Quarterly report pursuant to Section 13 or 15(d)

Note 2 - Acquisition of The Altman Companies (Provisional) (Tables)

v3.23.2
Note 2 - Acquisition of The Altman Companies (Provisional) (Tables)
6 Months Ended
Jun. 30, 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

    709  

Real estate

    3,867  

Due from related parties

    2,315  

Property and equipment

    94  

Contract assets

    22,194  

Other assets

    2,397  

Total assets acquired

    50,568  

Accounts payable

    (14,397 )

Accrued expenses

    (5,501 )

Due to related parties

    (175 )

Contract liabilities

    (32,259 )

Notes payable and other borrowings

    (2,100 )

Total liabilities assumed

    (54,432 )

Fair value of identifiable net assets

    (3,864 )

Cash consideration paid to seller

    8,153  

Consideration payable to seller

    1,562  

Predevelopment costs payable to seller

    550  

Writeoff of Altman Companies receivable

    1,780  

Fair value of previously held equity interest in the Altman Companies

    17,968  

Goodwill

  $ 33,877  
         

Gain on the consolidation of the Altman Companies (1)

  $ 6,195  
Business Acquisition, Pro Forma Information [Table Text Block]
    For the Three Months Ended     For the Six Months Ended  
    June 30,     June 30,  
   

2023

   

2022

   

2023

   

2022

 

Total revenue

  $ 51,901             83,008        

Equity in net losses from unconsolidated real estate joint ventures

  $       (644 )     (73 )     (1,296 )

Loss before income taxes

  $ (1,826 )     (644 )     (2,860 )     (1,296 )
   

For the Three Months Ended

   

For the Six Months Ended

 
   

Pro Forma

   

Pro Forma

 
   

June 30,

   

June 30,

 
   

2023

   

2022

   

2023

   

2022

 

Total revenues

  $ 106,844       109,022       216,021       201,014  

Equity in net losses from unconsolidated real estate joint ventures

  $ 728       19,797       2,046       21,961  

(Loss) income before income taxes

  $ (9,062 )     13,041       (17,049 )     9,289  

Net (loss) income

  $ (7,621 )     7,757       (15,162 )     5,083