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Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 5 – Fair Value Measurements

 

The following table sets forth by level within the 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 June 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Commodity swap derivative asset

 

$

-

 

 

$

69

 

 

$

-

 

 

$

69

 

Foreign currency derivative asset

 

$

-

 

 

$

1,588

 

 

$

-

 

 

$

1,588

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liability

 

$

-

 

 

$

131,061

 

 

$

-

 

 

$

131,061

 

 

 

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

 

 

 

The fair value of the Company’s Warrant (as defined in Note 10 - Warrants) liability recorded in the Company’s financial statements, determined using the quoted price of the Company’s common stock, par value $0.01 per share (the “Common Stock”) in an active market, exercise prices ($0.01/share and $3.57/share) and number of shares exercisable, as of June 30, 2025 and December 31, 2024, 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 June 30, 2025 and December 31, 2024 in an active market, is a Level 2 measurement. For further information, see Note 15 - Derivatives.

 

The fair value of the Company’s commodity swap contracts, determined using quoted market prices obtained from each counterparty, which are based on the current market and contractual prices for the underlying instruments, as of June 30, 2025 in an active market, is a Level 2 measurement. For further information, see Note 15 - Derivatives.

 

The fair value of the Company’s fleet of triple hopper aggregate railcars held for sale determined using a market-based appraisal, during the year ended December 31, 2024, is a Level 3 measurement. In April 2025, the Company sold the railcars in their current condition.