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Note 14 - Industry Segments
 3 Months Ended
Mar. 31, 2025
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, 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