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Note 14 - Industry Segments | 9 Months Ended
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Sep. 30, 2023
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, 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 Asset 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 September 30, 2023 |  | GIG |  |  | LMH |  |  | BOB |  |  | BOAM |  |  | Unallocated |  |  | Consolidated |
Revenue |  | $ | 4,586,904 |  |  | $ | 10,891,979 |  |  | $ | 8,995,678 |  |  | $ | 73,540 |  |  | $ | - |  |  | $ | 24,548,101 |
Segment gross profit |  |  | 2,764,354 |  |  |  | 7,081,340 |  |  |  | 6,634,850 |  |  |  | 73,540 |  |  |  | - |  |  |  | 16,554,084 |
Segment income (loss) from operations |  |  | 321,546 |  |  |  | 1,761,660 |  |  |  | (1,448,561 | ) |  |  | (835,201 | ) |  |  | (1,742,173 | ) |  |  | (1,942,729 | )
Capital expenditures |  |  | 101,144 |  |  |  | 2,300,437 |  |  |  | 20,531,711 |  |  |  | 178,087 |  |  |  | - |  |  |  | 23,111,379 |
Depreciation and amortization |  |  | 78,871 |  |  |  | 2,304,128 |  |  |  | 2,572,219 |  |  |  | - |  |  |  | 27,792 |  |  |  | 4,983,010 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
Three Months Ended September 30, 2022 |  | GIG |  |  | LMH |  |  | BOB |  |  | BOAM |  |  | Unallocated |  |  | Consolidated |
Revenue |  | $ | 3,401,765 |  |  | $ | 9,942,846 |  |  | $ | 8,102,935 |  |  | $ | - |  |  | $ | - |  |  | $ | 21,447,546 |
Segment gross profit |  |  | 1,570,973 |  |  |  | 6,439,231 |  |  |  | 5,901,305 |  |  |  | - |  |  |  | - |  |  |  | 13,911,509 |
Segment income (loss) from operations |  |  | (592,907 | ) |  |  | 1,514,135 |  |  |  | (451,127 | ) |  |  | (573,478 | ) |  |  | (1,691,820 | ) |  |  | (1,795,197 | )
Capital expenditures |  |  | - |  |  |  | 1,268,089 |  |  |  | 8,191,195 |  |  |  | 6,733,179 |  |  |  | 6,130 |  |  |  | 16,198,593 |
Depreciation and amortization |  |  | 79,289 |  |  |  | 2,086,893 |  |  |  | 1,976,344 |  |  |  | - |  |  |  | 27,725 |  |  |  | 4,170,251 |
Nine Months Ended September 30, 2023 |  | GIG |  |  | LMH |  |  | BOB |  |  | BOAM |  |  | Unallocated |  |  | Consolidated |
Revenue |  | $ | 13,100,702 |  |  | $ | 32,029,726 |  |  | $ | 26,230,819 |  |  | $ | 219,033 |  |  | $ | - |  |  | $ | 71,580,280 |
Segment gross profit |  |  | 7,968,742 |  |  |  | 20,602,799 |  |  |  | 19,013,465 |  |  |  | 219,033 |  |  |  | - |  |  |  | 47,804,039 |
Segment income (loss) from operations |  |  | 842,679 |  |  |  | 4,674,557 |  |  |  | (4,462,662 | ) |  |  | (1,911,186 | ) |  |  | (5,705,813 | ) |  |  | (6,562,425 | )
Capital expenditures |  |  | 119,869 |  |  |  | 3,216,710 |  |  |  | 42,550,404 |  |  |  | 5,367,322 |  |  |  | - |  |  |  | 51,254,305 |
Depreciation and amortization |  |  | 229,855 |  |  |  | 6,764,412 |  |  |  | 7,259,678 |  |  |  | - |  |  |  | 82,468 |  |  |  | 14,336,413 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
Nine Months Ended September 30, 2022 |  | GIG |  |  | LMH |  |  | BOB |  |  | BOAM |  |  | Unallocated |  |  | Consolidated |
Revenue |  | $ | 9,470,889 |  |  | $ | 28,906,159 |  |  | $ | 20,258,461 |  |  | $ | - |  |  | $ | - |  |  | $ | 58,635,509 |
Segment gross profit |  |  | 5,458,412 |  |  |  | 18,219,390 |  |  |  | 15,075,244 |  |  |  | - |  |  |  | - |  |  |  | 38,753,046 |
Segment income (loss) from operations |  |  | (766,078 | ) |  |  | 3,859,510 |  |  |  | (787,756 | ) |  |  | (1,319,259 | ) |  |  | (5,948,332 | ) |  |  | (4,961,915 | )
Capital expenditures |  |  | 297,606 |  |  |  | 4,970,449 |  |  |  | 58,492,759 |  |  |  | 7,132,692 |  |  |  | 6,130 |  |  |  | 70,899,636 |
Depreciation and amortization |  |  | 191,805 |  |  |  | 6,117,038 |  |  |  | 4,449,264 |  |  |  | - |  |  |  | 82,097 |  |  |  | 10,840,204 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
As of September 30, 2023 |  | GIG |  |  | LMH |  |  | BOB |  |  | BOAM |  |  | Unallocated |  |  | Consolidated |
Accounts receivable, net |  | $ | 2,980,485 |  |  | $ | 3,595,533 |  |  | $ | 758,469 |  |  | $ | 97,852 |  |  | $ | - |  |  | $ | 7,432,339 |
Goodwill |  |  | 11,325,138 |  |  |  | 130,903,950 |  |  |  | 38,700,662 |  |  |  | 536,626 |  |  |  | - |  |  |  | 181,466,376 |
Total assets |  |  | 64,295,431 |  |  |  | 267,825,931 |  |  |  | 173,590,274 |  |  |  | 96,860,929 |  |  |  | 161,505,256 |  |  |  | 764,077,821 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |

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