INVESTMENTS |
3 Months Ended |
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Mar. 31, 2023 | |
| Investments [Abstract] | |
| INVESTMENTS | INVESTMENTSOn May 3, 2022, Edible Garden Corp. ("Edible Garden") completed a 1-for-5 reverse stock split of its outstanding common stock. As a result, the Company held 1,000,000 shares in Edible Garden. On May 5, 2022, Edible Garden announced the pricing of its initial public offering of 2,930,000 shares of its common stock and accompanying warrants to purchase up to 2,930,000 shares of common stock for an exercise price of $5.00 per share. Each share of common stock was sold together with one warrant at a combined offering price of $5.00, for gross proceeds of approximately $14.70 million. As a result of the initial public offering, the Company reassessed its write down on the investment and recorded a write up to its fair value, which is categorized within the fair value hierarchy as Level 2. In November 2022, the lock-up restriction on the Company's shares in the Purchaser expired and accordingly, the Company's investment transferred from Level 2 to Level 1 fair value measurement. During the three months ended March 31, 2023, the Company sold all its shares in Edible Garden and received $0.15 million. As a result, the Company recorded a realized loss on the sale of investments of $0.06 million during the three months ended March 31, 2023. During the three months ended March 31, 2022, the Company recorded nil in realized or unrealized losses related to its investment in Edible Garden |
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- Definition The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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