Fri, Apr 25, 11:31 AM (28 days ago)
**Village Farms International, Inc. (VFF) 10-K/A Summary** **Company Overview:** Village Farms International, Inc. (VFF) is an agricultural company focused on sustainable farming practices. The 10-K/A amendment primarily updates Part III of the 2024 Form 10-K, including information on directors, executive officers, and corporate governance, due to the delay in filing the definitive proxy statement. **Financial Performance:** - **Revenue and Net Income:** Specific revenue and net income figures are not provided in the summary. However, the company reported a net loss of $35,850,000 for 2024 and $34,798,000 for 2023. - **Operating Expenses:** Detailed operating expenses are not specified in the summary. - **Earnings Per Share (EPS):** Not explicitly mentioned in the summary. **Strategic Overview:** - **Governance:** The company has a standing Audit and Risk Committee, Compensation Committee, and Corporate Governance and Nominating Committee, all composed entirely of independent directors. - **Executive Compensation:** The summary includes details on the compensation of the principal executive officer (PEO) and named executive officers (NEOs), highlighting base salaries, bonuses, stock awards, and other compensation components. **Future Outlook:** - The company aims to continue evaluating and complying with future requirements applicable to its committees and governance structures. - The strategic focus includes attracting and retaining directors, officers, employees, and other service providers through equity compensation plans. **Risk Factors:** - **Financial Condition:** The company reported significant net losses for the fiscal years 2023 and 2024. - **Market Position:** The company's market position changes are not explicitly detailed in the summary. **Directors and Executive Officers:** - The board consists of eight directors, with six meeting independence standards. - Key executives include Michael A. DeGiglio (CEO), Stephen C. Ruffini (CFO), and Ann Gillin Lefever (COO). **Security Ownership:** - As of April 21, 2025, the company had 112,337,049 common shares outstanding. - Michael A. DeGiglio holds the largest percentage of shares (9.0%). **Auditor Information:** - The company's auditor is KPMG LLP, located in Orlando, Florida. - Audit fees for 2024 were $1,641,727, with additional audit-related fees and other services. **Conclusion:** Village Farms International, Inc. is focused on maintaining strong corporate governance and compensating its executives competitively. The company faces significant financial challenges, as evidenced by substantial net losses in recent years. The 10-K/A amendment provides updated information on corporate governance and executive compensation, reflecting the company's commitment to transparency and regulatory compliance.