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In June 2019, Nerium executed a sales and marketing 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 purchased 253.6 acres of farmland in D’Hanis, Texas for $887,890. The farmland was previously leased to the Firm for the production of oleander leaves.
Additionally, the Organization 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 ideal to use 120 acre-feet of unrestricted groundwater from the Edwards Aquifer Water that it bought in 2013 for $666,513.
Groundbreaking Neora Skincare & Wellness
The commission incurred for the duration of the year ended December 31, 2019 was $440 ( $787) and is included in expense of sales. The Enterprise records deposits for the buy of its products as a contract liability for which it defers the recognition of income until the solution ordered is shipped to the buyer at which point manage has transferred.
Nerium Oleander ‘Hardy Pink’
The Organization has entered into two separate agreements with Mr. Gustavo Ulloa, a director of the Firm. A production and acquiring agreement powerful June 2004 entitles Mr. Ulloa to get $three.25 per vial of Anvirzel® sold to third parties in exchange for the use of certain facilities and production supervision. A consulting agreement productive January 2007 entitles Mr. Ulloa to receive an additional $3.25 per vial of Anvirzel® sold to third parties in exchange for consulting solutions in relation to the production of Anvirzel®.
The second agreement, a consulting agreement efficient January 2007, entitles the individual to obtain an further $three.25 per vial of Anvirzel sold to third parties in exchange for consulting services in relation to the production of Anvirzel®. Each agreements remain in effect for as lengthy as Anvirzel® is developed in Honduras.
The amounts paid beneath these agreements are not substantial at this time and are included in cost of sales. In 2015, Nerium bought an 18.175% equity investment in a supplier, Biova LLC (“Biova”), which investment was recorded applying the equity process. Nerium ceased getting item from Biova in 2016 in response to the decrease demand of merchandise from NI, and as Biova began recording losses, nerium (over here) 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.