Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 11, 2023 | |
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 | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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, $0.001 par value per share | |
Trading Symbol | BOC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,055,560 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 30,249,443 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 15,902,452 | $ 25,493,141 |
Cash held by BOAM funds and other | 11,414,125 | 8,146,792 |
Accounts receivable, net | 6,385,096 | 5,831,366 |
Interest receivable | 185,499 | 196,066 |
Short-term investments | 11,735,816 | 6,288,828 |
Marketable equity securities | 8,454,006 | 8,768,938 |
U. S. Treasury securities | 57,687,945 | 33,520,401 |
Funds held as collateral assets | 21,207,071 | 21,026,579 |
Prepaid expenses | 5,452,660 | 4,689,132 |
Total Current Assets | 138,424,670 | 113,961,243 |
Property and Equipment, net | 120,876,888 | 115,589,940 |
Other Assets: | ||
Goodwill | 179,463,522 | 179,463,522 |
Intangible assets, net | 66,552,490 | 68,342,042 |
Investments | 26,136,636 | 26,136,636 |
Investments in unconsolidated affiliates | 109,153,271 | 114,133,349 |
Deferred policy acquisition costs | 1,327,897 | 1,255,320 |
Right of use assets | 64,304,426 | 64,719,405 |
Other | 116,402 | 116,402 |
Total Other Assets | 447,054,644 | 454,166,676 |
Total Assets | 706,356,202 | 683,717,859 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 10,677,418 | 10,963,784 |
Short-term payables for business acquisitions | 1,062,171 | 4,219,358 |
Lease liabilities | 5,228,891 | 5,203,981 |
Funds held as collateral | 21,207,071 | 21,026,579 |
Unearned premiums | 7,731,279 | 7,158,726 |
Current maturities of long-term debt | 1,557,625 | 1,545,090 |
Deferred revenue | 2,871,311 | 2,531,222 |
Other current liabilities | 81,727 | 330,000 |
Total Current Liabilities | 50,417,493 | 52,978,740 |
Long-term Liabilities: | ||
Asset retirement obligations | 3,623,403 | 3,569,580 |
Lease liabilities | 58,743,145 | 59,281,733 |
Long-term debt, less current maturities | 26,557,275 | 26,954,180 |
Other long-term liabilities | 314,214 | 335,828 |
Deferred tax liability | 12,533,206 | 13,948,419 |
Total Liabilities | 152,188,736 | 157,068,480 |
Redeemable Noncontrolling Interest | 15,656,900 | 15,713,021 |
Stockholders' Equity: | ||
Preferred stock, $.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 511,574,762 | 483,917,938 |
Retained earnings | 16,258,491 | 19,579,645 |
Total Boston Omaha Stockholders' Equity | 527,864,074 | 503,527,290 |
Noncontrolling interests | 10,646,492 | 7,409,068 |
Total Equity | 538,510,566 | 510,936,358 |
Total Liabilities, Redeemable Noncontrolling Interest, and Stockholders' Equity | 706,356,202 | 683,717,859 |
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common Stock | 29,765 | 28,651 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common Stock | $ 1,056 | $ 1,056 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
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) | 29,764,994 | 28,650,688 |
Common stock, shares outstanding (in shares) | 29,764,994 | 28,650,688 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,161,116 | 1,161,116 |
Common stock, shares issued (in shares) | 1,055,560 | 1,055,560 |
Common stock, shares outstanding (in shares) | 1,055,560 | 1,055,560 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues: | ||
Premiums earned | $ 3,107,273 | $ 2,288,449 |
Insurance commissions | 476,126 | 697,200 |
Investment and other income | 390,257 | 92,203 |
Total Revenues | 22,815,785 | 16,292,947 |
Costs and Expenses: | ||
Cost of insurance revenues (exclusive of depreciation and amortization) | 1,563,032 | 1,180,891 |
Employee costs | 8,197,537 | 5,424,220 |
Professional fees | 1,169,589 | 2,190,597 |
General and administrative | 3,962,632 | 2,579,835 |
Amortization | 1,802,027 | 1,193,193 |
Depreciation | 2,707,317 | 1,740,071 |
Gain on disposition of assets | (45,395) | (54,203) |
Accretion | 53,823 | 49,932 |
Total Costs and Expenses | 25,792,577 | 18,742,683 |
Net Loss from Operations | (2,976,792) | (2,449,736) |
Other Income (Expense): | ||
Interest and dividend income | 281,866 | 45,324 |
Equity in loss of unconsolidated affiliates | (4,980,078) | (3,675,303) |
Other investment income | 2,872,219 | 2,615,323 |
Gain recognized on deconsolidation of special purpose acquisition company | 0 | 24,977,740 |
Remeasurement of warrant liability | 0 | 1,837,211 |
Interest expense | (288,682) | (301,649) |
Net (Loss) Income Before Income Taxes | (5,091,467) | 23,048,910 |
Income tax benefit (provision) | 1,651,615 | (6,680,139) |
Net (Loss) Income | (3,439,852) | 16,368,771 |
Noncontrolling interest in subsidiary loss (income) | 118,698 | (66,178) |
Net (Loss) Income Attributable to Common Stockholders | $ (3,321,154) | $ 16,302,593 |
Basic Net (Loss) Income per Share (in dollars per share) | $ (0.11) | $ 0.55 |
Diluted Net (Loss) Income per Share (in dollars per share) | $ (0.11) | $ 0.55 |
Basic Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 30,524,067 | 29,698,361 |
Diluted Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 30,587,745 | 29,765,082 |
Billboard Rentals [Member] | ||
Revenues: | ||
Revenues | $ 10,302,223 | $ 9,138,149 |
Costs and Expenses: | ||
Cost of revenues (exclusive of depreciation and amortization) | 3,807,664 | 3,527,372 |
Broadband Services [Member] | ||
Revenues: | ||
Revenues | 8,539,906 | 4,076,946 |
Costs and Expenses: | ||
Cost of revenues (exclusive of depreciation and amortization) | $ 2,574,351 | $ 910,775 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Noncontrolling Interest [Member] | Retained Earnings [Member] | Total |
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 | $ 0 | $ 12,440,097 | $ 496,325,219 |
Offering costs | 0 | 0 | (2,551) | 0 | 0 | (2,551) |
Increase in redeemable noncontrolling interest | 0 | 0 | 307,182 | 0 | 0 | 307,182 |
Net income attributable to common stockholders | $ 0 | $ 0 | 0 | 0 | 16,302,593 | 16,302,593 |
Balance (in shares) at Mar. 31, 2022 | 28,642,801 | 1,055,560 | ||||
Balance at Mar. 31, 2022 | $ 28,643 | $ 1,056 | 484,160,054 | 0 | 28,742,690 | 512,932,443 |
Balance (in shares) at Dec. 31, 2022 | 28,650,688 | 1,055,560 | ||||
Balance at Dec. 31, 2022 | $ 28,651 | $ 1,056 | 483,917,938 | 7,409,068 | 19,579,645 | 510,936,358 |
Offering costs | 0 | 0 | (867,891) | 0 | 0 | (867,891) |
Net income attributable to common stockholders | $ 0 | $ 0 | 0 | 0 | (3,321,154) | (3,321,154) |
Balance (in shares) at Mar. 31, 2023 | 29,764,994 | 1,055,560 | ||||
Balance at Mar. 31, 2023 | $ 29,765 | $ 1,056 | 511,574,762 | 10,646,492 | 16,258,491 | 538,510,566 |
Stock issued for cash (in shares) | 1,097,824 | 0 | ||||
Stock issued for cash | $ 1,098 | $ 0 | 28,104,363 | 0 | 0 | 28,105,461 |
Stock issued as compensation (in shares) | 16,482 | 0 | ||||
Stock issued as compensation | $ 16 | $ 0 | 420,352 | 0 | 0 | 420,368 |
Contributions from noncontrolling interests, Build for Rent subsidiary | 0 | 0 | 0 | 3,300,000 | 0 | 3,300,000 |
Net income attributable to minority interests | $ 0 | $ 0 | $ 0 | $ (62,576) | $ 0 | $ (62,576) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net (Loss) Income | $ (3,439,852) | $ 16,368,771 |
Adjustments to reconcile net (loss) income to cash provided by operating activities: | ||
Amortization of right of use assets | 1,424,202 | 1,258,464 |
Depreciation, amortization, and accretion | 4,563,167 | 2,983,196 |
Deferred income taxes | (1,665,662) | 6,680,139 |
Gain on disposition of assets | (45,395) | (54,203) |
Bad debt expense | 54,870 | 9,886 |
Gain on deconsolidation - special purpose acquisition company | 0 | (24,977,740) |
Equity in loss of unconsolidated affiliates | 4,980,078 | 3,675,303 |
Remeasurement of warrant liability | 0 | (1,837,211) |
Other investment income | (2,872,219) | (2,615,323) |
Changes in operating assets and liabilities exclusive of the effects of business combinations: | ||
Accounts receivable | (608,600) | (696,784) |
Interest receivable | 10,567 | (34,329) |
Prepaid expenses | (763,528) | (494,414) |
Distributions from unconsolidated affiliates | 0 | 154,143 |
Deferred policy acquisition costs | (72,578) | (6,394) |
Other assets | 0 | (8,000) |
Accounts payable and accrued expenses | (35,917) | (15,323,889) |
Lease liabilities | (1,493,962) | (1,254,890) |
Unearned premiums | 572,553 | 265,313 |
Deferred revenue | 340,089 | 230,407 |
Compensation paid in stock | 420,368 | 0 |
Net Cash Provided by (Used in) Operating Activities | 1,368,181 | (15,677,555) |
Cash Flows from Investing Activities: | ||
Payments on short-term payables for business acquisitions | (3,157,187) | (451,550) |
Payment of contingent consideration | (248,272) | 0 |
Proceeds from sale of investments - special purpose acquisition company | 0 | 130,190,277 |
Investment in unconsolidated affiliate | 0 | (45,000,000) |
Capital expenditures | (8,011,459) | (5,993,790) |
Proceeds from sales of investments | 26,243,485 | 109,742,332 |
Purchases of investments | (52,671,304) | (30,496,420) |
Net Cash (Used in) Provided by Investing Activities | (37,844,737) | 157,990,849 |
Cash Flows from Financing Activities: | ||
Proceeds from the issuance of stock | 28,105,461 | 0 |
Contributions from noncontrolling interest | 3,300,000 | 0 |
Redemption of non-controlling interest - special purpose acquisition company | 0 | (123,068,515) |
Payment of deferred underwriting fee - special purpose acquisition company | 0 | (4,759,615) |
Collateral receipt | 180,492 | 6,532,719 |
Principal payments of long-term debt | (384,370) | (386,086) |
Offering costs | (867,891) | (2,551) |
Net Cash Provided by (Used in) Financing Activities | 30,333,692 | (121,684,048) |
Net (Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash | (6,142,864) | 20,629,246 |
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 54,666,512 | 81,694,400 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 48,523,648 | 102,323,646 |
Interest Paid in Cash | 283,815 | 282,099 |
Income Taxes Paid in Cash | 0 | 0 |
Decrease in redeemable noncontrolling interest of broadband subsidiary | $ 0 | $ (307,182) |
Note 1 - Organization and Backg
Note 1 - Organization and Background | 3 Months Ended |
Mar. 31, 2023 | |
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 2022, twenty On April 20, 2016, December 7, 2016, 2017 2022, four On March 10, 2020, December 29, 2020, second April 1, 2022, third On September 25, 2020, 1 October 26, 2020 January 25, 2022 8 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
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 at March 31, 2023 Link Media Holdings, LLC which we refer to as “LMH” Link Media Alabama, LLC which we refer to as “LMA” Link Media Florida, LLC which we refer to as “LMF” Link Media Wisconsin, LLC which we refer to as “LMW” Link Media Georgia, LLC which we refer to as “LMG” Link Media Midwest, LLC which we refer to as “LMM” Link Media Omaha, LLC which we refer to as “LMO” Link Media Properties, LLC which we refer to as “LMP” Link Media Southeast, LLC which we refer to as “LMSE” Link Media Services, LLC which we refer to as “LMS” Link Billboards Oklahoma, LLC which we refer to as "LBO" General Indemnity Group, LLC which we refer to as “GIG” American Contracting Services, Inc. which we refer to as "ACS" The Warnock Agency, Inc. which we refer to as “Warnock” United Casualty and Surety Insurance Company which we refer to as “UCS” Surety Support Services, Inc. which we refer to as “SSS” South Coast Surety Insurance Services, LLC which we refer to as “SCS” Boston Omaha Investments, LLC which we refer to as “BOIC” Boston Omaha Asset Management, LLC which we refer to as “BOAM” Fund One Boston Omaha Build for Rent LP, which we refer to as "BFR" BOAM BFR, LLC which we refer to as "BOAM BFR" BOC Business Services, LLC which we refer to as "BBS" Yellowstone Acquisition Company, which we refer to as "Yellowstone" BOC Yellowstone, LLC which we refer to as "BOC Yellowstone" BOC Yellowstone II, LLC which we refer to as “BOC Yellowstone II” Boston Omaha Broadband, LLC which we refer to as "BOB" FIF AireBeam, LLC which we refer to as “AireBeam” Fiber Fast Homes, LLC which we refer to as "FFH" FIF Utah, LLC which we refer to as “FIF Utah” FIF St George, LLC which we refer to as "FIF St George" Revenue s The majority of our advertising revenues are derived from contracts for advertising space on billboard structures and are accounted for under Financial Accounting Standards Board, which we refer to as the “FASB,” Accounting Standards Codification, which we refer to as “ASC,” 606 , Revenue from Contracts with Customers. Premium revenues derived from our insurance operations are subject to ASC 944, Financial Services Insurance Revenue Recognition Billboard Rentals We generate revenue from outdoor advertising through the leasing of advertising space on billboards. The terms of the contracts range from less than one three Another component of billboard rentals consists of production services which include creating and printing advertising copy. Contract revenues for production services are accounted for under ASC 606, Revenue from Contracts with Customers one three March 31, 2023 2022 Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. one not one one Deferred Revenues We record deferred revenues when cash payments are received in advance of being earned or when we have an unconditional right to consideration before satisfying our performance obligation. The term between invoicing and when a payment is due is not twelve Premiums and Unearned Premium Reserves Premiums written are recognized as revenues based on a pro-rata daily calculation over the respective terms of the policies in-force. The cost of reinsurance ceded is initially written as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded of $338,262 and $187,143 for the three March 31, 2023 2022 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. Credit Losses We estimate credit losses on financial instruments based on amounts expected to be collected. The allowance for doubtful accounts is estimated based on historical collections, accounts receivable aging, economic indicators, and expected future trends. 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 Held by BOAM Funds and Other Cash Held by BOAM Funds and Other represents cash and cash equivalents held by consolidated BOAM Funds and other consolidated entities. Such amounts are not Loss and Loss Adjustment Expenses Unpaid losses and loss adjustment expenses represent estimates for the ultimate cost of unpaid reported and unreported claims incurred and related expenses. Estimates for losses and loss adjustment expenses are based on past experience of investigating and adjusting claims and consideration of the level of premiums written during the current and prior year. Since the reserves are based on estimates, the ultimate liability may 15. Investments in Unconsolidated Entities We account for investments in less than 50% 20% 323 30, 3% 5% We monitor our equity method investments for factors indicating other-than-temporary impairment. We consider several factors when evaluating our investments, including, but not Income Taxes We compute our year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income or loss and adjust the provision for discrete tax items recorded in the period. 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, 2022, not not Pursuant to Section 382 1986, may ‘‘5% 50 three 382 not Recently Issued Accounting Pronouncements Management reviewed currently issued pronouncements during the year, and believes that any other recently issued, but not not |
Note 3 - Cash, Cash Equivalents
Note 3 - Cash, Cash Equivalents, and Restricted Cash | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 3. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 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. March 31, December 31, 2023 2022 Cash and cash equivalents $ 15,902,452 $ 25,493,141 Funds held as collateral 21,207,071 21,026,579 Cash held by BOAM funds and other 11,414,125 8,146,792 Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statements of Cash Flows $ 48,523,648 $ 54,666,512 |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 4. ACCOUNTS RECEIVABLE Accounts receivable consist of the following: March 31, December 31, 2023 2022 Trade accounts $ 4,697,380 $ 4,798,827 Premiums 1,758,343 1,143,918 Allowance for doubtful accounts (70,627 ) (111,379 ) Total Accounts Receivable, net $ 6,385,096 $ 5,831,366 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5. PROPERTY AND EQUIPMENT Property and equipment consist of the following: March 31, December 31, 2023 2022 Structures and displays $ 64,133,486 $ 63,585,845 Fiber, towers, and broadband equipment 56,780,230 50,216,957 Land 14,380,549 14,318,292 Vehicles and equipment 7,567,297 6,778,473 Office furniture and equipment 4,900,829 4,884,941 Accumulated depreciation (26,885,503 ) (24,194,568 ) Total Property and Equipment, net $ 120,876,888 $ 115,589,940 Depreciation expense for the three March 31, 2023 2022 |
Note 6 - Business Acquisitions
Note 6 - Business Acquisitions | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | NOTE 6. BUSINESS ACQUISITIONS 2023 We did not first 2023. 2022 During the year ended December 31, 2022 , 805. InfoWest & Go Fiber On April 1, 2022, 20,000 Under the terms of the Agreement, FIF St George, LLC assumed only certain liabilities of InfoWest and Go Fiber. The total purchase price of $48,573,149 was paid 80% in cash, and the remaining 20% of the purchase price was paid by issuing to InfoWest and Go Fiber 20% not three not 20% 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: InfoWest & Go Fiber Assets Acquired Property, plant and equipment $ 5,983,410 Trade names and trademarks 7,300,000 Customer relationships 16,900,000 Goodwill 18,071,004 Right of use assets 3,155,434 Other 358,614 Total Assets Acquired 51,768,462 Liabilities Assumed Lease liabilities 3,149,194 Other 46,119 Total Liabilities Assumed 3,195,313 Total $ 48,573,149 The intangible assets include customer relationships and trade names and trademarks which have useful lives of ten twenty Elevation On November 21, 2022, 2002 265 8 Elevation Assets Acquired Property, plant and equipment $ 3,717,734 Customer relationships 2,484,000 Goodwill 8,017,554 Right of use assets 2,098,194 Other 310,794 Total Assets Acquired 16,628,276 Liabilities Assumed Accounts payable and other 290,825 Lease liabilities 2,098,194 Total Liabilities Assumed 2,389,019 Total $ 14,239,257 The intangible assets include customer relationships and permits which have useful lives of fifteen ten Pro Forma Information The following is the unaudited pro forma information assuming all business acquisitions occurred on January 1, 2022. two fifteen two fifty For the Three Months Ended March 31, 2023 2022 Revenue $ 22,815,785 $ 21,045,883 Net (Loss) Income Attributable to Common Stockholders $ (3,321,154 ) $ 17,483,060 Basic Net (Loss) Income per Share $ (0.11 ) $ 0.59 Diluted Net (Loss) Income per Share $ (0.11 ) $ 0.59 Basic Weighted Average Class A and Class B Common Shares Outstanding 30,524,067 29,698,361 Diluted Weighted Average Class A and Class B Common Shares Outstanding 30,587,745 29,765,082 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 | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 7. INTANGIBLE ASSETS Intangible assets consist of the following: March 31, 2023 December 31, 2022 Accumulated Accumulated Cost Amortization Balance Cost Amortization Balance Customer relationships $ 69,052,231 $ (29,429,770 ) $ 39,622,461 $ 69,052,231 $ (28,141,423 ) $ 40,910,808 Permits, licenses, and lease acquisition costs 11,725,808 (4,745,823 ) 6,979,985 11,724,308 (4,479,482 ) 7,244,826 Site location 849,347 (320,671 ) 528,676 849,347 (306,708 ) 542,639 Noncompetition agreements 626,000 (595,340 ) 30,660 626,000 (578,500 ) 47,500 Technology 1,128,000 (434,661 ) 693,339 1,128,000 (410,250 ) 717,750 Trade names and trademarks 11,152,200 (1,235,512 ) 9,916,688 11,152,200 (1,089,892 ) 10,062,308 Nonsolicitation agreement 28,000 (28,000 ) - 28,000 (28,000 ) - Capitalized contract costs 1,927,000 (197,544 ) 1,729,456 1,869,350 (151,034 ) 1,718,316 Indefinite lived intangibles 7,051,225 - 7,051,225 7,097,895 - 7,097,895 Total $ 103,539,811 $ (36,987,321 ) $ 66,552,490 $ 103,527,331 $ (35,185,289 ) $ 68,342,042 Future Amortization The future amortization associated with the intangible assets is as follows: March 31, 2024 2025 2026 2027 2028 Thereafter Total Customer relationships $ 5,222,726 $ 5,222,724 $ 5,222,724 $ 5,219,475 $ 5,185,761 $ 13,549,051 $ 39,622,461 Permits, licenses, and lease acquisition costs 1,080,161 1,080,161 1,060,015 1,033,406 1,001,436 1,724,806 6,979,985 Site location 56,623 56,623 56,623 56,623 56,623 245,561 528,676 Noncompetition agreements 29,820 840 - - - - 30,660 Technology 99,000 99,000 99,000 99,000 99,000 198,339 693,339 Trade names and trademarks 590,565 590,567 590,567 574,564 525,667 7,044,758 9,916,688 Capitalized contract costs 192,700 192,700 192,700 192,700 192,700 765,956 1,729,456 Total $ 7,271,595 $ 7,242,615 $ 7,221,629 $ 7,175,768 $ 7,061,187 $ 23,528,471 $ 59,501,265 Amortization expense for the three March 31, 2023 2022 As of March 31, 2023, Customer relationships 91 Permits, licenses, and lease acquisition costs 78 Site location 112 Noncompetition agreements 5 Technology 84 Trade names and trademarks 201 Capitalized contract costs 107 |
Note 8 - Investments, Including
Note 8 - Investments, Including Investments Accounted for Using the Equity Method | 3 Months Ended |
Mar. 31, 2023 | |
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 common stock warrants. The U.S. Treasury securities are held by UCS, classified as held to maturity, mature in less than twelve March 31, December 31, 2023 2022 U.S. Treasury notes held to maturity $ 7,953,124 $ 4,757,224 Common stock warrants of Sky Harbour Group Corporation 3,782,692 1,531,604 Total $ 11,735,816 $ 6,288,828 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 March 31, 2023 December 31, 2022 Gross Unrealized Fair Cost Gain (Loss) Value Marketable equity securities, March 31, 2023 $ 8,967,897 $ (513,891 ) $ 8,454,006 Marketable equity securities, December 31, 2022 $ 9,665,100 $ (896,162 ) $ 8,768,938 U.S. Treasury Trading Securities We classify our investments in debt securities that are bought and held principally for the purpose of selling them in the near term as trading securities. Our debt securities classified as trading are carried at fair value in the consolidated balance sheets, with the change in fair value during the period included in earnings. Interest income is recognized at the coupon rate. Debt securities classified as trading as of March 31, 2023 December 31, 2022 Gross Unrealized Fair Cost Gain (Loss) Value U.S. Treasury trading securities, March 31, 2023 $ 57,750,386 $ (62,441 ) $ 57,687,945 U.S. Treasury trading securities, December 31, 2022 $ 33,888,165 $ (367,764 ) $ 33,520,401 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, occurring in fiscal 2024. Equity Investments During May 2018, one During January 2018, one March 31, December 31, 2023 2022 U.S. Treasury securities held to maturity $ 6,729,457 $ 6,729,457 Preferred stock 348,694 348,694 Voting common stock of CB&T Holding Corporation 19,058,485 19,058,485 Total $ 26,136,636 $ 26,136,636 We reviewed our investments as of March 31, 2023 Investment in Unconsolidated Affiliates We have various investments in equity method affiliates, whose businesses are in real estate, real estate services, private aviation infrastructure, and asset management. Our interest in these affiliates ranges from approximately 16% to 23%. Two of the investments in affiliates, Logic Real Estate Companies, LLC, which we refer to as “Logic,” and 24th March 31, 2023 24th 24th During 2020, two 24th 24th 24th 24th Sky Harbour Group Corporation In October 2020, one one August November 2020, one three On August 1, 2021, September 14, 2021, On January 25, 2022, During the first 2022, All the shares of Sky Harbour Class A common stock and Sky Harbour Warrants to purchase Class A common stock that we hold have been registered under the Securities Act. However, our ability to resell any significant portion of these shares is limited by both the large number of shares and warrants we hold relative to the average trading volume of these securities as well as blackout periods which may one January 25, 2023 March 31, 2023, We have evaluated our investment in Sky Harbour as of March 31, 2023, not 2023, 7.73 p may 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: March 31, December 31, 2023 2022 Beginning of year $ 114,133,349 $ 61,660,905 Additional investments in unconsolidated affiliates - 45,094,500 Distributions received - (642,511 ) Reclassification of marketable securities to investment in affiliate - 23,483 Transfer of interest - (625,498 ) Gain on retained interest of deconsolidated affiliate - 10,010,090 Equity in loss of unconsolidated affiliates (4,980,078 ) (1,387,620 ) End of period $ 109,153,271 $ 114,133,349 Combined summarized financial data for these affiliates is as follows: For the Three Months Ended March 31, 2023 2022 Revenue $ 3,648,762 $ 6,612,827 Gross profit 3,017,056 3,261,322 Loss from continuing operations (4,865,810 ) (5,134,293 ) Net loss (5,985,768 ) (18,695,284 ) |
Note 9 - Fair Value
Note 9 - Fair Value | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 December 31, 2022 2 At March 31, 2023 $25,982,426 Warrants We previously determined that the Public Warrants issued in connection with Yellowstone's initial public offering in October 2020 January 25, 2022, January 1, 2022 January 25, 2022 Following the business combination between Yellowstone Acquisition Company and SHG which occurred on January 25, 2022, no 2 January 1, 2023 March 31, 2023, January 25, 2022 March 31, 2022, Marketable Equity Securities 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 $84,000,000. These amounts exclude any realized gains on equity securities held within the marketable equity portfolio managed by UCS. Sky Harbour Group Corporation Class A common stock We account for our 22.95% equity interest in Sky Harbour, comprised of 13,118,474 shares of Class A common stock, under the equity method. If our investment in Sky Harbour's Class A common stock was accounted for at fair value based on its quoted market price as of March 31, 2023 Marketable Equity Securities, U.S. Treasury Trading Securities, and Corporate Bonds Marketable equity securities and U.S. Treasury trading securities are reported at fair values. Substantially all of the fair value is determined using observed prices of publicly traded securities, level 1 Total Carrying Amount in Consolidated Balance Sheet March 31, 2023 Quoted Prices in Active Markets for Identical Assets Realized Gains and (Losses) Total Changes in Fair Values Included in Current Period Earnings (Loss) Marketable equity securities and U.S. Treasury trading securities $ 66,141,951 $ 66,141,951 $ 188,525 $ 2,683,694 |
Note 10 - Asset Retirement Obli
Note 10 - Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 1 0 . ASSET RETIREMENT OBLIGATIONS Our asset retirement obligations include the costs associated with the removal of structures, resurfacing of the land and retirement cost, if applicable, related to our outdoor advertising and broadband assets. The following table reflects information related to our asset retirement obligations: Balance, December 31, 2022 $ 3,569,580 Additions - Liabilities settled - Accretion expense 53,823 Balance, March 31, 2023 $ 3,623,403 |
Note 11 - Capital Stock
Note 11 - Capital Stock | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 1 1 . CAPITAL STOCK On April 25, 2022, 3 No. 333 264470 May 11, 2022, 2022 2018 2018 not 238 may, one may may one not not On December 8, 2022, not may 415 1933, Upon delivery of a placement notice (a “Placement Notice”) and upon the terms and subject to the conditions of the Sales Agreement, WFS will use reasonable efforts consistent with its normal trading and sales practices, applicable laws and the rules of the New York Stock Exchange (“NYSE”) to sell the shares of Class A common stock from time to time based upon our instructions for the sales, including price, time, or size limits specified, and otherwise in accordance with, the terms of such Placement Notice. Pursuant to the Sales Agreement, WFS may 415 may not We intend to use the net proceeds from the ATM Program, after deducting WFS' commissions and our offering expenses, for general corporate purposes, which may may not no may From December 31, 2022 March 31, 2023, no may At March 31, 2023 A summary of warrant activity for the three March 31, 2023 Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value of Vested Warrants Outstanding as of December 31, 2022 105,556 $ 9.95 2.50 $ 1,746,952 Issued - Exercised - Expired - Outstanding as of March 31, 2023 105,556 $ 9.95 2.25 $ 1,448,228 |
Note 12 - Long-term Debt
Note 12 - Long-term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 12. LONG-TERM DEBT On August 12, 2019, 1” 2” 1 2. not On December 6, 2021, 1 2 one On May 31, 2022, may January 31, 2022 June 30, 2022 As of March 31, 2023 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 March 31, 2023 March 31, 2023 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, 2021 not 1.00, December 31, 2022 not 1.00, December 31, 2023 not 1.0, not 1.00 four March 31, 2023 The Credit Agreement includes representations and warranties, reporting covenants, affirmative covenants, negative covenants, financial covenants and events of default customary for financings of this type. Upon the occurrence of an event of default the Lender may |
Note 13 - Leases
Note 13 - Leases | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 13 . LEASES We enter into operating lease contracts primarily for land and office space. Agreements 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 is as follows: For the Three Months Ended March 31, 2023 2022 Statement of Operations Classification Lease cost $ 2,176,629 $ 1,937,096 Cost of billboard and broadband revenues and general and administrative Variable and short-term lease cost 577,375 331,028 Cost of billboard and broadband revenues and general and administrative Total Lease Cost $ 2,754,004 $ 2,268,124 Supplemental cash flow information related to operating leases is as follows: For the Three Months Ended March 31, 2023 2022 Cash payments for operating leases $ 2,246,389 $ 1,933,522 New operating lease assets obtained in exchange for operating lease liabilities $ 791,724 $ 622,600 Operating Lease Assets and Liabilities March 31, 2023 December 31, 2022 Balance Sheet Classification Lease assets $ 64,304,426 $ 64,719,405 Other Assets: Right of use assets Current lease liabilities $ 5,228,891 $ 5,203,981 Current Liabilities: Lease liabilities Noncurrent lease liabilities 58,743,145 59,281,733 Long-term Liabilities: Lease liabilities Total Lease Liabilities $ 63,972,036 $ 64,485,714 Maturity of Operating Lease Liabilities March 31, 2023 2024 $ 8,110,303 2025 7,512,665 2026 7,235,167 2027 6,754,259 2028 6,447,483 Thereafter 59,690,379 Total lease payments 95,750,256 Less imputed interest (31,778,220 ) Present Value of Lease Liabilities $ 63,972,036 As of March 31, 2023 |
Note 14 - Industry Segments
Note 14 - Industry Segments | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 14 . I N DUSTRY SEGMENTS This summary presents our current segments, as described below. General Indemnity Group, LLC GIG conducts our insurance operations through its subsidiaries, Warnock, SSS, SCS, ACS and UCS. SSS clients are multi-state and UCS, SCS, ACS and Warnock clients are nationwide. Revenue consists of surety bond sales and insurance commissions. Currently, GIG’s corporate resources are used to support Warnock, SSS, SCS, ACS and UCS and to make additional business acquisitions in the insurance industry. Link Media Holdings, LLC LMH conducts our billboard rental operations. LMH billboards are located in Alabama, Arkansas, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, Nebraska, Nevada, Oklahoma, South Dakota, Tennessee, Virginia, West Virginia and Wisconsin. Boston Omaha Broadband, LLC BOB conducts our broadband operations. BOB provides high-speed broadband services to its customers located in Arizona, Florida, Nevada, and Utah. Total Three Months Ended March 31, 2023 GIG LMH BOB Unallocated Consolidated Revenue $ 3,973,656 $ 10,302,223 $ 8,539,906 $ - $ 22,815,785 Segment gross profit 2,410,624 6,494,559 5,965,555 - 14,870,738 Segment income (loss) from operations 229,721 1,332,110 (1,699,366 ) (2,839,257 ) (2,976,792 ) Capital expenditures 6,125 559,995 7,383,081 62,258 8,011,459 Depreciation and amortization 75,597 2,213,430 2,193,130 27,187 4,509,344 Total Three Months Ended March 31, 2022 GIG LMH BOB Unallocated Consolidated Revenue $ 3,077,852 $ 9,138,149 $ 4,076,946 $ - $ 16,292,947 Segment gross profit 1,896,961 5,610,777 3,166,171 - 10,673,909 Segment income (loss) from operations (194,182 ) 1,009,980 (423,701 ) (2,841,833 ) (2,449,736 ) Capital expenditures 105,147 799,241 5,080,919 160,983 6,146,290 Depreciation and amortization 54,865 1,993,795 857,567 27,037 2,933,264 Total As of March 31, 2023 GIG LMH BOB Unallocated Consolidated Accounts receivable, net $ 2,665,536 $ 3,415,239 $ 304,321 $ - $ 6,385,096 Goodwill 11,325,138 130,428,222 37,710,162 - 179,463,522 Total assets 69,701,282 273,927,950 143,355,300 219,371,670 706,356,202 Total As of December 31, 2022 GIG LMH BOB Unallocated Consolidated Accounts receivable, net $ 1,707,716 $ 3,696,906 $ 426,256 $ 488 $ 5,831,366 Goodwill 11,325,138 130,428,222 37,710,162 - 179,463,522 Total assets 68,712,781 277,153,407 138,800,411 199,051,260 683,717,859 |
Note 15 - Reserves for Losses a
Note 15 - Reserves for Losses and Loss Adjustment Expenses | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Insurance Disclosure [Text Block] | NOTE 15. RESERVES FOR LOSSES AND LOSS ADJUSTMENT EXPENSES The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses ("LAE") for the three March 31, 2023 2022: 2023 2022 Losses and LAE at January 1 $ 1,690,579 $ 1,381,526 Provision for losses and LAE claims arising in: Current year 576,510 201,795 Prior year 355,001 535,001 Total incurred 931,511 736,796 Losses and LAE payments for claims arising in: Current year 27,496 33,550 Prior years 196,420 193,766 Total payments 223,916 227,316 Less reinsurance recoverable 415,000 315,000 Losses and LAE at March 31, $ 1,983,174 $ 1,576,006 For the three March 31, 2023 three March 31, 2023 March 31, 2023 For the three March 31, 2022 three March 31, 2022 March 31, 2022 In both periods, unfavorable prior year loss development was the result of a re-estimation of amounts ultimately to be paid on prior year losses and loss adjustment expense. Original estimates are increased or decreased as additional information becomes known regarding individual claims. Reinsurance recoverables were $415,000 and $315,000 at March 31, 2023 March 31, 2022 |
Note 16 - Custodial Risk
Note 16 - Custodial Risk | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Custodial Risk Disclosure [Text Block] | NOTE 16 . CUSTODIAL RISK As of March 31, 2023 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 17. SUBSEQUENT EVENTS Subsequent to March 31, 2023, On April 6, 2023, no not On May 1, 2023, 24 th "24 th 24 th 24 th 30 two no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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 at March 31, 2023 Link Media Holdings, LLC which we refer to as “LMH” Link Media Alabama, LLC which we refer to as “LMA” Link Media Florida, LLC which we refer to as “LMF” Link Media Wisconsin, LLC which we refer to as “LMW” Link Media Georgia, LLC which we refer to as “LMG” Link Media Midwest, LLC which we refer to as “LMM” Link Media Omaha, LLC which we refer to as “LMO” Link Media Properties, LLC which we refer to as “LMP” Link Media Southeast, LLC which we refer to as “LMSE” Link Media Services, LLC which we refer to as “LMS” Link Billboards Oklahoma, LLC which we refer to as "LBO" General Indemnity Group, LLC which we refer to as “GIG” American Contracting Services, Inc. which we refer to as "ACS" The Warnock Agency, Inc. which we refer to as “Warnock” United Casualty and Surety Insurance Company which we refer to as “UCS” Surety Support Services, Inc. which we refer to as “SSS” South Coast Surety Insurance Services, LLC which we refer to as “SCS” Boston Omaha Investments, LLC which we refer to as “BOIC” Boston Omaha Asset Management, LLC which we refer to as “BOAM” Fund One Boston Omaha Build for Rent LP, which we refer to as "BFR" BOAM BFR, LLC which we refer to as "BOAM BFR" BOC Business Services, LLC which we refer to as "BBS" Yellowstone Acquisition Company, which we refer to as "Yellowstone" BOC Yellowstone, LLC which we refer to as "BOC Yellowstone" BOC Yellowstone II, LLC which we refer to as “BOC Yellowstone II” Boston Omaha Broadband, LLC which we refer to as "BOB" FIF AireBeam, LLC which we refer to as “AireBeam” Fiber Fast Homes, LLC which we refer to as "FFH" FIF Utah, LLC which we refer to as “FIF Utah” FIF St George, LLC which we refer to as "FIF St George" |
Revenue [Policy Text Block] | Revenue s The majority of our advertising revenues are derived from contracts for advertising space on billboard structures and are accounted for under Financial Accounting Standards Board, which we refer to as the “FASB,” Accounting Standards Codification, which we refer to as “ASC,” 606 , Revenue from Contracts with Customers. Premium revenues derived from our insurance operations are subject to ASC 944, Financial Services Insurance Revenue Recognition Billboard Rentals We generate revenue from outdoor advertising through the leasing of advertising space on billboards. The terms of the contracts range from less than one three Another component of billboard rentals consists of production services which include creating and printing advertising copy. Contract revenues for production services are accounted for under ASC 606, Revenue from Contracts with Customers one three March 31, 2023 2022 Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. one not one one Deferred Revenues We record deferred revenues when cash payments are received in advance of being earned or when we have an unconditional right to consideration before satisfying our performance obligation. The term between invoicing and when a payment is due is not twelve Premiums and Unearned Premium Reserves Premiums written are recognized as revenues based on a pro-rata daily calculation over the respective terms of the policies in-force. The cost of reinsurance ceded is initially written as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded of $338,262 and $187,143 for the three March 31, 2023 2022 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. |
Credit Loss, Financial Instrument [Policy Text Block] | Credit Losses We estimate credit losses on financial instruments based on amounts expected to be collected. The allowance for doubtful accounts is estimated based on historical collections, accounts receivable aging, economic indicators, and expected future trends. |
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] | Cash Held by BOAM Funds and Other Cash Held by BOAM Funds and Other represents cash and cash equivalents held by consolidated BOAM Funds and other consolidated entities. Such amounts are not |
Liability Reserve Estimate, Policy [Policy Text Block] | Loss and Loss Adjustment Expenses Unpaid losses and loss adjustment expenses represent estimates for the ultimate cost of unpaid reported and unreported claims incurred and related expenses. Estimates for losses and loss adjustment expenses are based on past experience of investigating and adjusting claims and consideration of the level of premiums written during the current and prior year. Since the reserves are based on estimates, the ultimate liability may 15. |
Equity Method Investments [Policy Text Block] | Investments in Unconsolidated Entities We account for investments in less than 50% 20% 323 30, 3% 5% We monitor our equity method investments for factors indicating other-than-temporary impairment. We consider several factors when evaluating our investments, including, but not |
Income Tax, Policy [Policy Text Block] | Income Taxes We compute our year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income or loss and adjust the provision for discrete tax items recorded in the period. 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, 2022, not not Pursuant to Section 382 1986, may ‘‘5% 50 three 382 not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements Management reviewed currently issued pronouncements during the year, and believes that any other recently issued, but not not |
Note 3 - Cash, Cash Equivalen_2
Note 3 - Cash, Cash Equivalents, and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | March 31, December 31, 2023 2022 Cash and cash equivalents $ 15,902,452 $ 25,493,141 Funds held as collateral 21,207,071 21,026,579 Cash held by BOAM funds and other 11,414,125 8,146,792 Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statements of Cash Flows $ 48,523,648 $ 54,666,512 |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Receivables with Imputed Interest [Table Text Block] | March 31, December 31, 2023 2022 Trade accounts $ 4,697,380 $ 4,798,827 Premiums 1,758,343 1,143,918 Allowance for doubtful accounts (70,627 ) (111,379 ) Total Accounts Receivable, net $ 6,385,096 $ 5,831,366 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2023 2022 Structures and displays $ 64,133,486 $ 63,585,845 Fiber, towers, and broadband equipment 56,780,230 50,216,957 Land 14,380,549 14,318,292 Vehicles and equipment 7,567,297 6,778,473 Office furniture and equipment 4,900,829 4,884,941 Accumulated depreciation (26,885,503 ) (24,194,568 ) Total Property and Equipment, net $ 120,876,888 $ 115,589,940 |
Note 6 - Business Acquisitions
Note 6 - Business Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | InfoWest & Go Fiber Assets Acquired Property, plant and equipment $ 5,983,410 Trade names and trademarks 7,300,000 Customer relationships 16,900,000 Goodwill 18,071,004 Right of use assets 3,155,434 Other 358,614 Total Assets Acquired 51,768,462 Liabilities Assumed Lease liabilities 3,149,194 Other 46,119 Total Liabilities Assumed 3,195,313 Total $ 48,573,149 Elevation Assets Acquired Property, plant and equipment $ 3,717,734 Customer relationships 2,484,000 Goodwill 8,017,554 Right of use assets 2,098,194 Other 310,794 Total Assets Acquired 16,628,276 Liabilities Assumed Accounts payable and other 290,825 Lease liabilities 2,098,194 Total Liabilities Assumed 2,389,019 Total $ 14,239,257 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the Three Months Ended March 31, 2023 2022 Revenue $ 22,815,785 $ 21,045,883 Net (Loss) Income Attributable to Common Stockholders $ (3,321,154 ) $ 17,483,060 Basic Net (Loss) Income per Share $ (0.11 ) $ 0.59 Diluted Net (Loss) Income per Share $ (0.11 ) $ 0.59 Basic Weighted Average Class A and Class B Common Shares Outstanding 30,524,067 29,698,361 Diluted Weighted Average Class A and Class B Common Shares Outstanding 30,587,745 29,765,082 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | March 31, 2023 December 31, 2022 Accumulated Accumulated Cost Amortization Balance Cost Amortization Balance Customer relationships $ 69,052,231 $ (29,429,770 ) $ 39,622,461 $ 69,052,231 $ (28,141,423 ) $ 40,910,808 Permits, licenses, and lease acquisition costs 11,725,808 (4,745,823 ) 6,979,985 11,724,308 (4,479,482 ) 7,244,826 Site location 849,347 (320,671 ) 528,676 849,347 (306,708 ) 542,639 Noncompetition agreements 626,000 (595,340 ) 30,660 626,000 (578,500 ) 47,500 Technology 1,128,000 (434,661 ) 693,339 1,128,000 (410,250 ) 717,750 Trade names and trademarks 11,152,200 (1,235,512 ) 9,916,688 11,152,200 (1,089,892 ) 10,062,308 Nonsolicitation agreement 28,000 (28,000 ) - 28,000 (28,000 ) - Capitalized contract costs 1,927,000 (197,544 ) 1,729,456 1,869,350 (151,034 ) 1,718,316 Indefinite lived intangibles 7,051,225 - 7,051,225 7,097,895 - 7,097,895 Total $ 103,539,811 $ (36,987,321 ) $ 66,552,490 $ 103,527,331 $ (35,185,289 ) $ 68,342,042 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | March 31, 2024 2025 2026 2027 2028 Thereafter Total Customer relationships $ 5,222,726 $ 5,222,724 $ 5,222,724 $ 5,219,475 $ 5,185,761 $ 13,549,051 $ 39,622,461 Permits, licenses, and lease acquisition costs 1,080,161 1,080,161 1,060,015 1,033,406 1,001,436 1,724,806 6,979,985 Site location 56,623 56,623 56,623 56,623 56,623 245,561 528,676 Noncompetition agreements 29,820 840 - - - - 30,660 Technology 99,000 99,000 99,000 99,000 99,000 198,339 693,339 Trade names and trademarks 590,565 590,567 590,567 574,564 525,667 7,044,758 9,916,688 Capitalized contract costs 192,700 192,700 192,700 192,700 192,700 765,956 1,729,456 Total $ 7,271,595 $ 7,242,615 $ 7,221,629 $ 7,175,768 $ 7,061,187 $ 23,528,471 $ 59,501,265 Customer relationships 91 Permits, licenses, and lease acquisition costs 78 Site location 112 Noncompetition agreements 5 Technology 84 Trade names and trademarks 201 Capitalized contract costs 107 |
Note 8 - Investments, Includi_2
Note 8 - Investments, Including Investments Accounted for Using the Equity Method (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Investment [Table Text Block] | March 31, December 31, 2023 2022 U.S. Treasury notes held to maturity $ 7,953,124 $ 4,757,224 Common stock warrants of Sky Harbour Group Corporation 3,782,692 1,531,604 Total $ 11,735,816 $ 6,288,828 March 31, December 31, 2023 2022 U.S. Treasury securities held to maturity $ 6,729,457 $ 6,729,457 Preferred stock 348,694 348,694 Voting common stock of CB&T Holding Corporation 19,058,485 19,058,485 Total $ 26,136,636 $ 26,136,636 |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Gross Unrealized Fair Cost Gain (Loss) Value Marketable equity securities, March 31, 2023 $ 8,967,897 $ (513,891 ) $ 8,454,006 Marketable equity securities, December 31, 2022 $ 9,665,100 $ (896,162 ) $ 8,768,938 |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | Gross Unrealized Fair Cost Gain (Loss) Value U.S. Treasury trading securities, March 31, 2023 $ 57,750,386 $ (62,441 ) $ 57,687,945 U.S. Treasury trading securities, December 31, 2022 $ 33,888,165 $ (367,764 ) $ 33,520,401 |
Investments in and Advances to Affiliates [Table Text Block] | March 31, December 31, 2023 2022 Beginning of year $ 114,133,349 $ 61,660,905 Additional investments in unconsolidated affiliates - 45,094,500 Distributions received - (642,511 ) Reclassification of marketable securities to investment in affiliate - 23,483 Transfer of interest - (625,498 ) Gain on retained interest of deconsolidated affiliate - 10,010,090 Equity in loss of unconsolidated affiliates (4,980,078 ) (1,387,620 ) End of period $ 109,153,271 $ 114,133,349 |
Equity Method Investments [Table Text Block] | For the Three Months Ended March 31, 2023 2022 Revenue $ 3,648,762 $ 6,612,827 Gross profit 3,017,056 3,261,322 Loss from continuing operations (4,865,810 ) (5,134,293 ) Net loss (5,985,768 ) (18,695,284 ) |
Note 9 - Fair Value (Tables)
Note 9 - Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Total Carrying Amount in Consolidated Balance Sheet March 31, 2023 Quoted Prices in Active Markets for Identical Assets Realized Gains and (Losses) Total Changes in Fair Values Included in Current Period Earnings (Loss) Marketable equity securities and U.S. Treasury trading securities $ 66,141,951 $ 66,141,951 $ 188,525 $ 2,683,694 |
Note 10 - Asset Retirement Ob_2
Note 10 - Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Balance, December 31, 2022 $ 3,569,580 Additions - Liabilities settled - Accretion expense 53,823 Balance, March 31, 2023 $ 3,623,403 |
Note 11 - Capital Stock (Tables
Note 11 - Capital Stock (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value of Vested Warrants Outstanding as of December 31, 2022 105,556 $ 9.95 2.50 $ 1,746,952 Issued - Exercised - Expired - Outstanding as of March 31, 2023 105,556 $ 9.95 2.25 $ 1,448,228 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Three Months Ended March 31, 2023 2022 Statement of Operations Classification Lease cost $ 2,176,629 $ 1,937,096 Cost of billboard and broadband revenues and general and administrative Variable and short-term lease cost 577,375 331,028 Cost of billboard and broadband revenues and general and administrative Total Lease Cost $ 2,754,004 $ 2,268,124 |
Supplemental Cash Flow Information Related to Operating Leases [Table Text Block] | For the Three Months Ended March 31, 2023 2022 Cash payments for operating leases $ 2,246,389 $ 1,933,522 New operating lease assets obtained in exchange for operating lease liabilities $ 791,724 $ 622,600 |
Operating Lease Assets and Liabilities [Table Text Block] | March 31, 2023 December 31, 2022 Balance Sheet Classification Lease assets $ 64,304,426 $ 64,719,405 Other Assets: Right of use assets Current lease liabilities $ 5,228,891 $ 5,203,981 Current Liabilities: Lease liabilities Noncurrent lease liabilities 58,743,145 59,281,733 Long-term Liabilities: Lease liabilities Total Lease Liabilities $ 63,972,036 $ 64,485,714 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | March 31, 2023 2024 $ 8,110,303 2025 7,512,665 2026 7,235,167 2027 6,754,259 2028 6,447,483 Thereafter 59,690,379 Total lease payments 95,750,256 Less imputed interest (31,778,220 ) Present Value of Lease Liabilities $ 63,972,036 |
Note 14 - Industry Segments (Ta
Note 14 - Industry Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Total Three Months Ended March 31, 2023 GIG LMH BOB Unallocated Consolidated Revenue $ 3,973,656 $ 10,302,223 $ 8,539,906 $ - $ 22,815,785 Segment gross profit 2,410,624 6,494,559 5,965,555 - 14,870,738 Segment income (loss) from operations 229,721 1,332,110 (1,699,366 ) (2,839,257 ) (2,976,792 ) Capital expenditures 6,125 559,995 7,383,081 62,258 8,011,459 Depreciation and amortization 75,597 2,213,430 2,193,130 27,187 4,509,344 Total Three Months Ended March 31, 2022 GIG LMH BOB Unallocated Consolidated Revenue $ 3,077,852 $ 9,138,149 $ 4,076,946 $ - $ 16,292,947 Segment gross profit 1,896,961 5,610,777 3,166,171 - 10,673,909 Segment income (loss) from operations (194,182 ) 1,009,980 (423,701 ) (2,841,833 ) (2,449,736 ) Capital expenditures 105,147 799,241 5,080,919 160,983 6,146,290 Depreciation and amortization 54,865 1,993,795 857,567 27,037 2,933,264 Total As of March 31, 2023 GIG LMH BOB Unallocated Consolidated Accounts receivable, net $ 2,665,536 $ 3,415,239 $ 304,321 $ - $ 6,385,096 Goodwill 11,325,138 130,428,222 37,710,162 - 179,463,522 Total assets 69,701,282 273,927,950 143,355,300 219,371,670 706,356,202 Total As of December 31, 2022 GIG LMH BOB Unallocated Consolidated Accounts receivable, net $ 1,707,716 $ 3,696,906 $ 426,256 $ 488 $ 5,831,366 Goodwill 11,325,138 130,428,222 37,710,162 - 179,463,522 Total assets 68,712,781 277,153,407 138,800,411 199,051,260 683,717,859 |
Note 15 - Reserves for Losses_2
Note 15 - Reserves for Losses and Loss Adjustment Expenses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | 2023 2022 Losses and LAE at January 1 $ 1,690,579 $ 1,381,526 Provision for losses and LAE claims arising in: Current year 576,510 201,795 Prior year 355,001 535,001 Total incurred 931,511 736,796 Losses and LAE payments for claims arising in: Current year 27,496 33,550 Prior years 196,420 193,766 Total payments 223,916 227,316 Less reinsurance recoverable 415,000 315,000 Losses and LAE at March 31, $ 1,983,174 $ 1,576,006 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Ceded Premiums Earned | $ 338,262 | $ 187,143 |
Production Services [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 568,091 | $ 532,931 |
Minimum [Member] | ||
Lessor, Operating Lease, Term of Contract (Month) | 1 month | |
Maximum [Member] | ||
Lessor, Operating Lease, Term of Contract (Month) | 3 years |
Note 3 - Cash, Cash Equivalen_3
Note 3 - Cash, Cash Equivalents, and Restricted Cash - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 15,902,452 | $ 25,493,141 | ||
Funds held as collateral | 21,207,071 | 21,026,579 | ||
Cash held by BOAM funds and other | 11,414,125 | 8,146,792 | ||
Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statements of Cash Flows | $ 48,523,648 | $ 54,666,512 | $ 102,323,646 | $ 81,694,400 |
Note 4 - Accounts Receivable -
Note 4 - Accounts Receivable - Schedule of Receivables (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ (70,627) | $ (111,379) |
Accounts receivable, net | 6,385,096 | 5,831,366 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, gross | 4,697,380 | 4,798,827 |
Premium [Member] | ||
Accounts receivable, gross | $ 1,758,343 | $ 1,143,918 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Depreciation | $ 2,707,317 | $ 1,740,071 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Accumulated depreciation | $ (26,885,503) | $ (24,194,568) |
Total Property and Equipment, net | 120,876,888 | 115,589,940 |
Structures and Displays [Member] | ||
Property, plant and equipment, gross | 64,133,486 | 63,585,845 |
Fiber, Towers, and Broadband Equipment [Member] | ||
Property, plant and equipment, gross | 56,780,230 | 50,216,957 |
Land [Member] | ||
Property, plant and equipment, gross | 14,380,549 | 14,318,292 |
Vehicles and Equipment [Member] | ||
Property, plant and equipment, gross | 7,567,297 | 6,778,473 |
Office Furniture and Equipment [Member] | ||
Property, plant and equipment, gross | $ 4,900,829 | $ 4,884,941 |
Note 6 - Business Acquisition_2
Note 6 - Business Acquisitions (Details Textual) - USD ($) | Nov. 21, 2022 | Apr. 01, 2022 | Mar. 31, 2023 |
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||
Minimum [Member] | Assets Acquired from Acquisition [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 2 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 50 years | ||
Maximum [Member] | Assets Acquired from Acquisition [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 15 years | ||
InfoWest, Inc. (“InfoWest”) and Go Fiber LLC (“Go Fiber”) [Member] | |||
Business Combination, Consideration Transferred, Total | $ 48,573,149 | ||
Business Combination, Consideration Transferred, Cash, Percentage | 80% | ||
Business Combination, Consideration Transferred, Equity Issued, Percentage | 20% | ||
InfoWest, Inc. (“InfoWest”) and Go Fiber LLC (“Go Fiber”) [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||
InfoWest, Inc. (“InfoWest”) and Go Fiber LLC (“Go Fiber”) [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||
Elevation Outdoor Advertising [Member] | |||
Business Combination, Consideration Transferred, Total | $ 14,239,257 | ||
Elevation Outdoor Advertising [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||
Elevation Outdoor Advertising [Member] | Permits [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 6 - Business Acquisition_3
Note 6 - Business Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Nov. 21, 2022 | Apr. 01, 2022 |
Goodwill | $ 179,463,522 | $ 179,463,522 | ||
Elevation Outdoor Advertising [Member] | ||||
Property, plant and equipment | $ 3,717,734 | |||
Goodwill | 8,017,554 | |||
Right of use assets | 2,098,194 | |||
Other | 310,794 | |||
Total Assets Acquired | 16,628,276 | |||
Lease liabilities | 2,098,194 | |||
Total Liabilities Assumed | 2,389,019 | |||
Total | 14,239,257 | |||
Accounts payable and other | 290,825 | |||
Elevation Outdoor Advertising [Member] | Customer Relationships [Member] | ||||
Intangible Assets | $ 2,484,000 | |||
InfoWest, Inc. (“InfoWest”) and Go Fiber LLC (“Go Fiber”) [Member] | ||||
Property, plant and equipment | $ 5,983,410 | |||
Goodwill | 18,071,004 | |||
Right of use assets | 3,155,434 | |||
Other | 358,614 | |||
Total Assets Acquired | 51,768,462 | |||
Lease liabilities | 3,149,194 | |||
Other | 46,119 | |||
Total Liabilities Assumed | 3,195,313 | |||
Total | 48,573,149 | |||
InfoWest, Inc. (“InfoWest”) and Go Fiber LLC (“Go Fiber”) [Member] | Customer Relationships [Member] | ||||
Intangible Assets | 16,900,000 | |||
InfoWest, Inc. (“InfoWest”) and Go Fiber LLC (“Go Fiber”) [Member] | Trademarks and Trade Names [Member] | ||||
Intangible Assets | $ 7,300,000 |
Note 6 - Business Acquisition_4
Note 6 - Business Acquisitions - Pro Forma Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | $ 22,815,785 | $ 21,045,883 |
Net (Loss) Income Attributable to Common Stockholders | $ (3,321,154) | $ 17,483,060 |
Basic Net (Loss) Income per Share (in dollars per share) | $ (0.11) | $ 0.59 |
Diluted Net (Loss) Income per Share (in dollars per share) | $ (0.11) | $ 0.59 |
Basic Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 30,524,067 | 29,698,361 |
Diluted Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 30,587,745 | 29,765,082 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Amortization | $ 1,802,027 | $ 1,193,193 |
Note 7 - Intangible Assets - Sc
Note 7 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Accumulated amortization | $ (36,987,321) | $ (35,185,289) |
Balance | 59,501,265 | |
Balance | 7,051,225 | 7,097,895 |
Total, cost | 103,539,811 | 103,527,331 |
Intangible assets, net | 66,552,490 | 68,342,042 |
Customer Relationships [Member] | ||
Cost | 69,052,231 | 69,052,231 |
Accumulated amortization | (29,429,770) | (28,141,423) |
Balance | 39,622,461 | 40,910,808 |
Permits, Licenses and Lease Acquisition Costs [Member] | ||
Cost | 11,725,808 | 11,724,308 |
Accumulated amortization | (4,745,823) | (4,479,482) |
Balance | 6,979,985 | 7,244,826 |
Site Location [Member] | ||
Cost | 849,347 | 849,347 |
Accumulated amortization | (320,671) | (306,708) |
Balance | 528,676 | 542,639 |
Noncompete Agreements [Member] | ||
Cost | 626,000 | 626,000 |
Accumulated amortization | (595,340) | (578,500) |
Balance | 30,660 | 47,500 |
Technology-Based Intangible Assets [Member] | ||
Cost | 1,128,000 | 1,128,000 |
Accumulated amortization | (434,661) | (410,250) |
Balance | 693,339 | 717,750 |
Trademarks and Trade Names [Member] | ||
Cost | 11,152,200 | 11,152,200 |
Accumulated amortization | (1,235,512) | (1,089,892) |
Balance | 9,916,688 | 10,062,308 |
Nonsolicitation Agreement [Member] | ||
Cost | 28,000 | 28,000 |
Accumulated amortization | (28,000) | (28,000) |
Balance | 0 | 0 |
Capitalized Contract Costs [Member] | ||
Cost | 1,927,000 | 1,869,350 |
Accumulated amortization | (197,544) | (151,034) |
Balance | $ 1,729,456 | $ 1,718,316 |
Note 7 - Intangible Assets - _2
Note 7 - Intangible Assets - Schedule of Future Amortization, Intangible Assets (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
2023 | $ 7,271,595 | |
2024 | 7,242,615 | |
2025 | 7,221,629 | |
2026 | 7,175,768 | |
2027 | 7,061,187 | |
Thereafter | 23,528,471 | |
Total | 59,501,265 | |
2027 | 7,061,187 | |
Customer Relationships [Member] | ||
2023 | 5,222,726 | |
2024 | 5,222,724 | |
2025 | 5,222,724 | |
2026 | 5,219,475 | |
2027 | 5,185,761 | |
Thereafter | 13,549,051 | |
Total | 39,622,461 | $ 40,910,808 |
2027 | $ 5,185,761 | |
Customer Relationships [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 91 months | |
Permits, Licenses and Lease Acquisition Costs [Member] | ||
2023 | $ 1,080,161 | |
2024 | 1,080,161 | |
2025 | 1,060,015 | |
2026 | 1,033,406 | |
2027 | 1,001,436 | |
Thereafter | 1,724,806 | |
Total | 6,979,985 | 7,244,826 |
2027 | $ 1,001,436 | |
Permits, Licenses and Lease Acquisition Costs [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 78 months | |
Site Location [Member] | ||
2023 | $ 56,623 | |
2024 | 56,623 | |
2025 | 56,623 | |
2026 | 56,623 | |
2027 | 56,623 | |
Thereafter | 245,561 | |
Total | 528,676 | 542,639 |
2027 | $ 56,623 | |
Site Location [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 112 months | |
Noncompete Agreements [Member] | ||
2023 | $ 29,820 | |
2024 | 840 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total | 30,660 | 47,500 |
2027 | $ 0 | |
Noncompete Agreements [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 5 months | |
Technology-Based Intangible Assets [Member] | ||
2023 | $ 99,000 | |
2024 | 99,000 | |
2025 | 99,000 | |
2026 | 99,000 | |
2027 | 99,000 | |
Thereafter | 198,339 | |
Total | 693,339 | 717,750 |
2027 | $ 99,000 | |
Technology-Based Intangible Assets [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 84 months | |
Trademarks and Trade Names [Member] | ||
2023 | $ 590,565 | |
2024 | 590,567 | |
2025 | 590,567 | |
2026 | 574,564 | |
2027 | 525,667 | |
Thereafter | 7,044,758 | |
Total | 9,916,688 | 10,062,308 |
2027 | $ 525,667 | |
Trademarks and Trade Names [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 201 months | |
Capitalized Contract Costs [Member] | ||
2023 | $ 192,700 | |
2024 | 192,700 | |
2025 | 192,700 | |
2026 | 192,700 | |
2027 | 192,700 | |
Thereafter | 765,956 | |
Total | 1,729,456 | $ 1,718,316 |
2027 | $ 192,700 | |
Capitalized Contract Costs [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 107 years |
Note 8 - Investments, Includi_3
Note 8 - Investments, Including Investments Accounted for Using the Equity Method (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||
Jan. 25, 2022 | Sep. 14, 2021 | May 31, 2018 | Oct. 31, 2020 | Jan. 31, 2018 | Mar. 31, 2023 | Mar. 31, 2022 | Nov. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2020 | |
Payments to Acquire Equity Method Investments | $ 0 | $ 45,000,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 9.95 | $ 9.95 | ||||||||
Payments to Acquire Investments, Total | $ 52,671,304 | 30,496,420 | ||||||||
Deconsolidation, Gain (Loss), Amount | 0 | $ 24,977,740 | ||||||||
Deconsolidation, Gain (Loss), Recognized, Amount | 0 | $ 10,010,090 | ||||||||
Business Combination Agreement with SHG [Member] | ||||||||||
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) | $ 10 | |||||||||
Yellowstone Acquisition Company [Member] | ||||||||||
Proceeds from Issuance Initial Public Offering | $ 125,000,000 | |||||||||
BOC Yellowstone LLC [Member] | Non-redeemable Private Placement Warrants [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,719,779 | |||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||||||
IPO [Member] | Yellowstone Acquisition Company [Member] | ||||||||||
Units Issued During Period, Number (in shares) | 13,598,898 | |||||||||
Units Issued During Period, Price Per Unit (in dollars per share) | $ 10 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | 11.50 | |||||||||
Sale of Unit, Price Per Unit (in dollars per share) | $ 10 | |||||||||
IPO [Member] | Yellowstone Acquisition Company [Member] | Common Class A [Member] | ||||||||||
Units Issued During Period, Number of Common Stock, Shares (in shares) | 1 | |||||||||
IPO [Member] | Yellowstone Acquisition Company Warrants [Member] | ||||||||||
Units Issued During Period, Number of Warrants (in shares) | 0.5 | |||||||||
Unconsolidated Affiliates [Member] | ||||||||||
Equity Method Investments | $ 618,587 | |||||||||
Unconsolidated Affiliates [Member] | Minimum [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 16% | |||||||||
Unconsolidated Affiliates [Member] | Maximum [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 23% | |||||||||
The 24th Street Fund I, LLC [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 49.90% | |||||||||
Payments to Acquire Equity Method Investments | $ 6,000,000 | |||||||||
Yellowstone Acquisition Company [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 20% | |||||||||
Sky Harbour Group Corporation [Member] | ||||||||||
Payments to Acquire Equity Method Investments | $ 55,000,000 | |||||||||
Sky Harbour Group Corporation Class A Common Stock [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 22.95% | 22.95% | ||||||||
Payments to Acquire Equity Method Investments | $ 45,000,000 | |||||||||
Equity Method Investment, Shares, Converted from Other Equity (in shares) | 5,500,000 | |||||||||
Equity Method Investment, Price Per Share (in dollars per share) | $ 10 | |||||||||
Equity Method Investment, Shares (in shares) | 4,500,000 | 13,118,474 | 13,118,474 | |||||||
Deconsolidation, Gain (Loss), Amount | $ 24,977,740 | |||||||||
Deconsolidation, Gain (Loss), Recognized, Amount | 10,000,000 | |||||||||
Deconsolidation, Gain (Loss), Assets and Liabilities | $ 15,000,000 | |||||||||
Equity Method Investment, Quoted Market Value | $ 94,300,000 | |||||||||
Equity Method Investments, Price Per Share (in dollars per share) | $ 7.73 | |||||||||
Breezeway Homes Inc. [Member] | ||||||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount (in dollars per share) | $ 2,665 | |||||||||
Preferred Stock [Member] | Breezeway Homes Inc. [Member] | ||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 31,227 | |||||||||
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 | 15.60% | |||||||||
Equity Investments [Member] | ||||||||||
Other than Temporary Impairment Losses, Investments | $ 0 | |||||||||
Class B Common Stock of Yellowstone Acquisition Company [Member] | BOC Yellowstone LLC [Member] | ||||||||||
Payments to Acquire Investments, Total | $ 7,800,000 | |||||||||
Investment Owned, Balance, Shares (in shares) | 3,399,724 |
Note 8 - Investments, Includi_4
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Schedule of Investments (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Short-term Investments | $ 11,735,816 | $ 6,288,828 |
Short-term Investments | 11,735,816 | 6,288,828 |
Long-term investments | 26,136,636 | 26,136,636 |
U.S. Treasury Notes and Corporate Bonds [Member] | ||
Short-term Investments | 7,953,124 | 4,757,224 |
Short-term Investments | 7,953,124 | 4,757,224 |
US Treasury Securities [Member] | ||
Long-term investments | 6,729,457 | 6,729,457 |
Common Stock Warrants of Sky Harbour Group Corporation [Member] | ||
Short-term Investments | 3,782,692 | 1,531,604 |
Short-term Investments | 3,782,692 | 1,531,604 |
Preferred Stock [Member] | ||
Long-term investments | 348,694 | 348,694 |
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 ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Marketable equity securities, Cost | $ 8,967,897 | $ 9,665,100 |
Marketable equity securities, Gross Unrealized Gain (Loss) | (513,891) | (896,162) |
Marketable equity securities | $ 8,454,006 | $ 8,768,938 |
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 ($) | Mar. 31, 2023 | Dec. 31, 2022 |
U.S. Treasury notes, Cost | $ 57,750,386 | $ 33,888,165 |
U.S. Treasury notes, Gross Unrealized Gain (Loss) | (62,441) | (367,764) |
U.S. Treasury notes, Fair Value | $ 57,687,945 | $ 33,520,401 |
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 ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Beginning of year | $ 114,133,349 | $ 61,660,905 | $ 61,660,905 |
Additional investments in unconsolidated affiliates | 0 | 45,094,500 | |
Distributions received | 0 | (642,511) | |
Reclassification of marketable securities to investment in affiliate | 0 | 23,483 | |
Transfer of interest | 0 | (625,498) | |
Gain on retained interest of deconsolidated affiliate | 0 | 10,010,090 | |
Equity in loss of unconsolidated affiliates | (4,980,078) | $ (3,675,303) | (1,387,620) |
End of period | $ 109,153,271 | $ 114,133,349 |
Note 8 - Investments, Includi_8
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Summarized Financial Data (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | $ 22,815,785 | $ 16,292,947 |
Gross profit | 14,870,738 | 10,673,909 |
Net loss | (3,439,852) | 16,368,771 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Revenue | 3,648,762 | 6,612,827 |
Gross profit | 3,017,056 | 3,261,322 |
Loss from continuing operations | (4,865,810) | (5,134,293) |
Net loss | $ (5,985,768) | $ (18,695,284) |
Note 9 - Fair Value (Details Te
Note 9 - Fair Value (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |
Jan. 25, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Long-Term Debt | $ 28,114,900 | ||
Fair Value Adjustment of Warrants | $ (1,837,211) | $ 0 | $ (1,837,211) |
Sky Harbour Group Corporation Class A Common Stock [Member] | |||
Equity Method Investment, Ownership Percentage | 22.95% | 22.95% | |
Equity Method Investment, Shares (in shares) | 4,500,000 | 13,118,474 | 13,118,474 |
Equity Method Investment, Quoted Market Value | $ 94,300,000 | ||
Boston Omaha [Member] | |||
Equity Securities, FV-NI, Total | 84,000,000 | ||
Private Placement Warrants [Member] | |||
Fair Value Adjustment of Warrants | 2,251,088 | $ 7,410,988 | |
Fair Value, Inputs, Level 2 [Member] | |||
Long-Term Debt, Fair Value | $ 25,982,426 |
Note 9 - Fair Value - Fair Valu
Note 9 - Fair Value - Fair Values for Investments (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Realized gains (losses) | $ 188,525 |
Changes in fair values | 2,683,694 |
Reported Value Measurement [Member] | |
Carrying amount | 66,141,951 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |
Carrying amount | $ 66,141,951 |
Note 10 - Asset Retirement Ob_3
Note 10 - Asset Retirement Obligations - Asset Retirement Obligations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Balance, December 31, 2022 | $ 3,569,580 | |
Additions | 0 | |
Liabilities settled | 0 | |
Accretion expense | 53,823 | $ 49,932 |
Balance, March 31, 2023 | $ 3,623,403 |
Note 11 - Capital Stock (Detail
Note 11 - Capital Stock (Details Textual) | 3 Months Ended | |||
Mar. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 08, 2022 USD ($) | Apr. 25, 2022 $ / shares shares | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | |||
Offering of Debt Securities and Warrants, Maximum (in shares) | 500,000,000 | |||
Maximum Shares of Common Stock Registered by Certain Selling Shareholders (in shares) | 8,297,093 | |||
Stock Issued During Period, Value, New Issues | $ | $ 28,105,461 | |||
Class of Warrant or Right, Outstanding (in shares) | 105,556 | 105,556 | ||
Warrants for Common Class B Stock [Member] | ||||
Class of Warrant or Right, Outstanding (in shares) | 104,772 | |||
Warrants for Common Class A Stock [Member] | ||||
Class of Warrant or Right, Outstanding (in shares) | 784 | |||
Common Class A [Member] | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||
Common 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 | |||
At The Market Offering [Member] | Common Class A [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,097,824 | |||
Stock Issued During Period, Value, New Issues | $ | $ 28,105,461 | |||
Commission, Percent of Gross Sales Price Per Share | 3% | |||
At The Market Offering [Member] | Common Class A [Member] | Maximum [Member] | ||||
Equity Offering Program, Aggregate Share Price | $ | $ 100,000,000 | $ 100,000,000 |
Note 11 - Capital Stock - Summa
Note 11 - Capital Stock - Summary of Warrant Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Outstanding (in shares) | 105,556 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.95 | |
Outstanding, weighted average remaining contractual life (Year) | 2 years 3 months | 2 years 6 months |
Outstanding, aggregate intrinsic value of vested warrants | $ 1,448,228 | $ 1,746,952 |
Issued (in shares) | 0 | |
Exercised (in shares) | 0 | |
Expired (in shares) | 0 | |
Outstanding (in shares) | 105,556 | 105,556 |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.95 | $ 9.95 |
Note 12 - Long-term Debt (Detai
Note 12 - Long-term Debt (Details Textual) | 3 Months Ended | ||||||
Mar. 31, 2023 USD ($) | Dec. 31, 2023 | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 | Dec. 06, 2021 USD ($) | Aug. 12, 2019 USD ($) | |
Long-Term Debt | $ 28,114,900 | ||||||
Long-Term Debt, Current Maturities | 1,557,625 | $ 1,545,090 | |||||
First National Bank of Omaha [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | ||||||
Credit Agreement, Maximum Dividend Amount | $ 8,125,000 | ||||||
Long-term Line of Credit, Total | $ 0 | ||||||
Minimum Consolidated Leverage Ratio Requirement | 3.25 | 3.50 | |||||
First National Bank of Omaha [Member] | Forecast [Member] | |||||||
Minimum Consolidated Leverage Ratio Requirement | 3 | ||||||
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 1 [Member] | |||||||
Debt Instrument, Face Amount | $ 30,000,000 | 18,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | ||||||
Long-Term Debt, Gross | $ 30,000,000 | ||||||
Debt Instrument, Term (Year) | 15 years | ||||||
Long-Term Debt | $ 28,114,900 | ||||||
Long-Term Debt, Current Maturities | $ 1,557,625 | ||||||
First National Bank of Omaha [Member] | Term Loan 2 [Member] | |||||||
Debt Instrument, Face Amount | $ 5,500,000 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) | Mar. 31, 2023 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 16 years 10 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.80% |
Note 13 - Leases - Operating Le
Note 13 - Leases - Operating Lease Cost (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Lease cost | $ 2,176,629 | $ 1,937,096 |
Variable and short-term lease cost | 577,375 | 331,028 |
Total Lease Cost | $ 2,754,004 | $ 2,268,124 |
Note 13 - Leases - Supplemental
Note 13 - Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash payments for operating leases | $ 2,246,389 | $ 1,933,522 |
New operating lease assets obtained in exchange for operating lease liabilities | $ 791,724 | $ 622,600 |
Note 13 - Leases - Operating _2
Note 13 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Lease assets | $ 64,304,426 | $ 64,719,405 |
Current lease liabilities | 5,228,891 | 5,203,981 |
Noncurrent lease liabilities | 58,743,145 | 59,281,733 |
Total Lease Liabilities | $ 63,972,036 | $ 64,485,714 |
Note 13 - Leases - Maturity of
Note 13 - Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
2024 | $ 8,110,303 | |
2025 | 7,512,665 | |
2026 | 7,235,167 | |
2027 | 6,754,259 | |
2028 | 6,447,483 | |
Thereafter | 59,690,379 | |
Total lease payments | 95,750,256 | |
Less imputed interest | (31,778,220) | |
Present Value of Lease Liabilities | $ 63,972,036 | $ 64,485,714 |
Note 14 - Industry Segments - S
Note 14 - Industry Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenue | $ 22,815,785 | $ 16,292,947 | |
Segment gross profit | 14,870,738 | 10,673,909 | |
Segment income (loss) from operations | (2,976,792) | (2,449,736) | |
Capital expenditures | 8,011,459 | 6,146,290 | |
Depreciation and amortization | 4,509,344 | 2,933,264 | |
Accounts receivable, net | 6,385,096 | $ 5,831,366 | |
Goodwill | 179,463,522 | 179,463,522 | |
Total assets | 706,356,202 | 683,717,859 | |
Segment Reconciling Items [Member] | |||
Revenue | 0 | 0 | |
Segment gross profit | 0 | 0 | |
Segment income (loss) from operations | (2,839,257) | (2,841,833) | |
Capital expenditures | 62,258 | 160,983 | |
Depreciation and amortization | 27,187 | 27,037 | |
Accounts receivable, net | 0 | 488 | |
Goodwill | 0 | 0 | |
Total assets | 219,371,670 | 199,051,260 | |
GIG [Member] | Operating Segments [Member] | |||
Revenue | 3,973,656 | 3,077,852 | |
Segment gross profit | 2,410,624 | 1,896,961 | |
Segment income (loss) from operations | 229,721 | (194,182) | |
Capital expenditures | 6,125 | 105,147 | |
Depreciation and amortization | 75,597 | 54,865 | |
Accounts receivable, net | 2,665,536 | 1,707,716 | |
Goodwill | 11,325,138 | 11,325,138 | |
Total assets | 69,701,282 | 68,712,781 | |
LMH [Member] | Operating Segments [Member] | |||
Revenue | 10,302,223 | 9,138,149 | |
Segment gross profit | 6,494,559 | 5,610,777 | |
Segment income (loss) from operations | 1,332,110 | 1,009,980 | |
Capital expenditures | 559,995 | 799,241 | |
Depreciation and amortization | 2,213,430 | 1,993,795 | |
Accounts receivable, net | 3,415,239 | 3,696,906 | |
Goodwill | 130,428,222 | 130,428,222 | |
Total assets | 273,927,950 | 277,153,407 | |
FIF [Member] | Operating Segments [Member] | |||
Revenue | 8,539,906 | 4,076,946 | |
Segment gross profit | 5,965,555 | 3,166,171 | |
Segment income (loss) from operations | (1,699,366) | (423,701) | |
Capital expenditures | 7,383,081 | 5,080,919 | |
Depreciation and amortization | 2,193,130 | $ 857,567 | |
Accounts receivable, net | 304,321 | 426,256 | |
Goodwill | 37,710,162 | 37,710,162 | |
Total assets | $ 143,355,300 | $ 138,800,411 |
Note 15 - Reserves for Losses_3
Note 15 - Reserves for Losses and Loss Adjustment Expenses (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | $ 196,420 | $ 193,766 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Favorable Development, Prior Years | 20,420 | 24,526 | |
Prior Year Claims and Claims Adjustment Expense | 355,001 | $ 535,001 | |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ 415,000 | $ 315,000 |
Note 15 - Reserves for Losses_4
Note 15 - Reserves for Losses and Loss Adjustment Expenses - Reserves Balance for Losses and Loss Adjustment Expenses (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Losses and LAE at January 1 | $ 1,690,579 | $ 1,381,526 |
Provision for losses and LAE claims arising in current year | 576,510 | 201,795 |
Provision for losses and LAE claims arising in prior year | 355,001 | 535,001 |
Provision for losses and LAE claims arising in total incurred | 931,511 | 736,796 |
Losses and LAE payments for claims arising in current year | 27,496 | 33,550 |
Losses and LAE payments for claims arising in prior years | 196,420 | 193,766 |
Losses and LAE payments for claims arising in total payments | 223,916 | 227,316 |
Less reinsurance recoverable | 415,000 | 315,000 |
Losses and LAE at March 31, | $ 1,983,174 | $ 1,576,006 |
Note 16 - Custodial Risk (Detai
Note 16 - Custodial Risk (Details Textual) | Mar. 31, 2023 USD ($) |
Cash, Uninsured Amount | $ 22,863,132 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |
May 01, 2023 | May 15, 2023 | Mar. 31, 2023 | |
Stock Issued During Period, Value, New Issues | $ 28,105,461 | ||
Subsequent Event [Member] | The 24th Street Asset Management, LLC [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 48% | ||
Payments to Acquire Businesses, Gross | $ 2,759,072 | ||
Cash Acquired from Acquisition, Held in Escrow | 1,254,102 | ||
Subsequent Event [Member] | The 24th Street Asset Management, LLC [Member] | Common Class A [Member] | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 5,016,494 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 45,644 | ||
At The Market Offering [Member] | Common Class A [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 1,097,824 | ||
Stock Issued During Period, Value, New Issues | $ 28,105,461 | ||
At The Market Offering [Member] | Subsequent Event [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 433,396 | ||
Stock Issued During Period, Value, New Issues | $ 9,100,000 |