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Note 14 - Industry Segments

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 14.     INDUSTRY 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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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.

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