Investment in Equity Interest |
3 Months Ended |
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Mar. 31, 2023 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| Investment in Equity Interest | Investment in Equity InterestAs of March 31, 2023, the Company owned 6,857,132 shares of YFE. At the time of the initial investment in 2021, it was determined that based on the Company's 28.69% ownership in YFE, the Company had significant influence over the entity. Therefore, under the equity method of accounting, the Company elected to account for the investment at fair value under the fair value option. Under the fair value option, the investment is remeasured and recorded at fair value each reporting period, with the change recorded through earnings. As of March 31, 2023, the fair value of the investment was determined to be $15.7 million recorded within noncurrent assets on the Company's condensed consolidated balance sheets. The fair value as of March 31, 2023 decreased $0.6 million, as compared to December 31, 2022. The decrease is comprised of the net impact of a decrease in YFE's stock price, resulting in a loss in fair value of $0.9 million and the effect of remeasuring the investment balance from the EURO to USD, resulting in a gain of $0.3 million. The total change in fair value is recorded within Other Income (Expense) on the Company's condensed consolidated statement of operations. As of March 31, 2023 and December 31, 2022, the Company's ownership in YFE was 44.8%. |
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- References No definition available.
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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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