the Unaudited Condensed Consolidated Financial Statements, including the current portion, as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements | | | | (In thousands) | | Level 1 | | Level 2 | | Level 3 | | Carrying Value | | June 30, 2023 | | | Fixed rate debt: | | | | | | | | | | | | | | | | | | | | Bank of America | | $ | — | | | $ | — | | | $ | 1,500 | | | $ | 1,768 | | | East West Bank | | — | | | — | | | 1,747 | | | 2,314 | | | | | | | | | | | | | Other finance institutions | | — | | | — | | | 81 | | | 81 | | | Variable rate debt: | | | | | | | | | | JPMorgan Chase & Co. | | $ | — | | | $ | 108,698 | | | $ | — | | | $ | 108,698 | | | Bank of America | | — | | | 2,261 | | | — | | | 2,261 | | | East West Bank | | — | | | 3,437 | | | — | | | 3,437 | | | | | | | | | | | | | December 31, 2022 | | | | | | | | | | Fixed rate debt: | | | | | | | | | | | | | | | | | | | | Bank of America | | $ | — | | | $ | — | | | $ | 1,630 | | | $ | 1,948 | | | East West Bank | | — | | | — | | | 1,786 | | | 2,351 | | | | | | | | | | | | | Other finance institutions | | — | | | — | | | 186 | | | 197 | | | Variable rate debt: | | | | | | | | | | JPMorgan Chase & Co. | | $ | — | | | $ | 111,413 | | | $ | — | | | $ | 111,413 | | | Bank of America | | — | | | 2,330 | | | — | | | 2,330 | | | East West Bank | | — | | | 3,471 | | | — | | | 3,471 | | |
The carrying value of the variable rate debt approximates its fair value because of the variability of interest rates associated with these instruments. For the Company's fixed rate debt, the fair values were estimated using discounted cash flow analyses, based on the current incremental borrowing rates for similar types of borrowing arrangements.
Please refer to Note 9 - Debt for additional information regarding the Company's debt.
|
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v3.23.2
Acquisitions (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The total consideration paid to acquire the assets and liabilities of Sealand, as set forth below:
| | | | | | | (In thousands) | | Amount | Inventory | | $ | 13,846 | | Property plant, and equipment | | 1,424 | | Right-of-use assets | | 127 | | Intangible assets | | 14,717 | | Total assets acquired | | 30,114 | | | | | Obligations under operating leases | | 127 | | Total liabilities assumed | | 127 | | Net assets | | 29,987 | | Goodwill | | 4,861 | | Total consideration | | $ | 34,848 | |
|
Schedule of Pro Forma Information |
The following table presents the Company’s unaudited pro forma results for the three and six months ended June 30, 2022, as if the acquisition of Sealand had been consummated on January 1, 2022. The unaudited pro forma financial information presented includes the effects of adjustments related to the amortization of acquired intangible assets and excludes other non-recurring transaction costs directly associated with the acquisition such as legal and other professional service fees. Statutory rates were used to calculate income taxes.
| | | | | | | | | | | | | | | (In thousands, except share and per share data) | | | | Three Months Ended June 30, 2022 | | Six Months Ended June 30, 2022 | | | | | | | | Pro forma net revenue | | | | $ | 307,587 | | | $ | 609,685 | | | | | | | | | Pro forma net income attributable to HF Group | | | | $ | 3,628 | | | $ | 7,253 | | | | | | | | | Pro forma earnings per common share - basic | | | | $ | 0.07 | | | $ | 0.14 | | Pro forma earnings per common share - diluted | | | | $ | 0.07 | | | $ | 0.13 | | | | | | | | | Pro forma weighted average shares - basic | | | | 53,706,392 | | 53,706,392 | Pro forma weighted average shares - diluted | | | | 53,900,883 | | 53,927,957 |
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v3.23.2
Goodwill and Acquired Intangible Assets (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Finite-Lived Intangible Assets |
The components of the intangible assets are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | (In thousands) | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | Non-competition agreement | | $ | 3,892 | | | $ | (1,781) | | | $ | 2,111 | | | $ | 3,892 | | | $ | (1,132) | | | $ | 2,760 | | Trademarks | | 44,256 | | | (12,883) | | | 31,373 | | | 44,256 | | | (10,673) | | | 33,583 | | Customer relationships | | 185,266 | | | (32,801) | | | 152,465 | | | 185,266 | | | (27,518) | | | 157,748 | | Total | | $ | 233,414 | | | $ | (47,465) | | | $ | 185,949 | | | $ | 233,414 | | | $ | (39,323) | | | $ | 194,091 | |
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v3.23.2
Debt (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Long-term Debt Instruments |
Long-term debt at June 30, 2023 and December 31, 2022 is summarized as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in thousands) | | | | | | | Bank Name | | Maturity | | Interest Rate at June 30, 2023 | | June 30, 2023 | | December 31, 2022 | Bank of America (a) | | October 2026 - December 2029 | | 4.28% - 5.80% | | $ | 4,030 | | | $ | 4,315 | | East West Bank (b) | | August 2027 - September 2029 | | 4.40% - 8.75% | | 5,750 | | | 5,822 | | | | | | | | | | | JPMorgan Chase & Co. (c) | | December 2023 - January 2030 | | 6.77% - 7.14% | | 108,978 | | | 111,714 | | Other finance institutions (d) | | December 2023 - March 2024 | | 5.99% - 6.14% | | 81 | | | 160 | | Total debt, principal amount | | | | | | 118,839 | | | 122,011 | | Less: debt issuance costs | | | | | | (280) | | | (302) | | Total debt, carrying value | | | | | | 118,559 | | | 121,709 | | Less: current portion | | | | | | (5,936) | | | (6,266) | | Long-term debt | | | | | | $ | 112,623 | | | $ | 115,443 | |
_______________ (a)Loan balance consists of real estate term loan and equipment term loan, collateralized by one real property and specific equipment. The real estate term loan is pegged to TERM SOFR + 2.5%. (b)Real estate term loans with East West Bank are collateralized by four real properties. Balloon payments of $1.8 million and $2.9 million are due at maturity in 2027 and 2029, respectively. (c)Real estate term loan with a principal balance of $108.8 million as of June 30, 2023 and 111.4 million as of December 31, 2022 is secured by assets held by the Company and has a maturity date of January 2030. Equipment term loan with a principal balance of $0.1 million as of June 30, 2023 and $0.3 million as of December 31, 2022 is secured by specific vehicles and equipment as defined in loan agreements. Equipment term loan matures in December 2023. (d)Secured by vehicles.
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v3.23.2
Earnings (Loss) Per Share (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of Earnings Per Share Basic and Diluted |
The following table sets forth the computation of basic and diluted EPS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | ($ in thousands, except share and per share data) | | 2023 | | 2022 | | 2023 | | 2022 | | | Numerator: | | | | | | | | | | | Net (loss) income attributable to HF Foods Group Inc. | | $ | (850) | | | $ | 4,564 | | | $ | (6,783) | | | $ | 7,678 | | | | Denominator: | | | | | | | | | | | Weighted-average common shares outstanding | | 54,046,328 | | | 53,706,392 | | | 53,935,178 | | | 53,706,392 | | | | Effect of dilutive securities | | — | | | 194,491 | | | — | | | 221,565 | | | | Weighted-average dilutive shares outstanding | | 54,046,328 | | | 53,900,883 | | | 53,935,178 | | | 53,927,957 | | | | (Loss) earnings per common share: | | | | | | | | | | | Basic | | $ | (0.02) | | | $ | 0.08 | | | $ | (0.13) | | | $ | 0.14 | | | | Diluted | | $ | (0.02) | | | $ | 0.08 | | | $ | (0.13) | | | $ | 0.14 | | | |
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v3.23.2
Related Party Transactions (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Schedule of Purchases With Related Parties |
Below is a summary of purchases of goods and services from related parties recorded for the three and six months ended June 30, 2023 and 2022, respectively: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | (In thousands) | | Nature | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | | | | | | | | | | (a) | Best Food Services, LLC | | Trade | | $ | 2,729 | | | $ | 3,546 | | | $ | 4,813 | | | $ | 6,491 | | | | | | | | | | | | | | | | | | (b) | Eastern Fresh NJ, LLC | | Trade | | — | | | — | | | — | | | 1,093 | | | | (b) | Enson Seafood GA, Inc. (formerly “GA-GW Seafood, Inc.”) | | Trade | | — | | | — | | | 37 | | | — | | | | (c) | First Choice Seafood, Inc. | | Trade | | — | | | 26 | | | — | | | 109 | | | | (c) | Fujian RongFeng Plastic Co., Ltd | | Trade | | — | | | — | | | — | | | 398 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (d) | North Carolina Good Taste Noodle, Inc. | | Trade | | — | | | 1,769 | | | — | | | 3,427 | | | | (b) | Ocean Pacific Seafood Group, Inc. | | Trade | | 74 | | | 141 | | | 242 | | | 277 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other | | Trade | | 23 | | | 53 | | | 75 | | | 85 | | | | | Total | | | | $ | 2,826 | | | $ | 5,535 | | | $ | 5,167 | | | $ | 11,880 | | | |
_______________ (a)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefit of Mr. Zhang's children effective November 1, 2020. (b)Mr. Ni owns an equity interest in this entity. (c)Mr. Ni owns an equity interest in this entity indirectly through its parent company. (d)Mr. Jian Ming Ni, former Chief Financial Officer owns an equity interest in this entity. Mr. Zhou Min Ni previously owned an equity in this entity as of 12/31/2019. The Company has been informed by Mr. Zhou Min Ni that his equity interest was disposed of on 1/1/2020. No longer considered a related party as of 1/1/2023 since it has been three years since Mr. Jian Ming Ni resigned.
|
Schedule of Revenue With Related Parties |
Below is a summary of sales to related parties recorded for the three and six months ended June 30, 2023 and 2022, respectively:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | (In thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | | (a) | ABC Food Trading, LLC | | $ | 722 | | | $ | 1,070 | | | $ | 1,315 | | | $ | 2,262 | | | | (b) | Asahi Food, Inc. | | 191 | | | 188 | | | 386 | | | 369 | | | | (c) | Best Food Services, LLC | | 93 | | | 223 | | | 526 | | | 869 | | | | (d) | Eagle Food Service, LLC | | 922 | | | — | | | 1,942 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (e) | First Choice Seafood, Inc. | | 8 | | | 9 | | | 16 | | | 18 | | | | (e) | Fortune One Foods, Inc. | | 4 | | | 14 | | | 23 | | | 14 | | | | | | | | | | | | | | | | (f) | N&F Logistics, Inc. | | — | | | — | | | 6 | | | 36 | | | | (g) | Union Food LLC | | 8 | | | — | | | 27 | | | — | | | | | | | | | | | | | | | | | Total | | $ | 1,948 | | | $ | 1,504 | | | $ | 4,241 | | | $ | 3,568 | | | |
_______________ (a)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefit of Mr. Zhang's children effective November 1, 2020. (b)The Company, through its subsidiary MF, owns an equity interest in this entity. (c)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefit of Mr. Zhang's children effective November 1, 2020. (d)Tina Ni, one of Mr. Ni’s family members, owns an equity interest in this entity indirectly through its parent company. (e)Mr. Ni owns an equity interest in this entity indirectly through its parent company. (f)Mr. Ni owns an equity interest in this entity. (g)Tina Ni, one of Mr. Ni’s family members, owns an equity interest in this entity.
|
Schedule of Accounts Receivable With Related Parties |
Below is a summary of accounts receivable with related parties recorded as of June 30, 2023 and December 31, 2022, respectively:
| | | | | | | | | | | | | | | | | | | (In thousands) | | June 30, 2023 | | December 31, 2022 | (a) | ABC Food Trading, LLC | | $ | 146 | | | $ | — | | (b) | Asahi Food, Inc. | | 133 | | | 81 | | (c) | Best Food Services. LLC | | 94 | | | — | | (d) | Eagle Food Service, LLC | | 173 | | | 69 | | (e) | Enson Seafood GA, Inc. (formerly as GA-GW Seafood, Inc.) | | 59 | | | 59 | | (f) | Fortune One Foods, Inc. | | — | | | 4 | | (g) | Union Food LLC | | 2 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 607 | | | $ | 213 | |
_______________ (a)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefit of Mr. Zhang's children effective November 1, 2020. (b)The Company, through its subsidiary MF, owns an equity interest in this entity. (c)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefit of Mr. Zhang's children effective November 1, 2020. (d)Tina Ni, one of Mr. Ni’s family members, owns an equity interest in this entity indirectly through its parent company. (e)Mr. Ni owns an equity interest in this entity. (f)Mr. Ni owns an equity interest in this entity indirectly through its parent company. (g)Tina Ni, one of Mr. Ni’s family members, owns an equity interest in this entity.
|
Schedule of Accounts Payable With Related Parties |
All the accounts payable to related parties are payable upon demand without interest. Below is a summary of accounts payable with related parties recorded as of June 30, 2023 and December 31, 2022, respectively:
| | | | | | | | | | | | | | | | | | | (In thousands) | | June 30, 2023 | | December 31, 2022 | (a) | Best Food Services, LLC | | $ | 836 | | | $ | 729 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (b) | North Carolina Good Taste Noodle, Inc. | | — | | | 731 | | | | | | | | | | | | | | | Others | | 34 | | | 69 | | | Total | | $ | 870 | | | $ | 1,529 | |
_______________ (a)Mr. Zhang previously owned an equity interest in this entity indirectly through its parent company as of October 31, 2020. This equity interest was transferred to three Irrevocable Trusts for the benefits of Mr. Zhang's children effective November 1, 2020. (b)Mr. Jian Ming Ni, former Chief Financial Officer owns an equity interest in this entity. Mr. Zhou Min Ni previously owned an equity in this entity as of 12/31/2019. The Company has been informed by Mr. Zhou Min Ni that his equity interest was disposed of on 1/1/2020. No longer considered a related party as of 1/1/2023 since it has been three years since Mr. Jian Ming Ni resigned.
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- DefinitionNumber of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.
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v3.23.2
Summary of Significant Accounting Policies - Noncontrolling Interest (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Noncontrolling Interest [Line Items] |
|
|
Noncontrolling interests |
$ 3,862
|
$ 4,436
|
HF Foods Industrial, LLC ("HFFI") (a) |
|
|
Noncontrolling Interest [Line Items] |
|
|
Ownership of noncontrolling interest at June 30, 2023 |
45.00%
|
|
Noncontrolling interests |
$ (672)
|
204
|
Min Food, Inc. |
|
|
Noncontrolling Interest [Line Items] |
|
|
Ownership of noncontrolling interest at June 30, 2023 |
39.75%
|
|
Noncontrolling interests |
$ 1,836
|
1,704
|
Monterey Food Service, LLC |
|
|
Noncontrolling Interest [Line Items] |
|
|
Ownership of noncontrolling interest at June 30, 2023 |
35.00%
|
|
Noncontrolling interests |
$ 447
|
452
|
Ocean West Food Services, LLC |
|
|
Noncontrolling Interest [Line Items] |
|
|
Ownership of noncontrolling interest at June 30, 2023 |
32.50%
|
|
Noncontrolling interests |
$ 2,161
|
1,986
|
Syncglobal Inc. |
|
|
Noncontrolling Interest [Line Items] |
|
|
Ownership of noncontrolling interest at June 30, 2023 |
43.00%
|
|
Noncontrolling interests |
$ 90
|
$ 90
|
X |
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v3.23.2
Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
TOTAL NET REVENUE |
$ 292,312
|
$ 299,642
|
$ 586,167
|
$ 577,857
|
Revenue Benchmark | Product Concentration Risk |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Operating concentration risk (percentage) |
100.00%
|
100.00%
|
100.00%
|
100.00%
|
Seafood |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
TOTAL NET REVENUE |
$ 91,382
|
$ 93,397
|
$ 184,272
|
$ 168,203
|
Seafood | Revenue Benchmark | Product Concentration Risk |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Operating concentration risk (percentage) |
31.00%
|
32.00%
|
32.00%
|
29.00%
|
Asian Specialty |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
TOTAL NET REVENUE |
$ 76,337
|
$ 75,337
|
$ 154,161
|
$ 150,013
|
Asian Specialty | Revenue Benchmark | Product Concentration Risk |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Operating concentration risk (percentage) |
26.00%
|
25.00%
|
26.00%
|
26.00%
|
Meat and Poultry |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
TOTAL NET REVENUE |
$ 56,012
|
$ 63,109
|
$ 108,061
|
$ 124,025
|
Meat and Poultry | Revenue Benchmark | Product Concentration Risk |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Operating concentration risk (percentage) |
19.00%
|
21.00%
|
18.00%
|
22.00%
|
Fresh Produce |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
TOTAL NET REVENUE |
$ 31,636
|
$ 31,076
|
$ 63,847
|
$ 60,955
|
Fresh Produce | Revenue Benchmark | Product Concentration Risk |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Operating concentration risk (percentage) |
11.00%
|
10.00%
|
11.00%
|
11.00%
|
Packaging and Other |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
TOTAL NET REVENUE |
$ 18,037
|
$ 21,296
|
$ 37,433
|
$ 43,309
|
Packaging and Other | Revenue Benchmark | Product Concentration Risk |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Operating concentration risk (percentage) |
6.00%
|
7.00%
|
6.00%
|
7.00%
|
Commodity |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
TOTAL NET REVENUE |
$ 18,908
|
$ 15,427
|
$ 38,393
|
$ 31,352
|
Commodity | Revenue Benchmark | Product Concentration Risk |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Operating concentration risk (percentage) |
7.00%
|
5.00%
|
7.00%
|
5.00%
|
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v3.23.2
Balance Sheet Components - Accounts Receivable (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
Less: allowance for expected credit losses |
$ (1,474)
|
$ (1,442)
|
$ (1,468)
|
$ (840)
|
Nonrelated Party |
|
|
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
Accounts receivable |
47,060
|
45,628
|
|
|
Less: allowance for expected credit losses |
(1,474)
|
(1,442)
|
|
|
Accounts receivable, net |
$ 45,586
|
$ 44,186
|
|
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v3.23.2
Balance Sheet Components - Property and Equipment (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, at cost |
$ 187,429
|
|
$ 187,429
|
|
$ 186,156
|
Less: accumulated depreciation |
(50,705)
|
|
(50,705)
|
|
(45,826)
|
Property and equipment, net |
136,724
|
|
136,724
|
|
140,330
|
Depreciation |
2,400
|
$ 2,200
|
5,000
|
$ 4,400
|
|
Restructuring, Settlement and Impairment Provisions |
1,200
|
|
|
|
|
Automobiles |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, at cost |
37,157
|
|
37,157
|
|
34,891
|
Buildings |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, at cost |
63,045
|
|
63,045
|
|
63,045
|
Building improvements |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, at cost |
22,944
|
|
22,944
|
|
20,637
|
Furniture and fixtures |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, at cost |
527
|
|
527
|
|
444
|
Land |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, at cost |
49,929
|
|
49,929
|
|
49,929
|
Machinery and equipment |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, at cost |
$ 13,827
|
|
$ 13,827
|
|
$ 17,210
|
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v3.23.2
Balance Sheet Components - Narrative (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
Depreciation |
$ 2,400,000
|
|
$ 2,200,000
|
$ 5,000,000
|
$ 4,400,000
|
Other than temporary impairment |
|
$ 0
|
|
$ 0
|
|
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- DefinitionThe amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.
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v3.23.2
Balance Sheet Components - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Accrued compensation |
$ 6,007
|
$ 6,798
|
Accrued professional fees |
2,077
|
3,866
|
Accrued interest and fees |
1,202
|
1,082
|
Self-insurance liability |
1,413
|
1,286
|
Accrued other |
9,064
|
6,616
|
Total accrued expenses and other liabilities |
$ 19,763
|
$ 19,648
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v3.23.2
Fair Value Measurements - Schedule of Debt Securities, Carrying Value and Fair Value (Details) - Reported Value Measurement - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Bank of America | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
$ 1,768
|
$ 1,948
|
Bank of America | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
2,261
|
2,330
|
Bank of America | Level 1 | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
Bank of America | Level 1 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
Bank of America | Level 2 | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
Bank of America | Level 2 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
2,261
|
2,330
|
Bank of America | Level 3 | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
1,500
|
1,630
|
Bank of America | Level 3 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
East West Bank | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
2,314
|
2,351
|
East West Bank | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
3,437
|
3,471
|
East West Bank | Level 1 | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
East West Bank | Level 1 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
East West Bank | Level 2 | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
East West Bank | Level 2 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
3,437
|
3,471
|
East West Bank | Level 3 | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
1,747
|
1,786
|
East West Bank | Level 3 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
Other Finance Institutions | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
81
|
197
|
Other Finance Institutions | Level 1 | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
Other Finance Institutions | Level 2 | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
Other Finance Institutions | Level 3 | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
81
|
186
|
JP Morgan | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
108,698
|
111,413
|
JP Morgan | Level 1 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
JP Morgan | Level 2 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
108,698
|
111,413
|
JP Morgan | Level 3 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
$ 0
|
$ 0
|
X |
- DefinitionFair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.
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v3.23.2
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Apr. 29, 2022 |
Business Acquisition [Line Items] |
|
|
|
Goodwill |
$ 85,118
|
$ 85,118
|
|
Sealand Food Inc Asset Purchase Agreement |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Inventory |
|
|
$ 13,846
|
Property plant, and equipment |
|
|
1,424
|
Right-of-use assets |
|
|
127
|
Intangible assets |
|
|
14,717
|
Total assets acquired |
|
|
30,114
|
Obligations under operating leases |
|
|
127
|
Total liabilities assumed |
|
|
127
|
Net assets |
|
|
29,987
|
Goodwill |
|
|
4,861
|
Total consideration |
|
|
$ 34,848
|
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v3.23.2
Acquisitions - Pro Forma Information (Details) - Sealand Food Inc Asset Purchase Agreement - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2022 |
Jun. 30, 2022 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
Pro forma net revenue |
$ 307,587
|
$ 609,685
|
Pro forma net income attributable to HF Group |
$ 3,628
|
$ 7,253
|
Pro forma (loss) earnings per common share- basic (in dollars per share) |
$ 0.07
|
$ 0.14
|
Pro forma (loss) earnings per common share- diluted (in dollars per share) |
$ 0.07
|
$ 0.13
|
Weighted average shares - basic (in shares) |
53,706,392
|
53,706,392
|
Weighted average shares - diluted (in shares) |
53,900,883
|
53,927,957
|
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3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
|
|
|
Goodwill |
$ 85,118
|
|
$ 85,118
|
|
$ 85,118
|
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$ 4,100
|
$ 4,000
|
$ 8,100
|
$ 7,600
|
|
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Goodwill and Acquired Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Gross Carrying Amount |
|
$ 233,414
|
|
$ 233,414
|
Accumulated Amortization |
|
(47,465)
|
|
(39,323)
|
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|
185,949
|
|
194,091
|
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$ 400
|
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|
$ 422
|
|
Non-competition agreement |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Gross Carrying Amount |
|
3,892
|
|
3,892
|
Accumulated Amortization |
|
(1,781)
|
|
(1,132)
|
Net Carrying Amount |
|
2,111
|
|
2,760
|
Tradenames |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Gross Carrying Amount |
|
44,256
|
|
44,256
|
Accumulated Amortization |
|
(12,883)
|
|
(10,673)
|
Net Carrying Amount |
|
31,373
|
|
33,583
|
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|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Gross Carrying Amount |
|
185,266
|
|
185,266
|
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|
(32,801)
|
|
(27,518)
|
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|
$ 152,465
|
|
$ 157,748
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v3.23.2
Derivative Financial Instruments (Details) $ in Millions |
|
|
6 Months Ended |
|
|
|
Dec. 19, 2021 |
Aug. 20, 2019
USD ($)
derivative
termLoan
|
Jun. 30, 2023
USD ($)
|
Mar. 15, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 19, 2019
USD ($)
|
Derivative [Line Items] |
|
|
|
|
|
|
Number of mortgage term loans | termLoan |
|
2
|
|
|
|
|
Derivative asset |
|
|
$ 0.6
|
|
$ 0.5
|
|
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] |
|
|
Other long-term assets
|
|
|
|
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] |
|
|
Other long-term liabilities
|
|
|
|
Mortgage-Secured Term Loans | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
|
Derivative, fixed interest rate |
|
|
|
4.11%
|
|
|
Mortgage-Secured Term Loans | East West Bank | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
|
Basis spread on variable rate |
|
2.29%
|
|
|
|
|
Derivative, fixed interest rate |
|
4.23%
|
|
|
|
|
Mortgage-Secured Term Loans | Bank of America | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
|
Basis spread on variable rate |
2.50%
|
|
2.50%
|
|
|
|
Derivative, fixed interest rate |
|
|
|
|
|
4.50%
|
Interest Rate Swap |
|
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
|
Number of derivatives | derivative |
|
2
|
|
|
|
|
Interest Rate Swap | Not Designated as Hedging Instrument |
|
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
|
Derivative liability, notional amount |
|
$ 1.1
|
|
$ 120.0
|
|
$ 2.7
|
Interest Rate Swap Two | Not Designated as Hedging Instrument |
|
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
|
Derivative liability, notional amount |
|
$ 2.6
|
|
|
|
|
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v3.23.2
Debt - Long-term Debt (Details) $ in Thousands |
|
|
6 Months Ended |
|
Dec. 19, 2021 |
Aug. 20, 2019 |
Jun. 30, 2023
USD ($)
property
|
Dec. 31, 2022
USD ($)
|
Debt Instrument [Line Items] |
|
|
|
|
Total debt, principal amount |
|
|
$ 118,839
|
$ 122,011
|
Less: debt issuance costs |
|
|
(280)
|
(302)
|
Total |
|
|
118,559
|
121,709
|
Less: current portion |
|
|
(5,936)
|
(6,266)
|
Long-term debt |
|
|
112,623
|
115,443
|
Bank of America |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Total debt, principal amount |
|
|
$ 4,030
|
4,315
|
Number of real properties secured | property |
|
|
1
|
|
Bank of America | Mortgage-Secured Term Loans | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Basis spread on variable rate |
2.50%
|
|
2.50%
|
|
Bank of America | Minimum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest rate, stated percentage |
|
|
4.28%
|
|
Bank of America | Maximum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest rate, stated percentage |
|
|
5.80%
|
|
East West Bank |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Total debt, principal amount |
|
|
$ 5,750
|
5,822
|
Number of real properties secured | property |
|
|
4
|
|
East West Bank | Mortgage-Secured Term Loans | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Basis spread on variable rate |
|
2.29%
|
|
|
East West Bank | Minimum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest rate, stated percentage |
|
|
4.40%
|
|
Collateral amount |
|
|
$ 1,800
|
|
East West Bank | Maximum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest rate, stated percentage |
|
|
8.75%
|
|
Collateral amount |
|
|
$ 2,900
|
|
JP Morgan Chase |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Total debt, principal amount |
|
|
108,978
|
111,714
|
JP Morgan Chase | Assets Held by Subsidiaries |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Collateral amount |
|
|
108,800
|
111,400
|
JP Morgan Chase | Vehicles and Equipment |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Collateral amount |
|
|
$ 100
|
300
|
JP Morgan Chase | Minimum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest rate, stated percentage |
|
|
6.77%
|
|
JP Morgan Chase | Maximum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest rate, stated percentage |
|
|
7.14%
|
|
Other finance institutions |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Total debt, principal amount |
|
|
$ 81
|
$ 160
|
Other finance institutions | Minimum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest rate, stated percentage |
|
|
5.99%
|
|
Other finance institutions | Maximum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest rate, stated percentage |
|
|
6.14%
|
|
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Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Numerator: |
|
|
|
|
Net (loss) income attributable to HF Foods Group Inc. |
$ (850)
|
$ 4,564
|
$ (6,783)
|
$ 7,678
|
Denominator: |
|
|
|
|
Weighted-average common shares outstanding (in shares) |
54,046,328
|
53,706,392
|
53,935,178
|
53,706,392
|
Effect of dilutive securities (in shares) |
0
|
194,491
|
0
|
221,565
|
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54,046,328
|
53,900,883
|
53,935,178
|
53,927,957
|
(Loss) earnings per common share: |
|
|
|
|
Basic (in dollars per share) |
$ (0.02)
|
$ 0.08
|
$ (0.13)
|
$ 0.14
|
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$ (0.02)
|
$ 0.08
|
$ (0.13)
|
$ 0.14
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v3.23.2
v3.23.2
Related Party Transactions - Narrative (Details) $ in Thousands |
|
3 Months Ended |
6 Months Ended |
|
|
May 18, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022 |
Feb. 28, 2021 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Repayments of long-term debt |
|
|
|
$ 3,172
|
$ 7,882
|
|
|
First Horizon Bank |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Sale of properties |
$ 7,200
|
|
|
|
|
|
|
Gain from sale of properties |
1,500
|
|
|
|
|
|
|
Repayments of long-term debt |
$ 4,500
|
|
|
4,500
|
|
|
|
HG Realty | Buildings |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Rental income |
|
$ 0
|
$ 100
|
0
|
200
|
|
|
Kirnland | Buildings |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Rental income |
|
$ 100
|
$ 100
|
$ 200
|
100
|
|
|
Operating lease, term of contract (in years) |
|
|
|
|
|
|
5 years
|
Enson Seafood GA, Inc. (formerly as GA-GW Seafood, Inc.) |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Accounts receivables reserved percentage |
|
0.90
|
|
0.90
|
|
0.80
|
|
B&R Group Realty | Mortgage-Secured Term Loans |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Debt instrument, periodic payment, principal |
|
|
|
|
$ 100
|
|
|
HF Foods | Shareholder |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Ownership of noncontrolling interest at June 30, 2023 |
|
10.00%
|
|
10.00%
|
|
|
|
Mr. Zhou Min Ni ("Mr. Ni") |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Common stock, shares outstanding, ownership percent |
|
0.25
|
|
0.25
|
|
|
|
X |
- DefinitionAccounts Receivables Reserved Percentage
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v3.23.2
Related Party Transactions - Summary of Purchases with Related Parties (Details) $ in Thousands |
|
3 Months Ended |
6 Months Ended |
|
|
Jan. 01, 2023 |
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Nov. 01, 2020
trust
|
Oct. 31, 2020
trust
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
CEO resignation period |
3 years
|
|
|
|
|
|
|
Related Party |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
|
$ 2,826
|
$ 5,535
|
$ 5,167
|
$ 11,880
|
|
|
Best Food Services, LLC |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Number of irrecoverable trusts | trust |
|
|
|
|
|
3
|
3
|
Best Food Services, LLC | Related Party |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
|
2,729
|
3,546
|
4,813
|
6,491
|
|
|
Eastern Fresh NJ, LLC | Related Party |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
|
0
|
0
|
0
|
1,093
|
|
|
Enson Seafood GA, Inc. (formerly “GA-GW Seafood, Inc.”) | Related Party |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
|
0
|
0
|
37
|
0
|
|
|
First Choice Seafood, Inc. | Related Party |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
|
0
|
26
|
0
|
109
|
|
|
Fujian RongFeng Plastic Co., Ltd | Related Party |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
|
0
|
0
|
0
|
398
|
|
|
North Carolina Good Taste Noodle, Inc. | Related Party |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
|
0
|
1,769
|
0
|
3,427
|
|
|
Ocean Pacific Seafood Group, Inc. | Related Party |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
|
74
|
141
|
242
|
277
|
|
|
Other | Related Party |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
|
$ 23
|
$ 53
|
$ 75
|
$ 85
|
|
|
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v3.23.2
Related Party Transactions - Summary of Sales to Related Parties (Details) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Nov. 01, 2020
trust
|
Oct. 31, 2020
trust
|
Sales |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Sales - related party |
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|
$ 1,504
|
$ 4,241
|
$ 3,568
|
|
|
ABC Food Trading, LLC |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Number of irrecoverable trusts | trust |
|
|
|
|
3
|
3
|
ABC Food Trading, LLC | Sales |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Sales - related party |
722
|
1,070
|
1,315
|
2,262
|
|
|
Asahi Food, Inc. | Sales |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Sales - related party |
191
|
188
|
386
|
369
|
|
|
Best Food Services, LLC |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Number of irrecoverable trusts | trust |
|
|
|
|
3
|
3
|
Best Food Services, LLC | Sales |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Sales - related party |
93
|
223
|
526
|
869
|
|
|
Eagle Food Services, LLC | Sales |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Sales - related party |
922
|
0
|
1,942
|
0
|
|
|
First Choice Seafood, Inc. | Sales |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Sales - related party |
8
|
9
|
16
|
18
|
|
|
Fortune One Foods, Inc. | Sales |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Sales - related party |
4
|
14
|
23
|
14
|
|
|
N&F Logistics, Inc. | Sales |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Sales - related party |
0
|
0
|
6
|
36
|
|
|
Union Food LLC | Sales |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Sales - related party |
$ 8
|
$ 0
|
$ 27
|
$ 0
|
|
|
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v3.23.2
Related Party Transactions - Summary of Accounts Receivable With Related Parties (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Nov. 01, 2020
trust
|
Oct. 31, 2020
trust
|
Related Party |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Accounts receivable, net |
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|
$ 213
|
|
|
ABC Trading, LLC |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Number of irrecoverable trusts | trust |
|
|
3
|
3
|
ABC Trading, LLC | Related Party |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Accounts receivable, net |
146
|
0
|
|
|
Asahi Food, Inc. | Related Party |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Accounts receivable, net |
133
|
81
|
|
|
Best Food Services, LLC |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Number of irrecoverable trusts | trust |
|
|
3
|
3
|
Best Food Services, LLC | Related Party |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Accounts receivable, net |
94
|
0
|
|
|
Eagle Food Services, LLC | Related Party |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Accounts receivable, net |
173
|
69
|
|
|
Enson Seafood GA, Inc. (formerly as GA-GW Seafood, Inc.) | Related Party |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Accounts receivable, net |
59
|
59
|
|
|
Fortune One Foods, Inc. | Related Party |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Accounts receivable, net |
0
|
4
|
|
|
Union Food LLC | Related Party |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Accounts receivable, net |
$ 2
|
$ 0
|
|
|
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v3.23.2
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Number of shares authorized under plan (in shares) |
3,000,000
|
|
3,000,000
|
|
Shares remaining available for future unvested awards (in shares) |
449,619
|
|
449,619
|
|
Shares remaining available for future awards (in shares) |
962,774
|
|
962,774
|
|
Total stock-based compensation expense |
$ 0.8
|
$ 0.2
|
$ 1.8
|
$ 0.5
|
Unrecognized compensation cost |
$ 5.8
|
|
$ 5.8
|
|
Unrecognized compensation cost, period for recognition |
|
|
2 years 2 months 19 days
|
|
RSUs |
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Equity instruments outstanding (in shares) |
909,226
|
|
909,226
|
|
PSUs |
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Equity instruments outstanding (in shares) |
678,381
|
|
678,381
|
|
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v3.23.2
Commitments and Contingencies - Narrative (Details) $ in Thousands |
|
|
|
|
|
1 Months Ended |
6 Months Ended |
|
Apr. 20, 2023
USD ($)
|
Mar. 15, 2023 |
Dec. 20, 2022 |
Sep. 22, 2022 |
Feb. 10, 2021
USD ($)
|
Mar. 31, 2020
lawsuit
|
Jun. 30, 2023
USD ($)
lease
property
|
Jun. 30, 2022
USD ($)
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
Number of Delaware action days |
|
60 days
|
60 days
|
90 days
|
|
|
|
|
Proceeds from legal settlements |
$ 9,250
|
|
|
|
|
|
|
|
Property Lease Guarantee |
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
Guarantor lease obligation term (in years) |
|
|
|
|
|
|
11 years
|
|
Loss contingencies payments term |
|
|
|
|
|
|
18 months
|
|
Operating lease right-of-use liabilities |
|
|
|
|
|
|
$ 5,600
|
$ 5,900
|
Lessee guarantee, lease discount rate |
|
|
|
|
|
|
4.55%
|
|
Guarantor lease obligation, maximum exposure |
|
|
|
|
|
|
$ 300
|
|
Minimum |
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
Payment to construct building |
|
|
|
|
$ 2,500
|
|
|
|
Minimum | Property Lease Guarantee |
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
Operating lease, rent expense |
|
|
|
|
|
|
42
|
|
Maximum | Property Lease Guarantee |
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
Operating lease, rent expense |
|
|
|
|
|
|
$ 63
|
|
Buildings |
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
Number of leases | lease |
|
|
|
|
|
|
2
|
|
Number of properties | property |
|
|
|
|
|
|
2
|
|
Buildings | Lease for 273 Fifth Avenue, Manhattan,New York |
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
Operating lease, term of contract (in years) |
|
|
|
|
|
|
30 years
|
|
Buildings | Lease for 275 Fifth Avenue, Manhattan,New York |
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
Operating lease, term of contract (in years) |
|
|
|
|
|
|
15 years
|
|
Putative Class Action |
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
New claims filed, number | lawsuit |
|
|
|
|
|
2
|
|
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HF Foods (NASDAQ:HFFG)
Historical Stock Chart
From Aug 2024 to Sep 2024
HF Foods (NASDAQ:HFFG)
Historical Stock Chart
From Sep 2023 to Sep 2024