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Fair Value Measurements
3 Months Ended
Apr. 30, 2022
Fair Value Measurements  
Fair Value Measurements

(4)    Fair Value Measurements

GAAP utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to observable quoted prices (unadjusted) in active markets for identical assets and liabilities (Level 1 measurement), then priority to quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market (Level 2 measurement) and the lowest priority to unobservable inputs (Level 3 measurement).

The valuation for the 8.50% Senior Unsecured Notes is based on the quoted prices in active markets for identical assets, a Level 1 input. The 8.50% Senior unsecured notes (ticker: IMBIL) are traded on the Nasdaq stock exchange, which the Company considers to be an “active market,” as defined by U.S. GAAP. Therefore, these Notes are measured based on quoted prices in an active market and included as Level 1 fair value instruments in the table below.

The carrying amount of the Siena revolving loan approximate its fair values as its variable interest rates are based on prevailing market rates, which are a Level 2 input. The carrying amounts of the GreenLake Real Estate financing term loan, GCP note, and seller notes reasonably approximate their fair values because their interest rates are similar to market rates for similar instruments, which are Level 2 inputs.

The Company’s financial instruments are listed with their fair values below as of April 30, 2022 and January 29, 2022:

Fair Value Measurements at April 30, 2022

Total

Level 1

Level 2

Level 3

Liabilities:

Siena revolving loan

$

61,149

$

$

61,149

$

8.5% Senior unsecured notes (IMBIL)

61,632

61,632

GreenLake Real Estate financing term loan

28,500

28,500

Seller notes

27,234

27,234

GCP note

10,600

10,600

Fair Value Measurements at January 29, 2022

Total

Level 1

Level 2

Level 3

Liabilities:

Siena revolving loan

$

60,216

$

$

60,216

$

8.5% Senior unsecured notes (IMBIL)

70,176

70,176

GreenLake Real Estate Financing term loan

28,500

28,500

Seller notes

29,354

29,354

The Company had no Level 3 investments that use significant unobservable inputs as of April 30, 2022 and January 29, 2022.