Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 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 | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-15204 | |
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 | 24,026,331 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Investments: | ||
Fixed maturities, at fair value (amortized cost of $34,304 and $20,488, respectively) | $ 34,339 | $ 20,716 |
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 187 | 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 | 272 | 294 |
Short-term investments, at cost which approximates fair value | 157 | 157 |
Total investments | 67,822 | 69,566 |
Cash and cash equivalents | 18,139 | 14,374 |
Restricted cash | 18,140 | 30,571 |
Accrued investment income | 951 | 757 |
Other receivables, net of allowance for doubtful accounts of $201 and $201, respectively | 12,443 | 15,417 |
Deferred acquisition costs, net | 9,047 | 8,835 |
Property and equipment, net of accumulated depreciation of $23,599 and $24,441, respectively | 92,760 | 95,015 |
Right-of-use asset | 2,358 | 2,960 |
Goodwill | 102,342 | 121,130 |
Intangible assets, net of accumulated amortization of $18,858 and $15,433, respectively | 100,257 | 84,133 |
Other assets | 15,912 | 4,882 |
Total Assets | 446,672 | 452,474 |
Liabilities: | ||
Accrued expenses and other liabilities | 41,672 | 42,502 |
Income taxes payable | 256 | 2,859 |
Deferred service fees | 87,518 | 87,945 |
Unpaid loss and loss adjustment expenses | 1,350 | 1,449 |
Bank loan | 22,276 | 25,303 |
Notes payable | 189,601 | 192,057 |
Subordinated debt, at fair value | 59,601 | 50,928 |
Lease liability | 2,600 | 3,213 |
Net deferred income tax liabilities | 28,144 | 27,555 |
Total Liabilities | 433,018 | 433,811 |
Shareholders' Equity: | ||
Common stock, no par value; 50,000,000 and 50,000,000 authorized at September 30, 2021 and December 31, 2020, respectively; 22,786,331 and 22,211,069 issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 0 | 0 |
Additional paid-in capital | 358,206 | 355,242 |
Treasury stock, at cost; 247,450 and 247,450 outstanding at September 30, 2021 and December 31, 2020, respectively | (492) | (492) |
Accumulated deficit | (395,859) | (394,807) |
Accumulated other comprehensive income | 31,369 | 38,059 |
Shareholders' equity attributable to common shareholders | (6,776) | (1,998) |
Noncontrolling interests in consolidated subsidiaries | 13,516 | 14,157 |
Total Shareholders' Equity | 6,740 | 12,159 |
Total Liabilities, Class A preferred stock and Shareholders' Equity | 446,672 | 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 September 30, 2021 and December 31, 2020, respectively; 182,876 and 182,876 issued and outstanding at September 30, 2021 and December 31, 2020, respectively; redemption amount of $6,914 and $6,658 at September 30, 2021 and December 31, 2020, respectively | 6,914 | 6,504 |
Service Fees [Member] | ||
Investments: | ||
Service fee receivable, net of allowance for doubtful accounts of $212 and $478, respectively | 6,501 | 4,834 |
Liabilities: | ||
Deferred service fees | 87,500 | 87,900 |
Limited Liability Investments [Member] | ||
Investments: | ||
Limited liability investments | 3,235 | 3,692 |
Limited liability investments, at fair value | $ 18,180 | $ 32,811 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fixed maturities, cost | $ 34,304 | $ 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 | 23,599 | 24,441 |
Intangible assets accumulated amortization | $ 18,858 | $ 15,433 |
Temporary equity, issued (in shares) | 182,876 | |
Temporary equity, outstanding (in shares) | 182,876 | |
Temporary equity, redemption | $ 6,900 | |
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) | 22,786,331 | 22,211,069 |
Common stock, outstanding (in shares) | 22,786,331 | 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 | $ 6,914 | $ 6,658 |
Service Fees [Member] | ||
Allowance for doubtful accounts | $ 212 | $ 478 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Service fee and commission revenue | $ 17,627 | $ 11,995 | $ 54,956 | $ 33,619 |
Rental revenue | 3,341 | 3,341 | 10,023 | 10,023 |
Total revenues | 20,968 | 15,336 | 64,979 | 43,642 |
Operating expenses: | ||||
Claims authorized on vehicle service agreements | 4,951 | 2,221 | 14,869 | 6,948 |
Loss and loss adjustment expenses | 2 | 2 | 6 | 17 |
Commissions | 1,508 | 1,418 | 4,588 | 4,000 |
Cost of services sold | 1,244 | 1,102 | 3,176 | 1,852 |
General and administrative expenses | 11,770 | 9,719 | 36,279 | 28,800 |
Leased real estate segment interest expense | 1,607 | 1,484 | 4,575 | 4,474 |
Total operating expenses | 21,082 | 15,946 | 63,493 | 46,091 |
Operating (loss) income | (114) | (610) | 1,486 | (2,449) |
Other revenues (expenses), net: | ||||
Net investment income | 389 | 625 | 1,213 | 2,025 |
Net realized gains (losses) | 159 | (59) | 397 | 157 |
(Loss) gain on change in fair value of equity investments | (39) | 1,177 | (235) | 1,069 |
Gain on change in fair value of limited liability investments, at fair value | 1,211 | 274 | 1,740 | 2,050 |
Net change in unrealized loss on private company investments | 0 | (74) | 0 | (744) |
Other-than-temporary impairment loss | 0 | 0 | 0 | (117) |
Other income (expenses) | 53 | 152 | (2,581) | 398 |
Interest expense not allocated to segments | (1,497) | (1,813) | (4,642) | (5,963) |
Amortization of intangible assets | (2,432) | (572) | (3,425) | (1,719) |
(Loss) gain on change in fair value of debt | (412) | (503) | (2,169) | 1,940 |
Gain on extinguishment of debt | 0 | 0 | 2,494 | 0 |
Total other expenses, net | (2,568) | (793) | (7,208) | (904) |
Loss from continuing operations before income tax benefit | (2,682) | (1,403) | (5,722) | (3,353) |
Income tax benefit | (2,456) | (279) | (6,139) | (409) |
(Loss) income from continuing operations | (226) | (1,124) | 417 | (2,944) |
Gain on disposal of discontinued operations, net of taxes | 0 | 0 | 0 | 6 |
Net (loss) income | (226) | (1,124) | 417 | (2,938) |
Less: net income attributable to noncontrolling interests in consolidated subsidiaries | 782 | 112 | 1,469 | 941 |
Less: dividends on preferred stock | 86 | 230 | 409 | 831 |
Net loss attributable to common shareholders | $ (1,094) | $ (1,466) | $ (1,461) | $ (4,710) |
Loss per share | ||||
Loss per share – continuing operations: Basic: (in dollars per share) | $ (0.05) | $ (0.07) | $ (0.07) | $ (0.21) |
Loss per share – continuing operations: Diluted: (in dollars per share) | (0.05) | (0.07) | (0.07) | (0.21) |
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) | (0.05) | (0.07) | (0.07) | (0.21) |
Diluted: (in dollars per share) | $ (0.05) | $ (0.07) | $ (0.07) | $ (0.21) |
Weighted-average shares outstanding (in ‘000s): | ||||
Basic: (in shares) | 22,732 | 22,211 | 22,440 | 22,164 |
Diluted: (in shares) | 22,732 | 22,211 | 22,440 | 22,164 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Net (loss) income | $ (226) | $ (1,124) | $ 417 | $ (2,938) | |
Other comprehensive (loss) income, net of taxes(1): | |||||
Unrealized (losses) gains arising during the period | [1] | (107) | (50) | (217) | 130 |
Reclassification adjustment for amounts included in net income (loss) | [1] | 11 | (2) | 25 | 64 |
Change in fair value of debt attributable to instrument-specific credit risk | [1] | (971) | (2,843) | (6,505) | 7,781 |
Other comprehensive (loss) income | [1] | (1,067) | (2,895) | (6,697) | 7,975 |
Comprehensive (loss) income | (1,293) | (4,019) | (6,280) | 5,037 | |
Less: comprehensive income attributable to noncontrolling interests in consolidated subsidiaries | 780 | 109 | 1,462 | 953 | |
Comprehensive (loss) income attributable to common shareholders | $ (2,073) | $ (4,128) | $ (7,742) | $ 4,084 | |
[1] | Net of income tax benefit of $0 and $0 for the three and nine months ended September 30, 2021 and September 30, 2020, respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 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 | $ 0 | $ 354,101 | $ (492) | $ (388,082) | $ 35,347 | $ 874 | $ 13,080 | $ 13,954 | |
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 | |
Net (loss) income | 0 | 0 | 0 | (3,879) | 0 | (3,879) | 941 | (2,938) | |
Preferred stock dividends | 0 | (831) | 0 | 0 | 0 | (831) | 0 | (831) | |
Distributions to noncontrolling interest holders | 0 | 0 | 0 | 0 | 0 | 0 | (43) | (43) | |
Other comprehensive (loss) income | 0 | 0 | 0 | 0 | 7,963 | 7,963 | 12 | 7,975 | [1] |
Stock-based compensation | $ 0 | 202 | 0 | 0 | 0 | 202 | 0 | 202 | |
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 Sep. 30, 2020 | 22,211,069 | ||||||||
Balance at Sep. 30, 2020 | $ 0 | 354,853 | (492) | (391,961) | 43,310 | 5,710 | 13,990 | 19,700 | |
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 | |
Net (loss) income | 0 | 0 | 0 | (1,236) | 0 | (1,236) | 112 | (1,124) | |
Preferred stock dividends | 0 | (230) | 0 | 0 | 0 | (230) | 0 | (230) | |
Other comprehensive (loss) income | 0 | 0 | 0 | 0 | (2,892) | (2,892) | (3) | (2,895) | [1] |
Stock-based compensation | $ 0 | 120 | 0 | 0 | 0 | 120 | 0 | 120 | |
Balance (in shares) at Sep. 30, 2020 | 22,211,069 | ||||||||
Balance at Sep. 30, 2020 | $ 0 | 354,853 | (492) | (391,961) | 43,310 | 5,710 | 13,990 | $ 19,700 | |
Balance (in shares) at Dec. 31, 2020 | 22,211,069 | 22,211,069 | |||||||
Balance at Dec. 31, 2020 | $ 0 | 355,242 | (492) | (394,807) | 38,059 | (1,998) | 14,157 | $ 12,159 | |
Vesting of restricted stock awards, net of share settlements for tax withholdings (in shares) | 225,262 | ||||||||
Vesting of restricted stock awards, net of share settlements for tax withholdings | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Exercise of Series B warrants (in shares) | 350,000 | ||||||||
Exercise of Series B warrants | $ 0 | 1,750 | 0 | 0 | 0 | 1,750 | 0 | 1,750 | |
Net (loss) income | 0 | 0 | 0 | (1,052) | 0 | (1,052) | 1,469 | 417 | |
Preferred stock dividends | 0 | (409) | 0 | 0 | 0 | (409) | 0 | (409) | |
Distributions to noncontrolling interest holders | 0 | 0 | 0 | 0 | 0 | 0 | (2,103) | (2,103) | |
Other comprehensive (loss) income | 0 | 0 | 0 | 0 | (6,690) | (6,690) | (7) | (6,697) | [1] |
Stock-based compensation | $ 0 | 1,623 | 0 | 0 | 0 | 1,623 | 0 | $ 1,623 | |
Balance (in shares) at Sep. 30, 2021 | 22,786,331 | 22,786,331 | |||||||
Balance at Sep. 30, 2021 | $ 0 | 358,206 | (492) | (395,859) | 31,369 | (6,776) | 13,516 | $ 6,740 | |
Balance (in shares) at Jun. 30, 2021 | 22,365,631 | ||||||||
Balance at Jun. 30, 2021 | $ 0 | 356,331 | (492) | (394,851) | 32,434 | (6,578) | 14,669 | 8,091 | |
Vesting of restricted stock awards, net of share settlements for tax withholdings (in shares) | 70,700 | ||||||||
Vesting of restricted stock awards, net of share settlements for tax withholdings | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Exercise of Series B warrants (in shares) | 350,000 | ||||||||
Exercise of Series B warrants | $ 0 | 1,750 | 0 | 0 | 0 | 1,750 | 0 | 1,750 | |
Net (loss) income | 0 | 0 | 0 | (1,008) | 0 | (1,008) | 782 | (226) | |
Preferred stock dividends | 0 | (86) | 0 | 0 | 0 | (86) | 0 | (86) | |
Distributions to noncontrolling interest holders | 0 | 0 | 0 | 0 | 0 | 0 | (1,933) | (1,933) | |
Other comprehensive (loss) income | 0 | 0 | 0 | 0 | (1,065) | (1,065) | (2) | (1,067) | [1] |
Stock-based compensation | $ 0 | 211 | 0 | 0 | 0 | 211 | 0 | $ 211 | |
Balance (in shares) at Sep. 30, 2021 | 22,786,331 | 22,786,331 | |||||||
Balance at Sep. 30, 2021 | $ 0 | $ 358,206 | $ (492) | $ (395,859) | $ 31,369 | $ (6,776) | $ 13,516 | $ 6,740 | |
[1] | Net of income tax benefit of $0 and $0 for the three and nine months ended September 30, 2021 and September 30, 2020, respectively. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | ||
Net (loss) income | $ 417 | $ (2,938) |
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 | (31) | (31) |
Depreciation and amortization expense | 6,369 | 5,005 |
Stock-based compensation expense, net of forfeitures | 2,955 | 202 |
Net realized gains | (397) | (157) |
Loss (gain) on change in fair value of equity investments | 235 | (1,069) |
Gain on change in fair value of limited liability investments, at fair value | (1,740) | (2,050) |
Net change in unrealized loss on private company investments | 0 | 744 |
Loss (gain) on change in fair value of debt | 2,169 | (1,940) |
Loss on change in fair value of derivatives | 65 | 0 |
Deferred income taxes | 589 | (631) |
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings, Total | 0 | 117 |
Amortization of fixed maturities premiums and discounts | 154 | 98 |
Amortization of notes payable premium, discounts and debt issue costs | (606) | (669) |
Gain on extinguishment of debt | (2,494) | 0 |
Changes in operating assets and liabilities: | ||
Service fee receivable, net | (1,667) | (55) |
Other receivables, net | 2,974 | 1,055 |
Deferred acquisition costs, net | (212) | (288) |
Other assets | (11,030) | 1,081 |
Unpaid loss and loss adjustment expenses | (99) | (373) |
Deferred service fees | (427) | (577) |
Other, net | (5,268) | 2,890 |
Net cash (used in) provided by operating activities | (8,044) | 408 |
Investing activities: | ||
Proceeds from sales and maturities of fixed maturities | 4,477 | 12,685 |
Proceeds from sales of equity investments | 23 | 3,230 |
Purchases of fixed maturities | (18,455) | (10,518) |
Net proceeds from limited liability investments | 522 | 133 |
Net proceeds from limited liability investments, at fair value | 16,661 | 109 |
Net proceeds from investments in private companies | 151 | 683 |
Net proceeds from other investments | 22 | 369 |
Net purchases of short-term investments | 0 | (3) |
Acquisition of business, net of cash acquired | (50) | 0 |
Net purchases of property and equipment | (689) | (146) |
Net cash provided by investing activities | 2,662 | 6,542 |
Financing activities: | ||
Proceeds from exercise of warrants | 1,750 | 0 |
Distributions to noncontrolling interest holders | (2,103) | (43) |
Taxes paid related to net share settlements of restricted stock awards | (468) | (83) |
Principal payments on bank loans | (3,088) | (812) |
Principal proceeds from notes payable, net of debt issuance costs of $1,685 in 2021 | 13,270 | 2,858 |
Principal payments on notes payable | (12,645) | (3,082) |
Net cash used in financing activities | (3,284) | (1,162) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (8,666) | 5,788 |
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 | $ 36,279 | $ 31,449 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Notes payable, debt issuance costs | $ 1,685 |
Note 1 - Business
Note 1 - Business | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 audited consolidated financial statements at December 31, 2020 three nine September 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; accounting for business combinations; 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 | 9 Months Ended |
Sep. 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 The near-term impacts of COVID- 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 trigger payment of service fees. However, as more fully described in 21 , " ," the holding company is now permitted to receive 20% of the proceeds from the increased rental payments resulting from an earlier amendment to the lease (or any borrowings against such increased rental payments). In the second 2021, 11 , " ," for fur 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 $3.7 million (approximately eight months of operating cash outflows) and $1.1 million at September 30, 2021 and December 31, 2020 , respectively, which excludes future actions available to the holding company that could be taken to generate liquidity. The holding company cash amounts are reflected in the cash and cash $18.1 million September 30, 2021 December 31, 2020 As of September 30, 2021 April 1, 2021 ( $6.7 September 30, 2021 not not of million, September 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 | 9 Months Ended |
Sep. 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 In August 2021, 2021 06, Presentation of Financial Statements (Topic 205 Depository and Lending (Topic 942 Investment Companies (Topic 946 No. 33 10786, No. 33 10835, No. 33 10786, No. 33 10835, 2021 06" 2021 06 No. 33 10786, No. 33 10835, 2021 06 In October 2021, 2021 08, Business Combinations (Topic 805 2021 08" 2021 08 2014 09, Revenue from Contracts with Customers 606" 606 December 15, 2022, 2021 08 October 1, 2021 |
Note 5 - Acquisition
Note 5 - Acquisition | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 5 On December 1, 2020, first 2021 fifty n 18 , " ," This acquisition was accounted for as a business combination using the acquisition method of accounting. The purchase price was provisionally allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition and were subject to adjustment during a measurement period subsequent to the acquisition date, not one third 2021, finalized third The Company records measurement period adjustments in the period in which the adjustments occur. During the three September 30, 2021, December 31, 2020. • $19.6 million of separately identifiable intangible assets were recognized resulting from acquired customer relationships ($15.0 million) and trade name ($4.6 million); • A $3.6 • Deferred income tax liabilities of $4.2 million were recognized, primarily related to the measurement period adjustments for intangible assets and deferred service fees; • An increase to accrued expenses and other liabilities of $0.1 million; and • An increase to the final purchase price of $0.1 million related to the working capital true-up. The measurement period adjustment related to the customer relationships intangible asset also resulted in an increase in amortization expense and accumulated amortization of $1.9 million that was recorded during the three September 30, 2021, • $0.6 million relates to the three September 30, 2021; • $0.6 million relates to the three June 30, 2021; • $ 0.6 million relates to the three March 31, 2021; • $0.1 million relates to the year ended December 31, 2020. The measurement period adjustment related to deferred service fees also resulted in a decrease service fee and commission revenue of $1.9 million that was recorded during the three September 30, 2021, • $0.4 million relates to the three September 30, 2021; • $0.5 million relates to the three June 30, 2021; • $0.7 million relates to the three March 31, 2021; • $0.3 million relates to the year ended December 31, 2020. The Company notes that had ASU 2021 08 4, not $3.6 not $1.9 third 2021. Refer toNote 8 , " ," f $20.2 million not The following table summarizes the finalized allocation recorded during the third 2021 (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 20,238 Intangible asset subject to amortization - customer relationships 15,000 Intangible asset subject to amortization - trade name 4,550 Other assets 1,321 Total assets $ 67,473 Accrued expenses and other liabilities $ 8,165 Lease liability 255 Net deferred income tax liabilities 4,229 Deferred service fees 30,400 Total liabilities $ 43,049 Purchase price $ 24,424 |
Note 6 - Investments
Note 6 - Investments | 9 Months Ended |
Sep. 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 September 30, 2021 December 31, 2020 (in thousands) September 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Fixed maturities: U.S. government, government agencies and authorities $ 15,207 $ 49 $ 9 $ 15,247 States, municipalities and political subdivisions 1,580 4 — 1,584 Mortgage-backed 8,133 35 18 8,150 Asset-backed 253 — — 253 Corporate 9,131 25 51 9,105 Total fixed maturities $ 34,304 $ 113 $ 78 $ 34,339 (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 September 30, 2021 may may (in thousands) September 30, 2021 Amortized Cost Estimated Fair Value Due in one year or less $ 7,059 $ 7,096 Due after one year through five years 18,368 18,404 Due after five years through ten years 5,669 5,640 Due after ten years 3,208 3,199 Total $ 34,304 $ 34,339 The following tables highlight the aggregate unrealized loss position, by security type, of available-for-sale investments in unrealized loss positions as of September 30, 2021 December 31, 2020 (in thousands) September 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 $ 7,334 $ 9 $ — $ — $ 7,334 $ 9 States, municipalities and political subdivisions 100 — — — 100 — Mortgage-backed 4,741 18 — — 4,741 18 Asset-backed 128 — — — 128 — Corporate 6,050 51 — — 6,050 51 Total fixed maturities $ 18,353 $ 78 $ — $ — $ 18,353 $ 78 (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 September 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 September 30, 2021 September 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 September 30, 2021 December 31, 2020 September 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 September 30, 2021 December 31, 2020 $18.2 million two Net Lease's investment properties during 2021 three nine September 30, 2021 ( m three nine September 30, 2020 September 30, 2021 no The Company consolidates the financial statements of Net Lease on a three second 2021, one three third 2021 Net Lease recorded a gain of $0.8 million related to its investment in the limited liability company, with an offsetting change in unrealized gain of $0.8 million, which collectively are included in net investment income in the consolidated statement of operations for the three September 30, 2021 . During the fourth 2020, one nine September 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 September 30, 2021 December 31, 2020 three nine September 30, 2021 September 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 nine September 30, 2021 ( zero m three nine September 30, 2020 three nine September 30, 2020 19 The Company previously had issued promissory notes (the "Notes") to five December 31, 2020. third fourth 2020, December 31, 2020 nine September 30, 2020 one zero September 30, 2021 December 31, 2020 Net investment income for the three nine September 30, 2021 September 30, 2020 (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Investment income: Interest from fixed maturities $ 62 $ 69 $ 160 $ 250 Dividends 31 34 94 121 (Loss) income from limited liability investments (14 ) 19 31 31 Income from limited liability investments, at fair value 25 234 106 702 Income from real estate investments 200 200 600 600 Other 94 88 274 365 Gross investment income 398 644 1,265 2,069 Investment expenses (9 ) (19 ) (52 ) (44 ) Net investment income $ 389 $ 625 $ 1,213 $ 2,025 Gross realized gains and losses on available-for-sale investments, limited liability investments, at fair value and investments in private companies for the three nine September 30, 2021 September 30, 2020 (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Gross realized gains $ 193 $ 164 $ 505 $ 380 Gross realized losses (34 ) (223 ) (108 ) (223 ) Net realized gains (losses) $ 159 $ (59 ) $ 397 $ 157 (Loss) gain on change in fair value of equity investments for the three nine September 30, 2021 September 30, 2020 (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Net gains recognized on equity investments sold during the period $ — $ 1,505 $ 13 $ 1,505 Change in unrealized losses on equity investments held at end of the period (39 ) (328 ) (248 ) (436 ) (Loss) gain on change in fair value of equity investments $ (39 ) $ 1,177 $ (235 ) $ 1,069 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 | 9 Months Ended |
Sep. 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, and using the same pattern, in which the related revenues are earned. The components of deferred acquisition costs and the related amortization expense for the three nine September 30, 2021 September 30, 2020 (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Beginning balance, net $ 9,106 $ 8,750 $ 8,835 $ 8,604 Additions 1,297 1,390 4,335 3,644 Amortization (1,356 ) (1,248 ) (4,123 ) (3,356 ) Balance at September 30, net $ 9,047 $ 8,892 $ 9,047 $ 8,892 |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 8 (a) Goodwill: The following table summarizes goodwill activity for the nine September 30, 2021: (in thousands) Extended Warranty Leased Real Estate Corporate Total Balance, December 31, 2020 $ 59,415 $ 60,983 $ 732 $ 121,130 Measurement period adjustment (18,788) — — (18,788) Balance, September 30, 2021 $ 40,627 $ 60,983 $ 732 $ 102,342 As further discussed in 5 , " ," d third 2021, The Company performed a Step 1 June 30, 2021 may tate. See 11 , " ," for further information regarding the additional borrowing. (b) Intangible Assets: Intangible assets at September 30, 2021 and December 31, 2020 (in thousands) September 30, 2021 Gross Carrying Value Accumulated Amortization Net Carrying Value Intangible assets subject to amortization: Database $ 4,918 $ 4,365 $ 553 Vehicle service agreements in-force 3,680 3,680 — Customer relationships 27,645 10,274 17,371 In-place lease 1,125 328 797 Non-compete 266 211 55 Intangible assets not subject to amortization: Tenant relationship 73,667 — 73,667 Trade names 7,814 — 7,814 Total $ 119,115 $ 18,858 $ 100,257 (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 As further discussed in 5 , " ," d third 2021, December 1, 2020. third 2021, nine not 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 $2.4 million and $0.6 million for the three September 30, 2021 September 30, 2020 nine September 30, 2021 September 30, 2020 The measurement period adjustment recorded during the third 2021 three September 30, 2021, • $0.6 million relates to the three September 30, 2021; • $0.6 million relates to the three June 30, 2021; • $0.6 million relates to the three March 31, 2021; • $0.1 million relates to the year ended December 31, 2020. The tenant relationship and trade names intangible assets have indefinite useful lives and are not three nine September 30, 2021 September 30, 2020 |
Note 9 - Property and Equipment
Note 9 - Property and Equipment | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 9 Property and equipment at September 30, 2021 December 31, 2020 (in thousands) September 30, 2021 Cost Accumulated Depreciation Carrying Value Land $ 21,120 $ — $ 21,120 Site improvements 91,308 21,232 70,076 Buildings 580 76 504 Leasehold improvements 289 157 132 Furniture and equipment 579 446 133 Computer hardware 2,483 1,688 795 Total $ 116,359 $ 23,599 $ 92,760 (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 the three September 30, 2021 September 30, 2020 f million and million, respectively ( million and million for the nine September 30, 2021 and September 30, 2020 , respectively), is included in general and administrative expenses in the consolidated statements of operations. |
Note 10 - Derivatives
Note 10 - Derivatives | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 10 On April 1, 2021, 2020 11 , " ") to a fixed interest rate of 1.18%. The interest rate swap had an initial notional amount of $11.9 million and matures on February 29, 2024. not 2020 not The notional amount of the interest rate swap contract is million at September 30, 2021 . At September 30, 2021 , the fair value of the interest rate swap contract was a liability of million, which is included in accrued expenses and other liabilities in the consolidated balance sheet. During the three nine September 30, 2021 , the Company recognized a gain of less than million and a loss of million, respectively, related to the change in fair value of the interest rate swap, which is included in interest expense in the consolidated statement of operations and within cash flows from operating activities in the consolidated statement of cash flows. Net cash payments of less than million were made during each of the three nine September 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 | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 11 Debt consists of the following instruments at September 30, 2021 December 31, 2020 (in thousands) September 30, 2021 December 31, 2020 Principal Carrying Value Fair Value Principal Carrying Value Fair Value Bank loan: 2020 KWH Loan $ 22,613 $ 22,276 $ 25,046 $ 25,700 $ 25,303 $ 25,893 Total bank loan 22,613 22,276 25,046 25,700 25,303 25,893 Notes payable: Mortgage 163,066 170,009 182,621 166,106 173,696 194,158 Additional Mortgage 14,704 13,060 15,244 — — — Flower Note 6,532 6,532 7,294 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 184,302 189,601 205,159 184,467 192,057 213,551 Subordinated debt 90,500 59,601 59,601 90,500 50,928 50,928 Total $ 297,415 $ 271,478 $ 289,806 $ 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 September 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, Mortgage"). The net proceeds from the Additional Mortgage were used to advance increased rental payments to the parties that had entered into a legal settlement agreement reached during the first 2021, 21 (a), " - Legal proceedings," for further discussion of the CMC litigation settlement agreement. In the consolidated statement of cash flows for the nine September 30, 2021 , the additional borrowing of $15.0 million is shown as a cash inflow in the net cash used in 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 September 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 19 , " ," for fur e (loss) income. Of $8.7 million increase in fair value of the Company’s subordinated debt between December 31, 2020 and September 30, 2021 $6.5 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 $2.2 million During the third 2018, 20 not September 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 | 9 Months Ended |
Sep. 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 September 30, 2021 $0.2 million and less than $0.1 million, respectively ($0.7 million and $0.1 million for the nine September 30, 2021 ). The annual maturities of lease liabilities as of September 30, 2021 were as follows: (in thousands) Lease Commitments 2021 $ 251 2022 899 2023 624 2024 550 2025 381 2026 and thereafter 165 Total undiscounted lease payments 2,870 Imputed interest 270 Total lease liabilities $ 2,600 The weighted-average remaining lease term for our operating leases was 3.95 years as of September 30, 2021 . The weighted average discount rate of our operating leases was 5.26% as of September 30, 2021 . Cash paid for amounts included in the measurement of lease liabilities was $0.7 million and $0.6 million fo nine September 30, 2021 September 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 nine September 30, 2021 September 30, 2020 2021 2022, 2023, 2024 2025. r to 9 , " ". Lease revenue related to operating leases was $3.3 million for each of the three September 30, 2021 September 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 September 30, 2021 December 31, 2020 (in thousands) September 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 (21,308 ) (18,493 ) Net property and equipment leased $ 91,700 $ 94,515 As of September 30, 2021 , future undiscounted cash flows to be received in each of the next five (in thousands) 2021 $ 3,053 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 | 9 Months Ended |
Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Vehicle service agreement fees and GAP commissions - IWS, Geminus and PWI $ 12,905 $ 7,530 $ 42,255 $ 23,063 Maintenance support service fees - Trinity 1,396 1,399 3,482 2,444 Warranty product commissions - Trinity 1,306 1,023 3,298 2,706 Homebuilder warranty service fees - PWSC 1,790 1,808 5,322 4,628 Homebuilder warranty commissions - PWSC 230 235 599 778 Service fee and commission revenue $ 17,627 $ 11,995 $ 54,956 $ 33,619 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 September 30, 2021 and December 31, 2020 were million and 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 million and million at September 30, 2021 and December 31, 2020 , respectively. The decrease in deferred service fees between December 31, 2020 and September 30, 2021 is primarily due to third 2021 additions to deferred service fees in excess of deferred service fees recognized during the nine September 30, 2021 . The Company expects to recognize within one mately of the deferred service fees as of September 30, 2021 . Approximately million and million of service fee and commission revenue recognized during the nine September 30, 2021 September 30, 2020 December 31, 2020 December 31, 2019 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 14 Income tax benefit for the three nine September 30, 2021 September 30, 2020 (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Income tax benefit at United States statutory income tax rate $ (563 ) $ (295 ) $ (1,202 ) $ (704 ) Valuation allowance (2,161 ) (155 ) (3,039 ) (35 ) Non-deductible compensation 187 25 523 7 Non-taxable income — — (524 ) — Investment income (115 ) 1 (158 ) (120 ) State income tax 117 31 287 98 Change in unrecognized tax benefits(1) 2 56 (2,813 ) 193 Indemnification receivable — (12 ) 591 (41 ) Indefinite life intangibles 54 54 161 161 Other 23 16 35 32 Income tax benefit $ (2,456 ) $ (279 ) $ (6,139 ) $ (409 ) ( 1 The Company maintains a valuation allowance for its gross deferred tax assets at September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 three September 30, 2021 September 30, 2020 nine September 30, 2021 September 30, 2020 three September 30, 2021 The Company carries net deferred income tax liab ilities of million and million September 30, 2021 December 31, 2020 • $7.6 • $23.0 million and $21.9 million of deferred income tax liabilities related to land and indefinite lived intangible assets; • $1.9 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 nine September 30, 2021 September 30, 2021 December 31, 2020 of less than $0.1 million $0.1 three September 30, 2021 September 30, 2020 benefit of $1.5 million and nine September 30, 2021 September 30, 2020 September 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 | 9 Months Ended |
Sep. 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 three nine September 30, 2021 September 30, 2020 (in thousands, except per share data) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator: (Loss) income from continuing operations $ (226 ) $ (1,124 ) $ 417 $ (2,944 ) Less: net income attributable to noncontrolling interests (782 ) (112 ) (1,469 ) (941 ) Less: dividends on preferred stock (86 ) (230 ) (409 ) (831 ) Loss from continuing operations attributable to common shareholders $ (1,094 ) $ (1,466 ) $ (1,461 ) $ (4,716 ) Denominator: Weighted average basic shares Weighted average common shares outstanding 22,732 22,211 22,440 22,164 Weighted average diluted shares Weighted average common shares outstanding 22,732 22,211 22,440 22,164 Effect of potentially dilutive securities (a) — — — — Unvested restricted stock awards — — — — Warrants — — — — Convertible preferred stock — — — — Total weighted average diluted shares 22,732 22,211 22,440 22,164 Basic loss per share $ (0.05 ) $ (0.07 ) $ (0.07 ) $ (0.21 ) Diluted loss per share $ (0.05 ) $ (0.07 ) $ (0.07 ) $ (0.21 ) (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 nine September 30, 2021 September 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Unvested restricted stock awards 1,240,000 500,000 1,240,000 500,000 Warrants 4,573,765 4,923,765 4,573,765 4,923,765 Convertible preferred stock 1,142,975 1,142,975 1,142,975 1,142,975 Total $ 6,956,740 $ 6,566,740 $ 6,956,740 $ 6,566,740 |
Note 16 - Stock-based Compensat
Note 16 - Stock-based Compensation | 9 Months Ended |
Sep. 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 September 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 September 30, 2021 million. Under the 2020 first 2021 "2021 2021 2021 2021 nine September 30, 2021 2021 2021 September 30, 2021 s million. The following table summarizes the activity related to unvested 2021 2018 nine September 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 (225,262 ) 4.64 Cancelled for Tax Withholding (94,738 ) 4.64 Unvested at September 30, 2021 1,240,000 $ 5.08 The unvested balance at September 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 l. See 19 , " ," for further discussion related to the valuation of the Modified PWSC RSA and the 2020 The Modified PWSC RSA and the 2020 February 20, 2022 February 20, 2023. six 2020 At September 30, 2021 September 30, 2021 September 30, 2021 han $0.1 million. At September 30, 2021 2020 September 30, 2021 2020 2020 September 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 million and million for the three September 30, 2021 and September 30, 2020 , respectively ( million and million for the nine months ended September 30, 2021 and September 30, 2020 , respectively). |
Note 17 - Accumulated Other Com
Note 17 - Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 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 nine September 30, 2021 September 30, 2020 (in thousands) Three months ended September 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 June 30, 2021 $ 125 $ (3,286 ) $ 35,595 $ 32,434 Other comprehensive loss arising during the period (105 ) — (971 ) (1,076 ) Amounts reclassified from accumulated other comprehensive income 11 — — 11 Net current-period other comprehensive loss (94 ) — (971 ) (1,065 ) Balance at September 30, 2021 $ 31 $ (3,286 ) $ 34,624 $ 31,369 (in thousands) Three months ended September 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 June 30, 2020 $ 290 $ (3,286 ) $ 49,198 $ 46,202 Other comprehensive loss arising during the period (47 ) — (2,843 ) (2,890 ) Amounts reclassified from accumulated other comprehensive income (2 ) — — (2 ) Net current-period other comprehensive loss (49 ) — (2,843 ) (2,892 ) Balance at September 30, 2020 $ 241 $ (3,286 ) $ 46,355 $ 43,310 (in thousands) Nine months ended September 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 (210 ) — (6,505 ) (6,715 ) Amounts reclassified from accumulated other comprehensive income 25 — — 25 Net current-period other comprehensive loss (185 ) — (6,505 ) (6,690 ) Balance at September 30, 2021 $ 31 $ (3,286 ) $ 34,624 $ 31,369 (in thousands) Nine months ended September 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 118 — 7,781 7,899 Amounts reclassified from accumulated other comprehensive income 64 — — 64 Net current-period other comprehensive income 182 — 7,781 7,963 Balance at September 30, 2020 $ 241 $ (3,286 ) $ 46,355 $ 43,310 It should be noted that the unaudited consolidated statements of comprehensive (loss) income three nine September 30, 2021 September 30, 2020 Components of accumulated other comprehensive income were reclassified to the following lines of the unaudited consolidated statements of operations for the three nine September 30, 2021 September 30, 2020 (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Reclassification of accumulated other comprehensive income from unrealized gains (losses) on available-for-sale investments to: Net realized gains (losses) $ (11 ) $ 2 $ (25 ) $ (64 ) Other-than-temporary impairment loss — — — — Loss from continuing operations before income tax benefit (11 ) 2 (25 ) (64 ) Income tax benefit — — — — (Loss) income from continuing operations (11 ) 2 (25 ) (64 ) Gain on disposal of discontinued operations, net of taxes — — — — Net (loss) income $ (11 ) $ 2 $ (25 ) $ (64 ) |
Note 18 - Segmented Information
Note 18 - Segmented Information | 9 Months Ended |
Sep. 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 st 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 and 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 t operating income. 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 nine September 30, 2021 September 30, 2020 (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Revenues: Extended Warranty: Service fee and commission revenue $ 17,627 $ 11,995 $ 54,956 $ 33,619 Total Extended Warranty 17,627 11,995 54,956 33,619 Leased Real Estate: Rental revenue 3,341 3,341 10,023 10,023 Total Leased Real Estate 3,341 3,341 10,023 10,023 Total revenues $ 20,968 $ 15,336 $ 64,979 $ 43,642 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 (lo ss) income three nine September 30, 2021 September 30, 2020 (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Segment operating income: Extended Warranty (a) $ 1,400 $ 1,205 $ 9,310 $ 3,340 Leased Real Estate (b) 1,095 799 86 2,234 Total segment operating income 2,495 2,004 9,396 5,574 Net investment income 389 625 1,213 2,025 Net realized gains (losses) 159 (59 ) 397 157 (Loss) gain on change in fair value of equity investments (39 ) 1,177 (235 ) 1,069 Gain on change in fair value of limited liability investments, at fair value 1,211 274 1,740 2,050 Net change in unrealized loss on private company investments — (74 ) — (744 ) Other-than-temporary impairment loss — — — (117 ) Interest expense not allocated to segments (1,497 ) (1,813 ) (4,642 ) (5,963 ) Other revenue and expenses not allocated to segments, net (2,556 ) (2,462 ) (8,308 ) (7,625 ) Amortization of intangible assets (2,432 ) (572 ) (3,425 ) (1,719 ) (Loss) gain on change in fair value of debt (412 ) (503 ) (2,169 ) 1,940 Gain on extinguishment of debt not allocated to segments — — 311 — Loss from continuing operations before income tax benefit (2,682 ) (1,403 ) (5,722 ) (3,353 ) Income tax benefit (2,456 ) (279 ) (6,139 ) (409 ) (Loss) income from continuing operations $ (226 ) $ (1,124 ) $ 417 $ (2,944 ) (a) For the nine September 30, 2021 $7.1 million nine September 30, 2021 11 , " ," fo (b) For the nine September 30, 2021 not |
Note 19 - Fair Value of Financi
Note 19 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 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 - As described in 16 , " ," certain of the restricted stock awards granted by PWSC are classified as a liability. Liability-classified awards are measured and reported at fair value and are included in accrued expenses and other liabilities in the consolidated balance sheets. The fair value of the restricted stock awards granted by PWSC are estimated using an internal valuation model without relevant observable market inputs. The significant inputs used in the model include a valuation multiple applied to trailing twelve 3 Derivative contracts - As described in 10 , " ," the Company entered into an interest rate swap agreement effective 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 September 30, 2021 December 31, 2020 not (in thousands) September 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 $ 15,247 $ — $ 15,247 $ — $ — States, municipalities and political subdivisions 1,584 — 1,584 — — Mortgage-backed 8,150 — 8,150 — — Asset-backed 253 — 253 — — Corporate 9,105 — 9,105 — — Total fixed maturities 34,339 — 34,339 — — Equity investments: Common stock 187 187 — — — Warrants — — — — — Total equity investments 187 187 — — — Limited liability investments, at fair value 18,180 — — 3,744 14,436 Real estate investments 10,662 — — 10,662 — Total assets $ 63,368 $ 187 $ 34,339 $ 14,406 $ 14,436 Liabilities: Subordinated debt $ 59,601 $ — $ 59,601 $ — $ — Stock-based compensation liabilities 1,306 — — 1,306 — Derivative contract - interest rate swap 65 — 65 — — Total liabilities $ 60,972 $ — $ 59,666 $ 1,306 $ — (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 nine September 30, 2021 September 30, 2020 (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Assets: Limited liability investments, at fair value: Beginning balance $ 3,302 $ 4,290 $ 3,263 $ 4,392 Distributions received (80 ) (32 ) (313 ) (109 ) Realized gains included in net (loss) income 80 12 290 98 Change in fair value of limited liability investments, at fair value included in net (loss) income 442 (340 ) 504 (451 ) Ending balance $ 3,744 $ 3,930 $ 3,744 $ 3,930 Unrealized gains on limited liability investments, at fair value held at end of period: Included in net (loss) income $ 442 $ (340 ) $ 504 $ (451 ) 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 $ 14,406 $ 14,592 $ 14,406 $ 14,592 Liabilities: Warrant liability: Beginning balance $ — $ 259 $ — $ 249 Change in fair value of warrant liability included in net (loss) income — (66 ) — (56 ) Ending balance $ — $ 193 $ — $ 193 Unrealized gains recognized on warrant liability held at end of period: Included in net (loss) income $ — $ (66 ) $ — $ (56 ) Included in other comprehensive (loss) income $ — $ — $ — $ — Stock-based compensation liabilities: Beginning balance $ 1,134 $ — $ 443 $ — Change in fair value of stock-based compensation liabilities included in net (loss) income 172 — 863 — Ending balance $ 1,306 $ — $ 1,306 $ — Ending balance - liabilities $ 1,306 $ 193 $ 1,306 $ 193 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 September 30, 2021 Categories Fair Value Valuation Techniques Unobservable Inputs Input Value(s) Limited liability investments, at fair value $ 3,744 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 $ 1,306 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 September 30, 2021 Fair Value Redemption Category (in thousands) Unfunded Commitments Redemption Frequency Notice Period Limited liability investments, at fair value $ 14,436 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 nine September 30, 2021 September 30, 2020 not not three nine September 30, 2021 ( zero million and million for the three nine months ended September 30, 2020 , respectively), which are included in net change in unrealized loss on private company investments in the consolidated statements of operations. The impairments recorded for the three nine months ended September 30, 2020 are a result of the impact of COVID- 19 third 3 As further discusse d in 5 , " ," th December 1, 2020 third 2021. 3 The following table summarizes the valuation techniques and significant unobservable inputs utilized in determining fair values for these Level 3 Fair Value Categories (in thousands) Valuation Techniques Unobservable Inputs Input Value(s) Customer relationships $ 15,000 Multi-period excess earnings Growth rate 3.0 % Attrition rate 12.3 % Discount rate 29.5 % Trade name $ 4,550 Relief from royalty Royalty rate 4.0 % Discount rate 29.5 % Deferred service fees $ 3,626 Cost build-up Normal profit margin 17.8%-21.1% Discount rate 2.5 % |
Note 20 - Related Parties
Note 20 - Related Parties | 9 Months Ended |
Sep. 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. September 30, 2021 December 31, 2020 no nine September 30, 2021 December 31, 2020 |
Note 21 - Commitments and Conti
Note 21 - Commitments and Contingencies | 9 Months Ended |
Sep. 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 third 2021, three nine September 30, 2021 not September 30, 2021 no September 30, 2021 (b) Guarantees: As part of the October 18, 2018 June 30, 2018 Per the purchase agreement, a security interest on the Company’s equity interest in its consolidated subsidiary, Net Lease, as well as any distributions to the Company from Net Lease, was to be collateral for the Company’s payment of obligations with respect to the open claims. During the third 2021, no nine September 30, 2021 September 30, 2020 not September 30, 2021 no September 30, 2021 In conjunction with the Additional Mortgage, TRT paid a guarantee fee of $1.1 million to a third second 2021, (c) Collateral pledged and restricted cash: Short-term investments with an estimated fair value o f $0.2 million a September 30, 2021 December 31, 2020 The Company also has restricted cash of million and million September 30, 2021 December 31, 2020 • $13.4 million and $27.7 million at September 30, 2021 and December 31, 2020 , respectively, held as deposits by IWS, PWSC, Geminus and PWI; • $1.9 million at both September 30, 2021 and December 31, 2020 , on deposit with state regulatory authorities; and • $2.8 million and $1.0 million at September 30, 2021 and December 31, 2020 , respectively, pledged to third (d) Purchase agreement: In September 2021, The purchase price of RoeCo is $15.4 million, including the assumption of existing debt. The property is subject to non-recourse senior indebtedness of $11.9 million and junior indebtedness of $1.9 million. The closing is contingent upon the Company receiving approval from both the current lender and current tenant. If such approvals are not December 15, 2021 may |
Note 22 - Subsequent Event
Note 22 - Subsequent Event | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 22 On October 1, 2021, three first fourth 2021. The acquisition was financed with a combination of debt financing provided by Avidbank, and cash on hand. Ravix Acquisition LLC, a wholly-owned subsidiary of the Company, together with Ravix, borrowed a total of $6.0 million, in the form of a term loan, and established a $1.0 million revolver (together, the "Loan") that was undrawn at close. The Loan has a variable interest rate, with the initial annual interest rate equal to 3.75%. The Loan requires monthly principal and interest payments and the term loan matures on October 1, 2027. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 The near-term impacts of COVID- 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 trigger payment of service fees. However, as more fully described in 21 , " ," the holding company is now permitted to receive 20% of the proceeds from the increased rental payments resulting from an earlier amendment to the lease (or any borrowings against such increased rental payments). In the second 2021, 11 , " ," for fur 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 $3.7 million (approximately eight months of operating cash outflows) and $1.1 million at September 30, 2021 and December 31, 2020 , respectively, which excludes future actions available to the holding company that could be taken to generate liquidity. The holding company cash amounts are reflected in the cash and cash $18.1 million September 30, 2021 December 31, 2020 As of September 30, 2021 April 1, 2021 ( $6.7 September 30, 2021 not not of million, September 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) | 9 Months Ended |
Sep. 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 20,238 Intangible asset subject to amortization - customer relationships 15,000 Intangible asset subject to amortization - trade name 4,550 Other assets 1,321 Total assets $ 67,473 Accrued expenses and other liabilities $ 8,165 Lease liability 255 Net deferred income tax liabilities 4,229 Deferred service fees 30,400 Total liabilities $ 43,049 Purchase price $ 24,424 |
Note 6 - Investments (Tables)
Note 6 - Investments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Unrealized Loss on Investments [Table Text Block] | (in thousands) September 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Fixed maturities: U.S. government, government agencies and authorities $ 15,207 $ 49 $ 9 $ 15,247 States, municipalities and political subdivisions 1,580 4 — 1,584 Mortgage-backed 8,133 35 18 8,150 Asset-backed 253 — — 253 Corporate 9,131 25 51 9,105 Total fixed maturities $ 34,304 $ 113 $ 78 $ 34,339 (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) September 30, 2021 Amortized Cost Estimated Fair Value Due in one year or less $ 7,059 $ 7,096 Due after one year through five years 18,368 18,404 Due after five years through ten years 5,669 5,640 Due after ten years 3,208 3,199 Total $ 34,304 $ 34,339 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | (in thousands) September 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 $ 7,334 $ 9 $ — $ — $ 7,334 $ 9 States, municipalities and political subdivisions 100 — — — 100 — Mortgage-backed 4,741 18 — — 4,741 18 Asset-backed 128 — — — 128 — Corporate 6,050 51 — — 6,050 51 Total fixed maturities $ 18,353 $ 78 $ — $ — $ 18,353 $ 78 (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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Investment income: Interest from fixed maturities $ 62 $ 69 $ 160 $ 250 Dividends 31 34 94 121 (Loss) income from limited liability investments (14 ) 19 31 31 Income from limited liability investments, at fair value 25 234 106 702 Income from real estate investments 200 200 600 600 Other 94 88 274 365 Gross investment income 398 644 1,265 2,069 Investment expenses (9 ) (19 ) (52 ) (44 ) Net investment income $ 389 $ 625 $ 1,213 $ 2,025 |
Realized Gain (Loss) on Investments [Table Text Block] | (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Gross realized gains $ 193 $ 164 $ 505 $ 380 Gross realized losses (34 ) (223 ) (108 ) (223 ) Net realized gains (losses) $ 159 $ (59 ) $ 397 $ 157 |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Net gains recognized on equity investments sold during the period $ — $ 1,505 $ 13 $ 1,505 Change in unrealized losses on equity investments held at end of the period (39 ) (328 ) (248 ) (436 ) (Loss) gain on change in fair value of equity investments $ (39 ) $ 1,177 $ (235 ) $ 1,069 |
Note 7 - Deferred Acquisition_2
Note 7 - Deferred Acquisition Costs (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Deferred Policy Acquisition Costs [Table Text Block] | (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Beginning balance, net $ 9,106 $ 8,750 $ 8,835 $ 8,604 Additions 1,297 1,390 4,335 3,644 Amortization (1,356 ) (1,248 ) (4,123 ) (3,356 ) Balance at September 30, net $ 9,047 $ 8,892 $ 9,047 $ 8,892 |
Note 8 - Goodwill and Intangi_2
Note 8 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) Extended Warranty Leased Real Estate Corporate Total Balance, December 31, 2020 $ 59,415 $ 60,983 $ 732 $ 121,130 Measurement period adjustment (18,788) — — (18,788) Balance, September 30, 2021 $ 40,627 $ 60,983 $ 732 $ 102,342 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (in thousands) September 30, 2021 Gross Carrying Value Accumulated Amortization Net Carrying Value Intangible assets subject to amortization: Database $ 4,918 $ 4,365 $ 553 Vehicle service agreements in-force 3,680 3,680 — Customer relationships 27,645 10,274 17,371 In-place lease 1,125 328 797 Non-compete 266 211 55 Intangible assets not subject to amortization: Tenant relationship 73,667 — 73,667 Trade names 7,814 — 7,814 Total $ 119,115 $ 18,858 $ 100,257 (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) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) September 30, 2021 Cost Accumulated Depreciation Carrying Value Land $ 21,120 $ — $ 21,120 Site improvements 91,308 21,232 70,076 Buildings 580 76 504 Leasehold improvements 289 157 132 Furniture and equipment 579 446 133 Computer hardware 2,483 1,688 795 Total $ 116,359 $ 23,599 $ 92,760 (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) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | (in thousands) September 30, 2021 December 31, 2020 Principal Carrying Value Fair Value Principal Carrying Value Fair Value Bank loan: 2020 KWH Loan $ 22,613 $ 22,276 $ 25,046 $ 25,700 $ 25,303 $ 25,893 Total bank loan 22,613 22,276 25,046 25,700 25,303 25,893 Notes payable: Mortgage 163,066 170,009 182,621 166,106 173,696 194,158 Additional Mortgage 14,704 13,060 15,244 — — — Flower Note 6,532 6,532 7,294 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 184,302 189,601 205,159 184,467 192,057 213,551 Subordinated debt 90,500 59,601 59,601 90,500 50,928 50,928 Total $ 297,415 $ 271,478 $ 289,806 $ 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) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (in thousands) Lease Commitments 2021 $ 251 2022 899 2023 624 2024 550 2025 381 2026 and thereafter 165 Total undiscounted lease payments 2,870 Imputed interest 270 Total lease liabilities $ 2,600 |
Schedule of Components of Leveraged Lease Investments [Table Text Block] | (in thousands) September 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 (21,308 ) (18,493 ) Net property and equipment leased $ 91,700 $ 94,515 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | (in thousands) 2021 $ 3,053 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) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Vehicle service agreement fees and GAP commissions - IWS, Geminus and PWI $ 12,905 $ 7,530 $ 42,255 $ 23,063 Maintenance support service fees - Trinity 1,396 1,399 3,482 2,444 Warranty product commissions - Trinity 1,306 1,023 3,298 2,706 Homebuilder warranty service fees - PWSC 1,790 1,808 5,322 4,628 Homebuilder warranty commissions - PWSC 230 235 599 778 Service fee and commission revenue $ 17,627 $ 11,995 $ 54,956 $ 33,619 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Income tax benefit at United States statutory income tax rate $ (563 ) $ (295 ) $ (1,202 ) $ (704 ) Valuation allowance (2,161 ) (155 ) (3,039 ) (35 ) Non-deductible compensation 187 25 523 7 Non-taxable income — — (524 ) — Investment income (115 ) 1 (158 ) (120 ) State income tax 117 31 287 98 Change in unrecognized tax benefits(1) 2 56 (2,813 ) 193 Indemnification receivable — (12 ) 591 (41 ) Indefinite life intangibles 54 54 161 161 Other 23 16 35 32 Income tax benefit $ (2,456 ) $ (279 ) $ (6,139 ) $ (409 ) |
Note 15 - Loss From Continuin_2
Note 15 - Loss From Continuing Operations Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands, except per share data) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator: (Loss) income from continuing operations $ (226 ) $ (1,124 ) $ 417 $ (2,944 ) Less: net income attributable to noncontrolling interests (782 ) (112 ) (1,469 ) (941 ) Less: dividends on preferred stock (86 ) (230 ) (409 ) (831 ) Loss from continuing operations attributable to common shareholders $ (1,094 ) $ (1,466 ) $ (1,461 ) $ (4,716 ) Denominator: Weighted average basic shares Weighted average common shares outstanding 22,732 22,211 22,440 22,164 Weighted average diluted shares Weighted average common shares outstanding 22,732 22,211 22,440 22,164 Effect of potentially dilutive securities (a) — — — — Unvested restricted stock awards — — — — Warrants — — — — Convertible preferred stock — — — — Total weighted average diluted shares 22,732 22,211 22,440 22,164 Basic loss per share $ (0.05 ) $ (0.07 ) $ (0.07 ) $ (0.21 ) Diluted loss per share $ (0.05 ) $ (0.07 ) $ (0.07 ) $ (0.21 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Unvested restricted stock awards 1,240,000 500,000 1,240,000 500,000 Warrants 4,573,765 4,923,765 4,573,765 4,923,765 Convertible preferred stock 1,142,975 1,142,975 1,142,975 1,142,975 Total $ 6,956,740 $ 6,566,740 $ 6,956,740 $ 6,566,740 |
Note 16 - Stock-based Compens_2
Note 16 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 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 (225,262 ) 4.64 Cancelled for Tax Withholding (94,738 ) 4.64 Unvested at September 30, 2021 1,240,000 $ 5.08 |
Note 17 - Accumulated Other C_2
Note 17 - Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (in thousands) Three months ended September 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 June 30, 2021 $ 125 $ (3,286 ) $ 35,595 $ 32,434 Other comprehensive loss arising during the period (105 ) — (971 ) (1,076 ) Amounts reclassified from accumulated other comprehensive income 11 — — 11 Net current-period other comprehensive loss (94 ) — (971 ) (1,065 ) Balance at September 30, 2021 $ 31 $ (3,286 ) $ 34,624 $ 31,369 (in thousands) Three months ended September 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 June 30, 2020 $ 290 $ (3,286 ) $ 49,198 $ 46,202 Other comprehensive loss arising during the period (47 ) — (2,843 ) (2,890 ) Amounts reclassified from accumulated other comprehensive income (2 ) — — (2 ) Net current-period other comprehensive loss (49 ) — (2,843 ) (2,892 ) Balance at September 30, 2020 $ 241 $ (3,286 ) $ 46,355 $ 43,310 (in thousands) Nine months ended September 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 (210 ) — (6,505 ) (6,715 ) Amounts reclassified from accumulated other comprehensive income 25 — — 25 Net current-period other comprehensive loss (185 ) — (6,505 ) (6,690 ) Balance at September 30, 2021 $ 31 $ (3,286 ) $ 34,624 $ 31,369 (in thousands) Nine months ended September 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 118 — 7,781 7,899 Amounts reclassified from accumulated other comprehensive income 64 — — 64 Net current-period other comprehensive income 182 — 7,781 7,963 Balance at September 30, 2020 $ 241 $ (3,286 ) $ 46,355 $ 43,310 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Reclassification of accumulated other comprehensive income from unrealized gains (losses) on available-for-sale investments to: Net realized gains (losses) $ (11 ) $ 2 $ (25 ) $ (64 ) Other-than-temporary impairment loss — — — — Loss from continuing operations before income tax benefit (11 ) 2 (25 ) (64 ) Income tax benefit — — — — (Loss) income from continuing operations (11 ) 2 (25 ) (64 ) Gain on disposal of discontinued operations, net of taxes — — — — Net (loss) income $ (11 ) $ 2 $ (25 ) $ (64 ) |
Note 18 - Segmented Informati_2
Note 18 - Segmented Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Revenues: Extended Warranty: Service fee and commission revenue $ 17,627 $ 11,995 $ 54,956 $ 33,619 Total Extended Warranty 17,627 11,995 54,956 33,619 Leased Real Estate: Rental revenue 3,341 3,341 10,023 10,023 Total Leased Real Estate 3,341 3,341 10,023 10,023 Total revenues $ 20,968 $ 15,336 $ 64,979 $ 43,642 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | (in thousands) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Segment operating income: Extended Warranty (a) $ 1,400 $ 1,205 $ 9,310 $ 3,340 Leased Real Estate (b) 1,095 799 86 2,234 Total segment operating income 2,495 2,004 9,396 5,574 Net investment income 389 625 1,213 2,025 Net realized gains (losses) 159 (59 ) 397 157 (Loss) gain on change in fair value of equity investments (39 ) 1,177 (235 ) 1,069 Gain on change in fair value of limited liability investments, at fair value 1,211 274 1,740 2,050 Net change in unrealized loss on private company investments — (74 ) — (744 ) Other-than-temporary impairment loss — — — (117 ) Interest expense not allocated to segments (1,497 ) (1,813 ) (4,642 ) (5,963 ) Other revenue and expenses not allocated to segments, net (2,556 ) (2,462 ) (8,308 ) (7,625 ) Amortization of intangible assets (2,432 ) (572 ) (3,425 ) (1,719 ) (Loss) gain on change in fair value of debt (412 ) (503 ) (2,169 ) 1,940 Gain on extinguishment of debt not allocated to segments — — 311 — Loss from continuing operations before income tax benefit (2,682 ) (1,403 ) (5,722 ) (3,353 ) Income tax benefit (2,456 ) (279 ) (6,139 ) (409 ) (Loss) income from continuing operations $ (226 ) $ (1,124 ) $ 417 $ (2,944 ) |
Note 19 - Fair Value of Finan_2
Note 19 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (in thousands) September 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 $ 15,247 $ — $ 15,247 $ — $ — States, municipalities and political subdivisions 1,584 — 1,584 — — Mortgage-backed 8,150 — 8,150 — — Asset-backed 253 — 253 — — Corporate 9,105 — 9,105 — — Total fixed maturities 34,339 — 34,339 — — Equity investments: Common stock 187 187 — — — Warrants — — — — — Total equity investments 187 187 — — — Limited liability investments, at fair value 18,180 — — 3,744 14,436 Real estate investments 10,662 — — 10,662 — Total assets $ 63,368 $ 187 $ 34,339 $ 14,406 $ 14,436 Liabilities: Subordinated debt $ 59,601 $ — $ 59,601 $ — $ — Stock-based compensation liabilities 1,306 — — 1,306 — Derivative contract - interest rate swap 65 — 65 — — Total liabilities $ 60,972 $ — $ 59,666 $ 1,306 $ — (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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Assets: Limited liability investments, at fair value: Beginning balance $ 3,302 $ 4,290 $ 3,263 $ 4,392 Distributions received (80 ) (32 ) (313 ) (109 ) Realized gains included in net (loss) income 80 12 290 98 Change in fair value of limited liability investments, at fair value included in net (loss) income 442 (340 ) 504 (451 ) Ending balance $ 3,744 $ 3,930 $ 3,744 $ 3,930 Unrealized gains on limited liability investments, at fair value held at end of period: Included in net (loss) income $ 442 $ (340 ) $ 504 $ (451 ) 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 $ 14,406 $ 14,592 $ 14,406 $ 14,592 Liabilities: Warrant liability: Beginning balance $ — $ 259 $ — $ 249 Change in fair value of warrant liability included in net (loss) income — (66 ) — (56 ) Ending balance $ — $ 193 $ — $ 193 Unrealized gains recognized on warrant liability held at end of period: Included in net (loss) income $ — $ (66 ) $ — $ (56 ) Included in other comprehensive (loss) income $ — $ — $ — $ — Stock-based compensation liabilities: Beginning balance $ 1,134 $ — $ 443 $ — Change in fair value of stock-based compensation liabilities included in net (loss) income 172 — 863 — Ending balance $ 1,306 $ — $ 1,306 $ — Ending balance - liabilities $ 1,306 $ 193 $ 1,306 $ 193 |
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 $ 14,436 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 |
Fair Value, Nonrecurring [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Categories (in thousands) Valuation Techniques Unobservable Inputs Input Value(s) Customer relationships $ 15,000 Multi-period excess earnings Growth rate 3.0 % Attrition rate 12.3 % Discount rate 29.5 % Trade name $ 4,550 Relief from royalty Royalty rate 4.0 % Discount rate 29.5 % Deferred service fees $ 3,626 Cost build-up Normal profit margin 17.8%-21.1% Discount rate 2.5 % |
Fair Value, Recurring [Member] | |
Notes Tables | |
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 $ 3,744 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 $ 1,306 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 |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021USD ($) | Mar. 31, 2018 | Sep. 30, 2021USD ($)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 | $ 3,700 | $ 1,100 | |||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 18,139 | $ 14,374 | |||
Temporary Equity, Shares Outstanding (in shares) | shares | 182,876 | ||||
Temporary Equity, Aggregate Amount of Redemption Requirement | $ 6,900 | $ 6,700 | |||
Temporary Equity, Shares Issued (in shares) | shares | 182,876 | ||||
Subordinated Debt [Member] | |||||
Interest Payable | $ 17,600 |
Note 5 - Acquisition (Details T
Note 5 - Acquisition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | 21 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Dec. 01, 2020 | |
Goodwill, Purchase Accounting Adjustments | $ (18,788) | ||||||
Goodwill, Ending Balance | $ 102,342 | 102,342 | $ 121,130 | $ 102,342 | |||
PWI Holdings [Member] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||
Payments to Acquire Businesses, Gross | $ 24,400 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 100 | ||||||
Goodwill, Purchase Accounting Adjustments | (18,800) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 19,600 | 19,600 | 19,600 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Service Fees | (3,600) | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Tax Liabilities | 4,200 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accrued Expenses and Other Liabilities | 100 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Working Capital True-up | 100 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Amortization Expense and Accumulated Amortization | 600 | $ 600 | 600 | 100 | 1,900 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Service Fee and Commission Revenue | (400) | $ (500) | $ (700) | $ (300) | (1,900) | ||
Goodwill, Ending Balance | 20,200 | 20,200 | 20,200 | $ 20,238 | |||
PWI Holdings [Member] | Customer Relationships [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 15,000 | 15,000 | 15,000 | ||||
PWI Holdings [Member] | Trade Names [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 4,600 | $ 4,600 | $ 4,600 |
Note 5 - Acquisition - PWI Asse
Note 5 - Acquisition - PWI Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 01, 2020 |
Goodwill, Ending Balance | $ 102,342 | $ 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, Ending Balance | $ 20,200 | 20,238 | |
Other assets | 1,321 | ||
Total assets | 67,473 | ||
Accrued expenses and other liabilities | 8,165 | ||
Lease liability | 255 | ||
Net deferred income tax liabilities | 4,229 | ||
Deferred service fees | 30,400 | ||
Total liabilities | 43,049 | ||
Purchase price | 24,424 | ||
PWI Holdings [Member] | Trade Names [Member] | |||
Intangible asset subject to amortization - trade name | 4,550 | ||
PWI Holdings [Member] | Customer Relationships [Member] | |||
Intangible asset subject to amortization - customer relationships | $ 15,000 |
Note 6 - Investments (Details T
Note 6 - Investments (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 104 | 104 | 5 | |||
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings, Total | $ 0 | $ 0 | $ 0 | $ 117 | ||
Long-term Debt, Gross | 297,415 | 297,415 | $ 300,667 | |||
Investment Owned, at Fair Value | 800 | 800 | 800 | |||
Loss on Sale of Investments | 200 | |||||
Other than Temporary Impairment Losses, Investments, Total | 100 | |||||
Private Company [Member] | ||||||
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings, Total | 0 | 0 | 0 | 700 | ||
Net Lease Note [Member] | Notes Payable [Member] | ||||||
Long-term Debt, Gross | $ 14,300 | 9,000 | ||||
Equity Securities, FV-NI, Realized Gain | 800 | $ 1,200 | ||||
Equity Securities, FV-NI, Unrealized Gain | 800 | 1,200 | ||||
Limited Liability Investments [Member] | ||||||
Equity Method Investments | 3,235 | 3,235 | 3,692 | |||
Equity Method Investments, Fair Value Disclosure | 18,180 | 18,180 | $ 32,811 | |||
Limited Liability Investments [Member] | Maximum [Member] | ||||||
Equity Method Investment, Other than Temporary Impairment | $ 100 | $ 100 | $ 100 | $ 100 |
Note 6 - Investments - Amortize
Note 6 - Investments - Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Total | $ 34,304 | $ 20,488 |
Gross Unrealized Gains | 113 | 234 |
Gross Unrealized Losses | 78 | 6 |
Fixed maturities, at fair value (amortized cost of $34,304 and $20,488, respectively) | 34,339 | 20,716 |
US Government Agencies Debt Securities [Member] | ||
Total | 15,207 | 9,999 |
Gross Unrealized Gains | 49 | 105 |
Gross Unrealized Losses | 9 | 0 |
Fixed maturities, at fair value (amortized cost of $34,304 and $20,488, respectively) | 15,247 | 10,104 |
US States and Political Subdivisions Debt Securities [Member] | ||
Total | 1,580 | 1,447 |
Gross Unrealized Gains | 4 | 7 |
Gross Unrealized Losses | 0 | 0 |
Fixed maturities, at fair value (amortized cost of $34,304 and $20,488, respectively) | 1,584 | 1,454 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Total | 8,133 | 5,334 |
Gross Unrealized Gains | 35 | 66 |
Gross Unrealized Losses | 18 | 6 |
Fixed maturities, at fair value (amortized cost of $34,304 and $20,488, respectively) | 8,150 | 5,394 |
Asset-backed Securities [Member] | ||
Total | 253 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fixed maturities, at fair value (amortized cost of $34,304 and $20,488, respectively) | 253 | |
Corporate Debt Securities [Member] | ||
Total | 9,131 | 3,708 |
Gross Unrealized Gains | 25 | 56 |
Gross Unrealized Losses | 51 | 0 |
Fixed maturities, at fair value (amortized cost of $34,304 and $20,488, respectively) | $ 9,105 | $ 3,764 |
Note 6 - Investments - Fixed Ma
Note 6 - Investments - Fixed Maturities by Contractual Maturity Periods (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Due in one year or less | $ 7,059 | |
Due in one year or less, estimated fair value | 7,096 | |
Due after one year through five years | 18,368 | |
Due after one year through five years, estimated fair value | 18,404 | |
Due after five years through ten years | 5,669 | |
Due after five years through ten years, estimated fair value | 5,640 | |
Due after ten years | 3,208 | |
Due after ten years, estimated fair value | 3,199 | |
Total | 34,304 | $ 20,488 |
Total, estimated fair value | $ 34,339 | $ 20,716 |
Note 6 - Investments - Unrealiz
Note 6 - Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
US Government Agencies Debt Securities [Member] | ||
Less than 12 months, estimated fair value | $ 7,334 | $ 511 |
Less than 12 Months | 9 | 0 |
Greater than 12 months, estimated fair value | 0 | 0 |
Greater than 12 Months | 0 | 0 |
Estimated fair value | 7,334 | 511 |
Total, debt securities | 9 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, estimated fair value | 100 | |
Less than 12 Months | 0 | |
Greater than 12 months, estimated fair value | 0 | |
Greater than 12 Months | 0 | |
Estimated fair value | 100 | |
Total, debt securities | 0 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Less than 12 months, estimated fair value | 4,741 | 834 |
Less than 12 Months | 18 | 6 |
Greater than 12 months, estimated fair value | 0 | 0 |
Greater than 12 Months | 0 | 0 |
Estimated fair value | 4,741 | 834 |
Total, debt securities | 18 | 6 |
Fixed Maturities [Member] | ||
Less than 12 months, estimated fair value | 18,353 | 1,345 |
Less than 12 Months | 78 | 6 |
Greater than 12 months, estimated fair value | 0 | 0 |
Greater than 12 Months | 0 | 0 |
Estimated fair value | 18,353 | 1,345 |
Total, debt securities | 78 | $ 6 |
Asset-backed Securities [Member] | ||
Less than 12 months, estimated fair value | 128 | |
Less than 12 Months | 0 | |
Greater than 12 months, estimated fair value | 0 | |
Greater than 12 Months | 0 | |
Estimated fair value | 128 | |
Total, debt securities | 0 | |
Corporate Debt Securities [Member] | ||
Less than 12 months, estimated fair value | 6,050 | |
Less than 12 Months | 51 | |
Greater than 12 months, estimated fair value | 0 | |
Greater than 12 Months | 0 | |
Estimated fair value | 6,050 | |
Total, debt securities | $ 51 |
Note 6 - Investments - Net Inve
Note 6 - Investments - Net Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest from fixed maturities | $ 62 | $ 69 | $ 160 | $ 250 |
Dividends | 31 | 34 | 94 | 121 |
(Loss) income from limited liability investments | (14) | 19 | 31 | 31 |
Income from limited liability investments, at fair value | 25 | 234 | 106 | 702 |
Income from real estate investments | 200 | 200 | 600 | 600 |
Other | 94 | 88 | 274 | 365 |
Gross investment income | 398 | 644 | 1,265 | 2,069 |
Investment expenses | (9) | (19) | (52) | (44) |
Net investment income | $ 389 | $ 625 | $ 1,213 | $ 2,025 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Gross realized gains | $ 193 | $ 164 | $ 505 | $ 380 |
Gross realized losses | (34) | (223) | (108) | (223) |
Net realized gains (losses) | $ 159 | $ (59) | $ 397 | $ 157 |
Note 6 - Investments - Loss on
Note 6 - Investments - Loss on Change in Fair Value of Equity Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net gains recognized on equity investments sold during the period | $ 0 | $ 1,505 | $ 13 | $ 1,505 |
Change in unrealized losses on equity investments held at end of the period | (39) | (328) | (248) | (436) |
(Loss) gain on change in fair value of equity investments | $ (39) | $ 1,177 | $ (235) | $ 1,069 |
Note 7 - Deferred Acquisition_3
Note 7 - Deferred Acquisition Costs - Deferred Acquisition Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Beginning balance, net | $ 9,106 | $ 8,750 | $ 8,835 | $ 8,604 |
Additions | 1,297 | 1,390 | 4,335 | 3,644 |
Amortization | (1,356) | (1,248) | (4,123) | (3,356) |
Balance at September 30, net | $ 9,047 | $ 8,892 | $ 9,047 | $ 8,892 |
Note 8 - Goodwill and Intangi_3
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | 21 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2021 | Dec. 01, 2020 | |
Goodwill, Ending Balance | $ 102,342 | $ 102,342 | $ 121,130 | $ 102,342 | |||||
Amortization of Intangible Assets, Total | 2,432 | $ 572 | 3,425 | $ 1,719 | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | $ 0 | $ 0 | $ 0 | |||||
Minimum [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||||||
Maximum [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 18 years | ||||||||
PWI [Member] | |||||||||
Goodwill, Ending Balance | $ 18,800 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 19,600 | $ 19,600 | 19,600 | ||||||
PWI [Member] | Trade Names [Member] | |||||||||
Indefinite-lived Intangible Assets Acquired | 4,600 | ||||||||
PWI [Member] | Customer Relationships [Member] | |||||||||
Finite-lived Intangible Assets Acquired | $ 15,000 | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 9 years | ||||||||
PWI Holdings [Member] | |||||||||
Goodwill, Ending Balance | $ 20,200 | 20,200 | 20,200 | $ 20,238 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 19,600 | 19,600 | 19,600 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Amortization Expense and Accumulated Amortization | 600 | $ 600 | $ 600 | $ 100 | 1,900 | ||||
PWI Holdings [Member] | Customer Relationships [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 15,000 | $ 15,000 | $ 15,000 |
Note 8 - Goodwill and Intangi_4
Note 8 - Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Balance | $ 121,130 |
Measurement period adjustment | (18,788) |
Balance | 102,342 |
Extended Warranty Segment [Member] | |
Balance | 59,415 |
Measurement period adjustment | (18,788) |
Balance | 40,627 |
Leased Real Estate Segment [Member] | |
Balance | 60,983 |
Measurement period adjustment | |
Balance | 60,983 |
Corporate Segment [Member] | |
Balance | 732 |
Measurement period adjustment | |
Balance | $ 732 |
Note 8 - Intangible Assets - In
Note 8 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Intangible assets accumulated amortization | $ 18,858 | $ 15,433 |
Intangible assets, gross | 119,115 | 99,566 |
Intangible assets, net | 100,257 | 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 | 7,814 | 3,264 |
Intangible assets not subject to amortization, net | 7,814 | 3,264 |
Database Rights [Member] | ||
Intangible assets subject to amortization | 4,918 | 4,918 |
Intangible assets accumulated amortization | 4,365 | 3,997 |
Intangible assets subject to amortization, net | 553 | 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 | 27,645 | 12,646 |
Intangible assets accumulated amortization | 10,274 | 7,305 |
Intangible assets subject to amortization, net | 17,371 | 5,341 |
Leases, Acquired-in-Place [Member] | ||
Intangible assets subject to amortization | 1,125 | |
Intangible assets accumulated amortization | 328 | |
Intangible assets subject to amortization, net | 797 | |
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 | 211 | 170 |
Intangible assets subject to amortization, net | $ 55 | $ 96 |
Note 9 - Property and Equipme_3
Note 9 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
General and Administrative Expense [Member] | ||||
Depreciation, Total | $ 0.8 | $ 1.1 | $ 2.9 | $ 3.3 |
Note 9 - Property and Equipme_4
Note 9 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Cost | $ 116,359 | $ 119,456 |
Property and equipment, accumulated depreciation | 23,599 | 24,441 |
Carrying Value | 92,760 | 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 | 21,232 | 18,428 |
Carrying Value | 70,076 | 72,880 |
Building [Member] | ||
Cost | 580 | 580 |
Property and equipment, accumulated depreciation | 76 | 65 |
Carrying Value | 504 | 515 |
Leasehold Improvements [Member] | ||
Cost | 289 | 296 |
Property and equipment, accumulated depreciation | 157 | 125 |
Carrying Value | 132 | 171 |
Furniture and Fixtures [Member] | ||
Cost | 579 | 1,223 |
Property and equipment, accumulated depreciation | 446 | 1,074 |
Carrying Value | 133 | 149 |
Computer Equipment [Member] | ||
Cost | 2,483 | 4,929 |
Property and equipment, accumulated depreciation | 1,688 | 4,749 |
Carrying Value | $ 795 | $ 180 |
Note 10 - Derivatives (Details
Note 10 - Derivatives (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Apr. 01, 2021 | |
Derivative, Gain (Loss) on Derivative, Net, Total | $ (65) | $ 0 | ||
Interest Rate Cap [Member] | CBC Bank USA [Member] | ||||
Derivative, Notional Amount | $ 11,000 | 11,000 | $ 11,900 | |
Interest Rate Cap [Member] | CBC Bank USA [Member] | Maximum [Member] | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | (100) | |||
Payments For Settlement of Derivatives Operating Activities | 100 | 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 ($) | Sep. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | 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 | $ 297,415,000 | $ 297,415,000 | $ 300,667,000 | |||||||||||||
Long-term Debt, Fair Value | 289,806,000 | 289,806,000 | 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 | 271,478,000 | 271,478,000 | 268,288,000 | |||||||||||||
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, before Tax | [1] | (971,000) | $ (2,843,000) | (6,505,000) | $ 7,781,000 | |||||||||||
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 | 184,302,000 | 184,302,000 | 184,467,000 | |||||||||||||
Long-term Debt, Fair Value | 205,159,000 | 205,159,000 | 213,551,000 | |||||||||||||
Long-term Debt, Total | 189,601,000 | 189,601,000 | 192,057,000 | |||||||||||||
Subordinated Debt [Member] | ||||||||||||||||
Long-term Debt, Gross | 90,500,000 | 90,500,000 | 90,500,000 | |||||||||||||
Long-term Debt, Fair Value | 59,601,000 | 59,601,000 | 50,928,000 | |||||||||||||
Debt Instrument, Face Amount | $ 90,500,000 | |||||||||||||||
Long-term Debt, Total | 59,601,000 | 59,601,000 | 50,928,000 | |||||||||||||
Debt Instrument, Term (Year) | 30 years | |||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 8,700,000 | |||||||||||||||
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, before Tax | 6,500,000 | 2,200,000 | ||||||||||||||
Interest Payable | 17,600,000 | 17,600,000 | ||||||||||||||
Subordinated Debt [Member] | Accrued Expenses and Other Liabilities [Member] | ||||||||||||||||
Interest Payable | 17,600,000 | $ 17,600,000 | 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 | 14,704,000 | 14,704,000 | 0 | |||||||||||||
Long-term Debt, Fair Value | 15,244 | 15,244 | 0 | |||||||||||||
Proceeds from Notes Payable, Total | $ 15,000,000 | |||||||||||||||
Payment for Management Fee | 10,400,000 | |||||||||||||||
Long-term Debt, Total | 13,060 | 13,060 | 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 | 6,532,000 | 6,532,000 | 6,885,000 | |||||||||||||
Long-term Debt, Fair Value | 7,294,000 | 7,294,000 | 7,863,000 | |||||||||||||
Debt Instrument, Face Amount | $ 9,200,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.81% | |||||||||||||||
Long-term Debt, Total | 6,532,000 | 6,532,000 | 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 $0 for the three and nine months ended September 30, 2021 and September 30, 2020, respectively. |
Note 11 - Debt - Component of D
Note 11 - Debt - Component of Debt (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 21, 2020 | Apr. 30, 2020 |
Long term debt, principal | $ 297,415,000 | $ 300,667,000 | ||
Carrying value | 271,478,000 | 268,288,000 | ||
Long term debt, fair value | 289,806,000 | 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 | 22,613,000 | 25,700,000 | ||
Carrying value | 22,276,000 | 25,303,000 | ||
Long term debt, fair value | 25,046,000 | 25,893,000 | ||
Notes Payable to Banks [Member] | KWH Bank Loan [Member] | ||||
Long term debt, principal | 22,613,000 | 25,700,000 | ||
Carrying value | 22,276,000 | 25,303,000 | ||
Long term debt, fair value | 25,046,000 | 25,893,000 | ||
Loans Payable [Member] | ||||
Long term debt, principal | 184,302,000 | 184,467,000 | ||
Carrying value | 189,601,000 | 192,057,000 | ||
Long term debt, fair value | 205,159,000 | 213,551,000 | ||
Loans Payable [Member] | Mortgage [Member] | ||||
Long term debt, principal | 163,066,000 | 166,106,000 | ||
Carrying value | 170,009,000 | 173,696,000 | ||
Long term debt, fair value | 182,621,000 | 194,158,000 | ||
Loans Payable [Member] | Additional Mortgage [Member] | ||||
Long term debt, principal | 14,704,000 | 0 | ||
Carrying value | 13,060 | 0 | ||
Long term debt, fair value | 15,244 | 0 | ||
Loans Payable [Member] | Flower Note [Member] | ||||
Long term debt, principal | 6,532,000 | 6,885,000 | ||
Carrying value | 6,532,000 | 6,885,000 | ||
Long term debt, fair value | 7,294,000 | 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 | 59,601,000 | 50,928,000 | ||
Long term debt, fair value | $ 59,601,000 | $ 50,928,000 |
Note 11 - Debt - Subordinated B
Note 11 - Debt - Subordinated Borrowings (Details) | 9 Months Ended |
Sep. 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 3 years 11 months 12 days | 3 years 11 months 12 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.26% | 5.26% | ||
Operating Lease, Payments | $ 700 | $ 600 | ||
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 Lease, Lease Income, Total | 3,341 | $ 3,341 | 10,023 | $ 10,023 |
General and Administrative Expense [Member] | ||||
Operating Lease, Cost | 200 | 700 | ||
Variable Lease, Cost | $ 100 | $ 100 |
Note 12 - Leases - Annual Matur
Note 12 - Leases - Annual Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
2021 | $ 251 | |
2022 | 899 | |
2023 | 624 | |
2024 | 550 | |
2025 | 381 | |
2026 and thereafter | 165 | |
Total undiscounted lease payments | 2,870 | |
Imputed interest | 270 | |
Total lease liabilities | $ 2,600 | $ 3,213 |
Note 12 - Leases - Net Book Val
Note 12 - Leases - Net Book Value of Operating Lease Property (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Gross property and equipment leased | $ 113,008 | $ 113,008 |
Accumulation depreciation | (21,308) | (18,493) |
Net property and equipment leased | 91,700 | 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 | Sep. 30, 2021USD ($) |
2021 | $ 3,053 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Contract with Customer, Liability, Total | $ 87,518 | $ 87,518 | $ 87,945 | |
Service Fees [Member] | ||||
Receivables from Customers | 6,501 | 6,501 | 4,834 | |
Contract with Customer, Liability, Total | 87,500 | $ 87,500 | $ 87,900 | |
Percentage of Deferred Service Fees | 47.00% | |||
Contract with Customer, Liability, Revenue Recognized | $ 33,800 | $ 16,200 | ||
Service Fees [Member] | PWI [Member] | ||||
Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination | $ (3,600) | |||
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Service fee and commission revenue | $ 17,627 | $ 11,995 | $ 54,956 | $ 33,619 |
IWS [Member] | Extended Warranty Segment [Member] | Vehicle Service Agreement Fees [Member] | ||||
Service fee and commission revenue | 12,905 | 7,530 | 42,255 | 23,063 |
Maintenance Support Service Fees [Member] | Trinity [Member] | ||||
Service fee and commission revenue | 1,396 | 1,399 | 3,482 | 2,444 |
Warranty Product Commissions [Member] | Trinity [Member] | Extended Warranty Segment [Member] | ||||
Service fee and commission revenue | 1,306 | 1,023 | 3,298 | 2,706 |
Home Builder Warranty Service Fees [Member] | P W S C [Member] | Extended Warranty Segment [Member] | ||||
Service fee and commission revenue | 1,790 | 1,808 | 5,322 | 4,628 |
Homebuilder Warranty Commissions [Member] | P W S C [Member] | Extended Warranty Segment [Member] | ||||
Service fee and commission revenue | $ 230 | $ 235 | $ 599 | $ 778 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 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 | $ 400 | $ 600 | $ 900 | ||
Deferred Income Tax Liabilities, Net, Total | 28,144 | 28,144 | $ 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 | 23,000 | 23,000 | 21,900 | |||
Deferred Tax Asset, Interest Carryforward | 1,900 | 1,900 | 1,300 | |||
Deferred Tax Assets, State Taxes | 600 | 600 | 600 | |||
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount, Total | [1] | 2 | 56 | (2,813) | 193 | |
Unrecognized Tax Benefits, Ending Balance | 100 | 100 | 1,400 | |||
Income Tax Examination, Penalties and Interest Expense, Total | 100 | $ 100 | 1,500 | $ 200 | ||
Income Tax Examination, Penalties and Interest Accrued, Total | 100 | $ 100 | $ 1,600 | |||
PWI [Member] | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (3,300) | |||||
[1] | Includes interest and penalty expense related to unrecognized tax benefits. |
Note 14 - Income Taxes - Income
Note 14 - Income Taxes - Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Income tax benefit at United States statutory income tax rate | $ (563) | $ (295) | $ (1,202) | $ (704) | |
Valuation allowance | 2,161 | 155 | 3,039 | 35 | |
Non-deductible compensation | 187 | 25 | 523 | 7 | |
Non-taxable income | 0 | 0 | (524) | 0 | |
Investment income | (115) | 1 | (158) | (120) | |
State income tax | 117 | 31 | 287 | 98 | |
Change in unrecognized tax benefits(1) | [1] | 2 | 56 | (2,813) | 193 |
Indemnification receivable | 0 | (12) | 591 | (41) | |
Indefinite life intangibles | 54 | 54 | 161 | 161 | |
Other | 23 | 16 | 35 | 32 | |
Income tax benefit | $ (2,456) | $ (279) | $ (6,139) | $ (409) | |
[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 | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
(Loss) income from continuing operations | $ (226) | $ (1,124) | $ 417 | $ (2,944) | |
Less: net income attributable to noncontrolling interests | (782) | (112) | (1,469) | (941) | |
Less: dividends on preferred stock | (86) | (230) | (409) | (831) | |
Loss from continuing operations attributable to common shareholders | $ (1,094) | $ (1,466) | $ (1,461) | $ (4,716) | |
Basic: (in shares) | 22,732 | 22,211 | 22,440 | 22,164 | |
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) | 22,732 | 22,211 | 22,440 | 22,164 | |
Loss per share – continuing operations: Basic: (in dollars per share) | $ (0.05) | $ (0.07) | $ (0.07) | $ (0.21) | |
Loss per share – continuing operations: Diluted: (in dollars per share) | $ (0.05) | $ (0.07) | $ (0.07) | $ (0.21) | |
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 nine months ended September 30, 2021 and September 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive securities (in shares) | 6,956,740 | 6,566,740 | 6,956,740 | 6,566,740 |
Restricted Stock [Member] | ||||
Antidilutive securities (in shares) | 1,240,000 | 500,000 | 1,240,000 | 500,000 |
Warrant [Member] | ||||
Antidilutive securities (in shares) | 4,573,765 | 4,923,765 | 4,573,765 | 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 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 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) | 740,000 | 740,000 | 740,000 | |||||||
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 | $ 500 | $ 100 | $ 3,000 | $ 200 | ||||||
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 | |||||||||
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 | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 900 | $ 900 | $ 900 | |||||||
Restricted Stock [Member] | Restricted Stock Awards 2021 [Member] | Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 320,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,060,000 | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,300 | $ 3,300 | $ 3,300 | |||||||
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] | 9 Months Ended |
Sep. 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 | (225,262) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.64 |
Cancelled for Tax Withholding, number of shares (in shares) | shares | (94,738) |
Cancelled for Tax Withholding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.64 |
Unvested, number of shares (in shares) | shares | 1,240,000 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.08 |
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 | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Balance | $ 8,091 | $ 23,829 | $ 12,159 | $ 13,954 | |
Other comprehensive (loss) income | [1] | (1,067) | (2,895) | (6,697) | 7,975 |
Balance | 6,740 | 19,700 | 6,740 | 19,700 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||
Balance | 125 | 290 | 216 | 59 | |
Other comprehensive income (loss) arising during the period | (105) | (47) | (210) | 118 | |
Amounts reclassified from accumulated other comprehensive income | 11 | (2) | 25 | 64 | |
Other comprehensive (loss) income | (94) | (49) | (185) | 182 | |
Balance | 31 | 241 | 31 | 241 | |
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 | 35,595 | 49,198 | 41,129 | 38,574 | |
Other comprehensive income (loss) arising during the period | (971) | (2,843) | (6,505) | 7,781 | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 | |
Other comprehensive (loss) income | (971) | (2,843) | (6,505) | 7,781 | |
Balance | 34,624 | 46,355 | 34,624 | 46,355 | |
AOCI Attributable to Parent [Member] | |||||
Balance | 32,434 | 46,202 | 38,059 | 35,347 | |
Other comprehensive income (loss) arising during the period | (1,076) | (2,890) | (6,715) | 7,899 | |
Amounts reclassified from accumulated other comprehensive income | 11 | (2) | 25 | 64 | |
Other comprehensive (loss) income | (1,065) | (2,892) | (6,690) | 7,963 | |
Balance | $ 31,369 | $ 43,310 | $ 31,369 | $ 43,310 | |
[1] | Net of income tax benefit of $0 and $0 for the three and nine months ended September 30, 2021 and September 30, 2020, respectively. |
Note 17 - Accumulated Other C_4
Note 17 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net realized gains (losses) | $ 159 | $ (59) | $ 397 | $ 157 |
Other-than-temporary impairment loss | 0 | 0 | 0 | 117 |
Loss from continuing operations before income tax benefit | (2,682) | (1,403) | (5,722) | (3,353) |
Income tax benefit | (2,456) | (279) | (6,139) | (409) |
(Loss) income from continuing operations | (226) | (1,124) | 417 | (2,944) |
Net (loss) income | (226) | (1,124) | 417 | (2,938) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Net realized gains (losses) | (11) | 2 | (25) | (64) |
Other-than-temporary impairment loss | 0 | 0 | 0 | 0 |
Loss from continuing operations before income tax benefit | (11) | 2 | (25) | (64) |
Income tax benefit | 0 | 0 | 0 | 0 |
(Loss) income from continuing operations | (11) | 2 | (25) | (64) |
Gain on disposal of discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net (loss) income | $ (11) | $ 2 | $ (25) | $ (64) |
Note 18 - Segmented Informati_3
Note 18 - Segmented Information (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Number of Reportable Segments | 2 | |||
Number of States in which Entity Operates | 25 | 25 | ||
Gain (Loss) on Extinguishment of Debt, Total | $ 0 | $ 0 | $ 2,494 | $ 0 |
Effective Income Tax Rate Reconciliation, Indemnification Receivable | $ 0 | $ (12) | 591 | $ (41) |
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 | 7,100 | |||
Leased Real Estate Segment [Member] | Operating Segments [Member] | ||||
Effective Income Tax Rate Reconciliation, Indemnification Receivable | 2,900 | |||
Income Tax Expense (Benefit), Release of Liability for Unrecognized Tax Benefits | $ (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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Service fee and commission revenue | $ 17,627 | $ 11,995 | $ 54,956 | $ 33,619 |
Total revenues | 20,968 | 15,336 | 64,979 | 43,642 |
Operating Lease, Lease Income, Total | 3,341 | 3,341 | 10,023 | 10,023 |
Operating Segments [Member] | ||||
Total revenues | 20,968 | 15,336 | 64,979 | 43,642 |
Operating Segments [Member] | Extended Warranty Segment [Member] | ||||
Service fee and commission revenue | 17,627 | 11,995 | 54,956 | 33,619 |
Total revenues | 17,627 | 11,995 | 54,956 | 33,619 |
Operating Segments [Member] | Leased Real Estate Segment [Member] | ||||
Total revenues | 3,341 | 3,341 | 10,023 | 10,023 |
Operating Lease, Lease Income, Total | $ 3,341 | $ 3,341 | $ 10,023 | $ 10,023 |
Note 18 - Segmented Informati_5
Note 18 - Segmented Information - Reconciliation of Operating Profit (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Total segment operating income | $ (114) | $ (610) | $ 1,486 | $ (2,449) | |
Net investment income | 389 | 625 | 1,213 | 2,025 | |
Net realized gains (losses) | 159 | (59) | 397 | 157 | |
(Loss) gain on change in fair value of equity investments | (39) | 1,177 | (235) | 1,069 | |
Gain on change in fair value of limited liability investments, at fair value | 1,211 | 274 | 1,740 | 2,050 | |
Net change in unrealized loss on private company investments | 0 | (74) | 0 | (744) | |
Other-than-temporary impairment loss | 0 | 0 | 0 | (117) | |
Interest expense not allocated to segments | (1,497) | (1,813) | (4,642) | (5,963) | |
Other revenue and expenses not allocated to segments, net | (53) | (152) | 2,581 | (398) | |
Amortization of intangible assets | (2,432) | (572) | (3,425) | (1,719) | |
(Loss) gain on change in fair value of debt | (412) | (503) | (2,169) | 1,940 | |
Gain on extinguishment of debt | 0 | 0 | 2,494 | 0 | |
Loss from continuing operations before income tax benefit | (2,682) | (1,403) | (5,722) | (3,353) | |
Income tax benefit | (2,456) | (279) | (6,139) | (409) | |
(Loss) income from continuing operations | (226) | (1,124) | 417 | (2,944) | |
Operating Segments [Member] | |||||
Total segment operating income | 2,495 | 2,004 | 9,396 | 5,574 | |
Operating Segments [Member] | Extended Warranty Segment [Member] | |||||
Total segment operating income | [1] | 1,400 | 1,205 | 9,310 | 3,340 |
Gain on extinguishment of debt | 2,200 | ||||
Operating Segments [Member] | Leased Real Estate Segment [Member] | |||||
Total segment operating income | [2] | 1,095 | 799 | 86 | 2,234 |
Corporate, Non-Segment [Member] | |||||
Other revenue and expenses not allocated to segments, net | (2,556) | (2,462) | (8,308) | (7,625) | |
Gain on extinguishment of debt | $ 0 | $ 0 | $ 311 | $ 0 | |
[1] | For the nine months ended September 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 $7.1 million for the nine months ended September 30, 2021. See Note 11, "Debt," for further discussion. | ||||
[2] | For the nine months ended September 30, 2021, includes $2.9 million expense due to the release of an indemnification receivable, which is exactly offset in net income (loss) (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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings, Total | $ 0 | $ 0 | $ 0 | $ 117 |
Private Company Investments [Member] | ||||
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings, 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Total, estimated fair value | $ 34,339 | $ 20,716 |
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 187 | 444 |
Real estate investments, at fair value (cost of $10,225 and $10,225, respectively) | 10,662 | 10,662 |
Subordinated debt, at fair value | 59,601 | 50,928 |
Fair Value, Recurring [Member] | ||
Total, estimated fair value | 34,339 | 20,716 |
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 187 | 444 |
Limited liability investments, at fair value | 18,180 | 32,811 |
Real estate investments, at fair value (cost of $10,225 and $10,225, respectively) | 10,662 | 10,662 |
Total assets | 63,368 | 64,633 |
Subordinated debt, at fair value | 59,601 | 50,928 |
Stock-based compensation liabilities | 1,306 | 443 |
Derivative contract - interest rate swap | 65 | |
Total liabilities | 60,972 | 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) | 187 | 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 | 187 | 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 | 34,339 | 20,716 |
Equity investments, at fair value (cost of $1,147 and $1,157, respectively) | 0 | 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 | 34,339 | 20,988 |
Subordinated debt, at fair value | 59,601 | 50,928 |
Stock-based compensation liabilities | 0 | 0 |
Derivative contract - interest rate swap | 65 | |
Total liabilities | 59,666 | 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 | 3,744 | 3,263 |
Real estate investments, at fair value (cost of $10,225 and $10,225, respectively) | 10,662 | 10,662 |
Total assets | 14,406 | 13,925 |
Subordinated debt, at fair value | 0 | 0 |
Stock-based compensation liabilities | 1,306 | 443 |
Derivative contract - interest rate swap | 0 | |
Total liabilities | 1,306 | 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 | 14,436 | 29,548 |
Real estate investments, at fair value (cost of $10,225 and $10,225, respectively) | 0 | 0 |
Total assets | 14,436 | 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 | 15,247 | 10,104 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Total, estimated fair value | 15,247 | 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 | 15,247 | 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 | 1,584 | 1,454 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Total, estimated fair value | 1,584 | 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 | 1,584 | 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 | 8,150 | 5,394 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | ||
Total, estimated fair value | 8,150 | 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 | 8,150 | 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 | 253 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | ||
Total, estimated fair value | 253 | |
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 | 253 | |
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 | 9,105 | 3,764 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Total, estimated fair value | 9,105 | 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 | 9,105 | 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) | 187 | 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) | 187 | 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) | 0 | 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) | 0 | 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Balance | $ 14,406 | $ 14,592 | $ 14,406 | $ 14,592 |
Asset, balance | 14,406 | 14,592 | 14,406 | 14,592 |
Ending balance | 1,306 | 193 | 1,306 | 193 |
liabilities, balance | 1,306 | 193 | 1,306 | 193 |
Warrant Liability [Member] | ||||
Beginning balance | 0 | 259 | 0 | 249 |
Change in fair value of warrant liability included in net (loss) income | 0 | (66) | 0 | (56) |
Ending balance | 0 | 193 | 0 | 193 |
Included in other comprehensive (loss) income | 0 | 0 | 0 | 0 |
liabilities, balance | 0 | 193 | 0 | 193 |
Share-based Compensation Liabilities [Member] | ||||
Beginning balance | 1,134 | 0 | 443 | 0 |
Change in fair value of warrant liability included in net (loss) income | 172 | 0 | 863 | 0 |
Ending balance | 1,306 | 0 | 1,306 | 0 |
liabilities, balance | 1,306 | 0 | 1,306 | 0 |
Equity Method Investments [Member] | Limited Liability Investments [Member] | ||||
Balance | 3,302 | 4,290 | 3,263 | 4,392 |
Distributions received | (80) | (32) | (313) | (109) |
Balance | 3,744 | 3,930 | 3,744 | 3,930 |
Included in other comprehensive (loss) income | 0 | 0 | 0 | 0 |
Included in other comprehensive (loss) income | 0 | 0 | 0 | 0 |
Asset, balance | 3,744 | 3,930 | 3,744 | 3,930 |
Equity Method Investments [Member] | Limited Liability Investments [Member] | Realized Investment Gains (Losses) [Member] | ||||
Realized gains included in net (loss) income | 80 | 12 | 290 | 98 |
Change in fair value of real estate investments included in net (loss) income | 80 | 12 | 290 | 98 |
Included in net (loss) income | 80 | 12 | 290 | 98 |
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 | 442 | (340) | 504 | (451) |
Change in fair value of real estate investments included in net (loss) income | 442 | (340) | 504 | (451) |
Included in net (loss) income | 442 | (340) | 504 | (451) |
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 | Sep. 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 | 18,180 | 32,811 |
Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | Valuation Multiples [Member] | ||
Stock-based compensation liabilities | $ 1,306 | $ 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 | $ 3,744 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Equity Method Investments, Fair Value Disclosure | $ 18,180 | $ 32,811 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Equity Method Investments, Fair Value Disclosure | $ 14,436 | $ 29,548 |
Note 19 - Fair Value of Finan_8
Note 19 - Fair Value of Financial Instruments - Fair Values for Level 3 Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Nonrecurring [Member] | Dec. 01, 2020USD ($) |
Deferred service fees | $ 3,626 |
Measurement Input, Discount Rate [Member] | Valuation, Cost Approach [Member] | |
Deferred service feesDeferred service fees, measurement input | 0.025 |
Measurement Input, Profit Margin [Member] | Valuation, Cost Approach [Member] | Minimum [Member] | |
Deferred service feesDeferred service fees, measurement input | 0.178 |
Measurement Input, Profit Margin [Member] | Valuation, Cost Approach [Member] | Maximum [Member] | |
Deferred service feesDeferred service fees, measurement input | 0.211 |
Customer Relationships [Member] | |
Finite-lived assets, fair value | $ 15,000 |
Customer Relationships [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Multi-period Excess Earnings [Member] | |
Finite-lived intangible assets, measurement input | 0.030 |
Customer Relationships [Member] | Measurement Input, Attrition Rate [Member] | Multi-period Excess Earnings [Member] | |
Finite-lived intangible assets, measurement input | 0.123 |
Customer Relationships [Member] | Measurement Input, Discount Rate [Member] | Multi-period Excess Earnings [Member] | |
Finite-lived intangible assets, measurement input | 0.295 |
Trade Names [Member] | |
Finite-lived assets, fair value | $ 4,550 |
Trade Names [Member] | Measurement Input, Discount Rate [Member] | Relief from Royalty [Member] | |
Finite-lived intangible assets, measurement input | 0.295 |
Trade Names [Member] | Measurement Input, Royalty Rate [Member] | Relief from Royalty [Member] | |
Finite-lived intangible assets, measurement input | 0.040 |
Note 21 - Commitments and Con_2
Note 21 - Commitments and Contingencies (Details Textual) $ in Thousands | Jun. 02, 2021USD ($) | Jan. 20, 2020USD ($) | Sep. 30, 2021USD ($)aft² | Mar. 31, 2021USD ($) | Sep. 30, 2021USD ($)aft² | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2021USD ($)aft² | Apr. 30, 2018 |
Loss Contingency, Estimate of Possible Loss | $ 4,800 | $ 72,000 | $ 4,800 | $ 72,000 | $ 4,800 | |||||
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 | 100 | $ 500 | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Reported Claims, Amount | 2,500 | 2,500 | 2,500 | |||||||
Escrow Deposit | 2,000 | 2,000 | 2,000 | |||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Total | 500 | |||||||||
Payments of Debt Issuance Costs | 1,685 | |||||||||
Short Term Investments Fair Value Disclosure | 200 | 200 | 200 | 200 | ||||||
Restricted Cash, Total | $ 18,140 | $ 18,140 | 30,571 | $ 18,140 | ||||||
RoeCo Lafayette, LLC [Member] | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | 100.00% | |||||||
Business Combination, Consideration Transferred, Total | $ 15,400 | |||||||||
Third Parties [Member] | ||||||||||
Restricted Cash, Total | 2,800 | $ 2,800 | 1,000 | $ 2,800 | ||||||
IWS [Member] | ||||||||||
Restricted Cash, Total | 13,400 | 13,400 | $ 27,700 | 13,400 | ||||||
State and Provincial Regulatory Authorities [Member] | ||||||||||
Restricted Cash, Total | $ 1,900 | $ 1,900 | $ 1,900 | |||||||
RoeCo Lafayette, LLC [Member] | Real Property Located in Lafayette, Louisiana [Member] | ||||||||||
Area of Real Estate Property (Acre) | a | 6.5 | 6.5 | 6.5 | |||||||
RoeCo Lafayette, LLC [Member] | Building Located Lafayette, Louisiana [Member] | ||||||||||
Area of Real Estate Property (Acre) | ft² | 29,000 | 29,000 | 29,000 | |||||||
Loans Payable [Member] | Additional Mortgage [Member] | ||||||||||
Payment for Management Fee | $ 10,400 | |||||||||
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% | |||||||||
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% | |||||||||
Loans Payable [Member] | TRT [Member] | Additional Mortgage [Member] | Third Parties [Member] | ||||||||||
Payments of Debt Issuance Costs | $ 1,100 | |||||||||
Senior Indebtedness [Member] | RoeCo Lafayette, LLC [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 11,900 | $ 11,900 | $ 11,900 | |||||||
Junior Indebtedness [Member] | RoeCo Lafayette, LLC [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 1,900 | $ 1,900 | $ 1,900 | |||||||
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 |
Note 22 - Subsequent Event (Det
Note 22 - Subsequent Event (Details Textual) - Subsequent Event [Member] $ in Millions | Oct. 01, 2021USD ($) |
Avidbank [Member] | Revolving Credit Facility [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1 |
Term Loan [Member] | Avidbank [Member] | |
Proceeds from Issuance of Long-term Debt, Total | $ 6 |
Debt Instrument, Interest Rate, Effective Percentage | 3.75% |
Ravix Financial, Inc [Member] | |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Business Combination, Consideration Transferred, Total | $ 11 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 4.5 |