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Investments in affiliates and joint ventures | 12 Months Ended
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Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Investments in affiliates and joint ventures | Investments in affiliates and joint ventures The following is a summary of the Company's interests in its various affiliates and joint ventures, which it accounts for using the equity method:
Affiliate or joint venture name: |  | Interest
Nuna Group of Companies ("Nuna") |  |
Nuna Logistics Ltd. |  | 49 | %
North American Nuna Joint Venture |  | 50 | %
Nuna East Ltd. |  | 37 | %
Nuna Pang Contracting Ltd. |  | 37 | %
Nuna West Mining Ltd. |  | 49 | %
Mikisew North American Limited Partnership ("MNALP") |  | 49 | %
Fargo joint ventures "Fargo" |  |
ASN Constructors ("ASN") |  | 30 | %
Red River Valley Alliance LLC ("RRVA") |  | 15 | %
NAYL Realty Inc. |  | 49 | %
BNA Remanufacturing Limited Partnership |  | 50 | %
Dene North Site Services Partnership(i) |  | 49 | %
(i)Subsequent to December 2022, the Dene North Site Services Partnership has been dissolved. The following table summarizes the movement in the investments in affiliates and joint ventures balance during the year:
|  | December 31, 2022 |  | December 31, 2021
Balance, beginning of the year |  | $ | 55,974 |  |  | $ | 46,263 |
Investments in affiliates and joint ventures |  | — |  |  | 2,321 |
Share of net income |  | 37,053 |  |  | 21,860 |
Dividends from affiliates and joint ventures |  | (12,760) |  |  | (11,270) |
Intercompany eliminations |  | (4,630) |  |  | (3,200) |
Balance, end of the year |  | $ | 75,637 |  |  | $ | 55,974 |
The financial information for the Company's share of the investments in affiliates and joint ventures accounted for using the equity method is summarized as follows: Balance Sheets
December 31, 2022 |  | Nuna |  | MNALP |  | Fargo |  | Other entities |  | Total
Assets |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 6,559 |  |  | $ | 1,467 |  |  | $ | 81,326 |  |  | $ | 800 |  |  | $ | 90,152 |
Other current assets |  | 82,147 |  |  | 41,820 |  |  | 1,776 |  |  | 3,495 |  |  | 129,238 |
Non-current assets |  | 18,422 |  |  | 27,428 |  |  | 93,007 |  |  | 12,510 |  |  | 151,367 |
Total assets |  | $ | 107,128 |  |  | $ | 70,715 |  |  | $ | 176,109 |  |  | $ | 16,805 |  |  | $ | 370,757 |
Liabilities |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 40,382 |  |  | $ | 43,381 |  |  | $ | 78,457 |  |  | $ | 1,529 |  |  | $ | 163,749 |
Non-current liabilities |  | 12,942 |  |  | 22,195 |  |  | 89,907 |  |  | 6,327 |  |  | 131,371 |
Total liabilities |  | $ | 53,324 |  |  | $ | 65,576 |  |  | $ | 168,364 |  |  | $ | 7,856 |  |  | $ | 295,120 |
Net investments in affiliates and joint ventures |  | $ | 53,804 |  |  | $ | 5,139 |  |  | $ | 7,745 |  |  | $ | 8,949 |  |  | $ | 75,637 |
December 31, 2021 |  | Nuna |  | MNALP |  | Fargo |  | Other entities |  | Total
Assets |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 13,992 |  |  | $ | 2,758 |  |  | $ | 38,688 |  |  | $ | 734 |  |  | $ | 56,172 |
Other current assets |  | 32,363 |  |  | 20,032 |  |  | — |  |  | 3,758 |  |  | 56,153 |
Non-current assets |  | 24,092 |  |  | 10,966 |  |  | 285 |  |  | 7,618 |  |  | 42,961 |
Total assets |  | $ | 70,447 |  |  | $ | 33,756 |  |  | $ | 38,973 |  |  | $ | 12,110 |  |  | $ | 155,286 |
Liabilities |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 15,819 |  |  | $ | 22,059 |  |  | $ | 38,573 |  |  | $ | 986 |  |  | $ | 77,437 |
Non-current liabilities |  | 9,586 |  |  | 7,356 |  |  | — |  |  | 4,933 |  |  | 21,875 |
Total liabilities |  | $ | 25,405 |  |  | $ | 29,415 |  |  | $ | 38,573 |  |  | $ | 5,919 |  |  | $ | 99,312 |
Net investments in affiliates and joint ventures |  | $ | 45,042 |  |  | $ | 4,341 |  |  | $ | 400 |  |  | $ | 6,191 |  |  | $ | 55,974 |
Statements of Operations
Year ended December 31, 2022 |  | Nuna |  | MNALP |  | Fargo |  | Other entities |  | Total
Revenue |  | $ | 213,745 |  |  | $ | 330,259 |  |  | $ | 40,598 |  |  | $ | 11,431 |  |  | $ | 596,033 |
Gross profit |  | 30,667 |  |  | 10,216 |  |  | 6,575 |  |  | 2,123 |  |  | 49,581 |
Income before taxes |  | 21,741 |  |  | 8,825 |  |  | 7,049 |  |  | 1,881 |  |  | 39,496 |
Net income |  | $ | 19,298 |  |  | $ | 8,825 |  |  | $ | 7,049 |  |  | $ | 1,881 |  |  | $ | 37,053 |
Year ended December 31, 2021 |  | Nuna |  | MNALP |  | Fargo |  | Other entities |  | Total
Revenue |  | $ | 147,187 |  |  | $ | 171,425 |  |  | $ | 6,296 |  |  | $ | 7,532 |  |  | $ | 332,440 |
Gross profit |  | 28,357 |  |  | 2,762 |  |  | 1,079 |  |  | 1,443 |  |  | 33,641 |
Income before taxes |  | 20,600 |  |  | 2,750 |  |  | 397 |  |  | 1,317 |  |  | 25,064 |
Net income |  | $ | 17,396 |  |  | $ | 2,750 |  |  | $ | 397 |  |  | $ | 1,317 |  |  | $ | 21,860 |
Related parties The following table provides the material aggregate outstanding balances with affiliates and joint ventures. Accounts payable and accrued liabilities due to joint ventures and affiliates do not bear interest, are unsecured and without fixed terms of repayment. Accounts receivable from certain joint ventures and affiliates bear interest at various rates, and all other accounts receivable amounts are non-interest bearing.
|  | December 31, 2022 |  | December 31, 2021
Accounts receivable |  | $ | 65,294 |  |  | $ | 31,050 |
Other assets |  | 2,444 |  |  | 2,162 |
Accounts payable and accrued liabilities |  | 13,773 |  |  | 286 |
The Company enters into transactions with a number of its joint ventures and affiliates that involve providing services primarily consisting of subcontractor services, equipment rental revenue and sales of equipment and components. These transactions were conducted in the normal course of operations, which were established and agreed to as consideration by the related parties. For the years ended December 31, 2022 and 2021, revenue earned from these services was $666,069 and $356,592, respectively. The majority of services are being completed through the Mikisew North American Limited Partnership ("MNALP") which performs the role of contractor and subcontracts work to the Company. Accounts receivable balances from MNALP are recorded when MNALP bills the external customer and are settled when MNALP receives payment. At December 31, 2022, MNALP had recorded accounts receivable of $66,680 on their balance sheet (December 31, 2021 - $32,296).

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI https://asc.fasb.org/topic&trid=2197479 + Details
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