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.

January 13, 2020,

Dream Finders Holdings, LLC redeemed

$6,000,000

of the preferred units initially purchased by us during

May 2019.

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.

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.