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Note 14 - Industry Segments

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE

14

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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

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