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Investments and Advances to Equity Method Investments (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments and Advances to Equity Method Investments [Abstract] |
Schedule of Investments and Advances to Equity Method Investments | Investments and advances to equity method investments as of June 30, 2024 and December 31, 2023 consisted of the following:
|  | As of |
|  | June 30, 2024 |  |  | December 31, 2023 |
FCG |  | $ | 32,451 |  |  | $ | 30,930 |
PDP |  |  | 23,369 |  |  |  | 22,870 |
Karnival |  |  | 7,006 |  |  |  | 6,843 |
|  | $ | 62,826 |  |  | $ | 60,643 |
Schedule of Related Party Activity | The Company’s Share of gain or (loss) from equity method investments for the three and six months ended June 30, 2024 and 2023 comprised of:
|  | For the three months ended June 30 |  |  | For the six months ended June 30 |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
FCG(1) |  | $ | 988 |  |  | $ | - |  |  | $ | 1,521 |  |  | $ | - |
PDP |  |  | 656 |  |  |  | 284 |  |  |  | 1,190 |  |  |  | 375 |
Sierra Parima |  |  | - |  |  |  | (1,266 | ) |  |  | - |  |  |  | (2,638 | )
Karnival |  |  | 76 |  |  |  | 126 |  |  |  | 163 |  |  |  | 128 |
|  | $ | 1,720 |  |  | $ | (856 | ) |  | $ | 2,874 |  |  | $ | (2,135 | )
(1) | The share of loss from the Company’s equity method investment in FCG is subsequent to FCG’s deconsolidation on July 27, 2023. The Company recognized 100% of net income, less 9% preferred return to QIC and amortization of the basis difference of deconsolidation of FCG. For the three months ended June 30, 2024, the Company recognized $1.0 million of net income from FCG, which equals the $2.5 million total net income from FCG less adjustments of $(1.5) million comprised of $(0.7) million in accretion of preference dividend and fees, and $(0.8) million in amortization of basis difference. For the six months ended June 30, 2024, the Company recognized $1.5 million net income from FCG, which equals the $4.3 million total net income from FCG less adjustments of $(2.8) million comprised of $(1.1) million in accretion of preference dividend and fees, and $(1.7) million in amortization of basis difference. The Company will continue to recognize 100% of the gains or (losses) to its equity method investment in FCG based on the terms of the LLCA until the split in equity accounts becomes 25% related to QIC and 75% to the Company.
Schedule of Related Party Balances of FCG, Sierra Parima and PDP | The following tables provide summarized balance sheet information for the Company’s equity method investments:
|  | As of June 30, 2024 |
|  | FCG |  |  | PDP |  |  | Karnival |
Current assets |  | $ | 30,332 |  |  | $ | 12,484 |  |  | $ | 16,509 |
Non-current assets |  |  | 29,198 |  |  |  | 83,451 |  |  |  | 2,434 |
Current liabilities |  |  | 13,856 |  |  |  | 17,602 |  |  |  | 18,025 |
Non-current liabilities |  |  | 6,260 |  |  |  | 31,596 |  |  |  | - |
|  | As of December 31, 2023 |
|  | FCG |  |  | PDP |  |  | Sierra Parima |  |  | Karnival |
Current assets |  | $ | 12,575 |  |  | $ | 8,283 |  |  | $ | 2,697 |  |  | $ | 16,030 |
Non-current assets |  |  | 19,730 |  |  |  | 87,280 |  |  |  | 18,714 |  |  |  | 1,805 |
Current liabilities |  |  | 7,375 |  |  |  | 14,048 |  |  |  | 62,070 |  |  |  | (17,250 | )
Non-current liabilities |  |  | 1,801 |  |  |  | 35,777 |  |  |  | 9,973 |  |  |  | — |
Schedule of Related Party Balances of FCG, Sierra Parima and PDP | The following tables provide summarized related party balances of FCG, Sierra Parima and PDP:
|  | As of June 30, 2024 |
|  | FCG |  |  | PDP |
Assets |  | $ | 14,208 |  |  | $ | 2,009 |
Liabilities |  |  | 29 |  |  |  | 2,324 |
|  | As of December 31, 2023 |
|  | PDP |  |  | FCG |  |  | Sierra Parima |
Assets |  | $ | 2,288 |  |  | $ | 7,503 |  |  | $ | 2,230 |
Liabilities |  |  | 1,685 |  |  |  | 3,384 |  |  |  | 57,438 |
Schedule of Statements of Operations | The following tables provide summarized statements of operations for the Company’s equity method investments:
|  | For the three months ended June 30 |
|  | 2024 |  |  | 2023 |
|  | FCG |  |  | PDP |  |  | PDP |  |  | Sierra Parima |
Total revenues |  | $ | 15,720 |  |  | $ | 11,296 |  |  | $ | 10,428 |  |  | $ | 991 |
Income (loss) from operations |  |  | 2,278 |  |  |  | 1,595 |  |  |  | 833 |  |  |  | (2,487 | )
Net income (loss) |  |  | 2,480 |  |  |  | 1,314 |  |  |  | 568 |  |  |  | (2,529 | )
|  | For the six months ended June 30 |
|  | 2024 |  |  | 2023 |
|  | FCG |  |  | PDP |  |  | PDP |  |  | Sierra Parima |
Total revenues |  | $ | 30,647 |  |  | $ | 18,751 |  |  | $ | 16,770 |  |  | $ | 1,225 |
Income (loss) from operations |  |  | 3,857 |  |  |  | 2,925 |  |  |  | 1,338 |  |  |  | (5,223 | )
Net income (loss) |  |  | 4,283 |  |  |  | 2,268 |  |  |  | 750 |  |  |  | (5,273 | )
Schedule of Related Party Activity | The following table provides FCG, PDP and Sierra Parima’s summarized related party activity for the three months ended June 30, 2024 and 2023:
|  | For the three months ended June 30 |
|  | 2024 |  |  | 2023 |
|  | FCG |  |  | PDP |  |  | PDP |  |  | Sierra Parima |
Total revenues |  | $ | 15,542 |  |  | $ | 12 |  |  | $ | 7 |  |  | $ | 780 |
Total expenses |  |  | 1,749 |  |  |  | 1,034 |  |  |  | 922 |  |  |  | 3,434 |
The following table provides FCG, PDP and Sierra Parima’s summarized related party activity for the six months ended June 30, 2024 and 2023:
|  | For the six months ended June 30 |
|  | 2024 |  |  | 2023 |
|  | FCG |  |  | PDP |  |  | PDP |  |  | Sierra Parima |
Total revenues |  | $ | 30,298 |  |  | $ | 33 |  |  | $ | 12 |  |  | $ | 1,090 |
Total expenses |  |  | 1,831 |  |  |  | 2,026 |  |  |  | 1,781 |  |  |  | 3,857 |

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