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Note 13 - Industry Segments

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE

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NDUSTRY SEGMENTS

This summary presents our current segments, as described below.

General Indemnity Group, LLC

GIG conducts our insurance operations through its subsidiaries, Warnock, SSS, SCS, UCS, and GIIC. UCS and SSS clients are multi-state and SCS and Warnock clients are nationwide. Revenue consists of surety bond sales and insurance commissions. Currently, GIG’s corporate resources are used to support Warnock, SSS, SCS, UCS, and GIIC and to make additional business acquisitions in the insurance industry.

Link Media Holdings, LLC

LMH conducts our billboard rental operations. LMH advertisers are located in Alabama, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, Nebraska, Virginia, West Virginia, and Wisconsin.

														Total
Three Months Ended September 30, 2018		GIG				LMH				Unallocated				Consolidated
Revenue		$	1,639,723			$	3,753,795			$	-			$	5,393,518
Segment gross profit			993,492				2,321,008				-				3,314,500
Segment loss from operations			(1,160,447	)			(971,222	)			(773,387	)			(2,905,056	)
Capital expenditures			5,511				139,855,054				-				139,860,565
Depreciation and amortization			313,931				1,763,940				-				2,077,871

														Total
Three Months Ended September 30, 2017		GIG				LMH				Unallocated				Consolidated
Revenue		$	933,138			$	1,451,843			$	-			$	2,384,981
Segment gross profit			745,018				695,715				-				1,440,733
Segment loss from operations			(351,586	)			(763,718	)			(443,333	)			(1,558,637	)
Capital expenditures			452,653				1,831,450				-				2,284,103
Depreciation and amortization			64,428				727,455				-				791,883

														Total
Nine Months Ended September 30, 2018		GIG				LMH				Unallocated				Consolidated
Revenue		$	4,202,967			$	7,003,254			$	-			$	11,206,221
Segment gross profit			3,079,200				4,004,846				-				7,084,046
Segment loss from operations			(3,408,258	)			(2,472,933	)			(2,269,947	)			(8,151,138	)
Capital expenditures			15,542				141,614,043				-				141,629,585
Depreciation and amortization			955,151				3,209,367				-				4,164,518

														Total
Nine Months Ended September 30, 2017		GIG				LMH				Unallocated				Consolidated
Revenue		$	2,568,138			$	3,681,653			$	-			$	6,249,791
Segment gross profit			2,125,344				1,815,216				-				3,940,560
Segment loss from operations			(1,003,534	)			(1,922,206	)			(1,122,102	)			(4,047,842	)
Capital expenditures			452,653				12,417,480				-				12,870,133
Depreciation and amortization			165,785				1,878,705				-				2,044,490

														Total
As of September 30, 2018		GIG				LMH				Unallocated				Consolidated
Accounts receivable, net		$	1,626,271			$	2,547,527			$	-			$	4,173,798
Goodwill			8,719,294				89,760,501				-				98,479,795
Total assets			27,078,717				176,474,859				130,139,841				333,693,417

														Total
As of December 31, 2017		GIG				LMH				Unallocated				Consolidated
Accounts receivable, net		$	433,225			$	662,552			$	-			$	1,095,777
Goodwill			8,719,294				15,972,867				-				24,692,161
Total assets			25,762,437				32,443,777				95,270,870				153,477,084

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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