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Note 14 - Industry Segments | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 14. I N DUSTRY 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.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
Three Months Ended March 31, 2025 |  | GIG |  |  | LMH |  |  | BOB |  |  | BOAM |  |  | Unallocated |  |  | Consolidated |
Operating Revenues |  | $ | 6,632,884 |  |  | $ | 10,764,475 |  |  | $ | 10,320,130 |  |  | $ | 13,005 |  |  | $ | - |  |  | $ | 27,730,494 |
Cost of Revenues |  |  | 2,863,675 |  |  |  | 3,844,134 |  |  |  | 2,373,131 |  |  |  | - |  |  |  | - |  |  |  | 9,080,940 |
Gross Margin |  |  | 3,769,209 |  |  |  | 6,920,341 |  |  |  | 7,946,999 |  |  |  | 13,005 |  |  |  | - |  |  |  | 18,649,554 |
Other Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee costs |  |  | 2,506,656 |  |  |  | 2,226,115 |  |  |  | 3,589,425 |  |  |  | - |  |  |  | 487,914 |  |  |  | 8,810,110 |
Professional fees |  |  | 98,415 |  |  |  | 62,228 |  |  |  | 125,882 |  |  |  | 256,086 |  |  |  | 198,667 |  |  |  | 741,278 |
General and administrative |  |  | 857,167 |  |  |  | 989,331 |  |  |  | 1,520,201 |  |  |  | 32,978 |  |  |  | 380,185 |  |  |  | 3,779,862 |
Depreciation |  |  | 42,696 |  |  |  | 1,289,766 |  |  |  | 2,667,067 |  |  |  | - |  |  |  | 27,348 |  |  |  | 4,026,877 |
Amortization |  |  | 40,062 |  |  |  | 962,270 |  |  |  | 867,680 |  |  |  | - |  |  |  | 41,118 |  |  |  | 1,911,130 |
Accretion |  |  | - |  |  |  | 50,580 |  |  |  | 3,396 |  |  |  | - |  |  |  | - |  |  |  | 53,976 |
Loss on disposition of assets |  |  | - |  |  |  | 73,935 |  |  |  | 49,789 |  |  |  | - |  |  |  | - |  |  |  | 123,724 |
Total expenses |  |  | 3,544,996 |  |  |  | 5,654,225 |  |  |  | 8,823,440 |  |  |  | 289,064 |  |  |  | 1,135,232 |  |  |  | 19,446,957 |
Segment Income (Loss) from Operations |  |  | 224,213 |  |  |  | 1,266,116 |  |  |  | (876,441 | ) |  |  | (276,059 | ) |  |  | (1,135,232 | ) |  |  | (797,403 | )
Interest expense |  |  | - |  |  |  | (422,279 | ) |  |  | (119,441 | ) |  |  | - |  |  |  | - |  |  |  | (541,720 | )
Interest and dividend income |  |  | - |  |  |  | 47,024 |  |  |  | 17,262 |  |  |  | 8,055 |  |  |  | 230,577 |  |  |  | 302,918 |
Equity in income (loss) of unconsol. affiliates |  |  | 163,458 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,477,863 | ) |  |  | (2,314,405 | )
Other investment income (loss) |  |  | 282,684 |  |  |  | - |  |  |  | - |  |  |  | (2,019,748 | ) |  |  | 2,473,074 |  |  |  | 736,010 |
Noncontrolling interest in subsidiary loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,758,380 |  |  |  | - |  |  |  | 1,758,380 |
Income tax benefit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 186,935 |  |  |  | 186,935 |
Net Income (Loss) Attributable to Common Stockholders |  | $ | 670,355 |  |  | $ | 890,861 |  |  | $ | (978,620 | ) |  | $ | (529,372 | ) |  | $ | (722,509 | ) |  | $ | (669,285 | )
Segment adjusted EBITDA |  | $ | 306,971 |  |  | $ | 3,642,667 |  |  | $ | 2,711,491 |  |  | $ | (276,059 | ) |  | $ | (1,066,766 | ) |  | $ | 5,318,304 |
Capital expenditures |  | $ | - |  |  | $ | 699,770 |  |  | $ | 6,158,820 |  |  | $ | - |  |  | $ | - |  |  | $ | 6,858,590 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
Three Months Ended March 31, 2024 |  | GIG |  |  | LMH |  |  | BOB |  |  | BOAM |  |  | Unallocated |  |  | Consolidated |
Operating Revenues |  | $ | 5,041,777 |  |  | $ | 10,696,660 |  |  | $ | 9,683,429 |  |  | $ | 130,865 |  |  | $ | - |  |  | $ | 25,552,731 |
Cost of Revenues |  |  | 1,906,921 |  |  |  | 3,790,634 |  |  |  | 2,498,112 |  |  |  | - |  |  |  | - |  |  |  | 8,195,667 |
Gross Margin |  |  | 3,134,856 |  |  |  | 6,906,026 |  |  |  | 7,185,317 |  |  |  | 130,865 |  |  |  | - |  |  |  | 17,357,064 |
Other Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Employee costs |  |  | 1,854,384 |  |  |  | 1,868,646 |  |  |  | 3,808,870 |  |  |  | 496,340 |  |  |  | 603,671 |  |  |  | 8,631,911 |
Professional fees |  |  | 170,360 |  |  |  | 79,917 |  |  |  | 171,583 |  |  |  | 227,777 |  |  |  | 487,511 |  |  |  | 1,137,148 |
General and administrative |  |  | 595,625 |  |  |  | 1,009,577 |  |  |  | 1,823,678 |  |  |  | 173,715 |  |  |  | 455,810 |  |  |  | 4,058,405 |
Depreciation |  |  | 43,850 |  |  |  | 1,270,709 |  |  |  | 2,109,237 |  |  |  | - |  |  |  | 27,577 |  |  |  | 3,451,373 |
Amortization |  |  | 40,062 |  |  |  | 969,825 |  |  |  | 876,867 |  |  |  | - |  |  |  | - |  |  |  | 1,886,754 |
Accretion |  |  | - |  |  |  | 50,968 |  |  |  | 1,703 |  |  |  | - |  |  |  | - |  |  |  | 52,671 |
Loss on disposition of assets |  |  | - |  |  |  | 153,452 |  |  |  | 43,631 |  |  |  | - |  |  |  | - |  |  |  | 197,083 |
Total expenses |  |  | 2,704,281 |  |  |  | 5,403,094 |  |  |  | 8,835,569 |  |  |  | 897,832 |  |  |  | 1,574,569 |  |  |  | 19,415,345 |
Segment Income (Loss) from Operations |  |  | 430,575 |  |  |  | 1,502,932 |  |  |  | (1,650,252 | ) |  |  | (766,967 | ) |  |  | (1,574,569 | ) |  |  | (2,058,281 | )
Interest expense |  |  | - |  |  |  | (275,082 | ) |  |  | (6,951 | ) |  |  | - |  |  |  | - |  |  |  | (282,033 | )
Interest and dividend income |  |  | - |  |  |  | 29,259 |  |  |  | 5,035 |  |  |  | 402,735 |  |  |  | 102,211 |  |  |  | 539,240 |
Equity in income (loss) of unconsol. affiliates |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (10,171,615 | ) |  |  | (10,171,615 | )
Other investment income (loss) |  |  | 252,680 |  |  |  | - |  |  |  | - |  |  |  | (599,502 | ) |  |  | 8,135,267 |  |  |  | 7,788,445 |
Noncontrolling interest in subsidiary (income) loss |  |  | - |  |  |  | - |  |  |  | (64,765 | ) |  |  | 503,735 |  |  |  | - |  |  |  | 438,970 |
Income tax benefit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 937,193 |  |  |  | 937,193 |
Net Income (Loss) Attributable to Common Stockholders |  | $ | 683,255 |  |  | $ | 1,257,109 |  |  | $ | (1,716,933 | ) |  | $ | (459,999 | ) |  | $ | (2,571,513 | ) |  | $ | (2,808,081 | )
Segment adjusted EBITDA |  | $ | 514,487 |  |  | $ | 3,947,886 |  |  | $ | 1,381,186 |  |  | $ | (766,967 | ) |  | $ | (1,546,992 | ) |  | $ | 3,529,600 |
Capital expenditures |  | $ | 10,692 |  |  | $ | 603,258 |  |  | $ | 7,832,138 |  |  | $ | - |  |  | $ | - |  |  | $ | 8,446,088 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
As of March 31, 2025 |  | GIG |  |  | LMH |  |  | BOB |  |  | BOAM |  |  | Unallocated |  |  | Consolidated |
Accounts receivable, net |  | $ | 7,602,881 |  |  | $ | 3,872,283 |  |  | $ | 839,832 |  |  | $ | 224,140 |  |  | $ | - |  |  | $ | 12,539,136 |
Goodwill |  |  | 11,325,138 |  |  |  | 130,903,950 |  |  |  | 39,614,422 |  |  |  | 536,626 |  |  |  | - |  |  |  | 182,380,136 |
Total assets |  |  | 100,079,357 |  |  |  | 257,424,970 |  |  |  | 202,138,173 |  |  |  | 47,174,407 |  |  |  | 124,023,508 |  |  |  | 730,840,415 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |

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- Definition The entire disclosure for reporting segments including data and tables. 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