Quarterly report pursuant to Section 13 or 15(d)

Restructuring Costs

v3.21.2
Restructuring Costs
9 Months Ended
Sep. 30, 2021
Restructuring Costs [Abstract]  
Restructuring costs

11. RESTRUCTURING COSTS

 

On August 4, 2020, the Company approved a move to a streamlined go-to-market strategy for its soybean product line. The impact of the action included staffing adjustments related to soybean processing and product sales, as well as the gradual exit of all supply chain contractual commitments that were not associated with the ongoing soybean seed go-to-market strategy. In the three months ended September 30, 2020, the Company recorded $0.4 million of cash charges for severance and other related payments and also recorded a $0.9 million recapture benefit of non-cash stock compensation expense from the forfeiture or modification of unvested stock awards. The Company did not incur any other material costs from the disposal of any assets or contractual terminations in the three and nine months ended September 30, 2021, and 2020. As of December 31, 2020, all severance and transitional expenses were recorded, with $0.4 million to be paid during 2021. As of September 30, 2021, all amounts related to the restructuring had been paid.