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Note 14 - Industry Segments
 9 Months Ended
Sep. 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 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