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Note 15 - Industry Segments
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 15.

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. GIG’s corporate resources are used to support Warnock, SSS, SCS, ACS, and UCS, and to make additional business acquisitions in the insurance industry. As of December 31, 2023, ACS, Warnock, and SSS were merged into SCS.

 

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 mainly 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

 

Year Ended December 31, 2023

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Revenue

 $17,705,891  $42,940,369  $35,340,502  $266,974  $-  $96,253,736 

Segment gross profit

  10,897,724   27,803,552   25,384,984   266,974   -   64,353,234 

Segment income (loss) from operations

  1,518,244   6,609,419   (7,087,873)  (2,382,041)  (7,510,152)  (8,852,403)

Capital expenditures

  176,499   3,535,306   56,743,382   5,016,494   6,536   65,478,217 

Depreciation and amortization

  312,634   9,008,648   10,133,332   -   110,421   19,565,035 

 

                      

Total

 

Year Ended December 31, 2022

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Revenue

 $13,362,197  $39,244,726  $28,627,271  $-  $-  $81,234,194 

Segment gross profit

  8,606,614   24,849,099   21,088,770   -   -   54,544,483 

Segment income (loss) from operations

  1,083,247   5,734,917   (2,241,926)  (1,837,633)  (7,968,500)  (5,229,895)

Capital expenditures

  352,461   20,578,522   66,848,567   7,283,018   6,130   95,068,698 

Depreciation and amortization

  270,269   8,255,727   6,487,960   -   109,901   15,123,857 

 

                      

Total

 

As of December 31, 2023

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Accounts receivable, net

 $7,124,471  $4,060,259  $689,817  $251,154  $15,543  $12,141,244 

Goodwill

  11,325,138   130,903,950   39,614,422   536,626   -   182,380,136 

Total assets

  71,723,355   267,205,346   183,151,741   100,739,644   145,387,006   768,207,092 

 

                      

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