Note 12 – Deferred Revenues

Arrangements with customers include multiple deliverables, consisting of an initial delivery of seeds and a contingent portion of the sale that is dependent on the customers future harvest of the seeds. Deferred revenues associated with these multiple-element arrangements were $11,808 at December 31, 2022. Related deferred cost of goods sold were $6,655 at December 31, 2022, resulting in deferred gross margins of $5,153 at December 31, 2022, that was expected to be recognized upon the customers’ completion of their harvests in future periods. No deferred revenues were recognized at December 31, 2023.