Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 583

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 7A
Chunk 583
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 maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Denver, Colorado
December 11, 2025

58

NATURAL GROCERS BY VITAMIN COTTAGE, INC.

Consolidated Balance Sheets

(Dollars in thousands, except per share data)

			September 30,

			2025

			2024

			Assets

			Current assets:

			Cash and cash equivalents

			$
			17,116

			8,871

			Accounts receivable, net

			11,966

			12,610

			Merchandise inventory

			132,968

			120,672

			Prepaid expenses and other current assets

			6,025

			4,905

			Total current assets

			168,075

			147,058

			Property and equipment, net

			182,741

			178,609

			Other assets:

			Operating lease assets, net

			259,586

			275,111

			Finance lease assets, net

			42,895

			40,752

			Other assets

			5,452

			458

			Goodwill and other intangible assets, net

			11,755

			13,488

			Total other assets

			319,688

			329,809

			Total assets

			$
			670,504

			655,476

			Liabilities and Stockholders’ Equity

			Current liabilities: