Equity Investments |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| Equity Investments | Note 3 – Equity Investments
For the three months and six months ended June 30, 2025 and 2024, the Company received dividend income from Progressive Beef of $50,000 and $100,000, respectively, representing a distribution of their earnings. The income is reflected within the “Other income/(expense)” section of the Company’s Consolidated Statement of Operations for the three and six months ended June 30, 2025 and 2024.
On July 22, 2025, Company entered into a Redemption and Purchase Agreement (the “Agreement”) with Progressive Beef, LLC and BHS, LLC (the “Buyer”). Pursuant to the Agreement, the Buyer redeemed the 10% membership interests in Progressive Beef owned by the Company effective as of June 30, 2025, in exchange for approximately $1.8 million cash and the Buyer’s surrender of shares of the Company’s common stock. The Buyer and the Company each made customary representations and warranties in the Agreement.
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