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Note 14 - Industry Segments | 9 Months Ended
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Sep. 30, 2019
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 14 . I N DUSTRY 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 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, 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 September 30, 2019 |  | GIG |  |  | LMH |  |  | Unallocated |  |  | Consolidated |
Revenue |  | $ | 3,639,924 |  |  | $ | 7,182,884 |  |  | $ | - |  |  | $ | 10,822,808 |
Segment gross profit |  |  | 1,614,604 |  |  |  | 4,325,204 |  |  |  | - |  |  |  | 5,939,808 |
Segment loss from operations |  |  | (595,974 | ) |  |  | (2,278,483 | ) |  |  | (914,642 | ) |  |  | (3,789,099 | )
Capital expenditures |  |  | 5,943 |  |  |  | 8,410,950 |  |  |  | - |  |  |  | 8,416,893 |
Depreciation and amortization |  |  | 285,625 |  |  |  | 3,834,397 |  |  |  | - |  |  |  | 4,120,022 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |
Nine Months Ended September 30, 2019 |  | GIG |  |  | LMH |  |  | Unallocated |  |  | Consolidated |
Revenue |  | $ | 8,959,828 |  |  | $ | 21,113,266 |  |  | $ | - |  |  | $ | 30,073,094 |
Segment gross profit |  |  | 4,217,803 |  |  |  | 12,779,299 |  |  |  | - |  |  |  | 16,997,102 |
Segment loss from operations |  |  | (2,652,352 | ) |  |  | (5,592,959 | ) |  |  | (3,534,377 | ) |  |  | (11,779,688 | )
Capital expenditures |  |  | 43,704 |  |  |  | 9,808,129 |  |  |  | - |  |  |  | 9,851,833 |
Depreciation and amortization |  |  | 896,935 |  |  |  | 10,632,616 |  |  |  | - |  |  |  | 11,529,551 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |
As of September 30, 2019 |  | GIG |  |  | LMH |  |  | Unallocated |  |  | Consolidated |
Accounts receivable, net |  | $ | 2,113,990 |  |  | $ | 3,263,959 |  |  | $ | - |  |  | $ | 5,377,949 |
Goodwill |  |  | 8,719,294 |  |  |  | 97,038,597 |  |  |  | - |  |  |  | 105,757,891 |
Total assets |  |  | 43,495,078 |  |  |  | 220,957,167 |  |  |  | 161,662,234 |  |  |  | 426,114,479 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 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 + Details
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