Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 24, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001494582 | |
Entity Registrant Name | BOSTON OMAHA Corp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38113 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-0788438 | |
Entity Address, Address Line One | 1601 Dodge Street, Suite 3300 | |
Entity Address, City or Town | Omaha | |
Entity Address, State or Province | NE | |
Entity Address, Postal Zip Code | 68102 | |
City Area Code | 857 | |
Local Phone Number | 256-0079 | |
Title of 12(b) Security | Class A common stock, $0.001 par value per share | |
Trading Symbol | BOMN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,055,560 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 28,520,555 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 84,312,352 | $ 44,665,972 |
Restricted cash | 308,458 | 280,269 |
Investments held in trust - special purpose acquisition company | 138,730,613 | 138,716,226 |
Accounts receivable, net | 3,599,835 | 4,041,563 |
Interest receivable | 9,238 | 286,768 |
Short-term investments | 5,359,719 | 7,050,675 |
Note receivable from affiliate | 0 | 20,000,000 |
Marketable equity securities | 143,990,739 | 64,036,482 |
U. S. Treasury securities | 54,499,260 | 37,767,945 |
Funds held as collateral assets | 9,903,614 | 10,006,075 |
Prepaid expenses | 2,338,669 | 2,197,342 |
Total Current Assets | 443,052,497 | 329,049,317 |
Property and Equipment, net | 51,311,183 | 48,508,272 |
Other Assets: | ||
Goodwill | 127,064,878 | 124,446,446 |
Intangible assets, net | 44,759,735 | 44,373,909 |
Investments | 19,445,630 | 19,448,519 |
Investments in unconsolidated affiliates | 6,575,423 | 20,913,896 |
Deferred policy acquisition costs | 664,982 | 690,555 |
Right of use assets | 56,676,028 | 52,849,492 |
Other | 553,888 | 427,020 |
Total Other Assets | 255,740,564 | 263,149,837 |
Total Assets | 750,104,244 | 640,707,426 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 7,057,708 | 6,825,081 |
Short-term payables for business acquisitions | 364,416 | 771,916 |
Lease liabilities | 4,024,439 | 4,354,664 |
Funds held as collateral | 9,903,614 | 10,006,075 |
Unearned premiums | 3,784,864 | 3,955,363 |
Current maturities of long-term debt | 1,195,128 | 1,282,504 |
Deferred underwriting fee payable | 4,759,615 | 4,759,615 |
Deferred revenue | 2,140,859 | 1,915,031 |
Total Current Liabilities | 33,230,643 | 33,870,249 |
Long-term Liabilities: | ||
Asset retirement obligations | 2,095,703 | 2,282,273 |
Lease liabilities | 51,659,325 | 47,581,933 |
Long-term debt, less current maturities | 21,568,147 | 21,775,146 |
Other long-term liabilities | 116,105 | 116,104 |
Warrants liability | 6,255,493 | 8,431,315 |
Deferred tax liability | 20,574,225 | 57,000 |
Total Liabilities | 135,499,641 | 114,114,020 |
Redeemable Noncontrolling Interest | 149,259,571 | 145,027,149 |
Stockholders' Equity: | ||
Preferred stock, $.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 423,545,789 | 424,204,641 |
Retained earnings (accumulated deficit) | 41,772,011 | (42,665,616) |
Total Stockholders' Equity | 465,345,032 | 381,566,257 |
Total Liabilities, Redeemable Noncontrolling Interest, and Stockholders' Equity | 750,104,244 | 640,707,426 |
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common Stock | 26,176 | 26,176 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common Stock | $ 1,056 | $ 1,056 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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) | 26,175,555 | 26,175,555 |
Common stock, shares outstanding (in shares) | 26,175,555 | 26,175,555 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,161,116 | 1,161,116 |
Common stock, shares issued (in shares) | 1,055,560 | 1,055,560 |
Common stock, shares outstanding (in shares) | 1,055,560 | 1,055,560 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | ||
Premiums earned | $ 1,786,564 | $ 3,454,058 |
Insurance commissions | 400,177 | 332,791 |
Investment and other income | 69,556 | 140,314 |
Total Revenues | 13,205,019 | 11,410,180 |
Costs and Expenses: | ||
Cost of insurance revenues (exclusive of depreciation and amortization) | 1,129,210 | 1,503,862 |
Employee costs | 4,242,147 | 3,133,145 |
Professional fees | 1,093,983 | 1,287,155 |
General and administrative | 2,167,680 | 1,718,304 |
Amortization | 1,165,172 | 951,821 |
Depreciation | 1,146,804 | 831,510 |
Loss on disposition of assets | 35,567 | 18,919 |
Bad debt expense | 60,183 | 84,697 |
Accretion | 32,091 | 34,762 |
Total Costs and Expenses | 14,690,797 | 12,590,152 |
Net Loss from Operations | (1,485,778) | (1,179,972) |
Other Income (Expense): | ||
Interest income | 601,652 | 509,479 |
Dividend income | 132,495 | 390,791 |
Equity in income of unconsolidated affiliates | 140,297 | 465,665 |
Unrealized gain (loss) on securities | 104,467,952 | (24,745,513) |
Gain on disposition of investments | 2,840,170 | 26,268 |
Remeasurement of warrant liability | 2,175,824 | 0 |
Interest expense | (235,326) | (194,415) |
Net Income (Loss) Before Income Taxes | 108,637,286 | (24,727,697) |
Income tax (provision) benefit | (20,517,226) | 0 |
Net Income (Loss) | 88,120,060 | (24,727,697) |
Noncontrolling interest in subsidiary income | (3,682,433) | (6,541) |
Net Income (Loss) Attributable to Common Stockholders | $ 84,437,627 | $ (24,734,238) |
Basic and Diluted Net Income (Loss) per Share (in dollars per share) | $ 3.09 | $ (1.05) |
Basic and Diluted Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 27,299,946 | 23,510,660 |
Billboard Rentals [Member] | ||
Revenues: | ||
Revenues | $ 7,153,685 | $ 7,215,766 |
Costs and Expenses: | ||
Cost of revenues (exclusive of depreciation and amortization) | 2,861,747 | 2,950,554 |
Broadband Services [Member] | ||
Revenues: | ||
Revenues | 3,795,037 | 267,251 |
Costs and Expenses: | ||
Cost of revenues (exclusive of depreciation and amortization) | $ 756,213 | $ 75,423 |
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, 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) |
Decrease in noncontrolling interest due to redemption | 0 | 0 | 323,649 | 0 | 323,649 |
Net income (loss) attributable to common stockholders | $ 0 | $ 0 | 0 | (24,734,238) | (24,734,238) |
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 |
Balance (in shares) at Dec. 31, 2020 | 26,175,555 | 1,055,560 | |||
Balance at Dec. 31, 2020 | $ 26,176 | $ 1,056 | 424,204,641 | (42,665,616) | 381,566,257 |
Offering costs | 0 | 0 | (108,863) | 0 | (108,863) |
Net income (loss) attributable to common stockholders | 0 | 0 | 0 | 84,437,627 | 84,437,627 |
Increase (decrease) in redeemable noncontrolling interest | $ 0 | $ 0 | (549,989) | 0 | (549,989) |
Balance (in shares) at Mar. 31, 2021 | 26,175,555 | 1,055,560 | |||
Balance at Mar. 31, 2021 | $ 26,176 | $ 1,056 | $ 423,545,789 | $ 41,772,011 | $ 465,345,032 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net Income (Loss) | $ 88,120,060 | $ (24,727,697) |
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | ||
Amortization of right of use assets | 1,115,663 | 1,002,379 |
Depreciation, amortization, and accretion | 2,344,067 | 1,818,093 |
Deferred income taxes | 20,517,226 | 0 |
Loss on disposition of assets | 35,567 | 18,919 |
Bad debt expense | 60,183 | 84,697 |
Equity in earnings of unconsolidated affiliates | (140,297) | (465,665) |
Change in warrant liability | (2,175,824) | 0 |
Unrealized (gain) loss on securities | (104,467,952) | 24,745,513 |
Gain on disposition of investments | (2,840,170) | (26,268) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 392,013 | (726,680) |
Interest receivable | 277,530 | 163,775 |
Prepaid expenses | (49,284) | 246,685 |
Distributions from unconsolidated affiliates | 1,598,623 | 98,100 |
Deferred policy acquisition costs | 25,573 | 77,606 |
Other assets | (3,007) | 99,729 |
Accounts payable and accrued expenses | 232,627 | (1,301,124) |
Lease liabilities | (1,067,943) | (1,037,464) |
Unearned premiums | (170,499) | (532,148) |
Deferred revenue | 225,828 | 350,666 |
Net Cash Provided by (Used in) Operating Activities | 4,029,984 | (110,884) |
Cash Flows from Investing Activities: | ||
Payments on short-term payables for business acquisitions | (407,500) | (500) |
Business acquisitions, net of cash acquired | (6,102,508) | (14,310,533) |
Proceeds from redemption of preferred units | 0 | 6,000,000 |
Principal payments received on note receivable from affiliate | 20,000,000 | 0 |
Investment in unconsolidated affiliate | 0 | (1,500,000) |
Purchase of non-controlling interest in subsidiary | 0 | (1,406,409) |
Purchases of equipment and related assets | (2,624,259) | (599,059) |
Proceeds from sales of investments | 543,408,036 | 265,921,609 |
Purchase of investments | (518,225,946) | (218,274,275) |
Net Cash Provided by Investing Activities | 36,047,823 | 35,830,833 |
Cash Flows from Financing Activities: | ||
Principal payments of long-term debt | (294,375) | 0 |
Return of funds held as collateral | (102,461) | 0 |
Offering costs | (108,863) | (2,252) |
Net Cash Used in Financing Activities | (505,699) | (2,252) |
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 39,572,108 | 35,717,697 |
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 54,952,316 | 16,372,032 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 94,524,424 | 52,089,729 |
Interest Paid in Cash | 232,212 | 194,415 |
Income Taxes Paid in Cash | 0 | 0 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Increase in redeemable noncontrolling interest of broadband subsidiary | 549,989 | 1,397,790 |
(Decrease) in redeemable noncontrolling interest of insurance subsidiary | $ 0 | $ (323,649) |
Note 1 - Organization and Backg
Note 1 - Organization and Background | 3 Months Ended |
Mar. 31, 2021 | |
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 2021, eighteen On April 20, 2016, December 7, 2016, July November 2017 two third first 2020, third On March 10, 2020, December 29, 2020, second 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, 2020 2019 10 March 29, 2021, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation Policy The financial statements of Boston Omaha Corporation include the accounts of the Company and our consolidated subsidiaries, which are comprised of voting interest entities in which we have a controlling financial interest and variable interest entities in which we are the primary beneficiary in accordance with ASC 810, Consolidation Our consolidated subsidiaries include: 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” BOAM BFR LLC which we refer to as "BOAM BFR" BOC DFH, LLC which we refer to as “BOC DFH” BOC OPS LLC which we refer to as "BOC OPS" BOC Yellowstone which we refer to as "BOC Yellowstone" BOC Yellowstone II LLC which we refer to as “BOC Yellowstone II” Fiber is Fast, LLC which we refer to as "FIF" FIF AireBeam LLC, which we refer to as “AireBeam” FIF Utah LLC, which we refer to as “FIF Utah” Yellowstone Acquisition Company, which we refer to as "Yellowstone" Revenues The majority of our advertising revenues are derived from contracts for advertising space on billboard structures and are accounted for under Financial Accounting Standards Board, which we refer to as the “FASB,” Accounting Standards Codification, which we refer to as “ASC,” 606 , Revenue from Contracts with Customers. Premium revenues derived from our insurance operations are subject to ASC 944, Financial Services Insurance Revenue Recognition Billboard Rentals We generate revenue from outdoor advertising through the leasing of advertising space on billboards. The terms of the contracts range from less than one three Another component of billboard rentals consists of production services which include creating and printing advertising copy. Contract revenues for production services are accounted for under ASC 606, Revenue from Contracts with Customers one Deferred Revenues We record deferred revenues when cash payments are received in advance of being earned or when we have an unconditional right to consideration before satisfying our performance obligation. The term between invoicing and when a payment is due is not twelve Premiums and Unearned Premium Reserves Premiums written are recognized as revenues based on a pro-rata daily calculation over the respective terms of the policies in-force. The cost of reinsurance ceded is initially written as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded of $152,255 and $100,114 for the three March 31, 2021 2020, Commissions We generate revenue from commissions on surety bond sales and account for commissions under ASC 606. Broadband Revenues Broadband revenue is derived principally from internet services and is recognized on a straight-line basis over the term of the contract in the period the services are rendered. Revenue received or receivable in advance of the delivery of services is included in deferred revenue. 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 Variable Interest Entities (VIEs) We determine whether an entity is a VIE and, if so, whether it should be consolidated by utilizing judgments and estimates that are inherently subjective. Our determination of whether an entity in which we hold a direct or indirect variable interest is a VIE is based on several factors, including whether the entity’s total equity investment at risk upon inception is sufficient to finance the entity’s activities without additional subordinated financial support. We make judgments regarding the sufficiency of the equity at risk based first We analyze any investments in VIEs to determine if we are the primary beneficiary. In evaluating whether we are the primary beneficiary, we evaluate our direct and indirect economic interests in the entity. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in the VIE. Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative approach focused on identifying which reporting entity has both: (i) the power to direct the activities of a VIE that most significantly impact such entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. Performance of that analysis requires the exercise of judgment. We consider a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not Income Taxes We compute our year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income or loss and adjust the provision for discrete tax items recorded in the period. Class A Common Stock Subject to Possible Redemption As discussed in Note 18, second 480 10 S99, not 480. Yellowstone recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid in capital and accumulated deficit. Yellowstone's Common A Common Stock subject to redemption is included within "Redeemable Noncontrolling Interest" within our consolidated Balance Sheets. Warrants Liability We account for warrants for shares of Yellowstone's common stock that are not not 9 |
Note 3 - Restricted Cash
Note 3 - Restricted Cash | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 3. RESTRICTED CASH Restricted cash consists of the following: March 31, December 31, 2021 2020 Insurance premium escrow $ 308,458 $ 280,269 The following table sets forth a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated statements of cash flows that agrees to the total of those amounts as presented in the consolidated statements of cash flows. March 31, December 31, 2021 2020 Cash and cash equivalents $ 84,312,352 $ 44,665,972 Funds held as collateral 9,903,614 10,006,075 Restricted cash 308,458 280,269 Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statement of Cash Flows $ 94,524,424 $ 54,952,316 |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 4. ACCOUNTS RECEIVABLE Accounts receivable consist of the following: March 31, December 31, 2021 2020 Trade accounts $ 2,992,647 $ 3,537,864 Premiums 854,971 832,221 Allowance for doubtful accounts (247,783 ) (328,522 ) Total Accounts Receivable, net $ 3,599,835 $ 4,041,563 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5. PROPERTY AND EQUIPMENT Property and equipment consist of the following: March 31, December 31, 2021 2020 Structures and displays $ 44,440,750 $ 42,858,525 Fiber, towers, and broadband equipment 13,222,378 11,358,650 Vehicles and equipment 2,887,970 2,522,810 Office furniture and equipment 2,265,098 2,150,729 Accumulated depreciation (11,505,013 ) (10,382,442 ) Total Property and Equipment, net $ 51,311,183 $ 48,508,272 Depreciation expense for the three March 31, 2021 2020 three March 31, 2021 2020 |
Note 6 - Business Acquisitions
Note 6 - Business Acquisitions | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | NOTE 6. BUSINESS ACQUISITIONS 2021 During the first 2021, one 805. Billboard Acquisition On January 26, 2021, 238 2020 During the year ended December 31, 2020 two 805. Broadband Acquisitions FIF AireBeam On March 10, 2020, 805. one not three December 31, 2023, not The following is a summary of the allocation of the purchase price, which includes the final fair value allocation of the assets acquired and liabilities assumed: December 31, 2020 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 for the three month period ended March 31, 2020 are recognized from March 10, 2020, the date of acquisition, through March 31, 2020. During this period, revenues and earnings were $267,251 $65,410 $287,934 FIF Utah On December 29, 2020, not three not Due to the timing of the transaction, the initial accounting for the business combination is incomplete. In order to develop our preliminary fair values, we utilized asset information received from UBB and fair value allocation benchmarks from similar completed transactions. We are currently in the process of assessing UBB’s documentation of contracts related to customer relationships, detailed structure reports, operating leases, and asset retirement obligations, and also assessing the fair value of the 20% The purchase was recorded at fair value and preliminarily allocated as follows: December 31, 2020 Assets Acquired Property, plant and equipment $ 6,170,000 Customer relationships 7,400,000 Permits 330,000 Trade names and trademarks 1,910,000 Goodwill 11,030,000 Right of use assets 3,226,355 Other 201,000 Total Assets Acquired 30,267,355 Liabilities Assumed Accounts payable and deferred revenue 437,300 Lease liabilities 3,226,355 Total Liabilities Assumed 3,663,655 Total $ 26,603,700 Included in our property, plant, and equipment caption are fiber, tower, and broadband equipment assets acquired in the transaction which have useful lives ranging from five twenty ten twenty Pro Forma Information The following is the unaudited pro forma information assuming all business acquisitions occurred on January 1, 2020. two fifteen two fifty For the Three Months Ended March 31, 2021 2020 Revenue $ 13,285,225 $ 14,992,668 Net Income (Loss) Attributable to Common Stockholders $ 84,462,282 $ (23,861,040 ) Basic and Diluted Earnings (Loss) per Share $ 3.09 $ (1.01 ) Basic and Diluted Weighted Average Class A and Class B Common Shares Outstanding 27,299,946 23,510,660 The information included in the pro forma amounts is derived from historical information obtained from the sellers of the businesses. |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 7. INTANGIBLE ASSETS Intangible assets consist of the following: March 31, 2021 December 31, 2020 Accumulated Accumulated Cost Amortization Balance Cost Amortization Balance Customer relationships $ 48,087,482 $ (21,353,075 ) $ 26,734,407 $ 46,740,483 $ (20,558,751 ) $ 26,181,732 Permits, licenses, and lease acquisition costs 11,257,673 (2,665,384 ) 8,592,289 11,053,673 (2,412,313 ) 8,641,360 Site location 849,347 (207,426 ) 641,921 849,347 (193,462 ) 655,885 Noncompetition agreements 626,000 (414,405 ) 211,595 626,000 (386,934 ) 239,066 Trade names and trademarks 3,602,202 (421,107 ) 3,181,095 3,602,202 (369,175 ) 3,233,027 Technology 1,128,000 (236,661 ) 891,339 1,128,000 (212,250 ) 915,750 Nonsolicitation agreement 28,000 (28,000 ) - 28,000 (28,000 ) - Easements 4,507,089 - 4,507,089 4,507,089 - 4,507,089 Total $ 70,085,793 $ (25,326,058 ) $ 44,759,735 $ 68,534,794 $ (24,160,885 ) $ 44,373,909 Future Amortization The future amortization associated with the intangible assets is as follows: March 31, 2021 2022 2023 2024 2025 Thereafter Total Customer relationships $ 3,267,666 $ 3,267,666 $ 3,267,666 $ 3,267,666 $ 3,267,666 $ 10,396,077 $ 26,734,407 Permits, licenses, and lease acquisition costs 1,033,348 1,033,348 1,033,348 1,033,348 1,013,202 3,445,695 8,592,289 Site location 56,623 56,623 56,623 56,623 56,623 358,806 641,921 Noncompetition agreements 97,450 83,462 29,843 840 - - 211,595 Trade names and trademarks 208,900 208,900 208,900 208,900 208,900 2,136,595 3,181,095 Technology 99,000 99,000 99,000 99,000 99,000 396,339 891,339 Total $ 4,762,987 $ 4,748,999 $ 4,695,380 $ 4,666,377 $ 4,645,391 $ 16,733,512 $ 40,252,646 Amortization expense for the three March 31, 2021 2020 The weighted average amortization period, in months, for intangible assets is as follows: Customer relationships 98 Permits, licenses, and lease acquisition costs 100 Site location 136 Noncompetition agreements 23 Trade names and trademarks 183 Technology 108 |
Note 8 - Investments, Including
Note 8 - Investments, Including Investments Accounted for Using the Equity Method | 3 Months Ended |
Mar. 31, 2021 | |
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 three March 31, 2021, March 31, December 31, 2021 2020 Certificates of deposit $ 417,625 $ 1,035,827 Corporate bonds available for sale - 1,020,000 U.S. Treasury notes and corporate bond 4,942,094 4,994,848 Total $ 5,359,719 $ 7,050,675 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 9 March 31, 2021 December 31, 2020 Gross Unrealized Fair Cost Gain (Loss) Value Marketable equity securities, March 31, 2021 $ 43,684,885 $ 100,305,854 $ 143,990,739 Marketable equity securities, December 31, 2020 $ 68,205,548 $ (4,169,066 ) $ 64,036,482 U.S. Treasury Trading Securities We classify our investments in debt securities that are bought and held principally for the purpose of selling them in the near term as trading securities. Our debt securities classified as trading are carried at fair value in the consolidated balance sheets, with the change in fair value during the period included in earnings. Interest income is recognized at the coupon rate. Debt securities classified as trading as of March 31, 2021 December 31, 2020 Gross Unrealized Fair Cost Gain (Loss) Value U.S. Treasury securities, March 31, 2021 $ 54,494,536 $ 4,724 $ 54,499,260 U.S. Treasury securities, December 31, 2020 $ 37,766,133 $ 1,812 $ 37,767,945 U.S. Treasury Securities held in Trust Yellowstone's U.S. treasury securities held in the Trust Account are carried at fair value in the consolidated balance sheets, with the change in fair value during the period included in earnings. Interest income is recognized at the coupon rate. Long-term Investments Long-term investments consist of certificates of deposit having maturity dates in excess of twelve 2022 2023. Long-term investments consist of the following: March 31, December 31, 2021 2020 U.S. Treasury securities, held to maturity $ 283,126 $ 286,015 Preferred stock 104,019 104,019 Voting common stock of CBT Holding Corporation 19,058,485 19,058,485 Total $ 19,445,630 $ 19,448,519 Equity Investments During May 2018, one During January 2018, one We reviewed our investments as of March 31, 2021 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 March 31, 2021 Dream Finders Homes, Inc. 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. 2020, May 2019. On January 20, 2021, January 21, 2021. no one March 31, 2021, 24th 24th During 2020, two 24th 24th 24th 24th The following table is a reconciliation of our investments in equity affiliates as presented in investments in unconsolidated affiliates on our consolidated balance sheets, together with combined summarized financial data related to the unconsolidated affiliates: March 31, December 31, 2021 2020 Beginning of period $ 20,913,896 $ 771,805 Additional investment in unconsolidated affiliates - 16,000,000 Distributions received (1,598,623 ) (1,433,480 ) Reclassificaton of investment in affiliate to marketable securities (12,880,147 ) - Equity in income of unconsolidated affiliates 140,297 5,575,571 End of period $ 6,575,423 $ 20,913,896 Combined summarized financial data for these affiliates is as follows: March 31, 2021 2020 Revenue $ 9,416,765 $ 191,751,459 Gross profit 6,637,948 25,787,988 Income from continuing operations 20,713 7,382,036 Net (loss) income $ (453,471 ) $ 6,517,748 Note Receivable from Affiliate On October 2, 2020, May 1, 2021. November 1, 2020 first May 1, 2021. January 25, 2021, |
Note 9 - Fair Value
Note 9 - Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9. FAIR VALUE The fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value into three Level 1 Level 2 not Level 3 no At March 31, 2021 December 31, 2020 2 March 31, 2021 Warrants We have determined that the Public Warrants issued in connection with Yellowstone's initial public offering in October 2020 December 31, 2020 March 31, 2021 1 March 31, 2021 December 31, 2020. DFH Class A Common Stock The fair value calculation related to our shares of DFH’s Class A common stock is dependent upon Level 3 144A 1933. 144A second 2021. Investments Held in Trust - Special Purpose Acquisition Company Assets held in the Trust Account related to Yellowstone are comprised of $138,730,613 of marketable U.S. treasury securities, all of which are classified as Level 1 Marketable Equity Securities, U.S. Treasury Trading Securities, and Corporate Bonds Marketable equity securities and U.S. Treasury trading securities are reported at fair values. Other than as described above related to our shares of DFH's Class A common stock, substantially all of the fair value is determined using observed prices of publicly traded securities, level 1 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 March 31, 2021 Assets and (Losses) Earnings (Loss) Marketable equity securities and U.S. Treasury trading securities $ 198,489,999 $ 204,123,702 $ 2,864,074 $ 104,467,952 |
Note 10 - Asset Retirement Obli
Note 10 - Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 $ 2,282,273 Additions 92,574 Liabilities settled (311,235 ) Accretion expense 32,091 Balance, March 31, 2021 $ 2,095,703 |
Note 11 - Capital Stock
Note 11 - Capital Stock | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 1 1 . CAPITAL STOCK In February 2018, February 9, 2018. February 2021. 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, not March 31, 2020, 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. On March 30, 2021, 3ASR No. 333 254870 may, one may one may may one not not 10b5 1 1934, 10b5 1 10b5 1 third may 10b5 1 At March 31, 2021, single A summary of warrant activity for the three March 31, 2021 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, 2020 105,556 $ 9.95 4.50 $ 1,868,341 Issued - Exercised - Expired - Outstanding as of March 31, 2021 105,556 $ 9.95 4.25 $ 2,069,953 |
Note 12 - Long-term Debt
Note 12 - Long-term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 12. LONG-TERM DEBT On August 12, 2019, 1” 2” not As of March 31, 2021, 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 March 31, 2021 1 2 March 31, 2021. During the term of the Credit Facility, Link is required to comply with the following financial covenants: A consolidated leverage ratio for any test period ending on the last day of any fiscal quarter of Link (a) beginning with the fiscal quarter ended December 31, 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 March 31, 2021. The Credit Agreement includes representations and warranties, reporting covenants, affirmative covenants, negative covenants, financial covenants and events of default customary for financings of this type. Upon the occurrence of an event of default the Lender may |
Note 13 - Leases
Note 13 - Leases | 3 Months Ended |
Mar. 31, 2021 | |
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. Right of use assets, which we refer to as “ROU assets,” represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the respective lease term. Lease expense is recognized on a straight-line basis over the lease term. Certain of our operating lease agreements include rental payments based on a percentage of revenue and others include rental payments adjusted periodically for inflationary changes. Percentage rent contracts, in which lease expense is calculated as a percentage of advertising revenue, and payments due to changes in inflationary adjustments are included within variable rent expense, which is accounted for separately from periodic straight-line lease expense. Many of our leases entered into in connection with land provide options to extend the terms of the agreements. Generally, renewal periods are included in minimum lease payments when calculating the lease liabilities as, for most leases, we consider exercise of such options to be reasonably certain. As a result, optional terms and payments are included within the lease liability. Our lease agreements do not The implicit rate within our lease agreements is generally not 842, Operating Lease Cost Operating lease cost for the three March 31, 2021 2020 Three Months Three Months Ended Ended March 31, 2021 March 31, 2020 Statement of Operations Classification Lease cost $ 1,747,633 $ 1,611,303 Cost of billboard revenues and general and administrative Variable and short-term lease cost 97,046 157,246 Cost of billboard revenues and general and administrative Total Lease Cost $ 1,844,679 $ 1,768,549 Supplemental cash flow information related to operating leases is as follows: Three Months Ended March 31, 2021 Cash payments for operating leases $ 1,699,913 New operating lease assets obtained in exchange for operating lease liabilities $ 7,553,810 Operating Lease Assets and Liabilities March 31, 2021 December 31, 2020 Balance Sheet Classification Lease assets $ 56,676,028 $ 52,849,492 Other Assets: Right of use assets Current lease liabilities $ 4,024,439 $ 4,354,664 Current Liabilities: Lease liabilities Noncurrent lease liabilities 51,659,325 47,581,933 Long-term Liabilities: Lease liabilities Total Lease Liabilities $ 55,683,764 $ 51,936,597 Maturity of Operating Lease Liabilities March 31, 2021 2021 $ 6,491,462 2022 6,154,292 2023 5,840,813 2024 5,408,772 2025 5,263,616 Thereafter 55,168,967 Total lease payments 84,327,922 Less imputed interest (28,644,158 ) Present Value of Lease Liabilities $ 55,683,764 As of March 31, 2021 |
Note 14 - Industry Segments
Note 14 - Industry Segments | 3 Months Ended |
Mar. 31, 2021 | |
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. FIF provides high-speed broadband services to its customers located in Arizona and Utah. Total Three Months Ended March 31, 2021 GIG LMH FIF Unallocated Consolidated Revenue $ 2,256,297 $ 7,153,685 $ 3,795,037 $ - $ 13,205,019 Segment gross profit 1,127,087 4,291,938 3,038,824 - 8,457,849 Segment income (loss) from operations (787,487 ) 106,049 777,426 (1,581,766 ) (1,485,778 ) Capital expenditures - 6,563,517 2,040,190 123,059 8,726,766 Depreciation and amortization 40,378 1,697,028 559,755 14,815 2,311,976 Total Three Months Ended March 31, 2020 GIG LMH FIF Unallocated Consolidated Revenue $ 3,927,163 $ 7,215,766 $ - $ 267,251 $ 11,410,180 Segment gross profit 2,423,301 4,265,212 - 191,828 6,880,341 Segment loss from operations 300,386 72,118 - (1,552,476 ) (1,179,972 ) Capital expenditures - 599,059 12,341,242 12,940,301 Depreciation and amortization 141,946 1,641,385 - - 1,783,331 Total As of March 31, 2021 GIG LMH FIF Unallocated Consolidated Accounts receivable, net $ 924,966 $ 2,483,411 $ 184,558 $ 6,900 $ 3,599,835 Goodwill 8,719,294 100,191,426 18,154,158 - 127,064,878 Total assets 56,258,429 225,518,495 67,724,449 400,602,871 750,104,244 Total As of December 31, 2020 GIG LMH FIF Unallocated Consolidated Accounts receivable, net $ 1,160,424 $ 2,633,711 $ 247,428 $ - $ 4,041,563 Goodwill 8,719,294 97,572,994 18,154,158 - 124,446,446 Total assets 54,536,523 219,607,150 48,496,371 318,067,382 640,707,426 |
Note 15 - Reserves for Losses a
Note 15 - Reserves for Losses and Loss Adjustment Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Insurance Disclosure [Text Block] | NOTE 15. RESERVES FOR LOSSES AND LOSS ADJUSTMENT EXPENSES The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses ("LAE") for the three March 31: 2021 2020 Losses and LAE at January 1 $ 2,492,334 $ 1,203,493 Provision for losses and LAE claims arising in: Current year 249,778 575,685 Prior year 340,087 40,806 Total incurred 589,865 616,491 Losses and LAE payments for claims arising in: Current year 228,305 74,192 Prior years 310,553 379,891 Total payments 538,858 454,083 Losses and LAE at March 31 $ 2,543,341 $ 1,365,901 For the three March 31, 2021 three March 31, 2021 March 31, 2021 three March 31, 2020, three March 31, 2020. Reserves remaining as of March 31, 2020 March 31, 2021 2020, |
Note 16 - Custodial Risk
Note 16 - Custodial Risk | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Custodial Risk Disclosure [Text Block] | NOTE 16 . CUSTODIAL RISK As of March 31, 2021 |
Note 17 - Special Purpose Acqui
Note 17 - Special Purpose Acquisition Company | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Special Purpose Acquisition Company [Text Block] | NOTE 17 . SPECIAL PURPOSE ACQUISITION COMPANY In October 2020, $10.00 one one August November 2020, three On November 16, 2020, no not We have determined that (i) Yellowstone is a Variable Interest Entity, (ii) we are the primary beneficiary, and (iii) it is appropriate to consolidate Yellowstone under applicable accounting guidance outlined within ASC 810, |
Note 18 - Income Taxes
Note 18 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 18. INCOME TAXES In the first 2021, March 31, 2021 three Q1 2021 |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 19. SUBSEQUENT EVENTS On April 1, 2021, On April 6, 2021, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation Policy The financial statements of Boston Omaha Corporation include the accounts of the Company and our consolidated subsidiaries, which are comprised of voting interest entities in which we have a controlling financial interest and variable interest entities in which we are the primary beneficiary in accordance with ASC 810, Consolidation Our consolidated subsidiaries include: 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” BOAM BFR LLC which we refer to as "BOAM BFR" BOC DFH, LLC which we refer to as “BOC DFH” BOC OPS LLC which we refer to as "BOC OPS" BOC Yellowstone which we refer to as "BOC Yellowstone" BOC Yellowstone II LLC which we refer to as “BOC Yellowstone II” Fiber is Fast, LLC which we refer to as "FIF" FIF AireBeam LLC, which we refer to as “AireBeam” FIF Utah LLC, which we refer to as “FIF Utah” Yellowstone Acquisition Company, which we refer to as "Yellowstone" |
Revenue [Policy Text Block] | Revenues The majority of our advertising revenues are derived from contracts for advertising space on billboard structures and are accounted for under Financial Accounting Standards Board, which we refer to as the “FASB,” Accounting Standards Codification, which we refer to as “ASC,” 606 , Revenue from Contracts with Customers. Premium revenues derived from our insurance operations are subject to ASC 944, Financial Services Insurance Revenue Recognition Billboard Rentals We generate revenue from outdoor advertising through the leasing of advertising space on billboards. The terms of the contracts range from less than one three Another component of billboard rentals consists of production services which include creating and printing advertising copy. Contract revenues for production services are accounted for under ASC 606, Revenue from Contracts with Customers one Deferred Revenues We record deferred revenues when cash payments are received in advance of being earned or when we have an unconditional right to consideration before satisfying our performance obligation. The term between invoicing and when a payment is due is not twelve Premiums and Unearned Premium Reserves Premiums written are recognized as revenues based on a pro-rata daily calculation over the respective terms of the policies in-force. The cost of reinsurance ceded is initially written as prepaid reinsurance premiums and is amortized over the reinsurance contract period in proportion to the amount of insurance protection provided. Premiums ceded of $152,255 and $100,114 for the three March 31, 2021 2020, Commissions We generate revenue from commissions on surety bond sales and account for commissions under ASC 606. Broadband Revenues Broadband revenue is derived principally from internet services and is recognized on a straight-line basis over the term of the contract in the period the services are rendered. Revenue received or receivable in advance of the delivery of services is included in deferred revenue. |
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 |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities (VIEs) We determine whether an entity is a VIE and, if so, whether it should be consolidated by utilizing judgments and estimates that are inherently subjective. Our determination of whether an entity in which we hold a direct or indirect variable interest is a VIE is based on several factors, including whether the entity’s total equity investment at risk upon inception is sufficient to finance the entity’s activities without additional subordinated financial support. We make judgments regarding the sufficiency of the equity at risk based first We analyze any investments in VIEs to determine if we are the primary beneficiary. In evaluating whether we are the primary beneficiary, we evaluate our direct and indirect economic interests in the entity. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in the VIE. Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative approach focused on identifying which reporting entity has both: (i) the power to direct the activities of a VIE that most significantly impact such entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. Performance of that analysis requires the exercise of judgment. We consider a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not |
Income Tax, Policy [Policy Text Block] | Income Taxes We compute our year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income or loss and adjust the provision for discrete tax items recorded in the period. |
Shares Subject to Mandatory Redemption, Changes in Redemption Value, Policy [Policy Text Block] | Class A Common Stock Subject to Possible Redemption As discussed in Note 18, second 480 10 S99, not 480. Yellowstone recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid in capital and accumulated deficit. Yellowstone's Common A Common Stock subject to redemption is included within "Redeemable Noncontrolling Interest" within our consolidated Balance Sheets. |
Warrant Liability [Policy Text Block] | Warrants Liability We account for warrants for shares of Yellowstone's common stock that are not not 9 |
Note 3 - Restricted Cash (Table
Note 3 - Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | March 31, December 31, 2021 2020 Insurance premium escrow $ 308,458 $ 280,269 March 31, December 31, 2021 2020 Cash and cash equivalents $ 84,312,352 $ 44,665,972 Funds held as collateral 9,903,614 10,006,075 Restricted cash 308,458 280,269 Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statement of Cash Flows $ 94,524,424 $ 54,952,316 |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Receivables with Imputed Interest [Table Text Block] | March 31, December 31, 2021 2020 Trade accounts $ 2,992,647 $ 3,537,864 Premiums 854,971 832,221 Allowance for doubtful accounts (247,783 ) (328,522 ) Total Accounts Receivable, net $ 3,599,835 $ 4,041,563 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2021 2020 Structures and displays $ 44,440,750 $ 42,858,525 Fiber, towers, and broadband equipment 13,222,378 11,358,650 Vehicles and equipment 2,887,970 2,522,810 Office furniture and equipment 2,265,098 2,150,729 Accumulated depreciation (11,505,013 ) (10,382,442 ) Total Property and Equipment, net $ 51,311,183 $ 48,508,272 |
Note 6 - Business Acquisitions
Note 6 - Business Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | December 31, 2020 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 for the three month period ended March 31, 2020 are recognized from March 10, 2020, the date of acquisition, through March 31, 2020. During this period, revenues and earnings were $267,251 $65,410 $287,934 December 31, 2020 Assets Acquired Property, plant and equipment $ 6,170,000 Customer relationships 7,400,000 Permits 330,000 Trade names and trademarks 1,910,000 Goodwill 11,030,000 Right of use assets 3,226,355 Other 201,000 Total Assets Acquired 30,267,355 Liabilities Assumed Accounts payable and deferred revenue 437,300 Lease liabilities 3,226,355 Total Liabilities Assumed 3,663,655 Total $ 26,603,700 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the Three Months Ended March 31, 2021 2020 Revenue $ 13,285,225 $ 14,992,668 Net Income (Loss) Attributable to Common Stockholders $ 84,462,282 $ (23,861,040 ) Basic and Diluted Earnings (Loss) per Share $ 3.09 $ (1.01 ) Basic and Diluted Weighted Average Class A and Class B Common Shares Outstanding 27,299,946 23,510,660 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | March 31, 2021 December 31, 2020 Accumulated Accumulated Cost Amortization Balance Cost Amortization Balance Customer relationships $ 48,087,482 $ (21,353,075 ) $ 26,734,407 $ 46,740,483 $ (20,558,751 ) $ 26,181,732 Permits, licenses, and lease acquisition costs 11,257,673 (2,665,384 ) 8,592,289 11,053,673 (2,412,313 ) 8,641,360 Site location 849,347 (207,426 ) 641,921 849,347 (193,462 ) 655,885 Noncompetition agreements 626,000 (414,405 ) 211,595 626,000 (386,934 ) 239,066 Trade names and trademarks 3,602,202 (421,107 ) 3,181,095 3,602,202 (369,175 ) 3,233,027 Technology 1,128,000 (236,661 ) 891,339 1,128,000 (212,250 ) 915,750 Nonsolicitation agreement 28,000 (28,000 ) - 28,000 (28,000 ) - Easements 4,507,089 - 4,507,089 4,507,089 - 4,507,089 Total $ 70,085,793 $ (25,326,058 ) $ 44,759,735 $ 68,534,794 $ (24,160,885 ) $ 44,373,909 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | March 31, 2021 2022 2023 2024 2025 Thereafter Total Customer relationships $ 3,267,666 $ 3,267,666 $ 3,267,666 $ 3,267,666 $ 3,267,666 $ 10,396,077 $ 26,734,407 Permits, licenses, and lease acquisition costs 1,033,348 1,033,348 1,033,348 1,033,348 1,013,202 3,445,695 8,592,289 Site location 56,623 56,623 56,623 56,623 56,623 358,806 641,921 Noncompetition agreements 97,450 83,462 29,843 840 - - 211,595 Trade names and trademarks 208,900 208,900 208,900 208,900 208,900 2,136,595 3,181,095 Technology 99,000 99,000 99,000 99,000 99,000 396,339 891,339 Total $ 4,762,987 $ 4,748,999 $ 4,695,380 $ 4,666,377 $ 4,645,391 $ 16,733,512 $ 40,252,646 Customer relationships 98 Permits, licenses, and lease acquisition costs 100 Site location 136 Noncompetition agreements 23 Trade names and trademarks 183 Technology 108 |
Note 8 - Investments, Includi_2
Note 8 - Investments, Including Investments Accounted for Using the Equity Method (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Investment [Table Text Block] | March 31, December 31, 2021 2020 Certificates of deposit $ 417,625 $ 1,035,827 Corporate bonds available for sale - 1,020,000 U.S. Treasury notes and corporate bond 4,942,094 4,994,848 Total $ 5,359,719 $ 7,050,675 March 31, December 31, 2021 2020 U.S. Treasury securities, held to maturity $ 283,126 $ 286,015 Preferred stock 104,019 104,019 Voting common stock of CBT Holding Corporation 19,058,485 19,058,485 Total $ 19,445,630 $ 19,448,519 |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Gross Unrealized Fair Cost Gain (Loss) Value Marketable equity securities, March 31, 2021 $ 43,684,885 $ 100,305,854 $ 143,990,739 Marketable equity securities, December 31, 2020 $ 68,205,548 $ (4,169,066 ) $ 64,036,482 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Unrealized Fair Cost Gain (Loss) Value U.S. Treasury securities, March 31, 2021 $ 54,494,536 $ 4,724 $ 54,499,260 U.S. Treasury securities, December 31, 2020 $ 37,766,133 $ 1,812 $ 37,767,945 |
Investments in and Advances to Affiliates [Table Text Block] | March 31, December 31, 2021 2020 Beginning of period $ 20,913,896 $ 771,805 Additional investment in unconsolidated affiliates - 16,000,000 Distributions received (1,598,623 ) (1,433,480 ) Reclassificaton of investment in affiliate to marketable securities (12,880,147 ) - Equity in income of unconsolidated affiliates 140,297 5,575,571 End of period $ 6,575,423 $ 20,913,896 |
Equity Method Investments [Table Text Block] | March 31, 2021 2020 Revenue $ 9,416,765 $ 191,751,459 Gross profit 6,637,948 25,787,988 Income from continuing operations 20,713 7,382,036 Net (loss) income $ (453,471 ) $ 6,517,748 |
Note 9 - Fair Value (Tables)
Note 9 - Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 Assets and (Losses) Earnings (Loss) Marketable equity securities and U.S. Treasury trading securities $ 198,489,999 $ 204,123,702 $ 2,864,074 $ 104,467,952 |
Note 10 - Asset Retirement Ob_2
Note 10 - Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Balance, December 31, 2020 $ 2,282,273 Additions 92,574 Liabilities settled (311,235 ) Accretion expense 32,091 Balance, March 31, 2021 $ 2,095,703 |
Note 11 - Capital Stock (Tables
Note 11 - Capital Stock (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 105,556 $ 9.95 4.50 $ 1,868,341 Issued - Exercised - Expired - Outstanding as of March 31, 2021 105,556 $ 9.95 4.25 $ 2,069,953 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Three Months Ended Ended March 31, 2021 March 31, 2020 Statement of Operations Classification Lease cost $ 1,747,633 $ 1,611,303 Cost of billboard revenues and general and administrative Variable and short-term lease cost 97,046 157,246 Cost of billboard revenues and general and administrative Total Lease Cost $ 1,844,679 $ 1,768,549 |
Supplemental Cash Flow Information Related to Operating Leases [Table Text Block] | Three Months Ended March 31, 2021 Cash payments for operating leases $ 1,699,913 New operating lease assets obtained in exchange for operating lease liabilities $ 7,553,810 |
Operating Lease Assets and Liabilities [Table Text Block] | March 31, 2021 December 31, 2020 Balance Sheet Classification Lease assets $ 56,676,028 $ 52,849,492 Other Assets: Right of use assets Current lease liabilities $ 4,024,439 $ 4,354,664 Current Liabilities: Lease liabilities Noncurrent lease liabilities 51,659,325 47,581,933 Long-term Liabilities: Lease liabilities Total Lease Liabilities $ 55,683,764 $ 51,936,597 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | March 31, 2021 2021 $ 6,491,462 2022 6,154,292 2023 5,840,813 2024 5,408,772 2025 5,263,616 Thereafter 55,168,967 Total lease payments 84,327,922 Less imputed interest (28,644,158 ) Present Value of Lease Liabilities $ 55,683,764 |
Note 14 - Industry Segments (Ta
Note 14 - Industry Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Total Three Months Ended March 31, 2021 GIG LMH FIF Unallocated Consolidated Revenue $ 2,256,297 $ 7,153,685 $ 3,795,037 $ - $ 13,205,019 Segment gross profit 1,127,087 4,291,938 3,038,824 - 8,457,849 Segment income (loss) from operations (787,487 ) 106,049 777,426 (1,581,766 ) (1,485,778 ) Capital expenditures - 6,563,517 2,040,190 123,059 8,726,766 Depreciation and amortization 40,378 1,697,028 559,755 14,815 2,311,976 Total Three Months Ended March 31, 2020 GIG LMH FIF Unallocated Consolidated Revenue $ 3,927,163 $ 7,215,766 $ - $ 267,251 $ 11,410,180 Segment gross profit 2,423,301 4,265,212 - 191,828 6,880,341 Segment loss from operations 300,386 72,118 - (1,552,476 ) (1,179,972 ) Capital expenditures - 599,059 12,341,242 12,940,301 Depreciation and amortization 141,946 1,641,385 - - 1,783,331 Total As of March 31, 2021 GIG LMH FIF Unallocated Consolidated Accounts receivable, net $ 924,966 $ 2,483,411 $ 184,558 $ 6,900 $ 3,599,835 Goodwill 8,719,294 100,191,426 18,154,158 - 127,064,878 Total assets 56,258,429 225,518,495 67,724,449 400,602,871 750,104,244 Total As of December 31, 2020 GIG LMH FIF Unallocated Consolidated Accounts receivable, net $ 1,160,424 $ 2,633,711 $ 247,428 $ - $ 4,041,563 Goodwill 8,719,294 97,572,994 18,154,158 - 124,446,446 Total assets 54,536,523 219,607,150 48,496,371 318,067,382 640,707,426 |
Note 15 - Reserves for Losses_2
Note 15 - Reserves for Losses and Loss Adjustment Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | 2021 2020 Losses and LAE at January 1 $ 2,492,334 $ 1,203,493 Provision for losses and LAE claims arising in: Current year 249,778 575,685 Prior year 340,087 40,806 Total incurred 589,865 616,491 Losses and LAE payments for claims arising in: Current year 228,305 74,192 Prior years 310,553 379,891 Total payments 538,858 454,083 Losses and LAE at March 31 $ 2,543,341 $ 1,365,901 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Ceded Premiums Earned | $ 152,255 | $ 100,114 |
Common Class A [Member] | Yellowstone Acquisition Company [Member] | IPO [Member] | ||
Stock Issued During Period, Shares, New Issues (in shares) | 13,598,898 | |
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 ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Restricted cash | $ 308,458 | $ 280,269 | ||
Cash and cash equivalents | 84,312,352 | 44,665,972 | ||
Funds held as collateral | 9,903,614 | 10,006,075 | ||
Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statement of Cash Flows | 94,524,424 | 54,952,316 | $ 52,089,729 | $ 16,372,032 |
Insurance Premium Escrow [Member] | ||||
Restricted cash | $ 308,458 | $ 280,269 |
Note 4 - Accounts Receivable -
Note 4 - Accounts Receivable - Schedule of Receivables (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Allowance for doubtful accounts | $ (247,783) | $ (328,522) |
Accounts receivable, net | 3,599,835 | 4,041,563 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, gross | 2,992,647 | 3,537,864 |
Premium [Member] | ||
Accounts receivable, gross | $ 854,971 | $ 832,221 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Depreciation, Total | $ 1,146,804 | $ 831,510 |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (35,567) | $ (18,919) |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accumulated depreciation | $ (11,505,013) | $ (10,382,442) |
Total Property and Equipment, net | 51,311,183 | 48,508,272 |
Structures and Displays [Member] | ||
Property, plant and equipment, gross | 44,440,750 | 42,858,525 |
Fiber, Towers, and Broadband Equipment [Member] | ||
Property, plant and equipment, gross | 13,222,378 | 11,358,650 |
Vehicles and Equipment [Member] | ||
Property, plant and equipment, gross | 2,887,970 | 2,522,810 |
Office Furniture and Equipment [Member] | ||
Property, plant and equipment, gross | $ 2,265,098 | $ 2,150,729 |
Note 6 - Business Acquisition_2
Note 6 - Business Acquisitions (Details Textual) - USD ($) | Jan. 26, 2021 | Dec. 29, 2020 | Mar. 10, 2020 | Jan. 01, 2020 | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill, Ending Balance | $ 127,064,878 | $ 124,446,446 | ||||
Minimum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |||||
Maximum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 50 years | |||||
Assets Acquired from Acquisition [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 2 years | |||||
Assets Acquired from Acquisition [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |||||
FibAire [Member] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 10.00% | |||||
UBB [Member] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% | |||||
Thomas Outdoors, LLC [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 6,102,508 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 1,706,708 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,551,000 | |||||
Goodwill, Ending Balance | 2,618,431 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 226,369 | |||||
FibAire Communications LLC [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 13,712,491 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 3,112,459 | |||||
Goodwill, Ending Balance | 7,124,158 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 184,737 | |||||
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 | 267,251 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 65,410 | |||||
Business Combination, Acquisition Related Costs | $ 287,934 | |||||
FibAire Communications LLC [Member] | Customer Relationships and Permits [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||
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 | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | |||||
Utah Broadband, LLC [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 26,603,700 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 6,170,000 | |||||
Goodwill, Ending Balance | 11,030,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 201,000 | |||||
Business Combination, Consideration Transferred, Percent, Cash | 80.00% | |||||
Utah Broadband, LLC [Member] | Trademarks and Trade Names [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,910,000 | |||||
Utah Broadband, LLC [Member] | Fiber, Towers, and Broadband Equipment [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||
Utah Broadband, LLC [Member] | Fiber, Towers, and Broadband Equipment [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |||||
Utah Broadband, LLC [Member] | Equity of FIF Utah [Member] | ||||||
Business Combination, Consideration Transferred, Percent, Equity | 20.00% |
Note 6 - Business Acquisition_3
Note 6 - Business Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill, Ending Balance | $ 127,064,878 | $ 124,446,446 |
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 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 184,737 | |
Total Assets Acquired | 14,459,320 | |
Accounts payable and deferred revenue | 317,768 | |
Lease liabilities | 337,966 | |
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 | |
Utah Broadband, LLC [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 6,170,000 | |
Goodwill, Ending Balance | 11,030,000 | |
Right of use assets | 3,226,355 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 201,000 | |
Total Assets Acquired | 30,267,355 | |
Accounts payable and deferred revenue | 437,300 | |
Lease liabilities | 3,226,355 | |
Total Liabilities Assumed | 3,663,655 | |
Total | 26,603,700 | |
Utah Broadband, LLC [Member] | Customer Relationships [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 7,400,000 | |
Utah Broadband, LLC [Member] | Permits [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 330,000 | |
Utah Broadband, LLC [Member] | Trademarks and Trade Names [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,910,000 |
Note 6 - Business Acquisition_4
Note 6 - Business Acquisitions - Pro Forma Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | $ 13,285,225 | $ 14,992,668 |
Net Income (Loss) Attributable to Common Stockholders | $ 84,462,282 | $ (23,861,040) |
Basic and Diluted Earnings (Loss) per Share (in dollars per share) | $ 3.09 | $ (1.01) |
Shares Outstanding (in shares) | 27,299,946 | 23,510,660 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Amortization, Total | $ 1,165,172 | $ 951,821 |
Note 7 - Intangible Assets - Sc
Note 7 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accumulated amortization | $ (25,326,058) | $ (24,160,885) |
Balance | 40,252,646 | |
Total, cost | 70,085,793 | 68,534,794 |
Intangible assets, net | 44,759,735 | 44,373,909 |
Easements [Member] | ||
Accumulated amortization | 0 | 0 |
Balance | 4,507,089 | 4,507,089 |
Customer Relationships [Member] | ||
Cost | 48,087,482 | 46,740,483 |
Accumulated amortization | (21,353,075) | (20,558,751) |
Balance | 26,734,407 | 26,181,732 |
Permits, Licenses and Lease Acquisition Costs [Member] | ||
Cost | 11,257,673 | 11,053,673 |
Accumulated amortization | (2,665,384) | (2,412,313) |
Balance | 8,592,289 | 8,641,360 |
Site Location [Member] | ||
Cost | 849,347 | 849,347 |
Accumulated amortization | (207,426) | (193,462) |
Balance | 641,921 | 655,885 |
Noncompete Agreements [Member] | ||
Cost | 626,000 | 626,000 |
Accumulated amortization | (414,405) | (386,934) |
Balance | 211,595 | 239,066 |
Trademarks and Trade Names [Member] | ||
Cost | 3,602,202 | 3,602,202 |
Accumulated amortization | (421,107) | (369,175) |
Balance | 3,181,095 | 3,233,027 |
Technology-Based Intangible Assets [Member] | ||
Cost | 1,128,000 | 1,128,000 |
Accumulated amortization | (236,661) | (212,250) |
Balance | 891,339 | 915,750 |
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 (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
2021 | $ 4,762,987 | |
2022 | 4,748,999 | |
2023 | 4,695,380 | |
2024 | 4,666,377 | |
2025 | 4,645,391 | |
Thereafter | 16,733,512 | |
Total | 40,252,646 | |
Customer Relationships [Member] | ||
2021 | 3,267,666 | |
2022 | 3,267,666 | |
2023 | 3,267,666 | |
2024 | 3,267,666 | |
2025 | 3,267,666 | |
Thereafter | 10,396,077 | |
Total | $ 26,734,407 | $ 26,181,732 |
Customer Relationships [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 98 months | |
Permits, Licenses and Lease Acquisition Costs [Member] | ||
2021 | $ 1,033,348 | |
2022 | 1,033,348 | |
2023 | 1,033,348 | |
2024 | 1,033,348 | |
2025 | 1,013,202 | |
Thereafter | 3,445,695 | |
Total | $ 8,592,289 | 8,641,360 |
Permits, Licenses and Lease Acquisition Costs [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 100 months | |
Site Location [Member] | ||
2021 | $ 56,623 | |
2022 | 56,623 | |
2023 | 56,623 | |
2024 | 56,623 | |
2025 | 56,623 | |
Thereafter | 358,806 | |
Total | $ 641,921 | 655,885 |
Site Location [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 136 months | |
Noncompete Agreements [Member] | ||
2021 | $ 97,450 | |
2022 | 83,462 | |
2023 | 29,843 | |
2024 | 840 | |
2025 | 0 | |
Thereafter | 0 | |
Total | $ 211,595 | 239,066 |
Noncompete Agreements [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 23 months | |
Trademarks and Trade Names [Member] | ||
2021 | $ 208,900 | |
2022 | 208,900 | |
2023 | 208,900 | |
2024 | 208,900 | |
2025 | 208,900 | |
Thereafter | 2,136,595 | |
Total | $ 3,181,095 | 3,233,027 |
Trademarks and Trade Names [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 183 months | |
Technology-Based Intangible Assets [Member] | ||
2021 | $ 99,000 | |
2022 | 99,000 | |
2023 | 99,000 | |
2024 | 99,000 | |
2025 | 99,000 | |
Thereafter | 396,339 | |
Total | $ 891,339 | $ 915,750 |
Technology-Based Intangible Assets [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average useful life (Month) | 108 months |
Note 8 - Investments, Includi_3
Note 8 - Investments, Including Investments Accounted for Using the Equity Method (Details Textual) - USD ($) | Jan. 25, 2021 | Jan. 20, 2021 | May 31, 2018 | Dec. 31, 2017 | May 31, 2019 | Jan. 31, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Oct. 02, 2020 |
Gain (Loss) on Sale of Investments, Total | $ 2,840,170 | $ 26,268 | ||||||||
Proceeds from Redemption of Preferred Units | 0 | 6,000,000 | ||||||||
Equity Securities, FV-NI | 143,990,739 | $ 64,036,482 | ||||||||
Payments to Acquire Equity Method Investments | 0 | $ 1,500,000 | ||||||||
Dream Finders Holdings, LLC [Member] | Term Loan Receivable [Member] | ||||||||||
Notes Receivable, Related Parties | $ 20,000,000 | |||||||||
Note Receivable, Interest Rate | 14.00% | |||||||||
Dream Finders Homes, Inc. [Member] | ||||||||||
Proceeds from Collection of Notes Receivable | $ 20,567,776 | |||||||||
Common Class A [Member] | IPO [Member] | Dream Finders Homes, Inc. [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 9,600,000 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 13 | |||||||||
Unconsolidated Affiliates [Member] | ||||||||||
Equity Method Investments | $ 560,579 | |||||||||
Unconsolidated Affiliates [Member] | Minimum [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 5.60% | |||||||||
Unconsolidated Affiliates [Member] | Maximum [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | |||||||||
The 24th Street Fund I, LLC [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 49.90% | |||||||||
Payments to Acquire Equity Method Investments | $ 6,000,000 | |||||||||
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 | 23,904 | |||||||||
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% | |||||||||
Equity Investments [Member] | ||||||||||
Other than Temporary Impairment Losses, Investments, Total | 0 | |||||||||
Non-voting Common Units of Dream Finders Holdings, 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 | |||||||||
DFH Class A Common Stock [Member] | ||||||||||
Equity Securities, FV-NI, Shares, Acquired from Conversion (in shares) | 4,681,099 | |||||||||
Equity Securities, FV-NI, Shares, Purchase (in shares) | 120,000 | |||||||||
Equity Securities, FV-NI, Shares, Purchase, Price Per Share (in dollars per share) | $ 13 | |||||||||
DFH Class A Common Stock [Member] | Minimum [Member] | ||||||||||
Equity Securities, FV-NI | $ 115,000,000 |
Note 8 - Investments, Includi_4
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Schedule of Investments (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Short-term Investments | $ 5,359,719 | $ 7,050,675 |
Long-term investments | 19,445,630 | 19,448,519 |
Certificates of Deposit [Member] | ||
Short-term Investments | 417,625 | 1,035,827 |
US Treasury Securities [Member] | ||
Long-term investments | 283,126 | 286,015 |
Corporate Bond Securities [Member] | ||
Short-term Investments | 0 | 1,020,000 |
Preferred Stock [Member] | ||
Long-term investments | 104,019 | 104,019 |
U.S. Treasury Notes and Corporate Bonds [Member] | ||
Short-term Investments | 4,942,094 | 4,994,848 |
Voting Common Stock of Privately Held Company CB&T Holding Corporation [Member] | ||
Long-term investments | $ 19,058,485 | $ 19,058,485 |
Note 8 - Investments, Includi_5
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Marketable Equity Securities and Trading Securities (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Marketable equity securities, Cost | $ 43,684,885 | $ 68,205,548 |
Marketable equity securities, Gross Unrealized Gain (Loss) | 100,305,854 | (4,169,066) |
Marketable equity securities | $ 143,990,739 | $ 64,036,482 |
Note 8 - Investments, Includi_6
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Available for Sale Securities (Details) - US Treasury Notes Securities [Member] - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
U.S. Treasury notes, Cost | $ 54,494,536 | $ 37,766,133 |
U.S. Treasury notes, Gross Unrealized Gain (Loss) | 4,724 | 1,812 |
U.S. Treasury notes, Fair Value | $ 54,499,260 | $ 37,767,945 |
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 | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Beginning of period | $ 20,913,896 | $ 771,805 | $ 771,805 |
Additional investment in unconsolidated affiliates | 0 | 16,000,000 | |
Distributions received | (1,598,623) | (1,433,480) | |
Reclassificaton of investment in affiliate to marketable securities | (12,880,147) | 0 | |
Reclassificaton of investment in affiliate to marketable securities | 12,880,147 | 0 | |
Equity in income of unconsolidated affiliates | 140,297 | $ 465,665 | 5,575,571 |
End of period | $ 6,575,423 | $ 20,913,896 |
Note 8 - Investments, Includi_8
Note 8 - Investments, Including Investments Accounted for Using the Equity Method - Summarized Financial Data (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | $ 13,205,019 | $ 11,410,180 |
Gross profit | 8,457,849 | 6,880,341 |
Net (loss) income | 88,120,060 | (24,727,697) |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Revenue | 9,416,765 | 191,751,459 |
Gross profit | 6,637,948 | 25,787,988 |
Income from continuing operations | 20,713 | 7,382,036 |
Net (loss) income | $ (453,471) | $ 6,517,748 |
Note 9 - Fair Value (Details Te
Note 9 - Fair Value (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Long-term Debt, Fair Value | $ 23,512,618 | |
Long-term Debt, Total | 22,763,275 | |
Fair Value Adjustment of Warrants | (2,175,824) | $ 0 |
Investment Income, Amortization of Discount | 5,633,703 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets Held-in-trust, Total | $ 138,730,613 |
Note 9 - Fair Value - Fair Valu
Note 9 - Fair Value - Fair Values for Investments (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Realized gains and (losses) | $ 2,864,074 |
Total changes in fair values included in current period earnings (loss) | 104,467,952 |
Reported Value Measurement [Member] | |
Marketable equity securities and U.S. Treasury trading securities | 198,489,999 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |
Marketable equity securities and U.S. Treasury trading securities | $ 204,123,702 |
Note 10 - Asset Retirement Ob_3
Note 10 - Asset Retirement Obligations - Asset Retirement Obligations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance | $ 2,282,273 | |
Additions | 92,574 | |
Liabilities settled | (311,235) | |
Accretion expense | 32,091 | $ 34,762 |
Balance | $ 2,095,703 |
Note 11 - Capital Stock (Detail
Note 11 - Capital Stock (Details Textual) | Jun. 02, 2020USD ($)shares | May 28, 2020$ / sharesshares | Mar. 31, 2021USD ($)shares | Jun. 30, 2020USD ($)shares | Mar. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Aug. 20, 2019USD ($)shares | Dec. 31, 2020shares | Aug. 20, 2019USD ($)shares | Mar. 18, 2020shares | Aug. 13, 2019USD ($) | Feb. 28, 2018USD ($) |
Payments of Stock Issuance Costs | $ | $ 108,863 | $ 2,252 | ||||||||||
Class of Warrant or Right, Outstanding (in shares) | shares | 105,556 | 105,556 | ||||||||||
Warrants for Common Class B Stock [Member] | ||||||||||||
Class of Warrant or Right, Outstanding (in shares) | shares | 104,772 | |||||||||||
Warrants for Common Class A Stock [Member] | ||||||||||||
Class of Warrant or Right, Outstanding (in shares) | shares | 784 | |||||||||||
Common Class A [Member] | ||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 20,000,000 | |||||||||||
Stock Repurchased During Period, Shares (in shares) | shares | 0 | |||||||||||
Common Stock, Voting Rights Per Share | 1 | |||||||||||
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) | shares | 40,455 | 0 | 448,880 | |||||||||
Proceeds from Issuance of Common Stock | $ | $ 669,751 | $ 9,450,789 | ||||||||||
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) | 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) | shares | 3,680,000 | |||||||||||
Proceeds from Issuance of Common Stock | $ | $ 58,900,000 | |||||||||||
Share Offering, Number of Shares Authorized (in shares) | shares | 3,200,000 | |||||||||||
Share Price (in dollars per share) | $ / shares | $ 16 | |||||||||||
Stock Option, Exercisable, Remaining Contractual Term (Day) | 30 days | |||||||||||
Stock Option, Number of Securities Called by Each Stock Option (in shares) | 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) | shares | 39,375 | |||||||||||
Common Class B [Member] | ||||||||||||
Common Stock, Voting Rights Per Share | 10 |
Note 11 - Capital Stock - Summa
Note 11 - Capital Stock - Summary of Warrant Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
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 3 months | 4 years 6 months |
Outstanding, aggregate intrinsic value of vested warrants | $ 2,069,953 | $ 1,868,341 |
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 ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021 | Dec. 31, 2020USD ($) | Dec. 31, 2019 |
Long-term Debt, Total | $ 22,763,275 | ||||
Long-term Debt, Current Maturities, Total | 1,195,128 | $ 1,282,504 | |||
First National Bank of Omaha [Member] | |||||
Long-term Line of Credit, Total | 0 | ||||
Minimum Consolidated Leverage Ratio Requirement | 3.25 | 3.50 | |||
Consolidated Fixed Charge Ratio Requirement | 1.15 | ||||
First National Bank of Omaha [Member] | Forecast [Member] | |||||
Minimum Consolidated Leverage Ratio Requirement | 3 | ||||
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 [Member] | |||||
Debt Instrument, Face Amount | $ 23,560,000 | ||||
Long-term Debt, Total | 22,763,275 | ||||
Long-term Debt, Current Maturities, Total | 1,195,128 | ||||
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, Interest Rate, Stated Percentage | 3.375% |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) | Mar. 31, 2021 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 17 years 4 months 20 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.74% |
Note 13 - Leases - Operating Le
Note 13 - Leases - Operating Lease Cost (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lease cost | $ 1,747,633 | $ 1,611,303 |
Variable and short-term lease cost | 97,046 | 157,246 |
Total Lease Cost | $ 1,844,679 | $ 1,768,549 |
Note 13 - Leases - Supplemental
Note 13 - Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Cash payments for operating leases | $ 1,699,913 |
New operating lease assets obtained in exchange for operating lease liabilities | $ 7,553,810 |
Note 13 - Leases - Operating _2
Note 13 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Lease assets | $ 56,676,028 | $ 52,849,492 |
Current lease liabilities | 4,024,439 | 4,354,664 |
Noncurrent lease liabilities | 51,659,325 | 47,581,933 |
Total Lease Liabilities | $ 55,683,764 | $ 51,936,597 |
Note 13 - Leases - Maturity of
Note 13 - Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
2021 | $ 6,491,462 | |
2022 | 6,154,292 | |
2023 | 5,840,813 | |
2024 | 5,408,772 | |
2025 | 5,263,616 | |
Thereafter | 55,168,967 | |
Total lease payments | 84,327,922 | |
Less imputed interest | (28,644,158) | |
Present Value of Lease Liabilities | $ 55,683,764 | $ 51,936,597 |
Note 14 - Industry Segments - S
Note 14 - Industry Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Revenue | $ 13,205,019 | $ 11,410,180 | |
Segment gross profit | 8,457,849 | 6,880,341 | |
Segment income (loss) from operations | (1,485,778) | (1,179,972) | |
Capital expenditures | 8,726,766 | 12,940,301 | |
Depreciation and amortization | 2,311,976 | 1,783,331 | |
Accounts receivable, net | 3,599,835 | $ 4,041,563 | |
Goodwill | 127,064,878 | 124,446,446 | |
Total assets | 750,104,244 | 640,707,426 | |
Segment Reconciling Items [Member] | |||
Revenue | 0 | 267,251 | |
Segment gross profit | 0 | 191,828 | |
Segment income (loss) from operations | (1,581,766) | (1,552,476) | |
Capital expenditures | 123,059 | 12,341,242 | |
Depreciation and amortization | 14,815 | 0 | |
Accounts receivable, net | 6,900 | 0 | |
Goodwill | 0 | 0 | |
Total assets | 400,602,871 | 318,067,382 | |
GIG [Member] | Operating Segments [Member] | |||
Revenue | 2,256,297 | 3,927,163 | |
Segment gross profit | 1,127,087 | 2,423,301 | |
Segment income (loss) from operations | (787,487) | 300,386 | |
Capital expenditures | 0 | 0 | |
Depreciation and amortization | 40,378 | 141,946 | |
Accounts receivable, net | 924,966 | 1,160,424 | |
Goodwill | 8,719,294 | 8,719,294 | |
Total assets | 56,258,429 | 54,536,523 | |
LMH [Member] | Operating Segments [Member] | |||
Revenue | 7,153,685 | 7,215,766 | |
Segment gross profit | 4,291,938 | 4,265,212 | |
Segment income (loss) from operations | 106,049 | 72,118 | |
Capital expenditures | 6,563,517 | 599,059 | |
Depreciation and amortization | 1,697,028 | 1,641,385 | |
Accounts receivable, net | 2,483,411 | 2,633,711 | |
Goodwill | 100,191,426 | 97,572,994 | |
Total assets | 225,518,495 | 219,607,150 | |
FIF [Member] | Operating Segments [Member] | |||
Revenue | 3,795,037 | 0 | |
Segment gross profit | 3,038,824 | 0 | |
Segment income (loss) from operations | 777,426 | 0 | |
Capital expenditures | 2,040,190 | ||
Depreciation and amortization | 559,755 | $ 0 | |
Accounts receivable, net | 184,558 | 247,428 | |
Goodwill | 18,154,158 | 18,154,158 | |
Total assets | $ 67,724,449 | $ 48,496,371 |
Note 15 - Reserves for Losses_3
Note 15 - Reserves for Losses and Loss Adjustment Expenses (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | $ 310,553 | $ 379,891 |
Liability for Unpaid Claims and Claims Adjustment Expense, Favorable Development, Prior Years | 191,000 | 157,000 |
Prior Year Claims and Claims Adjustment Expense | 340,087 | 40,806 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments, Ending Balance | $ 12,074 | $ 120,000 |
Note 15 - Reserves for Losses_4
Note 15 - Reserves for Losses and Loss Adjustment Expenses - Reserves Balance for Losses and Loss Adjustment Expenses (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Losses and LAE at beginning of year | $ 2,492,334 | $ 1,203,493 |
Provision for losses and LAE claims arising in current year | 249,778 | 575,685 |
Provision for losses and LAE claims arising in prior year | 340,087 | 40,806 |
Provision for losses and LAE claims arising in total incurred | 589,865 | 616,491 |
Losses and LAE payments for claims arising in current year | 228,305 | 74,192 |
Losses and LAE payments for claims arising in prior years | 310,553 | 379,891 |
Losses and LAE payments for claims arising in total payments | 538,858 | 454,083 |
Losses and LAE at beginning of year | $ 2,543,341 | $ 1,365,901 |
Note 16 - Custodial Risk (Detai
Note 16 - Custodial Risk (Details Textual) | Mar. 31, 2021USD ($) |
Cash, Uninsured Amount | $ 89,411,470 |
Note 17 - Special Purpose Acq_2
Note 17 - Special Purpose Acquisition Company (Details Textual) - USD ($) | Nov. 16, 2020 | Oct. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Nov. 30, 2020 | Dec. 31, 2020 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 9.95 | $ 9.95 | ||||
Payments to Acquire Investments, Total | $ 518,225,946 | $ 218,274,275 | ||||
Yellowstone Acquisition Company [Member] | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||
Yellowstone Acquisition Company [Member] | ||||||
Proceeds from Issuance Initial Public Offering | $ 125,000,000 | |||||
Yellowstone Acquisition Company [Member] | Warrants Issued in Connection with Units [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | |||||
Yellowstone Acquisition Company [Member] | IPO [Member] | ||||||
Units Issued During Period, Number (in shares) | 13,598,898 | |||||
Units Issued During Period, Number of Warrants (in shares) | 0.5 | |||||
Sale of Unit, Price Per Unit (in dollars per share) | $ 10 | |||||
Units Issued During Period, Price Per Unit (in dollars per share) | $ 10 | |||||
Yellowstone Acquisition Company [Member] | IPO [Member] | Common Class A [Member] | ||||||
Units Issued During Period, Number of Common Stock, Shares (in shares) | 1 | |||||
BOC Yellowstone LLC [Member] | Lead Investor in Yellowstone’s IPO [Member] | ||||||
Number of Investee's Shares Agreed to Transfer Upon Business Combination (in shares) | 206,250 | |||||
BOC Yellowstone LLC [Member] | BOC Yellowstone II LLC [Member] | ||||||
Proceeds from Sale of Equity Method Investments | $ 309,375 | |||||
BOC Yellowstone LLC [Member] | Class B Common Stock of Yellowstone Acquisition Company [Member] | ||||||
Payments to Acquire Investments, Total | $ 7,800,000 | |||||
Investment Owned, Balance, Shares (in shares) | 3,399,724 | |||||
BOC Yellowstone LLC [Member] | Class B Common Stock of Yellowstone Acquisition Company [Member] | BOC Yellowstone II LLC [Member] | ||||||
Number of Investee's Shares Transferred to Related Party for No Consideration (in shares) | 206,250 | |||||
BOC Yellowstone LLC [Member] | Non-redeemable Private Placement Warrants [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,719,779 | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 |
Note 18 - Income Taxes (Details
Note 18 - Income Taxes (Details Textual) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (7,171,096) |
Note 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) - USD ($) | Apr. 06, 2021 | Apr. 01, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Common Class A [Member] | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||
Subsequent Event [Member] | Public Offering [Member] | Common Class A [Member] | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||
Shares Issued, Price Per Share (in dollars per share) | $ 25 | |||
Stock Issued During Period, Shares, New Issues (in shares) | 2,345,000 | |||
Proceeds from Issuance of Common Stock | $ 58,600,000 | |||
Subsequent Event [Member] | Public Offering Including Over-allotment Option [Member] | Common Class A [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,645,000 | |||
Subsequent Event [Member] | Over-Allotment Option [Member] | Common Class A [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 345,000 | |||
Subsequent Event [Member] | Sold by Selling Stockholder [Member] | Common Class A [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 300,000 | |||
Subsequent Event [Member] | GIG [Member] | Insurance Brokerage Company [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Business Combination, Consideration Transferred, Total | $ 2,225,000 |