XML 12 R2.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Investments:    
Fixed maturities, at fair value (amortized cost of $38,302 and $40,127, respectively) $ 35,815 $ 37,591
Equity investments, at fair value (cost of $187 and $187, respectively) 205 153
Limited liability investments, at fair value 0 13,863
Investments in private companies, at adjusted cost 854 790
Other investments, at cost which approximates fair value (net of allowance of $116 and zero, respectively) 69 201
Short-term investments, at cost which approximates fair value 160 157
Total investments 41,518 56,934
Cash and cash equivalents 20,183 64,168
Restricted cash 9,103 13,064
Accrued investment income 944 1,195
Other receivables, net of allowance of $8 and $8, respectively 1,035 3,720
Deferred contract costs 13,892 13,257
Income taxes recoverable 406 0
Property and equipment, net of accumulated depreciation of $1,062 and $1,041, respectively 639 773
Right-of-use asset 840 911
Goodwill 46,399 45,498
Intangible assets, net of accumulated amortization of $26,480 and $22,228, respectively 30,817 33,099
Other assets 3,368 23,249
Assets held for sale 19,474 19,478
Total Assets 198,044 285,650
Liabilities:    
Accrued expenses and other liabilities 24,830 55,801
Income taxes payable 0 945
Deferred service fees 82,314 82,713
Bank loans 28,312 34,281
Subordinated debt, at fair value 12,624 67,811
Lease liability 1,170 1,217
Net deferred income tax liabilities 4,456 4,176
Liabilities held for sale 16,210 16,585
Total Liabilities 169,916 263,529
Shareholders' Equity:    
Common stock, no par value; 50,000,000 authorized; 27,761,129 and 23,437,530 issued at September 30, 2023 and December 31, 2022, respectively; and 27,413,983 and 23,190,080 outstanding at September 30, 2023 and December 31, 2022, respectively 0 0
Additional paid-in capital 379,192 359,985
Treasury stock, at cost; 347,146 and 247,450 outstanding at September 30, 2023 and December 31, 2022, respectively (1,294) (492)
Accumulated deficit (345,051) (370,427)
Accumulated other comprehensive (loss) income (1,270) 26,605
Shareholders' equity attributable to common shareholders 31,577 15,671
Noncontrolling interests in consolidated subsidiaries (3,449) 437
Total Shareholders' Equity 28,128 16,108
Total Liabilities, Class A preferred stock and Shareholders' Equity 198,044 285,650
Redeemable Class A Preferred Stock [Member]    
Liabilities:    
Redeemable Class A preferred stock, no par value; 1,000,000 authorized; zero and 149,733 issued and outstanding at September 30, 2023 and December 31, 2022, respectively; redemption amount of zero and $6,013 at September 30, 2023 and December 31, 2022, respectively 0 6,013
Service Fees [Member]    
Investments:    
Service fee receivable, net of allowance for credit losses of $307 and $147, respectively 9,426 10,304
Liabilities:    
Deferred service fees 82,314 82,713
Limited Liability Investments [Member]    
Investments:    
Limited liability investments 816 983
Limited liability investments, at fair value $ 3,599 $ 17,059