XML 25 R12.htm IDEA: XBRL DOCUMENT v3.22.2.2
Joint Venture
9 Months Ended
Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Joint Venture Joint Venture
On April 6, 2022, Lollicup entered into a definitive joint venture agreement (the “JV Agreement”) with Happiness Moon Co., Ltd., a Taiwanese company, to jointly establish Green Earth Technology (“Green Earth”), a new Taiwanese corporation, for the manufacturing of compostable foodservice products from bagasse. The JV Agreement stipulated an investment by the Company of approximately $5,876,000 for a 49% interest in Green Earth.

As of September 30, 2022, the incorporation of Green Earth had not been completed. Lollicup had invested a total of $4,000,000 pursuant to the JV Agreement as of September 30, 2022, which was included in deposits on the accompanying condensed consolidated balance sheet. As discussed in Note 17 — Subsequent Events, Lollicup made its final remaining investment payment of $1,876,000 on November 9, 2022.