Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 28, 2022 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 615,761,428 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Omaha, Nebraska | ||
Auditor Firm ID | 185 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,055,560 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 28,642,801 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 72,508,528 | $ 44,665,972 |
Restricted cash | 0 | 280,269 |
Investments held in trust - special purpose acquisition company | 138,760,121 | 138,716,226 |
Accounts receivable, net | 4,468,863 | 4,041,563 |
Interest receivable | 32,235 | 286,768 |
Short-term investments | 4,728,995 | 7,050,675 |
Note receivable from affiliate | 0 | 20,000,000 |
Marketable equity securities | 70,617,497 | 64,036,482 |
U. S. Treasury securities | 87,544,904 | 37,767,945 |
Funds held as collateral assets | 9,185,872 | 10,006,075 |
Prepaid expenses | 2,862,913 | 2,197,342 |
Total Current Assets | 390,709,928 | 329,049,317 |
Property and Equipment, net | 76,455,026 | 48,867,964 |
Other Assets: | ||
Goodwill | 151,336,976 | 124,446,446 |
Intangible assets, net | 45,352,052 | 44,373,909 |
Investments | 19,316,769 | 19,448,519 |
Investments in unconsolidated affiliates | 61,660,905 | 20,913,896 |
Deferred policy acquisition costs | 812,898 | 690,555 |
Right of use assets | 61,252,888 | 52,849,492 |
Other | 156,351 | 67,328 |
Total Other Assets | 339,888,839 | 262,790,145 |
Total Assets | 807,053,793 | 640,707,426 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 25,270,869 | 6,825,081 |
Short-term payables for business acquisitions | 1,618,102 | 771,916 |
Lease liabilities | 4,580,833 | 4,354,664 |
Funds held as collateral | 9,185,872 | 10,006,075 |
Unearned premiums | 4,912,538 | 3,955,363 |
Current maturities of long-term debt | 1,490,427 | 1,282,504 |
Deferred underwriting fee payable | 4,759,615 | 4,759,615 |
Deferred revenue | 2,207,427 | 1,915,031 |
Total Current Liabilities | 54,025,683 | 33,870,249 |
Long-term Liabilities: | ||
Asset retirement obligations | 3,162,725 | 2,282,273 |
Lease liabilities | 56,032,547 | 47,581,933 |
Long-term debt, less current maturities | 28,509,573 | 21,775,146 |
Other long-term liabilities | 1,399,655 | 116,104 |
Warrants liability | 5,576,908 | 8,431,315 |
Deferred tax liability | 17,750,980 | 57,000 |
Total Liabilities | 166,458,071 | 114,114,020 |
Redeemable Noncontrolling Interest | 144,270,503 | 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 | 483,855,423 | 424,204,641 |
Retained earnings (accumulated deficit) | 12,440,097 | (42,665,616) |
Total Stockholders' Equity | 496,325,219 | 381,566,257 |
Total Liabilities, Redeemable Noncontrolling Interest, and Stockholders' Equity | 807,053,793 | 640,707,426 |
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common Stock | 28,643 | 26,176 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common Stock | $ 1,056 | $ 1,056 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 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) | 28,642,801 | 26,175,555 |
Common stock, shares outstanding (in shares) | 28,642,801 | 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 - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | ||
Premiums earned | $ 7,686,400 | $ 11,723,886 |
Insurance commissions | 2,212,849 | 1,494,379 |
Investment and other income | 339,061 | 427,697 |
Total Revenues | 56,971,811 | 45,743,463 |
Costs and Expenses: | ||
Cost of insurance revenues (exclusive of depreciation and amortization) | 3,182,497 | 6,690,203 |
Employee costs | 34,245,526 | 13,041,388 |
Professional fees | 7,703,901 | 4,186,841 |
General and administrative | 9,756,257 | 6,969,521 |
Amortization | 4,549,608 | 3,987,003 |
Depreciation | 5,579,026 | 3,704,700 |
Loss on disposition of assets | 178,911 | 199,555 |
Accretion | 134,360 | 140,704 |
Total Costs and Expenses | 80,738,680 | 50,738,370 |
Net Loss from Operations | (23,766,869) | (4,994,907) |
Other Income (Expense): | ||
Interest income | 676,618 | 1,661,680 |
Dividend income | 323,064 | 1,074,539 |
Equity in income of unconsolidated affiliates | 878,921 | 5,575,571 |
Other investment income (loss) | 93,163,697 | (4,685,725) |
Remeasurement of warrant liability | 2,854,407 | (217,582) |
Interest expense | (956,050) | (841,828) |
Net Income (Loss) Before Income Taxes | 73,173,788 | (2,428,252) |
Income Tax Provision | (17,693,980) | 0 |
Net Income (Loss) | 55,479,808 | (2,428,252) |
Noncontrolling interest in subsidiary (income) loss | (2,731,631) | 2,379,163 |
Net Income (Loss) Attributable to Common Stockholders | $ 52,748,177 | $ (49,089) |
Basic Net Income (Loss) per Share (in dollars per share) | $ 1.82 | $ 0 |
Diluted Net Income (Loss) per Share (in dollars per share) | $ 1.82 | $ 0 |
Basic Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 28,978,223 | 25,675,820 |
Diluted Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 29,046,514 | 25,675,820 |
Billboard Rentals [Member] | ||
Revenues: | ||
Revenues | $ 31,499,235 | $ 28,260,964 |
Costs and Expenses: | ||
Cost of revenues (exclusive of depreciation and amortization) | 12,094,834 | 11,272,349 |
Broadband Services [Member] | ||
Revenues: | ||
Revenues | 15,234,266 | 3,836,537 |
Costs and Expenses: | ||
Cost of revenues (exclusive of depreciation and amortization) | $ 3,313,760 | $ 546,106 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - 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 |
Stock issued for cash (in shares) | 3,720,455 | ||||
Stock issued for cash | $ 3,721 | 59,546,030 | 59,549,751 | ||
Decrease in redeemable noncontrolling interest due to redemption | 323,649 | 323,649 | |||
Decrease in redeemable noncontrolling interest of broadband subsidiary | 0 | 434,281 | 434,281 | ||
Contribution from noncontrolling interest | 299,615 | 299,615 | |||
Offering costs | (3,428,355) | (3,428,355) | |||
Adjustment to increase NCI to maximum redemption value | (20,804,580) | (20,804,580) | |||
Net income (loss) attributable to common stockholders | (49,089) | (49,089) | |||
Increase in redeemable noncontrolling interest of broadband subsidiary | $ 0 | 434,281 | 434,281 | ||
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 |
Stock issued for cash (in shares) | 2,467,246 | ||||
Stock issued for cash | $ 2,467 | 62,847,746 | 62,850,213 | ||
Decrease in redeemable noncontrolling interest due to redemption | 706,837 | 706,837 | |||
Decrease in redeemable noncontrolling interest of broadband subsidiary | (240,510) | (240,510) | |||
Offering costs | (3,663,291) | (3,663,291) | |||
Adjustment to increase NCI to maximum redemption value | 2,357,536 | 2,357,536 | |||
Net income (loss) attributable to common stockholders | 52,748,177 | 52,748,177 | |||
Increase in redeemable noncontrolling interest of broadband subsidiary | (240,510) | (240,510) | |||
Balance (in shares) at Dec. 31, 2021 | 28,642,801 | 1,055,560 | |||
Balance at Dec. 31, 2021 | $ 28,643 | $ 1,056 | $ 483,855,423 | $ 12,440,097 | $ 496,325,219 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net Income (Loss) | $ 55,479,808 | $ (2,428,252) |
Adjustments to reconcile net loss to cash provided by operating activities: | ||
Amortization of right of use assets | 4,427,921 | 3,972,875 |
Depreciation, amortization, and accretion | 10,262,994 | 7,832,407 |
Deferred income taxes | 17,693,980 | 0 |
Loss on disposition of assets | 178,911 | 199,555 |
Bad debt expense | 52,334 | 373,649 |
Equity in earnings of unconsolidated affiliates | (878,921) | (5,575,571) |
Other investment (income) loss | (93,163,697) | 4,685,725 |
Remeasurement of warrant liability | (2,854,407) | 217,582 |
Issuance costs related to warrant liability | 0 | 509,899 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (63,085) | (23,669) |
Interest receivable | 254,533 | 170,059 |
Prepaid expenses | (367,474) | (757,117) |
Distributions from unconsolidated affiliates | 2,251,766 | 1,433,480 |
Deferred policy acquisition costs | (122,343) | 1,659,144 |
Other assets | 34,837 | (24,790) |
Accounts payable and accrued expenses | 17,362,284 | 740,112 |
Lease liabilities | (4,030,775) | (3,855,126) |
Unearned premiums | 957,175 | (4,080,393) |
Deferred revenue | 292,396 | 124,877 |
Net Cash Provided by Operating Activities | 7,768,237 | 5,174,446 |
Cash Flows from Investing Activities: | ||
Payments on short-term payables for business acquisitions | (425,875) | (500) |
Business acquisitions, net of cash acquired | (41,334,711) | (33,624,202) |
Purchase of preferred units of affiliate | (55,000,000) | 0 |
Redemption of preferred units | 0 | 12,000,000 |
Investment in unconsolidated affiliates | 0 | (6,000,000) |
Capital expenditures | (21,005,626) | (8,573,296) |
Principal payments received on (issuance of) note receivable from affiliate | 20,000,000 | (20,000,000) |
Proceeds from sales of investments | 1,699,772,597 | 779,815,640 |
Purchase of investments | (1,647,677,193) | (893,017,606) |
Net Cash Used in Investing Activities | (45,670,808) | (169,399,964) |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of stock | 62,850,213 | 59,549,751 |
Contributions from non-controlling interest | 0 | 299,615 |
Purchase of non-controlling interest in subsidiary | (664,414) | (1,406,409) |
Proceeds from long-term debt | 8,125,402 | 5,500,000 |
Principal payments of long-term debt | (1,183,052) | (502,350) |
(Return) receipt of funds held as collateral | (820,203) | 10,006,075 |
Offering costs | (3,663,291) | (3,428,355) |
Net Cash Provided by Financing Activities | 64,644,655 | 202,805,802 |
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 26,742,084 | 38,580,284 |
Cash, Cash Equivalents, and Restricted Cash, Beginning of Year | 54,952,316 | 16,372,032 |
Cash, Cash Equivalents, and Restricted Cash, End of Year | 81,694,400 | 54,952,316 |
Interest Paid in Cash | 923,376 | 823,715 |
Income Taxes Paid in Cash | 0 | 0 |
Payable as consideration for business acquisition | 1,052,540 | 0 |
Decrease in redeemable noncontrolling interest of broadband subsidiary due to redemption | (706,837) | 0 |
Increase (decrease) in redeemable noncontrolling interest of subsidiary | 240,510 | (757,930) |
Contingent consideration associated with business acquisition | 1,230,000 | 0 |
Yellowstone Acquisition Company [Member] | ||
Cash Flows from Financing Activities: | ||
Proceeds from issuance of stock | 0 | 135,988,980 |
Offering costs | $ 0 | $ (3,201,505) |
Note 1 - Organization and Backg
Note 1 - Organization and Background | 12 Months Ended |
Dec. 31, 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, twenty On April 20, 2016, December 7, 2016, 2017 2021, four On March 10, 2020, December 29, 2020, second On September 25, 2020, 1 October 26, 2020 ( 17 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 a variable interest entity, Yellowstone, in which we are the primary beneficiary in accordance with ASC 810, Consolidation 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 Our consolidated subsidiaries include: 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 Billboards Oklahoma, LLC which we refer to as "LBO" 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” American Contracting Services, Inc. which we refer to as "ACS" 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 LLC 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" 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. Cash and Cash Equivalents For purposes of the statement of cash flows, we consider all highly liquid investments, with the exception of U.S. Treasury securities, purchased with an original maturity of three Restricted Cash We have cash that is restricted for the payment of insurance premiums. Accounts Receivable Billboard Rentals Accounts receivable are recorded at the invoiced amount, net of advertising agency commissions, sales discounts, and allowances for doubtful accounts. We evaluate the collectability of accounts receivable based on our knowledge of our customers and historical experience of bad debts. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, we record a specific allowance to reduce the amounts recorded to what we believe will be collected. For all other customers, we recognize reserves for bad debt based upon historical experience of bad debts as a percentage of revenue, adjusted for relative improvement or deterioration in its agings and changes in current economic conditions. As of December 31, 2021 2020 Insurance Accounts receivable consists of premiums and anticipated salvage. All of the receivables have payment terms of less than twelve Anticipated salvage is the amount we expect to receive from principals pursuant to indemnification agreements. Broadband Accounts receivable are recorded at the invoiced amount, net of allowances for doubtful accounts. We evaluate the collectability of accounts receivable based on our knowledge of our customers and historical experience of bad debts. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, we record a specific allowance to reduce the amounts recorded to what we believe will be collected. As of December 31, 2021 2020 Deferred Policy Acquisition Costs Policy acquisition costs consist primarily of commissions to agents and brokers and premium taxes, fees, and assessments. Such costs that are directly related to the successful acquisition of new or renewal insurance contracts are deferred and amortized over the related policy period, generally one three not Property and Equipment Property and equipment are carried at cost less depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which range from four twenty Years Structures 15 Digital displays and electrical 10 Static and tri-vision displays 10 to 15 Fiber, towers, and broadband equipment 5 to 20 Vehicles, equipment, and furniture 4 to 7 Maintenance and repair costs are charged against income as incurred. Significant improvements or betterments are capitalized and depreciated over the estimated life of the asset. Periodic internal reviews are performed to evaluate the reasonableness of the depreciable lives for property and equipment. Actual usage, physical wear and tear, replacement history, and assumptions about technology evolution are reviewed and evaluated to determine the remaining useful lives of the assets. Remaining useful life assessments are made to anticipate the loss in service value that may Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not no Acquisitions For transactions that meet the definition of a business combination, we allocate the purchase price, including any contingent consideration, to the assets acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition with any excess of the purchase price paid over the estimated fair value of net assets acquired recorded as goodwill. The determination of the final purchase price and the acquisition-date fair value of identifiable assets acquired and liabilities assumed may one The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, we estimate the cost to replace the asset with a new asset, adjusted for an estimated reduction in fair value due to age of the asset, and the economic useful life. When determining the fair value of intangible assets acquired, we estimate the applicable discount rate and the timing and amount of future cash flows. Key assumptions utilized in estimating the future cash flows expected to be generated by each reporting unit primarily relate to forecasted revenues and premiums earned. Goodwill Goodwill represents future economic benefits arising from other assets acquired in a business combination that are not October 1 four third We conduct a qualitative assessment by examining relevant events and circumstances which could have a negative impact on our goodwill, including macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, reporting unit dispositions and acquisitions, our market capitalization and other relevant events specific to us. If, after assessing the totality of events or circumstances described above, we determine that it is more likely than not may We performed our annual measurement for impairment of the goodwill of our reporting units and concluded the fair value of each reporting unit exceeded its carrying amount at its annual impairment test date on October 1, 2021 2020; not During 2021 2020, Purchased Intangibles and Other Long-Lived Assets We amortize intangible assets with finite lives over their estimated useful lives, which range between two fifty Years Customer relationships 10 to 15 Permits, licenses, and lease acquisition costs 10 to 50 Noncompetition and nonsolicitation agreements 5 Technology, trade names, and trademarks 10 to 20 Site location 15 Capitalized contract costs 10 Purchased intangible assets, including long-lived assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not Asset Retirement Obligations We are required to record the present value of obligations associated with the retirement of tangible long-lived assets in the period in which the obligation is incurred. The liability is capitalized as part of the long-lived asset’s carrying amount. With the passage of time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. Our asset retirement obligations relate to the dismantlement, removal, site reclamation, and similar activities related to the decommissioning of our billboard structures and broadband towers. Investments, Short-term and Long-term Investments include certificates of deposits, U.S Treasury securities, marketable equity securities, investments in corporate bonds, and equity investments as discussed below. U.S. Treasury securities held by our insurance entities are classified as held-to-maturity and are accounted for at amortized cost. We have both the intent and ability to hold the securities to maturity. U.S. Treasury securities held by non-insurance entities are classified as trading securities and are accounted for at fair value. Unrealized holding gains and losses during the period are included in earnings. Marketable equity securities are stated at fair value. Certificates of deposit are accounted for at carrying value with no Equity Investment s Our equity investments consist of investment in two not no no 2016 01 Investments in Unconsolidated Entities We account for investments in less than 50% 20% 323 30, 3% 5% Funds Held as Collateral Assets Funds held as collateral assets consist principally of cash collateral received from principals to guarantee performance on surety bonds issued by us, as well as all other contractual obligations of the principals to the surety. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates relate to allocation of asset acquisition price between tangible and intangible assets, useful lives for depreciation, amortization and accretion, impairment of goodwill, valuation of insurance loss reserves, and the valuation of deferred tax assets and liabilities. Accordingly, actual results could differ from those estimates. Fair Value Measurements We determine the fair value of our financial instruments using the fair value hierarchy, which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Subsequent Events We have performed an evaluation of subsequent events through the date on which the financial statements are issued. 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. 840, Leases 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 2021 2020 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 $652,885 and $595,750 for the years ended December 31, 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. Right of Use Assets and Lease Liabilities Right of use, which we refer to as “ROU", assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The present value of lease payments is determined primarily using the incremental borrowing rate based on the information available at the lease commencement date. We have elected not 1 12 Redeemable Noncontrolling Interest Redeemable noncontrolling interests are interests in subsidiaries that are redeemable outside of our control either for cash or other assets. These interests are classified as mezzanine equity and measured at the estimated redemption value at the end of each reporting period. The resulting increases or decreases in the estimated redemption amount are effected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in capital. At December 31, 2021, 6 17 Losses 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. We involve an independent, third may Segment Information Operating segments are defined as the components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision makers in deciding how to allocate resources and in assessing performance. Our chief operating decision makers direct the allocation of resources to operating segments based on the profitability, cash flows, and growth opportunities of each respective segment. Our current operations for the years ended December 31, 2021 2020 Earnings Per Share Basic income (loss) per common share is computed by dividing the net income (loss) available to Class A common stockholders and Class B common stockholders by the weighted average number of Class A common and Class B common shares outstanding during the year. Diluted earnings per share reflect the potential dilution of securities that could share in earnings of an entity. In a loss year, dilutive common equivalent shares are excluded from the loss per share calculation as the effect would be anti-dilutive. For the years ended December 31, 2021 2020 Income Taxes We account for income taxes in accordance with ASC Topic 740 We recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the years ended December 31, 2021 2020 no December 31, 2021 2020 no 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 17 COVID- 19 A new strain of novel coronavirus which causes a severe respiratory disease (“COVID- 19” 2019, 2020 19 19 may may 19 19. 19 19 Recent Accounting Pronouncements On May 20, 2020, December 31, 2020, January 1, 2020. In December 2019, January 1, 2021. not In January 2020, No. 2020 01, Clarifying the Interactions between Topic 321, Topic 323, 815, January 1, 2021 not |
Note 3 - Restricted Cash
Note 3 - Restricted Cash | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 3. RESTRICTED CASH Restricted cash consists of the following: December 31, 2021 2020 Insurance premium escrow $ - $ 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. December 31, 2021 2020 Cash and cash equivalents $ 72,508,528 $ 44,665,972 Funds held as collateral 9,185,872 10,006,075 Restricted cash - 280,269 Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statements of Cash Flows $ 81,694,400 $ 54,952,316 |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 4. ACCOUNTS RECEIVABLE Accounts receivable consist of the following: December 31, 2021 2020 Trade accounts $ 3,688,116 $ 3,537,864 Premiums 901,769 832,221 Allowance for doubtful accounts (121,022 ) (328,522 ) Total Accounts Receivable, net $ 4,468,863 $ 4,041,563 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5. PROPERTY AND EQUIPMENT Property and equipment consist of the following: December 31, 2021 2020 Structures and displays $ 56,087,039 $ 42,858,525 Fiber, towers, and broadband equipment 20,637,161 11,358,650 Land 7,035,274 359,692 Vehicles and equipment 4,419,615 2,522,810 Office furniture and equipment 4,006,032 2,150,729 Accumulated depreciation (15,730,095 ) (10,382,442 ) Total Property and Equipment, net $ 76,455,026 $ 48,867,964 Depreciation expense for the years ended December 31, 2021 2020 |
Note 6 - Business Acquisitions
Note 6 - Business Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | NOTE 6. BUSINESS ACQUISITIONS 2021 During the year ended December 31, 2021, three 805. Insurance Acquisition American Contracting Services On April 1, 2021, ten 18 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 Outdoor Advertising Acquisitions Thomas Outdoor On January 26, 2021, 238 fifteen ten Keleher Outdoor On November 19, 2021, 1975 600 The following is a summary of the preliminary allocation of the purchase price, which includes the fair value allocation of the assets acquired and liabilities assumed: Keleher Assets Acquired Property, plant and equipment $ 3,138,245 Customer relationships 975,000 Permits 178,950 Goodwill 8,266,086 Right of use assets 1,634,263 Other 157,864 Total Assets Acquired 14,350,408 Liabilities Assumed Lease liabilities 1,634,263 Other 496,145 Total Liabilities Assumed 2,130,408 Total $ 12,220,000 The intangible assets include customer relationships and permits which have useful lives of fifteen ten Missouri Neon On December 30, 2021, 800 The following is a summary of the preliminary allocation of the purchase price, which includes the fair value allocation of the assets acquired and liabilities assumed: Neon Assets Acquired Property, plant and equipment $ 8,311,014 Customer relationships 1,972,000 Permits 421,250 Goodwill 12,013,144 Right of use assets 4,093,478 Other 205,272 Total Assets Acquired 27,016,158 Liabilities Assumed Lease liabilities 4,093,478 Other 777,332 Total Liabilities Assumed 4,870,810 Total $ 22,145,348 The intangible assets include customer relationships and permits which have useful lives of fifteen ten 2020 During the year ended December 31, 2020, two 805. 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 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: UBB Assets Acquired Property, plant and equipment $ 7,319,000 Customer relationships 5,100,000 Trade names and trademarks 1,910,000 Goodwill 12,511,000 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 Measurement-period adjustments recorded during 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 forty two fifty For the Year Ended December 31, 2021 2020 Revenue $ 62,867,128 $ 66,105,808 Net Income Attributable to Common Stockholders $ 53,575,855 $ 3,606,687 Basic and Diluted Net Income per Share $ 1.84 $ 0.14 Basic and Diluted Weighted Average Class A and Class B Common Shares Outstanding 29,046,514 25,675,820 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 | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 7. INTANGIBLE ASSETS Intangible assets consist of the following: December 31, 2021 December 31, 2020 Accumulated Accumulated Cost Amortization Balance Cost Amortization Balance Customer relationships $ 49,535,976 $ (23,611,856 ) $ 25,924,120 $ 46,740,483 $ (20,558,751 ) $ 26,181,732 Permits, licenses, and lease acquisition costs 11,560,896 (3,413,876 ) 8,147,020 11,053,673 (2,412,313 ) 8,641,360 Site location 849,347 (250,085 ) 599,262 849,347 (193,462 ) 655,885 Noncompetition agreements 626,000 (488,134 ) 137,866 626,000 (386,934 ) 239,066 Technology 1,128,000 (311,250 ) 816,750 1,128,000 (212,250 ) 915,750 Trade names and trademarks 3,852,200 (590,575 ) 3,261,625 3,602,202 (369,175 ) 3,233,027 Nonsolicitation agreement 28,000 (28,000 ) - 28,000 (28,000 ) - Capitalized contract costs 1,018,600 (16,717 ) 1,001,883 - - - Easements 5,463,526 - 5,463,526 4,507,089 - 4,507,089 Total $ 74,062,545 $ (28,710,493 ) $ 45,352,052 $ 68,534,794 $ (24,160,885 ) $ 44,373,909 The future amortization associated with the intangible assets is as follows: December 31, 2022 2023 2024 2025 2026 Thereafter Total Customer relationships $ 3,245,199 $ 3,245,199 $ 3,245,199 $ 3,245,199 $ 3,245,199 $ 9,698,125 $ 25,924,120 Permits, licenses and lease acquisition costs 1,063,670 1,063,670 1,063,670 1,050,662 1,024,172 2,881,176 8,147,020 Site location 56,623 56,623 56,623 56,623 56,623 316,147 599,262 Noncompetition agreements 90,366 46,100 1,400 - - - 137,866 Technology 99,000 99,000 99,000 99,000 99,000 321,750 816,750 Trade names and trademarks 225,567 225,567 225,567 225,567 225,567 2,133,790 3,261,625 Capitalized contract costs 101,860 101,860 101,860 101,860 101,860 492,583 1,001,883 Total $ 4,882,285 $ 4,838,019 $ 4,793,319 $ 4,778,911 $ 4,752,421 $ 15,843,571 $ 39,888,526 Amortization expense for the years ended December 31, 2021 2020 Future Amortization The weighted average amortization period, in months, for intangible assets is as follows: Customer relationships 96 Permits, licenses, and lease acquisition costs 92 Site location 127 Noncompetition agreements 17 Technology 99 Trade names and trademarks 174 Capitalized contract costs 118 |
Note 8 - Investments, Including
Note 8 - Investments, Including Investments Accounted for Using the Equity Method | 12 Months Ended |
Dec. 31, 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 December 31, 2021 2020 December 31, 2021 2020 Certificates of deposit $ 310,276 $ 1,035,827 Corporate bonds classified as trading - 1,020,000 U.S. Treasury notes and corporate bond held to maturity 4,418,719 4,994,848 Total $ 4,728,995 $ 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 December 31, 2021 2020 Gross Unrealized Fair Cost Gain (Loss) Value Marketable equity securities, December 31, 2021 $ 20,893,647 $ 49,723,850 $ 70,617,497 Marketable equity securities, December 31, 2020 $ 68,205,548 $ (4,169,066 ) $ 64,036,482 U.S. Treasury 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 December 31, 2021 2020 Gross Unrealized Fair Cost Gain Value U.S. Treasury trading securities, December 31, 2021 $ 87,541,764 $ 3,140 $ 87,544,904 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 held to maturity and certain equity investments. We have the intent and the ability to hold the U.S. Treasury securities to maturity, which ranges from 2023 2024. CB&T Holding Corporation During May 2018, one Long-term investments consist of the following: 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 CB&T Holding Corporation 19,058,485 19,058,485 Total $ 19,316,769 $ 19,448,519 We reviewed our investments as of December 31, 2021 2020 Investment in Unconsolidated Affiliates We have various investments in equity method affiliates, whose businesses are in home building, real estate, real estate services, private aviation infrastructure, and asset management. Our interest in these affiliates ranges from 5.6% to 30%. Two of the investments in affiliates, Logic Real Estate Companies, LLC and 24th December 31, 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. twelve December 31, 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: December 31, 2021 2020 Beginning of year $ 20,913,896 $ 771,805 Additional investments in unconsolidated affiliates 55,000,000 16,000,000 Distributions received (2,251,766 ) (1,433,480 ) Reclassification of investment in affiliate to marketable securities (12,880,146 ) - Equity in income of unconsolidated affiliates 878,921 5,575,571 End of year $ 61,660,905 $ 20,913,896 Combined summarized financial data for these affiliates is as follows: December 31, 2021 2020 Revenue $ 31,071,188 $ 1,147,735,494 Gross profit 9,562,278 176,953,564 Income from continuing operations (10,049,214 ) 82,992,830 Net income (11,382,572 ) 86,847,498 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 | 12 Months Ended |
Dec. 31, 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 December 31, 2021 2020 fourth 2021, December 31, 2021. 2 Warrants We have determined that the Public Warrants issued in connection with Yellowstone's initial public offering in October 2020 December 31, 2021, 2020, 1 December 31, 2021 2020. Marketable Equity Securities, U.S. Trading Securities, and Corporate Bonds During the second 2021, 144 1933. December 31, 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 $46,000,000. These amounts exclude any realized gains on equity securities held within the marketable equity portfolio managed by UCS. 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 Quoted Prices Realized Gains Total Changes Total Carrying in Active and (Losses) in Fair Values Amount in Markets for Included in Included in Consolidated Identical Current Period Current Period Balance Sheet Assets Period Earnings Earnings (Loss) Marketable equity securities, U.S. Treasury trading securities, and corporate bonds at December 31, 2021 $ 158,162,401 $ 158,162,401 $ 44,610,838 $ 48,613,962 Marketable equity securities, U.S. Treasury trading securities, and corporate bonds at December 31, 2020 $ 102,824,427 $ 102,824,427 $ 5,701,048 $ (10,399,932 ) |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10. INCOME TAXES We are subject to taxation in all jurisdictions in which we operate that impose an income tax on our business activities. The components of income tax expense for the years ended December 31, December 31, December 31, 2021 2020 Income tax (provision) benefit: Current federal income tax expense (benefit) $ - $ (44,486 ) Current state income tax expense (benefit) - (12,894 ) Deferred federal income tax expense (benefit) 13,322,593 (1,579,511 ) Deferred state income tax expense (benefit) 4,371,387 2,224,254 Total Income Tax Expense Before Valuation Allowance 17,693,980 587,363 Valuation allowance - (587,363 ) Total Income Tax Expense $ 17,693,980 $ - Deferred tax assets: Net operating loss carryforwards $ 6,831,339 $ 7,111,956 Tax credits 366,366 366,366 Intangibles - 47,731 Lease liabilities 16,636,855 14,064,430 Premium adjustments and IBNR 404,891 776,456 Unrealized loss on securities - 1,126,052 Other 16,754 - Valuation allowance (2,165,808 ) (7,230,229 ) Net Deferred Tax Assets $ 22,090,397 $ 16,262,762 Deferred tax liabilities: Property and equipment $ (7,770,312 ) $ (1,754,929 ) Intangibles (1,480,060 ) - Right of use assets (16,810,802 ) (14,311,642 ) Deferred acquisition costs - (187,002 ) Investment in unconsolidated subsidiaries (887,327 ) (9,189 ) Unrealized gain on securities (12,892,876 ) - Total Deferred Tax Liabilities (39,841,377 ) (16,262,762 ) Net Deferred Tax Liabilities $ (17,750,980 ) $ - The realization of deferred tax assets, including net operating loss carryforwards, is dependent on the generation of future taxable income sufficient to realize the tax deductions, carryforwards and credits. Valuation allowances on deferred tax assets are recognized if it is determined that it is more likely than not not December 31, 2021, not not first 2021 January 20, 2021 ( 8 December 31, 2020, As of December 31, 2021, $25.4 2018. 2018 may 2035 2037. 2017 may 80% Pursuant to Section 382 1986, may ‘‘5% 50 three 382 not A reconciliation between the federal statutory income tax rate and our actual effective income tax rate is as follows: For the Year Ended December 31, 2021 2020 Federal income tax at statutory rate $ 15,291,464 $ (280,069 ) State income tax, net of federal benefit 4,498,347 (12,894 ) Provision to return adjustments 973,002 - Nondeductible officer's compensation 3,803,973 - Warrant income (1,672,815 ) - Other permanent differences (56,592 ) 5,422 Other (21,978 ) (299,822 ) Change in valuation allowance (5,121,421 ) 587,363 Federal income tax at effective rate $ 17,693,980 $ - Uncertain Tax Positions We believe that there are no 12 The federal and state statutes of limitation for assessment of tax liability generally lapse within three four may December 31, 2021, not December 31, 2018 |
Note 11 - Asset Retirement Obli
Note 11 - Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 11. 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, January 1, 2020 2,044,705 Additions 96,864 Accretion expense 140,704 Liabilities settled - Balance, December 31, 2020 $ 2,282,273 Additions 1,057,327 Accretion expense 134,360 Liabilities settled (311,235 ) Balance, December 31, 2021 $ 3,162,725 |
Note 12 - Capital Stock
Note 12 - Capital Stock | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 12. CAPITAL STOCK On May 28, 2020, “2020 “2020 June 2, 2020, 2020 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 December 31, 2021, A summary of warrant activity for the years ended December 31, 2021 2020 Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value of Vested Warrants Outstanding as of January 1, 2020 105,556 $ 9.95 5.5 $ 1,170,616 Issued - Exercised - Expired - Outstanding as of December 31, 2020 105,556 $ 9.95 4.5 $ 1,868,341 Issued - Exercised - Expired - Outstanding as of December 31, 2021 105,556 $ 9.95 3.5 $ 1,982,342 |
Note 13 - Long-term Debt
Note 13 - Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 13. LONG-TERM DEBT On August 12, 2019, 1” 2” not On December 6, 2021, 1 2 one As of December 31, 2021, July 1, 2020 1 October 1, 2020 2. December 6, 2028. The revolving line of credit loan facility has a $5,000,000 maximum availability. Interest payments are based on the 30 August 12, 2023. Long-term debt included within our consolidated balance sheet as of December 31, 2021 December 31, 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 December 31, 2021 2020. 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 The aggregate minimum principal payments required on long-term debt as of December 31, 2021 2022, 2023, 2024, 2025, 2026 |
Note 14 - Leases
Note 14 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 14 . 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 years ended December 31, 2021 2020 Year Ended Year Ended Ended Ended December 31, 2021 December 31, 2020 Statement of Operations Classification Lease cost $ 6,954,708 $ 6,328,994 Cost of billboard revenues and general and administrative Variable and short-term lease cost 647,242 467,797 Cost of billboard revenues and general and administrative Total Lease Cost $ 7,601,950 $ 6,796,791 Supplemental cash flow information related to operating leases was as follows: Year Ended Year Ended Ended Ended December 31, 2021 December 31, 2020 Cash payments for operating leases $ 6,557,563 $ 6,211,256 New operating lease assets obtained in exchange for operating lease liabilities $ 13,987,968 $ 881,610 Operating Lease Assets and Liabilities December 31, 2021 December 31, 2020 Balance Sheet Classification Lease assets $ 61,252,888 $ 52,849,492 Other Assets: Right of use assets Current lease liabilities $ 4,580,833 $ 4,354,664 Current Liabilities: Lease liabilities Noncurrent lease liabilities 56,032,547 47,581,933 Long-term Liabilities: Lease liabilities Total Lease Liabilities $ 60,613,380 $ 51,936,597 Maturity of Operating Lease Liabilities December 31, 2021 2022 $ 7,186,289 2023 6,898,168 2024 6,391,603 2025 6,068,409 2026 5,744,706 Thereafter 58,827,623 Total lease payments 91,116,798 Less imputed interest (30,503,418 ) Present Value of Lease Liabilities $ 60,613,380 As of December 31, 2021 |
Note 15 - Industry Segments
Note 15 - Industry Segments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 15 . I NDUSTRY 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, Arkansas, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, Nebraska, Nevada, Oklahoma, 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 Year Ended December 31, 2021 GIG LMH FIF Unallocated Consolidated Revenue $ 10,238,310 $ 31,499,235 $ 15,234,266 $ - $ 56,971,811 Segment gross profit 7,055,813 19,404,401 11,920,506 - 38,380,720 Segment (loss) income from operations (778,703 ) 2,744,468 391,356 (26,123,990 ) (23,766,869 ) Capital expenditures 3,167,342 42,871,326 12,517,328 7,254,134 65,810,130 Depreciation and amortization 206,223 7,013,578 2,813,901 94,932 10,128,634 Total Year Ended December 31, 2020 GIG LMH FIF Unallocated Consolidated Revenue $ 13,645,962 $ 28,260,964 $ 3,836,537 $ - $ 45,743,463 Segment gross profit 6,955,759 16,988,615 3,290,431 - 27,234,805 Segment (loss) income from operations (197,377 ) 607,542 388,960 (5,794,032 ) (4,994,907 ) Capital expenditures - 4,354,770 43,806,659 734,749 48,896,178 Depreciation and amortization 484,495 6,636,205 571,003 - 7,691,703 Total As of December 31, 2021 GIG LMH FIF Unallocated Consolidated Accounts receivable, net $ 1,495,664 $ 2,770,428 $ 202,771 $ - $ 4,468,863 Goodwill 11,058,922 120,642,896 19,635,158 151,336,976 Total assets 57,150,042 276,266,829 69,113,699 404,523,223 807,053,793 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 16 - Reserves for Losses a
Note 16 - Reserves for Losses and Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Insurance Disclosure [Text Block] | NOTE 16 . 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 years ended December 31: 2021 2020 Losses and LAE at January 1 $ 2,492,334 $ 1,203,493 Provision for losses and LAE claims arising in: Current year 698,075 2,221,844 Prior year 664,229 794,622 Total incurred 1,362,304 3,016,466 Losses and LAE payments for claims arising in: Current year 1,259,276 1,182,375 Prior years 873,836 444,630 Total payments 2,133,112 1,627,005 Less reinsurance recoverable 340,000 100,620 Losses and LAE at December 31 $ 1,381,526 $ 2,492,334 For the year ended December 31, 2021, December 31, 2021. December 31, 2021, December 31, 2020, December 31, 2020. Reserves remaining as of December 31, 2020, December 31, 2021 2020 |
Note 17 - Special Purpose Acqui
Note 17 - Special Purpose Acquisition Company | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Special Purpose Acquisition Company [Text Block] | NOTE 17. SPECIAL PURPOSE ACQUISITION COMPANY On September 25, 2020, 1 three Prior to the filing of Yellowstone's Registration Statement on Form S- 1, October 9, 2020, December 31, 2020, no December 31, 2021 2020. one On October 26, 2020, one one Also on October 26, 2020, not 15 On November 16, 2020, no not On December 1, 2020, December 1, 2020, On August 1, 2021, none On September 14, 2021, not All of the 13,598,898 second 480 10 S99, not 480. The Company classifies all shares of Yellowstone's Class A Common Stock as redeemable noncontrolling interest within temporary equity and recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable noncontrolling interest 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 through charges against retained earnings or accumulated deficit. Earnings and losses are shared pro rata between Yellowstone's Class A common stock and Class B common stock. Yellowstone’s assets that are measured at fair value on a recurring basis at December 31, 2021 1 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, 20. |
Note 18- Management Incentive B
Note 18- Management Incentive Bonus Plan | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Management Incentive Bonus Plan [Text Block] | NOTE 18. MANAGEMENT INCENTIVE BONUS PLAN On January 10, 2022, 20% 106% may December 31, 2021, |
Note 19 - Custodial Risk
Note 19 - Custodial Risk | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Custodial Risk Disclosure [Text Block] | NOTE 19. CUSTODIAL RISK As of December 31, 2021 |
Note 20 - Subsequent Events
Note 20 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 20. SUBSEQUENT EVENTS On January 25, 2022, no March 25, 2022, 206,250 $326 In connection with the transaction on January 25, 2022, On February 18, 2022, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 a variable interest entity, Yellowstone, in which we are the primary beneficiary in accordance with ASC 810, Consolidation 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 Our consolidated subsidiaries include: 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 Billboards Oklahoma, LLC which we refer to as "LBO" 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” American Contracting Services, Inc. which we refer to as "ACS" 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 LLC 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" |
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. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the statement of cash flows, we consider all highly liquid investments, with the exception of U.S. Treasury securities, purchased with an original maturity of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash We have cash that is restricted for the payment of insurance premiums. |
Receivable [Policy Text Block] | Accounts Receivable Billboard Rentals Accounts receivable are recorded at the invoiced amount, net of advertising agency commissions, sales discounts, and allowances for doubtful accounts. We evaluate the collectability of accounts receivable based on our knowledge of our customers and historical experience of bad debts. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, we record a specific allowance to reduce the amounts recorded to what we believe will be collected. For all other customers, we recognize reserves for bad debt based upon historical experience of bad debts as a percentage of revenue, adjusted for relative improvement or deterioration in its agings and changes in current economic conditions. As of December 31, 2021 2020 Insurance Accounts receivable consists of premiums and anticipated salvage. All of the receivables have payment terms of less than twelve Anticipated salvage is the amount we expect to receive from principals pursuant to indemnification agreements. Broadband Accounts receivable are recorded at the invoiced amount, net of allowances for doubtful accounts. We evaluate the collectability of accounts receivable based on our knowledge of our customers and historical experience of bad debts. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, we record a specific allowance to reduce the amounts recorded to what we believe will be collected. As of December 31, 2021 2020 Deferred Policy Acquisition Costs Policy acquisition costs consist primarily of commissions to agents and brokers and premium taxes, fees, and assessments. Such costs that are directly related to the successful acquisition of new or renewal insurance contracts are deferred and amortized over the related policy period, generally one three not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are carried at cost less depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which range from four twenty Years Structures 15 Digital displays and electrical 10 Static and tri-vision displays 10 to 15 Fiber, towers, and broadband equipment 5 to 20 Vehicles, equipment, and furniture 4 to 7 Maintenance and repair costs are charged against income as incurred. Significant improvements or betterments are capitalized and depreciated over the estimated life of the asset. Periodic internal reviews are performed to evaluate the reasonableness of the depreciable lives for property and equipment. Actual usage, physical wear and tear, replacement history, and assumptions about technology evolution are reviewed and evaluated to determine the remaining useful lives of the assets. Remaining useful life assessments are made to anticipate the loss in service value that may Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not no |
Business Combinations Policy [Policy Text Block] | Acquisitions For transactions that meet the definition of a business combination, we allocate the purchase price, including any contingent consideration, to the assets acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition with any excess of the purchase price paid over the estimated fair value of net assets acquired recorded as goodwill. The determination of the final purchase price and the acquisition-date fair value of identifiable assets acquired and liabilities assumed may one The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, we estimate the cost to replace the asset with a new asset, adjusted for an estimated reduction in fair value due to age of the asset, and the economic useful life. When determining the fair value of intangible assets acquired, we estimate the applicable discount rate and the timing and amount of future cash flows. Key assumptions utilized in estimating the future cash flows expected to be generated by each reporting unit primarily relate to forecasted revenues and premiums earned. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents future economic benefits arising from other assets acquired in a business combination that are not October 1 four third We conduct a qualitative assessment by examining relevant events and circumstances which could have a negative impact on our goodwill, including macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, reporting unit dispositions and acquisitions, our market capitalization and other relevant events specific to us. If, after assessing the totality of events or circumstances described above, we determine that it is more likely than not may We performed our annual measurement for impairment of the goodwill of our reporting units and concluded the fair value of each reporting unit exceeded its carrying amount at its annual impairment test date on October 1, 2021 2020; not During 2021 2020, |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Purchased Intangibles and Other Long-Lived Assets We amortize intangible assets with finite lives over their estimated useful lives, which range between two fifty Years Customer relationships 10 to 15 Permits, licenses, and lease acquisition costs 10 to 50 Noncompetition and nonsolicitation agreements 5 Technology, trade names, and trademarks 10 to 20 Site location 15 Capitalized contract costs 10 Purchased intangible assets, including long-lived assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations We are required to record the present value of obligations associated with the retirement of tangible long-lived assets in the period in which the obligation is incurred. The liability is capitalized as part of the long-lived asset’s carrying amount. With the passage of time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. Our asset retirement obligations relate to the dismantlement, removal, site reclamation, and similar activities related to the decommissioning of our billboard structures and broadband towers. |
Equity Method Investments [Policy Text Block] | Investments, Short-term and Long-term Investments include certificates of deposits, U.S Treasury securities, marketable equity securities, investments in corporate bonds, and equity investments as discussed below. U.S. Treasury securities held by our insurance entities are classified as held-to-maturity and are accounted for at amortized cost. We have both the intent and ability to hold the securities to maturity. U.S. Treasury securities held by non-insurance entities are classified as trading securities and are accounted for at fair value. Unrealized holding gains and losses during the period are included in earnings. Marketable equity securities are stated at fair value. Certificates of deposit are accounted for at carrying value with no Equity Investment s Our equity investments consist of investment in two not no no 2016 01 |
Funds Held as Collateral Assets [Policy Text Block] | Funds Held as Collateral Assets Funds held as collateral assets consist principally of cash collateral received from principals to guarantee performance on surety bonds issued by us, as well as all other contractual obligations of the principals to the surety. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates relate to allocation of asset acquisition price between tangible and intangible assets, useful lives for depreciation, amortization and accretion, impairment of goodwill, valuation of insurance loss reserves, and the valuation of deferred tax assets and liabilities. Accordingly, actual results could differ from those estimates. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements We determine the fair value of our financial instruments using the fair value hierarchy, which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events We have performed an evaluation of subsequent events through the date on which the financial statements are issued. |
Revenue [Policy Text Block] | 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 2021 2020 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 $652,885 and $595,750 for the years ended December 31, 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. |
Right of Use Assets and Lease Liabilities [Policy Text Block] | Right of Use Assets and Lease Liabilities Right of use, which we refer to as “ROU", assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The present value of lease payments is determined primarily using the incremental borrowing rate based on the information available at the lease commencement date. We have elected not 1 12 |
Redeemable Noncontrolling Interest [Policy Text Block] | Redeemable Noncontrolling Interest Redeemable noncontrolling interests are interests in subsidiaries that are redeemable outside of our control either for cash or other assets. These interests are classified as mezzanine equity and measured at the estimated redemption value at the end of each reporting period. The resulting increases or decreases in the estimated redemption amount are effected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in capital. At December 31, 2021, 6 17 |
Liability Reserve Estimate, Policy [Policy Text Block] | Losses 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. We involve an independent, third may |
Segment Reporting, Policy [Policy Text Block] | Segment Information Operating segments are defined as the components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision makers in deciding how to allocate resources and in assessing performance. Our chief operating decision makers direct the allocation of resources to operating segments based on the profitability, cash flows, and growth opportunities of each respective segment. Our current operations for the years ended December 31, 2021 2020 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic income (loss) per common share is computed by dividing the net income (loss) available to Class A common stockholders and Class B common stockholders by the weighted average number of Class A common and Class B common shares outstanding during the year. Diluted earnings per share reflect the potential dilution of securities that could share in earnings of an entity. In a loss year, dilutive common equivalent shares are excluded from the loss per share calculation as the effect would be anti-dilutive. For the years ended December 31, 2021 2020 |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes in accordance with ASC Topic 740 We recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the years ended December 31, 2021 2020 no December 31, 2021 2020 no |
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 17 |
COVID-19 Impact [Policy Text Block] | COVID- 19 A new strain of novel coronavirus which causes a severe respiratory disease (“COVID- 19” 2019, 2020 19 19 may may 19 19. 19 19 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements On May 20, 2020, December 31, 2020, January 1, 2020. In December 2019, January 1, 2021. not In January 2020, No. 2020 01, Clarifying the Interactions between Topic 321, Topic 323, 815, January 1, 2021 not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Years Structures 15 Digital displays and electrical 10 Static and tri-vision displays 10 to 15 Fiber, towers, and broadband equipment 5 to 20 Vehicles, equipment, and furniture 4 to 7 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Years Customer relationships 10 to 15 Permits, licenses, and lease acquisition costs 10 to 50 Noncompetition and nonsolicitation agreements 5 Technology, trade names, and trademarks 10 to 20 Site location 15 Capitalized contract costs 10 |
Note 3 - Restricted Cash (Table
Note 3 - Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | December 31, 2021 2020 Insurance premium escrow $ - $ 280,269 December 31, 2021 2020 Cash and cash equivalents $ 72,508,528 $ 44,665,972 Funds held as collateral 9,185,872 10,006,075 Restricted cash - 280,269 Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statements of Cash Flows $ 81,694,400 $ 54,952,316 |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Receivables with Imputed Interest [Table Text Block] | December 31, 2021 2020 Trade accounts $ 3,688,116 $ 3,537,864 Premiums 901,769 832,221 Allowance for doubtful accounts (121,022 ) (328,522 ) Total Accounts Receivable, net $ 4,468,863 $ 4,041,563 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 2020 Structures and displays $ 56,087,039 $ 42,858,525 Fiber, towers, and broadband equipment 20,637,161 11,358,650 Land 7,035,274 359,692 Vehicles and equipment 4,419,615 2,522,810 Office furniture and equipment 4,006,032 2,150,729 Accumulated depreciation (15,730,095 ) (10,382,442 ) Total Property and Equipment, net $ 76,455,026 $ 48,867,964 |
Note 6 - Business Acquisitions
Note 6 - Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Keleher Assets Acquired Property, plant and equipment $ 3,138,245 Customer relationships 975,000 Permits 178,950 Goodwill 8,266,086 Right of use assets 1,634,263 Other 157,864 Total Assets Acquired 14,350,408 Liabilities Assumed Lease liabilities 1,634,263 Other 496,145 Total Liabilities Assumed 2,130,408 Total $ 12,220,000 Neon Assets Acquired Property, plant and equipment $ 8,311,014 Customer relationships 1,972,000 Permits 421,250 Goodwill 12,013,144 Right of use assets 4,093,478 Other 205,272 Total Assets Acquired 27,016,158 Liabilities Assumed Lease liabilities 4,093,478 Other 777,332 Total Liabilities Assumed 4,870,810 Total $ 22,145,348 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 5,100,000 Trade names and trademarks 1,910,000 Goodwill 12,511,000 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 Year Ended December 31, 2021 2020 Revenue $ 62,867,128 $ 66,105,808 Net Income Attributable to Common Stockholders $ 53,575,855 $ 3,606,687 Basic and Diluted Net Income per Share $ 1.84 $ 0.14 Basic and Diluted Weighted Average Class A and Class B Common Shares Outstanding 29,046,514 25,675,820 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, 2021 December 31, 2020 Accumulated Accumulated Cost Amortization Balance Cost Amortization Balance Customer relationships $ 49,535,976 $ (23,611,856 ) $ 25,924,120 $ 46,740,483 $ (20,558,751 ) $ 26,181,732 Permits, licenses, and lease acquisition costs 11,560,896 (3,413,876 ) 8,147,020 11,053,673 (2,412,313 ) 8,641,360 Site location 849,347 (250,085 ) 599,262 849,347 (193,462 ) 655,885 Noncompetition agreements 626,000 (488,134 ) 137,866 626,000 (386,934 ) 239,066 Technology 1,128,000 (311,250 ) 816,750 1,128,000 (212,250 ) 915,750 Trade names and trademarks 3,852,200 (590,575 ) 3,261,625 3,602,202 (369,175 ) 3,233,027 Nonsolicitation agreement 28,000 (28,000 ) - 28,000 (28,000 ) - Capitalized contract costs 1,018,600 (16,717 ) 1,001,883 - - - Easements 5,463,526 - 5,463,526 4,507,089 - 4,507,089 Total $ 74,062,545 $ (28,710,493 ) $ 45,352,052 $ 68,534,794 $ (24,160,885 ) $ 44,373,909 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | December 31, 2022 2023 2024 2025 2026 Thereafter Total Customer relationships $ 3,245,199 $ 3,245,199 $ 3,245,199 $ 3,245,199 $ 3,245,199 $ 9,698,125 $ 25,924,120 Permits, licenses and lease acquisition costs 1,063,670 1,063,670 1,063,670 1,050,662 1,024,172 2,881,176 8,147,020 Site location 56,623 56,623 56,623 56,623 56,623 316,147 599,262 Noncompetition agreements 90,366 46,100 1,400 - - - 137,866 Technology 99,000 99,000 99,000 99,000 99,000 321,750 816,750 Trade names and trademarks 225,567 225,567 225,567 225,567 225,567 2,133,790 3,261,625 Capitalized contract costs 101,860 101,860 101,860 101,860 101,860 492,583 1,001,883 Total $ 4,882,285 $ 4,838,019 $ 4,793,319 $ 4,778,911 $ 4,752,421 $ 15,843,571 $ 39,888,526 Customer relationships 96 Permits, licenses, and lease acquisition costs 92 Site location 127 Noncompetition agreements 17 Technology 99 Trade names and trademarks 174 Capitalized contract costs 118 |
Note 8 - Investments, Includi_2
Note 8 - Investments, Including Investments Accounted for Using the Equity Method (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Investment [Table Text Block] | December 31, 2021 2020 Certificates of deposit $ 310,276 $ 1,035,827 Corporate bonds classified as trading - 1,020,000 U.S. Treasury notes and corporate bond held to maturity 4,418,719 4,994,848 Total $ 4,728,995 $ 7,050,675 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 CB&T 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, December 31, 2021 $ 20,893,647 $ 49,723,850 $ 70,617,497 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 Value U.S. Treasury trading securities, December 31, 2021 $ 87,541,764 $ 3,140 $ 87,544,904 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] | December 31, 2021 2020 Beginning of year $ 20,913,896 $ 771,805 Additional investments in unconsolidated affiliates 55,000,000 16,000,000 Distributions received (2,251,766 ) (1,433,480 ) Reclassification of investment in affiliate to marketable securities (12,880,146 ) - Equity in income of unconsolidated affiliates 878,921 5,575,571 End of year $ 61,660,905 $ 20,913,896 |
Equity Method Investments [Table Text Block] | December 31, 2021 2020 Revenue $ 31,071,188 $ 1,147,735,494 Gross profit 9,562,278 176,953,564 Income from continuing operations (10,049,214 ) 82,992,830 Net income (11,382,572 ) 86,847,498 |
Note 9 - Fair Value (Tables)
Note 9 - Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Quoted Prices Realized Gains Total Changes Total Carrying in Active and (Losses) in Fair Values Amount in Markets for Included in Included in Consolidated Identical Current Period Current Period Balance Sheet Assets Period Earnings Earnings (Loss) Marketable equity securities, U.S. Treasury trading securities, and corporate bonds at December 31, 2021 $ 158,162,401 $ 158,162,401 $ 44,610,838 $ 48,613,962 Marketable equity securities, U.S. Treasury trading securities, and corporate bonds at December 31, 2020 $ 102,824,427 $ 102,824,427 $ 5,701,048 $ (10,399,932 ) |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | December 31, 2021 2020 Income tax (provision) benefit: Current federal income tax expense (benefit) $ - $ (44,486 ) Current state income tax expense (benefit) - (12,894 ) Deferred federal income tax expense (benefit) 13,322,593 (1,579,511 ) Deferred state income tax expense (benefit) 4,371,387 2,224,254 Total Income Tax Expense Before Valuation Allowance 17,693,980 587,363 Valuation allowance - (587,363 ) Total Income Tax Expense $ 17,693,980 $ - Deferred tax assets: Net operating loss carryforwards $ 6,831,339 $ 7,111,956 Tax credits 366,366 366,366 Intangibles - 47,731 Lease liabilities 16,636,855 14,064,430 Premium adjustments and IBNR 404,891 776,456 Unrealized loss on securities - 1,126,052 Other 16,754 - Valuation allowance (2,165,808 ) (7,230,229 ) Net Deferred Tax Assets $ 22,090,397 $ 16,262,762 Deferred tax liabilities: Property and equipment $ (7,770,312 ) $ (1,754,929 ) Intangibles (1,480,060 ) - Right of use assets (16,810,802 ) (14,311,642 ) Deferred acquisition costs - (187,002 ) Investment in unconsolidated subsidiaries (887,327 ) (9,189 ) Unrealized gain on securities (12,892,876 ) - Total Deferred Tax Liabilities (39,841,377 ) (16,262,762 ) Net Deferred Tax Liabilities $ (17,750,980 ) $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Year Ended December 31, 2021 2020 Federal income tax at statutory rate $ 15,291,464 $ (280,069 ) State income tax, net of federal benefit 4,498,347 (12,894 ) Provision to return adjustments 973,002 - Nondeductible officer's compensation 3,803,973 - Warrant income (1,672,815 ) - Other permanent differences (56,592 ) 5,422 Other (21,978 ) (299,822 ) Change in valuation allowance (5,121,421 ) 587,363 Federal income tax at effective rate $ 17,693,980 $ - |
Note 11 - Asset Retirement Ob_2
Note 11 - Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Balance, January 1, 2020 2,044,705 Additions 96,864 Accretion expense 140,704 Liabilities settled - Balance, December 31, 2020 $ 2,282,273 Additions 1,057,327 Accretion expense 134,360 Liabilities settled (311,235 ) Balance, December 31, 2021 $ 3,162,725 |
Note 12 - Capital Stock (Tables
Note 12 - Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 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 January 1, 2020 105,556 $ 9.95 5.5 $ 1,170,616 Issued - Exercised - Expired - Outstanding as of December 31, 2020 105,556 $ 9.95 4.5 $ 1,868,341 Issued - Exercised - Expired - Outstanding as of December 31, 2021 105,556 $ 9.95 3.5 $ 1,982,342 |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended Year Ended Ended Ended December 31, 2021 December 31, 2020 Statement of Operations Classification Lease cost $ 6,954,708 $ 6,328,994 Cost of billboard revenues and general and administrative Variable and short-term lease cost 647,242 467,797 Cost of billboard revenues and general and administrative Total Lease Cost $ 7,601,950 $ 6,796,791 |
Supplemental Cash Flow Information Related to Operating Leases [Table Text Block] | Year Ended Year Ended Ended Ended December 31, 2021 December 31, 2020 Cash payments for operating leases $ 6,557,563 $ 6,211,256 New operating lease assets obtained in exchange for operating lease liabilities $ 13,987,968 $ 881,610 |
Operating Lease Assets and Liabilities [Table Text Block] | December 31, 2021 December 31, 2020 Balance Sheet Classification Lease assets $ 61,252,888 $ 52,849,492 Other Assets: Right of use assets Current lease liabilities $ 4,580,833 $ 4,354,664 Current Liabilities: Lease liabilities Noncurrent lease liabilities 56,032,547 47,581,933 Long-term Liabilities: Lease liabilities Total Lease Liabilities $ 60,613,380 $ 51,936,597 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | December 31, 2021 2022 $ 7,186,289 2023 6,898,168 2024 6,391,603 2025 6,068,409 2026 5,744,706 Thereafter 58,827,623 Total lease payments 91,116,798 Less imputed interest (30,503,418 ) Present Value of Lease Liabilities $ 60,613,380 |
Note 15 - Industry Segments (Ta
Note 15 - Industry Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Total Year Ended December 31, 2021 GIG LMH FIF Unallocated Consolidated Revenue $ 10,238,310 $ 31,499,235 $ 15,234,266 $ - $ 56,971,811 Segment gross profit 7,055,813 19,404,401 11,920,506 - 38,380,720 Segment (loss) income from operations (778,703 ) 2,744,468 391,356 (26,123,990 ) (23,766,869 ) Capital expenditures 3,167,342 42,871,326 12,517,328 7,254,134 65,810,130 Depreciation and amortization 206,223 7,013,578 2,813,901 94,932 10,128,634 Total Year Ended December 31, 2020 GIG LMH FIF Unallocated Consolidated Revenue $ 13,645,962 $ 28,260,964 $ 3,836,537 $ - $ 45,743,463 Segment gross profit 6,955,759 16,988,615 3,290,431 - 27,234,805 Segment (loss) income from operations (197,377 ) 607,542 388,960 (5,794,032 ) (4,994,907 ) Capital expenditures - 4,354,770 43,806,659 734,749 48,896,178 Depreciation and amortization 484,495 6,636,205 571,003 - 7,691,703 Total As of December 31, 2021 GIG LMH FIF Unallocated Consolidated Accounts receivable, net $ 1,495,664 $ 2,770,428 $ 202,771 $ - $ 4,468,863 Goodwill 11,058,922 120,642,896 19,635,158 151,336,976 Total assets 57,150,042 276,266,829 69,113,699 404,523,223 807,053,793 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 16 - Reserves for Losses_2
Note 16 - Reserves for Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 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 698,075 2,221,844 Prior year 664,229 794,622 Total incurred 1,362,304 3,016,466 Losses and LAE payments for claims arising in: Current year 1,259,276 1,182,375 Prior years 873,836 444,630 Total payments 2,133,112 1,627,005 Less reinsurance recoverable 340,000 100,620 Losses and LAE at December 31 $ 1,381,526 $ 2,492,334 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) | Oct. 01, 2021USD ($) | Jan. 01, 2021 | Oct. 26, 2020shares | Oct. 01, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Accounts Receivable, Allowance for Credit Loss, Current | $ 121,022 | $ 328,522 | ||||
Number of Reporting Units | 4 | |||||
Goodwill, Impairment Loss | $ 0 | $ 0 | ||||
Goodwill, Ending Balance | $ 151,336,976 | 124,446,446 | ||||
Ceded Premiums Earned | 652,885 | 595,750 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | 0 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | 0 | ||||
Yellowstone Acquisition Company [Member] | Common Class A [Member] | IPO [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 13,598,898 | |||||
Tammy Lynn Outdoor, LLC, Key Outdoor, Inc and Waitt Outdoor, LLC [Member] | ||||||
Goodwill, Ending Balance | $ 25,400,000 | $ 18,150,000 | ||||
Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 4 years | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | 2 years | ||||
Lessor, Operating Lease, Term of Contract (Month) | 1 month | |||||
Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 50 years | 50 years | ||||
Lessor, Operating Lease, Term of Contract (Month) | 3 years | |||||
Billboard Rentals [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss, Current | $ 110,721 | $ 217,871 | ||||
Revenue from Contract with Customer, Including Assessed Tax | 31,499,235 | 28,260,964 | ||||
Broadband Services [Member] | ||||||
Accounts Receivable, Allowance for Credit Loss, Current | 10,301 | 110,651 | ||||
Revenue from Contract with Customer, Including Assessed Tax | 15,234,266 | 3,836,537 | ||||
Production Services [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,677,415 | $ 1,373,339 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum [Member] | |
Property and equipment, useful life (Year) | 4 years |
Maximum [Member] | |
Property and equipment, useful life (Year) | 20 years |
Structures [Member] | |
Property and equipment, useful life (Year) | 15 years |
Digital Displays and Electrical [Member] | |
Property and equipment, useful life (Year) | 10 years |
Static and Tri-vision Displays [Member] | Minimum [Member] | |
Property and equipment, useful life (Year) | 10 years |
Static and Tri-vision Displays [Member] | Maximum [Member] | |
Property and equipment, useful life (Year) | 15 years |
Fiber, Towers, and Broadband Equipment [Member] | Minimum [Member] | |
Property and equipment, useful life (Year) | 5 years |
Fiber, Towers, and Broadband Equipment [Member] | Maximum [Member] | |
Property and equipment, useful life (Year) | 20 years |
Vehicles, Equipment and Furniture [Member] | Minimum [Member] | |
Property and equipment, useful life (Year) | 4 years |
Vehicles, Equipment and Furniture [Member] | Maximum [Member] | |
Property and equipment, useful life (Year) | 7 years |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Intangible Assets (Details) | Jan. 01, 2021 | Dec. 31, 2021 |
Minimum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 2 years | 2 years |
Maximum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 50 years | 50 years |
Customer Relationships [Member] | Minimum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 10 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 15 years | |
Permits, Licenses and Lease Acquisition Costs [Member] | Minimum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 10 years | |
Permits, Licenses and Lease Acquisition Costs [Member] | Maximum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 50 years | |
Technology, Trade Names and Trademarks [Member] | Minimum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 10 years | |
Technology, Trade Names and Trademarks [Member] | Maximum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 20 years | |
Site Location [Member] | ||
Finite-lived intangible assets, useful life (Year) | 15 years | |
Capitalized Contract Costs [Member] | ||
Finite-lived intangible assets, useful life (Year) | 10 years |
Note 3 - Restricted Cash - Sche
Note 3 - Restricted Cash - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted cash | $ 0 | $ 280,269 | |
Cash and cash equivalents | 72,508,528 | 44,665,972 | |
Funds held as collateral | 9,185,872 | 10,006,075 | |
Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statements of Cash Flows | 81,694,400 | 54,952,316 | $ 16,372,032 |
Insurance Premium Escrow [Member] | |||
Restricted cash | $ 0 | $ 280,269 |
Note 4 - Accounts Receivable -
Note 4 - Accounts Receivable - Schedule of Receivables (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance for doubtful accounts | $ (121,022) | $ (328,522) |
Accounts receivable, net | 4,468,863 | 4,041,563 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, gross | 3,688,116 | 3,537,864 |
Premium [Member] | ||
Accounts receivable, gross | $ 901,769 | $ 832,221 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 5,579,026 | $ 3,704,700 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accumulated depreciation | $ (15,730,095) | $ (10,382,442) |
Total Property and Equipment, net | 76,455,026 | 48,867,964 |
Structures and Displays [Member] | ||
Property, plant and equipment, gross | 56,087,039 | 42,858,525 |
Fiber, Towers, and Broadband Equipment [Member] | ||
Property, plant and equipment, gross | 20,637,161 | 11,358,650 |
Land [Member] | ||
Property, plant and equipment, gross | 7,035,274 | 359,692 |
Vehicles and Equipment [Member] | ||
Property, plant and equipment, gross | 4,419,615 | 2,522,810 |
Office Furniture and Equipment [Member] | ||
Property, plant and equipment, gross | $ 4,006,032 | $ 2,150,729 |
Note 6 - Business Acquisition_2
Note 6 - Business Acquisitions (Details Textual) - USD ($) | Nov. 19, 2021 | Apr. 01, 2021 | Jan. 26, 2021 | Jan. 01, 2021 | Dec. 29, 2020 | Mar. 10, 2020 | Jun. 30, 2021 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 10, 2021 | Dec. 31, 2020 |
Goodwill, Ending Balance | $ 151,336,976 | $ 124,446,446 | |||||||||
UBB [Member] | |||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% | ||||||||||
Minimum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | 2 years | |||||||||
Property, Plant and Equipment, Useful Life (Year) | 4 years | ||||||||||
Maximum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 50 years | 50 years | |||||||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | ||||||||||
Fiber, Towers, and Broadband Equipment [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||||||||
Fiber, Towers, and Broadband Equipment [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 20 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) | 40 years | ||||||||||
Customer Relationships [Member] | Minimum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||||||
Customer Relationships [Member] | Maximum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||||||||
Acquisition of ACS [member] | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||
Business Combination, Consideration Transferred, Total | $ 3,455,000 | ||||||||||
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 | ||||||||||
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 | ||||||||||
Acquisition of ACS [member] | Customer Relationships [Member] | |||||||||||
Finite-Lived Intangible Asset, 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 | ||||||||||
Keleher Outdoor [Member] | |||||||||||
Business Combination, Consideration Transferred, Total | $ 12,220,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | $ 3,138,245 | ||||||||||
Goodwill, Ending Balance | 8,266,086 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 157,864 | ||||||||||
Keleher Outdoor [Member] | Customer Relationships [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||||||||
Keleher Outdoor [Member] | Permits [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 178,950 | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||||||
FibAire Communications LLC [Member] | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 10.00% | ||||||||||
Business Combination, Consideration Transferred, Total | $ 13,712,491 | ||||||||||
Payments to Acquire Businesses, Gross | $ 664,414 | ||||||||||
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 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 | $ 975,000 | 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 | ||||||||||
Goodwill, Ending Balance | 12,511,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 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 | (1,481,000) | ||||||||||
Goodwill, Purchase Accounting Adjustments | $ (2,630,000) | ||||||||||
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 | 5,100,000 | ||||||||||
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_3
Note 6 - Business Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill, Ending Balance | $ 151,336,976 | $ 124,446,446 |
Keleher Outdoor [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 3,138,245 | |
Goodwill, Ending Balance | 8,266,086 | |
Right of use assets | 1,634,263 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 157,864 | |
Total Assets Acquired | 14,350,408 | |
Lease liabilities | 1,634,263 | |
Other | 496,145 | |
Total Liabilities Assumed | 2,130,408 | |
Total | 12,220,000 | |
Keleher Outdoor [Member] | Permits [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 178,950 | |
Link Billboards Oklahoma LLC [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 8,311,014 | |
Goodwill, Ending Balance | 12,013,144 | |
Right of use assets | 4,093,478 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 205,272 | |
Total Assets Acquired | 27,016,158 | |
Lease liabilities | 4,093,478 | |
Other | 777,332 | |
Total Liabilities Assumed | 4,870,810 | |
Total | 22,145,348 | |
Link Billboards Oklahoma LLC [Member] | Customer Relationships [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,972,000 | |
Link Billboards Oklahoma LLC [Member] | Permits [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 421,250 | |
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 | |
Lease liabilities | 337,966 | |
Other | 91,095 | |
Total Liabilities Assumed | 746,829 | |
Total | 13,712,491 | |
Accounts payable and deferred revenue | 317,768 | |
FibAire Communications LLC [Member] | Customer Relationships [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 975,000 | 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 | 12,511,000 | |
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 | |
Lease liabilities | 3,226,355 | |
Total Liabilities Assumed | 3,663,655 | |
Total | 26,603,700 | |
Accounts payable and deferred revenue | 437,300 | |
Utah Broadband, LLC [Member] | Customer Relationships [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 5,100,000 | |
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 ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 62,867,128 | $ 66,105,808 |
Net Income Attributable to Common Stockholders | $ 53,575,855 | $ 3,606,687 |
Basic and Diluted Net Income per Share (in dollars per share) | $ 1.84 | $ 0.14 |
Shares Outstanding (in shares) | 29,046,514 | 25,675,820 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization, Total | $ 4,549,608 | $ 3,987,003 |
Note 7 - Intangible Assets - Sc
Note 7 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accumulated amortization | $ (28,710,493) | $ (24,160,885) |
Balance | 39,888,526 | |
Accumulated amortization | 28,710,493 | 24,160,885 |
Total, cost | 74,062,545 | 68,534,794 |
Intangible assets, net | 45,352,052 | 44,373,909 |
Easements [Member] | ||
Accumulated amortization | 0 | 0 |
Accumulated amortization | 0 | 0 |
Balance | 5,463,526 | 4,507,089 |
Customer Relationships [Member] | ||
Cost | 49,535,976 | 46,740,483 |
Accumulated amortization | (23,611,856) | (20,558,751) |
Balance | 25,924,120 | 26,181,732 |
Accumulated amortization | 23,611,856 | 20,558,751 |
Permits, Licenses and Lease Acquisition Costs [Member] | ||
Cost | 11,560,896 | 11,053,673 |
Accumulated amortization | (3,413,876) | (2,412,313) |
Balance | 8,147,020 | 8,641,360 |
Accumulated amortization | 3,413,876 | 2,412,313 |
Site Location [Member] | ||
Cost | 849,347 | 849,347 |
Accumulated amortization | (250,085) | (193,462) |
Balance | 599,262 | 655,885 |
Accumulated amortization | 250,085 | 193,462 |
Noncompete Agreements [Member] | ||
Cost | 626,000 | 626,000 |
Accumulated amortization | (488,134) | (386,934) |
Balance | 137,866 | 239,066 |
Accumulated amortization | 488,134 | 386,934 |
Technology-Based Intangible Assets [Member] | ||
Cost | 1,128,000 | 1,128,000 |
Accumulated amortization | (311,250) | (212,250) |
Balance | 816,750 | 915,750 |
Accumulated amortization | 311,250 | 212,250 |
Trademarks and Trade Names [Member] | ||
Cost | 3,852,200 | 3,602,202 |
Accumulated amortization | (590,575) | (369,175) |
Balance | 3,261,625 | 3,233,027 |
Accumulated amortization | 590,575 | 369,175 |
Nonsolicitation Agreement [Member] | ||
Cost | 28,000 | 28,000 |
Accumulated amortization | (28,000) | (28,000) |
Balance | 0 | 0 |
Accumulated amortization | 28,000 | 28,000 |
Capitalized Contract Costs [Member] | ||
Cost | 1,018,600 | 0 |
Accumulated amortization | 16,717 | 0 |
Balance | 1,001,883 | 0 |
Accumulated amortization | $ (16,717) | $ 0 |
Note 7 - Intangible Assets - _2
Note 7 - Intangible Assets - Schedule of Future Amortization, Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
2022 | $ 4,882,285 | |
2023 | 4,838,019 | |
2024 | 4,793,319 | |
2025 | 4,778,911 | |
2026 | 4,752,421 | |
Thereafter | 15,843,571 | |
Total | 39,888,526 | |
2026 | 4,752,421 | |
Customer Relationships [Member] | ||
2022 | 3,245,199 | |
2023 | 3,245,199 | |
2024 | 3,245,199 | |
2025 | 3,245,199 | |
2026 | 3,245,199 | |
Thereafter | 9,698,125 | |
Total | 25,924,120 | $ 26,181,732 |
2026 | $ 3,245,199 | |
Customer Relationships [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 96 months | |
Permits, Licenses and Lease Acquisition Costs [Member] | ||
2022 | $ 1,063,670 | |
2023 | 1,063,670 | |
2024 | 1,063,670 | |
2025 | 1,050,662 | |
2026 | 1,024,172 | |
Thereafter | 2,881,176 | |
Total | 8,147,020 | 8,641,360 |
2026 | $ 1,024,172 | |
Permits, Licenses and Lease Acquisition Costs [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 92 months | |
Site Location [Member] | ||
2022 | $ 56,623 | |
2023 | 56,623 | |
2024 | 56,623 | |
2025 | 56,623 | |
2026 | 56,623 | |
Thereafter | 316,147 | |
Total | 599,262 | 655,885 |
2026 | $ 56,623 | |
Finite-lived intangible assets, useful life (Year) | 15 years | |
Site Location [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 127 months | |
Noncompete Agreements [Member] | ||
2022 | $ 90,366 | |
2023 | 46,100 | |
2024 | 1,400 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 0 | |
Total | 137,866 | 239,066 |
2026 | $ 0 | |
Noncompete Agreements [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 17 months | |
Technology-Based Intangible Assets [Member] | ||
2022 | $ 99,000 | |
2023 | 99,000 | |
2024 | 99,000 | |
2025 | 99,000 | |
2026 | 99,000 | |
Thereafter | 321,750 | |
Total | 816,750 | 915,750 |
2026 | $ 99,000 | |
Technology-Based Intangible Assets [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 99 months | |
Trademarks and Trade Names [Member] | ||
2022 | $ 225,567 | |
2023 | 225,567 | |
2024 | 225,567 | |
2025 | 225,567 | |
2026 | 225,567 | |
Thereafter | 2,133,790 | |
Total | 3,261,625 | 3,233,027 |
2026 | $ 225,567 | |
Trademarks and Trade Names [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 174 months | |
Capitalized Contract Costs [Member] | ||
2022 | $ 101,860 | |
2023 | 101,860 | |
2024 | 101,860 | |
2025 | 101,860 | |
2026 | 101,860 | |
Thereafter | 492,583 | |
Total | 1,001,883 | $ 0 |
2026 | $ 101,860 | |
Finite-lived intangible assets, useful life (Year) | 10 years | |
Capitalized Contract Costs [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 118 years |
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 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 02, 2020 |
Proceeds from Redemption of Preferred Units | $ 0 | $ 12,000,000 | |||||||
Payments to Acquire Equity Method Investments | $ 0 | 6,000,000 | |||||||
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 | 30.00% | ||||||||
Logic Real Estate Companies and 24th Street Holding Company [Member] | |||||||||
Equity Method Investments | $ 717,722 | ||||||||
The 24th Street Fund I, LLC [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 49.90% | ||||||||
Payments to Acquire Equity Method Investments | 6,000,000 | ||||||||
US Treasury Notes Securities [Member] | |||||||||
Gain (Loss) on Sale of Investments, Total | $ (61,103) | 13,159 | |||||||
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 | 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 ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term Investments | $ 4,728,995 | $ 7,050,675 |
Long-term investments | 19,316,769 | 19,448,519 |
Certificates of Deposit [Member] | ||
Short-term Investments | 310,276 | 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 | 4,418,719 | 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 ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Marketable equity securities, Cost | $ 20,893,647 | $ 68,205,548 |
Marketable equity securities, Gross Unrealized Gain (Loss) | 49,723,850 | (4,169,066) |
Marketable equity securities | $ 70,617,497 | $ 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 ($) | Dec. 31, 2021 | Dec. 31, 2020 |
U.S. Treasury notes, Cost | $ 87,541,764 | $ 37,766,133 |
U.S. Treasury notes, Gross Unrealized Gain (Loss) | 3,140 | 1,812 |
U.S. Treasury notes, Fair Value | $ 87,544,904 | $ 37,767,945 |
Note 8 - Investments, Includi_7
Note 8 - Investments, Including Investments Accounted for Using the Equity Method (As Restated) - Reconciliation of the Company's Investments in Equity Affiliates (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning of year | $ 20,913,896 | $ 771,805 |
Additional investments in unconsolidated affiliates | 55,000,000 | 16,000,000 |
Distributions received | (2,251,766) | (1,433,480) |
Reclassification of investment in affiliate to marketable securities | (12,880,146) | 0 |
Equity in income of unconsolidated affiliates | 878,921 | 5,575,571 |
End of year | $ 61,660,905 | $ 20,913,896 |
Note 8 - Investments, Includi_8
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Summarized Financial Data (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 56,971,811 | $ 45,743,463 |
Gross profit | 38,380,720 | 27,234,805 |
Net income | 55,479,808 | (2,428,252) |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Revenue | 31,071,188 | 1,147,735,494 |
Gross profit | 9,562,278 | 176,953,564 |
Income from continuing operations | (10,049,214) | 82,992,830 |
Net income | $ (11,382,572) | $ 86,847,498 |
Note 9 - Fair Value (Details Te
Note 9 - Fair Value (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Adjustment of Warrants | $ (2,854,407) | $ 217,582 |
Equity Securities, FV-NI, Realized Gain (Loss), Total | $ 46,000,000 |
Note 9 - Fair Value - Fair Valu
Note 9 - Fair Value - Fair Values for Investments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Realized gains (losses) | $ 44,610,838 | $ 5,701,048 |
Changes in fair values | 48,613,962 | 10,399,932 |
Changes in fair values | (48,613,962) | (10,399,932) |
Reported Value Measurement [Member] | ||
Carrying amount | 158,162,401 | 102,824,427 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Carrying amount | $ 158,162,401 | $ 102,824,427 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2018 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | $ 25.4 | $ 6.7 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | $ 24.9 |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Income Tax (Provision) Benefit (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current federal income tax expense (benefit) | $ 0 | $ (44,486) |
Current state income tax expense (benefit) | 0 | (12,894) |
Deferred federal income tax expense (benefit) | 13,322,593 | (1,579,511) |
Deferred state income tax expense (benefit) | 4,371,387 | 2,224,254 |
Total Income Tax Expense Before Valuation Allowance | 17,693,980 | 587,363 |
Valuation allowance | 0 | (587,363) |
Federal income tax at effective rate | 17,693,980 | 0 |
Net operating loss carryforwards | 6,831,339 | 7,111,956 |
Tax credits | 366,366 | 366,366 |
Intangibles | 0 | 47,731 |
Lease liabilities | 16,636,855 | 14,064,430 |
Premium adjustments and IBNR | 404,891 | 776,456 |
Unrealized loss on securities | 0 | 1,126,052 |
Other | 16,754 | 0 |
Valuation allowance | (2,165,808) | (7,230,229) |
Net Deferred Tax Assets | 22,090,397 | 16,262,762 |
Property and equipment | (7,770,312) | (1,754,929) |
Intangibles | (1,480,060) | 0 |
Right of use assets | (16,810,802) | (14,311,642) |
Deferred acquisition costs | 0 | (187,002) |
Investment in unconsolidated subsidiaries | (887,327) | (9,189) |
Unrealized gain on securities | (12,892,876) | 0 |
Total Deferred Tax Liabilities | (39,841,377) | (16,262,762) |
Net Deferred Tax Liabilities | $ (17,750,980) | $ 0 |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Income Tax Provision (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal income tax at statutory rate | $ 15,291,464 | $ (280,069) |
State income tax, net of federal benefit | 4,498,347 | (12,894) |
Provision to return adjustments | 973,002 | 0 |
Nondeductible officer's compensation | 3,803,973 | 0 |
Warrant income | (1,672,815) | 0 |
Other permanent differences | (56,592) | 5,422 |
Other | (21,978) | (299,822) |
Change in valuation allowance | (5,121,421) | 587,363 |
Federal income tax at effective rate | $ 17,693,980 | $ 0 |
Note 11 - Asset Retirement Ob_3
Note 11 - Asset Retirement Obligations - Asset Retirement Obligations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 2,282,273 | $ 2,044,705 |
Additions | 1,057,327 | 96,864 |
Accretion expense | 134,360 | 140,704 |
Liabilities settled | (311,235) | 0 |
Balance | $ 3,162,725 | $ 2,282,273 |
Note 12 - Capital Stock (Detail
Note 12 - Capital Stock (Details Textual) | Apr. 06, 2021USD ($)$ / sharesshares | Jun. 02, 2020USD ($)shares | May 28, 2020$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019shares |
Proceeds from Issuance of Common Stock | $ | $ 62,850,213 | $ 59,549,751 | ||||
Payments of Stock Issuance Costs | $ | $ 3,663,291 | $ 3,428,355 | ||||
Class of Warrant or Right, Outstanding (in shares) | 105,556 | 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 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 12 - Capital Stock - Summa
Note 12 - Capital Stock - Summary of Warrant Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Outstanding (in shares) | 105,556 | 105,556 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.95 | $ 9.95 | |
Outstanding, weighted average remaining contractual life (Year) | 3 years 6 months | 4 years 6 months | 5 years 6 months |
Outstanding, aggregate intrinsic value of vested warrants | $ 1,982,342 | $ 1,868,341 | $ 1,170,616 |
Issued (in shares) | 0 | 0 | |
Exercised (in shares) | 0 | 0 | |
Expired (in shares) | 0 | 0 | |
Outstanding (in shares) | 105,556 | 105,556 | 105,556 |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.95 | $ 9.95 | $ 9.95 |
Note 13 - Long-term Debt (Detai
Note 13 - Long-term Debt (Details Textual) | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Dec. 06, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019 | Aug. 12, 2019USD ($) | |
Long-term Debt, Current Maturities, Total | $ 1,490,427 | $ 1,282,504 | |||
Long-Term Debt, Maturity, Year One | 1,490,427 | ||||
Long-Term Debt, Maturity, Year Two | 1,545,090 | ||||
Long-Term Debt, Maturity, Year Three | 1,605,871 | ||||
Long-Term Debt, Maturity, Year Four | 1,675,281 | ||||
Long-Term Debt, Maturity, Year Five | 1,744,500 | ||||
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 21,938,831 | ||||
First National Bank of Omaha [Member] | |||||
Long-term Line of Credit, Total | $ 0 | ||||
Minimum Consolidated Leverage Ratio Requirement | 3 | 3.25 | 3.50 | ||
Consolidated Fixed Charge Ratio Requirement | 1.15 | ||||
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 | ||||
First National Bank of Omaha [Member] | Term Loan 1 [Member] | |||||
Debt Instrument, Face Amount | $ 30,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||
Long-term Debt, Total | $ 30,000,000 | ||||
Debt Instrument, Term (Year) | 15 years | ||||
Long-term Debt, Current Maturities, Total | $ 1,490,427 |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) | Dec. 31, 2021 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 17 years 7 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.65% |
Note 14 - Leases - Operating Le
Note 14 - Leases - Operating Lease Cost (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lease cost | $ 6,954,708 | $ 6,328,994 |
Variable and short-term lease cost | 647,242 | 467,797 |
Total Lease Cost | $ 7,601,950 | $ 6,796,791 |
Note 14 - Leases - Supplemental
Note 14 - Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash payments for operating leases | $ 6,557,563 | $ 6,211,256 |
New operating lease assets obtained in exchange for operating lease liabilities | $ 13,987,968 | $ 881,610 |
Note 14 - Leases - Operating _2
Note 14 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Lease assets | $ 61,252,888 | $ 52,849,492 |
Current lease liabilities | 4,580,833 | 4,354,664 |
Noncurrent lease liabilities | 56,032,547 | 47,581,933 |
Total Lease Liabilities | $ 60,613,380 | $ 51,936,597 |
Note 14 - Leases - Maturity of
Note 14 - Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 7,186,289 | |
2023 | 6,898,168 | |
2024 | 6,391,603 | |
2025 | 6,068,409 | |
2026 | 5,744,706 | |
Thereafter | 58,827,623 | |
Total lease payments | 91,116,798 | |
Less imputed interest | (30,503,418) | |
Present Value of Lease Liabilities | $ 60,613,380 | $ 51,936,597 |
Note 15 - Industry Segments - S
Note 15 - Industry Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 56,971,811 | $ 45,743,463 |
Segment gross profit | 38,380,720 | 27,234,805 |
Segment (loss) income from operations | (23,766,869) | (4,994,907) |
Capital expenditures | 65,810,130 | 48,896,178 |
Depreciation and amortization | 10,128,634 | 7,691,703 |
Accounts receivable, net | 4,468,863 | 4,041,563 |
Goodwill | 151,336,976 | 124,446,446 |
Total assets | 807,053,793 | 640,707,426 |
Segment Reconciling Items [Member] | ||
Revenue | 0 | 0 |
Segment gross profit | 0 | 0 |
Segment (loss) income from operations | (26,123,990) | (5,794,032) |
Capital expenditures | 7,254,134 | 734,749 |
Depreciation and amortization | 94,932 | 0 |
Accounts receivable, net | 0 | 0 |
Goodwill | 0 | |
Total assets | 404,523,223 | 318,067,382 |
GIG [Member] | Operating Segments [Member] | ||
Revenue | 10,238,310 | 13,645,962 |
Segment gross profit | 7,055,813 | 6,955,759 |
Segment (loss) income from operations | (778,703) | (197,377) |
Capital expenditures | 3,167,342 | 0 |
Depreciation and amortization | 206,223 | 484,495 |
Accounts receivable, net | 1,495,664 | 1,160,424 |
Goodwill | 11,058,922 | 8,719,294 |
Total assets | 57,150,042 | 54,536,523 |
LMH [Member] | Operating Segments [Member] | ||
Revenue | 31,499,235 | 28,260,964 |
Segment gross profit | 19,404,401 | 16,988,615 |
Segment (loss) income from operations | 2,744,468 | 607,542 |
Capital expenditures | 42,871,326 | 4,354,770 |
Depreciation and amortization | 7,013,578 | 6,636,205 |
Accounts receivable, net | 2,770,428 | 2,633,711 |
Goodwill | 120,642,896 | 97,572,994 |
Total assets | 276,266,829 | 219,607,150 |
FIF [Member] | Operating Segments [Member] | ||
Revenue | 15,234,266 | 3,836,537 |
Segment gross profit | 11,920,506 | 3,290,431 |
Segment (loss) income from operations | 391,356 | 388,960 |
Capital expenditures | 12,517,328 | 43,806,659 |
Depreciation and amortization | 2,813,901 | 571,003 |
Accounts receivable, net | 202,771 | 247,428 |
Goodwill | 19,635,158 | 18,154,158 |
Total assets | $ 69,113,699 | $ 48,496,371 |
Note 16 - Reserves for Losses_3
Note 16 - Reserves for Losses and Loss Adjustment Expenses (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | $ 873,836 | $ 444,630 |
Liability for Unpaid Claims and Claims Adjustment Expense, Favorable Development, Prior Years | 1,170,001 | 167,000 |
Prior Year Claims and Claims Adjustment Expense | 664,229 | 794,622 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments, Ending Balance | $ 340,000 | $ 100,620 |
Note 16 - Reserves for Losses_4
Note 16 - Reserves for Losses and Loss Adjustment Expenses - Reserves Balance for Losses and Loss Adjustment Expenses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Losses and LAE at January 1 | $ 2,492,334 | $ 1,203,493 |
Provision for losses and LAE claims arising in current year | 698,075 | 2,221,844 |
Provision for losses and LAE claims arising in prior year | 664,229 | 794,622 |
Provision for losses and LAE claims arising in total incurred | 1,362,304 | 3,016,466 |
Losses and LAE payments for claims arising in current year | 1,259,276 | 1,182,375 |
Losses and LAE payments for claims arising in prior years | 873,836 | 444,630 |
Losses and LAE payments for claims arising in total payments | 2,133,112 | 1,627,005 |
Less reinsurance recoverable | 340,000 | 100,620 |
Losses and LAE at beginning of year | $ 1,381,526 | $ 2,492,334 |
Note 17 - Special Purpose Acq_2
Note 17 - Special Purpose Acquisition Company (Details Textual) | Sep. 14, 2021USD ($)$ / sharesshares | Apr. 06, 2021shares | Dec. 01, 2020$ / sharesshares | Nov. 16, 2020USD ($)shares | Oct. 26, 2020USD ($)$ / sharesshares | Aug. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Aug. 01, 2021USD ($) | Dec. 31, 2019USD ($)$ / shares |
Stock Issued During Period, Value, New Issues | $ | $ 62,850,213 | $ 59,549,751 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 9.95 | $ 9.95 | $ 9.95 | $ 9.95 | |||||||
Assets Held-in-trust, Current | $ | $ 138,716,226 | $ 138,760,121 | $ 138,716,226 | ||||||||
Warrants and Rights Outstanding | $ | $ 1,868,341 | 1,982,342 | $ 1,868,341 | $ 1,170,616 | |||||||
Money Market Funds [Member] | |||||||||||
Assets Held-in-trust, Current | $ | 69,382,121 | ||||||||||
US Treasury Securities [Member] | |||||||||||
Assets Held-in-trust, Current | $ | 69,378,000 | ||||||||||
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, 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) | $ / shares | $ 10 | ||||||||||
Yellowstone Acquisition Company Warrants [Member] | |||||||||||
Warrants and Rights Outstanding | $ | $ 11,908,671 | ||||||||||
Common Class B [Member] | |||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 1,055,560 | 1,055,560 | 1,055,560 | ||||||||
Common Class A [Member] | |||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 26,175,555 | 28,642,801 | 26,175,555 | ||||||||
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) | $ / shares | $ 10 | ||||||||||
Common Class A [Member] | Over-Allotment Option [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 345,000 | ||||||||||
Yellowstone Acquisition Company [Member] | |||||||||||
Proceeds from Issuance Initial Public Offering | $ | $ 125,000,000 | ||||||||||
Yellowstone Acquisition Company [Member] | Private Placement Warrants [Member] | |||||||||||
Number of Warrants Called by Each Unit (in shares) | 0.5 | ||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 11.50 | ||||||||||
Yellowstone Acquisition Company [Member] | IPO [Member] | |||||||||||
Number of Units Issued (in shares) | 12,500,000 | ||||||||||
Sale of Unit, Price Per Unit (in dollars per share) | $ / shares | $ 10 | ||||||||||
Yellowstone Acquisition Company [Member] | Over-Allotment Option [Member] | |||||||||||
Units Issued During Period, Number (in shares) | 1,098,898 | ||||||||||
Yellowstone Acquisition Company [Member] | BOC Yellowstone LLC [Member] | Private Placement Warrants [Member] | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 11.50 | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 219,779 | 7,500,000 | |||||||||
Price of Warrant (in dollars per share) | $ / shares | $ 1 | $ 1 | |||||||||
Proceeds from Issuance of Warrants | $ | $ 7,500,000 | ||||||||||
Yellowstone Acquisition Company [Member] | Common Class B [Member] | BOC Yellowstone LLC [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,750,000 | ||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 25,000 | ||||||||||
Common stock, Shares Surrendered (in shares) | 2,350,276 | ||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 3,399,724 | 3,399,724 | 3,399,724 | ||||||||
Common Stock, Conversion Rate | 1 | ||||||||||
Yellowstone Acquisition Company [Member] | Common Class A [Member] | IPO [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 13,598,898 | ||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||
Number of Securities Called by Each Unit (in shares) | 1 | ||||||||||
BOC Yellowstone LLC [Member] | BOC Yellowstone II LLC [Member] | |||||||||||
Proceeds from Sale of Equity Method Investments | $ | $ 309,375 | ||||||||||
BOC Yellowstone LLC [Member] | BOC Yellowstone II LLC [Member] | Class B Common Stock of Yellowstone Acquisition Company [Member] | |||||||||||
Number of Investee's Shares Transferred to Related Party for No Consideration (in shares) | 206,250 | ||||||||||
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 |
Note 18- Management Incentive_2
Note 18- Management Incentive Bonus Plan (Details Textual) - USD ($) | Jan. 10, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Labor and Related Expense | $ 34,245,526 | $ 13,041,388 | |
Accounts Payable and Accrued Liabilities [Member] | |||
Deferred Compensation, Bonus Payment | $ 15,000,000 | ||
Subsequent Event [Member] | |||
Bonus Awarded, Chief Executive Officer | $ 7,500,000 | ||
Labor and Related Expense | $ 15,000,000 |
Note 19 - Custodial Risk (Detai
Note 19 - Custodial Risk (Details Textual) | Dec. 31, 2021USD ($) |
Cash, Uninsured Amount | $ 76,696,347 |
Note 20 - Subsequent Events (De
Note 20 - Subsequent Events (Details Textual) - USD ($) | Mar. 25, 2022 | Jan. 25, 2022 | Mar. 18, 2022 | Feb. 18, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Warrant or Right, Outstanding (in shares) | 105,556 | 105,556 | 105,556 | ||||
Subsequent Event [Member] | Common Class A [Member] | Outside Director [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 75,000 | ||||||
Subsequent Event [Member] | Common Class A [Member] | Investor [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 206,250 | ||||||
Subsequent Event [Member] | SHG Corporation [Member] | |||||||
Business Acquisition, Share Price (in dollars per share) | $ 10 | ||||||
Business Combination, Consideration Transferred, Total | $ 326,000,000 | ||||||
SHG Corporation [Member] | Subsequent Event [Member] | |||||||
Equity Method Investment, Shares (in shares) | 4,500,000 | ||||||
Payments to Acquire Businesses, Gross | $ 45,000,000 | ||||||
Payments for Deferred Underwriting Fees | 4,759,615 | ||||||
Payment of Note Receivable | $ 1,000,000 | ||||||
Equity Method Investment, Ownership Percentage | 15.60% | ||||||
SHG Corporation [Member] | Subsequent Event [Member] | SHG Corporation [Member] | |||||||
Class of Warrant or Right, Outstanding (in shares) | 7,719,779 | ||||||
SHG Corporation [Member] | Subsequent Event [Member] | Class A Common Stock Warrant [Member] | |||||||
Equity Method Investment, Shares (in shares) | 13,118,474 |