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NONCONTROLLING INTERESTS AND VARIABLE INTEREST ENTITIES (VIEs) (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table is a rollforward of activities related to the Company’s unconsolidated entity (in thousands):


	2024		2023
Balance at January 1	$	1,647	$	—
Loss from unconsolidated entity	(1,486)		—
Balance at March 31	161		—
Loss from unconsolidated entity	(1,415)		—
Equity deficit applied to note (1)	1,254		—
Balance at June 30	$	—	$	—

(1) As the Company is not required to advance additional funds to Linq, excess losses beyond our initial investment have been recorded against the basis of our other investments in Linq, which is comprised of the loan receivable for amounts borrowed under the Wabash Note.

Schedule of Variable Interest Entities

The following table presents the assets and liabilities of the WP VIE consolidated on the Company’s Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	2,045	$	3,020
Accounts receivable, net	2,105		1,540
Inventories, net	2		85
Prepaid expenses and other	137		68
Total current assets	4,289		4,713
Property, plant, and equipment, net	—		—
Other assets	283		543
Total assets	$	4,572	$	5,256
Liabilities
Current liabilities:
Accounts payable	$	3,820	$	4,024
Other accrued liabilities	20		26
Total current liabilities	3,840		4,050
Other non-current liabilities	—		—
Total liabilities	$	3,840	$	4,050

Schedule Of Noncontrolling Interest Activity

The following table is a rollforward of activities in the Company’s noncontrolling interest (in thousands):


	2024		2023
Balance at January 1	$	603	$	512
Net income attributable to noncontrolling interest	120		183
Other comprehensive income (loss)	—		—
Distributions paid to noncontrolling interest	(603)		—
Balance at March 31	120		695
Net income attributable to noncontrolling interest	246		146
Other comprehensive income (loss)	—		—
Distributions declared to noncontrolling interest	—		(512)
Balance at June 30	$	366	$	329

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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