Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 320

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 2
Chunk 320
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 62,752 non-vested restricted stock units for the years ended September 30, 2025, 2024 and 2023, respectively, excluded from the calculation of diluted EPS as they are antidilutive.

5. Fair Value Measurements

The Company records its financial assets and liabilities at fair value in accordance with the framework for measuring fair value. The framework establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and market participant’s assumptions (unobservable inputs). Non-financial assets, such as goodwill, indefinite-lived intangibles and long-lived assets, are accounted for at fair value on a non-recurring basis. These items are tested for impairment on the occurrence of a triggering event or, in the case of goodwill and indefinite-lived intangibles, at least on an annual basis.

During fiscal year 2025, long-lived assets with an aggregate carrying value of $0.1 million were written down to their fair value of less than $0.1 million, resulting in asset impairment charges of $0.1 million. During fiscal year 2024, long-lived assets with an aggregate carrying value of $6.1 million were written down to their fair value of $3.9 million, resulting in asset impairment charges of $2.2 million. During fiscal year 2023, long-lived assets with an aggregate carrying value of $5.9 million were written down to their fair value of $4.6 million, resulting in asset impairment charges of $1.3 million. The carrying amounts of the Company’s financial assets and liabilities, including cash and cash equivalents, accounts receivable, accounts payable and other accrued expenses, approximate fair value because of the short maturity of those assets and liabilities.

6. Property and Equipment

The Company had the following property and equipment balances as of September 30, 2025 and 2024, dollars in thousands:

			Useful lives

			As of September 30,

			(in years)

			2025

			2024

			Construction in process

			n/a

			$
			3,009

			5,758

			Land

			n/a

			10,990

			6,746

			Buildings

			16
			 –
			40

			65,591

			60,556

			Land improvements

			1
			–
			24

			2,