XML 40 R23.htm IDEA: XBRL DOCUMENT v3.25.1
Note 15 - Industry Segments
 12 Months Ended
Dec. 31, 2024
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, UCS and BOSS Bonds Insurance Agency, LLC, formerly known as South Coast Surety Insurance Services, LLC. Both BOSS Bonds and UCS clients are nationwide. Revenue consists of surety bond sales and insurance commissions. GIG’s corporate resources are used to support BOSS Bonds 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. 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 and are in the process of winding down its operations.  

 

The accounting policies of the above segments are the same as those described within Footnote 2 “Summary of Significant Accounting Policies”.

 

Resources are allocated and performance is assessed by our CEO, whom we have determined to be our Chief Operating Decision Maker (CODM).  The CODM evaluates the performance of our segments and allocates resources to them based on segment operating income and segment adjusted EBITDA. We define adjusted EBITDA as net income (loss) before income tax expense (benefit), noncontrolling interest in subsidiary income (loss), interest expense, interest and dividend income, depreciation, amortization, accretion, gain or loss on disposition of assets, and other investment income (loss).

 

The cost and expense information provided below is based on the information regularly provided to the CODM. Given the diversity of our operating segments and the differences in revenue streams and cost structures, there are variances in the form, content, and levels of such expense information significant to the business. Expenses considered significant for one operating segment may not be significant in others.

 

The table below presents information about reported segments for the years ending December 31:

 

                      

Total

 

Year Ended December 31, 2024

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Operating Revenues

 $23,851,450  $45,153,076  $39,098,228  $172,147  $-  $108,274,901 

Cost of Revenues

  9,400,691   15,496,805   9,444,030   -      34,341,526 

Gross Margin

  14,450,759   29,656,271   29,654,198   172,147   -   73,933,375 

Other Operating Expenses

                        

Employee costs

  8,499,669   7,812,497   15,541,832   766,064   5,526,131   38,146,193 

Professional fees

  487,447   223,165   850,528   754,253   2,582,751   4,898,144 

General and administrative

  2,647,495   4,033,121   7,418,184   562,824   1,576,030   16,237,654 

Depreciation

  154,897   5,151,286   9,078,651   -   110,913   14,495,747 

Amortization

  160,247   3,902,738   3,509,856   -   111,111   7,683,952 

Accretion

  -   204,659   13,813   -   -   218,472 

Loss on disposition of assets

  -   63,455   657,236   -   -   720,691 

Total expenses

  11,949,755   21,390,921   37,070,100   2,083,141   9,906,936   82,400,853 

Segment Income (Loss) from Operations

  2,501,004   8,265,350   (7,415,902)  (1,910,994)  (9,906,936)  (8,467,478)
                         

Interest expense

  -   (1,547,124)  (51,124)  -   -   (1,598,248)

Interest and dividend income

  -   136,908   19,105   536,524   693,347   1,385,884 

Equity in loss of unconsolidated affiliates

  -   -   -   -   (17,283,281)  (17,283,281)

Other investment income

  218,015   -   -   7,815,912   21,025,790   29,059,717 

Noncontrolling interest in subsidiary income

  -   -   -   (4,599,100)  (64,765)  (4,663,865)

Income tax benefit

  -   -   -   -   274,821   274,821 

Net Income (Loss) Attributable to Common Stockholders

 $2,719,019  $6,855,134  $(7,447,921) $1,842,342  $(5,261,024) $(1,292,450)
                         

Segment adjusted EBITDA

 $2,816,148  $17,587,488  $5,843,654  $(1,910,994) $(9,684,912) $14,651,384 
                         

Capital expenditures

 $28,951  $2,462,001  $29,460,239  $-  $250,000  $32,201,191 

 

                      

Total

 

Year Ended December 31, 2023

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Operating Revenues

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

Cost of Revenues

  6,808,167   15,136,817   9,955,518   -      31,900,502 

Gross Margin

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

Other Operating Expenses

                      - 

Employee costs

  6,500,480   7,072,960   14,527,407   1,574,332   2,886,750   32,561,929 

Professional fees

  596,245   804,203   823,969   321,363   2,119,735   4,665,515 

General and administrative

  1,970,121   3,902,279   7,093,277   753,320   2,393,246   16,112,243 

Depreciation

  152,388   5,075,358   6,816,929   -   110,421   12,155,096 

Amortization

  160,246   3,933,290   3,316,403   -      7,409,939 

Accretion

  -   199,211   17,290   -   -   216,501 

Loss (gain) on disposition of assets

  -   206,832   (122,418)  -   -   84,414 

Total expenses

  9,379,480   21,194,133   32,472,857   2,649,015   7,510,152   73,205,637 

Segment Income (Loss) from Operations

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

Interest expense

  -   (1,126,538)  (20,696)  -   -   (1,147,234)

Interest and dividend income

  -   170,287   38,360   1,058,527   1,341,974   2,609,148 

Equity in income (loss) of unconsolidated affiliates

  -   -   -   4,630,610   (12,519,375)  (7,888,765)

Other investment income

  538,621   -   -   980,410   4,613,760   6,132,791 

Noncontrolling interest in subsidiary loss (income)

  -   -   75,008   (911,292)  -   (836,284)

Income tax benefit

  -   -   -   -   2,978,738   2,978,738 

Net Income (Loss) Attributable to Common Stockholders

 $2,056,865  $5,653,168  $(6,995,201) $3,376,214  $(11,095,055) $(7,004,009)
                         

Segment adjusted EBITDA

 $1,830,878  $16,024,110  $2,940,331  $(2,382,041) $(7,399,731) $11,013,547 
                         

Capital expenditures

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

 

                      

Total

 

As of December 31, 2024

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Accounts receivable, net

 $7,224,005  $4,132,055  $893,476  $184,051  $-  $12,433,587 

Goodwill

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

Total assets

  86,670,669   260,220,162   198,226,268   52,593,429   130,635,201   728,345,729 

 

                      

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