Quarterly report pursuant to Section 13 or 15(d)

Note 2 - Acquisition of The Altman Companies (Tables)

v3.23.1
Note 2 - Acquisition of The Altman Companies (Tables)
3 Months Ended
Mar. 31, 2023
Notes Tables  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Cash

  $ 4,095  

Restricted cash

    113  

Construction contracts receivable

    14,784  

Trade receivables

    745  

Real estate

    3,867  

Due from related parties

    2,315  

Property and equipment

    94  

Contract assets

    22,183  

Other assets

    2,553  

Total assets acquired

    50,749  

Accounts payable

    (14,470 )

Accrued expenses

    (5,183 )

Due to related parties

    (175 )

Contract liabilities

    (32,259 )

Notes payable and other borrowings

    (2,100 )

Total liabilities assumed

    (54,187 )

Fair value of identifiable net assets

    (3,438 )

Cash consideration paid to seller

    8,153  

Consideration payable to seller

    1,562  

Writeoff of Altman Companies receivable

    1,780  

Fair value of previously held equity interest in the Altman Companies

    17,968  

Goodwill

  $ 32,901  
         

Gain on the consolidation of the Altman Companies (1)

  $ 6,195  
Business Acquisition, Pro Forma Information [Table Text Block]
   

For the Three Months Ended March 31,

 
   

2023

   

2022

 

Total revenue

  $ 31,107        

Equity in net losses from unconsolidated real estate joint ventures

  $ (73 )     (652 )

Loss before income taxes

  $ (1,034 )     (652 )
   

For the Three Months Ended

 
   

Pro Forma

 
   

March 31,

   

March 31,

 
   

2023

   

2022

 

Total revenues

  $ 96,109       77,763  

Equity in net losses from unconsolidated real estate joint ventures

  $ 1,318       2,164  

Loss before income taxes

  $ (7,914 )     (3,752 )

Net loss

  $ (7,486 )     (2,674 )