CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| General and administrative expenses | $ 908,158 | $ 191,047 | $ 1,552,735 | $ 623,164 | $ 826,307 | $ 586,284 | |
| Franchise tax expense | 50,510 | 50,000 | 150,560 | 150,000 | 200,000 | 198,617 | |
| Loss from operations | (958,668) | (241,047) | (1,703,295) | (773,164) | (1,026,307) | (784,901) | |
| Interest earned on investments and marketable securities | 8,953 | 892,606 | 692,927 | 2,792,775 | 3,473,997 | 1,688,934 | |
| Income loss before income tax expense | (949,715) | 651,559 | (1,010,368) | 2,019,611 | 2,447,690 | 904,033 | |
| Provision (benefit) for income taxes | (25,379) | 174,369 | 113,897 | 552,968 | 675,854 | 311,183 | |
| Net (loss) income | (924,336) | 477,190 | (1,124,265) | 1,466,643 | 1,771,836 | 592,850 | |
| Landsea Homes [Member] | |||||||
| Total revenue | 449,870,000 | 344,849,000 | 630,988,000 | 378,617,000 | $ 197,306,000 | ||
| Inventory impairments | |||||||
| Total cost of sales | 397,613,000 | 288,512,000 | 531,529,000 | 306,304,000 | 175,420,000 | ||
| Total gross margin | 52,257,000 | 56,337,000 | 99,459,000 | 72,313,000 | 21,886,000 | ||
| Sales and marketing expenses | 31,523,000 | 14,720,000 | 26,522,000 | 16,266,000 | 6,687,000 | ||
| General and administrative expenses | 31,332,000 | 23,285,000 | 34,884,000 | 26,313,000 | 18,574,000 | ||
| Total operating expenses | 62,855,000 | 38,005,000 | 61,406,000 | 42,579,000 | 25,261,000 | ||
| Loss from operations | (10,598,000) | 18,332,000 | 38,053,000 | 29,734,000 | (3,375,000) | ||
| Other income (expense), net | 347,000 | (785,000) | (1,602,000) | (882,000) | 4,333,000 | ||
| Interest expense | (24,504,000) | (19,809,000) | (111,000) | (645,000) | |||
| Equity in net (loss) income of unconsolidated joint ventures (including related party interest of $903 and $1,630, respectively) | (16,229,000) | (7,498,000) | (7,901,000) | 13,018,000 | (458,000) | ||
| Impairment of real estate held for sale | (3,413,000) | (440,000) | |||||
| Income loss before income tax expense | (26,480,000) | 10,049,000 | 28,550,000 | 41,319,000 | (145,000) | ||
| Provision (benefit) for income taxes | (6,738,000) | 2,597,000 | 6,159,000 | 4,613,000 | 158,000 | ||
| Net (loss) income | (19,742,000) | 7,452,000 | 22,391,000 | 36,706,000 | (303,000) | ||
| Net (loss) income attributed to noncontrolling interests | (120,000) | 3,170,000 | 5,191,000 | 7,522,000 | 110,000 | ||
| Net (loss) income attributable to Landsea Homes Incorporated | $ (19,622,000) | $ 4,282,000 | $ 17,200,000 | $ 29,184,000 | $ (413,000) | ||
| Weighted average shares outstanding | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | ||
| Basic and diluted net loss per share | $ (19,622,000) | $ 4,282,000 | $ 17,200 | $ 29,184 | $ (413) | ||
| Landsea Homes [Member] | Home sales [Member] | |||||||
| Total revenue | $ 449,870,000 | $ 293,684,000 | $ 568,872,000 | $ 347,828,000 | $ 28,753,000 | ||
| Inventory impairments | 3,413,000 | ||||||
| Total cost of sales | 394,200,000 | 243,933,000 | 478,054,000 | 278,976,000 | 27,201,000 | ||
| Total gross margin | 52,257,000 | 49,751,000 | 90,818,000 | 68,852,000 | 1,552,000 | ||
| Landsea Homes [Member] | Lot sales [Member] | |||||||
| Total revenue | 51,165,000 | 62,116,000 | 30,789,000 | 168,553,000 | |||
| Total cost of sales | 44,579,000 | 53,475,000 | 27,328,000 | 148,219,000 | |||
| Total gross margin | $ 6,586,000 | 8,641,000 | 3,461,000 | 20,334,000 | |||
| LS Boston Point LLC [Member] | |||||||
| Income from non-controlled joint ventures | 1,087,482 | 11,457,359 | (135,065) | ||||
| Gain on redemption of partnership interest | 24,559,387 | ||||||
| Total revenue | 1,087,482 | 36,016,746 | (135,065) | ||||
| Professional fees | 39,644 | 160,069 | 90,085 | ||||
| Salaries and wages | 87,138 | 120,000 | |||||
| Office expense | 13,717 | 38,164 | 28,940 | ||||
| Travel expense | 13,692 | ||||||
| State taxes and annual fees | 1,769 | 127 | 1,900 | ||||
| Total operating expenses | 55,130 | 299,190 | 240,925 | ||||
| Net (loss) income | 1,032,352 | 35,717,556 | $ (375,990) | ||||
| Common Stock Class A | |||||||
| Net (loss) income | |||||||
| Weighted average shares outstanding | 13,302,920 | 15,525,000 | 14,679,742 | 15,525,000 | 15,525,000 | 15,525,000 | |
| Basic and diluted net loss per share | $ 0.04 | $ 0.03 | $ 0.13 | $ 0.17 | $ 0.08 | ||
| Common Stock Class B | |||||||
| Net (loss) income | |||||||
| Weighted average shares outstanding | 3,881,250 | 3,881,250 | 3,881,250 | 3,881,250 | 3,881,250 | 3,881,250 | |
| Basic and diluted net loss per share | $ (0.24) | $ (0.05) | $ (0.40) | $ (0.16) | $ (0.21) | $ (0.15) | |
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- Definition The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of gain (loss) on redemption of investment company shares or units by payment in portfolio securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Nonrecurring impairment charges related to the write-off of production-related equipment and inventory. This tag is used when an Entity charges this cost to cost of goods sold. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of expense for salary and wage arising from service rendered by nonofficer employee. Excludes allocated cost, labor-related nonsalary expense, and direct and overhead labor cost included in cost of good and service sold. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate total amount of expenses directly related to the marketing or selling of products or services. No definition available.
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- Definition Expenses incurred for travel and entertainment during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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