Company: HFFG
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001680873-25-000006
Chunk: 93

Company: HF Foods Group Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 8
Chunk 93
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 and is recognized, net of forfeitures, over the requisite service period. See Note 14 - Stock-Based Compensation to the consolidated financial statements for further information regarding stock-based compensation.

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Note 3 - RevenueThe following table presents the Company’s net revenue disaggregated by principal product categories:Year Ended December 31,($ in thousands)202420232022Seafood$394,032 33 %$361,219 31 %$354,220 30 %Asian Specialty305,584 25 %305,466 27 %299,215 26 %Meat and Poultry253,008 21 %215,789 19 %238,276 20 %Produce128,837 11 %123,202 11 %126,560 11 %Packaging and Other62,677 5 %71,245 6 %84,489 7 %Commodity57,529 5 %71,572 6 %67,707 6 %Total$1,201,667 100 %$1,148,493 100 %$1,170,467 100 %

Note 4 - Balance Sheet ComponentsAccounts receivable, net consisted of the following:(In thousands)December 31, 2024December 31, 2023Accounts receivable$55,664 $49,643 Less: allowance for expected credit losses(1,557)(2,119)Accounts receivable, net$54,107 $47,524 Movement of allowance for expected credit losses was as follows:Year Ended December 31,(In thousands)202420232022Beginning balance$2,119 $1,442 $1,530 (Credit) provision for expected credit losses(103)701 82 Bad debt write-offs(459)(24)(170)Ending balance$1,557 $2,119 $1,442 Prepaid expenses and other current assets consisted of the following:(In thousands)December 31, 2024December 31, 2023Prepaid expenses$4,443 $4,591 Advances to suppliers5,606 3,340 Other current assets1,458 2,214 Prepaid expenses and other current assets$11,507 $10,145 

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Property and equipment, net consisted of the following:(In thousands)December