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In June 2019, nerium [click through the next page] executed a sales and advertising contract with PURE. Sales to PURE for the year ended December 31, 2019 totaled $2,486,029 with an outstanding accounts receivable from PURE at December 31, 2019 of $272,021. In January 2015, the Organization bought 253.six acres of farmland in D’Hanis, Texas for $887,890. The farmland was previously leased to the Company for the production of oleander leaves.
Furthermore, the Business acquired 120 acre-feet of non-transferable water rights. In January 2015, the Business also acquired 39.333 acre-feet of transferable Edwards Aquifer Water for $196,665. These water rights supplement the Company’s proper to use 120 acre-feet of unrestricted groundwater from the Edwards Aquifer Water that it bought in 2013 for $666,513.
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The commission incurred during the year ended December 31, 2019 was $440 ( $787) and is incorporated in cost of sales. The Firm records deposits for the purchase of its goods as a contract liability for which it defers the recognition of revenue till the solution ordered is shipped to the buyer at which point handle has transferred.
The Company has entered into two separate agreements with Mr. Gustavo Ulloa, a director of the Firm. A production and acquiring agreement helpful June 2004 entitles Mr. Ulloa to receive $three.25 per vial of Anvirzel® sold to third parties in exchange for the use of particular facilities and production supervision. A consulting agreement powerful January 2007 entitles Mr. Ulloa to get an extra $3.25 per vial of Anvirzel® sold to third parties in exchange for consulting services in relation to the production of Anvirzel®.
The second agreement, a consulting agreement successful January 2007, entitles the person to obtain an extra $three.25 per vial of Anvirzel sold to third parties in exchange for consulting services in relation to the production of Anvirzel®. Both agreements stay in effect for as extended as Anvirzel® is created in Honduras.
The amounts paid under these agreements are not considerable at this time and are incorporated in expense of sales. In 2015, Nerium bought an 18.175% equity investment in a supplier, Biova LLC (“Biova”), which investment was recorded utilizing the equity approach. Nerium ceased buying product from Biova in 2016 in response to the reduce demand of merchandise from NI, and as Biova began recording losses, Nerium recorded its proportionate share of the loss. Nerium reported a loss on its equity investment in Biova of $524,913 for the year ended December 31, 2017.