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Note 14 - Industry Segments
 9 Months Ended
Sep. 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 September 30, 2024

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Revenue

 $6,485,391  $11,503,915  $9,664,074  $47,556  $-  $27,700,936 

Segment gross profit

  3,923,395   7,459,215   7,258,708   47,556   -   18,688,874 

Segment income (loss) from operations

  804,413   2,148,351   (1,878,666)  (314,417)  (1,499,703)  (740,022)

Capital expenditures

  -   980,206   5,758,622   -   -   6,738,828 

Depreciation and amortization

  84,794   2,281,612   3,236,248   -   71,008   5,673,662 

 

                      

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

 

Nine Months Ended September 30, 2024

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Revenue

 $17,349,766  $33,638,043  $29,135,486  $218,155  $-  $80,341,450 

Segment gross profit

  10,625,185   21,921,902   21,756,557   218,155   -   54,521,799 

Segment income (loss) from operations

  1,940,290   6,069,987   (5,158,042)  (1,589,832)  (8,457,321)  (7,194,918)

Capital expenditures

  28,951   1,932,660   21,484,650   -   250,000   23,696,261 

Depreciation and amortization

  253,531   6,773,949   9,289,438   -   151,011   16,467,929 

 

                      

Total

 

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

 

As of September 30, 2024

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Accounts receivable, net

 $7,995,882  $4,733,990  $698,308  $195,334  $-  $13,623,514 

Goodwill

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

Total assets

  75,344,489   261,267,602   193,873,459   46,617,573   134,835,650   711,938,773 

 

                      

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