Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 10, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | BOSTON OMAHA Corp | |
Entity Central Index Key | 1,494,582 | |
Trading Symbol | bomn | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,055,560 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 21,008,024 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 88,166,783 | $ 6,838,345 |
Restricted cash | 506,046 | 392,225 |
Accounts receivable, net | 1,290,966 | 1,095,777 |
Interest receivable | 692,109 | |
Short-term investments | 4,856,131 | 1,659,299 |
U.S. Treasury trading securities | 83,100,805 | |
U.S. Treasury securities available for sale | 150,346,440 | |
Prepaid expenses | 1,098,959 | 755,121 |
Total Current Assets | 246,957,434 | 93,841,572 |
Property and Equipment, net | 10,280,773 | 9,111,013 |
Other Assets: | ||
Goodwill | 25,006,161 | 24,692,161 |
Intangible assets, net | 7,604,863 | 9,349,623 |
Investments | 32,177,419 | 13,901,281 |
Investments in unconsolidated affiliates | 847,146 | 952,128 |
Funds held as collateral assets | 862,046 | 1,056,330 |
Other | 707,560 | 572,976 |
Total Other Assets | 67,205,195 | 50,524,499 |
Total Assets | 324,443,402 | 153,477,084 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 1,843,475 | 2,077,635 |
Short-term payables for acquisitions | 137,000 | 497,000 |
Funds held as collateral | 862,046 | 1,056,330 |
Unearned premiums and deferred revenue | 2,127,729 | 1,400,446 |
Total Current Liabilities | 4,970,250 | 5,031,411 |
Long-term Liabilities: | ||
Asset retirement obligations | 174,669 | |
Deferred tax liability | 57,000 | 57,000 |
Total Liabilities | 5,201,919 | 5,088,411 |
Redeemable Noncontrolling Interest | 1,190,187 | 1,234,987 |
Stockholders' Equity: | ||
Preferred stock, $.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding | ||
Additional paid-in capital | 332,907,911 | 158,350,410 |
Accumulated deficit | (14,878,566) | (11,211,087) |
Total Stockholders' Equity | 318,051,296 | 147,153,686 |
Total Liabilities, Redeemable Noncontrolling Interest, and Stockholders' Equity | 324,443,402 | 153,477,084 |
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common stock | 20,895 | 13,307 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common stock | $ 1,056 | $ 1,056 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 38,838,884 | 38,838,884 |
Common stock, shares issued (in shares) | 20,894,774 | 13,307,157 |
Common stock, shares outstanding (in shares) | 20,894,774 | 13,307,157 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,161,116 | 1,161,116 |
Common stock, shares issued (in shares) | 1,055,560 | 1,055,560 |
Common stock, shares outstanding (in shares) | 1,055,560 | 1,055,560 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Premiums earned | $ 507,045 | $ 531,557 | $ 984,349 | $ 1,024,099 |
Insurance commissions | 751,684 | 209,598 | 1,516,868 | 542,766 |
Investment and other income | 31,761 | 38,410 | 62,027 | 68,135 |
Total Revenues | 2,989,759 | 1,994,883 | 5,812,703 | 3,864,810 |
Costs and Expenses: | ||||
Cost of billboard revenues (exclusive of depreciation and amortization) | 842,787 | 619,224 | 1,565,621 | 1,110,309 |
Cost of insurance revenues | 264,672 | 68,080 | 477,536 | 254,674 |
Employee costs | 1,863,658 | 929,487 | 3,706,024 | 1,760,334 |
Professional fees | 576,461 | 452,117 | 1,420,375 | 906,120 |
General and administrative | 848,942 | 427,260 | 1,700,215 | 837,860 |
Amortization | 690,905 | 422,673 | 1,451,240 | 795,899 |
Depreciation | 306,714 | 233,241 | 635,407 | 456,708 |
Loss on disposition of assets | 81,857 | 228,431 | 81,857 | 228,431 |
Bad debt expense | 14,515 | 3,680 | 14,515 | 3,680 |
Accretion | 2,939 | 5,995 | ||
Total Costs and Expenses | 5,493,450 | 3,384,193 | 11,058,785 | 6,354,015 |
Net Loss from Operations | (2,503,691) | (1,389,310) | (5,246,082) | (2,489,205) |
Other Income (Expense): | ||||
Interest income | 648,223 | 1,091,946 | ||
Equity in income of unconsolidated affiliates | 101,429 | 23,464 | 385,091 | 15,233 |
Unrealized gain on securities | 206,306 | 113,303 | ||
Loss on disposition of investments | (54,733) | (54,733) | ||
Interest expense | (264) | (1,970) | (1,804) | (4,055) |
Net Loss Before Income Taxes | (1,602,730) | (1,367,816) | (3,712,279) | (2,478,027) |
Income Tax (Provision) Benefit | ||||
Net Loss | (1,602,730) | (1,367,816) | (3,712,279) | (2,478,027) |
Noncontrolling Interest in Subsidiary Loss | 4,633 | 44,800 | ||
Net Loss Attributable to Common Stockholders | $ (1,598,097) | $ (1,367,816) | $ (3,667,479) | $ (2,478,027) |
Basic and Diluted Net Loss per Share (in dollars per share) | $ (0.08) | $ (0.18) | $ (0.21) | $ (0.34) |
Basic and Diluted Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 19,165,153 | 7,594,585 | 17,780,454 | 7,247,906 |
Billboard Rentals [Member] | ||||
Revenues: | ||||
Billboard rentals | $ 1,699,269 | $ 1,215,318 | $ 3,249,459 | $ 2,229,810 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2018 - USD ($) | Related Party [Member]Common Stock [Member]Common Class A [Member] | Related Party [Member]Common Stock [Member]Common Class B [Member] | Related Party [Member]Additional Paid-in Capital [Member] | Related Party [Member]Retained Earnings [Member] | Related Party [Member] | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 13,307,157 | 1,055,560 | ||||||||
Balance at Dec. 31, 2017 | $ 13,307 | $ 1,056 | $ 158,350,410 | $ (11,211,087) | $ 147,153,686 | |||||
Stock issued for cash (in shares) | 6,437,768 | 1,149,849 | ||||||||
Stock issued for cash | $ 6,438 | $ 149,993,562 | $ 150,000,000 | $ 1,150 | 26,086,133 | 26,087,283 | ||||
Offering costs | (1,522,194) | (1,522,194) | ||||||||
Net loss attributable to common stockholders, June 30, 2018 | (3,667,479) | (3,667,479) | ||||||||
Balance (in shares) at Jun. 30, 2018 | 20,894,774 | 1,055,560 | ||||||||
Balance at Jun. 30, 2018 | $ 20,895 | $ 1,056 | $ 332,907,911 | $ (14,878,566) | $ 318,051,296 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (3,712,279) | $ (2,478,027) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation, amortization, and accretion | 2,092,642 | 1,252,607 |
Loss on disposition of assets | 81,857 | 228,431 |
Bad debt expense | 14,515 | 3,680 |
Equity in earnings of unconsolidated affiliates | (385,091) | (15,233) |
Loss on disposition of investments | 54,733 | |
Unrealized gain on securities | (113,303) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (209,704) | (668,549) |
Interest receivable | (692,109) | |
Short-term investments | (531,025) | |
Prepaid expenses | (343,838) | (99,658) |
Distributions from unconsolidated affiliates | 382,443 | 2,700 |
Other assets | (134,583) | (134,620) |
Accounts payable and accrued expenses | (234,160) | 380,560 |
Unearned premiums and deferred revenue | 727,283 | 426,440 |
Deferred tax liabilities | (8,000) | |
Net Cash Used in Operating Activities | (2,471,594) | (1,640,694) |
Cash Flows from Investing Activities: | ||
Payment on short-term payable on acquisition | (360,000) | |
Proceeds from disposition of assets | 30,000 | 3,667 |
Purchases of equipment and related assets | (1,769,020) | (645,236) |
Business acquisitions, net of cash acquired | 0 | (9,940,794) |
Acquisition of investment in unconsolidated affiliate | (66,000) | |
Proceeds from sales of investments | 431,908,709 | |
Purchase of investments | (520,460,925) | (2,657,670) |
Net Cash Used in Investing Activities | (90,651,236) | (13,306,033) |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of stock | 26,087,283 | 35,672,498 |
Proceeds from issuance of stock to related parties | 150,000,000 | 52,467,336 |
Offering costs | (1,522,194) | (914,423) |
Net Cash Provided by Financing Activities | 174,565,089 | 87,225,411 |
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 81,442,259 | 72,278,684 |
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 7,230,570 | 29,844,068 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 88,672,829 | 102,122,752 |
Interest Paid in Cash | 1,804 | 4,055 |
Income Taxes Paid in Cash | ||
Deposit on business acquisition applied to purchase | 2,950,000 | |
Equipment exchanged for note receivable | 38,000 | |
Asset retirement obligations | 174,669 | |
Note receivable exchanged for preferred stock | $ 104,019 |
Note 1 - Organization and Backg
Note 1 - Organization and Background | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. ORGANIZATION AND BACKGROUND Boston Omaha was organized on August 11, 2009 February 2015. We completed an acquisition of an outdoor advertising business and entered the outdoor advertising industry on June 19, 2015. 2015, 2016, 2017, eleven On April 20, 2016, December 7, 2016, July November 2017 two third In our opinion, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of consolidated financial position and the consolidated results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not December 31, 2017 2016 10 March 30, 2018, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation Policy The financial statements of Boston Omaha Corporation include the accounts of the Company and its wholly-owned and majority-owned subsidiaries, as follows: Link Media Holdings, LLC which we refer to as “LMH” Link Media Alabama, LLC which we refer to as “LMA” Link Media Florida, LLC which we refer to as “LMF” Link Media Wisconsin, LLC which we refer to as “LMW” Link Media Georgia, LLC which we refer to as “LMG” General Indemnity Group, LLC which we refer to as “GIG” General Indemnity Insurance Company PCC, LLC which we refer to as “GIIC” The Warnock Agency, Inc. which we refer to as “Warnock” United Casualty and Surety Insurance Company which we refer to as “UC&S” Surety Support Services, Inc. which we refer to as “SSS” South Coast Surety Insurance Services, LLC which we refer to as “SCS” Boston Omaha Investments, LLC which we refer to as “BOIC” All significant intercompany profits, losses, transactions and balances have been eliminated in consolidation. Revenue s On January 1, 2018, No. 2014 09 606 Revenue from Contracts with Customers not January 1, 2018 not 840 Leases. January 1, 2018 606 840, not 605. A majority of our billboard contracts are accounted for under ASC 840 January 1, 2019, No. 2016 02 842 Leases January 1, 2019 840 January 1, 2019 not 842 606 Revenue not 842. Premium revenues derived from our insurance operations are not Revenue Recognition Billboard Rentals We generate revenue from outdoor advertising through the leasing of billboards. The terms of the operating leases range from less than one three one Deferred Revenues We record deferred revenues when cash payments are received or due in advance of our performance obligation. The term between invoicing and when a payment is due is not twelve Premiums and Unearned Premium Reserves Premiums written are recognized as revenues based on a pro-rata daily calculation over the respective terms of the policies in-force. The cost of reinsurance ceded is initially written as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded are netted against premiums written. Commissions We generate revenue from commissions on surety bond sales. The insurance commissions are calculated based upon a stated percentage applied to the gross premiums on bonds. Commissions are earned as of the policy effective date and are nonrefundable. Practical Expedients and Exemptions Upon our transition to ASC 606 840, 606. one not one one Recent Accounting Pronouncements In May 2014, No. 2014 09 606 Revenue from Contracts with Customers August 2015, No. 2015 14 January 1, 2017 January 1, 2018, January 1, 2017. No. 2014 09 January 1, 2018 not In February 2016, No. 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities not not No. 2016 01 January 1, 2018, not In November 2016, No. 2016 18, Statement of Cash Flows (Topic 230 December 15, 2017, No. 2016 18 January 1, 2018. No. 2016 18, The adoption increases the ending cash balance within our consolidated statements of cash flows by the aggregate amount of our restricted cash balances and requires a new disclosure to reconcile the cash balances within our consolidated statements of cash flows to the consolidated balance sheets. On January 1, 2018, No. 2016 15 , Statement of Cash Flows (Topic 230 No. 2016 15 not In February 2016, No. 2016 02, Leases (Topic 842 840, Leases. 842 not twelve 842 December 15, 2018 In January 2018, No. 2018 01, Leases (Topic 842 842. not 842 not 840. 842 not 842 842. In July 2018, No. 2018 10 Leases (Topic 842 No. 2018 11 Leases (Topic 842 842. No. 2018 10 No. 2018 11 842. No. 2018 10 No. 2018 11 December 15, 2018, |
Note 3 - Restricted Cash
Note 3 - Restricted Cash | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 3. RESTRICTED CASH Restricted cash consists of the following: June 30, December 31, 2018 2017 Insurance premium escrow $ 330,971 $ 247,230 Billboard replacement reserve 175,075 144,995 Total Restricted Cash $ 506,046 $ 392,225 The following table sets forth a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated statements of cash flows that agrees to the total of those amounts as presented in the consolidated statements of cash flows. June 30, 2018 2017 Cash and cash equivalents $ 88,166,783 $ 101,717,930 Restricted cash 506,046 404,822 Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statements of Cash Flows $ 88,672,829 $ 102,122,752 |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 4. ACCOUNTS RECEIVABLE Accounts receivable consist of the following: June 30, December 31, 2018 2017 Trade accounts $ 995,055 $ 828,287 Premiums 298,872 288,039 Anticipated salvage and subrogation 3,573 3,572 Allowance for doubtful accounts (6,534 ) (24,121 ) Total Accounts Receivable, net $ 1,290,966 $ 1,095,777 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5. PROPERTY AND EQUIPMENT Property and equipment consist of the following: June 30, December 31, 2018 2017 Structures and displays $ 12,167,292 $ 10,484,725 Vehicles and equipment 232,967 143,154 Office furniture and equipment 418,238 395,981 Accumulated depreciation (2,537,724 ) (1,912,847 ) Total Property and Equipment, net $ 10,280,773 $ 9,111,013 Depreciation expense for the three six June 30, 2018 $306,714 $635,407 three six June 30, 2017 $233,241 $456,708, second 2018 2017, $81,857 $228,431, |
Note 6 - Business Acquisitions
Note 6 - Business Acquisitions | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | NOTE 6. BUSINESS ACQUISITIONS There were no six June 30, 2018. six June 30, 2017, $9,940,794, 2017 During the year ended December 31, 2017, six three 805. three six June 30, 2017 Billboard Acquisitions Clear Channel Outdoor, Inc. On January 9, 2017, thirty $2,983,444, $2,950,000 November 2016 third Hartlind Outdoor, LLC On January 31, 2017, ninety $2,817,000. third six not not Southeastern United States Subsequent to the CCO business acquisition, we made additional business acquisitions in the Southeastern United States as presented below. Corey Companies, Inc. On June 8, 2017, thirty fifty three $2,991,314. third $314,000 $314,000. six June 30, 2018 $64,965. Vision Outdoor Media, LLC On June 16, 2017, three $3,199,036. View Media, LLC On July 11, 2017, one $623,596. In addition, we also made a small acquisition for a cash purchase price of $900,000. Insurance Acquisitions Surety Support Services, Inc. On July 11, 2017, 100% $450,000, $22,500 $427,500 2018, June 30, 2018 December 31, 2017, six June 30, 2018, $360,000 The stock was acquired for the purpose of expanding our presence in the insurance market in the United States. The purchase price allocation is based on internal information derived from our previous insurance brokerage company acquisitions. Finite-lived intangible assets consist of customer relationships and a non-competition agreement. We amortize the non-competition agreement according to the terms of the asset purchase agreement. For other finite-lived assets, amortization is computed over the average period of expected benefit determined from internal information. South Coast Surety Insurance Services, LLC On October 31, 2017, 70% $2,908,581, The seller has agreed to remain as a principal of SCS. The purchase agreement contains an option for the seller to sell us the remaining units (a “put” option). The purchase agreement also contains an option for us to purchase the remaining units (a “call” option) upon the death, incapacitation, or termination of the seller’s employment. Upon exercise of the options by the seller or by us, the purchase price of the remaining units is to be calculated by a formula contained in the purchase agreement. Both the put and the call options are embedded in the purchase agreement, and are not not 30% 480 10 S99 30 Distinguishing Liabilities from Equity Overall, no June 30, 2018 December 31, 2017, Finite-lived intangible assets consist of customer relationships, trade names and trademarks, and a noncompetition agreement. We amortize the noncompetition agreement according to the terms of the asset purchase agreement. For other finite-lived assets, amortization is computed over the average period of expected benefit determined from internal information. Freestate Bonds, Inc. On November 30, 2017, 100% $293,000, $223,500 $69,500 November 30, 2018, June 30, 2018 December 31, 2017. May 2018, The following tables present information for the 2017 six June 30, 2017, three six June 30, 2017, three six June 30, 2017. Billboards CCO Hartlind Southeastern Subtotal Amortization of intangible assets acquired for the three months ended June 30, 2017 $ 70,846 $ 45,770 $ 38,181 $ 154,797 Revenues since the acquisition date included in the consolidated statement of operations for the three months ended June 30, 2017 $ 204,093 $ 99,665 $ 5,320 $ 309,078 Earnings since the acquisition date included in the consolidated statement of operations for the three months ended June 30, 2017 $ (21,391 ) $ 38,431 $ (54,043 ) $ (37,003 ) Costs of acquisition included in professional fees in the consolidated statement of operations for the three months ended June 30, 2017 $ - $ 831 $ 21,563 $ 22,394 Amortization of intangible assets acquired for the six months ended June 30, 2017 $ 141,693 $ 76,284 $ 38,181 $ 256,158 Revenues since the acquisition date included in the consolidated statement of operations for the six months ended June 30, 2017 $ 359,076 $ 152,776 $ 5,320 $ 517,172 Earnings since the acquisition date included in the consolidated statement of operations for the six months ended June 30, 2017 $ (41,755 ) $ 55,729 $ (54,043 ) $ (40,069 ) Costs of acquisition included in professional fees in the consolidated statement of operations for the six months ended June 30, 2017 $ 14,468 $ 8,645 $ 21,563 $ 44,676 Insurance SSS SCS Freestate Subtotal Total Amortization of intangible assets acquired for the three months ended June 30, 2017 $ - $ - $ - $ - $ 154,797 Revenues since the acquisition date included in the consolidated statement of operations for the three months ended June 30, 2017 $ - $ - $ - $ - $ 309,078 Earnings since the acquisition date included in the consolidated statement of operations for the three months ended June 30, 2017 $ - $ - $ - $ - $ (37,003 ) Costs of acquisition included in professional fees in the consolidated statement of operations for the three months ended June 30, 2017 $ - $ - $ - $ - $ 22,394 Amortization of intangible assets acquired for the six months ended June 30, 2017 $ - $ - $ - $ - $ 256,158 Revenues since the acquisition date included in the consolidated statement of operations for the six months ended June 30, 2017 $ - $ - $ - $ - $ 517,172 Earnings since the acquisition date included in the consolidated statement of operations for the six months ended June 30, 2017 $ - $ - $ - $ - $ (40,069 ) Costs of acquisition included in professional fees in the consolidated statement of operations for the six months ended June 30, 2017 $ - $ - $ - $ - $ 44,676 P ro Forma Information The following is the unaudited pro forma information assuming all business acquisitions occurred on January 1, 2017. two fifteen two fifty Since there were no three six June 30, 2018, no Three Months Ended Six Months Ended Revenue $ 2,960,519 $ 5,666,907 Net Loss Attributable to Common Stockholders $ (1,460,839 ) $ (2,651,967 ) Basic and Diluted Loss per Share $ (0.19 ) $ (0.37 ) Basic and Diluted Weighted Average Class A and Class B Common Shares Outstanding 7,594,585 7,247,906 The information included in the pro forma amounts is derived from historical information obtained from the sellers of the businesses. With respect to CCO, Corey, Vision, and View, the above pro forma does not not |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 7. INTANGIBLE ASSETS Intangible assets consist of the following: June 30, 2018 December 31, 2017 Accumulated Accumulated Cost Amortization Balance Cost Amortization Balance Customer relationships $ 7,818,900 $ (4,232,685 ) $ 3,586,215 $ 8,132,900 $ (2,970,533 ) $ 5,162,367 Permits, licenses, and lease acquisition costs 2,181,621 (239,472 ) 1,942,149 2,184,106 (178,835 ) 2,005,271 Site location 849,347 (51,904 ) 797,443 849,347 (23,593 ) 825,754 Noncompetition agreements 285,000 (94,917 ) 190,083 285,000 (66,417 ) 218,583 Trade names and trademarks 722,200 (158,417 ) 563,783 722,200 (112,250 ) 609,950 Technology 138,000 (99,660 ) 38,340 138,000 (76,662 ) 61,338 Nonsolicitation agreement 28,000 (28,000 ) - 28,000 (28,000 ) - Easements 486,850 - 486,850 466,360 - 466,360 Total $ 12,509,918 $ (4,905,055 ) $ 7,604,863 $ 12,805,913 $ (3,456,290 ) $ 9,349,623 The future amortization associated with the intangible assets is as follows: June 30, 2019 2020 2021 2022 2023 Thereafter Total Customer relationships $ 2,256,238 $ 1,210,675 $ 119,302 $ - $ - $ - $ 3,586,215 Permits, licenses, and lease acquisition costs 125,742 125,742 125,742 125,742 125,742 1,313,439 1,942,149 Site location 56,623 56,623 56,623 56,623 56,623 514,328 797,443 Noncompetition agreements 57,000 56,417 40,500 28,000 8,166 - 190,083 Trade names and trademarks 74,000 67,933 64,900 64,900 64,900 227,150 563,783 Technology 38,340 - - - - - 38,340 Total $ 2,607,943 $ 1,517,390 $ 407,067 $ 275,265 $ 255,431 $ 2,054,917 $ 7,118,013 Amortization expense for the three June 30, 2018 2017 $690,905 $422,673, six June 30, 2018 2017 $1,451,240 $795,899, Future Amortization The weighted average amortization period, in months, for intangible assets is as follows: Customer relationships 17 Permits, licenses, and lease acquisition costs 185 Site location 169 Noncompetition agreements 40 Trade names and trademarks 67 Technology 10 |
Note 8 - Investments, Including
Note 8 - Investments, Including Investments Accounted for Using the Equity Method | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Investment [Text Block] | NOTE 8 . I NVESTMENTS , INCLUDING INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD Short-term Investments Short-term investments consist of certificates of deposit having maturity dates of less than twelve twelve six June 30, 2018, $2,137. June 30, December 31, 2018 2017 Certificates of deposit $ 816,709 $ 746,219 U.S. Treasury notes and corporate bond 4,039,422 809,184 Convertible note receivable - 103,896 Total $ 4,856,131 $ 1,659,299 Convertible Note Receivable On September 13, 2016, $100,000. 3% December 31, 2018 In January 2018, second $104,019. December 31, 2017, $103,896. As part of the loan arrangement, the parties entered into a memorandum of understanding for the parties to work together on the sale of damage waiver insurance related products, which the parties may Note Receivable On April 27, 2018, $2,116,972, 15% June 1, 2018 $29,990 U.S. Treasury Trading Securities and U.S. Treasury Securities Available for Sale Our security investments that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Trading securities are recorded at fair value on the balance sheet in current assets, with the change in fair value during the period included in earnings. Our trading securities consist of U.S. Treasury securities. Trading securities as of June 30, 2018 December 31, 2017 Gross Unrealized Fair Cost Gain Value U.S. Treasury bills, June 30, 2018 $ - $ - $ - U.S. Treasury bills, December 31, 2017 $ 82,968,614 $ 132,191 $ 83,100,805 We classify our investments in debt securities that we intend to hold for indefinite periods of time as “available for sale.” Our securities available for sale are carried at fair value in the balance sheet. Because we have elected the fair value option for these securities, unrealized holding gains and losses during the period are included in earnings. Interest income is recognized at the coupon rate. Securities available for sale as of June 30, 2018 Gross Unrealized Fair Cost Gain Value U.S. Treasury securities, June 30, 2018 $ 150,100,946 $ 245,494 $ 150,346,440 Long-term Investments Long-term investments consist of certificates of deposit having maturity dates in excess of twelve 2019 2021. Long-term investments consist of the following: June 30, December 31, 2018 2017 U.S. Treasury securities, held to maturity $ 2,083,624 $ 2,820,855 Certificates of deposit 931,291 1,080,426 Preferred stock 104,019 - Non-voting common units of Dream Finders Holdings, LLC 10,000,000 10,000,000 Voting common stock of CB&T Holding Corporation 19,058,485 - Total $ 32,177,419 $ 13,901,281 Cost Investment s On May 31, 2018, $19,058,485 14.99% one During late December 2017, $10,000,000 5% During January 2018, 31,227 $.2665 one We reviewed our investments as of June 30, 2018 December 31, 2017 no Investment in Unconsolidated Affiliates We have various investments in equity method affiliates, whose businesses are in real estate and real estate services. Our interest in these affiliates ranges from 7.15% 30%. 1, $417,287 June 30, 2018, six June 30, 2018, 1, The following table is a reconciliation of our investments in equity affiliates as presented in investments in unconsolidated affiliates on our consolidated balance sheets: June 30, December 31, 2018 2017 Beginning of period $ 952,128 $ 871,918 Additional investments in unconsolidated affiliates - 66,000 Distributions received (382,443 ) (59,550 ) Loss on investment in affiliate (107,630 ) - Equity in income of unconsolidated affiliates 385,091 73,760 End of period $ 847,146 $ 952,128 The loss on investment in affiliate is related to the wind-down of TAG SW 1, |
Note 9 - Fair Value
Note 9 - Fair Value | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9. FAIR VALUE At June 30, 2018 December 31, 2017, not 1 Total Carrying Quoted Prices Total Changes Amount in in Active in Fair Values Consolidated Markets for Included in Balance Sheet Identical Trading Gains Current Period Jun. 30, 2018 Assets and Losses Earnings (Loss) U.S. Treasury trading securities $ - $ - $ 6,406 $ (132,191 ) U.S. Treasury securities available for sale 150,346,440 150,346,440 44,354 245,494 $ 50,760 $ 113,303 |
Note 10 - Asset Retirement Obli
Note 10 - Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 10. ASSET RETIREMENT OBLIGATIONS Our asset retirement obligations include the costs associated with the removal of structures, resurfacing of the land and retirement cost, if applicable, related to our outdoor advertising assets. The following table reflects information related to our asset retirement obligations: Balance, December 31, 2017 $ - Additions 179,917 Accretion expense 5,995 Liabilities settled (11,243 ) Balance, June 30, 2018 $ 174,669 |
Note 11 - Capital Stock
Note 11 - Capital Stock | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 1 1 . CAPITAL STOCK On February 22, 2018, three $150,000,000 $23.30, $23.29 February 22, 2018. three third first March 6, 2018. 3,300,000 $76,890,000. second May 15, 2018. 3,137,768 $73,110,000 $150,000,000 Also in February 2018, $200,000,000 February 9, 2018. may $50,000,000 not 3% June 30, 2018, 1,149,849 $26,087,283 $25,304,665, On May 4, 2018, second 40,000,000 38,838,884 1,161,116 1,000,000 As of June 30, 2018 105,556 six June 30, 2018 Shares Weighted Weighted Average Aggregate Outstanding as of December 31, 2017 105,556 $ 9.95 7.5 $ 2,368,677 Issued - Exercised - Expired - Outstanding as of June 30, 2018 105,556 $ 9.95 7.0 $ 1,173,783 |
Note 12 - Future Minimum Lease
Note 12 - Future Minimum Lease Payments | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE 1 2 . FUTURE MINIMUM LEASE PAYMENTS In connection with the business acquisitions (See Note 6 450 1,002 no three six June 30, 2018 $447,635 $850,747 three six June 30, 2017 $350,781 $637,924, three six June 30, 2018 $92,081 $116,685, three six June 30, 2017 $9,302 $20,234, We lease office space under leases expiring between 2018 2022. three six June 30, 2018 $86,559 $183,096, three six June 30, 2017 $50,447 $95,263, Future minimum rents are as follows for the twelve June 30: 2019 $ 1,312,993 2020 1,202,230 2021 1,104,883 2022 947,708 2023 886,710 Thereafter 4,397,508 Total $ 9,852,032 |
Note 13 - Industry Segments
Note 13 - Industry Segments | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 1 3 . I N DUSTRY SEGMENTS This summary presents our current segments, as described below. General Indemnity Group, LLC GIG conducts our insurance operations through its subsidiaries, Warnock, SSS, SCS, UC&S, and GIIC. UC&S, SSS and SCS clients are multi-state and Warnock clients are nationwide. Revenue consists of surety bond sales and insurance commissions. Currently, GIG’s corporate resources are used to support Warnock, SSS, SCS, UC&S, and GIIC and to make additional business acquisitions in the insurance industry. Link Media Holdings, LLC LMH conducts our billboard rental operations. LMH advertisers are located in Alabama, Florida, Georgia, and Wisconsin. Three Months Ended June 30, 2018 GIG LMH Unallocated Total Consolidated Revenue $ 1,290,490 $ 1,699,269 $ - $ 2,989,759 Segment gross profit 1,025,818 856,482 - 1,882,300 Segment loss from operations (1,204,432 ) (783,029 ) (516,230 ) (2,503,691 ) Capital expenditures 2,549 1,181,656 - 1,184,205 Depreciation and amortization 316,086 681,533 - 997,619 Total Three Months Ended June 30, 2017 GIG LMH Unallocated Consolidated Revenue $ 779,565 $ 1,215,318 $ - $ 1,994,883 Segment gross profit 711,485 596,094 - 1,307,579 Segment loss from operations (418,264 ) (699,994 ) (271,052 ) (1,389,310 ) Capital expenditures - 4,468,496 - 4,468,496 Depreciation and amortization 50,678 605,236 - 655,914 Total Six Months Ended June 30, 2018 GIG LMH Unallocated Consolidated Revenue $ 2,563,244 $ 3,249,459 $ - $ 5,812,703 Segment gross profit 2,085,708 1,683,838 - 3,769,546 Segment loss from operations (2,247,811 ) (1,501,711 ) (1,496,560 ) (5,246,082 ) Capital expenditures 10,031 1,758,989 - 1,769,020 Depreciation and amortization 641,220 1,445,427 - 2,086,647 Total Six Months Ended June 30, 2017 GIG LMH Unallocated Consolidated Revenue $ 1,635,000 $ 2,229,810 $ - $ 3,864,810 Segment gross profit 1,380,326 1,119,501 - 2,499,827 Segment loss from operations (651,948 ) (1,158,488 ) (678,769 ) (2,489,205 ) Capital expenditures - 10,586,030 - 10,586,030 Depreciation and amortization 101,357 1,151,250 - 1,252,607 Total As of June 30, 2018 GIG LMH Unallocated Consolidated Accounts receivable, net $ 469,969 $ 820,997 $ - $ 1,290,966 Goodwill 8,719,294 16,286,867 - 25,006,161 Total assets 25,237,935 33,256,376 265,949,091 324,443,402 Total As of December 31, 2017 GIG LMH Unallocated Consolidated Accounts receivable, net $ 433,225 $ 662,552 $ - $ 1,095,777 Goodwill 8,719,294 15,972,867 - 24,692,161 Total assets 25,762,437 32,443,777 95,270,870 153,477,084 |
Note 14 - Custodial Risk
Note 14 - Custodial Risk | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Custodial Risk Disclosure [Text Block] | NOTE 1 4 . CUSTODIAL RISK At June 30, 2018, $85,700,000 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 1 5 . SUBSEQUENT EVENTS On July 31, 2018, 85,170 For the month ended July 31, 2018, 28,080 $590,844. 11 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation Policy The financial statements of Boston Omaha Corporation include the accounts of the Company and its wholly-owned and majority-owned subsidiaries, as follows: Link Media Holdings, LLC which we refer to as “LMH” Link Media Alabama, LLC which we refer to as “LMA” Link Media Florida, LLC which we refer to as “LMF” Link Media Wisconsin, LLC which we refer to as “LMW” Link Media Georgia, LLC which we refer to as “LMG” General Indemnity Group, LLC which we refer to as “GIG” General Indemnity Insurance Company PCC, LLC which we refer to as “GIIC” The Warnock Agency, Inc. which we refer to as “Warnock” United Casualty and Surety Insurance Company which we refer to as “UC&S” Surety Support Services, Inc. which we refer to as “SSS” South Coast Surety Insurance Services, LLC which we refer to as “SCS” Boston Omaha Investments, LLC which we refer to as “BOIC” All significant intercompany profits, losses, transactions and balances have been eliminated in consolidation. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Billboard Rentals We generate revenue from outdoor advertising through the leasing of billboards. The terms of the operating leases range from less than one three one Deferred Revenues We record deferred revenues when cash payments are received or due in advance of our performance obligation. The term between invoicing and when a payment is due is not twelve Premiums and Unearned Premium Reserves Premiums written are recognized as revenues based on a pro-rata daily calculation over the respective terms of the policies in-force. The cost of reinsurance ceded is initially written as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded are netted against premiums written. Commissions We generate revenue from commissions on surety bond sales. The insurance commissions are calculated based upon a stated percentage applied to the gross premiums on bonds. Commissions are earned as of the policy effective date and are nonrefundable. Practical Expedients and Exemptions Upon our transition to ASC 606 840, 606. one not one one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, No. 2014 09 606 Revenue from Contracts with Customers August 2015, No. 2015 14 January 1, 2017 January 1, 2018, January 1, 2017. No. 2014 09 January 1, 2018 not In February 2016, No. 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities not not No. 2016 01 January 1, 2018, not In November 2016, No. 2016 18, Statement of Cash Flows (Topic 230 December 15, 2017, No. 2016 18 January 1, 2018. No. 2016 18, The adoption increases the ending cash balance within our consolidated statements of cash flows by the aggregate amount of our restricted cash balances and requires a new disclosure to reconcile the cash balances within our consolidated statements of cash flows to the consolidated balance sheets. On January 1, 2018, No. 2016 15 , Statement of Cash Flows (Topic 230 No. 2016 15 not In February 2016, No. 2016 02, Leases (Topic 842 840, Leases. 842 not twelve 842 December 15, 2018 In January 2018, No. 2018 01, Leases (Topic 842 842. not 842 not 840. 842 not 842 842. In July 2018, No. 2018 10 Leases (Topic 842 No. 2018 11 Leases (Topic 842 842. No. 2018 10 No. 2018 11 842. No. 2018 10 No. 2018 11 December 15, 2018, |
Note 3 - Restricted Cash (Table
Note 3 - Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | June 30, December 31, 2018 2017 Insurance premium escrow $ 330,971 $ 247,230 Billboard replacement reserve 175,075 144,995 Total Restricted Cash $ 506,046 $ 392,225 June 30, 2018 2017 Cash and cash equivalents $ 88,166,783 $ 101,717,930 Restricted cash 506,046 404,822 Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statements of Cash Flows $ 88,672,829 $ 102,122,752 |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Receivables with Imputed Interest [Table Text Block] | June 30, December 31, 2018 2017 Trade accounts $ 995,055 $ 828,287 Premiums 298,872 288,039 Anticipated salvage and subrogation 3,573 3,572 Allowance for doubtful accounts (6,534 ) (24,121 ) Total Accounts Receivable, net $ 1,290,966 $ 1,095,777 |
Note 5 - Property and Equipme25
Note 5 - Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, December 31, 2018 2017 Structures and displays $ 12,167,292 $ 10,484,725 Vehicles and equipment 232,967 143,154 Office furniture and equipment 418,238 395,981 Accumulated depreciation (2,537,724 ) (1,912,847 ) Total Property and Equipment, net $ 10,280,773 $ 9,111,013 |
Note 6 - Business Acquisitions
Note 6 - Business Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Billboards CCO Hartlind Southeastern Subtotal Amortization of intangible assets acquired for the three months ended June 30, 2017 $ 70,846 $ 45,770 $ 38,181 $ 154,797 Revenues since the acquisition date included in the consolidated statement of operations for the three months ended June 30, 2017 $ 204,093 $ 99,665 $ 5,320 $ 309,078 Earnings since the acquisition date included in the consolidated statement of operations for the three months ended June 30, 2017 $ (21,391 ) $ 38,431 $ (54,043 ) $ (37,003 ) Costs of acquisition included in professional fees in the consolidated statement of operations for the three months ended June 30, 2017 $ - $ 831 $ 21,563 $ 22,394 Amortization of intangible assets acquired for the six months ended June 30, 2017 $ 141,693 $ 76,284 $ 38,181 $ 256,158 Revenues since the acquisition date included in the consolidated statement of operations for the six months ended June 30, 2017 $ 359,076 $ 152,776 $ 5,320 $ 517,172 Earnings since the acquisition date included in the consolidated statement of operations for the six months ended June 30, 2017 $ (41,755 ) $ 55,729 $ (54,043 ) $ (40,069 ) Costs of acquisition included in professional fees in the consolidated statement of operations for the six months ended June 30, 2017 $ 14,468 $ 8,645 $ 21,563 $ 44,676 Insurance SSS SCS Freestate Subtotal Total Amortization of intangible assets acquired for the three months ended June 30, 2017 $ - $ - $ - $ - $ 154,797 Revenues since the acquisition date included in the consolidated statement of operations for the three months ended June 30, 2017 $ - $ - $ - $ - $ 309,078 Earnings since the acquisition date included in the consolidated statement of operations for the three months ended June 30, 2017 $ - $ - $ - $ - $ (37,003 ) Costs of acquisition included in professional fees in the consolidated statement of operations for the three months ended June 30, 2017 $ - $ - $ - $ - $ 22,394 Amortization of intangible assets acquired for the six months ended June 30, 2017 $ - $ - $ - $ - $ 256,158 Revenues since the acquisition date included in the consolidated statement of operations for the six months ended June 30, 2017 $ - $ - $ - $ - $ 517,172 Earnings since the acquisition date included in the consolidated statement of operations for the six months ended June 30, 2017 $ - $ - $ - $ - $ (40,069 ) Costs of acquisition included in professional fees in the consolidated statement of operations for the six months ended June 30, 2017 $ - $ - $ - $ - $ 44,676 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended Six Months Ended Revenue $ 2,960,519 $ 5,666,907 Net Loss Attributable to Common Stockholders $ (1,460,839 ) $ (2,651,967 ) Basic and Diluted Loss per Share $ (0.19 ) $ (0.37 ) Basic and Diluted Weighted Average Class A and Class B Common Shares Outstanding 7,594,585 7,247,906 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | June 30, 2018 December 31, 2017 Accumulated Accumulated Cost Amortization Balance Cost Amortization Balance Customer relationships $ 7,818,900 $ (4,232,685 ) $ 3,586,215 $ 8,132,900 $ (2,970,533 ) $ 5,162,367 Permits, licenses, and lease acquisition costs 2,181,621 (239,472 ) 1,942,149 2,184,106 (178,835 ) 2,005,271 Site location 849,347 (51,904 ) 797,443 849,347 (23,593 ) 825,754 Noncompetition agreements 285,000 (94,917 ) 190,083 285,000 (66,417 ) 218,583 Trade names and trademarks 722,200 (158,417 ) 563,783 722,200 (112,250 ) 609,950 Technology 138,000 (99,660 ) 38,340 138,000 (76,662 ) 61,338 Nonsolicitation agreement 28,000 (28,000 ) - 28,000 (28,000 ) - Easements 486,850 - 486,850 466,360 - 466,360 Total $ 12,509,918 $ (4,905,055 ) $ 7,604,863 $ 12,805,913 $ (3,456,290 ) $ 9,349,623 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | June 30, 2019 2020 2021 2022 2023 Thereafter Total Customer relationships $ 2,256,238 $ 1,210,675 $ 119,302 $ - $ - $ - $ 3,586,215 Permits, licenses, and lease acquisition costs 125,742 125,742 125,742 125,742 125,742 1,313,439 1,942,149 Site location 56,623 56,623 56,623 56,623 56,623 514,328 797,443 Noncompetition agreements 57,000 56,417 40,500 28,000 8,166 - 190,083 Trade names and trademarks 74,000 67,933 64,900 64,900 64,900 227,150 563,783 Technology 38,340 - - - - - 38,340 Total $ 2,607,943 $ 1,517,390 $ 407,067 $ 275,265 $ 255,431 $ 2,054,917 $ 7,118,013 Customer relationships 17 Permits, licenses, and lease acquisition costs 185 Site location 169 Noncompetition agreements 40 Trade names and trademarks 67 Technology 10 |
Note 8 - Investments, Includi28
Note 8 - Investments, Including Investments Accounted for Using the Equity Method (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Investment [Table Text Block] | June 30, December 31, 2018 2017 Certificates of deposit $ 816,709 $ 746,219 U.S. Treasury notes and corporate bond 4,039,422 809,184 Convertible note receivable - 103,896 Total $ 4,856,131 $ 1,659,299 June 30, December 31, 2018 2017 U.S. Treasury securities, held to maturity $ 2,083,624 $ 2,820,855 Certificates of deposit 931,291 1,080,426 Preferred stock 104,019 - Non-voting common units of Dream Finders Holdings, LLC 10,000,000 10,000,000 Voting common stock of CB&T Holding Corporation 19,058,485 - Total $ 32,177,419 $ 13,901,281 |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Gross Unrealized Fair Cost Gain Value U.S. Treasury bills, June 30, 2018 $ - $ - $ - U.S. Treasury bills, December 31, 2017 $ 82,968,614 $ 132,191 $ 83,100,805 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Unrealized Fair Cost Gain Value U.S. Treasury securities, June 30, 2018 $ 150,100,946 $ 245,494 $ 150,346,440 |
Investments in and Advances to Affiliates [Table Text Block] | June 30, December 31, 2018 2017 Beginning of period $ 952,128 $ 871,918 Additional investments in unconsolidated affiliates - 66,000 Distributions received (382,443 ) (59,550 ) Loss on investment in affiliate (107,630 ) - Equity in income of unconsolidated affiliates 385,091 73,760 End of period $ 847,146 $ 952,128 |
Note 9 - Fair Value (Tables)
Note 9 - Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Total Carrying Quoted Prices Total Changes Amount in in Active in Fair Values Consolidated Markets for Included in Balance Sheet Identical Trading Gains Current Period Jun. 30, 2018 Assets and Losses Earnings (Loss) U.S. Treasury trading securities $ - $ - $ 6,406 $ (132,191 ) U.S. Treasury securities available for sale 150,346,440 150,346,440 44,354 245,494 $ 50,760 $ 113,303 |
Note 10 - Asset Retirement Ob30
Note 10 - Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Balance, December 31, 2017 $ - Additions 179,917 Accretion expense 5,995 Liabilities settled (11,243 ) Balance, June 30, 2018 $ 174,669 |
Note 11 - Capital Stock (Tables
Note 11 - Capital Stock (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Weighted Weighted Average Aggregate Outstanding as of December 31, 2017 105,556 $ 9.95 7.5 $ 2,368,677 Issued - Exercised - Expired - Outstanding as of June 30, 2018 105,556 $ 9.95 7.0 $ 1,173,783 |
Note 12 - Future Minimum Leas32
Note 12 - Future Minimum Lease Payments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2019 $ 1,312,993 2020 1,202,230 2021 1,104,883 2022 947,708 2023 886,710 Thereafter 4,397,508 Total $ 9,852,032 |
Note 13 - Industry Segments (Ta
Note 13 - Industry Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 2018 GIG LMH Unallocated Total Consolidated Revenue $ 1,290,490 $ 1,699,269 $ - $ 2,989,759 Segment gross profit 1,025,818 856,482 - 1,882,300 Segment loss from operations (1,204,432 ) (783,029 ) (516,230 ) (2,503,691 ) Capital expenditures 2,549 1,181,656 - 1,184,205 Depreciation and amortization 316,086 681,533 - 997,619 Total Three Months Ended June 30, 2017 GIG LMH Unallocated Consolidated Revenue $ 779,565 $ 1,215,318 $ - $ 1,994,883 Segment gross profit 711,485 596,094 - 1,307,579 Segment loss from operations (418,264 ) (699,994 ) (271,052 ) (1,389,310 ) Capital expenditures - 4,468,496 - 4,468,496 Depreciation and amortization 50,678 605,236 - 655,914 Total Six Months Ended June 30, 2018 GIG LMH Unallocated Consolidated Revenue $ 2,563,244 $ 3,249,459 $ - $ 5,812,703 Segment gross profit 2,085,708 1,683,838 - 3,769,546 Segment loss from operations (2,247,811 ) (1,501,711 ) (1,496,560 ) (5,246,082 ) Capital expenditures 10,031 1,758,989 - 1,769,020 Depreciation and amortization 641,220 1,445,427 - 2,086,647 Total Six Months Ended June 30, 2017 GIG LMH Unallocated Consolidated Revenue $ 1,635,000 $ 2,229,810 $ - $ 3,864,810 Segment gross profit 1,380,326 1,119,501 - 2,499,827 Segment loss from operations (651,948 ) (1,158,488 ) (678,769 ) (2,489,205 ) Capital expenditures - 10,586,030 - 10,586,030 Depreciation and amortization 101,357 1,151,250 - 1,252,607 Total As of June 30, 2018 GIG LMH Unallocated Consolidated Accounts receivable, net $ 469,969 $ 820,997 $ - $ 1,290,966 Goodwill 8,719,294 16,286,867 - 25,006,161 Total assets 25,237,935 33,256,376 265,949,091 324,443,402 Total As of December 31, 2017 GIG LMH Unallocated Consolidated Accounts receivable, net $ 433,225 $ 662,552 $ - $ 1,095,777 Goodwill 8,719,294 15,972,867 - 24,692,161 Total assets 25,762,437 32,443,777 95,270,870 153,477,084 |
Note 2 - Summary of Significa34
Note 2 - Summary of Significant Accounting Policies (Details Textual) | Jun. 30, 2018 |
Minimum [Member] | |
Lessor, Operating Lease, Term of Contract | 30 days |
Maximum [Member] | |
Lessor, Operating Lease, Term of Contract | 90 days |
Note 3 - Restricted Cash - Sche
Note 3 - Restricted Cash - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Restricted cash | $ 506,046 | $ 392,225 | $ 404,822 | |
Cash and cash equivalents | 88,166,783 | 6,838,345 | 101,717,930 | |
Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statements of Cash Flows | 88,672,829 | 7,230,570 | $ 102,122,752 | $ 29,844,068 |
Insurance Premium Escrow [Member] | ||||
Restricted cash | 330,971 | 247,230 | ||
Billboard Replacement Reserve [Member] | ||||
Restricted cash | $ 175,075 | $ 144,995 |
Note 4 - Accounts Receivable -
Note 4 - Accounts Receivable - Schedule of Receivables (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Allowance for doubtful accounts | $ (6,534) | $ (24,121) |
Accounts receivable, net | 1,290,966 | 1,095,777 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, gross | 995,055 | 828,287 |
Premium [Member] | ||
Accounts receivable, gross | 298,872 | 288,039 |
Anticipated Salvage and Subrogation [Member] | ||
Accounts receivable, gross | $ 3,573 | $ 3,572 |
Note 5 - Property and Equipme37
Note 5 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Depreciation, Total | $ 306,714 | $ 233,241 | $ 635,407 | $ 456,708 |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (81,857) | $ (228,431) | $ (81,857) | $ (228,431) |
Note 5 - Property and Equipme38
Note 5 - Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Accumulated depreciation | $ (2,537,724) | $ (1,912,847) |
Total Property and Equipment, net | 10,280,773 | 9,111,013 |
Structures and Displays [Member] | ||
Property, plant and equipment, gross | 12,167,292 | 10,484,725 |
Vehicles and Equipment [Member] | ||
Property, plant and equipment, gross | 232,967 | 143,154 |
Office Furniture and Equipment [Member] | ||
Property, plant and equipment, gross | $ 418,238 | $ 395,981 |
Note 6 - Business Acquisition39
Note 6 - Business Acquisitions (Details Textual) - USD ($) | Nov. 30, 2017 | Oct. 31, 2017 | Jul. 11, 2017 | Jun. 16, 2017 | Jun. 08, 2017 | Jan. 31, 2017 | Jan. 09, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 0 | $ 9,940,794 | |||||||
Repayments of Short-term Debt Related to Acquisition | $ 360,000 | ||||||||
Minimum [Member] | |||||||||
Property, Plant and Equipment, Useful Life | 2 years | ||||||||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||||||||
Maximum [Member] | |||||||||
Property, Plant and Equipment, Useful Life | 15 years | ||||||||
Finite-Lived Intangible Asset, Useful Life | 50 years | ||||||||
Clear Channel Outdoor Inc. [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 2,983,444 | ||||||||
Other Restricted Assets, Noncurrent | $ 2,950,000 | ||||||||
Hartlind Outdoor LLC [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 2,817,000 | ||||||||
Corey Companies Inc. [Member] | Southeastern US [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 2,991,314 | ||||||||
Goodwill, Purchase Accounting Adjustments | $ 314,000 | ||||||||
Amortization, Purchase Accounting Adjustments | (64,965) | ||||||||
Corey Companies Inc. [Member] | Southeastern US [Member] | Customer Relationships [Member] | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (314,000) | ||||||||
Vision Outdoor Media LLC [Member] | Southeastern US [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 3,199,036 | ||||||||
View Media, LLC [Member] | Southeastern US [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 623,596 | ||||||||
Series of Individually Immaterial Business Acquisitions [Member] | Southeastern US [Member] | |||||||||
Payments to Acquire Businesses, Gross | 900,000 | ||||||||
Surety Support Services, Inc [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 22,500 | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||
Business Combination, Consideration Transferred, Total | $ 450,000 | ||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 427,500 | ||||||||
Repayments of Short-term Debt Related to Acquisition | $ 360,000 | ||||||||
South Coast Surety Insurance Services, LLC [Member] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 70.00% | ||||||||
Business Combination, Consideration Transferred, Total | $ 2,908,581 | ||||||||
Remaining Ownership Interest Percentage | 30.00% | ||||||||
Free State Bonds Inc. [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 223,500 | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||
Business Combination, Consideration Transferred, Total | $ 293,000 | ||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 69,500 |
Note 6 - Business Acquisition40
Note 6 - Business Acquisitions - Schedule of Allocation of the Purchase Price (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Amortization of intangible assets acquired for the period | $ 154,797 | $ 256,158 |
Revenues since the acquisition date included in the consolidated statement of operations for the period | 309,078 | 517,172 |
Earnings since the acquisition date included in the consolidated statement of operations for the period | (37,003) | (40,069) |
Costs of acquisition included in professional fees in the consolidated statement of operations for the period | 22,394 | 44,676 |
Clear Channel Outdoor Inc. [Member] | ||
Amortization of intangible assets acquired for the period | 70,846 | 141,693 |
Revenues since the acquisition date included in the consolidated statement of operations for the period | 204,093 | 359,076 |
Earnings since the acquisition date included in the consolidated statement of operations for the period | (21,391) | (41,755) |
Costs of acquisition included in professional fees in the consolidated statement of operations for the period | 14,468 | |
Hartlind Outdoor LLC [Member] | ||
Amortization of intangible assets acquired for the period | 45,770 | 76,284 |
Revenues since the acquisition date included in the consolidated statement of operations for the period | 99,665 | 152,776 |
Earnings since the acquisition date included in the consolidated statement of operations for the period | 38,431 | 55,729 |
Costs of acquisition included in professional fees in the consolidated statement of operations for the period | 831 | 8,645 |
Southeastern US [Member] | ||
Amortization of intangible assets acquired for the period | 38,181 | 38,181 |
Revenues since the acquisition date included in the consolidated statement of operations for the period | 5,320 | 5,320 |
Earnings since the acquisition date included in the consolidated statement of operations for the period | (54,043) | (54,043) |
Costs of acquisition included in professional fees in the consolidated statement of operations for the period | 21,563 | 21,563 |
Clear Channel Outdoor, Hartlind and Southeastern US [Member] | ||
Amortization of intangible assets acquired for the period | 154,797 | 256,158 |
Revenues since the acquisition date included in the consolidated statement of operations for the period | 309,078 | 517,172 |
Earnings since the acquisition date included in the consolidated statement of operations for the period | (37,003) | (40,069) |
Costs of acquisition included in professional fees in the consolidated statement of operations for the period | 22,394 | 44,676 |
Surety Support Services, Inc [Member] | ||
Amortization of intangible assets acquired for the period | ||
Revenues since the acquisition date included in the consolidated statement of operations for the period | ||
Earnings since the acquisition date included in the consolidated statement of operations for the period | ||
Costs of acquisition included in professional fees in the consolidated statement of operations for the period | ||
South Coast Surety Insurance Services, LLC [Member] | ||
Amortization of intangible assets acquired for the period | ||
Revenues since the acquisition date included in the consolidated statement of operations for the period | ||
Earnings since the acquisition date included in the consolidated statement of operations for the period | ||
Costs of acquisition included in professional fees in the consolidated statement of operations for the period | ||
Free State Bonds Inc. [Member] | ||
Amortization of intangible assets acquired for the period | ||
Revenues since the acquisition date included in the consolidated statement of operations for the period | ||
Earnings since the acquisition date included in the consolidated statement of operations for the period | ||
Costs of acquisition included in professional fees in the consolidated statement of operations for the period | ||
Surety Support Services, South Cost Surety Insurances Services LLC, and Free State Bonds Inc. [Member] | ||
Amortization of intangible assets acquired for the period | ||
Revenues since the acquisition date included in the consolidated statement of operations for the period | ||
Earnings since the acquisition date included in the consolidated statement of operations for the period | ||
Costs of acquisition included in professional fees in the consolidated statement of operations for the period |
Note 6 - Business Acquisition41
Note 6 - Business Acquisitions - Pro Forma Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue | $ 2,960,519 | $ 5,666,907 | ||
Net Loss Attributable to Common Stockholders | $ (1,460,839) | $ (2,651,967) | ||
Basic and Diluted Loss per Share (in dollars per share) | $ (0.19) | $ (0.37) | ||
Basic and Diluted Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 19,165,153 | 7,594,585 | 17,780,454 | 7,247,906 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Amortization, Total | $ 690,905 | $ 422,673 | $ 1,451,240 | $ 795,899 |
Note 7 - Intangible Assets - Sc
Note 7 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Accumulated amortization | $ (4,905,055) | $ (3,456,290) |
Balance | 7,118,013 | |
Total, cost | 12,509,918 | 12,805,913 |
Intangible assets, net | 7,604,863 | 9,349,623 |
Easements [Member] | ||
Accumulated amortization | ||
Balance | 486,850 | 466,360 |
Customer Relationships [Member] | ||
Cost | 7,818,900 | 8,132,900 |
Accumulated amortization | (4,232,685) | (2,970,533) |
Balance | 3,586,215 | 5,162,367 |
Permits, Licenses and Lease Acquisition Costs [Member] | ||
Cost | 2,181,621 | 2,184,106 |
Accumulated amortization | (239,472) | (178,835) |
Balance | 1,942,149 | 2,005,271 |
Site Location [Member] | ||
Cost | 849,347 | 849,347 |
Accumulated amortization | (51,904) | (23,593) |
Balance | 797,443 | 825,754 |
Noncompete Agreements [Member] | ||
Cost | 285,000 | 285,000 |
Accumulated amortization | (94,917) | (66,417) |
Balance | 190,083 | 218,583 |
Trademarks and Trade Names [Member] | ||
Cost | 722,200 | 722,200 |
Accumulated amortization | (158,417) | (112,250) |
Balance | 563,783 | 609,950 |
Technology-Based Intangible Assets [Member] | ||
Cost | 138,000 | 138,000 |
Accumulated amortization | (99,660) | (76,662) |
Balance | 38,340 | 61,338 |
Nonsolicitation Agreement [Member] | ||
Cost | 28,000 | 28,000 |
Accumulated amortization | (28,000) | (28,000) |
Balance |
Note 7 - Intangible Assets - 44
Note 7 - Intangible Assets - Schedule of Future Amortization, Intangible Assets Acquired in Acquisitions (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
2,018 | $ 2,607,943 | |
2,019 | 1,517,390 | |
2,020 | 407,067 | |
2,021 | 275,265 | |
2,022 | 255,431 | |
Thereafter | 2,054,917 | |
Total | 7,118,013 | |
Customer Relationships [Member] | ||
2,018 | 2,256,238 | |
2,019 | 1,210,675 | |
2,020 | 119,302 | |
2,021 | ||
2,022 | ||
Thereafter | ||
Total | $ 3,586,215 | $ 5,162,367 |
Intangible assets, weighted average useful life (Month) | 1 year 150 days | |
Permits, Licenses and Lease Acquisition Costs [Member] | ||
2,018 | $ 125,742 | |
2,019 | 125,742 | |
2,020 | 125,742 | |
2,021 | 125,742 | |
2,022 | 125,742 | |
Thereafter | 1,313,439 | |
Total | $ 1,942,149 | 2,005,271 |
Intangible assets, weighted average useful life (Month) | 15 years 150 days | |
Site Location [Member] | ||
2,018 | $ 56,623 | |
2,019 | 56,623 | |
2,020 | 56,623 | |
2,021 | 56,623 | |
2,022 | 56,623 | |
Thereafter | 514,328 | |
Total | $ 797,443 | 825,754 |
Intangible assets, weighted average useful life (Month) | 14 years 30 days | |
Noncompete Agreements [Member] | ||
2,018 | $ 57,000 | |
2,019 | 56,417 | |
2,020 | 40,500 | |
2,021 | 28,000 | |
2,022 | 8,166 | |
Thereafter | ||
Total | $ 190,083 | 218,583 |
Intangible assets, weighted average useful life (Month) | 3 years 120 days | |
Trademarks and Trade Names [Member] | ||
2,018 | $ 74,000 | |
2,019 | 67,933 | |
2,020 | 64,900 | |
2,021 | 64,900 | |
2,022 | 64,900 | |
Thereafter | 227,150 | |
Total | $ 563,783 | 609,950 |
Intangible assets, weighted average useful life (Month) | 5 years 210 days | |
Technology-Based Intangible Assets [Member] | ||
2,018 | $ 38,340 | |
2,019 | ||
2,020 | ||
2,021 | ||
2,022 | ||
Thereafter | ||
Total | $ 38,340 | $ 61,338 |
Intangible assets, weighted average useful life (Month) | 300 days |
Note 8 - Investments, Includi45
Note 8 - Investments, Including Investments Accounted for Using the Equity Method (Details Textual) - USD ($) | Jun. 01, 2018 | May 31, 2018 | Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2018 | Apr. 27, 2018 | Sep. 13, 2016 |
Financing Receivable, Gross | $ 2,116,972 | ||||||
Note Receivable, Stated Interest Rate | 15.00% | ||||||
Proceeds from Interest Received | $ 29,990 | ||||||
Unconsolidated Affiliates [Member] | Board of Directors [Member] | |||||||
Equity Method Investments | $ 417,287 | ||||||
Unconsolidated Affiliates [Member] | Minimum [Member] | |||||||
Equity Method Investment, Ownership Percentage | 7.15% | ||||||
Unconsolidated Affiliates [Member] | Maximum [Member] | |||||||
Equity Method Investment, Ownership Percentage | 30.00% | ||||||
Breezeway Homes Inc. [Member] | |||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 0.2665 | ||||||
Preferred Stock [Member] | Breezeway Homes Inc. [Member] | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 31,227 | ||||||
Limited Liability Company [Member] | |||||||
Cost Method Investment, Ownership Percentage | 5.00% | ||||||
Cost-method Investments, Other than Temporary Impairment | $ 0 | ||||||
Breezeway Homes Inc. [Member] | |||||||
Financing Receivable, Net, Total | $ 100,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||||||
Financing Receivable, Gross | $ 103,896 | $ 104,019 | |||||
US Treasury Notes Securities [Member] | |||||||
Gain on Sale of Investments | $ 2,137 | ||||||
Voting Common Stock of Privately Held Company CB&T Holding Corporation [Member] | |||||||
Payments to Acquire Long-term Investments | $ 19,058,485 | ||||||
Cost Method Investment, Ownership Percentage | 14.99% | ||||||
Non-voting Common Units of LLC [Member] | |||||||
Payments to Acquire Long-term Investments | $ 10,000,000 |
Note 8 - Investments, Includi46
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Schedule of Investments (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Short-term Investments | $ 4,856,131 | $ 1,659,299 |
Long-term investments | 32,177,419 | 13,901,281 |
Certificates of Deposit [Member] | ||
Short-term Investments | 816,709 | 746,219 |
Long-term investments | 931,291 | 1,080,426 |
US Treasury Securities [Member] | ||
Long-term investments | 2,083,624 | 2,820,855 |
U.S. Treasury Notes and Corporate Bonds [Member] | ||
Short-term Investments | 4,039,422 | 809,184 |
Convertible Debt Securities [Member] | ||
Short-term Investments | 103,896 | |
Preferred Stock [Member] | ||
Long-term investments | 104,019 | |
Non-voting Common Units of LLC [Member] | ||
Long-term investments | 10,000,000 | 10,000,000 |
Voting Common Stock of Privately Held Company CB&T Holding Corporation [Member] | ||
Long-term investments | $ 19,058,485 |
Note 8 - Investments, Includi47
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Trading Securities (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
U.S. Treasury trading securities | $ 83,100,805 | |
US Treasury Bill Securities [Member] | ||
Cost | 82,968,614 | |
Gross unrealized gain | 132,191 | |
U.S. Treasury trading securities | $ 83,100,805 |
Note 8 - Investments, Includi48
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Available for Sale Securities (Details) - US Treasury Notes Securities [Member] | Jun. 30, 2018USD ($) |
U.S. Treasury securities, June 30, 2018 | $ 150,100,946 |
U.S. Treasury securities, June 30, 2018 | 245,494 |
U.S. Treasury securities, June 30, 2018 | $ 150,346,440 |
Note 8 - Investments, Includi49
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Reconciliation of the Company's Investments in Equity Affiliates (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Beginning of period | $ 952,128 | $ 871,918 | $ 871,918 | ||
Additional investments in unconsolidated affiliates | 66,000 | ||||
Distributions received | (382,443) | (59,550) | |||
Loss on investment in affiliate | (107,630) | ||||
Equity in income of unconsolidated affiliates | $ 101,429 | $ 23,464 | 385,091 | $ 15,233 | 73,760 |
End of period | $ 847,146 | $ 847,146 | $ 952,128 |
Note 9 - Fair Value - Fair Valu
Note 9 - Fair Value - Fair Values for Investments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
U.S. Treasury trading securities | $ 83,100,805 | ||||
U.S. Treasury trading securities | 6,406 | ||||
U.S. Treasury trading securities | (132,191) | ||||
U.S. Treasury securities available for sale | 44,354 | ||||
U.S. Treasury securities available for sale | 245,494 | ||||
Realized gain (loss) | 50,760 | ||||
Unrealized gain (loss) | 206,306 | 113,303 | |||
Reported Value Measurement [Member] | |||||
U.S. Treasury trading securities | |||||
U.S. Treasury securities available for sale | 150,346,440 | 150,346,440 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
U.S. Treasury trading securities | |||||
U.S. Treasury securities available for sale | $ 150,346,440 | $ 150,346,440 |
Note 10 - Asset Retirement Ob51
Note 10 - Asset Retirement Obligations - Asset Retirement Obligations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Balance, December 31, 2017 | ||||
Additions | 179,917 | |||
Accretion expense | $ 2,939 | 5,995 | ||
Liabilities settled | (11,243) | |||
Balance, June 30, 2018 | $ 174,669 | $ 174,669 |
Note 11 - Capital Stock (Detail
Note 11 - Capital Stock (Details Textual) - USD ($) | May 15, 2018 | Mar. 06, 2018 | May 15, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | May 04, 2018 | Feb. 28, 2018 | Feb. 22, 2018 | Dec. 31, 2017 |
Proceeds from Issuance of Common Stock | $ 150,000,000 | $ 52,467,336 | |||||||
Common Stock, Shares Authorized | 40,000,000 | ||||||||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | 1,000,000 | ||||||
Class of Warrant or Right, Outstanding | 105,556 | 105,556 | |||||||
Common Class A [Member] | |||||||||
Sale of Stock, Value, Available to Issue | $ 150,000,000 | ||||||||
Sale of Stock, Price Per Share | $ 23.30 | ||||||||
Share Price | $ 23.29 | ||||||||
Stock Issued During Period, Shares, New Issues | 3,137,768 | 3,300,000 | |||||||
Proceeds from Issuance of Common Stock | $ 73,110,000 | $ 76,890,000 | $ 150,000,000 | ||||||
Common Stock, Shares Authorized | 38,838,884 | 38,838,884 | 38,838,884 | ||||||
Common Class A [Member] | Shelf Registration [Member] | |||||||||
Sale of Stock, Shelf Registration, Value, Available to Issue | $ 200,000,000 | ||||||||
Sale of Stock, Shelf Registration, Value, Incremental Amount Available to Issue | $ 50,000,000 | ||||||||
Common Class A [Member] | Shelf Registration [Member] | Cowen and Company LLC [Member] | |||||||||
Stock Issued During Period, Shares, New Issues | 1,149,849 | ||||||||
Proceeds from Issuance of Common Stock | $ 26,087,283 | ||||||||
Compensation, Percentage of Common Stock Sales | 3.00% | ||||||||
Proceeds from Issuance of Common Stock, Net | $ 25,304,665 | ||||||||
Common Class B [Member] | |||||||||
Common Stock, Shares Authorized | 1,161,116 | 1,161,116 | 1,161,116 | ||||||
Class of Warrant or Right, Outstanding | 105,556 |
Note 11 - Capital Stock - Summa
Note 11 - Capital Stock - Summary of Warrant Activity (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Outstanding (in shares) | 105,556 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.95 | |
Outstanding, weighted average remaining contractual life (Year) | 7 years | 7 years 182 days |
Outstanding, aggregate intrinsic value of vested warrants | $ 1,173,783 | $ 2,368,677 |
Issued (in shares) | ||
Issued, weighted average exercise price (in dollars per share) | ||
Exercised (in shares) | ||
Exercised, weighted average exercise price (in dollars per share) | ||
Expired (in shares) | ||
Outstanding (in shares) | 105,556 | 105,556 |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.95 | $ 9.95 |
Note 12 - Future Minimum Leas54
Note 12 - Future Minimum Lease Payments (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Lessee, Operating Lease, Term of Contract | 83 years 180 days | 83 years 180 days | ||
Annual Ground Lease Base Rent | $ 447,635 | $ 350,781 | $ 850,747 | $ 637,924 |
Operating Leases, Rent Expense, Contingent Rentals | 92,081 | 9,302 | 116,685 | 20,234 |
Operating Leases, Rent Expense, Net, Total | $ 86,559 | $ 50,447 | $ 183,096 | $ 95,263 |
Note 12 - Future Minimum Leas55
Note 12 - Future Minimum Lease Payments - Summary of Future Minimum Rents (Details) | Jun. 30, 2018USD ($) |
2,019 | $ 1,312,993 |
2,020 | 1,202,230 |
2,021 | 1,104,883 |
2,022 | 947,708 |
2,023 | 886,710 |
Thereafter | 4,397,508 |
Total | $ 9,852,032 |
Note 13 - Industry Segments - S
Note 13 - Industry Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Revenue | $ 2,989,759 | $ 1,994,883 | $ 5,812,703 | $ 3,864,810 | |
Segment gross profit | 1,882,300 | 1,307,579 | 3,769,546 | 2,499,827 | |
Segment loss from operations | (2,503,691) | (1,389,310) | (5,246,082) | (2,489,205) | |
Capital expenditures | 1,184,205 | 4,468,496 | 1,769,020 | 10,586,030 | |
Depreciation and amortization | 997,619 | 655,914 | 2,086,647 | 1,252,607 | |
Accounts receivable, net | 1,290,966 | 1,290,966 | $ 1,095,777 | ||
Goodwill | 25,006,161 | 25,006,161 | 24,692,161 | ||
Total assets | 324,443,402 | 324,443,402 | 153,477,084 | ||
Unallocated [Member] | |||||
Revenue | |||||
Segment gross profit | |||||
Segment loss from operations | (516,230) | (271,052) | (1,496,560) | (678,769) | |
Capital expenditures | |||||
Depreciation and amortization | |||||
Accounts receivable, net | |||||
Goodwill | |||||
Total assets | 265,949,091 | 265,949,091 | 95,270,870 | ||
Operating Segments [Member] | GIG [Member] | |||||
Revenue | 1,290,490 | 779,565 | 2,563,244 | 1,635,000 | |
Segment gross profit | 1,025,818 | 711,485 | 2,085,708 | 1,380,326 | |
Segment loss from operations | (1,204,432) | (418,264) | (2,247,811) | (651,948) | |
Capital expenditures | 2,549 | 10,031 | |||
Depreciation and amortization | 316,086 | 50,678 | 641,220 | 101,357 | |
Accounts receivable, net | 469,969 | 469,969 | 433,225 | ||
Goodwill | 8,719,294 | 8,719,294 | 8,719,294 | ||
Total assets | 25,237,935 | 25,237,935 | 25,762,437 | ||
Operating Segments [Member] | LMH [Member] | |||||
Revenue | 1,699,269 | 1,215,318 | 3,249,459 | 2,229,810 | |
Segment gross profit | 856,482 | 596,094 | 1,683,838 | 1,119,501 | |
Segment loss from operations | (783,029) | (699,994) | (1,501,711) | (1,158,488) | |
Capital expenditures | 1,181,656 | 4,468,496 | 1,758,989 | 10,586,030 | |
Depreciation and amortization | 681,533 | $ 605,236 | 1,445,427 | $ 1,151,250 | |
Accounts receivable, net | 820,997 | 820,997 | 662,552 | ||
Goodwill | 16,286,867 | 16,286,867 | 15,972,867 | ||
Total assets | $ 33,256,376 | $ 33,256,376 | $ 32,443,777 |
Note 14 - Custodial Risk (Detai
Note 14 - Custodial Risk (Details Textual) | Jun. 30, 2018USD ($) |
Cash, Uninsured Amount | $ 85,700,000 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - USD ($) | Jul. 31, 2018 | May 15, 2018 | Mar. 06, 2018 | Jul. 31, 2018 | May 15, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Proceeds from Issuance of Common Stock | $ 150,000,000 | $ 52,467,336 | |||||
Common Class A [Member] | |||||||
Stock Issued During Period, Shares, New Issues | 3,137,768 | 3,300,000 | |||||
Proceeds from Issuance of Common Stock | $ 73,110,000 | $ 76,890,000 | $ 150,000,000 | ||||
Common Class A [Member] | Shelf Registration [Member] | Cowen and Company LLC [Member] | |||||||
Stock Issued During Period, Shares, New Issues | 1,149,849 | ||||||
Proceeds from Issuance of Common Stock | $ 26,087,283 | ||||||
Common Class A [Member] | Subsequent Event [Member] | Shelf Registration [Member] | Cowen and Company LLC [Member] | |||||||
Stock Issued During Period, Shares, New Issues | 28,080 | ||||||
Proceeds from Issuance of Common Stock | $ 590,844 | ||||||
Tammy Lynn Outdoor, LLC [Member] | Common Class A [Member] | Subsequent Event [Member] | |||||||
Stock Issued During Period, Shares, Acquisitions | 85,170 |