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Note 13 - Industry Segments

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE

13.

     

INDUSTRY 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, GIIC, and GIDIS. SSS clients are multi-state and UCS, 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, GIIC, and GIDIS 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 March 31, 2019		GIG				LMH				Unallocated				Consolidated
Revenue		$	2,330,335			$	6,780,390			$	-			$	9,110,725
Segment gross profit			1,044,613				4,068,993				-				5,113,606
Segment loss from operations			(1,318,014	)			(1,800,748	)			(1,669,188	)			(4,787,950	)
Capital expenditures			37,955				845,583				-				883,538
Depreciation and amortization			316,062				3,375,773				-				3,691,835

														Total
Three Months Ended March 31, 2018		GIG				LMH				Unallocated				Consolidated
Revenue		$	1,272,754			$	1,550,190			$	-			$	2,822,944
Segment gross profit			1,059,890				827,356				-				1,887,246
Segment loss from operations			(1,043,379	)			(718,682	)			(980,330	)			(2,742,391	)
Capital expenditures			7,482				577,333				-				584,815
Depreciation and amortization			325,134				763,894				-				1,089,028

														Total
As of March 31, 2019		GIG				LMH				Unallocated				Consolidated
Accounts receivable, net		$	1,094,753			$	3,413,171			$	-			$	4,507,924
Goodwill			8,719,294				89,966,501				-				98,685,795
Total assets			37,290,970				221,155,217				121,646,822				380,093,009

														Total
As of December 31, 2018		GIG				LMH				Unallocated				Consolidated
Accounts receivable, net		$	1,075,399			$	3,389,045			$	-			$	4,464,444
Goodwill			8,719,294				89,966,501				-				98,685,795
Total assets			36,396,939				175,082,989				120,714,593				332,194,521

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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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