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Note 14 - Industry Segments
 6 Months Ended
Jun. 30, 2023
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, ACS and UCS. SSS clients are multi-state and UCS, SCS, ACS 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, ACS and UCS and to make additional business acquisitions in the insurance industry.

 

Link Media Holdings, LLC

 

LMH conducts our billboard rental operations. LMH billboards are located in Alabama, Arkansas, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, Nebraska, Nevada, Oklahoma, South Dakota, Tennessee, Virginia, West Virginia and Wisconsin.

 

Boston Omaha Broadband, LLC

 

BOB conducts our broadband operations. BOB provides high-speed broadband services to its customers located in Arizona, Florida, Nevada, and Utah. 

 

Boston Omaha Asset Management, LLC

 

BOAM conducts our asset management operations. BOAM's primary objective is to achieve long-term returns while seeking to limit the risk of capital and purchasing power loss in our investments in other companies and our real estate activities.  We commenced reporting BOAM as a separate segment based on our acquisition of 24th Street Management on May 1, 2023.  BOAM's prior segment information has been retroactively restated as a result of it meeting the requirements for segment reporting.

 

                      

Total

 

Three Months Ended June 30, 2023

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Revenue

 $4,540,142  $10,835,524  $8,695,235  $145,493  $-  $24,216,394 

Segment gross profit

  2,793,764   7,026,900   6,413,060   145,493   -   16,379,217 

Segment income (loss) from operations

  291,412   1,580,787   (1,314,735)  (516,029)  (1,684,339)  (1,642,904)

Capital expenditures

  12,600   356,278   14,635,612   5,189,235   (62,258)  20,131,467 

Depreciation and amortization

  75,387   2,246,854   2,494,329   -   27,489   4,844,059 

 

                      

Total

 

Three Months Ended June 30, 2022

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Revenue

 $2,991,272  $9,825,164  $8,078,580  $-  $-  $20,895,016 

Segment gross profit

  1,990,478   6,169,382   6,007,768   -   -   14,167,628 

Segment income (loss) from operations

  21,011   1,335,395   87,072   (499,378)  (1,661,082)  (716,982)

Capital expenditures

  192,459   2,903,119   45,217,378   -   238,530   48,551,486 

Depreciation and amortization

  57,651   2,036,350   1,615,353   -   27,335   3,736,689 

 

Six Months Ended June 30, 2023

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Revenue

 $8,513,798  $21,137,747  $17,235,141  $145,493  $-  $47,032,179 

Segment gross profit

  5,204,388   13,521,459   12,378,615   145,493   -   31,249,955 

Segment income (loss) from operations

  521,133   2,912,897   (3,014,101)  (1,075,985)  (3,963,640)  (4,619,696)

Capital expenditures

  18,725   916,273   22,018,693   5,189,235   -   28,142,926 

Depreciation and amortization

  150,984   4,460,284   4,687,459   -   54,676   9,353,403 

 

                      

Total

 

Six Months Ended June 30, 2022

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Revenue

 $6,069,124  $18,963,313  $12,155,526  $-  $-  $37,187,963 

Segment gross profit

  3,887,439   11,780,159   9,173,939   -   -   24,841,537 

Segment income (loss) from operations

  (173,171)  2,345,375   (336,629)  (745,781)  (4,256,512)  (3,166,718)

Capital expenditures

  297,606   3,702,360   50,301,564   -   399,513   54,701,043 

Depreciation and amortization

  112,516   4,030,145   2,472,920   -   54,372   6,669,953 

 

                      

Total

 

As of June 30, 2023

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Accounts receivable, net

 $3,104,467  $3,710,077  $464,196  $24,632  $46,633  $7,350,005 

Goodwill

  11,325,138   130,428,222   38,700,662   536,626   -   180,990,648 

Total assets

  70,508,872   274,110,542   158,102,494   93,567,215   176,906,449   773,195,572 

 

                      

Total

 

As of December 31, 2022

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Accounts receivable, net

 $1,707,716  $3,696,906  $426,256  $-  $488  $5,831,366 

Goodwill

  11,325,138   130,428,222   37,710,162   -   -   179,463,522 

Total assets

  68,712,781   277,153,407   138,800,411   21,988,032   181,148,268   687,802,899