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Note 13 - Industry Segments
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 13.     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” of the 2024 Form 10-K.

 

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, equity in income (loss) of unconsolidated affiliates, 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 for others.

 

 

                      

Total

 

Three Months Ended September 30, 2025

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Operating Revenues

 $6,790,716  $11,788,400  $10,150,921  $4,318  $-  $28,734,355 

Cost of Revenues

  3,494,179   3,781,570   2,439,670   -   -   9,715,419 

Gross Margin

  3,296,537   8,006,830   7,711,251   4,318   -   19,018,936 

Other Operating Expenses

                        

Employee costs

  2,290,729   2,140,676   3,570,831   -   432,170   8,434,406 

Professional fees

  479,174   71,128   97,431   173,996   496,841   1,318,570 

General and administrative

  808,542   1,011,069   1,727,005   127,709   334,235   4,008,560 

Depreciation

  41,781   1,350,339   2,899,766   -   27,958   4,319,844 

Amortization

  40,062   976,374   896,934   -   42,032   1,955,402 

Accretion

  -   51,360   3,472   -   -   54,832 

Loss (gain) on disposition of assets

  -   17,917   (38,443)  -   -   (20,526)

Total expenses

  3,660,288   5,618,863   9,156,996   301,705   1,333,236   20,071,088 

Segment (Loss) Income from Operations

  (363,751)  2,387,967   (1,445,745)  (297,387)  (1,333,236)  (1,052,152)
                         

Interest expense

  -   (416,959)  (233,160)  -   -   (650,119)

Interest and dividend income

  -   46,545   16,512   7,088   276,880   347,025 

Equity in (loss) of unconsolidated affiliates

  (148,924)  -   -   -   (428,237)  (577,161)

Other investment income (loss)

  110,617   -   -   (1,975,195)  (1,368,889)  (3,233,467)

Noncontrolling interest in subsidiary loss

  -   -   -   1,768,528   -   1,768,528 

Income tax benefit

  -   -   -   -   809,441   809,441 

Net (Loss) Income Attributable to Common Stockholders

 $(402,058) $2,017,553  $(1,662,393) $(496,966) $(2,044,041) $(2,587,905)
                         

Segment adjusted EBITDA

 $(281,908) $4,783,957  $2,315,984  $(297,387) $(1,263,246) $5,257,400 
                         

Capital expenditures

 $-  $786,578  $4,638,188  $-  $-  $5,424,766 
                         
                      Total 

Three Months Ended September 30, 2024

 GIG  LMH  BOB  BOAM  Unallocated  Consolidated 
                         

Operating Revenues

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

Cost of Revenues

  2,561,996   4,044,700   2,405,366   -   -   9,012,062 

Gross Margin

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

Other Operating Expenses

                        

Employee costs

  2,271,693   1,886,778   3,801,591   462   351,358   8,311,882 

Professional fees

  58,855   31,424   231,139   114,817   616,307   1,052,542 

General and administrative

  703,640   1,012,564   1,915,429   246,694   461,030   4,339,357 

Depreciation

  44,732   1,300,362   2,325,518   -   27,876   3,698,488 

Amortization

  40,062   981,250   910,730   -   43,132   1,975,174 

Accretion

  -   51,528   3,472   -   -   55,000 

Loss (Gain) on disposition of assets

  -   46,958   (50,505)  -   -   (3,547)

Total expenses

  3,118,982   5,310,864   9,137,374   361,973   1,499,703   19,428,896 

Segment Income (Loss) from Operations

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

Interest expense

  -   (463,371)  (3,373)  -   -   (466,744)

Interest and dividend income

  -   32,216   2,139   45,114   252,158   331,627 

Equity in (loss) of unconsolidated affiliates

  -   -   -   -   (9,358,783)  (9,358,783)

Other investment income

  63,481   -   -   599,084   7,765,452   8,428,017 

Noncontrolling interest in subsidiary income

  -   -   -   (322,375)  -   (322,375)

Income tax benefit

  -   -   -   -   533,144   533,144 

Net Income (Loss) Attributable to Common Stockholders

 $867,894  $1,717,196  $(1,879,900) $7,406  $(2,307,732) $(1,595,136)
                         

Segment adjusted EBITDA

 $889,207  $4,528,449  $1,310,549  $(314,417) $(1,428,695) $4,985,093 
                         

Capital expenditures

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

 

 

                      Total 

Nine Months Ended September 30, 2025

 GIG  LMH  BOB  BOAM  Unallocated  Consolidated 
                         

Operating Revenues

 $19,949,114  $33,992,908  $30,704,514  $21,983  $-  $84,668,519 

Cost of Revenues

  9,906,573   11,328,435   7,128,697   -   -   28,363,705 

Gross Margin

  10,042,541   22,664,473   23,575,817   21,983   -   56,304,814 

Other Operating Expenses

                      - 

Employee costs

  7,075,132   6,503,122   10,906,994   -   1,413,148   25,898,396 

Professional fees

  695,189   195,992   375,380   572,305   934,686   2,773,552 

General and administrative

  2,461,074   3,059,384   5,049,227   162,606   1,057,150   11,789,441 

Depreciation

  138,598   3,963,903   8,316,461   -   82,958   12,501,920 

Amortization

  120,185   2,909,953   2,666,545   -   124,726   5,821,409 

Accretion

  -   152,741   10,303   -   -   163,044 

(Gain) loss on disposition of assets

  -   (640)  27,737   -   -   27,097 

Total expenses

  10,490,178   16,784,455   27,352,647   734,911   3,612,668   58,974,859 

Segment (Loss) Income from Operations

  (447,637)  5,880,018   (3,776,830)  (712,928)  (3,612,668)  (2,670,045)
                         

Interest expense

  -   (1,260,992)  (503,925)  -   -   (1,764,917)

Interest and dividend income

  -   137,673   62,319   22,729   669,311   892,032 

Equity in income of unconsolidated affiliates

  1,104,078   -   -   -   2,151,937   3,256,015 

Other investment income (loss)

  431,353   -   -   (6,635,143)  (6,602,779)  (12,806,569)

Noncontrolling interest in subsidiary loss

  -   -   -   5,776,129   -   5,776,129 

Income tax benefit

  -   -   -   -   1,740,082   1,740,082 

Net Income (Loss) Attributable to Common Stockholders

 $1,087,794  $4,756,699  $(4,218,436) $(1,549,213) $(5,654,117) $(5,577,273)
                         

Segment adjusted EBITDA

 $(188,854) $12,905,975  $7,244,216  $(712,928) $(3,404,984) $15,843,425 
                         

Capital expenditures

 $-  $2,138,629  $17,444,503  $-  $-  $19,583,132 
                         
                      Total 

Nine Months Ended September 30, 2024

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Operating Revenues

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

Cost of Revenues

  6,724,581   11,716,141   7,378,929   -   -   25,819,651 

Gross Margin

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

Other Operating Expenses

                        

Employee costs

  6,084,414   5,674,177   11,404,947   766,064   4,835,128   28,764,730 

Professional fees

  409,032   174,099   744,557   452,049   2,129,875   3,909,612 

General and administrative

  1,937,918   2,981,827   5,549,917   589,874   1,341,307   12,400,843 

Depreciation

  133,346   3,852,128   6,653,422   -   83,031   10,721,927 

Amortization

  120,185   2,921,821   2,636,016   -   67,980   5,746,002 

Accretion

  -   153,464   10,341   -   -   163,805 

Loss (Gain) on disposition of assets

  -   94,399   (84,601)  -   -   9,798 

Total expenses

  8,684,895   15,851,915   26,914,599   1,807,987   8,457,321   61,716,717 

Segment Income (Loss) from Operations

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

Interest expense

  -   (1,103,360)  (13,987)  -   200   (1,117,147)

Interest and dividend income

  -   86,474   9,434   524,569   564,165   1,184,642 

Equity in (loss) of unconsolidated affiliates

  -   -   -   -   (16,573,011)  (16,573,011)

Other investment income

  271,191   -   -   627,937   14,771,949   15,671,077 

Noncontrolling interest in subsidiary (income) loss

  -   -   (64,765)  (36,697)  -   (101,462)

Income tax benefit

  -   -   -   -   1,492,383   1,492,383 

Net Income (Loss) Attributable to Common Stockholders

 $2,211,481  $5,053,101  $(5,227,360) $(474,023) $(8,201,635) $(6,638,436)
                         

Segment adjusted EBITDA

 $2,193,821  $13,091,799  $4,057,136  $(1,589,832) $(8,306,310) $9,446,614 
                         

Capital expenditures

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

 

 

                      

Total

 

As of September 30, 2025

 

GIG

  

LMH

  

BOB

  

BOAM

  

Unallocated

  

Consolidated

 
                         

Accounts receivable, net

 $9,530,290  $3,852,606  $1,211,394  $243,389  $48,840  $14,886,519 

Goodwill

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

Total assets

  103,483,086   253,884,217   206,637,022   38,468,628   118,881,158   721,354,111 

 

                      

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