LIFECORE BIOMEDICAL INC DE
For the period ended Nov 24, 2024. Filed Jan 2, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Nov 24, 2024 · Filed Jan 2, 2025
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Accounts Receivable
- Accounts Receivable
Accounts receivable balances are as follows:
| November 24, 2024 | May 26, 2024 | |
|---|---|---|
| Accounts receivable | $30,864 | $31,864 |
| Less: Allowance for credit losses | (561) | (711) |
| Accounts receivable, less allowance for credit losses | $30,303 | $31,153 |
Gross receivable by bill type are as follows:
| November 24, 2024 | May 26, 2024 | |
|---|---|---|
| Billed | $25,166 | $27,795 |
| Unbilled | 5,698 | 4,069 |
| Accounts receivable | $30,864 | $31,864 |
Three of the Company’s customers had accounts receivable concentrations of 10% or greater as of November 24, 2024, accounting for 33%,19% and 13% of accounts receivable. Two of the Company’s customers had accounts receivable concentrations of 10% or greater as of May 26, 2024, accounting for 34% and 18%.
Changes in the allowance for credit losses related to accounts receivable are as follows:
| Six Months Ended | ||
|---|---|---|
| November 24, 2024 | November 26, 2023 | |
| Beginning balance | $711 | $485 |
| Provision (Reduction) | (150) | 37 |
| Charge-offs | — | (14) |
| Ending Balance | $561 | $508 |
The Company’s accounts receivable serves as part of the collateral for certain of the Company’s debt arrangements. Refer to Note 10 – Long-term Debt for additional discussion on the Company’s debt arrangements and related collateral.
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