Company: HFFG
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001680873-25-000074
Chunk: 74

Company: HF Foods Group Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 74
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 Prepaid expenses and other current assets consisted of the following:(In thousands)September 30, 2025December 31, 2024Prepaid expenses$3,652 $4,443 Advances to suppliers2,350 5,606 Other current assets414 1,458 Prepaid expenses and other current assets$6,416 $11,507 

7

Property and equipment, net consisted of the following:(In thousands)September 30, 2025December 31, 2024Automobiles (1)$65,310 $50,565 Buildings63,045 63,045 Building improvements (1)31,729 22,709 Furniture and fixtures422 398 Land49,915 49,929 Machinery and equipment (1)14,447 13,216 Construction in progress2,456 10,370 Subtotal227,324 210,232 Less: accumulated depreciation(68,607)(60,660)Property and equipment, net$158,717 $149,572 _________________(1)    The cost and accumulated depreciation of property and equipment related to finance leases was $50.1 million and $19.4 million, respectively, at September 30, 2025 and $36.1 million and $14.3 million, respectively, at December 31, 2024. The total future minimum lease payments under all finance leases as of September 30, 2025 is $45.8 million.   Depreciation expense was $3.2 million and $2.6 million for the three months ended September 30, 2025 and 2024, respectively. Depreciation expense was $9.4 million and $7.7 million for the nine months ended September 30, 2025 and 2024, respectively.Long-term investments consisted of the following:(In thousands)Ownership as of  September 30,2025September 30, 2025December 31, 2024Asahi Food, Inc. (“Asahi”)49%$391 $550 Pt. Tamron Akuatik Produk Industri (“Tamron”)12%1,800 1,800 Total long-term investments$2,191 $2,350 The investment in Tamron is accounted for using the measurement alternative under Accounting Standards Codification (“ASC”) Topic 321