Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 11, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001494582 | |
Entity Registrant Name | BOSTON OMAHA Corp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38113 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-0788438 | |
Entity Address, Address Line One | 1601 Dodge Street, Suite 3300 | |
Entity Address, City or Town | Omaha | |
Entity Address, State or Province | NE | |
Entity Address, Postal Zip Code | 68102 | |
City Area Code | 857 | |
Local Phone Number | 256-0079 | |
Title of 12(b) Security | Class A common stock, $0.001 par value per share | |
Trading Symbol | BOMN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 28,593,952 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 115,759,021 | $ 44,665,972 |
Restricted cash | 1,899 | 280,269 |
Investments held in trust - special purpose acquisition company | 138,742,756 | 138,716,226 |
Accounts receivable, net | 4,478,191 | 4,041,563 |
Other receivables | 5,808,864 | 0 |
Interest receivable | 15,752 | 286,768 |
Short-term investments | 4,978,644 | 7,050,675 |
Note receivable from affiliate | 0 | 20,000,000 |
Marketable equity securities | 80,275,103 | 64,036,482 |
U. S. Treasury trading securities | 50,997,180 | 37,767,945 |
Funds held as collateral assets | 8,553,485 | 10,006,075 |
Prepaid expenses | 2,671,059 | 2,197,342 |
Total Current Assets | 412,281,954 | 329,049,317 |
Property and Equipment, net | 56,224,333 | 48,508,272 |
Other Assets: | ||
Goodwill | 129,357,746 | 124,446,446 |
Intangible assets, net | 42,675,946 | 44,373,909 |
Investments | 19,316,769 | 19,448,519 |
Investments in unconsolidated affiliates | 61,869,228 | 20,913,896 |
Deferred policy acquisition costs | 686,189 | 690,555 |
Right of use assets | 56,125,523 | 52,849,492 |
Other | 2,835,539 | 427,020 |
Total Other Assets | 312,866,940 | 263,149,837 |
Total Assets | 781,373,227 | 640,707,426 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 8,814,966 | 6,825,081 |
Short-term payables for business acquisitions | 346,041 | 771,916 |
Lease liabilities | 4,035,257 | 4,354,664 |
Funds held as collateral | 8,553,485 | 10,006,075 |
Unearned premiums | 4,739,170 | 3,955,363 |
Current maturities of long-term debt | 1,220,005 | 1,282,504 |
Deferred underwriting fee payable | 4,759,615 | 4,759,615 |
Deferred revenue | 2,008,240 | 1,915,031 |
Total Current Liabilities | 34,476,779 | 33,870,249 |
Long-term Liabilities: | ||
Asset retirement obligations | 2,161,530 | 2,282,273 |
Lease liabilities | 51,196,344 | 47,581,933 |
Long-term debt, less current maturities | 20,955,530 | 21,775,146 |
Other long-term liabilities | 1,666,824 | 116,104 |
Warrants liability | 6,391,482 | 8,431,315 |
Deferred tax liability | 14,054,017 | 57,000 |
Total Liabilities | 130,902,506 | 114,114,020 |
Redeemable Noncontrolling Interest | 146,920,362 | 145,027,149 |
Stockholders' Equity: | ||
Preferred stock, $.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 479,387,302 | 424,204,641 |
Retained earnings (accumulated deficit) | 24,133,480 | (42,665,616) |
Total Stockholders' Equity | 503,550,359 | 381,566,257 |
Total Liabilities, Redeemable Noncontrolling Interest, and Stockholders' Equity | 781,373,227 | 640,707,426 |
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common Stock | 28,521 | 26,176 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common Stock | $ 1,056 | $ 1,056 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 38,838,884 | 38,838,884 |
Common stock, shares issued (in shares) | 28,520,555 | 26,175,555 |
Common stock, shares outstanding (in shares) | 28,520,555 | 26,175,555 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,161,116 | 1,161,116 |
Common stock, shares issued (in shares) | 1,055,560 | 1,055,560 |
Common stock, shares outstanding (in shares) | 1,055,560 | 1,055,560 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Premiums earned | $ 2,031,575 | $ 2,880,544 | $ 5,554,297 | $ 9,538,183 |
Insurance commissions | 584,082 | 382,493 | 1,642,962 | 1,065,013 |
Investment and other income | 85,696 | 77,499 | 226,986 | 338,953 |
Total Revenues | 14,498,147 | 11,606,836 | 41,883,047 | 34,509,580 |
Costs and Expenses: | ||||
Cost of insurance revenues (exclusive of depreciation and amortization) | 1,029,576 | 1,758,451 | 3,031,391 | 5,367,231 |
Employee costs | 4,544,796 | 3,311,885 | 13,312,992 | 9,542,845 |
Professional fees | 2,552,762 | 630,604 | 4,670,926 | 2,582,961 |
General and administrative | 2,497,301 | 1,649,056 | 7,136,217 | 4,978,443 |
Amortization | 1,137,736 | 1,031,805 | 3,508,445 | 3,012,641 |
Depreciation | 1,668,984 | 978,672 | 4,066,451 | 2,744,376 |
Loss on disposition of assets | 61,478 | 20,751 | 119,904 | 89,685 |
Accretion | 32,179 | 36,462 | 96,717 | 105,964 |
Total Costs and Expenses | 17,259,145 | 12,327,459 | 47,223,295 | 37,275,484 |
Net Loss from Operations | (2,760,998) | (720,623) | (5,340,248) | (2,765,904) |
Other Income (Expense): | ||||
Interest income | 24,839 | 104,125 | 645,741 | 884,125 |
Dividend income | 106,815 | 106,716 | 322,785 | 967,864 |
Equity in income of unconsolidated affiliates | 359,203 | 1,342,826 | 935,488 | 2,406,151 |
Other investment income (loss) | (32,990,929) | 2,845,323 | 85,694,668 | (18,717,680) |
Remeasurement of warrant liability | (1,019,917) | 0 | 2,039,835 | 0 |
Interest expense | (233,561) | (212,196) | (702,546) | (600,631) |
Net Income (Loss) Before Income Taxes | (36,514,548) | 3,466,171 | 83,595,723 | (17,826,075) |
Income tax benefit (provision) | 7,735,913 | 0 | (14,230,999) | 0 |
Net Income (Loss) | (28,778,635) | 3,466,171 | 69,364,724 | (17,826,075) |
Noncontrolling interest in subsidiary loss (income) | 2,502,541 | (2,500) | (2,565,628) | (42,184) |
Net Income (Loss) Attributable to Common Stockholders | $ (26,276,094) | $ 3,463,671 | $ 66,799,096 | $ (17,868,259) |
Basic Net Income (Loss) per Share (in dollars per share) | $ (0.89) | $ 0.13 | $ 2.32 | $ (0.71) |
Diluted Net Income (Loss) per Share (in dollars per share) | $ (0.89) | $ 0.13 | $ 2.32 | $ (0.71) |
Basic Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 29,576,115 | 27,231,115 | 28,751,500 | 25,145,700 |
Diluted Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 29,576,115 | 27,271,014 | 28,825,428 | 25,145,700 |
Billboard Rentals [Member] | ||||
Revenues: | ||||
Revenues | $ 8,023,065 | $ 7,121,957 | $ 23,129,582 | $ 20,991,755 |
Costs and Expenses: | ||||
Cost of revenues (exclusive of depreciation and amortization) | 2,992,251 | 2,780,359 | 8,927,528 | 8,472,265 |
Broadband Services [Member] | ||||
Revenues: | ||||
Revenues | 3,773,729 | 1,144,343 | 11,329,220 | 2,575,676 |
Costs and Expenses: | ||||
Cost of revenues (exclusive of depreciation and amortization) | $ 742,082 | $ 129,414 | $ 2,352,724 | $ 379,073 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 22,455,100 | 1,055,560 | |||
Balance at Dec. 31, 2019 | $ 22,455 | $ 1,056 | $ 367,029,421 | $ (21,811,947) | $ 345,240,985 |
Offering costs | 0 | 0 | (2,252) | 0 | (2,252) |
Decrease in redeemable noncontrolling interest due to redemption | 0 | 0 | 323,649 | 0 | 323,649 |
Net income (loss) attributable to common stockholders | $ 0 | $ 0 | 0 | (24,734,238) | (24,734,238) |
Balance (in shares) at Mar. 31, 2020 | 22,455,100 | 1,055,560 | |||
Balance at Mar. 31, 2020 | $ 22,455 | $ 1,056 | 367,350,818 | (46,546,185) | 320,828,144 |
Balance (in shares) at Dec. 31, 2019 | 22,455,100 | 1,055,560 | |||
Balance at Dec. 31, 2019 | $ 22,455 | $ 1,056 | 367,029,421 | (21,811,947) | 345,240,985 |
Net income (loss) attributable to common stockholders | (17,868,259) | ||||
Balance (in shares) at Sep. 30, 2020 | 26,175,555 | 1,055,560 | |||
Balance at Sep. 30, 2020 | $ 26,176 | $ 1,056 | 423,481,777 | (39,680,206) | 383,828,803 |
Balance (in shares) at Mar. 31, 2020 | 22,455,100 | 1,055,560 | |||
Balance at Mar. 31, 2020 | $ 22,455 | $ 1,056 | 367,350,818 | (46,546,185) | 320,828,144 |
Offering costs | 0 | 0 | (3,415,071) | 0 | (3,415,071) |
Net income (loss) attributable to common stockholders | $ 0 | $ 0 | 0 | 3,402,308 | 3,402,308 |
Stock issued for cash (in shares) | 3,720,455 | 0 | |||
Stock issued for cash | $ 3,721 | $ 0 | 59,546,030 | 0 | 59,549,751 |
Balance (in shares) at Jun. 30, 2020 | 26,175,555 | 1,055,560 | |||
Balance at Jun. 30, 2020 | $ 26,176 | $ 1,056 | 423,481,777 | (43,143,877) | 380,365,132 |
Net income (loss) attributable to common stockholders | $ 0 | $ 0 | 0 | 3,463,671 | 3,463,671 |
Balance (in shares) at Sep. 30, 2020 | 26,175,555 | 1,055,560 | |||
Balance at Sep. 30, 2020 | $ 26,176 | $ 1,056 | 423,481,777 | (39,680,206) | 383,828,803 |
Balance (in shares) at Dec. 31, 2020 | 26,175,555 | 1,055,560 | |||
Balance at Dec. 31, 2020 | $ 26,176 | $ 1,056 | 424,204,641 | (42,665,616) | 381,566,257 |
Offering costs | 0 | 0 | (108,863) | 0 | (108,863) |
Net income (loss) attributable to common stockholders | $ 0 | $ 0 | 0 | 84,437,627 | 84,437,627 |
Balance (in shares) at Mar. 31, 2021 | 26,175,555 | 1,055,560 | |||
Increase (decrease) in redeemable noncontrolling interest | $ 0 | $ 0 | (549,989) | 0 | (549,989) |
Balance at Mar. 31, 2021 | $ 26,176 | $ 1,056 | 423,545,789 | 41,772,011 | 465,345,032 |
Balance (in shares) at Dec. 31, 2020 | 26,175,555 | 1,055,560 | |||
Balance at Dec. 31, 2020 | $ 26,176 | $ 1,056 | 424,204,641 | (42,665,616) | 381,566,257 |
Net income (loss) attributable to common stockholders | 66,799,096 | ||||
Balance (in shares) at Sep. 30, 2021 | 28,520,555 | 1,055,560 | |||
Balance at Sep. 30, 2021 | $ 28,521 | $ 1,056 | 479,387,302 | 24,133,480 | 503,550,359 |
Balance (in shares) at Mar. 31, 2021 | 26,175,555 | 1,055,560 | |||
Balance at Mar. 31, 2021 | $ 26,176 | $ 1,056 | 423,545,789 | 41,772,011 | 465,345,032 |
Offering costs | 0 | 0 | (3,248,681) | 0 | (3,248,681) |
Decrease in redeemable noncontrolling interest due to redemption | 0 | 0 | 706,837 | 0 | 706,837 |
Net income (loss) attributable to common stockholders | 0 | 0 | 0 | 8,637,563 | 8,637,563 |
Stock issued for cash | $ 2,345 | $ 0 | 58,622,655 | 0 | 58,625,000 |
Balance (in shares) at Jun. 30, 2021 | 28,520,555 | 1,055,560 | |||
Increase (decrease) in redeemable noncontrolling interest | $ 0 | $ 0 | (45,920) | 0 | (45,920) |
Balance at Jun. 30, 2021 | 28,521 | 1,056 | 479,580,680 | 50,409,574 | 530,019,831 |
Offering costs | 0 | 0 | (90,452) | 0 | (90,452) |
Net income (loss) attributable to common stockholders | $ 0 | $ 0 | 0 | (26,276,094) | (26,276,094) |
Balance (in shares) at Sep. 30, 2021 | 28,520,555 | 1,055,560 | |||
Increase (decrease) in redeemable noncontrolling interest | $ 0 | $ 0 | (102,926) | 0 | (102,926) |
Balance at Sep. 30, 2021 | $ 28,521 | $ 1,056 | $ 479,387,302 | $ 24,133,480 | $ 503,550,359 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net Income (Loss) | $ 69,364,724 | $ (17,826,075) |
Adjustments to reconcile net loss to cash provided by operating activities: | ||
Amortization of right of use assets | 3,295,966 | 2,977,876 |
Depreciation, amortization, and accretion | 7,671,614 | 5,862,981 |
Deferred income taxes | 13,997,017 | 0 |
Loss on disposition of assets | 119,904 | 89,685 |
Bad debt expense | 13,981 | 322,483 |
Equity in earnings of unconsolidated affiliates | (935,488) | (2,406,151) |
Remeasurement of warrant liability | (2,039,835) | 0 |
Other investment (income) loss | (85,694,668) | 18,717,680 |
Changes in operating assets and liabilities exclusive of the effects of business combinations: | ||
Accounts receivable | (34,060) | 282,094 |
Interest receivable | 271,016 | 391,935 |
Prepaid expenses | (380,893) | (435,830) |
Distributions from unconsolidated affiliates | 2,100,010 | 326,144 |
Deferred policy acquisition costs | 4,366 | 1,374,423 |
Other assets | (67,831) | (24,730) |
Accounts payable and accrued expenses | 1,216,305 | (40,677) |
Lease liabilities | (3,159,047) | (3,082,000) |
Unearned premiums | 783,807 | (3,260,593) |
Deferred revenue | 93,209 | 222,761 |
Net Cash Provided by Operating Activities | 6,620,097 | 3,492,006 |
Cash Flows from Investing Activities: | ||
Payments on short-term payables for business acquisitions | (425,875) | (500) |
Principal payments received on note receivable from affiliate | 20,000,000 | 0 |
Purchase of preferred units of affiliate | (55,000,000) | 0 |
Business acquisitions, net of cash acquired | (8,020,702) | (12,341,242) |
Proceeds from redemption of preferred units | 0 | 12,000,000 |
Investment in unconsolidated affiliate | 0 | (3,175,000) |
Capital expenditures | (11,464,662) | (6,299,968) |
Proceeds from sales of investments | 1,307,562,579 | 420,522,907 |
Purchase of investments | (1,242,087,233) | (448,185,708) |
Net Cash Provided by (Used in) Investing Activities | 10,564,107 | (37,479,511) |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of stock | 58,625,000 | 59,549,751 |
Proceeds from issuance of long-term debt | 0 | 5,500,000 |
Contributions from noncontrolling interest | 0 | 248,229 |
Purchase of non-controlling interest in subsidiary | (664,414) | (1,406,409) |
Collateral release | (1,452,590) | 0 |
Principal payments of long-term debt | (882,115) | (206,998) |
Offering costs | (3,447,996) | (3,417,323) |
Net Cash Provided by Financing Activities | 52,177,885 | 60,267,250 |
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 69,362,089 | 26,279,745 |
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 54,952,316 | 16,372,032 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 124,314,405 | 42,651,777 |
Interest Paid in Cash | 697,699 | 585,534 |
Income Taxes Paid in Cash | 0 | 0 |
Increase in redeemable noncontrolling interest of broadband subsidiary | 698,835 | 1,371,249 |
Contingent consideration associated with business acquisition | 1,230,000 | 0 |
Payable as consideration for business acquisition | 222,500 | 0 |
Broadband Subsidiary [Member] | ||
Cash Flows from Financing Activities: | ||
Decrease in redeemable noncontrolling interest of broadband subsidiary due to redemption | (706,837) | 0 |
Insurance Subsidiary [Member] | ||
Cash Flows from Financing Activities: | ||
Decrease in redeemable noncontrolling interest of broadband subsidiary due to redemption | $ 0 | $ (323,649) |
Note 1 - Organization and Backg
Note 1 - Organization and Background | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. ORGANIZATION AND BACKGROUND Boston Omaha was organized on August 11, 2009 February 2015. We completed an acquisition of an outdoor advertising business and entered the outdoor advertising industry on June 19, 2015. 2015 2021, eighteen On April 20, 2016, December 7, 2016, 2017 2021, four On March 10, 2020, December 29, 2020, second In our opinion, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of unaudited consolidated financial position and the unaudited consolidated results of operations for interim periods presented have been reflected herein. The results of operations for the interim periods are not December 31, 2020 2019 10 May 24, 2021, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation Policy The financial statements of Boston Omaha Corporation include the accounts of the Company and our consolidated subsidiaries, which are comprised of voting interest entities in which we have a controlling financial interest and variable interest entities in which we are the primary beneficiary in accordance with ASC 810, Consolidation Our consolidated subsidiaries at September 30, 2021 Link Media Holdings, LLC which we refer to as “LMH” Link Media Alabama, LLC which we refer to as “LMA” Link Media Florida, LLC which we refer to as “LMF” Link Media Wisconsin, LLC which we refer to as “LMW” Link Media Georgia, LLC which we refer to as “LMG” Link Media Midwest, LLC which we refer to as “LMM” Link Media Omaha, LLC which we refer to as “LMO” Link Media Properties, LLC which we refer to as “LMP” Link Media Southeast, LLC which we refer to as “LMSE” Link Media Services, LLC which we refer to as “LMS” General Indemnity Group, LLC which we refer to as “GIG” The Warnock Agency, Inc. which we refer to as “Warnock” United Casualty and Surety Insurance Company which we refer to as “UCS” Surety Support Services, Inc. which we refer to as “SSS” South Coast Surety Insurance Services, LLC which we refer to as “SCS” Boston Omaha Investments, LLC which we refer to as “BOIC” Boston Omaha Asset Management, LLC which we refer to as “BOAM” BOAM BFR LLC which we refer to as "BOAM BFR" BOC DFH, LLC which we refer to as “BOC DFH” BOC OPS LLC which we refer to as "BOC OPS" BOC Yellowstone which we refer to as "BOC Yellowstone" BOC Yellowstone II LLC which we refer to as “BOC Yellowstone II” BOC YAC Funding LLC which we refer to as "BOC YAC" Fiber is Fast, LLC which we refer to as "FIF" FIF AireBeam LLC which we refer to as “AireBeam” FIF Utah LLC which we refer to as “FIF Utah” Fiber Fast Homes, LLC which we refer to as "FFH" Yellowstone Acquisition Company which we refer to as "Yellowstone" American Contracting Services, Inc. which we refer to as "ACS" Reclassifications Certain accounts in the prior year financial statements have been reclassified for comparative purposes to conform to the presentation in the current year financial statements. Revenue s The majority of our advertising revenues are derived from contracts for advertising space on billboard structures and are accounted for under Financial Accounting Standards Board, which we refer to as the “FASB,” Accounting Standards Codification, which we refer to as “ASC,” 606 , Revenue from Contracts with Customers. Premium revenues derived from our insurance operations are subject to ASC 944, Financial Services Insurance Revenue Recognition Billboard Rentals We generate revenue from outdoor advertising through the leasing of advertising space on billboards. The terms of the contracts range from less than one three Another component of billboard rentals consists of production services which include creating and printing advertising copy. Contract revenues for production services are accounted for under ASC 606, Revenue from Contracts with Customers one Deferred Revenues We record deferred revenues when cash payments are received in advance of being earned or when we have an unconditional right to consideration before satisfying our performance obligation. The term between invoicing and when a payment is due is not twelve Premiums and Unearned Premium Reserves Premiums written are recognized as revenues based on a pro-rata daily calculation over the respective terms of the policies in-force. The cost of reinsurance ceded is initially written as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded of $353,813 and $300,679 for the nine September 30, 2021 2020 Commissions We generate revenue from commissions on surety bond sales and account for commissions under ASC 606. Broadband Revenues Broadband revenue is derived principally from internet services and is recognized on a straight-line basis over the term of the contract in the period the services are rendered. Revenue received or receivable in advance of the delivery of services is included in deferred revenue. Loss and Loss Adjustment Expenses Unpaid losses and loss adjustment expenses represent estimates for the ultimate cost of unpaid reported and unreported claims incurred and related expenses. Estimates for losses and loss adjustment expenses are based on past experience of investigating and adjusting claims and consideration of the level of premiums written during the current and prior year. Since the reserves are based on estimates, the ultimate liability may Variable Interest Entities (VIEs) We determine whether an entity is a VIE and, if so, whether it should be consolidated by utilizing judgments and estimates that are inherently subjective. Our determination of whether an entity in which we hold a direct or indirect variable interest is a VIE is based on several factors, including whether the entity’s total equity investment at risk upon inception is sufficient to finance the entity’s activities without additional subordinated financial support. We make judgments regarding the sufficiency of the equity at risk based first We analyze any investments in VIEs to determine if we are the primary beneficiary. In evaluating whether we are the primary beneficiary, we evaluate our direct and indirect economic interests in the entity. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in the VIE. Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative approach focused on identifying which reporting entity has both: (i) the power to direct the activities of a VIE that most significantly impact such entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. Performance of that analysis requires the exercise of judgment. We consider a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not Income Taxes We compute our year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income or loss and adjust the provision for discrete tax items recorded in the period. Class A Common Stock Subject to Possible Redemption As discussed in Note 17, second 480 10 S99, not 480. Yellowstone recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are effected by charges against additional paid in capital and accumulated deficit. Yellowstone's Class A Common Stock subject to redemption is included within "Redeemable Noncontrolling Interest" within our consolidated Balance Sheets. Warrants Liability We account for warrants for shares of Yellowstone's common stock that are not not 9 |
Note 3 - Restricted Cash
Note 3 - Restricted Cash | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 3. RESTRICTED CASH Restricted cash consists of the following: September 30, December 31, 2021 2020 Insurance premium escrow $ - $ 280,269 Cash held in trust 1,899 - Total Restricted Cash $ 1,899 $ 280,269 The following table sets forth a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated statements of cash flows that agrees to the total of those amounts as presented in the consolidated statements of cash flows. September 30, December 31, 2021 2020 Cash and cash equivalents $ 115,759,021 $ 44,665,972 Funds held as collateral 8,553,485 10,006,075 Restricted cash 1,899 280,269 Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statement of Cash Flows $ 124,314,405 $ 54,952,316 |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 4. ACCOUNTS RECEIVABLE Accounts receivable consist of the following: September 30, December 31, 2021 2020 Trade accounts $ 3,842,133 $ 3,537,864 Premiums 785,252 832,221 Allowance for doubtful accounts (149,194 ) (328,522 ) Total Accounts Receivable, net $ 4,478,191 $ 4,041,563 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5. PROPERTY AND EQUIPMENT Property and equipment consist of the following: September 30, December 31, 2021 2020 Structures and displays $ 45,132,713 $ 42,858,525 Fiber, towers, and broadband equipment 17,861,911 11,358,650 Vehicles and equipment 3,646,803 2,522,810 Office furniture and equipment 3,889,367 2,150,729 Accumulated depreciation (14,306,461 ) (10,382,442 ) Total Property and Equipment, net $ 56,224,333 $ 48,508,272 Depreciation expense for the nine September 30, 2021 2020 nine September 30, 2021 2020 |
Note 6 - Business Acquisitions
Note 6 - Business Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | NOTE 6. BUSINESS ACQUISITIONS 2021 During the first nine 2021, 805. Billboard Acquisition On January 26, 2021, 238 fifteen ten Insurance Acquisition On April 1, 2021, zero twenty-four Due to the timing of the transaction, the initial accounting for the business combination is incomplete. In order to develop our preliminary fair values, we utilized asset information received from ACS and fair value allocation benchmarks from similar completed transactions. We are currently in the process of assessing ACS's documentation of contracts related to customer relationships; and therefore the initial allocation of the purchase price is subject to refinement. Our preliminary purchase price allocation related to ACS includes property, plant and equipment, intangibles, and goodwill of $87,780, $970,000 and $2,339,628, respectively, as well as other net assets of $57,592. The intangible assets include customer relationships and trade names and trademarks, each of which have a fifteen 2020 During the year ended December 31, 2020, two 805. Broadband Acquisitions FIF AireBeam On March 10, 2020, 805. second 2021, December 31, 2020. The following is a summary of the allocation of the purchase price, which includes the final fair value allocation of the assets acquired and liabilities assumed: AireBeam Assets Acquired Property, plant and equipment $ 3,112,459 Customer relationships 1,480,000 Permits 260,000 Trade names and trademarks 970,000 Goodwill 7,124,158 Software 990,000 Right of use assets 337,966 Other 184,737 Total Assets Acquired 14,459,320 Liabilities Assumed Accounts payable and deferred revenue 317,768 Lease liabilities 337,966 Other 91,095 Total Liabilities Assumed 746,829 Total $ 13,712,491 Included in our property, plant, and equipment caption are fiber, tower, and broadband equipment assets acquired in the transaction which have useful lives ranging from five twenty ten twenty FIF Utah On December 29, 2020, not three not Due to the timing of the transaction, the initial accounting for the business combination is incomplete. In order to develop our preliminary fair values, we utilized asset information received from UBB and fair value allocation benchmarks from similar completed transactions. We are currently in the process of assessing UBB’s documentation of contracts related to customer relationships and also assessing the fair value of the 20% The purchase was recorded at fair value and allocated as follows: UBB Assets Acquired Property, plant and equipment $ 7,319,000 Customer relationships 6,800,000 Trade names and trademarks 1,910,000 Goodwill 10,811,000 Right of use assets 3,226,355 Other 201,000 Total Assets Acquired 30,267,355 Liabilities Assumed Accounts payable and deferred revenue 437,300 Lease liabilities 3,226,355 Total Liabilities Assumed 3,663,655 Total $ 26,603,700 During the third 2021, not Included in our property, plant, and equipment caption are fiber, tower, and broadband equipment assets acquired in the transaction which have useful lives ranging from five twenty ten twenty Pro Forma Information The following is the unaudited pro forma information assuming all business acquisitions occurred on January 1, 2020. two fifteen two fifty For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenue $ 14,498,147 $ 15,169,813 $ 42,790,250 $ 46,201,767 Net Income (Loss) Attributable to Common Stockholders $ (26,276,094 ) $ 4,123,386 $ 66,755,499 $ (15,668,384 ) Basic Net Income (Loss) per Share $ (0.89 ) $ 0.15 $ 2.32 $ (0.62 ) Diluted Net Income (Loss) per Share $ (0.89 ) $ 0.15 $ 2.32 $ (0.62 ) Basic Weighted Average Class A and Class B Common Shares Outstanding 29,576,115 27,231,115 28,751,500 25,145,700 Diluted Weighted Average Class A and Class B Common Shares Outstanding 29,576,115 27,271,014 28,825,428 25,145,700 The information included in the pro forma amounts is derived from historical information obtained from the sellers of the businesses. |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 7. INTANGIBLE ASSETS Intangible assets consist of the following: September 30, 2021 December 31, 2020 Accumulated Accumulated Cost Amortization Balance Cost Amortization Balance Customer relationships $ 48,283,484 $ (22,943,605 ) $ 25,339,879 $ 46,740,483 $ (20,558,751 ) $ 26,181,732 Permits, licenses, and lease acquisition costs 10,948,673 (3,159,510 ) 7,789,163 11,053,673 (2,412,313 ) 8,641,360 Site location 849,347 (235,813 ) 613,534 849,347 (193,462 ) 655,885 Noncompetition agreements 626,000 (463,884 ) 162,116 626,000 (386,934 ) 239,066 Technology 1,128,000 (286,296 ) 841,704 1,128,000 (212,250 ) 915,750 Trade names and trademarks 3,852,200 (533,739 ) 3,318,461 3,602,202 (369,175 ) 3,233,027 Nonsolicitation agreement 28,000 (28,000 ) - 28,000 (28,000 ) - Easements 4,611,089 - 4,611,089 4,507,089 - 4,507,089 Total $ 70,326,793 $ (27,650,847 ) $ 42,675,946 $ 68,534,794 $ (24,160,885 ) $ 44,373,909 Future Amortization The future amortization associated with the intangible assets is as follows: September 30, 2022 2023 2024 2025 2026 Thereafter Total Customer relationships $ 3,218,366 $ 3,218,366 $ 3,218,366 $ 3,218,366 $ 3,218,366 $ 9,248,049 $ 25,339,879 Permits, licenses, and lease acquisition costs 1,002,448 1,002,448 1,002,448 995,796 968,813 2,817,210 7,789,163 Site location 56,623 56,623 56,623 56,623 56,623 330,419 613,534 Noncompetition agreements 95,208 64,903 2,005 - - - 162,116 Technology 99,000 99,000 99,000 99,000 99,000 346,704 841,704 Trade names and trademarks 225,567 225,567 225,567 225,567 225,567 2,190,626 3,318,461 Total $ 4,697,212 $ 4,666,907 $ 4,604,009 $ 4,595,352 $ 4,568,369 $ 14,933,008 $ 38,064,857 Amortization expense for the nine September 30, 2021 2020 The weighted average amortization period, in months, for intangible assets is as follows: Customer relationships 94 Permits, licenses, and lease acquisition costs 93 Site location 130 Noncompetition agreements 20 Technology 102 Trade names and trademarks 177 |
Note 8 - Investments, Including
Note 8 - Investments, Including Investments Accounted for Using the Equity Method | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Investment [Text Block] | NOTE 8. I NVESTMENTS , INCLUDING INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD Short-term Investments Short-term investments consist of certificates of deposit, U.S. Treasury securities, and corporate bonds. Certificates of deposit, U.S. Treasury securities and corporate bonds held by UCS are classified as held to maturity, mature in less than twelve nine September 30, 2021, nine September 30, 2020, September 30, December 31, 2021 2020 Certificates of deposit $ 310,044 $ 1,035,827 Corporate bonds classified as trading - 1,020,000 U.S. Treasury notes and corporate bond held to maturity 4,668,600 4,994,848 Total $ 4,978,644 $ 7,050,675 Marketable Equity Securities Our marketable equity securities are publicly traded stocks measured at fair value using quoted prices for identical assets in active markets and classified as Level 1 September 30, 2021 December 31, 2020 Gross Unrealized Fair Cost Gain (Loss) Value Marketable equity securities, September 30, 2021 $ 31,321,031 $ 48,954,072 $ 80,275,103 Marketable equity securities, December 31, 2020 $ 68,205,548 $ (4,169,066 ) $ 64,036,482 U.S. Treasury Trading Securities We classify our investments in debt securities that are bought and held principally for the purpose of selling them in the near term as trading securities. Our debt securities classified as trading are carried at fair value in the consolidated balance sheets, with the change in fair value during the period included in earnings. Interest income is recognized at the coupon rate. Debt securities classified as trading as of September 30, 2021 December 31, 2020 Gross Unrealized Fair Cost Gain (Loss) Value U.S. Treasury trading securities, September 30, 2021 $ 50,995,742 $ 1,438 $ 50,997,180 U.S. Treasury trading securities, December 31, 2020 $ 37,766,133 $ 1,812 $ 37,767,945 U.S. Treasury Securities held in Trust Yellowstone's U.S. treasury securities held in the Trust Account are carried at fair value in the consolidated balance sheets, with the change in fair value during the period included in earnings. Interest income is recognized at the coupon rate. Long-term Investments Long-term investments consist of U.S. Treasury securities and certain equity investments. We have the intent and the ability to hold the U.S. Treasury securities to maturity, which ranges from 2022 2023. Long-term investments consist of the following: September 30, December 31, 2021 2020 U.S. Treasury securities, held to maturity $ 154,265 $ 286,015 Preferred stock 104,019 104,019 Voting common stock of CBT Holding Corporation 19,058,485 19,058,485 Total $ 19,316,769 $ 19,448,519 Equity Investments During May 2018, one During January 2018, $.2665 one We reviewed our investments as of September 30, 2021 Investment in Unconsolidated Affiliates We have various investments in equity method affiliates, whose businesses are in home building, real estate, real estate services, and asset management. Our interest in these affiliates ranges from 5.6% 24th September 30, 2021 Dream Finders Homes, Inc. In late December 2017, first 2020, January 1, 2020, In May 2019, May 29, 2020 May 29, 2021. 14% not one not May 29, 2021. 2020, May 2019. On January 20, 2021, January 21, 2021. no one 24th 24th During 2020, two 24th 24th 24th 24th Sky Harbour LLC On September 14, 2021, 17. The following table is a reconciliation of our investments in equity affiliates as presented in investments in unconsolidated affiliates on our consolidated balance sheets, together with combined summarized financial data related to the unconsolidated affiliates: September 30, December 31, 2021 2020 Beginning of period $ 20,913,896 $ 771,805 Additional investment in unconsolidated affiliates 55,000,000 16,000,000 Distributions received (2,100,010 ) (1,433,480 ) Reclassification of investment in affiliate to marketable securities (12,880,146 ) - Equity in income of unconsolidated affiliates 935,488 5,575,571 End of period $ 61,869,228 $ 20,913,896 Combined summarized financial data for these affiliates is as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenue $ 7,055,929 $ 288,403,203 $ 24,854,881 $ 676,336,442 Gross profit 2,464,195 44,856,872 12,467,729 99,618,080 Income from continuing operations (2,293,107 ) 23,983,417 (4,687,712 ) 41,911,245 Net income (2,538,089 ) 23,429,704 (6,167,189 ) 41,162,122 Note Receivable from Affiliate On October 2, 2020, May 1, 2021. November 1, 2020 first May 1, 2021. January 25, 2021, $20,567,776. |
Note 9 - Fair Value
Note 9 - Fair Value | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9. FAIR VALUE The fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value into three Level 1 Level 2 not Level 3 no At September 30, 2021 December 31, 2020 2 September 30, 2021 Warrants We have determined that the Public Warrants issued in connection with Yellowstone's initial public offering in October 2020 December 31, 2020 September 30, 2021 1 September 30, 2021 December 31, 2020. Marketable Equity Securities During the second 2021, 144 1933. September 30, 2021 On an investment life-to-date basis, we have realized net gains on the sale of equity securities within the marketable equity portfolio held at Boston Omaha of approximately $39,000,000. Of this amount, approximately $34,000,000 and $5,000,000 were realized during the nine September 30, 2021 2020 Investments Held in Trust - Special Purpose Acquisition Company Assets held in the Trust Account related to Yellowstone are comprised of $138,742,756 of marketable U.S. treasury securities, all of which are classified as Level 1 Contingent Consideration associated with Business Combination The contingent consideration recorded in conjunction with our acquisition of ACS as discussed further in Note 6 3 Marketable Equity Securities, U.S. Treasury Trading Securities, and Corporate Bonds Marketable equity securities and U.S. Treasury trading securities are reported at fair values. Substantially all of the fair value is determined using observed prices of publicly traded securities, level 1 Total Carrying Amount in Consolidated Balance Sheet September 30, 2021 Quoted Prices in Active Markets for Identical Assets Realized Gains and (Losses) Total Changes in Fair Values Included in Current Period Earnings (Loss) Marketable equity securities and U.S. Treasury trading securities $ 131,272,283 $ 131,272,283 $ 37,854,470 $ 47,904,192 |
Note 10 - Asset Retirement Obli
Note 10 - Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 1 0 . ASSET RETIREMENT OBLIGATIONS Our asset retirement obligations include the costs associated with the removal of structures, resurfacing of the land and retirement cost, if applicable, related to our outdoor advertising and broadband assets. The following table reflects information related to our asset retirement obligations: Balance, December 31, 2020 $ 2,282,273 Additions 93,775 Liabilities settled (311,235 ) Accretion expense 96,717 Balance, September 30, 2021 $ 2,161,530 |
Note 11 - Capital Stock
Note 11 - Capital Stock | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 1 1 . CAPITAL STOCK On May 28, 2020, June 2, 2020, not 3 No. 333 222853 February 9, 2018, May 28, 2020. On March 30, 2021, 3ASR No. 333 254870 may, one may one may may one not not On April 6, 2021, $.001 not March 30, 2021. At September 30, 2021 a A summary of warrant activity for the nine September 30, 2021 Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value of Vested Warrants Outstanding as of December 31, 2020 105,556 $ 9.95 4.50 $ 1,868,341 Issued - Exercised - Expired - Outstanding as of September 30, 2021 105,556 $ 9.95 3.75 $ 3,043,179 |
Note 12 - Long-term Debt
Note 12 - Long-term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 12. LONG-TERM DEBT On August 12, 2019, 1” 2” not As of September 30, 2021 1 2 1 2 July 1, 2020 1 October 1, 2020 2. August 12, 2026. 1 2 The revolving line of credit loan facility has a $5,000,000 maximum availability. Interest payments are based on the U.S. Prime Rate minus an applicable margin ranging between 0.65% and 1.15% dependent on Link’s consolidated leverage ratio. The revolving line of credit is due and payable on August 12, 2023 Long-term debt included within our consolidated balance sheet as of September 30, 2021 1 2 September 30, 2021 During the term of the Credit Facility, Link is required to comply with the following financial covenants: A consolidated leverage ratio for any test period ending on the last day of any fiscal quarter of Link (a) beginning with the fiscal quarter ended December 31, 2019 not 1.00, December 31, 2020 not 1.00, December 31, 2021 not 1.0; not 1.00 four December 31, 2019 December 31, 2019 September 30, 2021 The Credit Agreement includes representations and warranties, reporting covenants, affirmative covenants, negative covenants, financial covenants and events of default customary for financings of this type. Upon the occurrence of an event of default the Lender may |
Note 13 - Leases
Note 13 - Leases | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 13 . LEASES We enter into operating lease contracts primarily for land and office space. Arrangements are evaluated at inception to determine whether such arrangements contain a lease. Operating leases include land lease contracts and contracts for the use of office space. Right of use assets, which we refer to as “ROU assets,” represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the respective lease term. Lease expense is recognized on a straight-line basis over the lease term. Certain of our operating lease agreements include rental payments based on a percentage of revenue and others include rental payments adjusted periodically for inflationary changes. Percentage rent contracts, in which lease expense is calculated as a percentage of advertising revenue, and payments due to changes in inflationary adjustments are included within variable rent expense, which is accounted for separately from periodic straight-line lease expense. Many of our leases entered into in connection with land provide options to extend the terms of the agreements. Generally, renewal periods are included in minimum lease payments when calculating the lease liabilities as, for most leases, we consider exercise of such options to be reasonably certain. As a result, optional terms and payments are included within the lease liability. Our lease agreements do not The implicit rate within our lease agreements is generally not 842, Operating Lease Cost Operating lease cost for the three nine September 30, 2021 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Statement of Operations Classification Lease cost $ 1,675,707 $ 1,574,042 $ 5,196,936 $ 4,758,399 Cost of billboard revenues and general and administrative Variable and short-term lease cost 131,409 41,865 413,555 328,610 Cost of billboard revenues and general and administrative Total Lease Cost $ 1,807,116 $ 1,615,907 $ 5,610,491 $ 5,087,009 Supplemental cash flow information related to operating leases is as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cash payments for operating leases $ 1,507,763 $ 1,477,218 $ 5,060,018 $ 4,862,521 New operating lease assets obtained in exchange for operating lease liabilities $ 74,915 $ 79,451 $ 7,978,907 $ 744,397 Operating Lease Assets and Liabilities September 30, 2021 December 31, 2020 Balance Sheet Classification Lease assets $ 56,125,523 $ 52,849,492 Other Assets: Right of use assets Current lease liabilities $ 4,035,257 $ 4,354,664 Current Liabilities: Lease liabilities Noncurrent lease liabilities 51,196,344 47,581,933 Long-term Liabilities: Lease liabilities Total Lease Liabilities $ 55,231,601 $ 51,936,597 Maturity of Operating Lease Liabilities September 30, 2021 2022 $ 6,448,076 2023 6,216,628 2024 5,788,790 2025 5,482,027 2026 5,269,527 Thereafter 54,161,535 Total lease payments 83,366,583 Less imputed interest (28,134,982 ) Present Value of Lease Liabilities $ 55,231,601 As of September 30, 2021 |
Note 14 - Industry Segments
Note 14 - Industry Segments | 9 Months Ended |
Sep. 30, 2021 | |
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, Warnock, SSS, SCS, ACS and UCS. SSS clients are multi-state and UCS, SCS, ACS and Warnock clients are nationwide. Revenue consists of surety bond sales and insurance commissions. Currently, GIG’s corporate resources are used to support Warnock, SSS, SCS, ACS 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, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, Nebraska, Nevada, Virginia, West Virginia, and Wisconsin. Fiber is Fast, LLC FIF conducts our broadband operations. FIF provides high-speed broadband services to its customers located in Arizona, Florida and Utah. Total Three Months Ended September 30, 2021 GIG LMH FIF Unallocated Consolidated Revenue $ 2,701,353 $ 8,023,065 $ 3,773,729 $ - $ 14,498,147 Segment gross profit 1,671,777 5,030,814 3,031,647 - 9,734,238 Segment income (loss) from operations (358,963 ) 973,146 54,240 (3,429,421 ) (2,760,998 ) Capital expenditures - 374,419 2,147,334 2,239,461 4,761,214 Depreciation and amortization 54,865 1,771,135 953,437 27,283 2,806,720 Total Three Months Ended September 30, 2020 GIG LMH FIF Unallocated Consolidated Revenue $ 3,340,536 $ 7,121,957 $ 1,144,343 $ - $ 11,606,836 Segment gross profit 1,582,085 4,341,598 1,014,929 - 6,938,612 Segment income (loss) from operations (100,811 ) 323,815 26,600 (970,227 ) (720,623 ) Capital expenditures - 604,990 1,400,310 160,215 2,165,515 Depreciation and amortization 129,497 1,671,045 209,935 - 2,010,477 Total Nine Months Ended September 30, 2021 GIG LMH FIF Unallocated Consolidated Revenue $ 7,424,245 $ 23,129,582 $ 11,329,220 $ - $ 41,883,047 Segment gross profit 4,392,854 14,202,054 8,976,496 - 27,571,404 Segment income (loss) from operations (1,578,567 ) 1,945,573 1,320,097 (7,027,351 ) (5,340,248 ) Capital expenditures 3,044,246 7,777,058 7,203,743 2,912,817 20,937,864 Depreciation and amortization 151,358 5,224,098 2,132,012 67,428 7,574,896 Total Nine Months Ended September 30, 2020 GIG LMH FIF Unallocated Consolidated Revenue $ 10,942,149 $ 20,991,755 $ 2,575,676 $ - $ 34,509,580 Segment gross profit 5,574,918 12,519,490 2,196,603 - 20,291,011 Segment income (loss) from operations 14,841 277,440 423,435 (3,481,620 ) (2,765,904 ) Capital expenditures - 3,760,171 16,252,283 160,215 20,172,669 Depreciation and amortization 413,693 4,960,939 382,385 - 5,757,017 Total As of September 30, 2021 GIG LMH FIF Unallocated Consolidated Accounts receivable, net $ 1,597,855 $ 2,621,865 $ 258,471 $ - $ 4,478,191 Goodwill 11,058,922 100,363,666 17,935,158 - 129,357,746 Total assets 56,115,005 226,389,587 69,209,029 429,659,606 781,373,227 Total As of December 31, 2020 GIG LMH FIF Unallocated Consolidated Accounts receivable, net $ 1,160,424 $ 2,633,711 $ 247,428 $ - $ 4,041,563 Goodwill 8,719,294 97,572,994 18,154,158 124,446,446 Total assets 54,536,523 219,607,150 48,496,371 318,067,382 640,707,426 |
Note 15 - Reserves for Losses a
Note 15 - Reserves for Losses and Loss Adjustment Expenses | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Insurance Disclosure [Text Block] | NOTE 15. RESERVES FOR LOSSES AND LOSS ADJUSTMENT EXPENSES The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses ("LAE") for the nine September 30: 2021 2020 Losses and LAE at January 1 $ 2,492,334 $ 1,203,493 Provision for losses and LAE claims arising in: Current year 693,750 1,182,651 Prior year 578,302 1,054,890 Total incurred 1,272,052 2,237,541 Losses and LAE payments for claims arising in: Current year 1,065,955 594,600 Prior years 691,410 431,821 Total payments 1,757,365 1,026,421 Losses and LAE at September 30 $ 2,007,021 $ 2,414,613 For the nine September 30, 2021 nine September 30, 2021 September 30, 2021 nine September 30, 2020 nine September 30, 2020 Reserves remaining as of September 30, 2020 September 30, 2021, not September 30, 2020. |
Note 16 - Custodial Risk
Note 16 - Custodial Risk | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Custodial Risk Disclosure [Text Block] | NOTE 16 . CUSTODIAL RISK As of September 30, 2021 |
Note 17 - Special Purpose Acqui
Note 17 - Special Purpose Acquisition Company | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Special Purpose Acquisition Company [Text Block] | NOTE 17. SPECIAL PURPOSE ACQUISITION COMPANY In October 2020, one one August November 2020, three On November 16, 2020, no not On August 1, 2021, none On September 14, 2021, not The combined company expects to receive up to $238 million in gross proceeds, assuming no four We have determined that (i) Yellowstone is a Variable Interest Entity, (ii) we are the primary beneficiary, and (iii) it is appropriate to consolidate Yellowstone under applicable accounting guidance outlined within ASC 810, |
Note 18 - Income Taxes
Note 18 - Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 18. INCOME TAXES In the first 2021, March 31, 2021 three Q1 2021 |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 19 . SUBSEQUENT EVENTS Subsequent to September 30, 2021, Subsequent to September 30, 2021, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation Policy The financial statements of Boston Omaha Corporation include the accounts of the Company and our consolidated subsidiaries, which are comprised of voting interest entities in which we have a controlling financial interest and variable interest entities in which we are the primary beneficiary in accordance with ASC 810, Consolidation Our consolidated subsidiaries at September 30, 2021 Link Media Holdings, LLC which we refer to as “LMH” Link Media Alabama, LLC which we refer to as “LMA” Link Media Florida, LLC which we refer to as “LMF” Link Media Wisconsin, LLC which we refer to as “LMW” Link Media Georgia, LLC which we refer to as “LMG” Link Media Midwest, LLC which we refer to as “LMM” Link Media Omaha, LLC which we refer to as “LMO” Link Media Properties, LLC which we refer to as “LMP” Link Media Southeast, LLC which we refer to as “LMSE” Link Media Services, LLC which we refer to as “LMS” General Indemnity Group, LLC which we refer to as “GIG” The Warnock Agency, Inc. which we refer to as “Warnock” United Casualty and Surety Insurance Company which we refer to as “UCS” Surety Support Services, Inc. which we refer to as “SSS” South Coast Surety Insurance Services, LLC which we refer to as “SCS” Boston Omaha Investments, LLC which we refer to as “BOIC” Boston Omaha Asset Management, LLC which we refer to as “BOAM” BOAM BFR LLC which we refer to as "BOAM BFR" BOC DFH, LLC which we refer to as “BOC DFH” BOC OPS LLC which we refer to as "BOC OPS" BOC Yellowstone which we refer to as "BOC Yellowstone" BOC Yellowstone II LLC which we refer to as “BOC Yellowstone II” BOC YAC Funding LLC which we refer to as "BOC YAC" Fiber is Fast, LLC which we refer to as "FIF" FIF AireBeam LLC which we refer to as “AireBeam” FIF Utah LLC which we refer to as “FIF Utah” Fiber Fast Homes, LLC which we refer to as "FFH" Yellowstone Acquisition Company which we refer to as "Yellowstone" American Contracting Services, Inc. which we refer to as "ACS" |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain accounts in the prior year financial statements have been reclassified for comparative purposes to conform to the presentation in the current year financial statements. |
Revenue [Policy Text Block] | Revenue s The majority of our advertising revenues are derived from contracts for advertising space on billboard structures and are accounted for under Financial Accounting Standards Board, which we refer to as the “FASB,” Accounting Standards Codification, which we refer to as “ASC,” 606 , Revenue from Contracts with Customers. Premium revenues derived from our insurance operations are subject to ASC 944, Financial Services Insurance Revenue Recognition Billboard Rentals We generate revenue from outdoor advertising through the leasing of advertising space on billboards. The terms of the contracts range from less than one three Another component of billboard rentals consists of production services which include creating and printing advertising copy. Contract revenues for production services are accounted for under ASC 606, Revenue from Contracts with Customers one Deferred Revenues We record deferred revenues when cash payments are received in advance of being earned or when we have an unconditional right to consideration before satisfying our performance obligation. The term between invoicing and when a payment is due is not twelve Premiums and Unearned Premium Reserves Premiums written are recognized as revenues based on a pro-rata daily calculation over the respective terms of the policies in-force. The cost of reinsurance ceded is initially written as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded of $353,813 and $300,679 for the nine September 30, 2021 2020 Commissions We generate revenue from commissions on surety bond sales and account for commissions under ASC 606. Broadband Revenues Broadband revenue is derived principally from internet services and is recognized on a straight-line basis over the term of the contract in the period the services are rendered. Revenue received or receivable in advance of the delivery of services is included in deferred revenue. |
Liability Reserve Estimate, Policy [Policy Text Block] | Loss and Loss Adjustment Expenses Unpaid losses and loss adjustment expenses represent estimates for the ultimate cost of unpaid reported and unreported claims incurred and related expenses. Estimates for losses and loss adjustment expenses are based on past experience of investigating and adjusting claims and consideration of the level of premiums written during the current and prior year. Since the reserves are based on estimates, the ultimate liability may |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities (VIEs) We determine whether an entity is a VIE and, if so, whether it should be consolidated by utilizing judgments and estimates that are inherently subjective. Our determination of whether an entity in which we hold a direct or indirect variable interest is a VIE is based on several factors, including whether the entity’s total equity investment at risk upon inception is sufficient to finance the entity’s activities without additional subordinated financial support. We make judgments regarding the sufficiency of the equity at risk based first We analyze any investments in VIEs to determine if we are the primary beneficiary. In evaluating whether we are the primary beneficiary, we evaluate our direct and indirect economic interests in the entity. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in the VIE. Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative approach focused on identifying which reporting entity has both: (i) the power to direct the activities of a VIE that most significantly impact such entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. Performance of that analysis requires the exercise of judgment. We consider a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not |
Income Tax, Policy [Policy Text Block] | Income Taxes We compute our year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income or loss and adjust the provision for discrete tax items recorded in the period. |
Shares Subject to Mandatory Redemption, Changes in Redemption Value, Policy [Policy Text Block] | Class A Common Stock Subject to Possible Redemption As discussed in Note 17, second 480 10 S99, not 480. Yellowstone recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are effected by charges against additional paid in capital and accumulated deficit. Yellowstone's Class A Common Stock subject to redemption is included within "Redeemable Noncontrolling Interest" within our consolidated Balance Sheets. |
Warrant Liability [Policy Text Block] | Warrants Liability We account for warrants for shares of Yellowstone's common stock that are not not 9 |
Note 3 - Restricted Cash (Table
Note 3 - Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | September 30, December 31, 2021 2020 Insurance premium escrow $ - $ 280,269 Cash held in trust 1,899 - Total Restricted Cash $ 1,899 $ 280,269 September 30, December 31, 2021 2020 Cash and cash equivalents $ 115,759,021 $ 44,665,972 Funds held as collateral 8,553,485 10,006,075 Restricted cash 1,899 280,269 Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statement of Cash Flows $ 124,314,405 $ 54,952,316 |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Receivables with Imputed Interest [Table Text Block] | September 30, December 31, 2021 2020 Trade accounts $ 3,842,133 $ 3,537,864 Premiums 785,252 832,221 Allowance for doubtful accounts (149,194 ) (328,522 ) Total Accounts Receivable, net $ 4,478,191 $ 4,041,563 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, 2021 2020 Structures and displays $ 45,132,713 $ 42,858,525 Fiber, towers, and broadband equipment 17,861,911 11,358,650 Vehicles and equipment 3,646,803 2,522,810 Office furniture and equipment 3,889,367 2,150,729 Accumulated depreciation (14,306,461 ) (10,382,442 ) Total Property and Equipment, net $ 56,224,333 $ 48,508,272 |
Note 6 - Business Acquisitions
Note 6 - Business Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | AireBeam Assets Acquired Property, plant and equipment $ 3,112,459 Customer relationships 1,480,000 Permits 260,000 Trade names and trademarks 970,000 Goodwill 7,124,158 Software 990,000 Right of use assets 337,966 Other 184,737 Total Assets Acquired 14,459,320 Liabilities Assumed Accounts payable and deferred revenue 317,768 Lease liabilities 337,966 Other 91,095 Total Liabilities Assumed 746,829 Total $ 13,712,491 UBB Assets Acquired Property, plant and equipment $ 7,319,000 Customer relationships 6,800,000 Trade names and trademarks 1,910,000 Goodwill 10,811,000 Right of use assets 3,226,355 Other 201,000 Total Assets Acquired 30,267,355 Liabilities Assumed Accounts payable and deferred revenue 437,300 Lease liabilities 3,226,355 Total Liabilities Assumed 3,663,655 Total $ 26,603,700 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenue $ 14,498,147 $ 15,169,813 $ 42,790,250 $ 46,201,767 Net Income (Loss) Attributable to Common Stockholders $ (26,276,094 ) $ 4,123,386 $ 66,755,499 $ (15,668,384 ) Basic Net Income (Loss) per Share $ (0.89 ) $ 0.15 $ 2.32 $ (0.62 ) Diluted Net Income (Loss) per Share $ (0.89 ) $ 0.15 $ 2.32 $ (0.62 ) Basic Weighted Average Class A and Class B Common Shares Outstanding 29,576,115 27,231,115 28,751,500 25,145,700 Diluted Weighted Average Class A and Class B Common Shares Outstanding 29,576,115 27,271,014 28,825,428 25,145,700 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | September 30, 2021 December 31, 2020 Accumulated Accumulated Cost Amortization Balance Cost Amortization Balance Customer relationships $ 48,283,484 $ (22,943,605 ) $ 25,339,879 $ 46,740,483 $ (20,558,751 ) $ 26,181,732 Permits, licenses, and lease acquisition costs 10,948,673 (3,159,510 ) 7,789,163 11,053,673 (2,412,313 ) 8,641,360 Site location 849,347 (235,813 ) 613,534 849,347 (193,462 ) 655,885 Noncompetition agreements 626,000 (463,884 ) 162,116 626,000 (386,934 ) 239,066 Technology 1,128,000 (286,296 ) 841,704 1,128,000 (212,250 ) 915,750 Trade names and trademarks 3,852,200 (533,739 ) 3,318,461 3,602,202 (369,175 ) 3,233,027 Nonsolicitation agreement 28,000 (28,000 ) - 28,000 (28,000 ) - Easements 4,611,089 - 4,611,089 4,507,089 - 4,507,089 Total $ 70,326,793 $ (27,650,847 ) $ 42,675,946 $ 68,534,794 $ (24,160,885 ) $ 44,373,909 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | September 30, 2022 2023 2024 2025 2026 Thereafter Total Customer relationships $ 3,218,366 $ 3,218,366 $ 3,218,366 $ 3,218,366 $ 3,218,366 $ 9,248,049 $ 25,339,879 Permits, licenses, and lease acquisition costs 1,002,448 1,002,448 1,002,448 995,796 968,813 2,817,210 7,789,163 Site location 56,623 56,623 56,623 56,623 56,623 330,419 613,534 Noncompetition agreements 95,208 64,903 2,005 - - - 162,116 Technology 99,000 99,000 99,000 99,000 99,000 346,704 841,704 Trade names and trademarks 225,567 225,567 225,567 225,567 225,567 2,190,626 3,318,461 Total $ 4,697,212 $ 4,666,907 $ 4,604,009 $ 4,595,352 $ 4,568,369 $ 14,933,008 $ 38,064,857 Customer relationships 94 Permits, licenses, and lease acquisition costs 93 Site location 130 Noncompetition agreements 20 Technology 102 Trade names and trademarks 177 |
Note 8 - Investments, Includi_2
Note 8 - Investments, Including Investments Accounted for Using the Equity Method (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Investment [Table Text Block] | September 30, December 31, 2021 2020 Certificates of deposit $ 310,044 $ 1,035,827 Corporate bonds classified as trading - 1,020,000 U.S. Treasury notes and corporate bond held to maturity 4,668,600 4,994,848 Total $ 4,978,644 $ 7,050,675 September 30, December 31, 2021 2020 U.S. Treasury securities, held to maturity $ 154,265 $ 286,015 Preferred stock 104,019 104,019 Voting common stock of CBT Holding Corporation 19,058,485 19,058,485 Total $ 19,316,769 $ 19,448,519 |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Gross Unrealized Fair Cost Gain (Loss) Value Marketable equity securities, September 30, 2021 $ 31,321,031 $ 48,954,072 $ 80,275,103 Marketable equity securities, December 31, 2020 $ 68,205,548 $ (4,169,066 ) $ 64,036,482 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Unrealized Fair Cost Gain (Loss) Value U.S. Treasury trading securities, September 30, 2021 $ 50,995,742 $ 1,438 $ 50,997,180 U.S. Treasury trading securities, December 31, 2020 $ 37,766,133 $ 1,812 $ 37,767,945 |
Investments in and Advances to Affiliates [Table Text Block] | September 30, December 31, 2021 2020 Beginning of period $ 20,913,896 $ 771,805 Additional investment in unconsolidated affiliates 55,000,000 16,000,000 Distributions received (2,100,010 ) (1,433,480 ) Reclassification of investment in affiliate to marketable securities (12,880,146 ) - Equity in income of unconsolidated affiliates 935,488 5,575,571 End of period $ 61,869,228 $ 20,913,896 |
Equity Method Investments [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenue $ 7,055,929 $ 288,403,203 $ 24,854,881 $ 676,336,442 Gross profit 2,464,195 44,856,872 12,467,729 99,618,080 Income from continuing operations (2,293,107 ) 23,983,417 (4,687,712 ) 41,911,245 Net income (2,538,089 ) 23,429,704 (6,167,189 ) 41,162,122 |
Note 9 - Fair Value (Tables)
Note 9 - Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Total Carrying Amount in Consolidated Balance Sheet September 30, 2021 Quoted Prices in Active Markets for Identical Assets Realized Gains and (Losses) Total Changes in Fair Values Included in Current Period Earnings (Loss) Marketable equity securities and U.S. Treasury trading securities $ 131,272,283 $ 131,272,283 $ 37,854,470 $ 47,904,192 |
Note 10 - Asset Retirement Ob_2
Note 10 - Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Balance, December 31, 2020 $ 2,282,273 Additions 93,775 Liabilities settled (311,235 ) Accretion expense 96,717 Balance, September 30, 2021 $ 2,161,530 |
Note 11 - Capital Stock (Tables
Note 11 - Capital Stock (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value of Vested Warrants Outstanding as of December 31, 2020 105,556 $ 9.95 4.50 $ 1,868,341 Issued - Exercised - Expired - Outstanding as of September 30, 2021 105,556 $ 9.95 3.75 $ 3,043,179 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Statement of Operations Classification Lease cost $ 1,675,707 $ 1,574,042 $ 5,196,936 $ 4,758,399 Cost of billboard revenues and general and administrative Variable and short-term lease cost 131,409 41,865 413,555 328,610 Cost of billboard revenues and general and administrative Total Lease Cost $ 1,807,116 $ 1,615,907 $ 5,610,491 $ 5,087,009 |
Supplemental Cash Flow Information Related to Operating Leases [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cash payments for operating leases $ 1,507,763 $ 1,477,218 $ 5,060,018 $ 4,862,521 New operating lease assets obtained in exchange for operating lease liabilities $ 74,915 $ 79,451 $ 7,978,907 $ 744,397 |
Operating Lease Assets and Liabilities [Table Text Block] | September 30, 2021 December 31, 2020 Balance Sheet Classification Lease assets $ 56,125,523 $ 52,849,492 Other Assets: Right of use assets Current lease liabilities $ 4,035,257 $ 4,354,664 Current Liabilities: Lease liabilities Noncurrent lease liabilities 51,196,344 47,581,933 Long-term Liabilities: Lease liabilities Total Lease Liabilities $ 55,231,601 $ 51,936,597 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | September 30, 2021 2022 $ 6,448,076 2023 6,216,628 2024 5,788,790 2025 5,482,027 2026 5,269,527 Thereafter 54,161,535 Total lease payments 83,366,583 Less imputed interest (28,134,982 ) Present Value of Lease Liabilities $ 55,231,601 |
Note 14 - Industry Segments (Ta
Note 14 - Industry Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Total Three Months Ended September 30, 2021 GIG LMH FIF Unallocated Consolidated Revenue $ 2,701,353 $ 8,023,065 $ 3,773,729 $ - $ 14,498,147 Segment gross profit 1,671,777 5,030,814 3,031,647 - 9,734,238 Segment income (loss) from operations (358,963 ) 973,146 54,240 (3,429,421 ) (2,760,998 ) Capital expenditures - 374,419 2,147,334 2,239,461 4,761,214 Depreciation and amortization 54,865 1,771,135 953,437 27,283 2,806,720 Total Three Months Ended September 30, 2020 GIG LMH FIF Unallocated Consolidated Revenue $ 3,340,536 $ 7,121,957 $ 1,144,343 $ - $ 11,606,836 Segment gross profit 1,582,085 4,341,598 1,014,929 - 6,938,612 Segment income (loss) from operations (100,811 ) 323,815 26,600 (970,227 ) (720,623 ) Capital expenditures - 604,990 1,400,310 160,215 2,165,515 Depreciation and amortization 129,497 1,671,045 209,935 - 2,010,477 Total Nine Months Ended September 30, 2021 GIG LMH FIF Unallocated Consolidated Revenue $ 7,424,245 $ 23,129,582 $ 11,329,220 $ - $ 41,883,047 Segment gross profit 4,392,854 14,202,054 8,976,496 - 27,571,404 Segment income (loss) from operations (1,578,567 ) 1,945,573 1,320,097 (7,027,351 ) (5,340,248 ) Capital expenditures 3,044,246 7,777,058 7,203,743 2,912,817 20,937,864 Depreciation and amortization 151,358 5,224,098 2,132,012 67,428 7,574,896 Total Nine Months Ended September 30, 2020 GIG LMH FIF Unallocated Consolidated Revenue $ 10,942,149 $ 20,991,755 $ 2,575,676 $ - $ 34,509,580 Segment gross profit 5,574,918 12,519,490 2,196,603 - 20,291,011 Segment income (loss) from operations 14,841 277,440 423,435 (3,481,620 ) (2,765,904 ) Capital expenditures - 3,760,171 16,252,283 160,215 20,172,669 Depreciation and amortization 413,693 4,960,939 382,385 - 5,757,017 Total As of September 30, 2021 GIG LMH FIF Unallocated Consolidated Accounts receivable, net $ 1,597,855 $ 2,621,865 $ 258,471 $ - $ 4,478,191 Goodwill 11,058,922 100,363,666 17,935,158 - 129,357,746 Total assets 56,115,005 226,389,587 69,209,029 429,659,606 781,373,227 Total As of December 31, 2020 GIG LMH FIF Unallocated Consolidated Accounts receivable, net $ 1,160,424 $ 2,633,711 $ 247,428 $ - $ 4,041,563 Goodwill 8,719,294 97,572,994 18,154,158 124,446,446 Total assets 54,536,523 219,607,150 48,496,371 318,067,382 640,707,426 |
Note 15 - Reserves for Losses_2
Note 15 - Reserves for Losses and Loss Adjustment Expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | 2021 2020 Losses and LAE at January 1 $ 2,492,334 $ 1,203,493 Provision for losses and LAE claims arising in: Current year 693,750 1,182,651 Prior year 578,302 1,054,890 Total incurred 1,272,052 2,237,541 Losses and LAE payments for claims arising in: Current year 1,065,955 594,600 Prior years 691,410 431,821 Total payments 1,757,365 1,026,421 Losses and LAE at September 30 $ 2,007,021 $ 2,414,613 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Ceded Premiums Earned | $ 353,813 | $ 300,679 |
Common Class A [Member] | Yellowstone Acquisition Company [Member] | IPO [Member] | ||
Stock Issued During Period, Shares, New Issues (in shares) | 13,598,898 | |
Minimum [Member] | ||
Lessor, Operating Lease, Term of Contract (Month) | 1 month | |
Maximum [Member] | ||
Lessor, Operating Lease, Term of Contract (Month) | 3 years |
Note 3 - Restricted Cash - Sche
Note 3 - Restricted Cash - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Restricted cash | $ 1,899 | $ 280,269 | ||
Cash and cash equivalents | 115,759,021 | 44,665,972 | ||
Funds held as collateral | 8,553,485 | 10,006,075 | ||
Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statement of Cash Flows | 124,314,405 | 54,952,316 | $ 42,651,777 | $ 16,372,032 |
Insurance Premium Escrow [Member] | ||||
Restricted cash | 0 | 280,269 | ||
Cash Held in Trust [Member] | ||||
Restricted cash | $ 1,899 | $ 0 |
Note 4 - Accounts Receivable -
Note 4 - Accounts Receivable - Schedule of Receivables (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Allowance for doubtful accounts | $ (149,194) | $ (328,522) |
Accounts receivable, net | 4,478,191 | 4,041,563 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, gross | 3,842,133 | 3,537,864 |
Premium [Member] | ||
Accounts receivable, gross | $ 785,252 | $ 832,221 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Depreciation, Total | $ 1,668,984 | $ 978,672 | $ 4,066,451 | $ 2,744,376 |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (61,478) | $ (20,751) | $ (119,904) | $ (89,685) |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accumulated depreciation | $ (14,306,461) | $ (10,382,442) |
Total Property and Equipment, net | 56,224,333 | 48,508,272 |
Structures and Displays [Member] | ||
Property, plant and equipment, gross | 45,132,713 | 42,858,525 |
Fiber, Towers, and Broadband Equipment [Member] | ||
Property, plant and equipment, gross | 17,861,911 | 11,358,650 |
Vehicles and Equipment [Member] | ||
Property, plant and equipment, gross | 3,646,803 | 2,522,810 |
Office Furniture and Equipment [Member] | ||
Property, plant and equipment, gross | $ 3,889,367 | $ 2,150,729 |
Note 6 - Business Acquisition_2
Note 6 - Business Acquisitions (Details Textual) - USD ($) | Apr. 01, 2021 | Jan. 26, 2021 | Dec. 29, 2020 | Mar. 10, 2020 | Jan. 01, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Mar. 10, 2021 | Dec. 31, 2020 |
Goodwill, Ending Balance | $ 129,357,746 | $ 129,357,746 | $ 124,446,446 | |||||||
UBB [Member] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% | 20.00% | ||||||||
Minimum [Member] | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |||||||||
Maximum [Member] | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 50 years | |||||||||
Assets Acquired from Acquisition [Member] | Minimum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 2 years | |||||||||
Assets Acquired from Acquisition [Member] | Maximum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |||||||||
Thomas Outdoors, LLC [Member] | ||||||||||
Business Combination, Consideration Transferred, Total | $ 6,102,508 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 1,706,708 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,551,000 | |||||||||
Goodwill, Ending Balance | 2,618,431 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 226,369 | |||||||||
Thomas Outdoors, LLC [Member] | Customer Relationships [Member] | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||||||||
Thomas Outdoors, LLC [Member] | Permits [Member] | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||||||
Acquisition of ACS [member] | ||||||||||
Business Combination, Consideration Transferred, Total | $ 3,455,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 87,780 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 970,000 | |||||||||
Goodwill, Ending Balance | 2,339,628 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 57,592 | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||
Payments to Acquire Businesses, Gross | $ 2,225,000 | |||||||||
Payments to Acquire Businesses, Percentage of Cash Held Back to Be Disbursed | 10.00% | |||||||||
Payments to Acquire Businesses, Cash Held Back to Be Disbursed, Period (Month) | 18 months | |||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 1,230,000 | |||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | |||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 1,275,000 | |||||||||
Business Combination, Contingent Consideration Arrangements, Term (Year) | 24 years | |||||||||
Acquisition of ACS [member] | Customer Relationships [Member] | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||||||||
Acquisition of ACS [member] | Trademarks and Trade Names [Member] | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||||||||
FibAire Communications LLC [Member] | ||||||||||
Business Combination, Consideration Transferred, Total | $ 13,712,491 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 3,112,459 | |||||||||
Goodwill, Ending Balance | 7,124,158 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 184,737 | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 10.00% | |||||||||
Payments to Acquire Businesses, Gross | $ 664,414 | |||||||||
Business Combination, Consideration Transferred, Percent, Cash | 90.00% | |||||||||
Business Combination, Consideration Transferred, Percent, Equity | 10.00% | |||||||||
Business Combination, Equity Issued, Percent Issued to Acquired Company | 10.00% | |||||||||
FibAire Communications LLC [Member] | Fiber, Towers, and Broadband Equipment [Member] | Minimum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||||||
FibAire Communications LLC [Member] | Fiber, Towers, and Broadband Equipment [Member] | Maximum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |||||||||
FibAire Communications LLC [Member] | Customer Relationships [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,480,000 | |||||||||
FibAire Communications LLC [Member] | Permits [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 260,000 | |||||||||
FibAire Communications LLC [Member] | Customer Relationships and Permits [Member] | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||||||
FibAire Communications LLC [Member] | Trademarks and Trade Names [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 970,000 | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | |||||||||
Utah Broadband, LLC [Member] | ||||||||||
Business Combination, Consideration Transferred, Total | $ 26,603,700 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | $ 7,319,000 | $ 7,319,000 | ||||||||
Goodwill, Ending Balance | 10,811,000 | 10,811,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 201,000 | $ 201,000 | ||||||||
Business Combination, Consideration Transferred, Percent, Cash | 80.00% | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 1,149,000 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (930,000) | |||||||||
Goodwill, Purchase Accounting Adjustments | (219,000) | |||||||||
Utah Broadband, LLC [Member] | Equity of FIF Utah [Member] | ||||||||||
Business Combination, Consideration Transferred, Percent, Equity | 20.00% | |||||||||
Business Combination, Equity Issued, Percent Issued to Acquired Company | 20.00% | |||||||||
Utah Broadband, LLC [Member] | Fiber, Towers, and Broadband Equipment [Member] | Minimum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||||||
Utah Broadband, LLC [Member] | Fiber, Towers, and Broadband Equipment [Member] | Maximum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |||||||||
Utah Broadband, LLC [Member] | Customer Relationships [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 6,800,000 | $ 6,800,000 | ||||||||
Utah Broadband, LLC [Member] | Trademarks and Trade Names [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,910,000 | $ 1,910,000 |
Note 6 - Business Acquisition_3
Note 6 - Business Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill, Ending Balance | $ 129,357,746 | $ 124,446,446 |
FibAire Communications LLC [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 3,112,459 | |
Goodwill, Ending Balance | 7,124,158 | |
Right of use assets | 337,966 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 184,737 | |
Total Assets Acquired | 14,459,320 | |
Accounts payable and deferred revenue | 317,768 | |
Lease liabilities | 337,966 | |
Other | 91,095 | |
Total Liabilities Assumed | 746,829 | |
Total | 13,712,491 | |
FibAire Communications LLC [Member] | Customer Relationships [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,480,000 | |
FibAire Communications LLC [Member] | Permits [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 260,000 | |
FibAire Communications LLC [Member] | Trademarks and Trade Names [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 970,000 | |
FibAire Communications LLC [Member] | Computer Software, Intangible Asset [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 990,000 | |
Utah Broadband, LLC [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 7,319,000 | |
Goodwill, Ending Balance | 10,811,000 | |
Right of use assets | 3,226,355 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 201,000 | |
Total Assets Acquired | 30,267,355 | |
Accounts payable and deferred revenue | 437,300 | |
Lease liabilities | 3,226,355 | |
Total Liabilities Assumed | 3,663,655 | |
Total | 26,603,700 | |
Utah Broadband, LLC [Member] | Customer Relationships [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 6,800,000 | |
Utah Broadband, LLC [Member] | Trademarks and Trade Names [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,910,000 |
Note 6 - Business Acquisition_4
Note 6 - Business Acquisitions - Pro Forma Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | $ 14,498,147 | $ 15,169,813 | $ 42,790,250 | $ 46,201,767 |
Net Income (Loss) Attributable to Common Stockholders | $ (26,276,094) | $ 4,123,386 | $ 66,755,499 | $ (15,668,384) |
Basic Net Income (Loss) per Share (in dollars per share) | $ (0.89) | $ 0.15 | $ 2.32 | $ (0.62) |
Diluted Net Income (Loss) per Share (in dollars per share) | $ (0.89) | $ 0.15 | $ 2.32 | $ (0.62) |
Basic Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 29,576,115 | 27,231,115 | 28,751,500 | 25,145,700 |
Diluted Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 29,576,115 | 27,271,014 | 28,825,428 | 25,145,700 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Amortization, Total | $ 1,137,736 | $ 1,031,805 | $ 3,508,445 | $ 3,012,641 |
Note 7 - Intangible Assets - Sc
Note 7 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accumulated amortization | $ (27,650,847) | $ (24,160,885) |
Balance | 38,064,857 | |
Total, cost | 70,326,793 | 68,534,794 |
Intangible assets, net | 42,675,946 | 44,373,909 |
Easements [Member] | ||
Accumulated amortization | 0 | 0 |
Balance | 4,611,089 | 4,507,089 |
Customer Relationships [Member] | ||
Cost | 48,283,484 | 46,740,483 |
Accumulated amortization | (22,943,605) | (20,558,751) |
Balance | 25,339,879 | 26,181,732 |
Permits, Licenses and Lease Acquisition Costs [Member] | ||
Cost | 10,948,673 | 11,053,673 |
Accumulated amortization | (3,159,510) | (2,412,313) |
Balance | 7,789,163 | 8,641,360 |
Site Location [Member] | ||
Cost | 849,347 | 849,347 |
Accumulated amortization | (235,813) | (193,462) |
Balance | 613,534 | 655,885 |
Noncompete Agreements [Member] | ||
Cost | 626,000 | 626,000 |
Accumulated amortization | (463,884) | (386,934) |
Balance | 162,116 | 239,066 |
Technology-Based Intangible Assets [Member] | ||
Cost | 1,128,000 | 1,128,000 |
Accumulated amortization | (286,296) | (212,250) |
Balance | 841,704 | 915,750 |
Trademarks and Trade Names [Member] | ||
Cost | 3,852,200 | 3,602,202 |
Accumulated amortization | (533,739) | (369,175) |
Balance | 3,318,461 | 3,233,027 |
Nonsolicitation Agreement [Member] | ||
Cost | 28,000 | 28,000 |
Accumulated amortization | (28,000) | (28,000) |
Balance | $ 0 | $ 0 |
Note 7 - Intangible Assets - _2
Note 7 - Intangible Assets - Schedule of Future Amortization, Intangible Assets (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
2021 | $ 4,697,212 | |
2022 | 4,666,907 | |
2023 | 4,604,009 | |
2024 | 4,595,352 | |
2025 | 4,568,369 | |
Thereafter | 14,933,008 | |
Total | 38,064,857 | |
Customer Relationships [Member] | ||
2021 | 3,218,366 | |
2022 | 3,218,366 | |
2023 | 3,218,366 | |
2024 | 3,218,366 | |
2025 | 3,218,366 | |
Thereafter | 9,248,049 | |
Total | $ 25,339,879 | $ 26,181,732 |
Customer Relationships [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 94 months | |
Permits, Licenses and Lease Acquisition Costs [Member] | ||
2021 | $ 1,002,448 | |
2022 | 1,002,448 | |
2023 | 1,002,448 | |
2024 | 995,796 | |
2025 | 968,813 | |
Thereafter | 2,817,210 | |
Total | $ 7,789,163 | 8,641,360 |
Permits, Licenses and Lease Acquisition Costs [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 93 months | |
Site Location [Member] | ||
2021 | $ 56,623 | |
2022 | 56,623 | |
2023 | 56,623 | |
2024 | 56,623 | |
2025 | 56,623 | |
Thereafter | 330,419 | |
Total | $ 613,534 | 655,885 |
Site Location [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 130 months | |
Noncompete Agreements [Member] | ||
2021 | $ 95,208 | |
2022 | 64,903 | |
2023 | 2,005 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 0 | |
Total | $ 162,116 | 239,066 |
Noncompete Agreements [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 20 months | |
Technology-Based Intangible Assets [Member] | ||
2021 | $ 99,000 | |
2022 | 99,000 | |
2023 | 99,000 | |
2024 | 99,000 | |
2025 | 99,000 | |
Thereafter | 346,704 | |
Total | $ 841,704 | 915,750 |
Technology-Based Intangible Assets [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 102 months | |
Trademarks and Trade Names [Member] | ||
2021 | $ 225,567 | |
2022 | 225,567 | |
2023 | 225,567 | |
2024 | 225,567 | |
2025 | 225,567 | |
Thereafter | 2,190,626 | |
Total | $ 3,318,461 | $ 3,233,027 |
Trademarks and Trade Names [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 177 months |
Note 8 - Investments, Includi_3
Note 8 - Investments, Including Investments Accounted for Using the Equity Method (Details Textual) - USD ($) | Sep. 14, 2021 | Jan. 25, 2021 | Jan. 20, 2021 | May 31, 2018 | Dec. 31, 2017 | May 31, 2019 | Jan. 31, 2018 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Oct. 02, 2020 |
Proceeds from Redemption of Preferred Units | $ 0 | $ 12,000,000 | |||||||||
Payments to Acquire Equity Method Investments | $ 0 | 3,175,000 | |||||||||
Dream Finders Holdings, LLC [Member] | Term Loan Receivable [Member] | |||||||||||
Notes Receivable, Related Parties | $ 20,000,000 | ||||||||||
Note Receivable, Interest Rate | 14.00% | ||||||||||
Dream Finders Homes, Inc. [Member] | |||||||||||
Proceeds from Collection of Notes Receivable | $ 20,567,776 | ||||||||||
Business Combination Agreement with SHG [Member] | |||||||||||
Payments to Acquire Businesses, Gross | $ 55,000,000 | ||||||||||
Common Class A [Member] | Business Combination Agreement with SHG [Member] | |||||||||||
Business Acquisition, Additional Financing in Support of Transaction, Number of Shares into which the Additional Equity Investment Will Be Converted (in shares) | 5,500,000 | ||||||||||
Business Acquisition, Additional Financing in Support of Transaction, Shares into which the Additional Equity Investment Will Be Converted, Price Per Share (in dollars per share) | $ 10 | ||||||||||
Common Class A [Member] | IPO [Member] | Dream Finders Homes, Inc. [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 9,600,000 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 13 | ||||||||||
Unconsolidated Affiliates [Member] | Minimum [Member] | |||||||||||
Equity Method Investment, Ownership Percentage | 5.60% | ||||||||||
Unconsolidated Affiliates [Member] | Maximum [Member] | |||||||||||
Equity Method Investment, Ownership Percentage | 49.90% | ||||||||||
Logic Real Estate Companies and 24th Street Holding Company [Member] | |||||||||||
Equity Method Investments | $ 781,970 | ||||||||||
The 24th Street Fund I, LLC [Member] | |||||||||||
Equity Method Investment, Ownership Percentage | 49.90% | ||||||||||
Payments to Acquire Equity Method Investments | $ 6,000,000 | ||||||||||
Breezeway Homes Inc. [Member] | |||||||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount (in dollars per share) | $ 0.2665 | ||||||||||
Preferred Stock [Member] | Breezeway Homes Inc. [Member] | |||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 31,227 | ||||||||||
US Treasury Notes Securities [Member] | |||||||||||
Gain (Loss) on Sale of Investments, Total | $ (63,994) | $ 7,318 | |||||||||
Voting Common Stock of Privately Held Company CB&T Holding Corporation [Member] | |||||||||||
Payments to Acquire Long-term Investments | $ 19,058,485 | ||||||||||
Cost Method Investment, Ownership Percentage | 14.99% | ||||||||||
Equity Investments [Member] | |||||||||||
Other than Temporary Impairment Losses, Investments, Total | $ 0 | ||||||||||
Non-voting Common Units of Dream Finders Holdings, LLC [Member] | |||||||||||
Payments to Acquire Long-term Investments | $ 10,000,000 | ||||||||||
Cost Method Investment, Ownership Percentage | 5.60% | ||||||||||
Non-voting Preferred Units of DFH LLC [Member] | |||||||||||
Payments to Acquire Long-term Investments | $ 12,000,000 | ||||||||||
Mandatory Preferred Return, Percent | 14.00% | ||||||||||
Percent of Preferred Units Convertible to Non-voting Common Units | 25.00% | ||||||||||
Proceeds from Redemption of Preferred Units | $ 12,000,000 | ||||||||||
DFH Class A Common Stock [Member] | |||||||||||
Equity Securities, FV-NI, Shares, Acquired from Conversion (in shares) | 4,681,099 | ||||||||||
Equity Securities, FV-NI, Shares, Purchase (in shares) | 120,000 | ||||||||||
Equity Securities, FV-NI, Shares, Purchase, Price Per Share (in dollars per share) | $ 13 |
Note 8 - Investments, Includi_4
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Schedule of Investments (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Short-term Investments | $ 4,978,644 | $ 7,050,675 |
Long-term investments | 19,316,769 | 19,448,519 |
Certificates of Deposit [Member] | ||
Short-term Investments | 310,044 | 1,035,827 |
US Treasury Securities [Member] | ||
Long-term investments | 154,265 | 286,015 |
Corporate Bond Securities [Member] | ||
Short-term Investments | 0 | 1,020,000 |
Preferred Stock [Member] | ||
Long-term investments | 104,019 | 104,019 |
U.S. Treasury Notes and Corporate Bonds [Member] | ||
Short-term Investments | 4,668,600 | 4,994,848 |
Voting Common Stock of Privately Held Company CB&T Holding Corporation [Member] | ||
Long-term investments | $ 19,058,485 | $ 19,058,485 |
Note 8 - Investments, Includi_5
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Marketable Equity Securities and Trading Securities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Marketable equity securities, Cost | $ 31,321,031 | $ 68,205,548 |
Marketable equity securities, Gross Unrealized Gain (Loss) | 48,954,072 | (4,169,066) |
Marketable equity securities | $ 80,275,103 | $ 64,036,482 |
Note 8 - Investments, Includi_6
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Available for Sale Securities (Details) - US Treasury Notes Securities [Member] - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
U.S. Treasury notes, Cost | $ 50,995,742 | $ 37,766,133 |
U.S. Treasury notes, Gross Unrealized Gain (Loss) | 1,438 | 1,812 |
U.S. Treasury notes, Fair Value | $ 50,997,180 | $ 37,767,945 |
Note 8 - Investments, Includi_7
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Reconciliation of the Company's Investments in Equity Affiliates (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Beginning of period | $ 20,913,896 | $ 771,805 | $ 771,805 | ||
Additional investment in unconsolidated affiliates | 55,000,000 | 16,000,000 | |||
Distributions received | (2,100,010) | (1,433,480) | |||
Reclassification of investment in affiliate to marketable securities | (12,880,146) | 0 | |||
Equity in income of unconsolidated affiliates | $ 359,203 | $ 1,342,826 | 935,488 | $ 2,406,151 | 5,575,571 |
End of period | $ 61,869,228 | $ 61,869,228 | $ 20,913,896 |
Note 8 - Investments, Includi_8
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Summarized Financial Data (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | $ 14,498,147 | $ 11,606,836 | $ 41,883,047 | $ 34,509,580 |
Gross profit | 9,734,238 | 6,938,612 | 27,571,404 | 20,291,011 |
Net income | (28,778,635) | 3,466,171 | 69,364,724 | (17,826,075) |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Revenue | 7,055,929 | 288,403,203 | 24,854,881 | 676,336,442 |
Gross profit | 2,464,195 | 44,856,872 | 12,467,729 | 99,618,080 |
Income from continuing operations | (2,293,107) | 23,983,417 | (4,687,712) | 41,911,245 |
Net income | $ (2,538,089) | $ 23,429,704 | $ (6,167,189) | $ 41,162,122 |
Note 9 - Fair Value (Details Te
Note 9 - Fair Value (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 21 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | |
Long-term Debt, Fair Value | $ 22,938,150 | $ 22,938,150 | $ 22,938,150 | ||
Long-term Debt, Total | 22,175,535 | 22,175,535 | 22,175,535 | ||
Fair Value Adjustment of Warrants | 1,019,917 | $ 0 | (2,039,835) | $ 0 | |
Fair Value, Inputs, Level 1 [Member] | |||||
Assets Held-in-trust, Total | $ 138,742,756 | 138,742,756 | 138,742,756 | ||
Boston Omaha [Member] | |||||
Equity Securities, FV-NI, Realized Gain (Loss), Total | $ 34,000,000 | $ 5,000,000 | $ 39,000,000 |
Note 9 - Fair Value - Fair Valu
Note 9 - Fair Value - Fair Values for Investments (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Realized gains and (losses) | $ 37,854,470 |
Total changes in fair values included in current period earnings (loss) | 47,904,192 |
Reported Value Measurement [Member] | |
Marketable equity securities and U.S. Treasury trading securities | 131,272,283 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |
Marketable equity securities and U.S. Treasury trading securities | $ 131,272,283 |
Note 10 - Asset Retirement Ob_3
Note 10 - Asset Retirement Obligations - Asset Retirement Obligations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Balance | $ 2,282,273 | |||
Additions | 93,775 | |||
Liabilities settled | (311,235) | |||
Accretion expense | $ 32,179 | $ 36,462 | 96,717 | $ 105,964 |
Balance | $ 2,161,530 | $ 2,161,530 |
Note 11 - Capital Stock (Detail
Note 11 - Capital Stock (Details Textual) | Apr. 06, 2021USD ($)$ / sharesshares | Jun. 02, 2020USD ($)shares | May 28, 2020$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Dec. 31, 2020$ / sharesshares |
Proceeds from Issuance of Common Stock | $ | $ 58,625,000 | $ 59,549,751 | ||||
Payments of Stock Issuance Costs | $ | $ 3,447,996 | $ 3,417,323 | ||||
Class of Warrant or Right, Outstanding (in shares) | 105,556 | 105,556 | ||||
Warrants for Common Class B Stock [Member] | ||||||
Class of Warrant or Right, Outstanding (in shares) | 104,772 | |||||
Warrants for Common Class A Stock [Member] | ||||||
Class of Warrant or Right, Outstanding (in shares) | 784 | |||||
Common Class A [Member] | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||||
Common Stock, Voting Rights Per Share | 1 | |||||
Common Class B [Member] | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||||
Common Stock, Voting Rights Per Share | 10 | |||||
Underwriting Agreement [Member] | Common Class A [Member] | ||||||
Share Offering, Number of Shares Authorized (in shares) | 3,200,000 | |||||
Share Price (in dollars per share) | $ / shares | $ 16 | |||||
Stock Option, Exercisable, Remaining Contractual Term (Day) | 30 days | |||||
Stock Option, Number of Securities Called by Each Stock Option (in shares) | 480,000 | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,680,000 | |||||
Proceeds from Issuance of Common Stock | $ | $ 58,900,000 | |||||
Underwriting Agreement [Member] | Common Class A [Member] | Adam Peterson and Alex Rozek, a Board Member, and Employee [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 39,375 | |||||
Public Offering Including Over-allotment Option [Member] | Common Class A [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,645,000 | |||||
Public Offering [Member] | Common Class A [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,345,000 | |||||
Proceeds from Issuance of Common Stock | $ | $ 58,625,000 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 25 | |||||
Stock Sale Agreement, Percent of Gross Proceeds | 5.50% | |||||
Proceeds from Issuance of Common Stock, Net | $ | $ 55,400,625 | |||||
Payments of Stock Issuance Costs | $ | $ 133,169 | |||||
Over-Allotment Option [Member] | Common Class A [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 345,000 | |||||
Sold by Selling Stockholder [Member] | Common Class A [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 300,000 |
Note 11 - Capital Stock - Summa
Note 11 - Capital Stock - Summary of Warrant Activity (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Outstanding (in shares) | 105,556 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.95 | |
Outstanding, weighted average remaining contractual life (Year) | 3 years 9 months | 4 years 6 months |
Outstanding, aggregate intrinsic value of vested warrants | $ 3,043,179 | $ 1,868,341 |
Issued (in shares) | 0 | |
Exercised (in shares) | 0 | |
Expired (in shares) | 0 | |
Outstanding (in shares) | 105,556 | 105,556 |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.95 | $ 9.95 |
Note 12 - Long-term Debt (Detai
Note 12 - Long-term Debt (Details Textual) | 9 Months Ended | ||||
Sep. 30, 2021USD ($) | Dec. 31, 2021 | Dec. 31, 2020USD ($) | Dec. 31, 2019 | Aug. 12, 2019USD ($) | |
Long-term Debt, Total | $ 22,175,535 | ||||
Long-term Debt, Current Maturities, Total | 1,220,005 | $ 1,282,504 | |||
First National Bank of Omaha [Member] | |||||
Long-term Line of Credit, Total | $ 0 | ||||
Minimum Consolidated Leverage Ratio Requirement | 3.25 | 3.50 | |||
Consolidated Fixed Charge Ratio Requirement | 1.15 | ||||
First National Bank of Omaha [Member] | Forecast [Member] | |||||
Minimum Consolidated Leverage Ratio Requirement | 3 | ||||
First National Bank of Omaha [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | ||||
First National Bank of Omaha [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.65% | ||||
First National Bank of Omaha [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | ||||
First National Bank of Omaha [Member] | Term Loan [Member] | |||||
Debt Instrument, Face Amount | $ 23,560,000 | ||||
Long-term Debt, Total | $ 22,175,535 | ||||
Long-term Debt, Current Maturities, Total | 1,220,005 | ||||
First National Bank of Omaha [Member] | Term Loan 1 [Member] | |||||
Long-term Debt, Total | $ 18,060,000 | ||||
Debt Instrument, Term (Year) | 15 years | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||
First National Bank of Omaha [Member] | Term Loan 2 [Member] | |||||
Long-term Debt, Total | $ 5,500,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.375% |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) | Sep. 30, 2021 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 17 years 6 months 29 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.67% |
Note 13 - Leases - Operating Le
Note 13 - Leases - Operating Lease Cost (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lease cost | $ 1,675,707 | $ 1,574,042 | $ 5,196,936 | $ 4,758,399 |
Variable and short-term lease cost | 131,409 | 41,865 | 413,555 | 328,610 |
Total Lease Cost | $ 1,807,116 | $ 1,615,907 | $ 5,610,491 | $ 5,087,009 |
Note 13 - Leases - Supplemental
Note 13 - Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cash payments for operating leases | $ 1,507,763 | $ 1,477,218 | $ 5,060,018 | $ 4,862,521 |
New operating lease assets obtained in exchange for operating lease liabilities | $ 74,915 | $ 79,451 | $ 7,978,907 | $ 744,397 |
Note 13 - Leases - Operating _2
Note 13 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Lease assets | $ 56,125,523 | $ 52,849,492 |
Current lease liabilities | 4,035,257 | 4,354,664 |
Noncurrent lease liabilities | 51,196,344 | 47,581,933 |
Total Lease Liabilities | $ 55,231,601 | $ 51,936,597 |
Note 13 - Leases - Maturity of
Note 13 - Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
2022 | $ 6,448,076 | |
2023 | 6,216,628 | |
2024 | 5,788,790 | |
2025 | 5,482,027 | |
2026 | 5,269,527 | |
Thereafter | 54,161,535 | |
Total lease payments | 83,366,583 | |
Less imputed interest | (28,134,982) | |
Present Value of Lease Liabilities | $ 55,231,601 | $ 51,936,597 |
Note 14 - Industry Segments - S
Note 14 - Industry Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenue | $ 14,498,147 | $ 11,606,836 | $ 41,883,047 | $ 34,509,580 | |
Segment gross profit | 9,734,238 | 6,938,612 | 27,571,404 | 20,291,011 | |
Segment income (loss) from operations | (2,760,998) | (720,623) | (5,340,248) | (2,765,904) | |
Capital expenditures | 4,761,214 | 2,165,515 | 20,937,864 | 20,172,669 | |
Depreciation and amortization | 2,806,720 | 2,010,477 | 7,574,896 | 5,757,017 | |
Accounts receivable, net | 4,478,191 | 4,478,191 | $ 4,041,563 | ||
Goodwill | 129,357,746 | 129,357,746 | 124,446,446 | ||
Total assets | 781,373,227 | 781,373,227 | 640,707,426 | ||
Segment Reconciling Items [Member] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Segment gross profit | 0 | 0 | 0 | 0 | |
Segment income (loss) from operations | (3,429,421) | (970,227) | (7,027,351) | (3,481,620) | |
Capital expenditures | 2,239,461 | 160,215 | 2,912,817 | 160,215 | |
Depreciation and amortization | 27,283 | 0 | 67,428 | 0 | |
Accounts receivable, net | 0 | 0 | 0 | ||
Goodwill | 0 | 0 | |||
Total assets | 429,659,606 | 429,659,606 | 318,067,382 | ||
GIG [Member] | Operating Segments [Member] | |||||
Revenue | 2,701,353 | 3,340,536 | 7,424,245 | 10,942,149 | |
Segment gross profit | 1,671,777 | 1,582,085 | 4,392,854 | 5,574,918 | |
Segment income (loss) from operations | (358,963) | (100,811) | (1,578,567) | 14,841 | |
Capital expenditures | 0 | 0 | 3,044,246 | 0 | |
Depreciation and amortization | 54,865 | 129,497 | 151,358 | 413,693 | |
Accounts receivable, net | 1,597,855 | 1,597,855 | 1,160,424 | ||
Goodwill | 11,058,922 | 11,058,922 | 8,719,294 | ||
Total assets | 56,115,005 | 56,115,005 | 54,536,523 | ||
LMH [Member] | Operating Segments [Member] | |||||
Revenue | 8,023,065 | 7,121,957 | 23,129,582 | 20,991,755 | |
Segment gross profit | 5,030,814 | 4,341,598 | 14,202,054 | 12,519,490 | |
Segment income (loss) from operations | 973,146 | 323,815 | 1,945,573 | 277,440 | |
Capital expenditures | 374,419 | 604,990 | 7,777,058 | 3,760,171 | |
Depreciation and amortization | 1,771,135 | 1,671,045 | 5,224,098 | 4,960,939 | |
Accounts receivable, net | 2,621,865 | 2,621,865 | 2,633,711 | ||
Goodwill | 100,363,666 | 100,363,666 | 97,572,994 | ||
Total assets | 226,389,587 | 226,389,587 | 219,607,150 | ||
FIF [Member] | Operating Segments [Member] | |||||
Revenue | 3,773,729 | 1,144,343 | 11,329,220 | 2,575,676 | |
Segment gross profit | 3,031,647 | 1,014,929 | 8,976,496 | 2,196,603 | |
Segment income (loss) from operations | 54,240 | 26,600 | 1,320,097 | 423,435 | |
Capital expenditures | 2,147,334 | 1,400,310 | 7,203,743 | 16,252,283 | |
Depreciation and amortization | 953,437 | $ 209,935 | 2,132,012 | $ 382,385 | |
Accounts receivable, net | 258,471 | 258,471 | 247,428 | ||
Goodwill | 17,935,158 | 17,935,158 | 18,154,158 | ||
Total assets | $ 69,209,029 | $ 69,209,029 | $ 48,496,371 |
Note 15 - Reserves for Losses_3
Note 15 - Reserves for Losses and Loss Adjustment Expenses (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | $ 691,410 | $ 431,821 |
Liability for Unpaid Claims and Claims Adjustment Expense, Favorable Development, Prior Years | 489,424 | 80,600 |
Prior Year Claims and Claims Adjustment Expense | 578,302 | 1,054,890 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments, Ending Balance | $ 0 | $ 120,000 |
Note 15 - Reserves for Losses_4
Note 15 - Reserves for Losses and Loss Adjustment Expenses - Reserves Balance for Losses and Loss Adjustment Expenses (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Losses and LAE at beginning of year | $ 2,492,334 | $ 1,203,493 |
Provision for losses and LAE claims arising in current year | 693,750 | 1,182,651 |
Provision for losses and LAE claims arising in prior year | 578,302 | 1,054,890 |
Provision for losses and LAE claims arising in total incurred | 1,272,052 | 2,237,541 |
Losses and LAE payments for claims arising in current year | 1,065,955 | 594,600 |
Losses and LAE payments for claims arising in prior years | 691,410 | 431,821 |
Losses and LAE payments for claims arising in total payments | 1,757,365 | 1,026,421 |
Losses and LAE at beginning of year | $ 2,007,021 | $ 2,414,613 |
Note 16 - Custodial Risk (Detai
Note 16 - Custodial Risk (Details Textual) | Sep. 30, 2021USD ($) |
Cash, Uninsured Amount | $ 92,800,945 |
Note 17 - Special Purpose Acq_2
Note 17 - Special Purpose Acquisition Company (Details Textual) - USD ($) | Sep. 14, 2021 | Nov. 16, 2020 | Oct. 31, 2020 | Nov. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Aug. 01, 2021 | Dec. 31, 2020 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 9.95 | $ 9.95 | ||||||
Payments to Acquire Investments, Total | $ 1,242,087,233 | $ 448,185,708 | ||||||
Business Combination Agreement with SHG [Member] | ||||||||
Business Acquisition, Implied Pro Forma Equity Market Value of the Combined Company at Closing | $ 777,000,000 | |||||||
Payments to Acquire Businesses, Gross | $ 55,000,000 | |||||||
Business Acquisition, Additional Funding Expected to Be Raised By the Parties Involved Through a Private Placement Investment | 100,000,000 | |||||||
Business Acquisition, Backstop Agreed to Be Provided to Acquiree, Maximum Value | $ 45,000,000 | |||||||
Business Acquisition, Backstop Agreed to Be Provided to Acquiree, Price Per Share (in dollars per share) | $ 10 | |||||||
Business Acquisition, Minimum Investment Condition in Cash and Securities at Closing | $ 150,000,000 | |||||||
Business Acquisition, Gross Proceeds Expected to Be Received By the Combined Company | $ 238,000,000 | |||||||
Business Acquisition, Percentage of Equity in the Combined Company to Be Retained By the Acquiree's Equityholders | 100.00% | |||||||
Yellowstone Acquisition Company [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||||
Common Class A [Member] | Business Combination Agreement with SHG [Member] | ||||||||
Business Acquisition, Additional Financing in Support of Transaction, Number of Shares into which the Additional Equity Investment Will Be Converted (in shares) | 5,500,000 | |||||||
Business Acquisition, Additional Financing in Support of Transaction, Shares into which the Additional Equity Investment Will Be Converted, Price Per Share (in dollars per share) | $ 10 | |||||||
Yellowstone Acquisition Company [Member] | ||||||||
Proceeds from Issuance Initial Public Offering | $ 125,000,000 | |||||||
Yellowstone Acquisition Company [Member] | Warrants Issued in Connection with Units [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | |||||||
Yellowstone Acquisition Company [Member] | IPO [Member] | ||||||||
Units Issued During Period, Number (in shares) | 13,598,898 | |||||||
Units Issued During Period, Price Per Unit (in dollars per share) | $ 10 | |||||||
Units Issued During Period, Number of Warrants (in shares) | 0.5 | |||||||
Sale of Unit, Price Per Unit (in dollars per share) | $ 10 | |||||||
Yellowstone Acquisition Company [Member] | IPO [Member] | Common Class A [Member] | ||||||||
Units Issued During Period, Number of Common Stock, Shares (in shares) | 1 | |||||||
BOC Yellowstone LLC [Member] | Lead Investor in Yellowstone’s IPO [Member] | ||||||||
Number of Investee's Shares Agreed to Transfer Upon Business Combination (in shares) | 206,250 | |||||||
BOC Yellowstone LLC [Member] | BOC Yellowstone II LLC [Member] | ||||||||
Proceeds from Sale of Equity Method Investments | $ 309,375 | |||||||
BOC Yellowstone LLC [Member] | Class B Common Stock of Yellowstone Acquisition Company [Member] | ||||||||
Payments to Acquire Investments, Total | $ 7,800,000 | |||||||
Investment Owned, Balance, Shares (in shares) | 3,399,724 | |||||||
BOC Yellowstone LLC [Member] | Class B Common Stock of Yellowstone Acquisition Company [Member] | BOC Yellowstone II LLC [Member] | ||||||||
Number of Investee's Shares Transferred to Related Party for No Consideration (in shares) | 206,250 | |||||||
BOC Yellowstone LLC [Member] | Non-redeemable Private Placement Warrants [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,719,779 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 |
Note 18 - Income Taxes (Details
Note 18 - Income Taxes (Details Textual) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (7,171,096) |
Note 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | |
Nov. 12, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Proceeds from Issuance of Common Stock | $ 58,625,000 | $ 59,549,751 | |
Subsequent Event [Member] | |||
Proceeds from Sale of Equity Securities, FV-NI | $ 17,100,000 | ||
Subsequent Event [Member] | Common Class A [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 73,397 | ||
Proceeds from Issuance of Common Stock | $ 2,700,000 |