Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 05, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001494582 | |
Entity Registrant Name | BOSTON OMAHA Corp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-38113 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-0788438 | |
Entity Address, Address Line One | 1411 Harney St., Suite 200 | |
Entity Address, City or Town | Omaha | |
Entity Address, State or Province | NE | |
Entity Address, Postal Zip Code | 68102 | |
City Area Code | 857 | |
Local Phone Number | 256-0079 | |
Title of 12(b) Security | Class A common stock, $0.001 par value per share | |
Trading Symbol | BOMN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,055,560 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 26,175,555 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 42,270,664 | $ 16,028,514 |
Restricted cash | 381,113 | 343,518 |
Accounts receivable, net | 3,585,966 | 4,190,543 |
Interest receivable | 64,892 | 456,827 |
Short-term investments | 7,294,663 | 6,547,171 |
Marketable equity securities | 63,794,553 | 55,907,927 |
U. S. Treasury securities available for sale | 76,667,538 | 75,409,199 |
Funds held as collateral assets | 6,385,197 | 1,858,161 |
Prepaid expenses | 1,876,055 | 1,422,637 |
Total Current Assets | 202,320,641 | 162,164,497 |
Property and Equipment, net | 41,379,338 | 36,825,019 |
Other Assets: | ||
Goodwill | 113,416,446 | 106,272,501 |
Intangible assets, net | 35,418,574 | 32,271,581 |
Investments | 19,698,400 | 42,638,240 |
Investments in unconsolidated affiliates | 16,026,812 | 771,805 |
Deferred policy acquisition costs | 975,276 | 2,349,699 |
Right of use assets | 50,242,563 | 53,249,985 |
Other | 426,963 | 364,883 |
Total Other Assets | 236,205,034 | 237,918,694 |
Total Assets | 479,905,013 | 436,908,210 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 5,964,495 | 5,675,096 |
Short-term payables for business acquisitions | 814,416 | 416,166 |
Lease liabilities | 3,723,843 | 3,801,727 |
Funds held as collateral | 6,385,197 | 1,858,161 |
Unearned premiums | 4,775,163 | 8,035,756 |
Current maturities of long-term debt | 1,278,363 | 504,170 |
Deferred revenue | 1,612,915 | 1,390,154 |
Total Current Liabilities | 24,554,392 | 21,681,230 |
Long-term Liabilities: | ||
Asset retirement obligations | 2,247,533 | 2,044,705 |
Lease liabilities | 45,366,930 | 48,199,652 |
Long-term debt, less current maturities | 22,074,639 | 17,555,830 |
Other long-term liabilities | 120,595 | 398,750 |
Deferred tax liability | 57,000 | 57,000 |
Total Liabilities | 94,421,089 | 89,937,167 |
Redeemable Noncontrolling Interest | 1,655,121 | 1,730,058 |
Stockholders' Equity: | ||
Preferred stock, $.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 423,481,777 | 367,029,421 |
Accumulated deficit | (39,680,206) | (21,811,947) |
Total Stockholders' Equity | 383,828,803 | 345,240,985 |
Total Liabilities, Redeemable Noncontrolling Interest, and Stockholders' Equity | 479,905,013 | 436,908,210 |
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common stock | 26,176 | 22,455 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common stock | $ 1,056 | $ 1,056 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
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) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 38,838,884 | 38,838,884 |
Common stock, shares issued (in shares) | 26,175,555 | 22,455,100 |
Common stock, shares outstanding (in shares) | 26,175,555 | 22,455,100 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues: | ||||
Premiums earned | $ 2,880,544 | $ 3,065,490 | $ 9,538,183 | $ 7,435,389 |
Insurance commissions | 382,493 | 442,824 | 1,065,013 | 1,200,927 |
Investment and other income | 77,499 | 131,610 | 338,953 | 323,512 |
Total Revenues | 11,606,836 | 10,822,808 | 34,509,580 | 30,073,094 |
Costs and Expenses: | ||||
Cost of insurance revenues (exclusive of depreciation and amortization) | 1,758,451 | 2,025,320 | 5,367,231 | 4,742,025 |
Employee costs | 3,311,885 | 3,109,483 | 9,542,845 | 8,953,935 |
Professional fees | 630,604 | 944,862 | 2,582,961 | 3,005,543 |
General and administrative | 1,544,334 | 1,445,859 | 4,655,960 | 4,933,960 |
Amortization, Total | 1,031,805 | 3,656,612 | 3,012,641 | 9,361,736 |
Depreciation, Total | 978,672 | 463,410 | 2,744,376 | 2,167,815 |
Loss on disposition of assets | 20,751 | 2,760 | 89,685 | 28,293 |
Bad debt expense | 104,722 | 72,767 | 322,483 | 226,422 |
Accretion | 36,462 | 33,154 | 105,964 | 99,086 |
Total Costs and Expenses | 12,327,459 | 14,611,907 | 37,275,484 | 41,852,782 |
Net Loss from Operations | (720,623) | (3,789,099) | (2,765,904) | (11,779,688) |
Other Income (Expense): | ||||
Interest income | 104,125 | 1,266,731 | 884,125 | 2,431,923 |
Dividend income | 106,716 | 315,897 | 967,864 | 315,897 |
Equity in income of unconsolidated affiliates | 1,342,826 | 159,564 | 2,406,151 | 323,333 |
Unrealized gain (loss) on securities | 819,130 | 2,813,544 | (24,413,748) | 2,864,060 |
Gain on disposition of investments | 2,026,193 | 7,565 | 5,696,068 | 432,409 |
Interest expense | (212,196) | (106,597) | (600,631) | (106,597) |
Net Income (Loss) Before Income Taxes | 3,466,171 | 667,605 | (17,826,075) | (5,518,663) |
Income tax (provision) benefit | 0 | 0 | 0 | 0 |
Net Income (Loss) | 3,466,171 | 667,605 | (17,826,075) | (5,518,663) |
Noncontrolling interest in subsidiary income | (2,500) | (32,606) | (42,184) | (39,072) |
Net Income (Loss) Attributable to Common Stockholders | $ 3,463,671 | $ 634,999 | $ (17,868,259) | $ (5,557,735) |
Basic and Diluted Net Income (Loss) per Share (in dollars per share) | $ 0.13 | $ 0.03 | $ (0.71) | $ (0.25) |
Basic and Diluted Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 27,231,115 | 22,798,738 | 25,145,700 | 22,563,527 |
Billboard Rentals [Member] | ||||
Revenues: | ||||
Revenues | $ 7,121,957 | $ 7,182,884 | $ 20,991,755 | $ 21,113,266 |
Costs and Expenses: | ||||
Cost of revenues (exclusive of depreciation and amortization) | 2,780,359 | 2,857,680 | 8,472,265 | 8,333,967 |
Broadband Services [Member] | ||||
Revenues: | ||||
Revenues | 1,144,343 | 0 | 2,575,676 | 0 |
Costs and Expenses: | ||||
Cost of revenues (exclusive of depreciation and amortization) | $ 129,414 | $ 0 | $ 379,073 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 21,029,324 | 1,055,560 | |||
Balance at Dec. 31, 2018 | $ 21,029 | $ 1,056 | $ 335,518,323 | $ (20,325,024) | $ 315,215,384 |
Stock issued for cash (in shares) | 154,003 | 0 | |||
Stock issued for cash | $ 154 | $ 0 | 3,864,547 | 0 | 3,864,701 |
Offering costs | 0 | 0 | (124,563) | 0 | (124,563) |
Increase in redeemable noncontrolling interest | 0 | 0 | (136,483) | 0 | (136,483) |
Net loss attributable to common stockholders | $ 0 | $ 0 | 0 | (4,078,386) | (4,078,386) |
Ending Balance, March 31, 2019 (in shares) at Mar. 31, 2019 | 21,183,327 | 1,055,560 | |||
Ending Balance, March 31, 2019 at Mar. 31, 2019 | $ 21,183 | $ 1,056 | 339,121,824 | (24,403,410) | 314,740,653 |
Balance (in shares) at Dec. 31, 2018 | 21,029,324 | 1,055,560 | |||
Balance at Dec. 31, 2018 | $ 21,029 | $ 1,056 | 335,518,323 | (20,325,024) | 315,215,384 |
Net loss attributable to common stockholders | (5,557,735) | ||||
Ending Balance, March 31, 2019 (in shares) at Sep. 30, 2019 | 22,316,372 | 1,055,560 | |||
Ending Balance, March 31, 2019 at Sep. 30, 2019 | $ 22,316 | $ 1,056 | 364,051,708 | (25,882,759) | 338,192,321 |
Balance (in shares) at Mar. 31, 2019 | 21,183,327 | 1,055,560 | |||
Balance at Mar. 31, 2019 | $ 21,183 | $ 1,056 | 339,121,824 | (24,403,410) | 314,740,653 |
Stock issued for cash (in shares) | 435,994 | 0 | |||
Stock issued for cash | $ 436 | $ 0 | 10,741,720 | 0 | 10,742,156 |
Offering costs | 0 | 0 | (325,952) | 0 | (325,952) |
Increase in redeemable noncontrolling interest | 0 | 0 | (134,605) | 0 | (134,605) |
Net loss attributable to common stockholders | $ 0 | $ 0 | 0 | (2,114,348) | (2,114,348) |
Ending Balance, March 31, 2019 (in shares) at Jun. 30, 2019 | 21,619,321 | 1,055,560 | |||
Ending Balance, March 31, 2019 at Jun. 30, 2019 | $ 21,619 | $ 1,056 | 349,402,987 | (26,517,758) | 322,907,904 |
Stock issued for cash (in shares) | 662,378 | 0 | |||
Stock issued for cash | $ 662 | $ 0 | 14,622,003 | 0 | 14,622,665 |
Offering costs | 0 | 0 | (474,227) | 0 | (474,227) |
Increase in redeemable noncontrolling interest | 0 | 0 | (209,123) | 0 | (209,123) |
Net loss attributable to common stockholders | $ 0 | $ 0 | 0 | 634,999 | 634,999 |
Stock issued for business acquisition (in shares) | 34,673 | 0 | |||
Stock issued for business acquisition | $ 35 | $ 0 | 710,068 | 0 | 710,103 |
Ending Balance, March 31, 2019 (in shares) at Sep. 30, 2019 | 22,316,372 | 1,055,560 | |||
Ending Balance, March 31, 2019 at Sep. 30, 2019 | $ 22,316 | $ 1,056 | 364,051,708 | (25,882,759) | 338,192,321 |
Balance (in shares) at Dec. 31, 2019 | 22,455,100 | 1,055,560 | |||
Balance at Dec. 31, 2019 | $ 22,455 | $ 1,056 | 367,029,421 | (21,811,947) | 345,240,985 |
Offering costs | 0 | 0 | (2,252) | 0 | (2,252) |
Net loss attributable to common stockholders | 0 | 0 | 0 | (24,734,238) | (24,734,238) |
Decrease in redeemable noncontrolling interest due to redemption | $ 0 | $ 0 | 323,649 | 0 | 323,649 |
Ending Balance, March 31, 2019 (in shares) at Mar. 31, 2020 | 22,455,100 | 1,055,560 | |||
Ending Balance, March 31, 2019 at Mar. 31, 2020 | $ 22,455 | $ 1,056 | 367,350,818 | (46,546,185) | 320,828,144 |
Balance (in shares) at Dec. 31, 2019 | 22,455,100 | 1,055,560 | |||
Balance at Dec. 31, 2019 | $ 22,455 | $ 1,056 | 367,029,421 | (21,811,947) | 345,240,985 |
Ending Balance, March 31, 2019 (in shares) at Jun. 30, 2020 | 26,175,555 | 1,055,560 | |||
Ending Balance, March 31, 2019 at Jun. 30, 2020 | $ 26,176 | $ 1,056 | 423,481,777 | (43,143,877) | 380,365,132 |
Balance (in shares) at Dec. 31, 2019 | 22,455,100 | 1,055,560 | |||
Balance at Dec. 31, 2019 | $ 22,455 | $ 1,056 | 367,029,421 | (21,811,947) | 345,240,985 |
Net loss attributable to common stockholders | (17,868,259) | ||||
Ending Balance, March 31, 2019 (in shares) at Sep. 30, 2020 | 26,175,555 | 1,055,560 | |||
Ending Balance, March 31, 2019 at Sep. 30, 2020 | $ 26,176 | $ 1,056 | 423,481,777 | (39,680,206) | 383,828,803 |
Balance (in shares) at Mar. 31, 2020 | 22,455,100 | 1,055,560 | |||
Balance at Mar. 31, 2020 | $ 22,455 | $ 1,056 | 367,350,818 | (46,546,185) | 320,828,144 |
Stock issued for cash (in shares) | 3,720,455 | 0 | |||
Stock issued for cash | $ 3,721 | $ 0 | 59,546,030 | 0 | 59,549,751 |
Offering costs | 0 | 0 | (3,415,071) | 0 | (3,415,071) |
Net loss attributable to common stockholders | $ 0 | $ 0 | 0 | 3,402,308 | 3,402,308 |
Ending Balance, March 31, 2019 (in shares) at Jun. 30, 2020 | 26,175,555 | 1,055,560 | |||
Ending Balance, March 31, 2019 at Jun. 30, 2020 | $ 26,176 | $ 1,056 | 423,481,777 | (43,143,877) | 380,365,132 |
Net loss attributable to common stockholders | $ 0 | $ 0 | 0 | 3,463,671 | 3,463,671 |
Ending Balance, March 31, 2019 (in shares) at Sep. 30, 2020 | 26,175,555 | 1,055,560 | |||
Ending Balance, March 31, 2019 at Sep. 30, 2020 | $ 26,176 | $ 1,056 | $ 423,481,777 | $ (39,680,206) | $ 383,828,803 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (17,826,075) | $ (5,518,663) |
Adjustments to reconcile net loss to cash provided by operating activities: | ||
Amortization of right of use assets | 2,977,876 | 2,674,760 |
Depreciation, amortization, and accretion | 5,862,981 | 11,628,637 |
Loss on disposition of assets | 89,685 | 28,293 |
Bad debt expense | 322,483 | 226,422 |
Equity in earnings of unconsolidated affiliates | (2,406,151) | (323,333) |
Unrealized (gain) loss on securities | 24,413,748 | (2,864,060) |
Gain on disposition of investments | (5,696,068) | (432,409) |
Changes in operating assets and liabilities exclusive of the effects of business combinations: | ||
Accounts receivable | 282,094 | (1,139,927) |
Interest receivable | 391,935 | (446,840) |
Prepaid expenses | (435,830) | (957,151) |
Distributions from unconsolidated affiliates | 326,144 | 503,431 |
Deferred policy acquisition costs | 1,374,423 | (1,017,756) |
Other assets | (24,730) | 34,989 |
Accounts payable and accrued expenses | (40,677) | 1,217,448 |
Lease liabilities | (3,082,000) | (2,649,400) |
Unearned premiums | (3,260,593) | 3,729,211 |
Deferred revenue | 222,761 | 341,803 |
Net Cash Provided by Operating Activities | 3,492,006 | 5,035,455 |
Cash Flows from Investing Activities: | ||
Payments on short-term payables for business acquisitions | (500) | (1,964,990) |
Proceeds from disposition of assets | 0 | 38,729 |
Purchase of preferred units | 0 | (12,000,000) |
Business acquisitions, net of cash acquired | (12,341,242) | (6,516,751) |
Proceeds from redemption of preferred units | 12,000,000 | 0 |
Investment in unconsolidated affiliate | (3,175,000) | (225,978) |
Purchase of non-controlling interest in subsidiary | (1,406,409) | 0 |
Purchases of equipment and related assets | (6,299,968) | (2,226,229) |
Proceeds from sales of investments | 420,522,907 | 876,095,912 |
Purchase of investments | (448,185,708) | (912,716,556) |
Net Cash Used in Investing Activities | (38,885,920) | (59,515,863) |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of stock | 59,549,751 | 29,229,522 |
Proceeds from issuance of long-term debt | 5,500,000 | 18,060,000 |
Contributions from noncontrolling interest | 248,229 | 0 |
Principal payments of long-term debt | (206,998) | 0 |
Offering costs | (3,417,323) | (924,742) |
Net Cash Provided by Financing Activities | 61,673,659 | 46,364,780 |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 26,279,745 | (8,115,628) |
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 16,372,032 | 18,143,839 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 42,651,777 | 10,028,211 |
Interest Paid in Cash | 585,534 | 106,597 |
Income Taxes Paid in Cash | 0 | 0 |
Asset retirement obligations | 0 | 69,294 |
Payable as consideration for business acquisition | 0 | 398,750 |
Class A common stock issued for business acquisition | 0 | 710,103 |
Broadband Subsidiary [Member] | ||
Cash Flows from Financing Activities: | ||
Increase (decrease) in redeemable noncontrolling interest of subsidiary | 1,371,249 | 0 |
Insurance Subsidiary [Member] | ||
Cash Flows from Financing Activities: | ||
Increase (decrease) in redeemable noncontrolling interest of subsidiary | $ (323,649) | $ 480,211 |
Note 1 - Organization and Backg
Note 1 - Organization and Background | 9 Months Ended |
Sep. 30, 2020 | |
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. seventeen On April 20, 2016, December 7, 2016, July November 2017 two third first 2020, third On March 10, 2020, In our opinion, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of unaudited consolidated financial position and the unaudited consolidated results of operations for interim periods presented have been reflected herein. The results of operations for the interim periods are not December 31, 2019 2018 10 March 13, 2020, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
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” Link Media Midwest, LLC which we refer to as “LMM” Link Media Omaha, LLC which we refer to as “LMO” Link Media Properties, LLC which we refer to as “LMP” Link Media Southeast, LLC which we refer to as “LMSE” Link Media Services, LLC which we refer to as “LMS” General Indemnity Group, LLC which we refer to as “GIG” The Warnock Agency, Inc. which we refer to as “Warnock” United Casualty and Surety Insurance Company which we refer to as “UCS” Surety Support Services, Inc. which we refer to as “SSS” South Coast Surety Insurance Services, LLC which we refer to as “SCS” Boston Omaha Investments, LLC which we refer to as “BOIC” Boston Omaha Asset Management, LLC which we refer to as “BOAM” BOC DFH, LLC which we refer to as “BOC DFH” BOC Yellowstone LLC which we refer to as "BOC Yellowstone" Fiber is Fast, LLC which we refer to as "FIF" FIF AireBeam LLC, which we refer to as “AireBeam” All significant intercompany profits, losses, transactions and balances have been eliminated in consolidation. Revenue s A majority of our billboard contracts had been accounted for under Financial Accounting Standards Board, which we refer to as the “FASB,” Accounting Standards Codification, which we refer to as “ASC,” 840. January 1, 2019 840 January 1, 2019 not 842 606, Revenue from Contracts with Customers not 842. Revenue Recognition Billboard Rentals We generate revenue from outdoor advertising through the leasing of advertising space on billboards. The terms of the operating leases generally range from less than one three 606 one Deferred Revenues We record deferred revenues when cash payments are received in advance of being earned or when we have an unconditional right to consideration before satisfying our performance obligation. The term between invoicing and when a payment is due is not twelve Premiums and Unearned Premium Reserves Premiums written are recognized as revenues based on a pro-rata daily calculation over the respective terms of the policies in-force. The cost of reinsurance ceded is initially written as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded are netted against premiums written. Commissions We generate revenue from commissions on surety bond sales through third 606. Broadband Revenues Broadband revenue is derived principally from internet services and is recognized on a straight-line basis over the term of the contract in the period the services are rendered. Revenue received or receivable in advance of the delivery of services is included in deferred revenue. Loss and Loss Adjustment Expenses Unpaid losses and loss adjustment expenses represent estimates for the ultimate cost of unpaid reported and unreported claims incurred and related expenses. Estimates for losses and loss adjustment expenses are based on past experience of investigating and adjusting claims and consideration of the level of premiums written during the current and prior year. Since the reserves are based on estimates, the ultimate liability may September 30, 2020 December 31, 2019 nine September 30, 2020 nine September 30, 2020 Recent Accounting Pronouncements In December 2019, January 1, 2021. not In January 2020, No. 2020 01, 321, 323, 815, January 1, 2021, not |
Note 3 - Restricted Cash
Note 3 - Restricted Cash | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 3. RESTRICTED CASH Restricted cash consists of the following: September 30, December 31, 2020 2019 Insurance premium escrow $ 381,113 $ 343,518 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. September 30, December 31, 2020 2019 Cash and cash equivalents $ 42,270,664 $ 16,028,514 Restricted cash 381,113 343,518 Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statement of Cash Flows $ 42,651,777 $ 16,372,032 |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 4. ACCOUNTS RECEIVABLE Accounts receivable consist of the following: September 30, December 31, 2020 2019 Trade accounts $ 3,259,830 $ 3,346,215 Premiums 521,935 971,963 Allowance for doubtful accounts (195,799 ) (127,635 ) Total Accounts Receivable, net $ 3,585,966 $ 4,190,543 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5. PROPERTY AND EQUIPMENT Property and equipment consist of the following: September 30, December 31, 2020 2019 Structures and displays $ 42,321,894 $ 41,320,458 Fiber, towers, and broadband equipment 5,170,038 - Vehicles and equipment 1,920,392 1,245,210 Office furniture and equipment 1,416,268 990,810 Accumulated depreciation (9,449,254 ) (6,731,459 ) Total Property and Equipment, net $ 41,379,338 $ 36,825,019 Depreciation expense for the nine September 30, 2020 2019 nine September 30, 2020 2019 |
Note 6 - Business Acquisitions
Note 6 - Business Acquisitions | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | NOTE 6. BUSINESS ACQUISITIONS 2020 Broadband Acquisition On March 10, 2020, 805. one not three December 31, 2023, not We are in the process of obtaining a final third AireBeam Assets Acquired Property, plant and equipment $ 3,112,459 Customer relationships 1,480,000 Permits 260,000 Trade names and trademarks 970,000 Goodwill 7,124,158 Software 990,000 Right of use assets 337,966 Other 184,737 Total Assets Acquired 14,459,320 Liabilities Assumed Accounts payable and deferred revenue 317,768 Lease liabilities 337,966 Other 91,095 Total Liabilities Assumed 746,829 Total $ 13,712,491 AireBeam's results of operations are recognized from March 10, 2020, September 30, 2020. three nine September 30, 2020 three nine September 30, 2020 $287,934 five twenty 2019 During the year ended December 31, 2019 two 805. Billboard Acquisitions Image Outdoor Advertising, Inc. On August 30, 2019, 61 18 Alpha Displays, Inc. On October 1, 2019, 18 Pro Forma Information The following is the unaudited pro forma information assuming all business acquisitions occurred on January 1, 2019. two fifteen two fifty For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Revenue $ 11,606,836 $ 12,222,223 $ 35,512,843 $ 34,486,051 Net Income (Loss) Attributable to Common Stockholders $ 3,463,671 $ 949,232 $ (17,647,527 ) $ (5,120,446 ) Basic and Diluted Income (Loss) per Share $ 0.13 $ 0.04 $ (0.70 ) $ (0.23 ) Basic and Diluted Weighted Average Class A and Class B Common Shares Outstanding 27,231,115 22,833,411 25,145,700 22,598,200 The information included in the pro forma amounts is derived from historical information obtained from the sellers of the businesses. The pro forma amounts above for basic and diluted weighted average shares outstanding in 2019 |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 7. INTANGIBLE ASSETS Intangible assets consist of the following: September 30, 2020 December 31, 2019 Accumulated Accumulated Cost Amortization Balance Cost Amortization Balance Customer relationships $ 39,321,524 $ (19,926,167 ) $ 19,395,357 $ 37,743,900 $ (17,890,487 ) $ 19,853,413 Permits, licenses, and lease acquisition costs 10,720,023 (2,166,042 ) 8,553,981 10,305,521 (1,443,337 ) 8,862,184 Site location 849,347 (179,229 ) 670,118 849,347 (136,839 ) 712,508 Noncompetition agreements 626,000 (358,981 ) 267,019 626,000 (269,318 ) 356,682 Technology 1,128,000 (187,410 ) 940,590 138,000 (138,000 ) - Trade names and trademarks 1,692,200 (340,693 ) 1,351,507 722,200 (267,900 ) 454,300 Nonsolicitation agreement 28,000 (28,000 ) - 28,000 (28,000 ) - Easements 4,240,002 - 4,240,002 2,032,494 - 2,032,494 Total $ 58,605,096 $ (23,186,522 ) $ 35,418,574 $ 52,445,462 $ (20,173,881 ) $ 32,271,581 During the fourth 2019, 10 Future Amortization The future amortization associated with the intangible assets is as follows: September 30, 2021 2022 2023 2024 2025 Thereafter Total Customer relationships $ 2,439,725 $ 2,408,935 $ 2,408,935 $ 2,408,935 $ 2,408,935 $ 7,319,892 $ 19,395,357 Permits, licenses, and lease acquisition costs 986,582 986,582 986,582 986,582 979,913 3,627,740 8,553,981 Site location 56,623 56,623 56,623 56,623 56,623 387,003 670,118 Noncompetition agreements 104,971 95,206 64,839 2,003 - - 267,019 Technology 99,000 99,000 99,000 99,000 99,000 445,590 940,590 Trade names and trademarks 113,400 113,400 113,400 113,400 113,400 784,507 1,351,507 Total $ 3,800,301 $ 3,759,746 $ 3,729,379 $ 3,666,543 $ 3,657,871 $ 12,564,732 $ 31,178,572 Amortization expense for the nine September 30, 2020 2019 The weighted average amortization period, in months, for intangible assets is as follows: Customer relationships 84 Permits, licenses, and lease acquisition costs 105 Site location 142 Noncompetition agreements 29 Technology 114 Trade names and trademarks 143 |
Note 8 - Investments, Including
Note 8 - Investments, Including Investments Accounted for Using the Equity Method | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Investment [Text Block] | NOTE 8. I NVESTMENTS , INCLUDING INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD Short-term Investments Short-term investments consist of certificates of deposit, U.S. Treasury securities, and corporate bonds. Certificates of deposit, U.S. Treasury securities and corporate bonds held by UCS are classified as held to maturity, mature in less than twelve nine September 30, 2020 nine September 30, 2020 September 30, December 31, 2020 2019 Certificates of deposit $ 1,022,582 $ 987,599 Corporate bonds available for sale 852,000 910,000 U.S. Treasury notes and corporate bond 5,420,081 4,649,572 Total $ 7,294,663 $ 6,547,171 Marketable Equity Securities Our marketable equity securities are publicly traded stocks measured at fair value using quoted prices for identical assets in active markets and classified as Level 1 September 30, 2020 December 31, 2019 Gross Unrealized Fair Cost Gain (Loss) Value Marketable equity securities, September 30, 2020 $ 81,823,525 $ (18,028,972 ) $ 63,794,553 Marketable equity securities, December 31, 2019 $ 49,554,926 $ 6,353,001 $ 55,907,927 U.S. Treasury Securities Available for Sale 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 consolidated balance sheets. 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. For the nine September 30, 2020 September 30, 2020 December 31, 2019 Gross Unrealized Fair Cost Gain (Loss) Value U.S. Treasury securities, September 30, 2020 $ 76,645,205 $ 22,333 $ 76,667,538 U.S. Treasury securities, December 31, 2019 $ 75,488,863 $ (79,664 ) $ 75,409,199 Long-term Investments Long-term investments consist of certificates of deposit having maturity dates in excess of twelve 2021 2023. Long-term investments consist of the following: September 30, December 31, 2020 2019 U.S. Treasury securities, held to maturity $ 535,896 $ 1,094,983 Certificates of deposit - 380,753 Preferred stock 104,019 104,019 Non-voting preferred units of Dream Finders Holdings, LLC - 12,000,000 Non-voting common units of Dream Finders Holdings, LLC - 10,000,000 Voting common stock of CBT Holding Corporation 19,058,485 19,058,485 Total $ 19,698,400 $ 42,638,240 Equity Investments On May 31, 2018, one In late December 2017, first 2020, January 1, 2020, In May 2019, May 29, 2020 May 29, 2021. 14% not one not May 29, 2021. first nine 2020, May 2019. During January 2018, one We reviewed our investments as of September 30, 2020 no Investment in Unconsolidated Affiliates We have various investments in equity method affiliates, whose businesses are in home building, real estate, real estate services, and asset management. Our interest in these affiliates ranges from 5.6% to 30%. Two of the investments in affiliates, Logic Real Estate Companies, LLC and 24 th September 30, 2020 During the first nine 2020, 24 th 24 th 24 th On September 25, 2020, 1 three The following table is a reconciliation of our investments in equity affiliates as presented in investments in unconsolidated affiliates on our consolidated balance sheets, together with combined summarized financial data related to the unconsolidated affiliates: September 30, December 31, 2020 2019 Beginning of period $ 771,805 $ 568,713 Additional investment in unconsolidated affiliates 13,175,000 264,834 Distributions received (326,144 ) (541,108 ) Equity in income of unconsolidated affiliates 2,406,151 479,366 End of period $ 16,026,812 $ 771,805 Combined summarized financial data for these affiliates is as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Revenue $ 288,403,203 $ 189,128,487 $ 676,336,442 $ 500,120,488 Gross profit 44,856,872 35,123,562 99,618,080 90,727,565 Income from continuing operations 23,983,417 11,657,183 41,911,245 27,144,185 Net income 23,429,704 10,693,812 41,162,122 24,710,096 |
Note 9 - Fair Value
Note 9 - Fair Value | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9. FAIR VALUE At September 30, 2020 December 31, 2019 2 September 30, 2020 Marketable equity securities, corporate bonds, and U.S. Treasury securities available for sale are reported at fair value. Substantially all of the fair value is determined using observed prices of publicly traded securities, level 1 not Total Carrying Quoted Prices Total Changes Amount in in Active in Fair Values Consolidated Markets for Included in Balance Sheet Identical Realized Gains Current Period September 30, 2020 Assets and (Losses) Earnings (Loss) Marketable equity securities, securities available for sale and corporate bonds $ 141,314,091 $ 141,314,091 $ 5,688,750 $ (24,413,748 ) |
Note 10 - Asset Retirement Obli
Note 10 - Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 1 0 . ASSET RETIREMENT OBLIGATIONS Our asset retirement obligations include the costs associated with the removal of structures, resurfacing of the land and retirement cost, if applicable, related to our outdoor advertising and broadband assets. The following table reflects information related to our asset retirement obligations: Balance, December 31, 2019 $ 2,044,705 Additions 96,864 Accretion expense 105,964 Liabilities settled - Balance, September 30, 2020 $ 2,247,533 |
Note 11 - Capital Stock
Note 11 - Capital Stock | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 1 1 . CAPITAL STOCK In February 2018, February 9, 2018. may not March 2018 August 20, 2019, January 1, August 20, 2019, On August 13, 2019, second second may not August 21, 2019 December 31, 2019, second first 2020, third 2020, not On March 18, 2020, may 10b5 1 not June 30, 2021, no not 2020. On May 28, 2020, June 2, 2020, not 3 No. 333 222853 February 9, 2018, May 28, 2020. Our Board of Directors also authorized us to enter into written trading plans under Rule 10b5 1 1934, 10b5 1 10b5 1 third may 10b5 1 As of September 30, 2020 nine September 30, 2020 Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value of Vested Warrants Outstanding as of December 31, 2019 105,556 $ 9.95 5.50 $ 1,170,616 Issued - Exercised - Expired - Outstanding as of September 30, 2020 105,556 $ 9.95 4.75 $ 638,614 |
Note 12 - Long-term Debt
Note 12 - Long-term Debt | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 12. LONG-TERM DEBT On August 12, 2019, may 1” 2” not As of September 30, 2020, 1 2 1 2 July 1, 2020 1 October 1, 2020 2. August 12, 2026. 1 2 The revolving line of credit loan facility has a $5,000,000 maximum availability. Interest payments are based on the 30 August 11, 2021. Long-term debt included within our consolidated balance sheet as of September 30, 2020 1 2 September 30, 2020 During the term of the Credit Facility, Link is required to comply with the following financial covenants: A consolidated leverage ratio for any test period ending on the last day of any fiscal quarter of Link (a) beginning with the fiscal quarter ending December 31, 2019 not 1.00, December 31, 2020 not 1.00, December 31, 2021 not 1.0; not 1.00 four December 31, 2019 December 31, 2019 September 30, 2020 The Credit Agreement includes representations and warranties, reporting covenants, affirmative covenants, negative covenants, financial covenants and events of default customary for financings of this type. Upon the occurrence of an event of default the Lender may |
Note 13 - Leases
Note 13 - Leases | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 13 . LEASES We enter into operating lease contracts primarily for land and office space. Arrangements are evaluated at inception to determine whether such arrangements contain a lease. Operating leases include land lease contracts and contracts for the use of office space. In accordance with the transition guidance of ASC 842, January 1, 2019. Right of use assets, which we refer to as “ROU assets,” represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the respective lease term. Lease expense is recognized on a straight-line basis over the lease term. Certain of our operating lease agreements include rental payments based on a percentage of revenue and others include rental payments adjusted periodically for inflationary changes. Percentage rent contracts, in which lease expense is calculated as a percentage of advertising revenue, and payments due to changes in inflationary adjustments are included within variable rent expense, which is accounted for separately from periodic straight-line lease expense. Many of our leases entered into in connection with land provide options to extend the terms of the agreements. Generally, renewal periods are included in minimum lease payments when calculating the lease liabilities as, for most leases, we consider exercise of such options to be reasonably certain. As a result, optional terms and payments are included within the lease liability. Our lease agreements do not The implicit rate within our lease agreements is generally not 842, "the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment." Operating Lease Cost Operating lease cost for the three nine September 30, 2020 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2020 Statement of Operations Classification Lease cost $ 1,574,042 $ 4,758,399 Cost of billboard revenues and general and administrative Variable and short-term lease cost 41,865 328,610 Cost of billboard revenues and general and administrative Total Lease Cost $ 1,615,907 $ 5,087,009 Supplemental cash flow information related to operating leases is as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2020 Cash payments for operating leases $ 1,477,218 $ 4,862,521 New operating lease assets obtained in exchange for operating lease liabilities $ 79,451 $ 744,397 Operating Lease Assets and Liabilities September 30, 2020 Balance Sheet Classification Lease assets $ 50,242,563 Other Assets: Right of use assets Current lease liabilities $ 3,723,843 Current Liabilities: Lease liabilities Noncurrent lease liabilities 45,366,930 Long-term Liabilities: Lease liabilities Total Lease Liabilities $ 49,090,773 Maturity of Operating Lease Liabilities September 30, 2020 2021 $ 5,975,410 2022 5,605,971 2023 5,302,979 2024 4,909,766 2025 4,615,923 Thereafter 49,243,772 Total lease payments 75,653,821 Less imputed interest (26,563,048 ) Present Value of Lease Liabilities $ 49,090,773 As of September 30, 2020 |
Note 14 - Industry Segments
Note 14 - Industry Segments | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 14 . I N DUSTRY SEGMENTS This summary presents our current segments, as described below. General Indemnity Group, LLC GIG conducts our insurance operations through its subsidiaries, Warnock, SSS, SCS, and UCS. SSS clients are multi-state and UCS, SCS, 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, and UCS 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, Illinois, Iowa, Kansas, Missouri, Nebraska, Nevada, Virginia, West Virginia, and Wisconsin. Fiber is Fast, LLC FIF conducts our broadband operations through its subsidiary, AireBeam. Airebeam serves clients located in Arizona. Total Three Months Ended September 30, 2020 GIG LMH FIF Unallocated Consolidated Revenue $ 3,340,536 $ 7,121,957 $ 1,144,343 $ - $ 11,606,836 Segment gross profit 1,582,085 4,341,598 1,014,929 - 6,938,612 Segment income (loss) from operations (100,811 ) 323,815 26,600 (970,227 ) (720,623 ) Capital expenditures - 604,990 1,400,310 160,215 2,165,515 Depreciation and amortization 129,497 1,671,045 209,935 - 2,010,477 Total Three Months Ended September 30, 2019 GIG LMH FIF Unallocated Consolidated Revenue $ 3,639,924 $ 7,182,884 $ - $ - $ 10,822,808 Segment gross profit 1,614,604 4,325,204 - - 5,939,808 Segment loss from operations (595,974 ) (2,278,483 ) - (914,642 ) (3,789,099 ) Capital expenditures 5,943 8,410,950 - - 8,416,893 Depreciation and amortization 285,625 3,834,397 - - 4,120,022 Total Nine Months Ended September 30, 2020 GIG LMH FIF Unallocated Consolidated Revenue $ 10,942,149 $ 20,991,755 $ 2,575,676 $ - $ 34,509,580 Segment gross profit 5,574,918 12,519,490 2,196,603 - 20,291,011 Segment income (loss) from operations 14,841 277,440 423,435 (3,481,620 ) (2,765,904 ) Capital expenditures - 3,760,171 16,252,283 160,215 20,172,669 Depreciation and amortization 413,693 4,960,939 382,385 - 5,757,017 Total Nine Months Ended September 30, 2019 GIG LMH FIF Unallocated Consolidated Revenue $ 8,959,828 $ 21,113,266 $ - $ - $ 30,073,094 Segment gross profit 4,217,803 12,779,299 - - 16,997,102 Segment loss from operations (2,652,352 ) (5,592,959 ) - (3,534,377 ) (11,779,688 ) Capital expenditures 43,704 9,808,129 - - 9,851,833 Depreciation and amortization 896,935 10,632,616 - - 11,529,551 Total As of September 30, 2020 GIG LMH FIF Unallocated Consolidated Accounts receivable, net $ 1,027,009 $ 2,558,957 $ - $ - $ 3,585,966 Goodwill 8,719,294 97,572,994 7,124,158 - 113,416,446 Total assets 49,885,595 220,449,123 17,584,232 191,986,063 479,905,013 Total As of December 31, 2019 GIG LMH FIF Unallocated Consolidated Accounts receivable, net $ 1,213,823 $ 2,976,720 $ - $ - $ 4,190,543 Goodwill 8,719,294 97,553,207 - - 106,272,501 Total assets 45,956,410 224,258,311 - 166,693,489 436,908,210 |
Note 15 - Custodial Risk
Note 15 - Custodial Risk | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Custodial Risk Disclosure [Text Block] | NOTE 15 . CUSTODIAL RISK As of September 30, 2020 |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 16 . SUBSEQUENT EVENTS On October 2, 2020, May 1, 2021. On October 26, 2020, one Also on October 26, 2020, one one not 15 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
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” Link Media Midwest, LLC which we refer to as “LMM” Link Media Omaha, LLC which we refer to as “LMO” Link Media Properties, LLC which we refer to as “LMP” Link Media Southeast, LLC which we refer to as “LMSE” Link Media Services, LLC which we refer to as “LMS” General Indemnity Group, LLC which we refer to as “GIG” The Warnock Agency, Inc. which we refer to as “Warnock” United Casualty and Surety Insurance Company which we refer to as “UCS” Surety Support Services, Inc. which we refer to as “SSS” South Coast Surety Insurance Services, LLC which we refer to as “SCS” Boston Omaha Investments, LLC which we refer to as “BOIC” Boston Omaha Asset Management, LLC which we refer to as “BOAM” BOC DFH, LLC which we refer to as “BOC DFH” BOC Yellowstone LLC which we refer to as "BOC Yellowstone" Fiber is Fast, LLC which we refer to as "FIF" FIF AireBeam LLC, which we refer to as “AireBeam” All significant intercompany profits, losses, transactions and balances have been eliminated in consolidation. |
Revenue from Contract with Customer [Policy Text Block] | Revenue s A majority of our billboard contracts had been accounted for under Financial Accounting Standards Board, which we refer to as the “FASB,” Accounting Standards Codification, which we refer to as “ASC,” 840. January 1, 2019 840 January 1, 2019 not 842 606, Revenue from Contracts with Customers not 842. Revenue Recognition Billboard Rentals We generate revenue from outdoor advertising through the leasing of advertising space on billboards. The terms of the operating leases generally range from less than one three 606 one Deferred Revenues We record deferred revenues when cash payments are received in advance of being earned or when we have an unconditional right to consideration before satisfying our performance obligation. The term between invoicing and when a payment is due is not twelve Premiums and Unearned Premium Reserves Premiums written are recognized as revenues based on a pro-rata daily calculation over the respective terms of the policies in-force. The cost of reinsurance ceded is initially written as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded are netted against premiums written. Commissions We generate revenue from commissions on surety bond sales through third 606. Broadband Revenues Broadband revenue is derived principally from internet services and is recognized on a straight-line basis over the term of the contract in the period the services are rendered. Revenue received or receivable in advance of the delivery of services is included in deferred revenue. |
Liability Reserve Estimate, Policy [Policy Text Block] | Loss and Loss Adjustment Expenses Unpaid losses and loss adjustment expenses represent estimates for the ultimate cost of unpaid reported and unreported claims incurred and related expenses. Estimates for losses and loss adjustment expenses are based on past experience of investigating and adjusting claims and consideration of the level of premiums written during the current and prior year. Since the reserves are based on estimates, the ultimate liability may September 30, 2020 December 31, 2019 nine September 30, 2020 nine September 30, 2020 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In December 2019, January 1, 2021. not In January 2020, No. 2020 01, 321, 323, 815, January 1, 2021, not |
Note 3 - Restricted Cash (Table
Note 3 - Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | September 30, December 31, 2020 2019 Insurance premium escrow $ 381,113 $ 343,518 September 30, December 31, 2020 2019 Cash and cash equivalents $ 42,270,664 $ 16,028,514 Restricted cash 381,113 343,518 Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statement of Cash Flows $ 42,651,777 $ 16,372,032 |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Receivables with Imputed Interest [Table Text Block] | September 30, December 31, 2020 2019 Trade accounts $ 3,259,830 $ 3,346,215 Premiums 521,935 971,963 Allowance for doubtful accounts (195,799 ) (127,635 ) Total Accounts Receivable, net $ 3,585,966 $ 4,190,543 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, 2020 2019 Structures and displays $ 42,321,894 $ 41,320,458 Fiber, towers, and broadband equipment 5,170,038 - Vehicles and equipment 1,920,392 1,245,210 Office furniture and equipment 1,416,268 990,810 Accumulated depreciation (9,449,254 ) (6,731,459 ) Total Property and Equipment, net $ 41,379,338 $ 36,825,019 |
Note 6 - Business Acquisitions
Note 6 - Business Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | AireBeam Assets Acquired Property, plant and equipment $ 3,112,459 Customer relationships 1,480,000 Permits 260,000 Trade names and trademarks 970,000 Goodwill 7,124,158 Software 990,000 Right of use assets 337,966 Other 184,737 Total Assets Acquired 14,459,320 Liabilities Assumed Accounts payable and deferred revenue 317,768 Lease liabilities 337,966 Other 91,095 Total Liabilities Assumed 746,829 Total $ 13,712,491 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Revenue $ 11,606,836 $ 12,222,223 $ 35,512,843 $ 34,486,051 Net Income (Loss) Attributable to Common Stockholders $ 3,463,671 $ 949,232 $ (17,647,527 ) $ (5,120,446 ) Basic and Diluted Income (Loss) per Share $ 0.13 $ 0.04 $ (0.70 ) $ (0.23 ) Basic and Diluted Weighted Average Class A and Class B Common Shares Outstanding 27,231,115 22,833,411 25,145,700 22,598,200 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | September 30, 2020 December 31, 2019 Accumulated Accumulated Cost Amortization Balance Cost Amortization Balance Customer relationships $ 39,321,524 $ (19,926,167 ) $ 19,395,357 $ 37,743,900 $ (17,890,487 ) $ 19,853,413 Permits, licenses, and lease acquisition costs 10,720,023 (2,166,042 ) 8,553,981 10,305,521 (1,443,337 ) 8,862,184 Site location 849,347 (179,229 ) 670,118 849,347 (136,839 ) 712,508 Noncompetition agreements 626,000 (358,981 ) 267,019 626,000 (269,318 ) 356,682 Technology 1,128,000 (187,410 ) 940,590 138,000 (138,000 ) - Trade names and trademarks 1,692,200 (340,693 ) 1,351,507 722,200 (267,900 ) 454,300 Nonsolicitation agreement 28,000 (28,000 ) - 28,000 (28,000 ) - Easements 4,240,002 - 4,240,002 2,032,494 - 2,032,494 Total $ 58,605,096 $ (23,186,522 ) $ 35,418,574 $ 52,445,462 $ (20,173,881 ) $ 32,271,581 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | September 30, 2021 2022 2023 2024 2025 Thereafter Total Customer relationships $ 2,439,725 $ 2,408,935 $ 2,408,935 $ 2,408,935 $ 2,408,935 $ 7,319,892 $ 19,395,357 Permits, licenses, and lease acquisition costs 986,582 986,582 986,582 986,582 979,913 3,627,740 8,553,981 Site location 56,623 56,623 56,623 56,623 56,623 387,003 670,118 Noncompetition agreements 104,971 95,206 64,839 2,003 - - 267,019 Technology 99,000 99,000 99,000 99,000 99,000 445,590 940,590 Trade names and trademarks 113,400 113,400 113,400 113,400 113,400 784,507 1,351,507 Total $ 3,800,301 $ 3,759,746 $ 3,729,379 $ 3,666,543 $ 3,657,871 $ 12,564,732 $ 31,178,572 Customer relationships 84 Permits, licenses, and lease acquisition costs 105 Site location 142 Noncompetition agreements 29 Technology 114 Trade names and trademarks 143 |
Note 8 - Investments, Includi_2
Note 8 - Investments, Including Investments Accounted for Using the Equity Method (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Investment [Table Text Block] | September 30, December 31, 2020 2019 Certificates of deposit $ 1,022,582 $ 987,599 Corporate bonds available for sale 852,000 910,000 U.S. Treasury notes and corporate bond 5,420,081 4,649,572 Total $ 7,294,663 $ 6,547,171 September 30, December 31, 2020 2019 U.S. Treasury securities, held to maturity $ 535,896 $ 1,094,983 Certificates of deposit - 380,753 Preferred stock 104,019 104,019 Non-voting preferred units of Dream Finders Holdings, LLC - 12,000,000 Non-voting common units of Dream Finders Holdings, LLC - 10,000,000 Voting common stock of CBT Holding Corporation 19,058,485 19,058,485 Total $ 19,698,400 $ 42,638,240 |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Gross Unrealized Fair Cost Gain (Loss) Value Marketable equity securities, September 30, 2020 $ 81,823,525 $ (18,028,972 ) $ 63,794,553 Marketable equity securities, December 31, 2019 $ 49,554,926 $ 6,353,001 $ 55,907,927 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Unrealized Fair Cost Gain (Loss) Value U.S. Treasury securities, September 30, 2020 $ 76,645,205 $ 22,333 $ 76,667,538 U.S. Treasury securities, December 31, 2019 $ 75,488,863 $ (79,664 ) $ 75,409,199 |
Investments in and Advances to Affiliates [Table Text Block] | September 30, December 31, 2020 2019 Beginning of period $ 771,805 $ 568,713 Additional investment in unconsolidated affiliates 13,175,000 264,834 Distributions received (326,144 ) (541,108 ) Equity in income of unconsolidated affiliates 2,406,151 479,366 End of period $ 16,026,812 $ 771,805 |
Equity Method Investments [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Revenue $ 288,403,203 $ 189,128,487 $ 676,336,442 $ 500,120,488 Gross profit 44,856,872 35,123,562 99,618,080 90,727,565 Income from continuing operations 23,983,417 11,657,183 41,911,245 27,144,185 Net income 23,429,704 10,693,812 41,162,122 24,710,096 |
Note 9 - Fair Value (Tables)
Note 9 - Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 Realized Gains Current Period September 30, 2020 Assets and (Losses) Earnings (Loss) Marketable equity securities, securities available for sale and corporate bonds $ 141,314,091 $ 141,314,091 $ 5,688,750 $ (24,413,748 ) |
Note 10 - Asset Retirement Ob_2
Note 10 - Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Balance, December 31, 2019 $ 2,044,705 Additions 96,864 Accretion expense 105,964 Liabilities settled - Balance, September 30, 2020 $ 2,247,533 |
Note 11 - Capital Stock (Tables
Note 11 - Capital Stock (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value of Vested Warrants Outstanding as of December 31, 2019 105,556 $ 9.95 5.50 $ 1,170,616 Issued - Exercised - Expired - Outstanding as of September 30, 2020 105,556 $ 9.95 4.75 $ 638,614 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2020 Statement of Operations Classification Lease cost $ 1,574,042 $ 4,758,399 Cost of billboard revenues and general and administrative Variable and short-term lease cost 41,865 328,610 Cost of billboard revenues and general and administrative Total Lease Cost $ 1,615,907 $ 5,087,009 |
Supplemental Cash Flow Information Related to Operating Leases [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2020 Cash payments for operating leases $ 1,477,218 $ 4,862,521 New operating lease assets obtained in exchange for operating lease liabilities $ 79,451 $ 744,397 |
Operating Lease Assets and Liabilities [Table Text Block] | September 30, 2020 Balance Sheet Classification Lease assets $ 50,242,563 Other Assets: Right of use assets Current lease liabilities $ 3,723,843 Current Liabilities: Lease liabilities Noncurrent lease liabilities 45,366,930 Long-term Liabilities: Lease liabilities Total Lease Liabilities $ 49,090,773 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | September 30, 2020 2021 $ 5,975,410 2022 5,605,971 2023 5,302,979 2024 4,909,766 2025 4,615,923 Thereafter 49,243,772 Total lease payments 75,653,821 Less imputed interest (26,563,048 ) Present Value of Lease Liabilities $ 49,090,773 |
Note 14 - Industry Segments (Ta
Note 14 - Industry Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Total Three Months Ended September 30, 2020 GIG LMH FIF Unallocated Consolidated Revenue $ 3,340,536 $ 7,121,957 $ 1,144,343 $ - $ 11,606,836 Segment gross profit 1,582,085 4,341,598 1,014,929 - 6,938,612 Segment income (loss) from operations (100,811 ) 323,815 26,600 (970,227 ) (720,623 ) Capital expenditures - 604,990 1,400,310 160,215 2,165,515 Depreciation and amortization 129,497 1,671,045 209,935 - 2,010,477 Total Three Months Ended September 30, 2019 GIG LMH FIF Unallocated Consolidated Revenue $ 3,639,924 $ 7,182,884 $ - $ - $ 10,822,808 Segment gross profit 1,614,604 4,325,204 - - 5,939,808 Segment loss from operations (595,974 ) (2,278,483 ) - (914,642 ) (3,789,099 ) Capital expenditures 5,943 8,410,950 - - 8,416,893 Depreciation and amortization 285,625 3,834,397 - - 4,120,022 Total Nine Months Ended September 30, 2020 GIG LMH FIF Unallocated Consolidated Revenue $ 10,942,149 $ 20,991,755 $ 2,575,676 $ - $ 34,509,580 Segment gross profit 5,574,918 12,519,490 2,196,603 - 20,291,011 Segment income (loss) from operations 14,841 277,440 423,435 (3,481,620 ) (2,765,904 ) Capital expenditures - 3,760,171 16,252,283 160,215 20,172,669 Depreciation and amortization 413,693 4,960,939 382,385 - 5,757,017 Total Nine Months Ended September 30, 2019 GIG LMH FIF Unallocated Consolidated Revenue $ 8,959,828 $ 21,113,266 $ - $ - $ 30,073,094 Segment gross profit 4,217,803 12,779,299 - - 16,997,102 Segment loss from operations (2,652,352 ) (5,592,959 ) - (3,534,377 ) (11,779,688 ) Capital expenditures 43,704 9,808,129 - - 9,851,833 Depreciation and amortization 896,935 10,632,616 - - 11,529,551 Total As of September 30, 2020 GIG LMH FIF Unallocated Consolidated Accounts receivable, net $ 1,027,009 $ 2,558,957 $ - $ - $ 3,585,966 Goodwill 8,719,294 97,572,994 7,124,158 - 113,416,446 Total assets 49,885,595 220,449,123 17,584,232 191,986,063 479,905,013 Total As of December 31, 2019 GIG LMH FIF Unallocated Consolidated Accounts receivable, net $ 1,213,823 $ 2,976,720 $ - $ - $ 4,190,543 Goodwill 8,719,294 97,553,207 - - 106,272,501 Total assets 45,956,410 224,258,311 - 166,693,489 436,908,210 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Current Year Claims and Claims Adjustment Expense | $ 2,237,541 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 1,026,421 | |
Accounts Payable and Accrued Liabilities [Member] | ||
Liability for Claims and Claims Adjustment Expense, Ending Balance | $ 2,414,613 | $ 1,203,492 |
Minimum [Member] | ||
Lessor, Operating Lease, Term of Contract (Month) | 1 month | |
Maximum [Member] | ||
Lessor, Operating Lease, Term of Contract (Month) | 3 years |
Note 3 - Restricted Cash - Sche
Note 3 - Restricted Cash - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Restricted cash | $ 381,113 | $ 343,518 | ||
Cash and cash equivalents | 42,270,664 | 16,028,514 | ||
Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statement of Cash Flows | 42,651,777 | 16,372,032 | $ 10,028,211 | $ 18,143,839 |
Insurance Premium Escrow [Member] | ||||
Restricted cash | $ 381,113 | $ 343,518 |
Note 4 - Accounts Receivable -
Note 4 - Accounts Receivable - Schedule of Receivables (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Allowance for doubtful accounts | $ (195,799) | $ (127,635) |
Accounts receivable, net | 3,585,966 | 4,190,543 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, gross | 3,259,830 | 3,346,215 |
Premium [Member] | ||
Accounts receivable, gross | $ 521,935 | $ 971,963 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Depreciation, Total | $ 978,672 | $ 463,410 | $ 2,744,376 | $ 2,167,815 |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (20,751) | $ (2,760) | $ (89,685) | $ (28,293) |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Accumulated depreciation | $ (9,449,254) | $ (6,731,459) |
Total Property and Equipment, net | 41,379,338 | 36,825,019 |
Structures and Displays [Member] | ||
Property, plant and equipment, gross | 42,321,894 | 41,320,458 |
Fiber, Towers, and Broadband Equipment [Member] | ||
Property, plant and equipment, gross | 5,170,038 | 0 |
Vehicles and Equipment [Member] | ||
Property, plant and equipment, gross | 1,920,392 | 1,245,210 |
Office Furniture and Equipment [Member] | ||
Property, plant and equipment, gross | $ 1,416,268 | $ 990,810 |
Note 6 - Business Acquisition_2
Note 6 - Business Acquisitions (Details Textual) - USD ($) | Mar. 10, 2020 | Oct. 01, 2019 | Aug. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 12,341,242 | $ 6,516,751 | |||||
Goodwill, Ending Balance | $ 113,416,446 | $ 113,416,446 | $ 106,272,501 | ||||
Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 2 years | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||||||
Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 50 years | ||||||
Fiber, Towers, and Broadband Equipment [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||||
Fiber, Towers, and Broadband Equipment [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | ||||||
FibAire Communications LLC [Member] | |||||||
Business Combination, Consideration Transferred, Total | $ 13,712,491 | ||||||
Business Combination, Consideration Transferred, Percent, Cash | 90.00% | ||||||
Business Combination, Consideration Transferred, Percent, Equity | 10.00% | ||||||
Business Combination, Equity Issued, Percent Issued to Acquired Company | 10.00% | ||||||
Payments to Acquire Business, Held in Escrow | $ 1,851,186 | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 1,144,343 | 2,575,676 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 25,006 | 421,841 | |||||
Business Combination, Acquisition Related Costs | 287,934 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 3,112,459 | 3,112,459 | |||||
Goodwill, Ending Balance | 7,124,158 | 7,124,158 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | $ 91,095 | $ 91,095 | |||||
Image Outdoor Advertising, LLC [Member] | |||||||
Business Combination, Consideration Transferred, Total | $ 7,625,604 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 6,915,501 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 34,673 | ||||||
Business Combination, Amount Held Back and Disbursed | $ 398,750 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 1,544,970 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 3,152,000 | ||||||
Goodwill, Ending Balance | 3,058,633 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | $ 129,999 | ||||||
Bilboards in Missouri [Member] | |||||||
Business Combination, Consideration Transferred, Total | $ 1,337,685 | ||||||
Business Combination, Amount Held Back and Disbursed | $ 380,546 |
Note 6 - Business Acquisition_3
Note 6 - Business Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Goodwill, Ending Balance | $ 113,416,446 | $ 106,272,501 |
FibAire Communications LLC [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 3,112,459 | |
Goodwill, Ending Balance | 7,124,158 | |
Right of use assets | 337,966 | |
Other | 184,737 | |
Total Assets Acquired | 14,459,320 | |
Accounts payable and deferred revenue | 317,768 | |
Lease liabilities | 337,966 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 91,095 | |
Total Liabilities Assumed | 746,829 | |
Total | 13,712,491 | |
FibAire Communications LLC [Member] | Customer Relationships [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,480,000 | |
FibAire Communications LLC [Member] | Permits [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 260,000 | |
FibAire Communications LLC [Member] | Trademarks and Trade Names [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 970,000 | |
FibAire Communications LLC [Member] | Computer Software, Intangible Asset [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 990,000 |
Note 6 - Business Acquisition_4
Note 6 - Business Acquisitions - Pro Forma Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue | $ 11,606,836 | $ 12,222,223 | $ 35,512,843 | $ 34,486,051 |
Net Income (Loss) Attributable to Common Stockholders | $ 3,463,671 | $ 949,232 | $ (17,647,527) | $ (5,120,446) |
Basic and Diluted Income (Loss) per Share (in dollars per share) | $ 0.13 | $ 0.04 | $ (0.70) | $ (0.23) |
Shares Outstanding (in shares) | 27,231,115 | 22,833,411 | 25,145,700 | 22,598,200 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Amortization, Total | $ 1,031,805 | $ 3,656,612 | $ 3,012,641 | $ 9,361,736 |
Customer Relationships [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 7 - Intangible Assets - Sc
Note 7 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Accumulated amortization | $ (23,186,522) | $ (20,173,881) |
Balance | 31,178,572 | |
Total, cost | 58,605,096 | 52,445,462 |
Intangible assets, net | 35,418,574 | 32,271,581 |
Easements [Member] | ||
Accumulated amortization | 0 | 0 |
Balance | 4,240,002 | 2,032,494 |
Customer Relationships [Member] | ||
Cost | 39,321,524 | 37,743,900 |
Accumulated amortization | (19,926,167) | (17,890,487) |
Balance | 19,395,357 | 19,853,413 |
Permits, Licenses and Lease Acquisition Costs [Member] | ||
Cost | 10,720,023 | 10,305,521 |
Accumulated amortization | (2,166,042) | (1,443,337) |
Balance | 8,553,981 | 8,862,184 |
Site Location [Member] | ||
Cost | 849,347 | 849,347 |
Accumulated amortization | (179,229) | (136,839) |
Balance | 670,118 | 712,508 |
Noncompete Agreements [Member] | ||
Cost | 626,000 | 626,000 |
Accumulated amortization | (358,981) | (269,318) |
Balance | 267,019 | 356,682 |
Technology-Based Intangible Assets [Member] | ||
Cost | 1,128,000 | 138,000 |
Accumulated amortization | (187,410) | (138,000) |
Balance | 940,590 | 0 |
Trademarks and Trade Names [Member] | ||
Cost | 1,692,200 | 722,200 |
Accumulated amortization | (340,693) | (267,900) |
Balance | 1,351,507 | 454,300 |
Nonsolicitation Agreement [Member] | ||
Cost | 28,000 | 28,000 |
Accumulated amortization | (28,000) | (28,000) |
Balance | $ 0 | $ 0 |
Note 7 - Intangible Assets - _2
Note 7 - Intangible Assets - Schedule of Future Amortization, Intangible Assets Acquired in Acquisitions (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
2021 | $ 3,800,301 | |
2022 | 3,759,746 | |
2023 | 3,729,379 | |
2024 | 3,666,543 | |
2025 | 3,657,871 | |
Thereafter | 12,564,732 | |
Total | 31,178,572 | |
Customer Relationships [Member] | ||
2021 | 2,439,725 | |
2022 | 2,408,935 | |
2023 | 2,408,935 | |
2024 | 2,408,935 | |
2025 | 2,408,935 | |
Thereafter | 7,319,892 | |
Total | $ 19,395,357 | $ 19,853,413 |
Intangible assets, weighted average useful life (Month) | 84 months | |
Permits, Licenses and Lease Acquisition Costs [Member] | ||
2021 | $ 986,582 | |
2022 | 986,582 | |
2023 | 986,582 | |
2024 | 986,582 | |
2025 | 979,913 | |
Thereafter | 3,627,740 | |
Total | $ 8,553,981 | 8,862,184 |
Intangible assets, weighted average useful life (Month) | 105 months | |
Site Location [Member] | ||
2021 | $ 56,623 | |
2022 | 56,623 | |
2023 | 56,623 | |
2024 | 56,623 | |
2025 | 56,623 | |
Thereafter | 387,003 | |
Total | $ 670,118 | 712,508 |
Intangible assets, weighted average useful life (Month) | 142 months | |
Noncompete Agreements [Member] | ||
2021 | $ 104,971 | |
2022 | 95,206 | |
2023 | 64,839 | |
2024 | 2,003 | |
2025 | 0 | |
Thereafter | 0 | |
Total | $ 267,019 | 356,682 |
Intangible assets, weighted average useful life (Month) | 29 months | |
Technology-Based Intangible Assets [Member] | ||
2021 | $ 99,000 | |
2022 | 99,000 | |
2023 | 99,000 | |
2024 | 99,000 | |
2025 | 99,000 | |
Thereafter | 445,590 | |
Total | $ 940,590 | 0 |
Intangible assets, weighted average useful life (Month) | 114 months | |
Trademarks and Trade Names [Member] | ||
2021 | $ 113,400 | |
2022 | 113,400 | |
2023 | 113,400 | |
2024 | 113,400 | |
2025 | 113,400 | |
Thereafter | 784,507 | |
Total | $ 1,351,507 | $ 454,300 |
Intangible assets, weighted average useful life (Month) | 143 months |
Note 8 - Investments, Includi_3
Note 8 - Investments, Including Investments Accounted for Using the Equity Method (Details Textual) - USD ($) | May 31, 2018 | Dec. 31, 2017 | May 31, 2019 | Jan. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 25, 2020 |
Gain (Loss) on Sale of Investments, Total | $ 2,026,193 | $ 7,565 | $ 5,696,068 | $ 432,409 | |||||
Proceeds from Redemption of Preferred Units | 12,000,000 | 0 | |||||||
Payments to Acquire Equity Method Investments | 3,175,000 | $ 225,978 | |||||||
Unconsolidated Affiliates [Member] | Board of Directors [Member] | |||||||||
Equity Method Investments | $ 753,904 | $ 753,904 | |||||||
Unconsolidated Affiliates [Member] | Minimum [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 5.60% | 5.60% | |||||||
Unconsolidated Affiliates [Member] | Maximum [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | |||||||
The 24th Street Fund I, LLC [Member] | |||||||||
Payments to Acquire Equity Method Investments | $ 3,000,000 | ||||||||
Yellowstone [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 20.00% | ||||||||
Breezeway Homes Inc. [Member] | |||||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount (in dollars per share) | $ 2,665 | ||||||||
Preferred Stock [Member] | Breezeway Homes Inc. [Member] | |||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 31,227 | ||||||||
US Treasury Notes Securities [Member] | |||||||||
Gain (Loss) on Sale of Investments, Total | 7,318 | ||||||||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale, Total | 333,109,337 | ||||||||
Corporate Bond Securities [Member] | |||||||||
Debt Securities, Unrealized Gain (Loss), Total | (161,068) | ||||||||
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 | ||||||||
Cost Method Investment, Ownership Percentage | 5.60% | ||||||||
Non-voting Preferred Units of DFH LLC [Member] | |||||||||
Payments to Acquire Long-term Investments | $ 12,000,000 | ||||||||
Mandatory Preferred Return, Percent | 14.00% | ||||||||
Percent of Preferred Units Convertible to Non-voting Common Units | 25.00% | ||||||||
Proceeds from Redemption of Preferred Units | 12,000,000 | ||||||||
Voting Convertible Preferred Stock of Breezeway Homes, Inc. [Member] | |||||||||
Cost-method Investments, Other than Temporary Impairment | $ 0 |
Note 8 - Investments, Includi_4
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Schedule of Investments (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Short-term Investments | $ 7,294,663 | $ 6,547,171 |
Long-term investments | 19,698,400 | 42,638,240 |
Certificates of Deposit [Member] | ||
Short-term Investments | 1,022,582 | 987,599 |
Long-term investments | 0 | 380,753 |
US Treasury Securities [Member] | ||
Long-term investments | 535,896 | 1,094,983 |
Corporate Bond Securities [Member] | ||
Short-term Investments | 852,000 | 910,000 |
U.S. Treasury Notes and Corporate Bonds [Member] | ||
Short-term Investments | 5,420,081 | 4,649,572 |
Preferred Stock [Member] | ||
Long-term investments | 104,019 | 104,019 |
Non-voting Preferred Units of DFH LLC [Member] | ||
Long-term investments | 0 | 12,000,000 |
Non-voting Common Units of LLC [Member] | ||
Long-term investments | 0 | 10,000,000 |
Voting Common Stock of Privately Held Company CB&T Holding Corporation [Member] | ||
Long-term investments | $ 19,058,485 | $ 19,058,485 |
Note 8 - Investments, Includi_5
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Trading Securities (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Marketable equity securities, Cost | $ 81,823,525 | $ 49,554,926 |
Marketable equity securities, Gross Unrealized Gain (Loss) | (18,028,972) | 6,353,001 |
Marketable equity securities | $ 63,794,553 | $ 55,907,927 |
Note 8 - Investments, Includi_6
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Available for Sale Securities (Details) - US Treasury Notes Securities [Member] - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
U.S. Treasury notes, Cost | $ 76,645,205 | $ 75,488,863 |
U.S. Treasury notes, Gross Unrealized Gain (Loss) | 22,333 | (79,664) |
U.S. Treasury notes, Fair Value | $ 76,667,538 | $ 75,409,199 |
Note 8 - Investments, Includi_7
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 | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Beginning of period | $ 771,805 | $ 568,713 | $ 568,713 | ||
Additional investment in unconsolidated affiliates | 13,175,000 | 264,834 | |||
Distributions received | (326,144) | (541,108) | |||
Equity in income of unconsolidated affiliates | $ 1,342,826 | $ 159,564 | 2,406,151 | $ 323,333 | 479,366 |
End of period | $ 16,026,812 | $ 16,026,812 | $ 771,805 |
Note 8 - Investments, Includi_8
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Summarized Financial Data (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue | $ 11,606,836 | $ 10,822,808 | $ 34,509,580 | $ 30,073,094 |
Gross profit | 6,938,612 | 5,939,808 | 20,291,011 | 16,997,102 |
Net income | 3,466,171 | 667,605 | (17,826,075) | (5,518,663) |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Revenue | 288,403,203 | 189,128,487 | 676,336,442 | 500,120,488 |
Gross profit | 44,856,872 | 35,123,562 | 99,618,080 | 90,727,565 |
Income from continuing operations | 23,983,417 | 11,657,183 | 41,911,245 | 27,144,185 |
Net income | $ 23,429,704 | $ 10,693,812 | $ 41,162,122 | $ 24,710,096 |
Note 9 - Fair Value (Details Te
Note 9 - Fair Value (Details Textual) | Sep. 30, 2020USD ($) |
Long-term Debt, Fair Value | $ 24,246,402 |
Long-term Debt, Total | $ 23,353,002 |
Note 9 - Fair Value - Fair Valu
Note 9 - Fair Value - Fair Values for Investments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Realized gains and (losses) | $ 5,688,750 | |||
Total changes in fair values included in current period earnings (loss) | $ 819,130 | $ 2,813,544 | (24,413,748) | $ 2,864,060 |
Reported Value Measurement [Member] | ||||
Marketable equity securities, securities available for sale and corporate bonds | 141,314,091 | 141,314,091 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Marketable equity securities, securities available for sale and corporate bonds | $ 141,314,091 | $ 141,314,091 |
Note 10 - Asset Retirement Ob_3
Note 10 - Asset Retirement Obligations - Asset Retirement Obligations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Balance | $ 2,044,705 | |||
Additions | 96,864 | |||
Accretion expense | $ 36,462 | $ 33,154 | 105,964 | $ 99,086 |
Liabilities settled | 0 | |||
Balance | $ 2,247,533 | $ 2,247,533 |
Note 11 - Capital Stock (Detail
Note 11 - Capital Stock (Details Textual) - USD ($) | Jun. 02, 2020 | May 28, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | Aug. 20, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Aug. 20, 2019 | Mar. 18, 2020 | Aug. 13, 2019 | Feb. 28, 2018 |
Proceeds from Issuance of Common Stock | $ 59,549,751 | $ 29,229,522 | ||||||||||
Payments of Stock Issuance Costs | $ 3,417,323 | $ 924,742 | ||||||||||
Class of Warrant or Right, Outstanding (in shares) | 105,556 | 105,556 | 105,556 | |||||||||
Warrants for Common Class B Stock [Member] | ||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 104,772 | 104,772 | ||||||||||
Warrants for Common Class A Stock [Member] | ||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 784 | 784 | ||||||||||
Common Class A [Member] | ||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 20,000,000 | |||||||||||
Stock Repurchased During Period, Shares (in shares) | 0 | |||||||||||
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 | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 448,880 | 40,455 | |||||||||
Proceeds from Issuance of Common Stock | $ 9,450,789 | $ 669,751 | ||||||||||
Proceeds from Issuance of Common Stock, Net | 9,122,227 | |||||||||||
Payments of Stock Issuance Costs | $ 328,562 | |||||||||||
Common Class A [Member] | Shelf Registration [Member] | Cowen and Company LLC [Member] | ||||||||||||
Sale of Stock, Shelf Registration, Value, Available to Issue | $ 75,000,000 | |||||||||||
Compensation, Percentage of Common Stock Sales | 3.00% | 3.00% | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 942,223 | 2,141,452 | ||||||||||
Proceeds from Issuance of Common Stock | $ 22,753,943 | $ 49,999,625 | ||||||||||
Proceeds from Issuance of Common Stock, Net | 22,059,015 | |||||||||||
Payments of Stock Issuance Costs | $ 694,928 | |||||||||||
Common Class A [Member] | Underwriting Agreement [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,680,000 | |||||||||||
Proceeds from Issuance of Common Stock | $ 58,900,000 | |||||||||||
Share Offering, Number of Shares Authorized (in shares) | 3,200,000 | |||||||||||
Share Price (in dollars per share) | $ 16 | |||||||||||
Stock Option, Exercisable, Remaining Contractual Term (Day) | 30 days | |||||||||||
Stock Option, Number of Securities Called by Each Stock Option (in shares) | 480,000 | |||||||||||
Common Class A [Member] | Underwriting Agreement [Member] | Adam Peterson and Alex Rozek, a Board Member, and Employee [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 39,375 |
Note 11 - Capital Stock - Summa
Note 11 - Capital Stock - Summary of Warrant Activity (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Outstanding (in shares) | 105,556 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.95 | |
Outstanding, weighted average remaining contractual life (Year) | 4 years 9 months | 5 years 6 months |
Outstanding, aggregate intrinsic value of vested warrants | $ 638,614 | $ 1,170,616 |
Issued (in shares) | 0 | |
Exercised (in shares) | 0 | |
Expired (in shares) | 0 | |
Outstanding (in shares) | 105,556 | 105,556 |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.95 | $ 9.95 |
Note 12 - Long-term Debt (Detai
Note 12 - Long-term Debt (Details Textual) | Aug. 12, 2019USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Long-term Debt, Total | $ 23,353,002 | ||||
Long-term Debt, Current Maturities, Total | 1,278,363 | $ 504,170 | |||
First National Bank of Omaha [Member] | |||||
Debt Maximum Borrowing Facility | $ 40,000,000 | ||||
Long-term Line of Credit, Total | 0 | ||||
Minimum Consolidated Leverage Ratio Requirement | 3.50 | ||||
Consolidated Fixed Charge Ratio Requirement | 1.15 | ||||
First National Bank of Omaha [Member] | Forecast [Member] | |||||
Minimum Consolidated Leverage Ratio Requirement | 3 | 3.25 | |||
First National Bank of Omaha [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | ||||
First National Bank of Omaha [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||
First National Bank of Omaha [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||
First National Bank of Omaha [Member] | Term Loan 1 [Member] | |||||
Long-term Debt, Total | 18,060,000 | ||||
Debt Instrument, Term (Year) | 15 years | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||
First National Bank of Omaha [Member] | Term Loan 2 [Member] | |||||
Long-term Debt, Total | 5,500,000 | ||||
Debt Instrument, Term (Year) | 15 years | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | ||||
First National Bank of Omaha [Member] | Term Loan 1 and Term Loan 2 [Member] | |||||
Long-term Debt, Total | 23,353,002 | ||||
Long-term Debt, Current Maturities, Total | $ 1,278,363 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) | Sep. 30, 2020 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 17 years 5 months 15 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.87% |
Note 13 - Leases - Operating Le
Note 13 - Leases - Operating Lease Cost (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Lease cost | $ 1,574,042 | $ 4,758,399 |
Variable and short-term lease cost | 41,865 | 328,610 |
Total Lease Cost | $ 1,615,907 | $ 5,087,009 |
Note 13 - Leases - Supplemental
Note 13 - Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Cash payments for operating leases | $ 1,477,218 | $ 4,862,521 |
New operating lease assets obtained in exchange for operating lease liabilities | $ 79,451 | $ 744,397 |
Note 13 - Leases - Operating _2
Note 13 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Lease assets | $ 50,242,563 | $ 53,249,985 |
Current lease liabilities | 3,723,843 | 3,801,727 |
Noncurrent lease liabilities | 45,366,930 | $ 48,199,652 |
Total Lease Liabilities | $ 49,090,773 |
Note 13 - Leases - Maturity of
Note 13 - Leases - Maturity of Operating Lease Liabilities (Details) | Sep. 30, 2020USD ($) |
2021 | $ 5,975,410 |
2022 | 5,605,971 |
2023 | 5,302,979 |
2024 | 4,909,766 |
2025 | 4,615,923 |
Thereafter | 49,243,772 |
Total lease payments | 75,653,821 |
Less imputed interest | (26,563,048) |
Present Value of Lease Liabilities | $ 49,090,773 |
Note 14 - Industry Segments - S
Note 14 - Industry Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Revenue | $ 11,606,836 | $ 10,822,808 | $ 34,509,580 | $ 30,073,094 | |
Segment gross profit | 6,938,612 | 5,939,808 | 20,291,011 | 16,997,102 | |
Segment income (loss) from operations | (720,623) | (3,789,099) | (2,765,904) | (11,779,688) | |
Capital expenditures | 2,165,515 | 8,416,893 | 20,172,669 | 9,851,833 | |
Depreciation and amortization | 2,010,477 | 4,120,022 | 5,757,017 | 11,529,551 | |
Accounts receivable, net | 3,585,966 | 3,585,966 | $ 4,190,543 | ||
Goodwill | 113,416,446 | 113,416,446 | 106,272,501 | ||
Total assets | 479,905,013 | 479,905,013 | 436,908,210 | ||
Unallocated [Member] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Segment gross profit | 0 | 0 | 0 | 0 | |
Segment income (loss) from operations | (970,227) | (914,642) | (3,481,620) | (3,534,377) | |
Capital expenditures | 160,215 | 0 | 160,215 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Accounts receivable, net | 0 | 0 | 0 | ||
Goodwill | 0 | 0 | 0 | ||
Total assets | 191,986,063 | 191,986,063 | 166,693,489 | ||
Operating Segments [Member] | GIG [Member] | |||||
Revenue | 3,340,536 | 3,639,924 | 10,942,149 | 8,959,828 | |
Segment gross profit | 1,582,085 | 1,614,604 | 5,574,918 | 4,217,803 | |
Segment income (loss) from operations | (100,811) | (595,974) | 14,841 | (2,652,352) | |
Capital expenditures | 0 | 5,943 | 0 | 43,704 | |
Depreciation and amortization | 129,497 | 285,625 | 413,693 | 896,935 | |
Accounts receivable, net | 1,027,009 | 1,027,009 | 1,213,823 | ||
Goodwill | 8,719,294 | 8,719,294 | 8,719,294 | ||
Total assets | 49,885,595 | 49,885,595 | 45,956,410 | ||
Operating Segments [Member] | LMH [Member] | |||||
Revenue | 7,121,957 | 7,182,884 | 20,991,755 | 21,113,266 | |
Segment gross profit | 4,341,598 | 4,325,204 | 12,519,490 | 12,779,299 | |
Segment income (loss) from operations | 323,815 | (2,278,483) | 277,440 | (5,592,959) | |
Capital expenditures | 604,990 | 8,410,950 | 3,760,171 | 9,808,129 | |
Depreciation and amortization | 1,671,045 | 3,834,397 | 4,960,939 | 10,632,616 | |
Accounts receivable, net | 2,558,957 | 2,558,957 | 2,976,720 | ||
Goodwill | 97,572,994 | 97,572,994 | 97,553,207 | ||
Total assets | 220,449,123 | 220,449,123 | 224,258,311 | ||
Operating Segments [Member] | FIF AireBeam LLC [Member] | |||||
Revenue | 1,144,343 | 0 | 2,575,676 | 0 | |
Segment gross profit | 1,014,929 | 0 | 2,196,603 | 0 | |
Segment income (loss) from operations | 26,600 | 0 | 423,435 | 0 | |
Capital expenditures | 1,400,310 | 0 | 16,252,283 | 0 | |
Depreciation and amortization | 209,935 | $ 0 | 382,385 | $ 0 | |
Accounts receivable, net | 0 | 0 | 0 | ||
Goodwill | 7,124,158 | 7,124,158 | 0 | ||
Total assets | $ 17,584,232 | $ 17,584,232 | $ 0 |
Note 15 - Custodial Risk (Detai
Note 15 - Custodial Risk (Details Textual) | Sep. 30, 2020USD ($) |
Cash, Uninsured Amount | $ 46,130,380 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - USD ($) | Oct. 26, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Oct. 02, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 9.95 | $ 9.95 | ||||||
Stock Issued During Period, Value, New Issues | $ 59,549,751 | $ 14,622,665 | $ 10,742,156 | $ 3,864,701 | ||||
Common Class A [Member] | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | 1 | 1 | ||||||
Common Class B [Member] | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 1 | $ 1 | ||||||
Subsequent Event [Member] | Common Class A [Member] | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | |||||||
Subsequent Event [Member] | Yellowstone [Member] | ||||||||
Proceeds from Issuance Initial Public Offering | $ 125,000,000 | |||||||
Subsequent Event [Member] | Yellowstone [Member] | Class A Common Stock Warrant [Member] | ||||||||
Number of Warrants Called by Each Unit (in shares) | 1 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | |||||||
Subsequent Event [Member] | Yellowstone [Member] | Private Placement Warrants [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,500,000 | |||||||
Proceeds from Issuance of Warrants | $ 7,500,000 | |||||||
Subsequent Event [Member] | Yellowstone [Member] | Common Class A [Member] | ||||||||
Proceeds to Redeem Common Stock Contingent on Business Combination Consummation | $ 127,500,000 | |||||||
Subsequent Event [Member] | Yellowstone [Member] | Common Class B [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,593,750 | |||||||
Number of Shares Subject to Forfeiture upon Exercise of Over-allotment Option (in shares) | 468,750 | |||||||
Stock Issued During Period, Value, New Issues | $ 25,000 | |||||||
Subsequent Event [Member] | IPO [Member] | Yellowstone [Member] | ||||||||
Number of Units Issued (in shares) | 12,500,000 | |||||||
Number of Securities Called by Each Unit (in shares) | 1 | |||||||
Sale of Unit, Price Per Unit (in dollars per share) | $ 10 | |||||||
Subsequent Event [Member] | Dream Finders Holdings, LLC [Member] | Term Loan Receivable [Member] | ||||||||
Notes Receivable, Related Parties | $ 20,000,000 | |||||||
Note Receivable, Interest Rate | 14.00% |