In January 2023, the Company acquired a 51% ownership interest in Byrna LATAM, a corporate joint venture formed to expand the Company’s operations and presence in South American markets, for $0.5 million. The Company accounts for the investment in the joint venture using the equity method since the Company does not have voting control of Byrna LATAM.  Additionally, the Company does not have substantive participating rights that would result in the Company having control of Byrna LATAM. The Company recorded its share of the joint venture’s income during the three and six months ended May 31, 2024 of less than $0.1 million and losses of $0.2 million and $0.3 million during the three and six months ended May 31, 2023, respectively, in the Consolidated Statements of Operations and Comprehensive Income (Loss) as income (loss) from joint venture. The carrying value of the Company's investment in the joint venture at May 31, 2024 and  November 30, 2023 is at zero in the Consolidated Balance Sheets.

In January 2023, the Company loaned $1.6 million to Byrna LATAM.  The loan bears interest at a rate equal to Secured Overnight Financing Rate ("SOFR") plus 3.0%.  The interest rate on the loan was 8.3% as of  May 31, 2024.  The principal amount and accrued interest on the loan amount must be repaid within five years from the date of the loan, or January 10, 2028.  Interest income related to the loan receivable was approximately $0.03 million and $0.06 million for the three and six months ended May 31, 2024, respectively.  The interest income is included in interest income in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).  The loan receivable is recorded as loan to joint venture in the Consolidated Balance Sheets.