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Note 14 - Industry Segments | 9 Months Ended
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Sep. 30, 2020
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, and UCS. 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, and UCS 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, Nevada, Virginia, West Virginia, and Wisconsin. Fiber is Fast, LLC FIF conducts our broadband operations through its subsidiary, AireBeam. Airebeam serves clients located in Arizona.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
Three Months Ended September 30, 2020 |  | GIG |  |  | LMH |  |  | FIF |  |  | Unallocated |  |  | Consolidated |
Revenue |  | $ | 3,340,536 |  |  | $ | 7,121,957 |  |  | $ | 1,144,343 |  |  | $ | - |  |  | $ | 11,606,836 |
Segment gross profit |  |  | 1,582,085 |  |  |  | 4,341,598 |  |  |  | 1,014,929 |  |  |  | - |  |  |  | 6,938,612 |
Segment income (loss) from operations |  |  | (100,811 | ) |  |  | 323,815 |  |  |  | 26,600 |  |  |  | (970,227 | ) |  |  | (720,623 | )
Capital expenditures |  |  | - |  |  |  | 604,990 |  |  |  | 1,400,310 |  |  |  | 160,215 |  |  |  | 2,165,515 |
Depreciation and amortization |  |  | 129,497 |  |  |  | 1,671,045 |  |  |  | 209,935 |  |  |  | - |  |  |  | 2,010,477 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
Three Months Ended September 30, 2019 |  | GIG |  |  | LMH |  |  | FIF |  |  | 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 |
Nine Months Ended September 30, 2020 |  | GIG |  |  | LMH |  |  | FIF |  |  | Unallocated |  |  | Consolidated |
Revenue |  | $ | 10,942,149 |  |  | $ | 20,991,755 |  |  | $ | 2,575,676 |  |  | $ | - |  |  | $ | 34,509,580 |
Segment gross profit |  |  | 5,574,918 |  |  |  | 12,519,490 |  |  |  | 2,196,603 |  |  |  | - |  |  |  | 20,291,011 |
Segment income (loss) from operations |  |  | 14,841 |  |  |  | 277,440 |  |  |  | 423,435 |  |  |  | (3,481,620 | ) |  |  | (2,765,904 | )
Capital expenditures |  |  | - |  |  |  | 3,760,171 |  |  |  | 16,252,283 |  |  |  | 160,215 |  |  |  | 20,172,669 |
Depreciation and amortization |  |  | 413,693 |  |  |  | 4,960,939 |  |  |  | 382,385 |  |  |  | - |  |  |  | 5,757,017 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
Nine Months Ended September 30, 2019 |  | GIG |  |  | LMH |  |  | FIF |  |  | 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 |
As of September 30, 2020 |  | GIG |  |  | LMH |  |  | FIF |  |  | Unallocated |  |  | Consolidated |
Accounts receivable, net |  | $ | 1,027,009 |  |  | $ | 2,558,957 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,585,966 |
Goodwill |  |  | 8,719,294 |  |  |  | 97,572,994 |  |  |  | 7,124,158 |  |  |  | - |  |  |  | 113,416,446 |
Total assets |  |  | 49,885,595 |  |  |  | 220,449,123 |  |  |  | 17,584,232 |  |  |  | 191,986,063 |  |  |  | 479,905,013 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
As of December 31, 2019 |  | GIG |  |  | LMH |  |  | FIF |  |  | Unallocated |  |  | Consolidated |
Accounts receivable, net |  | $ | 1,213,823 |  |  | $ | 2,976,720 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,190,543 |
Goodwill |  |  | 8,719,294 |  |  |  | 97,553,207 |  |  |  | - |  |  |  | - |  |  |  | 106,272,501 |
Total assets |  |  | 45,956,410 |  |  |  | 224,258,311 |  |  |  | - |  |  |  | 166,693,489 |  |  |  | 436,908,210 |

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