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Note 14 - Industry Segments
 6 Months Ended
Jun. 30, 2024
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, SCS and UCS. Revenue consists of surety bond sales, insurance commissions, and investment and other income. GIG’s corporate resources are used to support SCS 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 mainly in Arizona, Florida, Nevada, and Utah. 

 

Boston Omaha Asset Management, LLC

 

BOAM conducts our asset management operations. 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 meeting the requirements for segment reporting.

 

                      

Total

 

Three Months Ended June 30, 2024

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Revenue

 $5,822,598  $11,437,468  $9,787,983  $39,734  $-  $27,087,783 

Segment gross profit

  3,566,934   7,556,661   7,312,532   39,734   -   18,475,861 

Segment income (loss) from operations

  705,302   2,418,704   (1,629,124)  (508,448)  (5,383,049)  (4,396,615)

Capital expenditures

  18,259   349,196   7,893,890   -   250,000   8,511,345 

Depreciation and amortization

  84,825   2,251,803   3,067,086   -   52,426   5,456,140 

 

                      

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

 

Six Months Ended June 30, 2024

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Revenue

 $10,864,375  $22,134,128  $19,471,412  $170,599  $-  $52,640,514 

Segment gross profit

  6,701,790   14,462,687   14,497,849   170,599   -   35,832,925 

Segment income (loss) from operations

  1,135,877   3,921,636   (3,279,376)  (1,275,415)  (6,957,618)  (6,454,896)

Capital expenditures

  28,951   952,454   15,726,028   -   250,000   16,957,433 

Depreciation and amortization

  168,737   4,492,337   6,053,190   -   80,003   10,794,267 

 

                      

Total

 

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

 

As of June 30, 2024

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Accounts receivable, net

 $7,677,915  $4,406,878  $1,140,478  $292,234  $-  $13,517,505 

Goodwill

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

Total assets

  71,677,955   262,509,375   191,958,660   62,395,873   134,522,260   723,064,123 

 

                      

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