Quarterly report pursuant to Section 13 or 15(d)

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

v3.23.3
Note 2 - Acquisition of The Altman Companies (Provisional) (Tables)
9 Months Ended
Sep. 30, 2023
Notes Tables  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Cash

  $ 4,095  

Restricted cash

    83  

Construction contracts receivable

    14,721  

Trade receivables

    716  

Real estate

    3,495  

Due from related parties

    1,961  

Property and equipment

    64  

Contract assets

    22,194  

Other assets

    2,590  

Total assets acquired

    49,919  

Accounts payable

    (14,413 )

Accrued expenses

    (4,971 )

Due to related parties

    (175 )

Contract liabilities

    (31,840 )

Notes payable and other borrowings

    (2,100 )

Total liabilities assumed

    (53,499 )

Fair value of identifiable net assets

    (3,580 )

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

    15,575  

Goodwill

  $ 31,200  
         

Gain on the consolidation of the Altman Companies (1)

  $ 3,802  
Business Acquisition, Pro Forma Information [Table Text Block]
    For the Three Months Ended     For the Nine Months Ended  
    September 30,     September 30,  
   

2023

   

2022

   

2023

   

2022

 

Total revenue

  $ 54,765             137,773        

Equity in net losses from unconsolidated real estate joint ventures

  $       (1,676 )     (73 )     (2,972 )

Loss before income taxes

  $ (1,733 )     (1,676 )     (4,593 )     (2,972 )
   

For the Three Months Ended

   

For the Nine Months Ended

 
   

Pro Forma

   

Pro Forma

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

Total revenues

  $ 103,278       77,178       319,299       278,192  

Equity in net earnings from unconsolidated real estate joint ventures

  $ 2,126       13,751       4,172       35,712  

(Loss) income before income taxes

  $ (5,535 )     6,758       (22,584 )     16,047  

Net (loss) income

  $ (4,620 )     4,179       (19,782 )     9,262