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Note 17 - Subsequent Events | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Subsequent Events [Text Block] |
NOTE 17. | SUBSEQUENT EVENTS
Effective January 1, 2020, GIG purchased from the minority owners the remaining thirty percent interest in South Coast Surety Insurance Services, LLC for $1,406,409. On January 13, 2020, Dream Finders Holdings, LLC redeemed $6,000,000 of the preferred units initially purchased by us during May 2019. On February 26, 2020, our subsidiary, LMH, acquired certain billboard assets and easements in Nevada from Dean Martin Holding, LLC. The purchase price for the acquired assets was $1,995,832. On March 10, 2020, FIF AireBeam, LLC, our wholly-owned subsidiary, acquired substantially all of the business assets of FibAire Communications, LLC, a broadband services provider, as well as other assets used in the business operations owned by entities related to FibAire. Under the terms of the asset purchase agreement, all purchased assets were sold on a debt-free basis to AireBeam. The total purchase price of $13,712,491 is subject to adjustment based on a final review of net working capital delivered at the closing. The purchase price was paid 90% in cash and the remaining 10% of the purchase price was paid by issuing to FibAire 10% of the outstanding equity of AireBeam. $1,851,186 of the cash proceeds will be held in escrow for a minimum of one year from the closing to provide indemnification for certain representations and warranties made by FibAire in the asset purchase agreement. At any time, FibAire has the option, but not the obligation, to sell AireBeam its entire ownership interest in AireBeam. AireBeam would be obligated to purchase the units and pay for the purchase over a three -year period if it elects to exercise this option. At any time after December 31, 2023, AireBeam has the option, but not the obligation, to purchase FibAire’s ownership interest in AireBeam, with payment due in full upon exercise of the option. The purchase price for the units under either of these put/call options is based upon a multiple of earnings before interest, taxes, depreciation and amortization expense, and certain other expenses. Subsequent to December 31, 2019, Boston Omaha Corporation invested approximately $22,500,000 in marketable equity securities using mainly proceeds from maturing treasury investments.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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