Company: HFFG
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001628280-25-039583
Chunk: 71

Company: HF Foods Group Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Item 8
Chunk 71
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709 Furniture and fixtures422 398 Land49,929 49,929 Machinery and equipment (1)14,311 13,216 Construction in progress8,017 10,370 Subtotal223,495 210,232 Less: accumulated depreciation(65,484)(60,660)Property and equipment, net$158,011 $149,572 _________________(1)    The cost and accumulated depreciation of property and equipment related to finance leases was $49.5 million and $17.5 million, respectively, at June 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 June 30, 2025 is $47.1 million.   Depreciation expense was $3.2 million and $2.5 million for the three months ended June 30, 2025 and 2024, respectively. Depreciation expense was $6.1 million and $5.1 million for the six months ended June 30, 2025 and 2024, respectively.Long-term investments consisted of the following:(In thousands)Ownership as of  June 30,2025June 30, 2025December 31, 2024Asahi Food, Inc. (“Asahi”)49%$439 $550 Pt. Tamron Akuatik Produk Industri (“Tamron”)12%1,800 1,800 Total long-term investments$2,239 $2,350 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 for the three months ended June 30, 2025 and 2024 for these investments.Accrued expenses and other liabilities consisted of the following:(In thousands)June 30, 2025December 31, 2024Accrued compensation$7,164 $7,497 Accrued professional fees818 553