It certainly sounds like spray on waterproofing but why guess?

It could be this.

However, like every sprayed on waterproofing it isn't much help if your foundation develops cracks past hairline width--40 mils in this case. A plastic bubble membrane would have been a surer single component waterproofing. And protective boards, insulation or bubble membrane would have been a perfect addition. But if your foundation is on good draining soil and you have weepers you should be OK.