| Schedule of fair value assets measured on a recurring basis |
The following table presents
information about the Company’s assets that are measured on a recurring basis as of September 30, 2020 and December 31, 2019
and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.
| September 30, 2020 |
|
|
|
|
|
|
|
|
|
| |
|
Quoted Prices in Active Markets |
|
|
Significant Other Observable Inputs |
|
|
Significant Other Unobservable Inputs |
|
| Description |
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
| Assets held in Trust: |
|
|
|
|
|
|
|
|
|
|
|
|
| Money market funds |
|
$ |
129,127,500 |
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
$ |
129,127,500 |
|
|
$ |
- |
|
|
$ |
- |
|
| December 31, 2019 |
|
|
|
|
|
|
|
|
|
| |
|
Quoted Prices in Active Markets |
|
|
Significant Other Observable Inputs |
|
|
Significant Other Unobservable Inputs |
|
| Description |
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
| Assets held in Trust: |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Securities |
|
$ |
161,991,526 |
|
|
$ |
- |
|
|
$ |
- |
|
| Money market funds |
|
|
28,383 |
|
|
|
- |
|
|
|
- |
|
| |
|
$ |
162,019,909 |
|
|
$ |
- |
|
|
$ |
- |
|
|
The following table presents
information about the Company’s assets that are measured on a recurring basis as of December 31, 2019 and 2018 and indicates
the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.
| |
|
Quoted Prices in Active
Markets |
|
|
Significant Other
Observable Inputs |
|
|
Significant Other
Unobservable Inputs |
|
| Description |
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
| Assets held in Trust at December 31, 2019: |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Securities |
|
$ |
161,991,526 |
|
|
$ |
- |
|
|
$ |
- |
|
| Money market funds |
|
|
28,383 |
|
|
|
- |
|
|
|
- |
|
| |
|
$ |
162,019,909 |
|
|
$ |
- |
|
|
$ |
- |
|
| Description |
|
Quoted Prices in Active
Markets (Level 1)
|
|
|
Significant Other
Observable Inputs (Level 2)
|
|
|
Significant Other
Unobservable Inputs (Level 3)
|
|
| Assets held in Trust at December 31, 2018: |
|
|
|
|
|
|
|
|
|
|
|
|
| Money market fund |
|
$ |
159,718,098 |
|
|
$ |
— |
|
|
$ |
— |
|
| |
|
$ |
159,718,098 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of fair value assets measured on a recurring basis |
The following table presents carrying values and estimated fair
values of financial instruments:
| |
|
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
| |
|
Hierarchy |
|
Carrying Value |
|
|
Fair Value |
|
|
Carrying Value |
|
|
Fair Value |
|
| |
|
|
|
(dollars in thousands) |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction loans (1)(2) |
|
Level 2 |
|
$ |
80,207 |
|
|
$ |
80,207 |
|
|
$ |
92,640 |
|
|
$ |
92,640 |
|
| Revolving credit facility (1)(2) |
|
Level 2 |
|
$ |
143,362 |
|
|
$ |
143,362 |
|
|
$ |
8,680 |
|
|
$ |
8,680 |
|
| EB-5 notes payable (3) |
|
Level 2 |
|
$ |
86,713 |
|
|
$ |
86,713 |
|
|
$ |
95,010 |
|
|
$ |
95,010 |
|
| Loan payable |
|
Level 2 |
|
$ |
4,265 |
|
|
$ |
4,265 |
|
|
$ |
— |
|
|
$ |
— |
|
| |
(1) |
Carrying amount is net of any discount/premium and deferred financing costs. |
| |
(2) |
Carrying amount approximates fair value due to the variable interest rate terms of these loans. |
| |
(3) |
Carrying amount approximates fair value due to recent issuances of EB-5 debt having similar characteristics, including interest rate. |
|
The following table presents carrying values and estimated fair
values of financial instruments:
| |
|
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
| |
|
Hierarchy |
|
Carrying |
|
|
Fair Value |
|
|
Carrying |
|
|
Fair Value |
|
| |
|
(dollars in thousands) |
| Asset: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notes receivable from lot sales (1) |
|
Level 2 |
|
$ |
25 |
|
|
$ |
25 |
|
|
$ |
17,475 |
|
|
$ |
17,475 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction loans (2)(3) |
|
Level 2 |
|
$ |
92,640 |
|
|
$ |
92,640 |
|
|
$ |
65,157 |
|
|
$ |
65,157 |
|
| Revolving credit facility (2)(3) |
|
Level 2 |
|
$ |
8,680 |
|
|
$ |
8,680 |
|
|
$ |
50,793 |
|
|
$ |
50,793 |
|
| EB-5 notes payable (4) |
|
Level 2 |
|
$ |
95,010 |
|
|
$ |
95,010 |
|
|
$ |
83,796 |
|
|
$ |
83,796 |
|
| |
(1) |
Carrying amount approximates fair value due to short-term nature. |
| |
(2) |
Carrying amount is net of any discount/premium and deferred financing costs. |
| |
(3) |
Carrying amount approximates fair value due to the variable interest rate terms of these loans. |
| |
(4) |
Carrying amount approximates fair value due to recent issuances of EB-5 debt having similar characteristics, including interest rate. |
|