XML 26 R14.htm IDEA: XBRL DOCUMENT v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 4 – Fair Value Measurements

 

The following table sets forth by level within the ASC 820, Fair Value Measurement, fair value hierarchy the Company’s financial assets that were recorded at fair value on a recurring basis and the Company’s non-financial assets that were recorded at fair value on a non-recurring basis.

 

Recurring Fair Value Measurements

 

As of December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liability

 

$

-

 

 

$

136,319

 

 

$

-

 

 

$

136,319

 

Foreign currency derivative liability

 

$

-

 

 

$

1,396

 

 

$

-

 

 

$

1,396

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-recurring Fair Value Measurements

 

During the Year Ended December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Assets held for sale

 

$

-

 

 

$

-

 

 

$

629

 

 

$

629

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements

 

As of December 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liability

 

$

-

 

 

$

36,801

 

 

$

-

 

 

$

36,801

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency derivative asset

 

$

-

 

 

$

606

 

 

$

-

 

 

$

606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-recurring Fair Value Measurements

 

During the Year Ended December 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Railcars available for lease, net

 

$

-

 

 

$

-

 

 

$

2,842

 

 

$

2,842

 

 

The fair value of the Company’s Warrant (as defined in Note 12 - Warrants) liability recorded in the Company’s financial statements, determined using the quoted price of the Company’s Common Stock in an active market, exercise price ($0.01/share) and number of shares exercisable, as of December 31, 2024 and 2023, is a Level 2 measurement.

 

The fair value of the Company’s foreign currency forward contracts determined using exit prices obtained from each counterparty, which are based on currency spot and forward rates, as of December 31, 2024 in an active market, is a Level 2 measurement. See Note 8 - Derivatives.

 

The fair value of the Company's fleet of triple hopper aggregate railcars determined using a cost plus market value approach for a portion of the assets and a market-based appraisal for the remainder of the assets, as of December 31, 2023, is a Level 3 measurement. In the first quarter of 2024, the Company gained possession of these railcars. The portion of railcars intended to be sold in their current condition are classified as assets held for sale, while the remaining railcars were converted into a new car type during the year ended December 31, 2024. For further information, see Note 7 - Leased Railcars.