Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 05, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001072627 | |
Entity Registrant Name | KINGSWAY FINANCIAL SERVICES INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-15204 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-1792291 | |
Entity Address, Address Line One | 150 E. Pierce Road | |
Entity Address, City or Town | Itasca | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60143 | |
City Area Code | 847 | |
Local Phone Number | 871-6408 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 24,055,631 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investments: | ||
Fixed maturities, at fair value (amortized cost of $21,470 and $20,488, respectively) | $ 21,602 | $ 20,716 |
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 225 | 444 |
Investments in private companies, at adjusted cost | 790 | 790 |
Real estate investments, at fair value (cost of $10,225 and $10,225, respectively) | 10,662 | 10,662 |
Other investments, at cost which approximates fair value | 288 | 294 |
Short-term investments, at cost which approximates fair value | 157 | 157 |
Total investments | 57,654 | 69,566 |
Cash and cash equivalents | 17,093 | 14,374 |
Restricted cash | 27,540 | 30,571 |
Accrued investment income | 900 | 757 |
Other receivables, net of allowance for doubtful accounts of $201 and $201, respectively | 14,144 | 16,323 |
Deferred acquisition costs, net | 9,106 | 8,835 |
Property and equipment, net of accumulated depreciation of $26,557 and $24,441, respectively | 93,376 | 95,015 |
Right-of-use asset | 2,560 | 2,960 |
Goodwill | 121,289 | 121,130 |
Intangible assets, net of accumulated amortization of $16,426 and $15,433, respectively | 83,140 | 84,133 |
Other assets | 15,668 | 4,882 |
Total Assets | 447,491 | 452,474 |
Liabilities: | ||
Accrued expenses and other liabilities | 40,671 | 42,502 |
Income taxes payable | 188 | 2,859 |
Contract with Customer, Liability, Total | 88,446 | 87,945 |
Unpaid loss and loss adjustment expenses | 1,407 | 1,449 |
Bank loan | 23,182 | 25,303 |
Notes payable | 191,143 | 192,057 |
Subordinated debt, at fair value | 58,218 | 50,928 |
Lease liability | 2,814 | 3,213 |
Net deferred income tax liabilities | 26,503 | 27,555 |
Total Liabilities | 432,572 | 433,811 |
Shareholders' Equity: | ||
Common stock, no par value; 50,000,000 and 50,000,000 authorized at June 30, 2021 and December 31, 2020, respectively; 22,365,631 and 22,211,069 issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 0 | 0 |
Additional paid-in capital | 356,331 | 355,242 |
Treasury stock, at cost; 247,450 and 247,450 outstanding at June 30, 2021 and December 31, 2020, respectively | (492) | (492) |
Accumulated deficit | (394,851) | (394,807) |
Accumulated other comprehensive income | 32,434 | 38,059 |
Shareholders' equity attributable to common shareholders | (6,578) | (1,998) |
Noncontrolling interests in consolidated subsidiaries | 14,669 | 14,157 |
Total Shareholders' Equity | 8,091 | 12,159 |
Total Liabilities, Class A preferred stock and Shareholders' Equity | 447,491 | 452,474 |
Redeemable Class A Preferred Stock [Member] | ||
Liabilities: | ||
Redeemable Class A preferred stock, no par value; 1,000,000 and 1,000,000 authorized at June 30, 2021 and December 31, 2020, respectively; 182,876 and 182,876 issued and outstanding at June 30, 2021 and December 31, 2020, respectively; redemption amount of $6,828 and $6,658 at June 30, 2021 and December 31, 2020, respectively | 6,828 | 6,504 |
Service Fees [Member] | ||
Investments: | ||
Service fee receivable, net of allowance for doubtful accounts of $258 and $478, respectively | 5,021 | 3,928 |
Liabilities: | ||
Contract with Customer, Liability, Total | 88,400 | 87,900 |
Limited Liability Investments [Member] | ||
Investments: | ||
Limited liability investments | 3,568 | 3,692 |
Limited liability investments, at fair value | $ 20,362 | $ 32,811 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fixed maturities, cost | $ 21,470 | $ 20,488 |
Equity investments, cost | 1,147 | 1,157 |
Real estate investments, cost | 10,225 | 10,225 |
Allowance for doubtful accounts | 201 | 201 |
Property and equipment, accumulated depreciation | 26,557 | 24,441 |
Intangible assets accumulated amortization | $ 16,426 | $ 15,433 |
Temporary equity, issued (in shares) | 182,876 | |
Temporary equity, outstanding (in shares) | 182,876 | |
Temporary equity, redemption | $ 6,800 | |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 22,365,631 | 22,211,069 |
Common stock, outstanding (in shares) | 22,365,631 | 22,211,069 |
Treasury stock (in shares) | 247,450 | 247,450 |
Redeemable Class A Preferred Stock [Member] | ||
Temporary equity, par value (in dollars per share) | $ 0 | $ 0 |
Temporary equity, authority (in shares) | 1,000,000 | 1,000,000 |
Temporary equity, issued (in shares) | 182,876 | 182,876 |
Temporary equity, outstanding (in shares) | 182,876 | 182,876 |
Temporary equity, redemption | $ 6,828 | $ 6,658 |
Service Fees [Member] | ||
Allowance for doubtful accounts | $ 258 | $ 478 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Service fee and commission revenue | $ 18,755 | $ 10,438 | $ 37,329 | $ 21,624 |
Rental revenue | 3,341 | 3,341 | 6,682 | 6,682 |
Total revenues | 22,096 | 13,779 | 44,011 | 28,306 |
Operating expenses: | ||||
Claims authorized on vehicle service agreements | 5,251 | 2,347 | 9,918 | 4,727 |
Loss and loss adjustment expenses | (4) | 2 | 4 | 15 |
Commissions | 1,576 | 1,279 | 3,080 | 2,582 |
Cost of services sold | 952 | 347 | 1,932 | 750 |
General and administrative expenses | 12,043 | 8,388 | 24,509 | 19,081 |
Leased real estate segment interest expense | 1,500 | 1,491 | 2,968 | 2,990 |
Total operating expenses | 21,318 | 13,854 | 42,411 | 30,145 |
Operating income (loss) | 778 | (75) | 1,600 | (1,839) |
Other revenues (expenses), net: | ||||
Net investment income | 403 | 681 | 824 | 1,400 |
Net realized gains | 187 | 8 | 238 | 216 |
(Loss) gain on change in fair value of equity investments | (45) | 489 | (196) | (108) |
Gain (loss) on change in fair value of limited liability investments, at fair value | 731 | (123) | 529 | 1,776 |
Net change in unrealized loss on private company investments | 0 | 0 | 0 | (670) |
Other-than-temporary impairment loss | 0 | 0 | 0 | (117) |
Other (expenses) income | (2,741) | 65 | (2,634) | 246 |
Interest expense not allocated to segments | (1,593) | (1,997) | (3,145) | (4,150) |
Amortization of intangible assets | (496) | (573) | (993) | (1,147) |
(Loss) gain on change in fair value of debt | (738) | (202) | (1,757) | 2,443 |
Gain on extinguishment of debt | 0 | 0 | 2,494 | 0 |
Total other expenses, net | (4,292) | (1,652) | (4,640) | (111) |
Loss from continuing operations before income tax benefit | (3,514) | (1,727) | (3,040) | (1,950) |
Income tax benefit | (3,258) | (300) | (3,683) | (130) |
(Loss) income from continuing operations | (256) | (1,427) | 643 | (1,820) |
Gain on disposal of discontinued operations, net of taxes | 0 | 6 | 0 | 6 |
Net (loss) income | (256) | (1,421) | 643 | (1,814) |
Less: net income attributable to noncontrolling interests in consolidated subsidiaries | 428 | 108 | 687 | 829 |
Less: dividends on preferred stock | 85 | 224 | 323 | 601 |
Net loss attributable to common shareholders | $ (769) | $ (1,753) | $ (367) | $ (3,244) |
Loss per share | ||||
Loss per share – continuing operations: Basic: (in dollars per share) | $ (0.03) | $ (0.08) | $ (0.02) | $ (0.15) |
Loss per share – continuing operations: Diluted: (in dollars per share) | (0.03) | (0.08) | (0.02) | (0.15) |
Earnings per share – discontinued operations: Basic (in dollars per share) | 0 | 0 | 0 | 0 |
Earnings per share – discontinued operations: Diluted (in dollars per share) | 0 | 0 | 0 | 0 |
Basic: (in dollars per share) | (0.03) | (0.08) | (0.02) | (0.15) |
Diluted: (in dollars per share) | $ (0.03) | $ (0.08) | $ (0.02) | $ (0.15) |
Weighted-average shares outstanding (in ‘000s): | ||||
Basic: (in shares) | 22,366 | 22,211 | 22,292 | 22,140 |
Diluted: (in shares) | 22,366 | 22,211 | 22,292 | 22,140 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Net (loss) income | $ (256) | $ (1,421) | $ 643 | $ (1,814) | |
Other comprehensive (loss) income, net of taxes(1): | |||||
Unrealized (losses) gains arising during the period | [1] | (35) | 125 | (110) | 180 |
Reclassification adjustment for amounts included in net (loss) income | [1] | 2 | 5 | 14 | 66 |
Change in fair value of debt attributable to instrument-specific credit risk | [1] | (3,813) | (999) | (5,534) | 10,624 |
Other comprehensive (loss) income | [1] | (3,846) | (869) | (5,630) | 10,870 |
Comprehensive (loss) income | (4,102) | (2,290) | (4,987) | 9,056 | |
Less: comprehensive income attributable to noncontrolling interests in consolidated subsidiaries | 426 | 115 | 682 | 844 | |
Comprehensive (loss) income attributable to common shareholders | $ (4,528) | $ (2,405) | $ (5,669) | $ 8,212 | |
[1] | Net of income tax benefit of $0 and $0 for the three and six months ended June 30, 2021 and June 30, 2020, respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other comprehensive income (loss), tax | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance (in shares) at Dec. 31, 2019 | 21,866,959 | ||||||||
Balance at Dec. 31, 2019 | $ 354,101 | $ (492) | $ (388,082) | $ 35,347 | $ 874 | $ 13,080 | $ 13,954 | ||
Net (loss) income | $ 0 | 0 | 0 | (2,643) | 0 | (2,643) | 829 | (1,814) | |
Preferred stock dividends | 0 | (601) | 0 | 0 | 0 | (601) | 0 | (601) | |
Distributions to noncontrolling interest holders | 0 | 0 | 0 | 0 | 0 | 0 | (43) | (43) | |
Other comprehensive (loss) income | 0 | 0 | 0 | 0 | 10,855 | 10,855 | 15 | 10,870 | [1] |
Stock-based compensation | $ 0 | 82 | 0 | 0 | 0 | 82 | 0 | 82 | |
Vesting of restricted stock awards, net of share settlements for tax withholdings (in shares) | 94,110 | ||||||||
Vesting of restricted stock awards, net of share settlements for tax withholdings | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Conversion of redeemable Class A preferred stock to common stock (in shares) | 250,000 | ||||||||
Conversion of redeemable Class A preferred stock to common stock | $ 0 | 1,381 | 0 | 0 | 0 | 1,381 | 0 | 1,381 | |
Balance (in shares) at Jun. 30, 2020 | 22,211,069 | ||||||||
Balance at Jun. 30, 2020 | $ 0 | 354,963 | (492) | (390,725) | 46,202 | 9,948 | 13,881 | 23,829 | |
Balance (in shares) at Mar. 31, 2020 | 22,211,069 | ||||||||
Balance at Mar. 31, 2020 | $ 0 | 355,067 | (492) | (389,196) | 47,078 | 12,457 | 13,766 | 26,223 | |
Net (loss) income | 0 | 0 | 0 | (1,529) | 0 | (1,529) | 108 | (1,421) | |
Preferred stock dividends | 0 | (224) | 0 | 0 | 0 | (224) | 0 | (224) | |
Other comprehensive (loss) income | 0 | 0 | 0 | 0 | (876) | (876) | 7 | (869) | [1] |
Stock-based compensation | $ 0 | 120 | 0 | 0 | 0 | 120 | 0 | 120 | |
Balance (in shares) at Jun. 30, 2020 | 22,211,069 | ||||||||
Balance at Jun. 30, 2020 | $ 0 | 354,963 | (492) | (390,725) | 46,202 | 9,948 | 13,881 | $ 23,829 | |
Balance (in shares) at Dec. 31, 2020 | 22,211,069 | 22,211,069 | |||||||
Balance at Dec. 31, 2020 | 355,242 | (492) | (394,807) | 38,059 | (1,998) | 14,157 | $ 12,159 | ||
Balance (in shares) at Mar. 31, 2021 | 22,365,631 | ||||||||
Balance at Mar. 31, 2021 | 355,999 | (492) | (394,167) | 36,279 | (2,381) | 14,243 | $ 11,862 | ||
Balance (in shares) at Dec. 31, 2020 | 22,211,069 | 22,211,069 | |||||||
Balance at Dec. 31, 2020 | 355,242 | (492) | (394,807) | 38,059 | (1,998) | 14,157 | $ 12,159 | ||
Net (loss) income | $ 0 | 0 | 0 | (44) | 0 | (44) | 687 | 643 | |
Preferred stock dividends | 0 | (323) | 0 | 0 | 0 | (323) | 0 | (323) | |
Distributions to noncontrolling interest holders | 0 | 0 | 0 | 0 | 0 | 0 | (170) | (170) | |
Other comprehensive (loss) income | 0 | 0 | 0 | 0 | (5,625) | (5,625) | (5) | (5,630) | [1] |
Stock-based compensation | $ 0 | 1,412 | 0 | 0 | 0 | 1,412 | 0 | 1,412 | |
Vesting of restricted stock awards, net of share settlements for tax withholdings (in shares) | 154,562 | ||||||||
Vesting of restricted stock awards, net of share settlements for tax withholdings | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | |
Balance (in shares) at Jun. 30, 2021 | 22,365,631 | 22,365,631 | |||||||
Balance at Jun. 30, 2021 | $ 0 | 356,331 | (492) | (394,851) | 32,434 | (6,578) | 14,669 | $ 8,091 | |
Balance (in shares) at Mar. 31, 2021 | 22,365,631 | ||||||||
Balance at Mar. 31, 2021 | 355,999 | (492) | (394,167) | 36,279 | (2,381) | 14,243 | 11,862 | ||
Net (loss) income | $ 0 | 0 | 0 | (684) | 0 | (684) | 428 | (256) | |
Preferred stock dividends | 0 | (85) | 0 | 0 | 0 | (85) | 0 | (85) | |
Distributions to noncontrolling interest holders | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | |
Other comprehensive (loss) income | 0 | 0 | 0 | 0 | (3,845) | (3,845) | (1) | (3,846) | [1] |
Stock-based compensation | $ 0 | 417 | 0 | 0 | 0 | 417 | 0 | $ 417 | |
Balance (in shares) at Jun. 30, 2021 | 22,365,631 | 22,365,631 | |||||||
Balance at Jun. 30, 2021 | $ 0 | $ 356,331 | $ (492) | $ (394,851) | $ 32,434 | $ (6,578) | $ 14,669 | $ 8,091 | |
[1] | Net of income tax benefit of $0 and $0 for the three and six months ended June 30, 2021 and June 30, 2020, respectively. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Net (loss) income | $ 643 | $ (1,814) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Gain on disposal of discontinued operations, net of taxes | 0 | (6) |
Equity in net income of limited liability investments | (45) | (12) |
Depreciation and amortization expense | 3,138 | 3,335 |
Stock-based compensation expense, net of forfeitures | 2,407 | 82 |
Net realized gains | (238) | (216) |
Loss on change in fair value of equity investments | 196 | 108 |
Gain on change in fair value of limited liability investments, at fair value | (529) | (1,776) |
Net change in unrealized loss on private company investments | 0 | 670 |
Loss (gain) on change in fair value of debt | 1,757 | (2,443) |
Loss on change in fair value of derivatives | 73 | 0 |
Deferred income taxes | (1,052) | (272) |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Total | 0 | 117 |
Amortization of fixed maturities premiums and discounts | 88 | 58 |
Amortization of notes payable premium, discounts and debt issue costs | (430) | (447) |
Gain on extinguishment of debt | (2,494) | 0 |
Changes in operating assets and liabilities: | ||
Service fee receivable, net | (1,093) | 118 |
Other receivables, net | 2,179 | 1,776 |
Deferred acquisition costs, net | (271) | (146) |
Other assets | (10,786) | 62 |
Unpaid loss and loss adjustment expenses | (42) | (277) |
Deferred service fees | 501 | (887) |
Other, net | (5,510) | 954 |
Net cash used in operating activities | (11,508) | (1,016) |
Investing activities: | ||
Proceeds from sales and maturities of fixed maturities | 2,894 | 10,269 |
Proceeds from sales of equity investments | 23 | 0 |
Purchases of fixed maturities | (3,952) | (7,405) |
Net proceeds from limited liability investments | 168 | 134 |
Net proceeds from limited liability investments, at fair value | 13,188 | 77 |
Net proceeds from investments in private companies | 89 | 60 |
Net proceeds from other investments | 6 | 103 |
Net purchases of short-term investments | 0 | (2) |
Acquisition of business, net of cash acquired | (50) | 0 |
Net purchases of property and equipment | (506) | (105) |
Net cash provided by investing activities | 11,860 | 3,131 |
Financing activities: | ||
Distributions to noncontrolling interest holders | (170) | (43) |
Taxes paid related to net share settlements of restricted stock awards | (323) | (83) |
Principal payments on bank loans | (2,161) | (687) |
Principal proceeds from notes payable, net of debt issuance costs of $1,685 in 2021 | 13,270 | 2,858 |
Principal payments on notes payable | (11,280) | (2,012) |
Net cash (used in) provided by financing activities | (664) | 33 |
Net (decrease) increase in cash and cash equivalents and restricted cash | (312) | 2,148 |
Cash and cash equivalents and restricted cash at beginning of period | 44,945 | 25,661 |
Cash and cash equivalents and restricted cash at end of period | $ 44,633 | $ 27,809 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Notes payable, debt issuance costs | $ 1,685 |
Note 1 - Business
Note 1 - Business | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 1 Kingsway Financial Services Inc. (the "Company" or "Kingsway") was incorporated under the Business Corporations Act (Ontario) on September 19, 1989. December 31, 2018 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE 2 The accompanying unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10 10 X. not not may The accompanying unaudited consolidated interim financial statements and footnotes should be read in conjunction with the audited consolidated financial statements and footnotes included within our Annual Report on Form 10 2020 December 31, 2020 The unaudited consolidated interim financial statements include the accounts of the Company and its subsidiaries, as well as certain variable interest entities as further described in Note 6, 2020 Certain amounts in the unaudited consolidated interim financial statements for the three six June 30, 2020 2021 The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities, revenues and expenses, and the related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Changes in estimates are recorded in the accounting period in which they are determined. The critical accounting estimates and assumptions in the accompanying unaudited consolidated interim financial statements include the valuation of fixed maturities and equity investments; impairment assessment of investments; valuation of limited liability investments, at fair value; valuation of real estate investments; valuation of deferred income taxes; valuation of mandatorily redeemable preferred stock; valuation and impairment assessment of intangible assets; goodwill recoverability; deferred acquisition costs; fair value assumptions for subordinated debt obligations; fair value assumptions for stock-based compensation liabilities; and revenue recognition. The fair values of the Company's investments in fixed maturities and equity investments, limited liability investments, at fair value, real estate investments, subordinated debt, warrant liability, stock-based compensation liabilities and derivative contracts are estimated using a fair value hierarchy to categorize the inputs it uses in valuation techniques. Fair values for other investments approximate their unpaid principal balance. The carrying amounts reported in the consolidated balance sheets approximate fair values for cash and cash equivalents, restricted cash, short-term investments and certain other assets and other liabilities because of their short-term nature. |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 Except as set forth below there have been no 2020 Derivatives During the second 2021, not COVID- 19 In March 2020, 19 19 not 19. 19 19 The Company could experience other potential impacts as a result of COVID- 19, not not 10 may 19 Holding Company Liquidity The Company's Extended Warranty subsidiaries fund their obligations primarily through service fee and commission revenue. The Company's Leased Real Estate subsidiary funds its obligations through rental income. The liquidity of the holding company is managed separately from its subsidiaries. The obligations of the holding company primarily consist of holding company operating expenses; transaction-related expenses; investments; certain debt and associated interest; and any other extraordinary demands on the holding company. Actions available to the holding company to generate liquidity in order to meet its obligations include the sale of passive investments; sale of subsidiaries; issuance of debt or equity securities; exercise of warrants; distributions from the Company’s Extended Warranty subsidiaries, subject to certain restrictions; and giving notice to its Trust Preferred trustees of its intention to exercise its voluntary right to defer interest payments for up to 20 third 2018. Historically, dividends from the Leased Real Estate segment are not 21, second 2021, 11, The holding company’s liquidity, defined as the amount of cash in the bank accounts of Kingsway Financial Services Inc. and Kingsway America Inc., was $5.6 million (approximately twelve June 30, 2021 and December 31, 2020 , respectively. The amount as of June 30, 2021 July 2021 $17.1 million June 30, 2021 December 31, 2020 As of June 30, 2021 April 1, 2021 ( $6.7 June 30, 2021 not not June 30, 2021 not The Company notes there are several variables to consider in such a situation, and management is exploring the following opportunities: negotiating with the holders of the Preferred Shares with respect to key provisions, raising additional funds through capital market transactions, as well as the Company’s strategy of working to monetize its non-core investments while attempting to maximize the tradeoff between liquidity and value received. Based on the Company’s current business plan and revenue prospects, existing cash, cash equivalents, investment balances and anticipated cash flows from operations are expected to be sufficient to meet the Company’s working capital and operating expenditure requirements, excluding the cash that may twelve not 19 |
Note 4 - Recently Issued Accoun
Note 4 - Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 4 (a) Adoption of New Accounting Standards: Effective January 1, 2021, 2019 12, Income Taxes (Topic 740 2019 12 740, Income Taxes 2019 12 2019 12 not not 2019 12 not Effective January 1, 2021, 2020 01, Investments-Equity Securities (Topic 321 323 815 321, 323, 815 2020 01 321 323 ASC815 2020 01 not (b) Accounting Standards Not In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 2016 13" 2016 13 2016 13 November 15, 2019, 2019 10, 1 2 2019 10 2016 13 January 1, 2023, 2016 13 In May 2021, 2021 04, Earnings Per Share (Topic 260 470 50 718 815 40 2021 04" 2021 04 2021 04 1 2 December 15, 2021, 2021 04 |
Note 5 - Acquisition
Note 5 - Acquisition | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 5 On December 1, 2020, first 2021 fifty 18, The Company has not December 2021 may not may may The following table summarizes the estimated allocation of the PWI assets acquired and liabilities assumed at the date of acquisition: (in thousands) December 1, 2020 Cash and cash equivalents $ 90 Restricted cash 21,578 Service fee receivable 1,459 Other receivables 2,748 Income taxes recoverable 60 Property and equipment, net 175 Right-of-use asset 254 Goodwill 39,185 Other assets 1,321 Total assets $ 66,870 Accrued expenses and other liabilities $ 8,165 Lease liability 255 Deferred service fees 34,026 Total liabilities $ 42,446 Purchase price $ 24,424 |
Note 6 - Investments
Note 6 - Investments | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Investment [Text Block] | NOTE 6 The amortized cost, gross unrealized gains and losses, and estimated fair value of the Company's available-for-sale investments at June 30, 2021 December 31, 2020 (in thousands) June 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Fixed maturities: U.S. government, government agencies and authorities $ 10,433 $ 66 $ 9 $ 10,490 States, municipalities and political subdivisions 1,279 5 — 1,284 Mortgage-backed 6,025 44 3 6,066 Asset-backed 128 — 1 127 Corporate 3,605 31 1 3,635 Total fixed maturities $ 21,470 $ 146 $ 14 $ 21,602 (in thousands) December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Fixed maturities: U.S. government, government agencies and authorities $ 9,999 $ 105 $ — $ 10,104 States, municipalities and political subdivisions 1,447 7 — 1,454 Mortgage-backed 5,334 66 6 5,394 Corporate 3,708 56 — 3,764 Total fixed maturities $ 20,488 $ 234 $ 6 $ 20,716 The table below summarizes the Company's fixed maturities at June 30, 2021 may may (in thousands) June 30, 2021 Amortized Cost Estimated Fair Value Due in one year or less $ 6,254 $ 6,299 Due after one year through five years 12,128 12,205 Due after five years through ten years 1,607 1,617 Due after ten years 1,481 1,481 Total $ 21,470 $ 21,602 The following tables highlight the aggregate unrealized loss position, by security type, of available-for-sale investments in unrealized loss positions as of June 30, 2021 December 31, 2020 (in thousands) June 30, 2021 Less than 12 Months Greater than 12 Months Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Fixed maturities: U.S. government, government agencies and authorities $ 4,534 $ 9 $ — $ — $ 4,534 $ 9 Mortgage-backed 1,137 3 — — 1,137 3 Asset-backed 127 1 — — 127 1 Corporate 477 1 — — 477 1 Total fixed maturities $ 6,275 $ 14 $ — $ — $ 6,275 $ 14 (in thousands) December 31, 2020 Less than 12 Months Greater than 12 Months Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Fixed maturities: U.S. government, government agencies and authorities $ 511 $ — $ — $ — $ 511 $ — Mortgage-backed 834 6 — — 834 6 Total fixed maturities $ 1,345 $ 6 $ — $ — $ 1,345 $ 6 There are approximat ely 21 June 30, 2021 December 31, 2020 The establishment of an other-than-temporary impairment on an investment requires a number of judgments and estimates. The Company performs a quarterly analysis of the individual investments to determine if declines in market value are other-than-temporary. See the "Significant Accounting Policies and Critical Estimates" section of Management's Discussion and Analysis of Financial Condition included in the 2020 As a result of the analysis performed by the Company to determine declines in market value that are other-than-temporary, the Company did not three June 30, 2021 June 30, 2020 ( zero The Company has reviewed currently available information regarding investments with estimated fair values less than their carrying amounts and believes these unrealized losses are not not not The Company does not Limited liability investments include investments in limited liability companies and limited partnerships. The Company's interests in these investments are not no three June 30, 2021 December 31, 2020 June 30, 2021 no Limited liability investments, at fair value represents the underlying investments of the Company’s consolidated entities Net Lease Investment Grade Portfolio LLC ("Net Lease") and Argo Holdings Fund I, LLC ("Argo Holdings"). As of June 30, 2021 December 31, 2020 $20.4 million zero three six June 30, 2021 three six June 30, 2020 June 30, 2021 no The Company consolidates the financial statements of Net Lease on a three second 2021, one three third 2021 fourth 2020, one six June 30, 2021 Investments in private companies consist of convertible preferred stocks and notes in privately owned companies and investments in limited liability companies in which the Company’s interests are deemed minor. The Company's investments in private companies do not June 30, 2021 December 31, 2020 three six June 30, 2021 June 30, 2020 not The Company performs a quarterly impairment analysis of its investments in private companies. As a result of the analysis performed, the Company did not three June 30, 2021 June 30, 2020 zero six June 30, 2021 June 30, 2020 six June 30, 2020 19 The Company previously had issued promissory notes (the "Notes") to five December 31, 2020. third fourth 2020, December 31, 2020 six June 30, 2020 one zero June 30, 2021 December 31, 2020 Net investment income for the three six June 30, 2021 June 30, 2020 (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Investment income: Interest from fixed maturities $ 47 $ 79 $ 98 $ 181 Dividends 31 42 63 87 Income (loss) from limited liability investments 54 (11 ) 45 12 Income from limited liability investments, at fair value — 234 81 468 Income from real estate investments 200 200 400 400 Other 90 150 180 277 Gross investment income 422 694 867 1,425 Investment expenses (19 ) (13 ) (43 ) (25 ) Net investment income $ 403 $ 681 $ 824 $ 1,400 Gross realized gains and losses on available-for-sale investments, limited liability investments, at fair value and investments in private companies for the three six June 30, 2021 June 30, 2020 (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Gross realized gains $ 261 $ 8 $ 312 $ 216 Gross realized losses (74 ) — (74 ) — Net realized gains $ 187 $ 8 $ 238 $ 216 (Loss) gain on change in fair value of equity investments for the three six June 30, 2021 June 30, 2020 (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Net gains recognized on equity investments sold during the period $ — $ — $ 13 $ — Change in unrealized (losses) gains on equity investments held at end of the period (45 ) 489 (209 ) (108 ) (Loss) gain on change in fair value of equity investments $ (45 ) $ 489 $ (196 ) $ (108 ) Impact of COVID- 19 The Company continues to assess the impact that the COVID- 19 may may may |
Note 7 - Deferred Acquisition C
Note 7 - Deferred Acquisition Costs | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Deferred Policy Acquisition Costs [Text Block] | NOTE 7 Deferred acquisition costs consist primarily of commissions and agency expenses incurred directly related to the acquisition of vehicle service agreements and are amortized over the period in which the related revenues are earned. The components of deferred acquisition costs and the related amortization expense for the three six June 30, 2021 June 30, 2020 (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Beginning balance, net $ 8,843 $ 8,744 $ 8,835 $ 8,604 Additions 1,687 1,158 3,038 2,254 Amortization (1,424 ) (1,152 ) (2,767 ) (2,108 ) Balance at June 30, net $ 9,106 $ 8,750 $ 9,106 $ 8,750 |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 8 The Company performed a Step 1 June 30, 2021 may 11, Intangible assets at June 30, 2021 December 31, 2020 (in thousands) June 30, 2021 Gross Carrying Value Accumulated Amortization Net Carrying Value Intangible assets subject to amortization: Database $ 4,918 $ 4,242 $ 676 Vehicle service agreements in-force 3,680 3,680 — Customer relationships 12,646 7,995 4,651 In-place lease 1,125 312 813 Non-compete 266 197 69 Intangible assets not subject to amortization: Tenant relationship 73,667 — 73,667 Trade names 3,264 — 3,264 Total $ 99,566 $ 16,426 $ 83,140 (in thousands) December 31, 2020 Gross Carrying Value Accumulated Amortization Net Carrying Value Intangible assets subject to amortization: Database $ 4,918 $ 3,997 $ 921 Vehicle service agreements in-force 3,680 3,680 — Customer relationships 12,646 7,305 5,341 In-place lease 1,125 281 844 Non-compete 266 170 96 Intangible assets not subject to amortization: Tenant relationship 73,667 — 73,667 Trade names 3,264 — 3,264 Total $ 99,566 $ 15,433 $ 84,133 The Company's intangible assets with definite useful lives are amortized either based on the patterns in which the economic benefits of the intangible assets are expected to be consumed or using the straight-line method over their estimated useful lives, which range from 5 to 18 years. Amortization of intangible assets was $0.5 million and $0.6 million for the three June 30, 2021 June 30, 2020 six June 30, 2021 June 30, 2020 The tenant relationship and trade names intangible assets have indefinite useful lives and are not three six June 30, 2021 June 30, 2020 As further discussed in Note 5, December 1, 2020 2021. |
Note 9 - Property and Equipment
Note 9 - Property and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 9 Property and equipment at June 30, 2021 December 31, 2020 (in thousands) June 30, 2021 Cost Accumulated Depreciation Carrying Value Land $ 21,120 $ — $ 21,120 Site improvements 91,308 20,495 70,813 Buildings 580 72 508 Leasehold improvements 289 144 145 Furniture and equipment 1,160 1,014 146 Computer hardware 5,476 4,832 644 Total $ 119,933 $ 26,557 $ 93,376 (in thousands) December 31, 2020 Cost Accumulated Depreciation Carrying Value Land $ 21,120 $ — $ 21,120 Site improvements 91,308 18,428 72,880 Buildings 580 65 515 Leasehold improvements 296 125 171 Furniture and equipment 1,223 1,074 149 Computer hardware 4,929 4,749 180 Total $ 119,456 $ 24,441 $ 95,015 For each of the three June 30, 2021 June 30, 2020 six June 30, 2021 June 30, 2020 |
Note 10 - Derivatives
Note 10 - Derivatives | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 10 On April 1, 2021, 2020 11, February 29, 2024. not 2020 not erest rate swap. The interest rate swap is recorded in the consolidated balance sheet at fair value with changes in fair value recorded in the consolidated statement of operations. The notional amount of the interest rate swap contract is $11.4 million at June 30, 2021 June 30, 2021 three June 30, 2021 and within cash flows from operating activities in the consolidated statement of cash flows. three June 30, 2021 to settle a portion of the liabilities related to the interest rate swap agreement. These payments are reflected as cash outflows in the consolidated statements of cash flows within net cash used in operating activities. |
Note 11 - Debt
Note 11 - Debt | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 11 Debt consists of the following instruments at June 30, 2021 December 31, 2020 (in thousands) June 30, 2021 December 31, 2020 Principal Carrying Value Fair Value Principal Carrying Value Fair Value Bank loan: 2020 KWH Loan $ 23,539 $ 23,182 $ 23,915 $ 25,700 $ 25,303 $ 25,893 Total bank loan 23,539 23,182 23,915 25,700 25,303 25,893 Notes payable: Mortgage 164,123 171,280 182,871 166,106 173,696 194,158 Additional Mortgage 14,893 13,212 15,366 — — — Flower Note 6,651 6,651 7,341 6,885 6,885 7,863 Net Lease Note — — — 9,000 9,000 9,054 PPP — — — 2,476 2,476 2,476 Total notes payable 185,667 191,143 205,578 184,467 192,057 213,551 Subordinated debt 90,500 58,218 58,218 90,500 50,928 50,928 Total $ 299,706 $ 272,543 $ 287,711 $ 300,667 $ 268,288 $ 290,372 Subordinated debt mentioned above consists of the following trust preferred debt instruments: Issuer Principal (in thousands) Issue date Interest Redemption date Kingsway CT Statutory Trust I $ 15,000 12/4/2002 annual interest rate equal to LIBOR, plus 4.00% payable quarterly 12/4/2032 Kingsway CT Statutory Trust II $ 17,500 5/15/2003 annual interest rate equal to LIBOR, plus 4.10% payable quarterly 5/15/2033 Kingsway CT Statutory Trust III $ 20,000 10/29/2003 annual interest rate equal to LIBOR, plus 3.95% payable quarterly 10/29/2033 Kingsway DE Statutory Trust III $ 15,000 5/22/2003 annual interest rate equal to LIBOR, plus 4.20% payable quarterly 5/22/2033 Kingsway DE Statutory Trust IV $ 10,000 9/30/2003 annual interest rate equal to LIBOR, plus 3.85% payable quarterly 9/30/2033 Kingsway DE Statutory Trust VI $ 13,000 12/16/2003 annual interest rate equal to LIBOR, plus 4.00% payable quarterly 1/8/2034 (a) Bank loan: In 2019, December 1, 2020, "2020 2020 December 1, 2020. 2020 three June 30, 2021 2020 December 1, 2025. 2020 2020 2020 2020 2 2020 The 2020 not 2020 (b) Notes payable: As part of the acquisition of CMC Industries, Inc. ("CMC") in July 2016, May 15, 2034 2 On June 2, 2021, first 2021, 21 The Additional Mortgage matures on May 15, 2034 2 Both the Mortgage and the Additional Mortgage are nonrecourse indebtedness with respect to CMC and its subsidiaries, and the Mortgage and Additional Mortgage are not, third On January 5, 2015, 001, December 10, 2031 June 30, 2021 2 On October 15, 2015, December 31, 2020. November 1, 2020 November 1, 2020, one three October 30, 2020; three December 31, 2020 2 In April 2020, 2.5 twenty-four The Company used the entire loan amount for qualifying expenses. The U.S. Department of the Treasury has announced that it will conduct audits for PPP loans that exceed $2.0 million. If the Company were to be audited and receive an adverse outcome in such an audit, it could be required to return the full amount of the PPP Loan and may On December 21, 2020 one five January 2021 March 2021, four first 2021 December 31, 2020 (c) Subordinated debt: Between December 4, 2002 December 16, 2003, six third five The subordinated debt is carried in the consolidated balance sheets at fair value. See Note 19, $7.3 million increase in fair value of the Company’s subordinated debt between December 31, 2020 and June 30, 2021 $5.5 million is reported as increase in fair value of debt attributable to instrument-specific credit risk in the Company's consolidated statements of comprehensive (loss) income and $1.8 million During the third 2018, 20 not June 30, 2021 December 31, 2020 The agreements governing the subordinated debt contain a number of covenants that, among other things, restrict the Company’s ability to incur additional indebtedness, make dividends and distributions, and make certain payments in respect of the Company’s outstanding securities. |
Note 12 - Leases
Note 12 - Leases | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Leases of Lessee and Lessor Disclosure [Text Block] | NOTE 12 (a) Lessee leases: The Company has operating leases for office space that include fixed base rent payments, as well as variable rent payments to reimburse the landlord for operating expenses and taxes. The Company’s variable lease payments do not no Operating lease costs and variable lease costs included in general and administrative expenses for the three June 30, 2021 $0.2 million and $0.1 million, respectively ($0.5 million and $0.1 million for the six June 30, 2021 ). The annual maturities of lease liabilities as of June 30, 2021 were as follows: (in thousands) Lease Commitments 2021 $ 502 2022 899 2023 624 2024 550 2025 381 2026 and thereafter 165 Total undiscounted lease payments 3,121 Imputed interest 307 Total lease liabilities $ 2,814 The weighted-average remaining lease term for our operating leases was 4.14 years as of June 30, 2021 . The weighted average discount rate of our operating leases was 5.27% as of June 30, 2021 . Cash paid for amounts included in the measurement of lease liabilities was $0.5 million and $0.4 million fo six June 30, 2021 June 30, 2020 (b) Lessor leases: The Company owns the Real Property that is subject to a long-term triple net lease agreement with an unrelated third May 2034. three six June 30, 2021 June 30, 2020 2021 2022, 2023, 2024 2025. 9, Lease revenue related to operating leases was $3.3 million for each of the three June 30, 2021 June 30, 2020 The following table provides the net book value of operating lease property included in property and equipment in the consolidated balance sheets at June 30, 2021 December 31, 2020 (in thousands) June 30, 2021 December 31, 2020 Land $ 21,120 $ 21,120 Site improvements 91,308 91,308 Buildings 580 580 Gross property and equipment leased 113,008 113,008 Accumulation depreciation (20,567 ) (18,493 ) Net property and equipment leased $ 92,441 $ 94,515 As of June 30, 2021 , future undiscounted cash flows to be received in each of the next five (in thousands) 2021 $ 6,428 2022 12,371 2023 12,649 2024 12,934 2025 13,225 Thereafter 123,738 |
Note 13 - Revenue from Contract
Note 13 - Revenue from Contracts With Customers | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 13 Revenue from contracts with customers relates to Extended Warranty segment service fee and commission revenue. Service fee and commission revenue represents vehicle service agreement fees, guaranteed asset protection products ("GAP") commissions, maintenance support service fees, warranty product commissions, homebuilder warranty service fees and homebuilder warranty commissions based on terms of various agreements with credit unions, consumers, businesses and homebuilders. Customers either pay in full at the inception of a warranty contract or commission product sale, or on terms subject to the Company’s customary credit reviews. The following table disaggregates revenues from contracts with customers by revenue type: (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Vehicle service agreement fees and GAP commissions - IWS, Geminus and PWI $ 14,676 $ 7,557 $ 29,350 $ 15,533 Maintenance support service fees - Trinity 1,036 491 2,086 1,045 Warranty product commissions - Trinity 1,063 822 1,992 1,683 Homebuilder warranty service fees - PWSC 1,807 1,383 3,532 2,820 Homebuilder warranty commissions - PWSC 173 185 369 543 Service fee and commission revenue $ 18,755 $ 10,438 $ 37,329 $ 21,624 Vehicle service agreement fees include the fees collected to cover the costs of future automobile mechanical breakdown claims and the associated administration of those claims. Vehicle service agreement fees are earned over the duration of the vehicle service agreement contracts as the single performance obligation is satisfied. Vehicle service agreement fees are initially recorded as deferred service fees. The Company compares the remaining deferred service fees balance to the estimated amount of expected future claims under the vehicle service agreement contracts and records an additional accrual if the deferred service fees balance is less than expected future claims costs. In certain jurisdictions the Company is required to refund to a customer a pro-rata share of the vehicle service agreement fees if a customer cancels the agreement prior to the end of the term. Depending on the jurisdiction, the Company may GAP commissions include commissions from the sale of GAP products. The Company acts as an agent on behalf of the third two first second Maintenance support service fees include the service fees collected to administer equipment breakdown and maintenance support services and are earned as services are rendered. Warranty product commissions include the commissions from the sale of warranty contracts for certain new and used heating, ventilation, air conditioning ("HVAC"), standby generator, commercial LED lighting and refrigeration equipment. The Company acts as an agent on behalf of the third not Homebuilder warranty service fees include fees collected from the sale of warranties issued by new homebuilders. The Company receives a single warranty service fee as its transaction price at the time it enters into a written contract with each of its builder customers. Each contract contains two Homebuilder warranty commissions include commissions from the sale of warranty contracts for those builders who have requested and receive insurance backing of their warranty obligations. The Company acts as an agent on behalf of the third The Company's revenue recognition policies are further described in Note 2 2020 Receivables from contracts with customers are reported as service fee receivable, net in the consolidated balance sheets and at June 30, 2021 December 31, 2020 $5.0 million and $3.9 million, respectively. The Company records deferred service fees resulting from contracts with customers when payment is received in advance of satisfying the performance obligations. Deferred service fees were $88.4 million and $87.9 million at June 30, 2021 and December 31, 2020 , respectively. The increase in deferred service fees between December 31, 2020 and June 30, 2021 is primarily due to additions to deferred service fees in excess of deferred service fees recognized during the six June 30, 2021 . The Company expects to recognize within one mately of the deferred service fees as of June 30, 2021 . Approximately million and million of service fee and commission revenue recognized during the six June 30, 2021 June 30, 2020 December 31, 2020 December 31, 2019 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 14 Income tax benefit for the three six June 30, 2021 June 30, 2020 (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Income tax benefit at United States statutory income tax rate $ (738 ) $ (363 ) $ (638 ) $ (410 ) Valuation allowance (580 ) (120 ) (879 ) 121 Non-deductible compensation 198 25 336 (18 ) Non-taxable income — — (524 ) — Investment income (60 ) 7 (43 ) (121 ) State income tax 117 29 170 67 Change in unrecognized tax benefits(1) (2,853 ) 69 (2,815 ) 137 Indemnification receivable 599 (15 ) 591 (29 ) Indefinite life intangibles 53 53 107 107 Other 6 15 12 16 Income tax benefit $ (3,258 ) $ (300 ) $ (3,683 ) $ (130 ) ( 1 The Company maintains a valuation allowance for its gross deferred tax assets at June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 three June 30, 2021 June 30, 2020 six June 30, 2021 June 30, 2020 The Company carries net deferred income tax liabilities of $26.5 million a June 30, 2021 December 31, 2020 • $7.6 • $22.0 million and $21.9 million of deferred income tax liabilities related to land and indefinite lived intangible assets; • $2.5 million and $1.3 million of deferred income tax assets associated with business interest expense carryforwards with an indefinite life; and • $0.6 million and $0.6 million of deferred state income tax assets. During the three six June 30, 2021 $2.9 June 30, 2021 December 31, 2020 of $1.5 million $0.1 three June 30, 2021 June 30, 2020 benefit of $1.5 million and six June 30, 2021 June 30, 2020 June 30, 2021 December 31, 2020 of $0.1 million and $1. 6 |
Note 15 - Loss From Continuing
Note 15 - Loss From Continuing Operations Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 15 The following table sets forth the reconciliation of numerators and denominators for the basic and diluted loss from continuing operations per share computation for the three six June 30, 2021 June 30, 2020 (in thousands, except per share data) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Numerator: (Loss) income from continuing operations $ (256 ) $ (1,427 ) $ 643 $ (1,820 ) Less: net income attributable to noncontrolling interests (428 ) (108 ) (687 ) (829 ) Less: dividends on preferred stock (85 ) (224 ) (323 ) (601 ) Loss from continuing operations attributable to common shareholders $ (769 ) $ (1,759 ) $ (367 ) $ (3,250 ) Denominator: Weighted average basic shares Weighted average common shares outstanding 22,366 22,211 22,292 22,140 Weighted average diluted shares Weighted average common shares outstanding 22,366 22,211 22,292 22,140 Effect of potentially dilutive securities (a) — — — — Unvested restricted stock awards — — — — Warrants — — — — Convertible preferred stock — — — — Total weighted average diluted shares 22,366 22,211 22,292 22,140 Basic loss per share $ (0.03 ) $ (0.08 ) $ (0.02 ) $ (0.15 ) Diluted loss per share $ (0.03 ) $ (0.08 ) $ (0.02 ) $ (0.15 ) (a) Potentially dilutive securities consist of stock optio ns, unvested restricted stock awards, warrants and convertible preferred stock. Because the Company is reporting a loss from continuing operations attributable to common shareholders for three six June 30, 2021 June 30, 2020 Basic loss from continuing operations per share is calculated using weighted-average common shares outstanding. Diluted loss from continuing operations per share is calculated using weighted-average diluted shares. Weighted-average diluted shares is calculated by adding the effect of potentially dilutive securities to weighted-average common shares outstanding. The following weighted-average potentially dilutive securities are not Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Unvested restricted stock awards 1,340,000 500,000 1,340,000 500,000 Warrants 4,923,765 4,923,765 4,923,765 4,923,765 Convertible preferred stock 1,142,975 1,142,975 1,142,975 1,142,975 Total $ 7,406,740 $ 6,566,740 $ 7,406,740 $ 6,566,740 |
Note 16 - Stock-based Compensat
Note 16 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 16 (a) Restricted Stock Awards Under the 2013 March 28, 2014 ( "2014 no 2014 June 30, 2021 February 28, 2020, "2020 2020 2014 first 2020 March 28, 2014 February 28, 2020. 2014 February 28, 2020. On September 5, 2018, "2018 2018 March 28, 2024 2018 2018 2018 June 30, 2021 Under the 2020 first 2021 "2021 2021 2021 2021 first 2021, 2021 2021 2021 June 30, 2021 The following table summarizes the activity related to unvested 2021 2018 six June 30, 2021 Number of Weighted-Average Restricted Grant Date Fair Stock Awards Value (per Share) Unvested at December 31, 2020 500,000 $ 5.73 Granted 1,060,000 4.64 Vested (154,562 ) 4.64 Cancelled for Tax Withholding (65,438 ) 4.64 Unvested at June 30, 2021 1,340,000 $ 5.05 The unvested balance at June 30, 2021 2021 2018 (b) Restricted Stock Awards of PWSC The Company's subsidiary, Professional Warranty Service Corporation ("PWSC"), granted 1,000 restricted Class B common stock awards ( "2018 September 7, 2018. 2018 December 18, 2020, 2018 PWSC granted 250 restricted Class B common stock awards to an officer of PWSC pursuant to an agreement dated December 18, 2020 ( "2020 2020 The service condition for the Modified PWSC RSA and the 2020 February 20, 2022 February 20, 2022 2020 19, 2020 The Modified PWSC RSA and the 2020 February 20, 2022 February 20, 2023. six 2020 At June 30, 2021 June 30, 2021 June 30, 2021 At June 30, 2021 2020 June 30, 2021 2020 2020 June 30, 2021 zero Total stock-based compensation expense, inclusive of Restricted Stock Awards and Restricted Stock Awards of PWSC described above, net of forfeitures, was $0.7 million three June 30, 2021 June 30, 2020 ($2.4 million a six June 30, 2021 June 30, 2020 |
Note 17 - Accumulated Other Com
Note 17 - Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 17 The tables below detail the change in the balance of each component of accumulated other comprehensive income, net of tax, for the three six June 30, 2021 June 30, 2020 (in thousands) Three months ended June 30, 2021 Unrealized Gains Foreign Change in Fair Value Total (Losses) on Currency of Debt Attributable Accumulated Other Available-for-Sale Translation to Instrument-Specific Comprehensive Investments Adjustments Credit Risk Income Balance at March 31, 2021 $ 157 $ (3,286 ) $ 39,408 $ 36,279 Other comprehensive loss arising during the period (34 ) — (3,813 ) (3,847 ) Amounts reclassified from accumulated other comprehensive income 2 — — 2 Net current-period other comprehensive loss (32 ) — (3,813 ) (3,845 ) Balance at June 30, 2021 $ 125 $ (3,286 ) $ 35,595 $ 32,434 (in thousands) Three months ended June 30, 2020 Unrealized Gains Foreign Change in Fair Value Total (Losses) on Currency of Debt Attributable Accumulated Other Available-for-Sale Translation to Instrument-Specific Comprehensive Investments Adjustments Credit Risk Income Balance at March 31, 2020 $ 167 $ (3,286 ) $ 50,197 $ 47,078 Other comprehensive income (loss) arising during the period 118 — (999 ) (881 ) Amounts reclassified from accumulated other comprehensive income 5 — — 5 Net current-period other comprehensive income (loss) 123 — (999 ) (876 ) Balance at June 30, 2020 $ 290 $ (3,286 ) $ 49,198 $ 46,202 (in thousands) Six months ended June 30, 2021 Unrealized Gains Foreign Change in Fair Value Total (Losses) on Currency of Debt Attributable Accumulated Other Available-for-Sale Translation to Instrument-Specific Comprehensive Investments Adjustments Credit Risk Income Balance at January 1, 2021 $ 216 $ (3,286 ) $ 41,129 $ 38,059 Other comprehensive loss arising during the period (105 ) — (5,534 ) (5,639 ) Amounts reclassified from accumulated other comprehensive income 14 — — 14 Net current-period other comprehensive loss (91 ) — (5,534 ) (5,625 ) Balance at June 30, 2021 $ 125 $ (3,286 ) $ 35,595 $ 32,434 (in thousands) Six months ended June 30, 2020 Unrealized Gains Foreign Change in Fair Value Total (Losses) on Currency of Debt Attributable Accumulated Other Available-for-Sale Translation to Instrument-Specific Comprehensive Investments Adjustments Credit Risk Income Balance at January 1, 2020 $ 59 $ (3,286 ) $ 38,574 $ 35,347 Other comprehensive income arising during the period 165 — 10,624 10,789 Amounts reclassified from accumulated other comprehensive income 66 — — 66 Net current-period other comprehensive income 231 — 10,624 10,855 Balance at June 30, 2020 $ 290 $ (3,286 ) $ 49,198 $ 46,202 It should be noted that the unaudited consolidated statements of comprehensive (loss) income present the components of other comprehensive (loss) income, net of tax, only for the three six June 30, 2021 June 30, 2020 Components of accumulated other comprehensive income were reclassified to the following lines of the unaudited consolidated statements of operations for the three six June 30, 2021 June 30, 2020 (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Reclassification of accumulated other comprehensive income from unrealized gains (losses) on available-for-sale investments to: Net realized gains $ (2 ) $ (5 ) $ (14 ) $ (66 ) Other-than-temporary impairment loss — — — — Loss from continuing operations before income tax benefit (2 ) (5 ) (14 ) (66 ) Income tax benefit — — — — (Loss) income from continuing operations (2 ) (5 ) (14 ) (66 ) Gain on disposal of discontinued operations, net of taxes — — — — Net (loss) income $ (2 ) $ (5 ) $ (14 ) $ (66 ) |
Note 18 - Segmented Information
Note 18 - Segmented Information | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 18 The Company conducts its business through the following two reportable segments: Extended Warranty and Leased Real Estate. Extended Warranty Segment Extended Warranty includes the following subsidiaries of the Company: IWS, Geminus, PWI, PWSC and Trinity (collectively, "Extended Warranty"). IWS is a licensed motor vehicle service agreement company and is a provider of after-market vehicle protection services distributed by credit unions in 26 states and the District of Columbia to their members. Geminus primarily sells vehicle service agreements to used car buyers across the United States, through its subsidiaries, Penn and Prime. Penn and Prime distribute these products in 32 and 40 states, respectively, via independent used car dealerships and franchised car dealerships. PWI markets, sells and administers vehicle service agreements to used car buyers in all fifty three PWSC sells new home warranty products and provides administration services to home builders and homeowners across the United States. PWSC distributes its products and services through an in house sales team and through insurance brokers and insurance carriers throughout all states except Alaska and Louisiana. Trinity sells HVAC, standby generator, commercial LED lighting and refrigeration warranty products and provides equipment breakdown and maintenance support services to companies across the United States. As a seller of warranty products, Trinity markets and administers product warranty contracts for certain new and used products in the HVAC, standby generator, commercial LED lighting and refrigeration industries throughout the United States. Trinity acts as an agent on behalf of the third not Leased Real Estate Segment Leased Real Estate includes the Company's subsidiary, CMC. CMC owns the Real Property that is leased to a third Revenues and Operating Income by Reportable Segment Results for the Company's reportable segments are based on the Company's internal financial reporting systems and are consistent with those followed in the preparation of the unaudited consolidated interim financial statements. The following tables provide financial data used by management. Segment assets are not not Revenues by reportable segment reconciled to consolidated revenues for the three six June 30, 2021 June 30, 2020 (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Revenues: Extended Warranty: Service fee and commission revenue $ 18,755 $ 10,438 $ 37,329 $ 21,624 Total Extended Warranty 18,755 10,438 37,329 21,624 Leased Real Estate: Rental revenue 3,341 3,341 6,682 6,682 Total Leased Real Estate 3,341 3,341 6,682 6,682 Total revenues $ 22,096 $ 13,779 $ 44,011 $ 28,306 The operating income by reportable segment in the following table is before income taxes and includes revenues and direct segment costs. Total segment operating income reconciled to the consolidated (loss) income from continuing operations for the three six June 30, 2021 June 30, 2020 (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Segment operating income: Extended Warranty (a) $ 2,600 $ 1,285 $ 7,910 $ 2,135 Leased Real Estate (b) (2,302 ) 838 (1,009 ) 1,435 Total segment operating income 298 2,123 6,901 3,570 Net investment income 403 681 824 1,400 Net realized gains 187 8 238 216 (Loss) gain on change in fair value of equity investments (45 ) 489 (196 ) (108 ) Gain (loss) on change in fair value of limited liability investments, at fair value 731 (123 ) 529 1,776 Net change in unrealized loss on private company investments — — — (670 ) Other-than-temporary impairment loss — — — (117 ) Interest expense not allocated to segments (1,593 ) (1,997 ) (3,145 ) (4,150 ) Other revenue and expenses not allocated to segments, net (2,261 ) (2,133 ) (5,752 ) (5,163 ) Amortization of intangible assets (496 ) (573 ) (993 ) (1,147 ) (Loss) gain on change in fair value of debt (738 ) (202 ) (1,757 ) 2,443 Gain on extinguishment of debt not allocated to segments — — 311 — Loss from continuing operations before income tax benefit (3,514 ) (1,727 ) (3,040 ) (1,950 ) Income tax benefit (3,258 ) (300 ) (3,683 ) (130 ) (Loss) income from continuing operations $ (256 ) $ (1,427 ) $ 643 $ (1,820 ) (a) For the six June 30, 2021 six June 30, 2021 11, (b) For the three six June 30, 2021 not $2.9 |
Note 19 - Fair Value of Financi
Note 19 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 19 Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best evidenced by quoted bid or ask price, as appropriate, in an active market. Where bid or ask prices are not not may not may not not may The Company employs a fair value hierarchy to categorize the inputs it uses in valuation techniques to measure the fair value. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1: • Level 1 • Level 2 not • Level 3 one not The Company classifies its investments in fixed maturities as available-for-sale and reports these investments at fair value. The Company's equity investments, limited liability investments, at fair value, real estate investments, subordinated debt, warrant liability, stock-based compensation liabilities and derivative contracts (interest rate swap) are measured and reported at fair value. Fixed maturities - no third 2. 2 The Company engages a third third third third third third not The following is a description of the significant inputs, by asset class, used by the third 2: • U.S. government, government agencies and authorities are generally priced using the market approach. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets and maturity. • States, municipalities and political subdivisions are generally priced using the market approach. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, new issuances and credit spreads. • Mortgage-backed and asset-backed securities are generally priced using the market approach. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, expected prepayments, expected credit default rates, delinquencies and issue specific information including, but not • Corporate securities are generally priced using the market approach using pricing vendors. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, issuer rating, benchmark yields, maturity and credit spreads. Equity investments - no Limited liability investments, at fair value • The fair value of Net Lease's investments in limited liability companies is based upon the net asset values of the underlying investments in companies as a practical expedient to estimate fair value. The Company applies the net asset value practical expedient to Net Lease's limited liability investments on an investment-by-investment basis unless it is probable that the Company will sell a portion of an investment at an amount different from the net asset value of the investment. Investments that are measured at fair value using the net asset value practical expedient are not • The fair value of Argo Holdings' limited liability investments that hold investments in search funds is based on the initial investment in the search funds. The fair value of Argo Holdings' limited liability investments that hold investments in private operating companies is valued using a market approach including valuation multiples applied to corresponding performance metrics, such as earnings before interest, tax, depreciation and amortization; revenue; or net earnings. The selected valuation multiples were estimated using multiples provided by the investees and review of those multiples in light of investor updates, performance reports, financial statements and other relevant information. These investments are categorized in Level 3 Real estate investments - 3 Subordinated debt - third third 2 Warrant liability - March 1, 2019. December 1, 2020, 2019 3 Stock-based compensation liabilities - 16, twelve 3 Derivative contracts - 10, April 1, 2021 2020 third 2 Assets and Liabilities Measured at Fair Value on a Recurring Basis The balances of the Company's financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2021 December 31, 2020 not (in thousands) June 30, 2021 Fair Value Measurements at the End of the Reporting Period Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Measured at Total (Level 1) (Level 2) (Level 3) Net Asset Value Recurring fair value measurements: Assets: Fixed maturities: U.S. government, government agencies and authorities $ 10,490 $ — $ 10,490 $ — $ — States, municipalities and political subdivisions 1,284 — 1,284 — — Mortgage-backed 6,066 — 6,066 — — Asset-backed 127 — 127 — — Corporate 3,635 — 3,635 — — Total fixed maturities 21,602 — 21,602 — — Equity investments: Common stock 193 193 — — — Warrants 32 — 32 — — Total equity investments 225 193 32 — — Limited liability investments, at fair value 20,362 — — 3,302 17,060 Real estate investments 10,662 — — 10,662 — Total assets $ 52,851 $ 193 $ 21,634 $ 13,964 $ 17,060 Liabilities: Subordinated debt $ 58,218 $ — $ 58,218 $ — $ — Stock-based compensation liabilities 1,134 — — 1,134 — Derivative contract - interest rate swap 73 — 73 — — Total liabilities $ 59,425 $ — $ 58,291 $ 1,134 $ — (in thousands) December 31, 2020 Fair Value Measurements at the End of the Reporting Period Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Measured at Total (Level 1) (Level 2) (Level 3) Net Asset Value Recurring fair value measurements: Assets: Fixed maturities: U.S. government, government agencies and authorities $ 10,104 $ — $ 10,104 $ — $ — States municipalities and political subdivisions 1,454 — 1,454 — — Mortgage-backed 5,394 — 5,394 — — Corporate 3,764 — 3,764 — — Total fixed maturities 20,716 — 20,716 — — Equity investments: Common stock 155 155 — — — Warrants 289 17 272 — — Total equity investments 444 172 272 — — Limited liability investments, at fair value 32,811 — — 3,263 29,548 Real estate investments 10,662 — — 10,662 — Total assets $ 64,633 $ 172 $ 20,988 $ 13,925 $ 29,548 Liabilities: Subordinated debt $ 50,928 $ — $ 50,928 $ — $ — Stock-based compensation liabilities 443 — — 443 — Total liabilities $ 51,371 $ — $ 50,928 $ 443 $ — The following table provides a reconciliation of the fair value of recurring Level 3 three six June 30, 2021 June 30, 2020 (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Assets: Limited liability investments, at fair value: Beginning balance $ 3,374 $ 4,413 $ 3,263 $ 4,392 Distributions received (211 ) — (233 ) (77 ) Realized gains included in net (loss) income 188 — 210 86 Change in fair value of limited liability investments, at fair value included in net (loss) income (49 ) (123 ) 62 (111 ) Ending balance $ 3,302 $ 4,290 $ 3,302 $ 4,290 Unrealized gains on limited liability investments, at fair value held at end of period: Included in net (loss) income $ (49 ) $ (123 ) $ 62 $ (111 ) Included in other comprehensive (loss) income $ — $ — $ — $ — Real estate investments: Beginning balance $ 10,662 $ 10,662 $ 10,662 $ 10,662 Change in fair value of real estate investments included in net (loss) income — — — — Ending balance $ 10,662 $ 10,662 $ 10,662 $ 10,662 Unrealized gains recognized on real estate investments held at end of period: Included in net (loss) income — — — — Included in other comprehensive (loss) income — — — — Ending balance - assets $ 13,964 $ 14,952 $ 13,964 $ 14,952 Liabilities: Warrant liability: Beginning balance $ — $ 216 $ — $ 249 Change in fair value of warrant liability included in net (loss) income — 43 — 10 Ending balance $ — $ 259 $ — $ 259 Unrealized gains recognized on warrant liability held at end of period: Included in net (loss) income $ — $ 43 $ — $ 10 Included in other comprehensive (loss) income $ — $ — $ — $ — Stock-based compensation liabilities: Beginning balance $ 844 $ — $ 443 $ — Change in fair value of stock-based compensation liabilities included in net (loss) income 290 — 691 — Ending balance $ 1,134 $ — $ 1,134 $ — Ending balance - liabilities $ 1,134 $ 259 $ 1,134 $ 259 The following table summarizes the valuation techniques and significant unobservable inputs utilized in determining fair values for the Company's investments that are categorized as Level 3 June 30, 2021 Categories Fair Value Valuation Techniques Unobservable Inputs Input Value(s) Limited liability investments, at fair value $ 3,302 Market approach Valuation multiples 3.1x - 8.0x Real estate investments $ 10,662 Market and income approach Cap rates 7.5 % Stock-based compensation liabilities $ 1,134 Market approach Valuation multiple 6.0x The following table summarizes the valuation techniques and significant unobservable inputs utilized in determining fair values for the Company's investments that are categorized as Level 3 December 31, 2020 Categories Fair Value Valuation Techniques Unobservable Inputs Input Value(s) Limited liability investments, at fair value $ 3,263 Market approach Valuation multiples 3.1x - 8.0x Real estate investments $ 10,662 Market and income approach Cap rates 7.5 % Stock-based compensation liabilities $ 443 Market approach Valuation multiple 6.0x Investments Measured Using the Net Asset Value per Share Practical Expedient The following table summarizes investments for which fair value is measured using the net asset value per share practical expedient at June 30, 2021 Fair Value Redemption Category (in thousands) Unfunded Commitments Redemption Frequency Notice Period Limited liability investments, at fair value $ 17,060 n/a n/a n/a The following table summarizes investments for which fair value is measured using the net asset value per share practical expedient at December 31, 2020 Fair Value Redemption Category (in thousands) Unfunded Commitments Redemption Frequency Notice Period Limited liability investments, at fair value $ 29,548 n/a n/a n/a Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis, including assets that are adjusted for observable price changes or written down to fair value as a result of an impairment. For the three six June 30, 2021 June 30, 2020 not zero three June 30, 2021 June 30, 2020 six June 30, 2021 June 30, 2020 six June 30, 2021 19 third 3 |
Note 20 - Related Parties
Note 20 - Related Parties | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 20 Related party transactions, including services provided to or received by the Company's subsidiaries, are measured in part by the amount of consideration paid or received as established and agreed by the parties. Except where disclosed elsewhere in these unaudited consolidated interim financial statements, the following is a summary of related party relationships and transactions. Argo Management Group, LLC The Company acquired Argo Management Group, LLC ("Argo Management") in April 2016. June 30, 2021 December 31, 2020 no six June 30, 2021 December 31, 2020 |
Note 21 - Commitments and Conti
Note 21 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 21 (a) Legal proceedings: In April 2018, July 2016 not In March 2021, (a) if such net proceeds are equal to or greater than $72 million, (i) CMCA would receive the first or (b) if such net proceeds are less than $72 million, (i) 55% to CMCA as a distribution of a preferred return on its ownership of CMC, (ii) 12.9% to CRIC as a distribution on its ownership of CMC, and (iii) 32.1% to DGI in the form of a management fee to DGI under the MSA. On June 2, 2021, second 2021 In May 2016, November 2015 January 20, 2020, one first 2020, may third fourth 2020, December 31, 2020 six June 30, 2021 not June 30, 2021 no June 30, 2021 (b) Guarantees: As part of the October 18, 2018 June 30, 2018 no six June 30, 2021 June 30, 2020 not June 30, 2021 no June 30, 2021 In conjunction with the Additional Mortgage, TRT paid a guarantee fee of $1.1 million to a third (c) Collateral pledged and restricted cash: Short-term investments with an estimated fair value o f $0.2 million a June 30, 2021 December 31, 2020 The Company also has restricted cash of $27.5 million and $30.6 million at June 30, 2021 December 31, 2020 • $24.7 million and $27.7 million at June 30, 2021 and December 31, 2020 , respectively, held as deposits by IWS, PWSC, Geminus and PWI; • $1.9 million at both June 30, 2021 and December 31, 2020 , on deposit with state regulatory authorities; and • $0.9 million and $1.0 million at June 30, 2021 and December 31, 2020 , respectively, pledged to third |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Derivatives, Policy [Policy Text Block] | Derivatives During the second 2021, not |
Effect of Covid-19 Pandemic, Policy [Policy Text Block] | COVID- 19 In March 2020, 19 19 not 19. 19 19 The Company could experience other potential impacts as a result of COVID- 19, not not 10 may 19 |
Holding Company Liquidity, Policy [Policy Text Block] | Holding Company Liquidity The Company's Extended Warranty subsidiaries fund their obligations primarily through service fee and commission revenue. The Company's Leased Real Estate subsidiary funds its obligations through rental income. The liquidity of the holding company is managed separately from its subsidiaries. The obligations of the holding company primarily consist of holding company operating expenses; transaction-related expenses; investments; certain debt and associated interest; and any other extraordinary demands on the holding company. Actions available to the holding company to generate liquidity in order to meet its obligations include the sale of passive investments; sale of subsidiaries; issuance of debt or equity securities; exercise of warrants; distributions from the Company’s Extended Warranty subsidiaries, subject to certain restrictions; and giving notice to its Trust Preferred trustees of its intention to exercise its voluntary right to defer interest payments for up to 20 third 2018. Historically, dividends from the Leased Real Estate segment are not 21, second 2021, 11, The holding company’s liquidity, defined as the amount of cash in the bank accounts of Kingsway Financial Services Inc. and Kingsway America Inc., was $5.6 million (approximately twelve June 30, 2021 and December 31, 2020 , respectively. The amount as of June 30, 2021 July 2021 $17.1 million June 30, 2021 December 31, 2020 As of June 30, 2021 April 1, 2021 ( $6.7 June 30, 2021 not not June 30, 2021 not The Company notes there are several variables to consider in such a situation, and management is exploring the following opportunities: negotiating with the holders of the Preferred Shares with respect to key provisions, raising additional funds through capital market transactions, as well as the Company’s strategy of working to monetize its non-core investments while attempting to maximize the tradeoff between liquidity and value received. Based on the Company’s current business plan and revenue prospects, existing cash, cash equivalents, investment balances and anticipated cash flows from operations are expected to be sufficient to meet the Company’s working capital and operating expenditure requirements, excluding the cash that may twelve not 19 |
Note 5 - Acquisition (Tables)
Note 5 - Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (in thousands) December 1, 2020 Cash and cash equivalents $ 90 Restricted cash 21,578 Service fee receivable 1,459 Other receivables 2,748 Income taxes recoverable 60 Property and equipment, net 175 Right-of-use asset 254 Goodwill 39,185 Other assets 1,321 Total assets $ 66,870 Accrued expenses and other liabilities $ 8,165 Lease liability 255 Deferred service fees 34,026 Total liabilities $ 42,446 Purchase price $ 24,424 |
Note 6 - Investments (Tables)
Note 6 - Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Unrealized Loss on Investments [Table Text Block] | (in thousands) June 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Fixed maturities: U.S. government, government agencies and authorities $ 10,433 $ 66 $ 9 $ 10,490 States, municipalities and political subdivisions 1,279 5 — 1,284 Mortgage-backed 6,025 44 3 6,066 Asset-backed 128 — 1 127 Corporate 3,605 31 1 3,635 Total fixed maturities $ 21,470 $ 146 $ 14 $ 21,602 (in thousands) December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Fixed maturities: U.S. government, government agencies and authorities $ 9,999 $ 105 $ — $ 10,104 States, municipalities and political subdivisions 1,447 7 — 1,454 Mortgage-backed 5,334 66 6 5,394 Corporate 3,708 56 — 3,764 Total fixed maturities $ 20,488 $ 234 $ 6 $ 20,716 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (in thousands) June 30, 2021 Amortized Cost Estimated Fair Value Due in one year or less $ 6,254 $ 6,299 Due after one year through five years 12,128 12,205 Due after five years through ten years 1,607 1,617 Due after ten years 1,481 1,481 Total $ 21,470 $ 21,602 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | (in thousands) June 30, 2021 Less than 12 Months Greater than 12 Months Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Fixed maturities: U.S. government, government agencies and authorities $ 4,534 $ 9 $ — $ — $ 4,534 $ 9 Mortgage-backed 1,137 3 — — 1,137 3 Asset-backed 127 1 — — 127 1 Corporate 477 1 — — 477 1 Total fixed maturities $ 6,275 $ 14 $ — $ — $ 6,275 $ 14 (in thousands) December 31, 2020 Less than 12 Months Greater than 12 Months Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Fixed maturities: U.S. government, government agencies and authorities $ 511 $ — $ — $ — $ 511 $ — Mortgage-backed 834 6 — — 834 6 Total fixed maturities $ 1,345 $ 6 $ — $ — $ 1,345 $ 6 |
Investment Income [Table Text Block] | (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Investment income: Interest from fixed maturities $ 47 $ 79 $ 98 $ 181 Dividends 31 42 63 87 Income (loss) from limited liability investments 54 (11 ) 45 12 Income from limited liability investments, at fair value — 234 81 468 Income from real estate investments 200 200 400 400 Other 90 150 180 277 Gross investment income 422 694 867 1,425 Investment expenses (19 ) (13 ) (43 ) (25 ) Net investment income $ 403 $ 681 $ 824 $ 1,400 |
Realized Gain (Loss) on Investments [Table Text Block] | (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Gross realized gains $ 261 $ 8 $ 312 $ 216 Gross realized losses (74 ) — (74 ) — Net realized gains $ 187 $ 8 $ 238 $ 216 |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Net gains recognized on equity investments sold during the period $ — $ — $ 13 $ — Change in unrealized (losses) gains on equity investments held at end of the period (45 ) 489 (209 ) (108 ) (Loss) gain on change in fair value of equity investments $ (45 ) $ 489 $ (196 ) $ (108 ) |
Note 7 - Deferred Acquisition_2
Note 7 - Deferred Acquisition Costs (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Deferred Policy Acquisition Costs [Table Text Block] | (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Beginning balance, net $ 8,843 $ 8,744 $ 8,835 $ 8,604 Additions 1,687 1,158 3,038 2,254 Amortization (1,424 ) (1,152 ) (2,767 ) (2,108 ) Balance at June 30, net $ 9,106 $ 8,750 $ 9,106 $ 8,750 |
Note 8 - Intangible Assets (Tab
Note 8 - Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (in thousands) June 30, 2021 Gross Carrying Value Accumulated Amortization Net Carrying Value Intangible assets subject to amortization: Database $ 4,918 $ 4,242 $ 676 Vehicle service agreements in-force 3,680 3,680 — Customer relationships 12,646 7,995 4,651 In-place lease 1,125 312 813 Non-compete 266 197 69 Intangible assets not subject to amortization: Tenant relationship 73,667 — 73,667 Trade names 3,264 — 3,264 Total $ 99,566 $ 16,426 $ 83,140 (in thousands) December 31, 2020 Gross Carrying Value Accumulated Amortization Net Carrying Value Intangible assets subject to amortization: Database $ 4,918 $ 3,997 $ 921 Vehicle service agreements in-force 3,680 3,680 — Customer relationships 12,646 7,305 5,341 In-place lease 1,125 281 844 Non-compete 266 170 96 Intangible assets not subject to amortization: Tenant relationship 73,667 — 73,667 Trade names 3,264 — 3,264 Total $ 99,566 $ 15,433 $ 84,133 |
Note 9 - Property and Equipme_2
Note 9 - Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) June 30, 2021 Cost Accumulated Depreciation Carrying Value Land $ 21,120 $ — $ 21,120 Site improvements 91,308 20,495 70,813 Buildings 580 72 508 Leasehold improvements 289 144 145 Furniture and equipment 1,160 1,014 146 Computer hardware 5,476 4,832 644 Total $ 119,933 $ 26,557 $ 93,376 (in thousands) December 31, 2020 Cost Accumulated Depreciation Carrying Value Land $ 21,120 $ — $ 21,120 Site improvements 91,308 18,428 72,880 Buildings 580 65 515 Leasehold improvements 296 125 171 Furniture and equipment 1,223 1,074 149 Computer hardware 4,929 4,749 180 Total $ 119,456 $ 24,441 $ 95,015 |
Note 11 - Debt (Tables)
Note 11 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | (in thousands) June 30, 2021 December 31, 2020 Principal Carrying Value Fair Value Principal Carrying Value Fair Value Bank loan: 2020 KWH Loan $ 23,539 $ 23,182 $ 23,915 $ 25,700 $ 25,303 $ 25,893 Total bank loan 23,539 23,182 23,915 25,700 25,303 25,893 Notes payable: Mortgage 164,123 171,280 182,871 166,106 173,696 194,158 Additional Mortgage 14,893 13,212 15,366 — — — Flower Note 6,651 6,651 7,341 6,885 6,885 7,863 Net Lease Note — — — 9,000 9,000 9,054 PPP — — — 2,476 2,476 2,476 Total notes payable 185,667 191,143 205,578 184,467 192,057 213,551 Subordinated debt 90,500 58,218 58,218 90,500 50,928 50,928 Total $ 299,706 $ 272,543 $ 287,711 $ 300,667 $ 268,288 $ 290,372 |
Schedule of Subordinated Borrowing [Table Text Block] | Issuer Principal (in thousands) Issue date Interest Redemption date Kingsway CT Statutory Trust I $ 15,000 12/4/2002 annual interest rate equal to LIBOR, plus 4.00% payable quarterly 12/4/2032 Kingsway CT Statutory Trust II $ 17,500 5/15/2003 annual interest rate equal to LIBOR, plus 4.10% payable quarterly 5/15/2033 Kingsway CT Statutory Trust III $ 20,000 10/29/2003 annual interest rate equal to LIBOR, plus 3.95% payable quarterly 10/29/2033 Kingsway DE Statutory Trust III $ 15,000 5/22/2003 annual interest rate equal to LIBOR, plus 4.20% payable quarterly 5/22/2033 Kingsway DE Statutory Trust IV $ 10,000 9/30/2003 annual interest rate equal to LIBOR, plus 3.85% payable quarterly 9/30/2033 Kingsway DE Statutory Trust VI $ 13,000 12/16/2003 annual interest rate equal to LIBOR, plus 4.00% payable quarterly 1/8/2034 |
Note 12 - Leases (Tables)
Note 12 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (in thousands) Lease Commitments 2021 $ 502 2022 899 2023 624 2024 550 2025 381 2026 and thereafter 165 Total undiscounted lease payments 3,121 Imputed interest 307 Total lease liabilities $ 2,814 |
Schedule of Components of Leveraged Lease Investments [Table Text Block] | (in thousands) June 30, 2021 December 31, 2020 Land $ 21,120 $ 21,120 Site improvements 91,308 91,308 Buildings 580 580 Gross property and equipment leased 113,008 113,008 Accumulation depreciation (20,567 ) (18,493 ) Net property and equipment leased $ 92,441 $ 94,515 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | (in thousands) 2021 $ 6,428 2022 12,371 2023 12,649 2024 12,934 2025 13,225 Thereafter 123,738 |
Note 13 - Revenue from Contra_2
Note 13 - Revenue from Contracts With Customers (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Vehicle service agreement fees and GAP commissions - IWS, Geminus and PWI $ 14,676 $ 7,557 $ 29,350 $ 15,533 Maintenance support service fees - Trinity 1,036 491 2,086 1,045 Warranty product commissions - Trinity 1,063 822 1,992 1,683 Homebuilder warranty service fees - PWSC 1,807 1,383 3,532 2,820 Homebuilder warranty commissions - PWSC 173 185 369 543 Service fee and commission revenue $ 18,755 $ 10,438 $ 37,329 $ 21,624 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Income tax benefit at United States statutory income tax rate $ (738 ) $ (363 ) $ (638 ) $ (410 ) Valuation allowance (580 ) (120 ) (879 ) 121 Non-deductible compensation 198 25 336 (18 ) Non-taxable income — — (524 ) — Investment income (60 ) 7 (43 ) (121 ) State income tax 117 29 170 67 Change in unrecognized tax benefits(1) (2,853 ) 69 (2,815 ) 137 Indemnification receivable 599 (15 ) 591 (29 ) Indefinite life intangibles 53 53 107 107 Other 6 15 12 16 Income tax benefit $ (3,258 ) $ (300 ) $ (3,683 ) $ (130 ) |
Note 15 - Loss From Continuin_2
Note 15 - Loss From Continuing Operations Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands, except per share data) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Numerator: (Loss) income from continuing operations $ (256 ) $ (1,427 ) $ 643 $ (1,820 ) Less: net income attributable to noncontrolling interests (428 ) (108 ) (687 ) (829 ) Less: dividends on preferred stock (85 ) (224 ) (323 ) (601 ) Loss from continuing operations attributable to common shareholders $ (769 ) $ (1,759 ) $ (367 ) $ (3,250 ) Denominator: Weighted average basic shares Weighted average common shares outstanding 22,366 22,211 22,292 22,140 Weighted average diluted shares Weighted average common shares outstanding 22,366 22,211 22,292 22,140 Effect of potentially dilutive securities (a) — — — — Unvested restricted stock awards — — — — Warrants — — — — Convertible preferred stock — — — — Total weighted average diluted shares 22,366 22,211 22,292 22,140 Basic loss per share $ (0.03 ) $ (0.08 ) $ (0.02 ) $ (0.15 ) Diluted loss per share $ (0.03 ) $ (0.08 ) $ (0.02 ) $ (0.15 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Unvested restricted stock awards 1,340,000 500,000 1,340,000 500,000 Warrants 4,923,765 4,923,765 4,923,765 4,923,765 Convertible preferred stock 1,142,975 1,142,975 1,142,975 1,142,975 Total $ 7,406,740 $ 6,566,740 $ 7,406,740 $ 6,566,740 |
Note 16 - Stock-based Compens_2
Note 16 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Number of Weighted-Average Restricted Grant Date Fair Stock Awards Value (per Share) Unvested at December 31, 2020 500,000 $ 5.73 Granted 1,060,000 4.64 Vested (154,562 ) 4.64 Cancelled for Tax Withholding (65,438 ) 4.64 Unvested at June 30, 2021 1,340,000 $ 5.05 |
Note 17 - Accumulated Other C_2
Note 17 - Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (in thousands) Three months ended June 30, 2021 Unrealized Gains Foreign Change in Fair Value Total (Losses) on Currency of Debt Attributable Accumulated Other Available-for-Sale Translation to Instrument-Specific Comprehensive Investments Adjustments Credit Risk Income Balance at March 31, 2021 $ 157 $ (3,286 ) $ 39,408 $ 36,279 Other comprehensive loss arising during the period (34 ) — (3,813 ) (3,847 ) Amounts reclassified from accumulated other comprehensive income 2 — — 2 Net current-period other comprehensive loss (32 ) — (3,813 ) (3,845 ) Balance at June 30, 2021 $ 125 $ (3,286 ) $ 35,595 $ 32,434 (in thousands) Three months ended June 30, 2020 Unrealized Gains Foreign Change in Fair Value Total (Losses) on Currency of Debt Attributable Accumulated Other Available-for-Sale Translation to Instrument-Specific Comprehensive Investments Adjustments Credit Risk Income Balance at March 31, 2020 $ 167 $ (3,286 ) $ 50,197 $ 47,078 Other comprehensive income (loss) arising during the period 118 — (999 ) (881 ) Amounts reclassified from accumulated other comprehensive income 5 — — 5 Net current-period other comprehensive income (loss) 123 — (999 ) (876 ) Balance at June 30, 2020 $ 290 $ (3,286 ) $ 49,198 $ 46,202 (in thousands) Six months ended June 30, 2021 Unrealized Gains Foreign Change in Fair Value Total (Losses) on Currency of Debt Attributable Accumulated Other Available-for-Sale Translation to Instrument-Specific Comprehensive Investments Adjustments Credit Risk Income Balance at January 1, 2021 $ 216 $ (3,286 ) $ 41,129 $ 38,059 Other comprehensive loss arising during the period (105 ) — (5,534 ) (5,639 ) Amounts reclassified from accumulated other comprehensive income 14 — — 14 Net current-period other comprehensive loss (91 ) — (5,534 ) (5,625 ) Balance at June 30, 2021 $ 125 $ (3,286 ) $ 35,595 $ 32,434 (in thousands) Six months ended June 30, 2020 Unrealized Gains Foreign Change in Fair Value Total (Losses) on Currency of Debt Attributable Accumulated Other Available-for-Sale Translation to Instrument-Specific Comprehensive Investments Adjustments Credit Risk Income Balance at January 1, 2020 $ 59 $ (3,286 ) $ 38,574 $ 35,347 Other comprehensive income arising during the period 165 — 10,624 10,789 Amounts reclassified from accumulated other comprehensive income 66 — — 66 Net current-period other comprehensive income 231 — 10,624 10,855 Balance at June 30, 2020 $ 290 $ (3,286 ) $ 49,198 $ 46,202 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Reclassification of accumulated other comprehensive income from unrealized gains (losses) on available-for-sale investments to: Net realized gains $ (2 ) $ (5 ) $ (14 ) $ (66 ) Other-than-temporary impairment loss — — — — Loss from continuing operations before income tax benefit (2 ) (5 ) (14 ) (66 ) Income tax benefit — — — — (Loss) income from continuing operations (2 ) (5 ) (14 ) (66 ) Gain on disposal of discontinued operations, net of taxes — — — — Net (loss) income $ (2 ) $ (5 ) $ (14 ) $ (66 ) |
Note 18 - Segmented Informati_2
Note 18 - Segmented Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Revenues: Extended Warranty: Service fee and commission revenue $ 18,755 $ 10,438 $ 37,329 $ 21,624 Total Extended Warranty 18,755 10,438 37,329 21,624 Leased Real Estate: Rental revenue 3,341 3,341 6,682 6,682 Total Leased Real Estate 3,341 3,341 6,682 6,682 Total revenues $ 22,096 $ 13,779 $ 44,011 $ 28,306 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Segment operating income: Extended Warranty (a) $ 2,600 $ 1,285 $ 7,910 $ 2,135 Leased Real Estate (b) (2,302 ) 838 (1,009 ) 1,435 Total segment operating income 298 2,123 6,901 3,570 Net investment income 403 681 824 1,400 Net realized gains 187 8 238 216 (Loss) gain on change in fair value of equity investments (45 ) 489 (196 ) (108 ) Gain (loss) on change in fair value of limited liability investments, at fair value 731 (123 ) 529 1,776 Net change in unrealized loss on private company investments — — — (670 ) Other-than-temporary impairment loss — — — (117 ) Interest expense not allocated to segments (1,593 ) (1,997 ) (3,145 ) (4,150 ) Other revenue and expenses not allocated to segments, net (2,261 ) (2,133 ) (5,752 ) (5,163 ) Amortization of intangible assets (496 ) (573 ) (993 ) (1,147 ) (Loss) gain on change in fair value of debt (738 ) (202 ) (1,757 ) 2,443 Gain on extinguishment of debt not allocated to segments — — 311 — Loss from continuing operations before income tax benefit (3,514 ) (1,727 ) (3,040 ) (1,950 ) Income tax benefit (3,258 ) (300 ) (3,683 ) (130 ) (Loss) income from continuing operations $ (256 ) $ (1,427 ) $ 643 $ (1,820 ) |
Note 19 - Fair Value of Finan_2
Note 19 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (in thousands) June 30, 2021 Fair Value Measurements at the End of the Reporting Period Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Measured at Total (Level 1) (Level 2) (Level 3) Net Asset Value Recurring fair value measurements: Assets: Fixed maturities: U.S. government, government agencies and authorities $ 10,490 $ — $ 10,490 $ — $ — States, municipalities and political subdivisions 1,284 — 1,284 — — Mortgage-backed 6,066 — 6,066 — — Asset-backed 127 — 127 — — Corporate 3,635 — 3,635 — — Total fixed maturities 21,602 — 21,602 — — Equity investments: Common stock 193 193 — — — Warrants 32 — 32 — — Total equity investments 225 193 32 — — Limited liability investments, at fair value 20,362 — — 3,302 17,060 Real estate investments 10,662 — — 10,662 — Total assets $ 52,851 $ 193 $ 21,634 $ 13,964 $ 17,060 Liabilities: Subordinated debt $ 58,218 $ — $ 58,218 $ — $ — Stock-based compensation liabilities 1,134 — — 1,134 — Derivative contract - interest rate swap 73 — 73 — — Total liabilities $ 59,425 $ — $ 58,291 $ 1,134 $ — (in thousands) December 31, 2020 Fair Value Measurements at the End of the Reporting Period Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Measured at Total (Level 1) (Level 2) (Level 3) Net Asset Value Recurring fair value measurements: Assets: Fixed maturities: U.S. government, government agencies and authorities $ 10,104 $ — $ 10,104 $ — $ — States municipalities and political subdivisions 1,454 — 1,454 — — Mortgage-backed 5,394 — 5,394 — — Corporate 3,764 — 3,764 — — Total fixed maturities 20,716 — 20,716 — — Equity investments: Common stock 155 155 — — — Warrants 289 17 272 — — Total equity investments 444 172 272 — — Limited liability investments, at fair value 32,811 — — 3,263 29,548 Real estate investments 10,662 — — 10,662 — Total assets $ 64,633 $ 172 $ 20,988 $ 13,925 $ 29,548 Liabilities: Subordinated debt $ 50,928 $ — $ 50,928 $ — $ — Stock-based compensation liabilities 443 — — 443 — Total liabilities $ 51,371 $ — $ 50,928 $ 443 $ — |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (in thousands) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Assets: Limited liability investments, at fair value: Beginning balance $ 3,374 $ 4,413 $ 3,263 $ 4,392 Distributions received (211 ) — (233 ) (77 ) Realized gains included in net (loss) income 188 — 210 86 Change in fair value of limited liability investments, at fair value included in net (loss) income (49 ) (123 ) 62 (111 ) Ending balance $ 3,302 $ 4,290 $ 3,302 $ 4,290 Unrealized gains on limited liability investments, at fair value held at end of period: Included in net (loss) income $ (49 ) $ (123 ) $ 62 $ (111 ) Included in other comprehensive (loss) income $ — $ — $ — $ — Real estate investments: Beginning balance $ 10,662 $ 10,662 $ 10,662 $ 10,662 Change in fair value of real estate investments included in net (loss) income — — — — Ending balance $ 10,662 $ 10,662 $ 10,662 $ 10,662 Unrealized gains recognized on real estate investments held at end of period: Included in net (loss) income — — — — Included in other comprehensive (loss) income — — — — Ending balance - assets $ 13,964 $ 14,952 $ 13,964 $ 14,952 Liabilities: Warrant liability: Beginning balance $ — $ 216 $ — $ 249 Change in fair value of warrant liability included in net (loss) income — 43 — 10 Ending balance $ — $ 259 $ — $ 259 Unrealized gains recognized on warrant liability held at end of period: Included in net (loss) income $ — $ 43 $ — $ 10 Included in other comprehensive (loss) income $ — $ — $ — $ — Stock-based compensation liabilities: Beginning balance $ 844 $ — $ 443 $ — Change in fair value of stock-based compensation liabilities included in net (loss) income 290 — 691 — Ending balance $ 1,134 $ — $ 1,134 $ — Ending balance - liabilities $ 1,134 $ 259 $ 1,134 $ 259 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Categories Fair Value Valuation Techniques Unobservable Inputs Input Value(s) Limited liability investments, at fair value $ 3,302 Market approach Valuation multiples 3.1x - 8.0x Real estate investments $ 10,662 Market and income approach Cap rates 7.5 % Stock-based compensation liabilities $ 1,134 Market approach Valuation multiple 6.0x Categories Fair Value Valuation Techniques Unobservable Inputs Input Value(s) Limited liability investments, at fair value $ 3,263 Market approach Valuation multiples 3.1x - 8.0x Real estate investments $ 10,662 Market and income approach Cap rates 7.5 % Stock-based compensation liabilities $ 443 Market approach Valuation multiple 6.0x |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | Fair Value Redemption Category (in thousands) Unfunded Commitments Redemption Frequency Notice Period Limited liability investments, at fair value $ 17,060 n/a n/a n/a Fair Value Redemption Category (in thousands) Unfunded Commitments Redemption Frequency Notice Period Limited liability investments, at fair value $ 29,548 n/a n/a n/a |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Jun. 30, 2021USD ($)shares | Jun. 30, 2021USD ($)shares | Mar. 31, 2018 | Jun. 30, 2021USD ($)shares | Apr. 01, 2021USD ($) | Dec. 31, 2020USD ($) |
Number Of Subsidiary Trusts | 6 | |||||
Percentage of Proceeds from Increased Rental Payments | 20.00% | |||||
Proceeds from Dividends Received | $ 2,700 | |||||
Cash, Ending Balance | $ 5,600 | 5,600 | $ 5,600 | $ 1,100 | ||
Proceeds from Warrant Exercises | $ 1,800 | |||||
Class of Warrant or Right, Exercised During Period (in shares) | shares | 350,000 | |||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 17,093 | $ 17,093 | $ 17,093 | $ 14,374 | ||
Temporary Equity, Shares Outstanding (in shares) | shares | 182,876 | 182,876 | 182,876 | |||
Temporary Equity, Aggregate Amount of Redemption Requirement | $ 6,800 | $ 6,800 | $ 6,800 | $ 6,700 | ||
Interest Payable | $ 16,400 | $ 16,400 | $ 16,400 | |||
Temporary Equity, Shares Issued (in shares) | shares | 182,876 | 182,876 | 182,876 |
Note 5 - Acquisition (Details T
Note 5 - Acquisition (Details Textual) - PWI Holdings [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Payments to Acquire Businesses, Gross | $ 24.4 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ 0.1 |
Note 5 - Acquisition - PWI Asse
Note 5 - Acquisition - PWI Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 01, 2020 |
Goodwill | $ 121,289 | $ 121,130 | |
PWI Holdings [Member] | |||
Cash and cash equivalents | $ 90 | ||
Restricted cash | 21,578 | ||
Service fee receivable | 1,459 | ||
Other receivables | 2,748 | ||
Income taxes recoverable | 60 | ||
Property and equipment, net | 175 | ||
Right-of-use asset | 254 | ||
Goodwill | 39,185 | ||
Other assets | 1,321 | ||
Total assets | 66,870 | ||
Accrued expenses and other liabilities | 8,165 | ||
Lease liability | 255 | ||
Deferred service fees | 34,026 | ||
Total liabilities | 42,446 | ||
Purchase price | $ 24,424 |
Note 6 - Investments (Details T
Note 6 - Investments (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 21 | 21 | 5 | |||
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings, Total | $ 0 | $ 0 | $ 0 | $ 117 | ||
Long-term Debt, Gross | 299,706 | 299,706 | $ 300,667 | |||
Gain (Loss) on Sale of Equity Investments | (45) | 489 | (196) | (108) | ||
Investment Owned, at Fair Value | 800 | 800 | 800 | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Total | 0 | $ 117 | ||||
Loss on Sale of Investments | 200 | |||||
Other than Temporary Impairment Losses, Investments, Total | 100 | |||||
Private Company [Member] | ||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Total | 0 | $ 0 | 700 | |||
Net Lease Note [Member] | Notes Payable [Member] | ||||||
Long-term Debt, Gross | 14,300 | 14,300 | 9,000 | |||
Gain (Loss) on Sale of Equity Investments | 1,200 | |||||
Unrealized Gain on Securities | 1,200 | |||||
Limited Liability Investments [Member] | ||||||
Equity Method Investments | 3,568 | 3,568 | 3,692 | |||
Equity Method Investments, Fair Value Disclosure | 20,362 | 20,362 | $ 32,811 | |||
Equity Method Investment, Other than Temporary Impairment | $ 0 | $ 0 | ||||
Limited Liability Investments [Member] | Maximum [Member] | ||||||
Equity Method Investment, Other than Temporary Impairment | $ 100 |
Note 6 - Investments - Amortize
Note 6 - Investments - Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Total | $ 21,470 | $ 20,488 |
Gross Unrealized Gains | 146 | 234 |
Gross Unrealized Losses | 14 | 6 |
Fixed maturities, at fair value (amortized cost of $21,470 and $20,488, respectively) | 21,602 | 20,716 |
US Government Agencies Debt Securities [Member] | ||
Total | 10,433 | 9,999 |
Gross Unrealized Gains | 66 | 105 |
Gross Unrealized Losses | 9 | 0 |
Fixed maturities, at fair value (amortized cost of $21,470 and $20,488, respectively) | 10,490 | 10,104 |
US States and Political Subdivisions Debt Securities [Member] | ||
Total | 1,279 | 1,447 |
Gross Unrealized Gains | 5 | 7 |
Gross Unrealized Losses | 0 | 0 |
Fixed maturities, at fair value (amortized cost of $21,470 and $20,488, respectively) | 1,284 | 1,454 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Total | 6,025 | 5,334 |
Gross Unrealized Gains | 44 | 66 |
Gross Unrealized Losses | 3 | 6 |
Fixed maturities, at fair value (amortized cost of $21,470 and $20,488, respectively) | 6,066 | 5,394 |
Asset-backed Securities [Member] | ||
Total | 128 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 1 | |
Fixed maturities, at fair value (amortized cost of $21,470 and $20,488, respectively) | 127 | |
Corporate Debt Securities [Member] | ||
Total | 3,605 | 3,708 |
Gross Unrealized Gains | 31 | 56 |
Gross Unrealized Losses | 1 | 0 |
Fixed maturities, at fair value (amortized cost of $21,470 and $20,488, respectively) | $ 3,635 | $ 3,764 |
Note 6 - Investments - Fixed Ma
Note 6 - Investments - Fixed Maturities by Contractual Maturity Periods (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Due in one year or less | $ 6,254 | |
Due in one year or less, estimated fair value | 6,299 | |
Due after one year through five years | 12,128 | |
Due after one year through five years, estimated fair value | 12,205 | |
Due after five years through ten years | 1,607 | |
Due after five years through ten years, estimated fair value | 1,617 | |
Due after ten years | 1,481 | |
Due after ten years, estimated fair value | 1,481 | |
Total | 21,470 | $ 20,488 |
Total, estimated fair value | $ 21,602 | $ 20,716 |
Note 6 - Investments - Unrealiz
Note 6 - Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
US Government Agencies Debt Securities [Member] | ||
Less than 12 months, estimated fair value | $ 4,534 | $ 511 |
U.S. government, government agencies and authorities | 9 | 0 |
Greater than 12 months, estimated fair value | 0 | 0 |
Greater than 12 Months | 0 | 0 |
Estimated fair value | 4,534 | 511 |
Total, debt securities | 9 | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Less than 12 months, estimated fair value | 1,137 | 834 |
U.S. government, government agencies and authorities | 3 | 6 |
Greater than 12 months, estimated fair value | 0 | 0 |
Greater than 12 Months | 0 | 0 |
Estimated fair value | 1,137 | 834 |
Total, debt securities | 3 | 6 |
Asset-backed Securities [Member] | ||
Less than 12 months, estimated fair value | 127 | |
U.S. government, government agencies and authorities | 1 | |
Greater than 12 months, estimated fair value | 0 | |
Greater than 12 Months | 0 | |
Estimated fair value | 127 | |
Total, debt securities | 1 | |
Fixed Maturities [Member] | ||
Less than 12 months, estimated fair value | 6,275 | 1,345 |
U.S. government, government agencies and authorities | 14 | 6 |
Greater than 12 months, estimated fair value | 0 | 0 |
Greater than 12 Months | 0 | 0 |
Estimated fair value | 6,275 | 1,345 |
Total, debt securities | 14 | $ 6 |
Corporate Debt Securities [Member] | ||
Less than 12 months, estimated fair value | 477 | |
U.S. government, government agencies and authorities | 1 | |
Greater than 12 months, estimated fair value | 0 | |
Greater than 12 Months | 0 | |
Estimated fair value | 477 | |
Total, debt securities | $ 1 |
Note 6 - Investments - Net Inve
Note 6 - Investments - Net Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest from fixed maturities | $ 47 | $ 79 | $ 98 | $ 181 |
Dividends | 31 | 42 | 63 | 87 |
Income (loss) from limited liability investments | 54 | (11) | 45 | 12 |
Income from limited liability investments, at fair value | 0 | 234 | 81 | 468 |
Income from real estate investments | 200 | 200 | 400 | 400 |
Other | 90 | 150 | 180 | 277 |
Gross investment income | 422 | 694 | 867 | 1,425 |
Investment expenses | (19) | (13) | (43) | (25) |
Net investment income | $ 403 | $ 681 | $ 824 | $ 1,400 |
Note 6 - Investments - Gross Re
Note 6 - Investments - Gross Realized Gains and Losses on Available-for-sale Investments, Limited Liability Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Gross realized gains | $ 261 | $ 8 | $ 312 | $ 216 |
Gross realized losses | (74) | 0 | (74) | 0 |
Net realized gains | $ 187 | $ 8 | $ 238 | $ 216 |
Note 6 - Investments - Loss on
Note 6 - Investments - Loss on Change in Fair Value of Equity Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net gains recognized on equity investments sold during the period | $ 0 | $ 0 | $ 13 | $ 0 |
Change in unrealized (losses) gains on equity investments held at end of the period | (45) | 489 | (209) | (108) |
(Loss) gain on change in fair value of equity investments | $ (45) | $ 489 | $ (196) | $ (108) |
Note 7 - Deferred Acquisition_3
Note 7 - Deferred Acquisition Costs - Deferred Acquisition Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Beginning balance, net | $ 8,843 | $ 8,744 | $ 8,835 | $ 8,604 |
Additions | 1,687 | 1,158 | 3,038 | 2,254 |
Amortization | (1,424) | (1,152) | (2,767) | (2,108) |
Balance at June 30, net | $ 9,106 | $ 8,750 | $ 9,106 | $ 8,750 |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Amortization of Intangible Assets, Total | $ 496 | $ 573 | $ 993 | $ 1,147 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | $ 0 | ||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 18 years |
Note 8 - Intangible Assets - In
Note 8 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Intangible assets accumulated amortization | $ 16,426 | $ 15,433 |
Intangible assets, gross | 99,566 | 99,566 |
Intangible assets, net | 83,140 | 84,133 |
Tenant Relationship [Member] | ||
Intangible assets not subject to amortization | 73,667 | 73,667 |
Intangible assets not subject to amortization, net | 73,667 | 73,667 |
Trade Names [Member] | ||
Intangible assets not subject to amortization | 3,264 | 3,264 |
Intangible assets not subject to amortization, net | 3,264 | 3,264 |
Database Rights [Member] | ||
Intangible assets subject to amortization | 4,918 | 4,918 |
Intangible assets accumulated amortization | 4,242 | 3,997 |
Intangible assets subject to amortization, net | 676 | 921 |
Service Agreements [Member] | ||
Intangible assets subject to amortization | 3,680 | 3,680 |
Intangible assets accumulated amortization | 3,680 | 3,680 |
Intangible assets subject to amortization, net | 0 | 0 |
Customer Relationships [Member] | ||
Intangible assets subject to amortization | 12,646 | 12,646 |
Intangible assets accumulated amortization | 7,995 | 7,305 |
Intangible assets subject to amortization, net | 4,651 | 5,341 |
Leases, Acquired-in-Place [Member] | ||
Intangible assets subject to amortization | 1,125 | |
Intangible assets accumulated amortization | 312 | |
Intangible assets subject to amortization, net | 813 | |
In-place Lease [Member] | ||
Intangible assets subject to amortization | 1,125 | |
Intangible assets accumulated amortization | 281 | |
Intangible assets subject to amortization, net | 844 | |
Noncompete Agreements [Member] | ||
Intangible assets subject to amortization | 266 | 266 |
Intangible assets accumulated amortization | 197 | 170 |
Intangible assets subject to amortization, net | $ 69 | $ 96 |
Note 9 - Property and Equipme_3
Note 9 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
General and Administrative Expense [Member] | ||||
Depreciation, Total | $ 1.1 | $ 1.1 | $ 2.1 | $ 2.2 |
Note 9 - Property and Equipme_4
Note 9 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Cost | $ 119,933 | $ 119,456 |
Property and equipment, accumulated depreciation | 26,557 | 24,441 |
Carrying Value | 93,376 | 95,015 |
Land [Member] | ||
Cost | 21,120 | 21,120 |
Property and equipment, accumulated depreciation | 0 | 0 |
Carrying Value | 21,120 | 21,120 |
Land Improvements [Member] | ||
Cost | 91,308 | 91,308 |
Property and equipment, accumulated depreciation | 20,495 | 18,428 |
Carrying Value | 70,813 | 72,880 |
Building [Member] | ||
Cost | 580 | 580 |
Property and equipment, accumulated depreciation | 72 | 65 |
Carrying Value | 508 | 515 |
Leasehold Improvements [Member] | ||
Cost | 289 | 296 |
Property and equipment, accumulated depreciation | 144 | 125 |
Carrying Value | 145 | 171 |
Furniture and Fixtures [Member] | ||
Cost | 1,160 | 1,223 |
Property and equipment, accumulated depreciation | 1,014 | 1,074 |
Carrying Value | 146 | 149 |
Computer Equipment [Member] | ||
Cost | 5,476 | 4,929 |
Property and equipment, accumulated depreciation | 4,832 | 4,749 |
Carrying Value | $ 644 | $ 180 |
Note 10 - Derivatives (Details
Note 10 - Derivatives (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Apr. 01, 2021 | |
Derivative, Gain (Loss) on Derivative, Net, Total | $ (73) | $ 0 | ||
Interest Rate Cap [Member] | CBC Bank USA [Member] | ||||
Derivative, Notional Amount | $ 11,400 | 11,400 | $ 11,900 | |
Interest Rate Cap [Member] | CBC Bank USA [Member] | Maximum [Member] | ||||
Payments For Settlement of Derivatives Operating Activities | 100 | |||
Interest Rate Cap [Member] | CBC Bank USA [Member] | Interest Expense [Member] | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | (100) | |||
Interest Rate Cap [Member] | CBC Bank USA [Member] | Accrued Expenses and Other Liabilities [Member] | ||||
Derivative Liability, Total | $ 100 | $ 100 | ||
Interest Rate Cap [Member] | CBC Bank USA [Member] | London Interbank Offered Rate (LIBOR) Swap Rate [Member] | ||||
Derivative, Fixed Interest Rate | 1.18% |
Note 11 - Debt (Details Textual
Note 11 - Debt (Details Textual) | Jun. 02, 2021USD ($)a | Dec. 01, 2020USD ($) | Dec. 16, 2003USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 21, 2020USD ($) | Nov. 01, 2020 | Apr. 30, 2020USD ($) | Jul. 31, 2016USD ($) | Oct. 15, 2015USD ($) | Jan. 05, 2015USD ($) | |
Long-term Debt, Gross | $ 299,706,000 | $ 299,706,000 | $ 300,667,000 | |||||||||||||
Long-term Debt, Fair Value | 287,711,000 | 287,711,000 | 290,372,000 | |||||||||||||
Proceeds from Legal Settlements | $ 2,700,000 | |||||||||||||||
Proceeds from Notes Payable, Total | 13,270,000 | $ 2,858,000 | ||||||||||||||
Long-term Debt, Total | 272,543,000 | 272,543,000 | 268,288,000 | |||||||||||||
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, before Tax | [1] | (3,813,000) | $ (999,000) | (5,534,000) | $ 10,624,000 | |||||||||||
Interest Payable | 16,400,000 | 16,400,000 | ||||||||||||||
TEXAS | ||||||||||||||||
Area of Real Estate Property (Acre) | a | 192 | |||||||||||||||
Mortgages [Member] | ||||||||||||||||
Long-term Debt, Fair Value | $ 191,700,000 | |||||||||||||||
Debt Instrument, Face Amount | 180,000,000 | |||||||||||||||
Debt Instrument, Unamortized Premium, Total | $ 11,700,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.07% | |||||||||||||||
Loans Payable [Member] | ||||||||||||||||
Long-term Debt, Gross | 185,667,000 | 185,667,000 | 184,467,000 | |||||||||||||
Long-term Debt, Fair Value | 205,578,000 | 205,578,000 | 213,551,000 | |||||||||||||
Long-term Debt, Total | 191,143,000 | 191,143,000 | 192,057,000 | |||||||||||||
Subordinated Debt [Member] | ||||||||||||||||
Long-term Debt, Gross | 90,500,000 | 90,500,000 | 90,500,000 | |||||||||||||
Long-term Debt, Fair Value | 58,218,000 | 58,218,000 | 50,928,000 | |||||||||||||
Debt Instrument, Face Amount | $ 90,500,000 | |||||||||||||||
Long-term Debt, Total | 58,218,000 | 58,218,000 | 50,928,000 | |||||||||||||
Debt Instrument, Term (Year) | 30 years | |||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 7,300,000 | |||||||||||||||
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, before Tax | 5,500,000 | 1,800,000 | ||||||||||||||
Interest Payable | 16,400,000 | $ 16,400,000 | 14,100,000 | |||||||||||||
Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.85% | |||||||||||||||
Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.20% | |||||||||||||||
KWH Bank Loan [Member] | ||||||||||||||||
Long-term Debt, Gross | $ 2,500,000 | |||||||||||||||
Debt Instrument, LIBOR Floor | 0.75% | |||||||||||||||
Debt Instrument, Interest Rate During Period | 3.75% | |||||||||||||||
Debt Issuance Costs, Net, Total | 400,000 | $ 400,000 | 400,000 | |||||||||||||
Debt Instrument, Principal Value | 2,500,000 | $ 2,000,000 | ||||||||||||||
KWH Bank Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||||||||||
KWH Bank Loan [Member] | PWI Holdings [Member] | ||||||||||||||||
Long-term Debt, Gross | $ 25,700,000 | |||||||||||||||
KWH Bank Loan [Member] | PWI Holdings [Member] | Revolving Credit Facility [Member] | ||||||||||||||||
Long-term Debt, Gross | 1,000,000 | |||||||||||||||
KWH Bank Loan [Member] | PWI Holdings [Member] | Term Loan [Member] | ||||||||||||||||
Long-term Debt, Gross | $ 24,700,000 | |||||||||||||||
Additional Mortgage [Member] | Loans Payable [Member] | ||||||||||||||||
Long-term Debt, Gross | 14,893,000 | 14,893,000 | 0 | |||||||||||||
Long-term Debt, Fair Value | 15,366 | 15,366 | 0 | |||||||||||||
Proceeds from Notes Payable, Total | $ 15,000,000 | |||||||||||||||
Payment for Management Fee | 10,600,000 | |||||||||||||||
Long-term Debt, Total | 13,212 | 13,212 | 0 | |||||||||||||
Additional Mortgage [Member] | TRT [Member] | Loans Payable [Member] | ||||||||||||||||
Debt Issuance Costs, Net, Total | 1,700,000 | |||||||||||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | |||||||||||||||
Flower Note [Member] | Loans Payable [Member] | ||||||||||||||||
Long-term Debt, Gross | 6,651,000 | 6,651,000 | 6,885,000 | |||||||||||||
Long-term Debt, Fair Value | 7,341,000 | 7,341,000 | 7,863,000 | |||||||||||||
Debt Instrument, Face Amount | $ 9,200,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.81% | |||||||||||||||
Long-term Debt, Total | 6,651,000 | 6,651,000 | 6,885,000 | |||||||||||||
Net Lease Note [Member] | Loans Payable [Member] | ||||||||||||||||
Long-term Debt, Gross | 0 | 0 | 9,000,000 | |||||||||||||
Long-term Debt, Fair Value | 0 | 0 | 9,054,000 | |||||||||||||
Debt Instrument, Face Amount | $ 9,000,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.25% | |||||||||||||||
Long-term Debt, Total | 0 | 0 | 9,000,000 | |||||||||||||
Paycheck Protection Program CARES Act [Member] | ||||||||||||||||
Long-term Debt, Fair Value | $ 2,900,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||||||||||||
Paycheck Protection Program CARES Act [Member] | Loans Payable [Member] | ||||||||||||||||
Long-term Debt, Gross | 0 | 0 | 2,476,000 | |||||||||||||
Long-term Debt, Fair Value | 0 | 0 | 2,476,000 | |||||||||||||
Long-term Debt, Total | $ 0 | $ 0 | $ 2,476,000 | |||||||||||||
[1] | Net of income tax benefit of $0 and $0 for the three and six months ended June 30, 2021 and June 30, 2020, respectively. |
Note 11 - Debt - Component of D
Note 11 - Debt - Component of Debt (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 21, 2020 | Apr. 30, 2020 |
Long term debt, principal | $ 299,706,000 | $ 300,667,000 | ||
Carrying value | 272,543,000 | 268,288,000 | ||
Long term debt, fair value | 287,711,000 | 290,372,000 | ||
KWH Bank Loan [Member] | ||||
Long term debt, principal | $ 2,500,000 | |||
Paycheck Protection Program CARES Act [Member] | ||||
Long term debt, fair value | $ 2,900,000 | |||
Notes Payable to Banks [Member] | ||||
Long term debt, principal | 23,539,000 | 25,700,000 | ||
Carrying value | 23,182,000 | 25,303,000 | ||
Long term debt, fair value | 23,915,000 | 25,893,000 | ||
Notes Payable to Banks [Member] | KWH Bank Loan [Member] | ||||
Long term debt, principal | 23,539,000 | 25,700,000 | ||
Carrying value | 23,182,000 | 25,303,000 | ||
Long term debt, fair value | 23,915,000 | 25,893,000 | ||
Loans Payable [Member] | ||||
Long term debt, principal | 185,667,000 | 184,467,000 | ||
Carrying value | 191,143,000 | 192,057,000 | ||
Long term debt, fair value | 205,578,000 | 213,551,000 | ||
Loans Payable [Member] | Mortgage [Member] | ||||
Long term debt, principal | 164,123,000 | 166,106,000 | ||
Carrying value | 171,280,000 | 173,696,000 | ||
Long term debt, fair value | 182,871,000 | 194,158,000 | ||
Loans Payable [Member] | Additional Mortgage [Member] | ||||
Long term debt, principal | 14,893,000 | 0 | ||
Carrying value | 13,212 | 0 | ||
Long term debt, fair value | 15,366 | 0 | ||
Loans Payable [Member] | Flower Note [Member] | ||||
Long term debt, principal | 6,651,000 | 6,885,000 | ||
Carrying value | 6,651,000 | 6,885,000 | ||
Long term debt, fair value | 7,341,000 | 7,863,000 | ||
Loans Payable [Member] | Net Lease Note [Member] | ||||
Long term debt, principal | 0 | 9,000,000 | ||
Carrying value | 0 | 9,000,000 | ||
Long term debt, fair value | 0 | 9,054,000 | ||
Loans Payable [Member] | Paycheck Protection Program CARES Act [Member] | ||||
Long term debt, principal | 0 | 2,476,000 | ||
Carrying value | 0 | 2,476,000 | ||
Long term debt, fair value | 0 | 2,476,000 | ||
Subordinated Debt [Member] | ||||
Long term debt, principal | 90,500,000 | 90,500,000 | ||
Carrying value | 58,218,000 | 50,928,000 | ||
Long term debt, fair value | $ 58,218,000 | $ 50,928,000 |
Note 11 - Debt - Subordinated B
Note 11 - Debt - Subordinated Borrowings (Details) | 15 Months Ended |
Jun. 30, 2021USD ($) | |
Connecticut Statutory Trust I [Member] | |
Principal | $ 15,000 |
Connecticut Statutory Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Interest | 4.00% |
Connecticut Statutory Trust II [Member] | |
Principal | $ 17,500 |
Connecticut Statutory Trust II [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Interest | 4.10% |
Connecticut Statutory Trust III [Member] | |
Principal | $ 20,000 |
Connecticut Statutory Trust III [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Interest | 3.95% |
Delaware Statutory Trust III [Member] | |
Principal | $ 15,000 |
Delaware Statutory Trust III [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Interest | 4.20% |
Delaware Statutory Trust IV [Member] | |
Principal | $ 10,000 |
Delaware Statutory Trust IV [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Interest | 3.85% |
Delaware Statutory Trust VI [Member] | |
Principal | $ 13,000 |
Delaware Statutory Trust VI [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Interest | 4.00% |
Note 12 - Leases (Details Textu
Note 12 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 1 month 20 days | 4 years 1 month 20 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.27% | 5.27% | ||
Operating Lease, Payments | $ 500 | $ 400 | ||
Below Market Lease, Amortization Income, Remainder of Fiscal Year | $ 100 | 100 | ||
Below Market Lease, Amortization Income, Year One | 100 | 100 | ||
Below Market Lease, Amortization Income, Year Two | 100 | 100 | ||
Below Market Lease, Amortization Income, Year Three | 100 | 100 | ||
Below Market Lease, Amortization Income, Year Four | 100 | 100 | ||
Operating Leases, Income Statement, Lease Revenue, Total | 3,341 | $ 3,341 | 6,682 | $ 6,682 |
General and Administrative Expense [Member] | ||||
Operating Lease, Cost | 200 | 500 | ||
Variable Lease, Cost | $ 100 | $ 100 |
Note 12 - Leases - Annual Matur
Note 12 - Leases - Annual Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
2021 | $ 502 | |
2022 | 899 | |
2023 | 624 | |
2024 | 550 | |
2025 | 381 | |
2026 and thereafter | 165 | |
Total undiscounted lease payments | 3,121 | |
Imputed interest | 307 | |
Total lease liabilities | $ 2,814 | $ 3,213 |
Note 12 - Leases - Net Book Val
Note 12 - Leases - Net Book Value of Operating Lease Property (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Gross property and equipment leased | $ 113,008 | $ 113,008 |
Accumulation depreciation | (20,567) | (18,493) |
Net property and equipment leased | 92,441 | 94,515 |
Land [Member] | ||
Gross property and equipment leased | 21,120 | 21,120 |
Land Improvements [Member] | ||
Gross property and equipment leased | 91,308 | 91,308 |
Building [Member] | ||
Gross property and equipment leased | $ 580 | $ 580 |
Note 12 - Leases - Future Undis
Note 12 - Leases - Future Undiscounted Cash Flow (Details) $ in Thousands | Jun. 30, 2021USD ($) |
2021 | $ 6,428 |
2022 | 12,371 |
2023 | 12,649 |
2024 | 12,934 |
2025 | 13,225 |
Thereafter | $ 123,738 |
Note 13 - Revenue from Contra_3
Note 13 - Revenue from Contracts With Customers (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Contract with Customer, Liability, Total | $ 88,446 | $ 87,945 | |
Service Fees [Member] | |||
Receivables from Customers | 5,021 | 3,928 | |
Contract with Customer, Liability, Total | $ 88,400 | $ 87,900 | |
Percentage of Deferred Service Fees | 48.70% | ||
Contract with Customer, Liability, Revenue Recognized | $ 24,700 | $ 11,700 | |
Minimum [Member] | |||
Customer Refunds Percentage | 6.00% | ||
Maximum [Member] | |||
Customer Refunds Percentage | 13.00% |
Note 13 - Revenue from Contra_4
Note 13 - Revenue from Contracts With Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Service fee and commission revenue | $ 18,755 | $ 10,438 | $ 37,329 | $ 21,624 |
IWS [Member] | Extended Warranty Segment [Member] | Vehicle Service Agreement Fees [Member] | ||||
Service fee and commission revenue | 14,676 | 7,557 | 29,350 | 15,533 |
Maintenance Support Service Fees [Member] | Trinity [Member] | ||||
Service fee and commission revenue | 1,036 | 491 | 2,086 | 1,045 |
Warranty Product Commissions [Member] | Trinity [Member] | Extended Warranty Segment [Member] | ||||
Service fee and commission revenue | 1,063 | 822 | 1,992 | 1,683 |
Home Builder Warranty Service Fees [Member] | P W S C [Member] | Extended Warranty Segment [Member] | ||||
Service fee and commission revenue | 1,807 | 1,383 | 3,532 | 2,820 |
Homebuilder Warranty Commissions [Member] | P W S C [Member] | Extended Warranty Segment [Member] | ||||
Service fee and commission revenue | $ 173 | $ 185 | $ 369 | $ 543 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 600 | $ 500 | $ 1,200 | $ 500 | |
Deferred Income Tax Liabilities, Net, Total | 26,503 | 26,503 | $ 27,555 | ||
Deferred Tax Liabilities, Expiration Of Operating Loss Carryforwards | 7,600 | 7,600 | 7,600 | ||
Deferred Tax Liabilities, Land and Indefinite Lived Intangible Assets | 22,000 | 22,000 | 21,900 | ||
Deferred Tax Asset, Interest Carryforward | 2,500 | 2,500 | 1,300 | ||
Deferred Tax Assets, State Taxes | 600 | 600 | 600 | ||
Unrecognized Tax Benefits, Ending Balance | 100 | 100 | 1,400 | ||
Income Tax Examination, Penalties and Interest Expense, Total | 1,500 | $ 100 | 1,500 | $ 100 | |
Income Tax Examination, Penalties and Interest Accrued, Total | $ 100 | $ 100 | $ 1,600 |
Note 14 - Income Taxes - Income
Note 14 - Income Taxes - Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Income tax benefit at United States statutory income tax rate | $ (738) | $ (363) | $ (638) | $ (410) | |
Valuation allowance | 580 | 120 | 879 | (121) | |
Non-deductible compensation | 198 | 25 | 336 | (18) | |
Non-taxable income | 0 | 0 | (524) | 0 | |
Investment income | (60) | 7 | (43) | (121) | |
State income tax | 117 | 29 | 170 | 67 | |
Change in unrecognized tax benefits(1) | [1] | (2,853) | 69 | (2,815) | 137 |
Indemnification receivable | 599 | (15) | 591 | (29) | |
Indefinite life intangibles | 53 | 53 | 107 | 107 | |
Other | 6 | 15 | 12 | 16 | |
Income tax benefit | $ (3,258) | $ (300) | $ (3,683) | $ (130) | |
[1] | Includes interest and penalty expense related to unrecognized tax benefits. |
Note 15 - Loss From Continuin_3
Note 15 - Loss From Continuing Operations Per Share - Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
(Loss) income from continuing operations | $ (256) | $ (1,427) | $ 643 | $ (1,820) | |
Less: net income attributable to noncontrolling interests | (428) | (108) | (687) | (829) | |
Less: dividends on preferred stock | (85) | (224) | (323) | (601) | |
Loss from continuing operations attributable to common shareholders | $ (769) | $ (1,759) | $ (367) | $ (3,250) | |
Basic: (in shares) | 22,366 | 22,211 | 22,292 | 22,140 | |
Warrants (in shares) | [1] | 0 | 0 | 0 | 0 |
Convertible preferred stock (in shares) | [1] | 0 | 0 | 0 | 0 |
Total weighted average diluted shares (in shares) | 22,366 | 22,211 | 22,292 | 22,140 | |
Loss per share – continuing operations: Basic: (in dollars per share) | $ (0.03) | $ (0.08) | $ (0.02) | $ (0.15) | |
Loss per share – continuing operations: Diluted: (in dollars per share) | $ (0.03) | $ (0.08) | $ (0.02) | $ (0.15) | |
Restricted Stock [Member] | |||||
Unvested restricted stock awards (in shares) | [1] | 0 | 0 | 0 | 0 |
[1] | Potentially dilutive securities consist of stock options, unvested restricted stock awards, warrants and convertible preferred stock. Because the Company is reporting a loss from continuing operations attributable to common shareholders for the three and six months ended June 30, 2021 and June 30, 2020, all potentially dilutive securities outstanding were excluded from the calculation of diluted loss from continuing operations per share since their inclusion would have been anti-dilutive. |
Note 15 - Loss From Continuin_4
Note 15 - Loss From Continuing Operations Per Share - Antidilutive Earnings (Loss) Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive securities (in shares) | 7,406,740 | 6,566,740 | 7,406,740 | 6,566,740 |
Restricted Stock [Member] | ||||
Antidilutive securities (in shares) | 1,340,000 | 500,000 | 1,340,000 | 500,000 |
Warrant [Member] | ||||
Antidilutive securities (in shares) | 4,923,765 | 4,923,765 | 4,923,765 | 4,923,765 |
Convertible Debt Securities [Member] | ||||
Antidilutive securities (in shares) | 1,142,975 | 1,142,975 | 1,142,975 | 1,142,975 |
Note 16 - Stock-based Compens_3
Note 16 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Dec. 18, 2020 | Feb. 28, 2020 | Sep. 07, 2019 | Sep. 05, 2018 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Feb. 28, 2020 |
Restricted Stock Award 2018 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 500,000 | ||||||||||
Restricted Stock Awards 2021 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 840,000 | 840,000 | 840,000 | ||||||||
PWSC Restricted Stock Award [Member] | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 100 | $ 100 | $ 100 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 437.5 | 437.5 | 437.5 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 1,672 | $ 1,672 | $ 1,672 | ||||||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 700 | $ 100 | $ (2,400) | $ 100 | |||||||
PWSC Restricted Stock Award 2020 [Member] | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 | $ 0 | $ 0 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 109.38 | 109.38 | 109.38 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 1,672 | $ 1,672 | $ 1,672 | ||||||||
Restricted Stock [Member] | Restricted Stock Awards 2014 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 93,713 | ||||||||||
Allocated Share Based Compensation Expense Reversal | $ (200) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 135,787 | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,000 | $ 1,000 | $ 1,000 | ||||||||
Restricted Stock [Member] | Restricted Stock Award 2018 [Member] | Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 500,000 | ||||||||||
Restricted Stock [Member] | Restricted Stock Awards 2021 [Member] | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,600 | $ 3,600 | $ 3,600 | ||||||||
Restricted Stock [Member] | Restricted Stock Awards 2021 [Member] | Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 65,438 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 220,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,060,000 | ||||||||||
PWSC Restricted Stock Award [Member] | Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 250 | 1,000 |
Note 16 - Stock-based Compens_4
Note 16 - Stock-based Compensation - Restricted Stock Awards (Details) - Restricted Stock Award 2018 and 2021 [Member] | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Unvested, number of shares (in shares) | shares | 500,000 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.73 |
Granted (in shares) | shares | 1,060,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.64 |
Vested, number of shares (in shares) | shares | (154,562) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.64 |
Cancelled for Tax Withholding, number of shares (in shares) | shares | (65,438) |
Cancelled for Tax Withholding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.64 |
Unvested, number of shares (in shares) | shares | 1,340,000 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.05 |
Note 17 - Accumulated Other C_3
Note 17 - Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Balance | $ 11,862 | $ 26,223 | $ 12,159 | $ 13,954 | |
Other comprehensive (loss) income | [1] | (3,846) | (869) | (5,630) | 10,870 |
Balance | 8,091 | 23,829 | 8,091 | 23,829 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||
Balance | 157 | 167 | 216 | 59 | |
Other comprehensive income (loss) arising during the period | (34) | 118 | (105) | 165 | |
Amounts reclassified from accumulated other comprehensive income | 2 | 5 | 14 | 66 | |
Other comprehensive (loss) income | (32) | 123 | (91) | 231 | |
Balance | 125 | 290 | 125 | 290 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Balance | (3,286) | (3,286) | (3,286) | (3,286) | |
Other comprehensive income (loss) arising during the period | 0 | 0 | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 | |
Other comprehensive (loss) income | 0 | 0 | 0 | 0 | |
Balance | (3,286) | (3,286) | (3,286) | (3,286) | |
Accumulated Gain (Loss), Financial Liability, Fair Value Option, Attributable to Parent [Member] | |||||
Balance | 39,408 | 50,197 | 41,129 | 38,574 | |
Other comprehensive income (loss) arising during the period | (3,813) | (999) | (5,534) | 10,624 | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 | |
Other comprehensive (loss) income | (3,813) | (999) | (5,534) | 10,624 | |
Balance | 35,595 | 49,198 | 35,595 | 49,198 | |
AOCI Attributable to Parent [Member] | |||||
Balance | 36,279 | 47,078 | 38,059 | 35,347 | |
Other comprehensive income (loss) arising during the period | (3,847) | (881) | (5,639) | 10,789 | |
Amounts reclassified from accumulated other comprehensive income | 2 | 5 | 14 | 66 | |
Other comprehensive (loss) income | (3,845) | (876) | (5,625) | 10,855 | |
Balance | $ 32,434 | $ 46,202 | $ 32,434 | $ 46,202 | |
[1] | Net of income tax benefit of $0 and $0 for the three and six months ended June 30, 2021 and June 30, 2020, respectively. |
Note 17 - Accumulated Other C_4
Note 17 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net realized gains | $ 187 | $ 8 | $ 238 | $ 216 |
Other-than-temporary impairment loss | 0 | 0 | 0 | 117 |
Loss from continuing operations before income tax benefit | (3,514) | (1,727) | (3,040) | (1,950) |
Income tax benefit | (3,258) | (300) | (3,683) | (130) |
(Loss) income from continuing operations | (256) | (1,427) | 643 | (1,820) |
Net (loss) income | (256) | (1,421) | 643 | (1,814) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Net realized gains | (2) | (5) | (14) | (66) |
Other-than-temporary impairment loss | 0 | 0 | 0 | 0 |
Loss from continuing operations before income tax benefit | (2) | (5) | (14) | (66) |
Income tax benefit | 0 | 0 | 0 | 0 |
(Loss) income from continuing operations | (2) | (5) | (14) | (66) |
Gain on disposal of discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net (loss) income | $ (2) | $ (5) | $ (14) | $ (66) |
Note 18 - Segmented Informati_3
Note 18 - Segmented Information (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
Number of Reportable Segments | 2 | |||
Number of States in which Entity Operates | 26 | 26 | ||
Gain (Loss) on Extinguishment of Debt, Total | $ 0 | $ 0 | $ 2,494 | $ 0 |
Effective Income Tax Rate Reconciliation, Indemnification Receivable | 599 | $ (15) | 591 | $ (29) |
Extended Warranty Segment [Member] | Operating Segments [Member] | ||||
Gain (Loss) on Extinguishment of Debt, Total | 2,200 | |||
Operating Income (Loss) Before Gain on Extinguishment of Debt | 5,700 | |||
Leased Real Estate Segment [Member] | Operating Segments [Member] | ||||
Effective Income Tax Rate Reconciliation, Indemnification Receivable | $ 2,900 | $ 2,900 | ||
Penn Member [Member] | ||||
Number of States in which Entity Operates | 32 | 32 | ||
Prime [Member] | ||||
Number of States in which Entity Operates | 40 | 40 |
Note 18 - Segmented Informati_4
Note 18 - Segmented Information - Reconciliation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Service fee and commission revenue | $ 18,755 | $ 10,438 | $ 37,329 | $ 21,624 |
Total revenues | 22,096 | 13,779 | 44,011 | 28,306 |
Operating Leases, Income Statement, Lease Revenue, Total | 3,341 | 3,341 | 6,682 | 6,682 |
Total revenues | 22,096 | 13,779 | 44,011 | 28,306 |
Operating Segments [Member] | ||||
Total revenues | 22,096 | 13,779 | 44,011 | 28,306 |
Total revenues | 22,096 | 13,779 | 44,011 | 28,306 |
Operating Segments [Member] | Extended Warranty Segment [Member] | ||||
Service fee and commission revenue | 18,755 | 10,438 | 37,329 | 21,624 |
Total revenues | 18,755 | 10,438 | 37,329 | 21,624 |
Total revenues | 18,755 | 10,438 | 37,329 | 21,624 |
Operating Segments [Member] | Leased Real Estate Segment [Member] | ||||
Total revenues | 3,341 | 3,341 | 6,682 | 6,682 |
Operating Leases, Income Statement, Lease Revenue, Total | 3,341 | 3,341 | 6,682 | 6,682 |
Total revenues | $ 3,341 | $ 3,341 | $ 6,682 | $ 6,682 |
Note 18 - Segmented Informati_5
Note 18 - Segmented Information - Reconciliation of Operating Profit (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Total segment operating income | $ 778 | $ (75) | $ 1,600 | $ (1,839) | |
Net investment income | 403 | 681 | 824 | 1,400 | |
Net realized gains | 187 | 8 | 238 | 216 | |
(Loss) gain on change in fair value of equity investments | (45) | 489 | (196) | (108) | |
Gain (loss) on change in fair value of limited liability investments, at fair value | 731 | (123) | 529 | 1,776 | |
Net change in unrealized loss on private company investments | 0 | 0 | 0 | (670) | |
Other-than-temporary impairment loss | 0 | 0 | 0 | (117) | |
Interest expense not allocated to segments | (1,593) | (1,997) | (3,145) | (4,150) | |
Other revenue and expenses not allocated to segments, net | 2,741 | (65) | 2,634 | (246) | |
Amortization of intangible assets | (496) | (573) | (993) | (1,147) | |
(Loss) gain on change in fair value of debt | (738) | (202) | (1,757) | 2,443 | |
Gain on extinguishment of debt | 0 | 0 | 2,494 | 0 | |
Loss from continuing operations before income tax benefit | (3,514) | (1,727) | (3,040) | (1,950) | |
Income tax benefit | (3,258) | (300) | (3,683) | (130) | |
(Loss) income from continuing operations | (256) | (1,427) | 643 | (1,820) | |
Operating Segments [Member] | |||||
Total segment operating income | 298 | 2,123 | 6,901 | 3,570 | |
Operating Segments [Member] | Extended Warranty Segment [Member] | |||||
Total segment operating income | [1] | 2,600 | 1,285 | 7,910 | 2,135 |
Gain on extinguishment of debt | 2,200 | ||||
Operating Segments [Member] | Leased Real Estate Segment [Member] | |||||
Total segment operating income | [2] | (2,302) | 838 | (1,009) | 1,435 |
Corporate, Non-Segment [Member] | |||||
Other revenue and expenses not allocated to segments, net | (2,261) | (2,133) | (5,752) | (5,163) | |
Gain on extinguishment of debt | $ 0 | $ 0 | $ 311 | $ 0 | |
[1] | For the six months ended June 30, 2021, Extended Warranty segment operating income includes gain on extinguishment of debt of $2.2 million, related to PPP loan forgiveness directly associated with the respective warranty businesses. Extended Warranty segment operating income before the gain on extinguishment of debt totaled $5.7 million for the six months ended June 30, 2021. See Note 11, "Debt," for further discussion. | ||||
[2] | For the three and six months ended June 30, 2021, includes $2.9 million expense due to the release of an indemnification receivable, which is exactly offset in net (loss) gain (not shown here) by an income tax benefit of $2.9 million for the release of a liability that had been included in income taxes payable in the consolidated balance sheets. |
Note 19 - Fair Value of Finan_3
Note 19 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Total | $ 0 | $ 117 | ||
Private Company Investments [Member] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Total | $ 0 | $ 0 | $ 0 | $ 700 |
Note 19 - Fair Value of Finan_4
Note 19 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Total, estimated fair value | $ 21,602 | $ 20,716 |
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 225 | 444 |
Real estate investments, at fair value (cost of $10,225 and $10,225, respectively) | 10,662 | 10,662 |
Subordinated debt, at fair value | 58,218 | 50,928 |
Fair Value, Recurring [Member] | ||
Total, estimated fair value | 21,602 | 20,716 |
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 225 | 444 |
Limited liability investments, at fair value | 20,362 | 32,811 |
Real estate investments, at fair value (cost of $10,225 and $10,225, respectively) | 10,662 | 10,662 |
Total assets | 52,851 | 64,633 |
Subordinated debt, at fair value | 58,218 | 50,928 |
Stock-based compensation liabilities | 1,134 | 443 |
Derivative contract - interest rate swap | 73 | |
Total liabilities | 59,425 | 51,371 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total, estimated fair value | 0 | 0 |
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 193 | 172 |
Limited liability investments, at fair value | 0 | 0 |
Real estate investments, at fair value (cost of $10,225 and $10,225, respectively) | 0 | 0 |
Total assets | 193 | 172 |
Subordinated debt, at fair value | 0 | 0 |
Stock-based compensation liabilities | 0 | 0 |
Derivative contract - interest rate swap | 0 | |
Total liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total, estimated fair value | 21,602 | 20,716 |
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 32 | 272 |
Limited liability investments, at fair value | 0 | 0 |
Real estate investments, at fair value (cost of $10,225 and $10,225, respectively) | 0 | 0 |
Total assets | 21,634 | 20,988 |
Subordinated debt, at fair value | 58,218 | 50,928 |
Stock-based compensation liabilities | 0 | 0 |
Derivative contract - interest rate swap | 73 | |
Total liabilities | 58,291 | 50,928 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total, estimated fair value | 0 | 0 |
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 0 | 0 |
Limited liability investments, at fair value | 3,302 | 3,263 |
Real estate investments, at fair value (cost of $10,225 and $10,225, respectively) | 10,662 | 10,662 |
Total assets | 13,964 | 13,925 |
Subordinated debt, at fair value | 0 | 0 |
Stock-based compensation liabilities | 1,134 | 443 |
Derivative contract - interest rate swap | 0 | |
Total liabilities | 1,134 | 443 |
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Total, estimated fair value | 0 | 0 |
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 0 | 0 |
Limited liability investments, at fair value | 17,060 | 29,548 |
Real estate investments, at fair value (cost of $10,225 and $10,225, respectively) | 0 | 0 |
Total assets | 17,060 | 29,548 |
Subordinated debt, at fair value | 0 | 0 |
Stock-based compensation liabilities | 0 | 0 |
Derivative contract - interest rate swap | 0 | |
Total liabilities | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Total, estimated fair value | 10,490 | 10,104 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Total, estimated fair value | 10,490 | 10,104 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total, estimated fair value | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total, estimated fair value | 10,490 | 10,104 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total, estimated fair value | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Total, estimated fair value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Total, estimated fair value | 1,284 | 1,454 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Total, estimated fair value | 1,284 | 1,454 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total, estimated fair value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total, estimated fair value | 1,284 | 1,454 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total, estimated fair value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Total, estimated fair value | 0 | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Total, estimated fair value | 6,066 | 5,394 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | ||
Total, estimated fair value | 6,066 | 5,394 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total, estimated fair value | 0 | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total, estimated fair value | 6,066 | 5,394 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total, estimated fair value | 0 | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Total, estimated fair value | 0 | 0 |
Asset-backed Securities [Member] | ||
Total, estimated fair value | 127 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | ||
Total, estimated fair value | 127 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total, estimated fair value | 0 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total, estimated fair value | 127 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total, estimated fair value | 0 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Total, estimated fair value | 0 | |
Corporate Debt Securities [Member] | ||
Total, estimated fair value | 3,635 | 3,764 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Total, estimated fair value | 3,635 | 3,764 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total, estimated fair value | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total, estimated fair value | 3,635 | 3,764 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total, estimated fair value | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Total, estimated fair value | 0 | 0 |
Common Stock [Member] | Fair Value, Recurring [Member] | ||
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 193 | 155 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 193 | 155 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 0 | 0 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 0 | 0 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 0 | 0 |
Warrant [Member] | Fair Value, Recurring [Member] | ||
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 32 | 289 |
Warrant [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 0 | 17 |
Warrant [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 32 | 272 |
Warrant [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 0 | 0 |
Warrant [Member] | Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | $ 0 | $ 0 |
Note 19 - Fair Value of Finan_5
Note 19 - Fair Value of Financial Instruments - Reconciliation of the Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Balance | $ 13,964 | $ 14,952 | $ 13,964 | $ 14,952 |
Asset, balance | 13,964 | 14,952 | 13,964 | 14,952 |
Ending balance | 1,134 | 259 | 1,134 | 259 |
liabilities, balance | 1,134 | 259 | 1,134 | 259 |
Warrant Liability [Member] | ||||
Beginning balance | 0 | 216 | 0 | 249 |
Change in fair value of warrant liability included in net (loss) income | 0 | 43 | 0 | 10 |
Ending balance | 0 | 259 | 0 | 259 |
Included in other comprehensive (loss) income | 0 | 0 | 0 | 0 |
Change in fair value of stock-based compensation liabilities included in net (loss) income | 0 | (43) | 0 | (10) |
liabilities, balance | 0 | 259 | 0 | 259 |
Share-based Compensation Liabilities [Member] | ||||
Beginning balance | 844 | 0 | 443 | 0 |
Change in fair value of warrant liability included in net (loss) income | 290 | 0 | 691 | 0 |
Ending balance | 1,134 | 0 | 1,134 | 0 |
Change in fair value of stock-based compensation liabilities included in net (loss) income | (290) | 0 | (691) | 0 |
liabilities, balance | 1,134 | 0 | 1,134 | 0 |
Equity Method Investments [Member] | Limited Liability Investments [Member] | ||||
Balance | 3,374 | 4,413 | 3,263 | 4,392 |
Distributions received | (211) | 0 | (233) | (77) |
Balance | 3,302 | 4,290 | 3,302 | 4,290 |
Included in other comprehensive (loss) income | 0 | 0 | 0 | 0 |
Included in other comprehensive (loss) income | 0 | 0 | 0 | 0 |
Asset, balance | 3,302 | 4,290 | 3,302 | 4,290 |
Equity Method Investments [Member] | Limited Liability Investments [Member] | Realized Investment Gains (Losses) [Member] | ||||
Realized gains included in net (loss) income | 188 | 0 | 210 | 86 |
Change in fair value of real estate investments included in net (loss) income | 188 | 0 | 210 | 86 |
Included in net (loss) income | 188 | 0 | 210 | 86 |
Equity Method Investments [Member] | Limited Liability Investments [Member] | Gain (Loss) On Change In Fair Value Of Limited Liability Investments At Fair Value [Member] | ||||
Realized gains included in net (loss) income | (49) | (123) | 62 | (111) |
Change in fair value of real estate investments included in net (loss) income | (49) | (123) | 62 | (111) |
Included in net (loss) income | (49) | (123) | 62 | (111) |
Real Estate Investments [Member] | ||||
Balance | 10,662 | 10,662 | 10,662 | 10,662 |
Realized gains included in net (loss) income | 0 | 0 | 0 | 0 |
Balance | 10,662 | 10,662 | 10,662 | 10,662 |
Included in other comprehensive (loss) income | 0 | 0 | 0 | 0 |
Change in fair value of real estate investments included in net (loss) income | 0 | 0 | 0 | 0 |
Included in net (loss) income | 0 | 0 | 0 | 0 |
Included in other comprehensive (loss) income | 0 | 0 | 0 | 0 |
Asset, balance | $ 10,662 | $ 10,662 | $ 10,662 | $ 10,662 |
Note 19 - Fair Value of Finan_6
Note 19 - Fair Value of Financial Instruments - Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Thousands | Jun. 30, 2021USD ($)Rate | Dec. 31, 2020USD ($)Rate |
Real estate investments, fair value | $ 10,662 | $ 10,662 |
Limited Liability Investments [Member] | ||
Limited liability investments, at fair value | 20,362 | 32,811 |
Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation Multiples [Member] | ||
Stock-based compensation liabilities | $ 1,134 | $ 443 |
Stock-based compensation liabilities (Rate) | Rate | 6 | 6 |
Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation Multiples [Member] | Limited Liability Investments [Member] | ||
Limited liability investments, at fair value | $ 3,302 | $ 3,263 |
Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation Multiples [Member] | Limited Liability Investments [Member] | Minimum [Member] | ||
Limited liability investments, at fair value (Rate) | Rate | 3.1 | 3.1 |
Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation Multiples [Member] | Limited Liability Investments [Member] | Maximum [Member] | ||
Limited liability investments, at fair value (Rate) | Rate | 8 | 8 |
Valuation, Market and Income Approach [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Cap Rate [Member] | ||
Real estate investments, fair value | $ 10,662 | $ 10,662 |
Real estate investments (Rate) | 7.5 | 7.5 |
Note 19 - Fair Value of Finan_7
Note 19 - Fair Value of Financial Instruments - Fair Value, Investments, Entities that Calculate Net Asset Value Per Share (Details) - Limited Liability Investments [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Equity Method Investments, Fair Value Disclosure | $ 20,362 | $ 32,811 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Equity Method Investments, Fair Value Disclosure | $ 17,060 | $ 29,548 |
Note 21 - Commitments and Con_2
Note 21 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jun. 02, 2021 | Jan. 20, 2020 | Mar. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Apr. 30, 2018 |
Loss Contingency, Estimate of Possible Loss | $ 4,800 | $ 72,000 | $ 72,000 | |||||
Proceeds from Legal Settlements | $ 2,700 | |||||||
Litigation Settlement, Amount Awarded to Other Party | $ 900 | |||||||
Litigation Settlement Reimbursable Percentage of Future Losses | 60.00% | |||||||
Payments for Legal Settlements | $ 500 | $ 0 | ||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Reported Claims, Amount | $ 2,500 | 2,500 | ||||||
Payments of Debt Issuance Costs | 1,685 | |||||||
Short Term Investments Fair Value Disclosure | 200 | 200 | 200 | |||||
Restricted Cash, Total | 27,540 | 30,571 | 27,540 | |||||
Third Parties [Member] | ||||||||
Restricted Cash, Total | 900 | 1,000 | 900 | |||||
IWS [Member] | ||||||||
Restricted Cash, Total | 24,700 | 27,700 | 24,700 | |||||
State and Provincial Regulatory Authorities [Member] | ||||||||
Restricted Cash, Total | 1,900 | $ 1,900 | $ 1,900 | |||||
Loans Payable [Member] | Additional Mortgage [Member] | ||||||||
Payment for Management Fee | $ 10,600 | |||||||
Loans Payable [Member] | TRT [Member] | Additional Mortgage [Member] | ||||||||
Debt Instrument, Face Amount | 15,000 | |||||||
Loans Payable [Member] | TRT [Member] | Additional Mortgage [Member] | DGI-BNSF Corp [Member] | ||||||||
Payment for Management Fee | $ 10,600 | |||||||
Debt Instrument, Percentage of Total Net Proceeds | 80.00% | 80.00% | ||||||
Loans Payable [Member] | TRT [Member] | Additional Mortgage [Member] | CMC Acquisition LLC [Member] | ||||||||
Payment for Management Fee | $ 2,700 | |||||||
Debt Instrument, Percentage of Total Net Proceeds | 20.00% | 20.00% | ||||||
Loans Payable [Member] | TRT [Member] | Additional Mortgage [Member] | Third Parties [Member] | ||||||||
Payments of Debt Issuance Costs | $ 1,100 | |||||||
CMC [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 81.00% | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.00% | |||||||
DGI-BNSF Corp [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 80.00% | 80.00% | ||||||
DGI-BNSF Corp [Member] | Maximum [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40.00% | 40.00% | ||||||
Litigation Settlement, Amount Awarded to Other Party | $ 30,600 | |||||||
DGI-BNSF Corp [Member] | Minimum [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 32.10% | 32.10% | ||||||
CMC Acquisition LLC [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 20.00% | 20.00% | ||||||
Litigation Settlement, Amount Awarded from Other Party | $ 1,500 | |||||||
CMC Acquisition LLC [Member] | Maximum [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 48.60% | 48.60% | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 11.40% | 11.40% | ||||||
Proceeds from Legal Settlements | $ 40,000 | |||||||
CMC Acquisition LLC [Member] | Minimum [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 55.00% | 55.00% | ||||||
CRIC TRT Acquisition LLC [Member] | Maximum [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 12.90% | 12.90% | ||||||
Litigation Settlement, Amount Awarded to Other Party | $ 9,400 |