Global Wells

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Global Wells

Global Wells

The following financial information includes assets and liabilities of Global Wells and are included in the accompanying consolidated balance sheets, except for those that eliminate upon consolidation:

	December 31, 2023		December 31, 2022
	(in thousands)
Cash	$	13,566	$	2,022
Accounts receivable	—		53
Prepaid expenses and other current assets	558		191
Due from Lollicup USA Inc.	—		4,700
Property and equipment, net	44,185		45,399
Other assets	3,240		4,262
Total assets	61,549		56,627
Accounts payable	$	63	$	2
Accrued expenses	591		626
Customer deposits	116		165
Due to Lollicup USA Inc.	14		—
Other payable	1,302		—
Long-term debt, current portion	1,122		957
Long-term debt, net of current portion	48,396		41,558
Other liabilities	—		1,302
Total liabilities	$	51,604	$	44,610

During the year ended December 31, 2023, Global Wells made a pro rata distribution of its earnings of $3,956,000, net of all applicable withholding taxes, to its four members. Lollicup received $504,000, net of applicable withholding taxes, which is eliminated in the consolidated financial statements. See Note 22 — Subsequent Events for discussion about one of Global Well's members redemption of its ownership interest in this entity.