XML 22 R6.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:    
Net Income $ 7,285,264 $ 55,479,808
Adjustments to reconcile net income to cash provided by operating activities:    
Amortization of right of use assets 5,313,827 4,427,921
Depreciation, amortization, and accretion 15,330,216 10,262,994
Income taxes (3,811,806) 17,693,980
(Gain) loss on disposition of assets (61,377) 178,911
Bad debt expense 163,584 52,334
Gain on deconsolidation - special purpose acquisition company (24,977,740) 0
Decrease in contingent consideration (900,000) 0
Equity in loss (income) of unconsolidated affiliates 1,387,620 (878,921)
Other investment loss (income) 15,635,690 (93,163,697)
Remeasurement of warrant liability (1,837,211) (2,854,407)
Changes in operating assets and liabilities:    
Accounts receivable (1,419,784) (63,085)
Interest receivable (163,831) 254,533
Prepaid expenses (2,701,111) (367,474)
Distributions from unconsolidated affiliates 642,511 2,251,766
Deferred policy acquisition costs (442,422) (122,343)
Other assets 39,951 34,837
Accounts payable and accrued expenses (12,278,575) 17,362,284
Lease liabilities (4,939,954) (4,030,775)
Unearned premiums 2,246,188 957,175
Deferred revenue 323,795 292,396
Net Cash (Used in) Provided by Operating Activities (5,165,165) 7,768,237
Cash Flows from Investing Activities:    
Payments on short-term payables for business acquisitions (1,320,791) (425,875)
Business acquisitions, net of cash acquired (51,242,862) (41,334,711)
Proceeds from sale of investments - special purpose acquisition company 130,190,277 0
Investment in unconsolidated affiliates (45,094,500) (55,000,000)
Capital expenditures (40,057,314) (21,005,626)
Principal payments received on note receivable from affiliate 0 20,000,000
Proceeds from sales of investments 210,926,347 1,699,772,597
Purchase of investments (115,538,250) (1,647,677,193)
Net Cash Provided by (Used in) Investing Activities 87,862,907 (45,670,808)
Cash Flows from Financing Activities:    
Proceeds from issuance of stock 205,389 62,850,213
Payment of deferred underwriting fee - special purpose acquisition company (4,759,615) 0
Redemption of noncontrolling interest - special purpose acquisition company (123,068,515) 0
Contributions from noncontrolling interest 7,800,000 0
Purchase of non-controlling interest in subsidiary 0 (664,414)
Proceeds from long-term debt 0 8,125,402
Principal payments of long-term debt (1,500,730) (1,183,052)
Collateral receipt (release) 11,840,707 (820,203)
Offering costs (242,866) (3,663,291)
Net Cash (Used in) Provided by Financing Activities (109,725,630) 64,644,655
Net (Decrease ) Increase in Cash, Cash Equivalents, and Restricted Cash (27,027,888) 26,742,084
Cash, Cash Equivalents, and Restricted Cash, Beginning of Year 81,694,400 54,952,316
Cash, Cash Equivalents, and Restricted Cash, End of Year 54,666,512 81,694,400
Interest Paid in Cash 1,172,007 923,376
Income Taxes Paid in Cash 0 0
Supplemental Schedules of Non-cash Investing and Financing Activities    
Payable as consideration for business acquisition 3,758,880 1,052,540
Decrease in redeemable noncontrolling interest of broadband subsidiary due to redemption 0 (706,837)
Increase in redeemable noncontrolling interest of broadband subsidiary 9,714,630 240,510
Contingent consideration associated with business acquisition $ 0 $ 1,230,000