Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | May 24, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001494582 | ||
Entity Registrant Name | BOSTON OMAHA Corp | ||
Amendment Flag | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K/A | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-38113 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-0788438 | ||
Entity Address, Address Line One | 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 237,457,984 | ||
Amendment Description | Boston Omaha Corporation (the “Company”) is filing this Amendment No. 1 on Form 10-K/A (the “Amendment” or “Form 10-K/A”) to amend and restate certain items in its Annual Report on Form 10-K as of December 31, 2020 and for the year then ended, originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 29, 2021 (the “Original Filing”). Except as described below, no other information included in the Original Filing is being amended or updated by this Amendment and this Amendment does not purport to reflect any information or events subsequent to the Original Filing. Restatement Background In the second quarter of 2021, the Company re-evaluated its accounting for its investment in Yellowstone Acquisition Company (“Yellowstone”), the special purpose acquisition company which the Company sponsored, and determined that it should consolidate Yellowstone pursuant to Accounting Standards Codification 810 “Consolidation” rather than account for it as an equity-method investee under ASC 323 “Equity Method and Joint Ventures.” As a result of the foregoing, on May 13, 2021, the Board of Directors of the Company (the “Board”), concluded that the Company’s audited consolidated financial statements as of and for the year ended December 31, 2020 (collectively, the “Non-Reliance Periods”), included in the Annual Report filed with the SEC on March 29, 2021 should no longer be relied upon due to the absence of the consolidated financial information of Yellowstone within the financial statements of the Company for the period from the date of Yellowstone's initial public offering on October 26, 2020 through December 31, 2020. Accordingly on May 18, 2021, the Company announced that it would restate its historical financial results for the Non-Reliance Periods to reflect the change in accounting treatment for its investment in Yellowstone. Yellowstone’s accounts are included in the financial statements restated herein. In connection with the restatement, the Company’s management reassessed the effectiveness of the Company’s disclosure controls and procedures and internal control over financial reporting as of December 31, 2020. As a result of that reassessment, the Company’s management determined that its disclosure controls and procedures and internal control over financial reporting were not effective as of December 31, 2020 related to its risk assessment and controls over the accounting and financial reporting for the formation of Yellowstone Acquisition Company. Specifically, the Company did not design and implement effective controls addressing the technical accounting complexities associated with the formation of a special purpose acquisition company. For a discussion of management’s consideration of our disclosure controls and procedures, internal control over financial reporting, and the related material weakness see Part II, Item 9.A, “Controls and Procedures” of this Form 10-K/A. Table of Contents The following items included in the Original Filing are amended by this Amendment: Part I, Item 1. Business Part I, Item 1A. Risk Factors Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Part II, Item 8. Financial Statements and Supplementary Data Part II, Item 9.A. Controls and Procedures Part III, Item 13. Certain Relationships and Related Transactions, and Director Independence Part IV, Item 15. Exhibits In addition, the Company is including with this Form 10-K/A currently dated certifications from its principal executive officers and principal financial officer. These certifications are filed or furnished, as applicable, as Exhibits 31.1 and 32.1. Except for the error described above and an additional error correction outlined in Note 2 to the financial statements, no other information included in the Original Filing is being amended or updated by this Amendment and this Amendment does not purport to reflect any information or events subsequent to the Original Filing. Accordingly, this Amendment should be read in conjunction with the Original Filing and with our filings with the SEC subsequent to the Original Filing. | ||
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
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 44,665,972 | $ 16,028,514 |
Restricted cash | 280,269 | 343,518 |
Investments held in trust - special purpose acquisition company | 138,716,226 | 0 |
Accounts receivable, net | 4,041,563 | 4,190,543 |
Interest receivable | 286,768 | 456,827 |
Short-term investments | 7,050,675 | 6,547,171 |
Note receivable from affiliate | 20,000,000 | 0 |
Marketable equity securities | 64,036,482 | 55,907,927 |
U. S. Treasury securities | 37,767,945 | 75,409,199 |
Funds held as collateral assets | 10,006,075 | 1,858,161 |
Prepaid expenses | 2,197,342 | 1,422,637 |
Total Current Assets | 329,049,317 | 162,164,497 |
Property and Equipment, net | 48,508,272 | 36,825,019 |
Other Assets: | ||
Goodwill | 124,446,446 | 106,272,501 |
Intangible assets, net | 44,373,909 | 32,271,581 |
Investments | 19,448,519 | 42,638,240 |
Investments in unconsolidated affiliates | 20,913,896 | 771,805 |
Deferred policy acquisition costs | 690,555 | 2,349,699 |
Right of use assets | 52,849,492 | 53,249,985 |
Other | 427,020 | 364,883 |
Total Other Assets | 263,149,837 | 237,918,694 |
Total Assets | 640,707,426 | 436,908,210 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 6,825,081 | 5,675,096 |
Short-term payables for business acquisitions | 771,916 | 416,166 |
Lease liabilities | 4,354,664 | 3,801,727 |
Funds held as collateral | 10,006,075 | 1,858,161 |
Unearned premiums | 3,955,363 | 8,035,756 |
Current maturities of long-term debt | 1,282,504 | 504,170 |
Deferred underwriting fee payable | 4,759,615 | 0 |
Deferred revenue | 1,915,031 | 1,390,154 |
Total Current Liabilities | 33,870,249 | 21,681,230 |
Long-term Liabilities: | ||
Asset retirement obligations | 2,282,273 | 2,044,705 |
Lease liabilities | 47,581,933 | 48,199,652 |
Long-term debt, less current maturities | 21,775,146 | 17,555,830 |
Other long-term liabilities | 116,104 | 398,750 |
Warrants liability | 8,431,315 | 0 |
Deferred tax liability | 57,000 | 57,000 |
Total Liabilities | 114,114,020 | 89,937,167 |
Redeemable Noncontrolling interest | 145,027,149 | 1,730,058 |
Stockholders' Equity: | ||
Preferred stock, $.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 424,204,641 | 367,029,421 |
Accumulated deficit | (42,665,616) | (21,811,947) |
Total Stockholders' Equity | 381,566,257 | 345,240,985 |
Total Liabilities, Redeemable Noncontrolling Interest, and Stockholders' Equity | 640,707,426 | 436,908,210 |
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common stock | 26,176 | 22,455 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common stock | $ 1,056 | $ 1,056 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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 | 22,455,100 |
Common stock, shares outstanding (in shares) | 26,175,555 | 22,455,100 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 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 - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | ||
Premiums earned | $ 11,723,886 | $ 10,944,313 |
Insurance commissions | 1,494,379 | 1,567,331 |
Investment and other income | 427,697 | 448,327 |
Total Revenues | 45,743,463 | 41,389,138 |
Costs and Expenses: | ||
Cost of insurance revenues (exclusive of depreciation and amortization) | 6,690,203 | 6,290,218 |
Employee costs | 13,041,388 | 11,945,895 |
Professional fees | 4,186,841 | 3,664,370 |
General and administrative | 6,595,872 | 6,346,698 |
Amortization | 3,987,003 | 10,471,973 |
Depreciation | 3,704,700 | 3,102,168 |
Loss on disposition of assets | 199,555 | 223,890 |
Bad debt expense | 373,649 | 299,881 |
Accretion | 140,704 | 134,992 |
Total Costs and Expenses | 50,738,370 | 53,801,234 |
Net Loss from Operations | (4,994,907) | (12,412,096) |
Other Income (Expense): | ||
Interest income | 1,661,680 | 3,198,527 |
Dividend income | 1,074,539 | 710,169 |
Equity in income of unconsolidated affiliates | 5,575,571 | 479,366 |
Unrealized (loss) gain on securities | (10,399,932) | 6,273,337 |
Gain on disposition of investments | 5,714,207 | 572,181 |
Remeasurement of warrant liability | (217,582) | 0 |
Interest expense | (841,828) | (302,749) |
Net Loss Before Income Taxes | (2,428,252) | (1,481,265) |
Income Tax (Provision) Benefit | 0 | 0 |
Net Loss | (2,428,252) | (1,481,265) |
Noncontrolling interest in subsidiary loss (income) | 2,379,163 | (5,658) |
Net Loss Attributable to Common Stockholders | $ (49,089) | $ (1,486,923) |
Basic and Diluted Net Loss per Share (in dollars per share) | $ 0 | $ (0.07) |
Basic and Diluted Weighted Average Class A and Class B Common Shares Outstanding (in shares) | 25,675,820 | 22,778,405 |
Billboard Rentals [Member] | ||
Revenues: | ||
Revenues | $ 28,260,964 | $ 28,429,167 |
Costs and Expenses: | ||
Cost of revenues (exclusive of depreciation and amortization) | 11,272,349 | 11,321,149 |
Broadband Services [Member] | ||
Revenues: | ||
Revenues | 3,836,537 | 0 |
Costs and Expenses: | ||
Cost of revenues (exclusive of depreciation and amortization) | $ 546,106 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 21,029,324 | 1,055,560 | |||
Balance at Dec. 31, 2018 | $ 21,029 | $ 1,056 | $ 335,518,323 | $ (20,325,024) | $ 315,215,384 |
Stock issued for cash (in shares) | 1,391,103 | 0 | |||
Stock issued for cash | $ 1,391 | $ 0 | 32,203,341 | 0 | 32,204,732 |
Stock issued for business acquisition (in shares) | 34,673 | 0 | |||
Stock issued for business acquisition | $ 35 | $ 0 | 710,068 | 710,103 | |
Increase (decrease) in redeemable noncontrolling interest | 0 | 0 | (378,821) | 0 | (378,821) |
Offering costs | 0 | 0 | (1,023,490) | 0 | (1,023,490) |
Net income (loss) attributable to common stockholders | $ 0 | $ 0 | 0 | (1,486,923) | (1,486,923) |
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 |
Stock issued for cash (in shares) | 3,720,455 | 0 | |||
Stock issued for cash | $ 3,721 | $ 0 | 59,546,030 | 0 | 59,549,751 |
Increase (decrease) in redeemable noncontrolling interest | 0 | 0 | 434,281 | 0 | 434,281 |
Offering costs | 0 | 0 | (3,428,355) | 0 | (3,428,355) |
Net income (loss) attributable to common stockholders | 0 | 0 | 0 | (49,089) | (49,089) |
Decrease in redeemable noncontrolling interest due to redemption | 0 | 0 | 323,649 | 0 | 323,649 |
Contributions from noncontrolling interest | 0 | 0 | 299,615 | 0 | 299,615 |
Adjustment to increase NCI to maximum redemption value (As Restated) | $ 0 | $ 0 | 0 | (20,804,580) | (20,804,580) |
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 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (2,428,252) | $ (1,481,265) |
Adjustments to reconcile net loss to cash provided by operating activities: | ||
Amortization of right of use assets | 3,972,875 | 3,621,195 |
Depreciation, amortization, and accretion | 7,832,407 | 13,709,133 |
Loss on disposition of assets | 199,555 | 223,890 |
Bad debt expense | 373,649 | 299,881 |
Equity in earnings of unconsolidated affiliates | (5,575,571) | (479,366) |
Unrealized losses (gains) on securities | 10,399,932 | (6,273,337) |
Remeasurement of warrant liability | 217,582 | 0 |
Issuance costs related to warrant liability | 509,899 | 0 |
Gain on disposition of investments | (5,714,207) | (572,181) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (23,669) | (25,980) |
Interest receivable | 170,059 | (423,275) |
Prepaid expenses | (757,117) | (593,537) |
Distributions from unconsolidated affiliates | 1,433,480 | 541,108 |
Deferred policy acquisition costs | 1,659,144 | (937,451) |
Other assets | (24,790) | (89,651) |
Accounts payable and accrued expenses | 740,112 | 1,988,287 |
Lease liabilities | (3,855,126) | (3,408,812) |
Unearned premiums | (4,080,393) | 3,100,446 |
Deferred revenue | 124,877 | 414,464 |
Net Cash Provided by Operating Activities | 5,174,446 | 9,613,549 |
Cash Flows from Investing Activities: | ||
Payments on short-term payables for business acquisitions | (500) | (1,964,990) |
Proceeds from disposition of assets | 0 | 44,275 |
Business acquisitions, net of cash acquired | (33,624,202) | (7,473,891) |
Purchase of preferred units | 0 | (12,000,000) |
Redemption of preferred units | 12,000,000 | 0 |
Investment in unconsolidated affiliates | (6,000,000) | (264,834) |
Purchases of equipment and related assets | (8,573,296) | (2,812,228) |
Issuance of note receivable from affiliate | (20,000,000) | 0 |
Proceeds from sales of investments | 779,815,640 | 1,153,720,175 |
Purchase of investments | (893,017,606) | (1,189,875,105) |
Net Cash Used in Investing Activities | (169,399,964) | (60,626,598) |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of stock | 59,549,751 | 32,204,732 |
Contributions from non-controlling interest | 299,615 | 0 |
Purchase of non-controlling interest in subsidiary | (1,406,409) | 0 |
Proceeds from long-term debt | 5,500,000 | 18,060,000 |
Principal payments of long-term debt | (502,350) | 0 |
Receipt of funds held as collateral | 10,006,075 | 0 |
Offering costs | (3,428,355) | (1,023,490) |
Net Cash Provided by Financing Activities | 202,805,802 | 49,241,242 |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 38,580,284 | (1,771,807) |
Cash, Cash Equivalents, and Restricted Cash, Beginning of Year | 16,372,032 | 18,143,839 |
Cash, Cash Equivalents, and Restricted Cash, End of Year | 54,952,316 | 16,372,032 |
Interest Paid in Cash | 823,715 | 236,654 |
Income Taxes Paid in Cash | 0 | 0 |
Payable as consideration for business acquisition | 0 | 779,296 |
Asset retirement obligations | 0 | 85,294 |
Class A common stock issued for business acquisition | 0 | 710,103 |
Increase (decrease) in redeemable noncontrolling interest of subsidiary | (757,930) | 378,821 |
Yellowstone Acquisition Company [Member] | ||
Cash Flows from Financing Activities: | ||
Proceeds from issuance of stock | 135,988,980 | 0 |
Offering costs | $ (3,201,505) | $ 0 |
Note 1 - Organization and Backg
Note 1 - Organization and Background | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. ORGANIZATION AND BACKGROUND Boston Omaha was organized on August 11, 2009 February 2015. We completed an acquisition of an outdoor advertising business and entered the outdoor advertising industry on June 19, 2015. 2015 2020, seventeen On April 20, 2016, December 7, 2016, July November 2017 two third first 2020, third On March 10, 2020, December 29, 2020, second On September 25, 2020, 1 October 26, 2020 ( 18 |
Note 2 - Restatement of Previou
Note 2 - Restatement of Previously Issued Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | NOTE 2. Restatement of Previously Issued Financial Statements We previously accounted for our investment in Yellowstone under the equity method of accounting. In light of the Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”) issued by the staff of the SEC dated April 12, 2021 ( 810, Based on our evaluation of the facts and circumstances, we concluded that our investment in Yellowstone, which provides us with the right, among others, to appoint the board members of Yellowstone, represents a controlling financial interest in the entity requiring consolidation of the entity. As a result, we are reclassifying our investment in Yellowstone to reflect the full consolidation of Yellowstone. Our previously recognized investment in Yellowstone, which consisted of shares of Yellowstone's Class B common stock accounted for under the equity method of accounting as well as warrants to purchase shares of Yellowstone's Class A common stock which were accounted for as derivative assets recorded at fair value, is now eliminated in consolidation. We are also correcting an error within our Statement of Cash Flows relating to the reporting of funds held as collateral to present them as restricted cash with the associated cash inflows included within cash flows from financing activities. The funds held as collateral reside within money market accounts and we are restricted as to their use, but the funds meet the definition of cash and cash equivalents and should be reported within the statement of cash flows. The below table summarizes the effect of the restatement on each financial statement line item as of the date, and for the period, indicated. The effects of the restatement are incorporated within Notes 3, 4, 7, 9, 10, 11, 16, 18 19 December 31, 2020 As Previously Reported Adjustments As Restated Balance Sheet Cash and cash equivalents $ 43,543,778 $ 1,122,194 $ 44,665,972 Investments held in trust - special purpose acquisition company - 138,716,226 138,716,226 Prepaid expenses 1,794,155 403,187 2,197,342 Total Current Assets 188,807,710 140,241,607 329,049,317 Investments 24,234,782 (4,786,263 ) 19,448,519 Investments in unconsolidated affiliates 25,315,696 (4,401,800 ) 20,913,896 Total Other Assets 272,337,903 (9,188,066 ) 263,149,837 Total Assets 509,653,885 131,053,541 640,707,426 Accounts payable and accrued expenses 6,361,778 463,303 6,825,081 Deferred underwriting fee payable - 4,759,615 4,759,615 Total Current Liabilities 28,647,331 5,222,918 33,870,249 Warrants liability - 8,431,315 8,431,315 Total liabilities 100,459,787 13,654,233 114,114,020 Redeemable Noncontrolling interest 6,318,389 138,708,760 145,027,149 Accumulated deficit (21,356,164 ) (21,309,452 ) (42,665,616 ) Total Stockholders' Equity (Deficit) $ 402,875,709 $ (21,309,452 ) $ 381,566,257 Statement of Operations Professional fees $ 3,530,278 $ 656,563 $ 4,186,841 General and administrative 6,283,582 312,290 6,595,872 Total Costs and Expenses 49,769,517 968,853 50,738,370 Net Loss from Operations (4,026,054 ) (968,853 ) (4,994,907 ) Equity in income (loss) of unconsolidated affiliates 5,187,159 388,412 5,575,571 Unrealized (loss) gain on securities (8,260,941 ) (2,138,991 ) (10,399,932 ) Gain on disposition of investments 5,701,909 12,298 5,714,207 Remeasurement of warrant liability - (217,582 ) (217,582 ) Income (Loss) Before Income Taxes 496,464 (2,924,716 ) (2,428,252 ) Noncontrolling interest in subsidiary (income) loss (40,681 ) 2,419,844 2,379,163 Net income (loss) Attributable to Common Stockholders 455,783 (504,872 ) (49,089 ) Basic and Diluted Net Loss per Share $ 0.02 $ (0.02 ) $ 0.00 Statement of Cash Flows Net income (loss) $ 496,464 $ (2,924,716 ) $ (2,428,252 ) Equity in earnings of unconsolidated affiliates (5,187,159 ) (388,412 ) (5,575,571 ) Unrealized losses (gains) on securities 8,260,941 2,138,991 10,399,932 Remeasurement of warrant liability - 217,582 217,582 Issuance costs related to warrant liability - 509,899 509,899 Gain on disposition of investments (5,701,909 ) (12,298 ) (5,714,207 ) Prepaid expenses (353,930 ) (403,187 ) (757,117 ) Accounts payable and accrued expenses 276,806 463,306 740,112 Net Cash Provided by Operating Activities 5,573,281 (398,835 ) 5,174,446 Purchase of Yellowstone warrants (7,719,779 ) 7,719,779 - Investment in unconsolidated affiliates (5,715,625 ) (284,375 ) (6,000,000 ) Proceeds from sales of investments 513,815,641 265,999,999 779,815,640 Purchase of investments (488,315,757 ) (404,701,849 ) (893,017,606 ) Net Cash Used in Investing Activities (38,133,518 ) (131,266,446 ) (169,399,964 ) Proceeds from issuance of stock within SPAC - 135,988,980 135,988,980 Receipt of funds held as collateral - 10,006,075 10,006,075 Offering costs within SPAC - (3,201,505 ) (3,201,505 ) Net Cash Provided by Financing Activities 60,012,252 142,793,550 202,805,802 Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash $ 27,452,015 $ 11,128,269 $ 38,580,284 |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies (As Restated) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (As Restated) 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 a variable interest entity, Yellowstone, in which we are the primary beneficiary in accordance with ASC 810, Consolidation 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 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 LLC 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" Cash and Cash Equivalents For purposes of the statement of cash flows, we consider all highly liquid investments, with the exception of U.S. Treasury securities, purchased with an original maturity of three Restricted Cash We have cash that is restricted for the payment of insurance premiums. Accounts Receivable Billboard Rentals Accounts receivable are recorded at the invoiced amount, net of advertising agency commissions, sales discounts, and allowances for doubtful accounts. We evaluate the collectability of accounts receivable based on our knowledge of our customers and historical experience of bad debts. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, we record a specific allowance to reduce the amounts recorded to what we believe will be collected. For all other customers, we recognize reserves for bad debt based upon historical experience of bad debts as a percentage of revenue, adjusted for relative improvement or deterioration in its agings and changes in current economic conditions. As of December 31, 2020 2019 Insurance Accounts receivable consists of premiums and anticipated salvage. All of the receivables have payment terms of less than twelve Anticipated salvage is the amount we expect to receive from principals pursuant to indemnification agreements. Broadband Accounts receivable are recorded at the invoiced amount, net of allowances for doubtful accounts. We evaluate the collectability of accounts receivable based on our knowledge of our customers and historical experience of bad debts. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, we record a specific allowance to reduce the amounts recorded to what we believe will be collected. As of December 31, 2020, Deferred Policy Acquisition Costs Policy acquisition costs consist primarily of commissions to agents and brokers and premium taxes, fees, and assessments. Such costs that are directly related to the successful acquisition of new or renewal insurance contracts are deferred and amortized over the related policy period, generally one three not Property and Equipment Property and equipment are carried at cost less depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which range from four twenty Years Structures 15 Digital displays and electrical 10 Static and tri-vision displays 10 to 15 Fiber, towers, and broadband equipment 5 to 20 Vehicles, equipment, and furniture 4 to 7 Maintenance and repair costs are charged against income as incurred. Significant improvements or betterments are capitalized and depreciated over the estimated life of the asset. Periodic internal reviews are performed to evaluate the reasonableness of the depreciable lives for property and equipment. Actual usage, physical wear and tear, replacement history, and assumptions about technology evolution are reviewed and evaluated to determine the remaining useful lives of the assets. Remaining useful life assessments are made to anticipate the loss in service value that may Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not no Acquisitions For transactions that meet the definition of a business combination, we allocate the purchase price, including any contingent consideration, to the assets acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition with any excess of the purchase price paid over the estimated fair value of net assets acquired recorded as goodwill. The determination of the final purchase price and the acquisition-date fair value of identifiable assets acquired and liabilities assumed may one The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, we must estimate the cost to replace the asset with a new asset, adjusted for an estimated reduction in fair value due to age of the asset, and the economic useful life. When determining the fair value of intangible assets acquired, we must estimate the applicable discount rate and the timing and amount of future cash flows. Key assumptions utilized in estimating the future cash flows expected to be generated by each reporting unit primarily relate to forecasted revenues and premiums earned. Goodwill Goodwill represents future economic benefits arising from other assets acquired in a business combination that are not October 1 third We conduct a qualitative assessment by examining relevant events and circumstances which could have a negative impact on our goodwill, including macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, reporting unit dispositions and acquisitions, our market capitalization and other relevant events specific to us. If, after assessing the totality of events or circumstances described above, we determine that it is more likely than not may We performed our annual measurement for impairment of the goodwill of our reporting units and concluded the fair value of each reporting unit exceeded its carrying amount at its annual impairment test date on October 1, 2020 2019; not During 2020 2019, Purchased Intangibles and Other Long-Lived Assets We amortize intangible assets with finite lives over their estimated useful lives, which range between two fifty Years Customer relationships 3 to 10 Permits, licenses, and lease acquisition costs 10 to 50 Noncompetition and nonsolicitation agreements 2 to 5 Technology, trade names, and trademarks 2 to 20 Site location 15 Purchased intangible assets, including long-lived assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not Asset Retirement Obligations We are required to record the present value of obligations associated with the retirement of tangible long-lived assets in the period in which the obligation is incurred. The liability is capitalized as part of the long-lived asset’s carrying amount. With the passage of time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. Our asset retirement obligations relate to the dismantlement, removal, site reclamation, and similar activities related to the decommissioning of our billboard structures and broadband towers. Investments, Short-term and Long-term Investments include certificates of deposits, U.S Treasury securities, marketable equity securities, investments in corporate bonds, and equity investments as discussed below. U.S. Treasury securities held by our insurance entities are classified as held-to-maturity and are accounted for at amortized cost. We have both the intent and ability to hold the bonds to maturity. U.S. Treasury securities held by non-insurance entities are classified as trading securities and are accounted for at fair value. Unrealized holding gains and losses during the period are included in earnings. Marketable equity securities are stated at fair value. Certificates of deposit are accounted for at carrying value with no Equity Investment s Our equity investments consist of investment in two not no no 2016 01 Investments in Unconsolidated Entities We account for investments in less than 50% 20% 323 30, Funds Held as Collateral Assets Funds held as collateral assets consist principally of cash collateral received from principals to guarantee performance on surety bonds issued by us, as well as all other contractual obligations of the principals to the surety. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates relate to allocation of asset acquisition price between tangible and intangible assets, useful lives for depreciation, amortization and accretion, impairment of goodwill, valuation of insurance loss reserves, and the valuation of deferred tax assets and liabilities. Accordingly, actual results could differ from those estimates. During the fourth 2019, 8 Fair Value Measurements We determine the fair value of our financial instruments using the fair value hierarchy, which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Subsequent Events We have performed an evaluation of subsequent events through the date on which the financial statements are issued. Revenue s 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. January 1, 2019 840, Leases 840, Leases 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 2020 2019 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 $595,750 and $726,764 for the years ended December 31, 2020 2019, 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. Right of Use Assets and Lease Liabilities Right of use, which we refer to as “ROU", assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The present value of lease payments is determined primarily using the incremental borrowing rate based on the information available at the lease commencement date. We have elected not 1 12 Redeemable Noncontrolling Interest (As Restated) Redeemable noncontrolling interests are interests in subsidiaries that are redeemable outside of our control either for cash or other assets. These interests are classified as mezzanine equity and measured at the estimated redemption value at the end of each reporting period. The resulting increases or decreases in the estimated redemption amount are effected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in capital. At December 31, 2020, 7 18 December 31, 2019, one 2020. Losses 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 Segment Information Operating segments are defined as the components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Our chief operating decision makers direct the allocation of resources to operating segments based on the profitability, cash flows, and growth opportunities of each respective segment. Our current operations for the years ended December 31, 2020 2019 Earnings Per Share Basic income (loss) per common share is computed by dividing the net income (loss) available to Class A common stockholders and Class B common stockholders by the weighted average number of Class A common and Class B common shares outstanding during the year. Diluted earnings per share reflect the potential dilution of securities that could share in earnings of an entity. In a loss year, dilutive common equivalent shares are excluded from the loss per share calculation as the effect would be anti-dilutive. For the years ended December 31, 2020 2019 Income Taxes We account for income taxes in accordance with ASC Topic 740 We recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the years ended December 31, 2020 2019 no December 31, 2020 2019 no Class A Common Stock Subject to Possible Redemption (As Restated) As discussed in Note 18, second 480 10 S99, not 480. The Company 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 effected by charges against additional paid in capital and accumulated deficit. At December 31, 2020, Warrants Liability (As Restated) For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not 10 COVID- 19 A new strain of novel coronavirus which causes a severe respiratory disease (“COVID- 19” 2019, 2020 19 19 may may 19 19. 19 19 Recent Accounting Pronouncements In February 2016, 842, Leases No. 2016 02, 842 No. 2018 01, Land Easement Practical Expedient for Transition to Topic 842 No. 2018 10, Codification Improvements to Topic 842 Leases No. 2018 11, Targeted Improvements 12 We adopted Topic 842 January 1, 2019, not 842 842 January 1, 2019 840. 842, 840 not not 14 On May 20, 2020, December 31, 2020. January 1, 2020. In December 2019, January 1, 2021. not In January 2020, No. 2020 01, Clarifying the Interactions between Topic 321, Topic 323, 815, January 1, 2021, not |
Note 4 - Restricted Cash (As Re
Note 4 - Restricted Cash (As Restated) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 4. RESTRICTED CASH (As Restated) Restricted cash consists of the following: December 31, 2020 2019 Insurance premium escrow $ 280,269 $ 343,518 The following table sets forth a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated statements of cash flows that agrees to the total of those amounts as presented in the consolidated statements of cash flows. December 31, (As Restated) 2020 2019 Cash and cash equivalents $ 44,665,972 $ 16,028,514 Funds held as collateral 10,006,075 - Restricted cash 280,269 343,518 Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statements of Cash Flows $ 54,952,316 $ 16,372,032 |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 5. ACCOUNTS RECEIVABLE Accounts receivable consist of the following: December 31, 2020 2019 Trade accounts $ 3,537,864 $ 3,346,215 Premiums 832,221 971,963 Allowance for doubtful accounts (328,522 ) (127,635 ) Total Accounts Receivable, net $ 4,041,563 $ 4,190,543 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6. PROPERTY AND EQUIPMENT Property and equipment consist of the following: December 31, 2020 2019 Structures and displays $ 42,858,525 $ 41,320,458 Fiber, towers, and broadband equipment 11,358,650 - Vehicles and equipment 2,522,810 1,245,210 Office furniture and equipment 2,150,729 990,810 Accumulated depreciation (10,382,442 ) (6,731,459 ) Total Property and Equipment, net $ 48,508,272 $ 36,825,019 Depreciation expense for the years ended December 31, 2020 2019 December 31, 2020 2019 |
Note 7 - Business Acquisitions
Note 7 - Business Acquisitions (As Restated) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | NOTE 7. BUSINESS ACQUISITIONS (As Restated) 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 10% 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 are recognized from March 10, 2020, December 31, 2020. December 31, 2020, five twenty ten twenty Broadband Acquisitions FIF Utah On December 29, 2020, not three not 20% 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 therefore the initial allocation of the purchase price is subject to refinement. 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 FIF Utah's results of operations are recognized from December 29, 2020, December 31, 2020. December 31, 2020, five twenty ten twenty 2019 Billboard Acquisitions Image Outdoor Advertising, Inc. On August 30, 2019, 61 18 Alpha Displays, Inc. On October 1, 2019, 18 Pro Forma Information (Restated) The following is the unaudited pro forma information assuming all business acquisitions occurred on January 1, 2019. two twenty two fifty For the Year Ended December 31, (As Restated) 2020 2019 Revenue $ 55,925,700 $ 55,824,936 Net Income Attributable to Common Stockholders $ 2,428,915 $ 1,775,851 Basic and Diluted Net Income per Share $ 0.09 $ 0.08 Basic and Diluted Weighted Average Class A and Class B Common Shares Outstanding 25,675,820 22,801,394 The information included in the pro forma amounts is derived from historical information obtained from the sellers of the businesses. The pro forma amounts above for basic and diluted weighted average shares outstanding have been adjusted for 2019 |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 8. INTANGIBLE ASSETS Intangible assets consist of the following: December 31, 2020 December 31, 2019 Accumulated Accumulated Cost Amortization Balance Cost Amortization Balance Customer relationships $ 46,740,483 $ (20,558,751 ) $ 26,181,732 $ 37,743,900 $ (17,890,487 ) $ 19,853,413 Permits, licenses, and lease acquisition costs 11,053,673 (2,412,313 ) 8,641,360 10,305,521 (1,443,337 ) 8,862,184 Site location 849,347 (193,462 ) 655,885 849,347 (136,839 ) 712,508 Noncompetition agreements 626,000 (386,934 ) 239,066 626,000 (269,318 ) 356,682 Technology 1,128,000 (212,250 ) 915,750 138,000 (138,000 ) - Trade names and trademarks 3,602,202 (369,175 ) 3,233,027 722,200 (267,900 ) 454,300 Nonsolicitation agreement 28,000 (28,000 ) - 28,000 (28,000 ) - Easements 4,507,089 - 4,507,089 2,032,494 - 2,032,494 Total $ 68,534,794 $ (24,160,885 ) $ 44,373,909 $ 52,445,462 $ (20,173,881 ) $ 32,271,581 During the fourth 2019, October 1, 2019, 10 fourth 2019. The future amortization associated with the intangible assets is as follows: December 31, 2021 2022 2023 2024 2025 Thereafter Total Customer relationships $ 3,132,966 $ 3,132,966 $ 3,132,966 $ 3,132,966 $ 3,132,966 $ 10,516,902 $ 26,181,732 Permits, licenses and lease acquisition costs 1,012,947 1,012,947 1,012,947 1,012,947 999,939 3,589,633 8,641,360 Site location 56,623 56,623 56,623 56,623 56,623 372,770 655,885 Noncompetition agreements 101,200 90,366 46,100 1,400 - - 239,066 Technology 99,000 99,000 99,000 99,000 99,000 420,750 915,750 Trade names and trademarks 208,900 208,900 208,900 208,900 208,900 2,188,527 3,233,027 Total $ 4,611,636 $ 4,600,802 $ 4,556,536 $ 4,511,836 $ 4,497,428 $ 17,088,582 $ 39,866,820 Amortization expense for the years ended December 31, 2020 2019 Future Amortization The weighted average amortization period, in months, for intangible assets is as follows: Customer relationships 100 Permits, licenses, and lease acquisition costs 102 Site location 139 Noncompetition agreements 26 Technology 111 Trade names and trademarks 186 |
Note 9 - Investments, Including
Note 9 - Investments, Including Investments Accounted for Using the Equity Method (As Restated) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Investment [Text Block] | NOTE 9. I NVESTMENTS, INCLUDING INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (As Restated) 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 December 31, 2020, December 31, 2020 2019 Certificates of deposit $ 1,035,827 $ 987,599 Corporate bonds classified as trading 1,020,000 910,000 U.S. Treasury notes and corporate bond held to maturity 4,994,848 4,649,572 Total $ 7,050,675 $ 6,547,171 Marketable Equity Securities During 2019, 1 December 31, 2020 2019 Gross Unrealized Fair Cost Gain (Loss) Value Marketable equity securities, December 31, 2020 $ 68,205,548 $ (4,169,066 ) $ 64,036,482 Marketable equity securities, December 31, 2019 $ 49,554,926 $ 6,353,001 $ 55,907,927 U.S. Treasury 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 and available for sale as of December 31, 2020 2019 Gross Unrealized Fair Cost Gain Value U.S. Treasury trading securities, December 31, 2020 $ 37,766,133 $ 1,812 $ 37,767,945 U.S. Treasury securities available for sale, December 31, 2019 $ 75,488,863 $ (79,664 ) $ 75,409,199 Long-term Investments Long-term investments consist of certificates of deposit having maturity dates in excess of twelve 2021 2023. Long-term investments consist of the following: December 31, (As Restated) 2020 2019 U.S. Treasury securities, held to maturity $ 286,015 $ 1,094,983 Certificates of deposit - 380,753 Preferred stock 104,019 104,019 Non-voting preferred units of Dream Finders Holdings, LLC - 12,000,000 Non-voting common units of Dream Finders Holdings, LLC - 10,000,000 Voting common stock of CB&T Holding Corporation 19,058,485 19,058,485 Total $ 19,448,519 $ 42,638,240 E quity Investment s During May 2018, one In late December 2017, first 2020, January 1, 2020, In May 2019, May 29, 2020 May 29, 2021. 14% not one not May 29, 2021. twelve December 31, 2020, May 2019. During January 2018, one We reviewed our investments as of December 31, 2020 2019 no Investment in Unconsolidated Affiliates We have various investments in equity method affiliates, whose businesses are in home building, real estate, real estate services, and asset management. Our interest in these affiliates ranges from 5.6% to 30%. Two of the investments in affiliates, Logic Real Estate Companies, LLC and 24th December 31, 2020, 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: December 31, (As Restated) 2020 2019 Beginning of year $ 771,805 $ 568,713 Additional investments in unconsolidated affiliates 16,000,000 264,834 Distributions received (1,433,480 ) (541,108 ) Equity in income of unconsolidated affiliates 5,575,571 479,366 End of year $ 20,913,896 $ 771,805 Combined summarized financial data for these affiliates is as follows: December 31, (As Restated) 2020 2019 Revenue $ 1,147,735,494 $ 19,374,109 Gross profit 176,953,564 6,731,623 Income from continuing operations 82,992,830 1,806,620 Net income 86,847,498 1,859,438 Note Receivable from Affiliate October 2, 2020, May 1, 2021. first November 1, 2020 first May 1, 2021, February 1, 2021, first first not no ten |
Note 10 - Fair Value (As Restat
Note 10 - Fair Value (As Restated) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 10. FAIR VALUE (As Restated) 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 December 31, 2020 2019 2 December 31, 2020 , Warrants We have determined that the public warrants issued in connection with Yellowstone's initial public offering in October 2020 October 26, 2020 2 3 2020 2021. six five Our re-measurement of the public warrants from Yellowstone’s IPO date to December 31, 2020 1 December 31, 2020. Marketable Equity Securities, U.S. Trading Securities, and Corporate Bonds Marketable equity securities and U.S. Treasury trading securities are reported at fair values. Substantially all of the fair value is determined using observed prices of publicly traded securities, level 1 Total Changes Total Carrying Quoted Prices in Fair Values Amount in in Active Included in Consolidated Markets for Realized Gains Current Period Balance Sheet Identical and (Losses) Earnings (Loss) Dec. 31, 2020 Assets (As Restated) (As Restated) Marketable equity securities, U.S. Treasury trading securities, and corporate bonds $ 102,824,427 $ 102,824,427 $ 5,701,048 $ (10,399,932 ) |
Note 11 - Income Tax Benefit (A
Note 11 - Income Tax Benefit (As Restated) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11. INCOME TAXES The components of the income tax (provision) benefit for the years ended December 31, December 31, December 31, (As Restated) 2020 2019 Income tax (provision) benefit: Current federal income tax expense (benefit) $ (44,486 ) $ 513,201 Current state income tax expense (benefit) (12,894 ) 161,781 Deferred federal income tax expense (benefit) (1,579,511 ) 1,470,099 Deferred state income tax expense (benefit) 2,224,254 463,432 Total Income Tax Benefit Before Valuation Allowance 587,363 2,608,513 Valuation allowance (587,363 ) (2,608,513 ) Deferred tax assets: Net operating loss carryforward - all as of December 31, 2019 $ - $ 8,576,397 Net operating loss carryforward - federal as of December 31, 2020 5,278,699 - Net operating loss carryforward - state as of December 31, 2020 1,833,257 - 2020 Tax credit carryforwards as of December 31, 2020 366,366 - Intangibles 47,731 - Lease liabilities 14,064,430 - Premium adjustments and IBNR 776,456 - Unrealized loss on securities 1,126,052 - Valuation allowance (7,230,229 ) (6,642,866 ) Net Deferred Tax Assets $ 16,262,762 $ 1,933,531 Deferred tax liabilities: Property and equipment $ (1,754,929 ) $ - Right of use assets (14,311,642 ) - Deferred acquisition costs (187,002 ) - Investment in unconsolidated subsidiaries (9,189 ) - Unrealized loss on securities - (1,732,696 ) Other - (200,835 ) Total Deferred Tax Liabilities (16,262,762 ) (1,933,531 ) Net Deferred Tax Assets/Liabilities $ - $ - Deferred taxes in the consolidated balance sheet are classified based upon the related asset or liability creating the deferred tax. Deferred taxes not At December 31, 2020, 2019. 2018. 2018 may 2035 2037. 2017 may 2017 The realization of deferred tax assets, including net operating loss carryforwards, is dependent on the generation of future taxable income sufficient to realize the tax deductions, carryforwards and credits. Valuation allowances on deferred tax assets are recognized if it is determined that it is more likely than not not not not. January 20, 2021 ( 18 December 31, 2020 first 2021. The reconciliation of the income tax provision, calculated at the U.S. Corporate tax rate of 21%, For the Year Ended December 31, (As Restated) 2020 2019 Tax at statutory rate $ (280,069 ) $ - Increase (decrease): - Permanent differences 5,422 - State income tax expense (benefit), net of federal income taxes (12,894 ) - Other (299,822 ) - Less: valuation allowance 587,363 - Income tax benefit $ - $ - Uncertain Tax Positions We believe that there are no 12 None 2017 |
Note 12 - Asset Retirement Obli
Note 12 - Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 12. 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, January 1, 2019 1,824,419 Additions 85,294 Accretion expense 134,992 Liabilities settled - Balance, December 31, 2019 $ 2,044,705 Additions 96,864 Accretion expense 140,704 Liabilities settled - Balance, December 31, 2020 $ 2,282,273 |
Note 13 - Capital Stock
Note 13 - Capital Stock | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 13. CAPITAL STOCK The authorized common stock of the Company includes up to 38,838,884 shares of Class A common stock and 1,161,116 shares of Class B Common Stock. Each share of Class B common stock is identical to the Class A common stock in liquidation, dividend and other economic rights. The only differences between our Class B common stock and our Class A common stock is that each share of Class B common stock has 10 votes for each share held, while the Class A common stock has a single In February 2018, February 9, 2018. may not March 2018 August 20, 2019, January 1 August 20, 2019, On August 13, 2019, second second may not August 21, 2019 December 31, 2019, second first 2020, third fourth 2020, not February 2021. On March 18, 2020, may 10b5 1 not June 30, 2021, no not 2020. On May 28, 2020, June 2, 2020, not 3 No. 333 222853 February 9, 2018, May 28, 2020. Our Board of Directors also authorized us to enter into written trading plans under Rule 10b5 1 1934, 10b5 1 10b5 1 third may 10b5 1 At December 31, 2020, A summary of warrant activity for the years ended December 31, 2020 December 31, 2019, Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value of Vested Warrants Outstanding as of January 1, 2019 105,556 $ 9.95 6.5 $ 1,419,728 Issued - Exercised - Expired - Outstanding as of December 31, 2019 105,556 $ 9.95 5.5 $ 1,170,616 Issued - Exercised - Expired - Outstanding as of December 31, 2020 105,556 $ 9.95 4.5 $ 1,868,341 |
Note 14 - Long-term Debt
Note 14 - Long-term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 14. LONG-TERM DEBT On August 12, 2019, 1” 2” not As of December 31, 2020, 1 2 1 2 July 1, 2020 1 October 1, 2020 2. August 12, 2026. 1 2 The revolving line of credit loan facility has a $5,000,000 maximum availability. Interest payments are based on the 30 August 11, 2021. Long-term debt included within our consolidated balance sheet as of December 31, 2020 1 2 December 31, 2020. During the term of the Credit Facility, Link is required to comply with the following financial covenants: A consolidated leverage ratio for any test period ending on the last day of any fiscal quarter of Link (a) beginning with the fiscal quarter 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 December 31, 2020 2019. 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 The aggregate minimum principal payments required on long-term debt as of December 31, 2020 2021, 2022, 2023, 2024, 2025 |
Note 15 - Leases
Note 15 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 15 . LEASES We enter into operating lease contracts primarily for land and office space. Arrangements are evaluated at inception to determine whether such arrangements contain a lease. Operating leases include land lease contracts and contracts for the use of office space. In accordance with the transition guidance of ASC 842, January 1, 2019. Right of use assets, which we refer to as “ROU assets,” represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the respective lease term. Lease expense is recognized on a straight-line basis over the lease term. Certain of our operating lease agreements include rental payments based on a percentage of revenue and others include rental payments adjusted periodically for inflationary changes. Percentage rent contracts, in which lease expense is calculated as a percentage of advertising revenue, and payments due to changes in inflationary adjustments are included within variable rent expense, which is accounted for separately from periodic straight-line lease expense. Many of our leases entered into in connection with land provide options to extend the terms of the agreements. Generally, renewal periods are included in minimum lease payments when calculating the lease liabilities as, for most leases, we consider exercise of such options to be reasonably certain. As a result, optional terms and payments are included within the lease liability. Our lease agreements do not The implicit rate within our lease agreements is generally not 842, Operating Lease Cost Operating lease cost for the year ended December 31, 2020 Year Ended Year Ended Ended Ended December 31, 2020 December 31, 2019 Statement of Operations Classification Lease cost $ 6,328,994 $ 5,989,314 Cost of billboard revenues and general and administrative Variable and short-term lease cost 467,797 1,019,486 Cost of billboard revenues and general and administrative Total Lease Cost $ 6,796,791 $ 7,008,800 Supplemental cash flow information related to operating leases was as follows: Year Ended Year Ended Ended Ended December 31, 2020 December 31, 2019 Cash payments for operating leases $ 6,211,256 $ 5,776,931 New operating lease assets obtained in exchange for operating lease liabilities $ 881,610 $ 6,551,279 Operating Lease Assets and Liabilities December 31, 2020 December 31, 2019 Balance Sheet Classification Lease assets $ 52,849,492 $ 53,249,985 Other Assets: Right of use assets Current lease liabilities $ 4,354,664 $ 3,801,727 Current Liabilities: Lease liabilities Noncurrent lease liabilities 47,581,933 48,199,652 Long-term Liabilities: Lease liabilities Total Lease Liabilities $ 51,936,597 $ 52,001,379 Maturity of Operating Lease Liabilities December 31, 2020 2021 $ 6,553,589 2022 6,058,577 2023 5,682,235 2024 5,197,230 2025 4,909,502 Thereafter 49,903,069 Total lease payments 78,304,202 Less imputed interest (26,367,605 ) Present Value of Lease Liabilities $ 51,936,597 As of December 31, 2020 |
Note 16 - Industry Segments (As
Note 16 - Industry Segments (As Restated) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 16 . I NDUSTRY SEGMENTS (As Restated) 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 Year Ended December 31, 2020 (As Restated) GIG LMH FIF Unallocated Consolidated Revenue $ 13,645,962 $ 28,260,964 $ 3,836,537 $ - $ 45,743,463 Segment gross profit 6,955,759 16,988,615 3,290,431 - 27,234,805 Segment (loss) income from operations (197,377 ) 607,542 388,960 (5,794,032 ) (4,994,907 ) Capital expenditures - 4,354,770 43,806,659 734,749 48,896,178 Depreciation and amortization 484,495 6,636,205 571,003 7,691,703 Total Year Ended December 31, 2019 GIG LMH FIF Unallocated Consolidated Revenue $ 12,959,971 $ 28,429,167 $ - $ - $ 41,389,138 Segment gross profit 6,669,753 17,108,018 - - 23,777,771 Segment loss from operations (2,216,421 ) (5,765,105 ) - (4,430,570 ) (12,412,096 ) Capital expenditures 46,868 11,728,650 - - 11,775,518 Depreciation and amortization 1,179,450 12,394,691 - - 13,574,141 Total As of December 31, 2020 (As Restated) 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 Total As of December 31, 2019 GIG LMH FIF Unallocated Consolidated Accounts receivable, net $ 1,213,823 $ 2,976,720 $ - $ - $ 4,190,543 Goodwill 8,719,294 97,553,207 - - 106,272,501 Total assets 45,956,410 224,258,311 - 166,693,489 436,908,210 |
Note 17 - Reserves for Losses a
Note 17 - Reserves for Losses and Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Insurance Disclosure [Text Block] | NOTE 17 . 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 years ended December 31: 2020 2019 Losses and LAE at beginning of year $ 1,203,493 $ 360,514 Provision for losses and LAE claims arising in: Current year 2,221,844 1,590,858 Prior year 694,002 123,044 Total incurred 2,915,846 1,713,902 Losses and LAE payments for claims arising in: Current year 1,182,375 856,778 Prior years 444,630 14,145 Total payments 1,627,005 870,923 Losses and LAE at end of year $ 2,492,334 $ 1,203,493 For the year ended December 31, 2020, December 31, 2020. December 31, 2020 December 31, 2019, December 31, 2019. Reserves remaining as of December 31, 2019 December 31, 2020 2019, |
Note 18 - Special Purpose Acqui
Note 18 - Special Purpose Acquisition Company (As Restated) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Special Purpose Acquisition Company [Text Block] | NOTE 18. SPECIAL PURPOSE ACQUISITION COMPANY (As Restated) On September 25, 2020, 1 three Prior to the filing of Yellowstone's Registration Statement on Form S- 1, October 9, 2020, December 31, 2020, no December 31, 2020. one On October 26, 2020, one one Also on October 26, 2020, not 15 On November 16, 2020, no not On December 1, 2020, December 1, 2020, All of the 13,598,898 second 480 10 S99, not 480. The Company classifies all shares of Yellowstone's Class A Common Stock as redeemable noncontrolling interest within temporary equity and recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable noncontrolling interest to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are effected through charges against accumulated deficit. Earnings and losses are shared pro rata between Yellowstone's Class A common stock and Class B common stock. Yellowstone’s assets that are measured at fair value on a recurring basis at December 31, 2020 1 |
Note 19 - Custodial Risk (As Re
Note 19 - Custodial Risk (As Restated) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Custodial Risk Disclosure [Text Block] | NOTE 19. CUSTODIAL RISK (As Restated) As of December 31, 2020 |
Note 20 - Subsequent Events
Note 20 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 20. SUBSEQUENT EVENTS On January 20, 2021, January 21, 2021. no one March 26, 2021, On January 25, 2021, not On January 26, 2021, Subsequent to December 31, 2020, On April 1, 2021, On April 6, 2021, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation Policy The financial statements of Boston Omaha Corporation include the accounts of the Company and our consolidated subsidiaries, which are comprised of voting interest entities in which we have a controlling financial interest and a variable interest entity, Yellowstone, in which we are the primary beneficiary in accordance with ASC 810, Consolidation 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 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 LLC 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" |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the statement of cash flows, we consider all highly liquid investments, with the exception of U.S. Treasury securities, purchased with an original maturity of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash We have cash that is restricted for the payment of insurance premiums. |
Receivable [Policy Text Block] | Accounts Receivable Billboard Rentals Accounts receivable are recorded at the invoiced amount, net of advertising agency commissions, sales discounts, and allowances for doubtful accounts. We evaluate the collectability of accounts receivable based on our knowledge of our customers and historical experience of bad debts. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, we record a specific allowance to reduce the amounts recorded to what we believe will be collected. For all other customers, we recognize reserves for bad debt based upon historical experience of bad debts as a percentage of revenue, adjusted for relative improvement or deterioration in its agings and changes in current economic conditions. As of December 31, 2020 2019 Insurance Accounts receivable consists of premiums and anticipated salvage. All of the receivables have payment terms of less than twelve Anticipated salvage is the amount we expect to receive from principals pursuant to indemnification agreements. Broadband Accounts receivable are recorded at the invoiced amount, net of allowances for doubtful accounts. We evaluate the collectability of accounts receivable based on our knowledge of our customers and historical experience of bad debts. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, we record a specific allowance to reduce the amounts recorded to what we believe will be collected. As of December 31, 2020, Deferred Policy Acquisition Costs Policy acquisition costs consist primarily of commissions to agents and brokers and premium taxes, fees, and assessments. Such costs that are directly related to the successful acquisition of new or renewal insurance contracts are deferred and amortized over the related policy period, generally one three not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are carried at cost less depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which range from four twenty Years Structures 15 Digital displays and electrical 10 Static and tri-vision displays 10 to 15 Fiber, towers, and broadband equipment 5 to 20 Vehicles, equipment, and furniture 4 to 7 Maintenance and repair costs are charged against income as incurred. Significant improvements or betterments are capitalized and depreciated over the estimated life of the asset. Periodic internal reviews are performed to evaluate the reasonableness of the depreciable lives for property and equipment. Actual usage, physical wear and tear, replacement history, and assumptions about technology evolution are reviewed and evaluated to determine the remaining useful lives of the assets. Remaining useful life assessments are made to anticipate the loss in service value that may Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not no |
Business Combinations Policy [Policy Text Block] | Acquisitions For transactions that meet the definition of a business combination, we allocate the purchase price, including any contingent consideration, to the assets acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition with any excess of the purchase price paid over the estimated fair value of net assets acquired recorded as goodwill. The determination of the final purchase price and the acquisition-date fair value of identifiable assets acquired and liabilities assumed may one The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, we must estimate the cost to replace the asset with a new asset, adjusted for an estimated reduction in fair value due to age of the asset, and the economic useful life. When determining the fair value of intangible assets acquired, we must estimate the applicable discount rate and the timing and amount of future cash flows. Key assumptions utilized in estimating the future cash flows expected to be generated by each reporting unit primarily relate to forecasted revenues and premiums earned. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents future economic benefits arising from other assets acquired in a business combination that are not October 1 third We conduct a qualitative assessment by examining relevant events and circumstances which could have a negative impact on our goodwill, including macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, reporting unit dispositions and acquisitions, our market capitalization and other relevant events specific to us. If, after assessing the totality of events or circumstances described above, we determine that it is more likely than not may We performed our annual measurement for impairment of the goodwill of our reporting units and concluded the fair value of each reporting unit exceeded its carrying amount at its annual impairment test date on October 1, 2020 2019; not During 2020 2019, |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Purchased Intangibles and Other Long-Lived Assets We amortize intangible assets with finite lives over their estimated useful lives, which range between two fifty Years Customer relationships 3 to 10 Permits, licenses, and lease acquisition costs 10 to 50 Noncompetition and nonsolicitation agreements 2 to 5 Technology, trade names, and trademarks 2 to 20 Site location 15 Purchased intangible assets, including long-lived assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations We are required to record the present value of obligations associated with the retirement of tangible long-lived assets in the period in which the obligation is incurred. The liability is capitalized as part of the long-lived asset’s carrying amount. With the passage of time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. Our asset retirement obligations relate to the dismantlement, removal, site reclamation, and similar activities related to the decommissioning of our billboard structures and broadband towers. |
Marketable Securities, Policy [Policy Text Block] | Investments, Short-term and Long-term Investments include certificates of deposits, U.S Treasury securities, marketable equity securities, investments in corporate bonds, and equity investments as discussed below. U.S. Treasury securities held by our insurance entities are classified as held-to-maturity and are accounted for at amortized cost. We have both the intent and ability to hold the bonds to maturity. U.S. Treasury securities held by non-insurance entities are classified as trading securities and are accounted for at fair value. Unrealized holding gains and losses during the period are included in earnings. Marketable equity securities are stated at fair value. Certificates of deposit are accounted for at carrying value with no |
Equity Method Investments [Policy Text Block] | Equity Investment s Our equity investments consist of investment in two not no no 2016 01 |
Funds Held as Collateral Assets [Policy Text Block] | Funds Held as Collateral Assets Funds held as collateral assets consist principally of cash collateral received from principals to guarantee performance on surety bonds issued by us, as well as all other contractual obligations of the principals to the surety. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates relate to allocation of asset acquisition price between tangible and intangible assets, useful lives for depreciation, amortization and accretion, impairment of goodwill, valuation of insurance loss reserves, and the valuation of deferred tax assets and liabilities. Accordingly, actual results could differ from those estimates. During the fourth 2019, 8 |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements We determine the fair value of our financial instruments using the fair value hierarchy, which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events We have performed an evaluation of subsequent events through the date on which the financial statements are issued. |
Revenue [Policy Text Block] | Revenue s 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. January 1, 2019 840, Leases 840, Leases 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 2020 2019 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 $595,750 and $726,764 for the years ended December 31, 2020 2019, 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. |
Right of Use Assets and Lease Liabilities [Policy Text Block] | Right of Use Assets and Lease Liabilities Right of use, which we refer to as “ROU", assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The present value of lease payments is determined primarily using the incremental borrowing rate based on the information available at the lease commencement date. We have elected not 1 12 |
Redeemable Noncontrolling Interest [Policy Text Block] | Redeemable Noncontrolling Interest (As Restated) Redeemable noncontrolling interests are interests in subsidiaries that are redeemable outside of our control either for cash or other assets. These interests are classified as mezzanine equity and measured at the estimated redemption value at the end of each reporting period. The resulting increases or decreases in the estimated redemption amount are effected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in capital. At December 31, 2020, 7 18 December 31, 2019, one 2020. |
Liability Reserve Estimate, Policy [Policy Text Block] | Losses 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 |
Segment Reporting, Policy [Policy Text Block] | Segment Information Operating segments are defined as the components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Our chief operating decision makers direct the allocation of resources to operating segments based on the profitability, cash flows, and growth opportunities of each respective segment. Our current operations for the years ended December 31, 2020 2019 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic income (loss) per common share is computed by dividing the net income (loss) available to Class A common stockholders and Class B common stockholders by the weighted average number of Class A common and Class B common shares outstanding during the year. Diluted earnings per share reflect the potential dilution of securities that could share in earnings of an entity. In a loss year, dilutive common equivalent shares are excluded from the loss per share calculation as the effect would be anti-dilutive. For the years ended December 31, 2020 2019 |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes in accordance with ASC Topic 740 We recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the years ended December 31, 2020 2019 no December 31, 2020 2019 no |
Shares Subject to Mandatory Redemption, Changes in Redemption Value, Policy [Policy Text Block] | Class A Common Stock Subject to Possible Redemption (As Restated) As discussed in Note 18, second 480 10 S99, not 480. The Company 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 effected by charges against additional paid in capital and accumulated deficit. At December 31, 2020, |
Derivatives, Policy [Policy Text Block] | Warrants Liability (As Restated) For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not 10 |
COVID-19 Impact [Policy Text Block] | COVID- 19 A new strain of novel coronavirus which causes a severe respiratory disease (“COVID- 19” 2019, 2020 19 19 may may 19 19. 19 19 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In February 2016, 842, Leases No. 2016 02, 842 No. 2018 01, Land Easement Practical Expedient for Transition to Topic 842 No. 2018 10, Codification Improvements to Topic 842 Leases No. 2018 11, Targeted Improvements 12 We adopted Topic 842 January 1, 2019, not 842 842 January 1, 2019 840. 842, 840 not not 14 On May 20, 2020, December 31, 2020. January 1, 2020. In December 2019, January 1, 2021. not In January 2020, No. 2020 01, Clarifying the Interactions between Topic 321, Topic 323, 815, January 1, 2021, not |
Note 2 - Restatement of Previ_2
Note 2 - Restatement of Previously Issued Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | December 31, 2020 As Previously Reported Adjustments As Restated Balance Sheet Cash and cash equivalents $ 43,543,778 $ 1,122,194 $ 44,665,972 Investments held in trust - special purpose acquisition company - 138,716,226 138,716,226 Prepaid expenses 1,794,155 403,187 2,197,342 Total Current Assets 188,807,710 140,241,607 329,049,317 Investments 24,234,782 (4,786,263 ) 19,448,519 Investments in unconsolidated affiliates 25,315,696 (4,401,800 ) 20,913,896 Total Other Assets 272,337,903 (9,188,066 ) 263,149,837 Total Assets 509,653,885 131,053,541 640,707,426 Accounts payable and accrued expenses 6,361,778 463,303 6,825,081 Deferred underwriting fee payable - 4,759,615 4,759,615 Total Current Liabilities 28,647,331 5,222,918 33,870,249 Warrants liability - 8,431,315 8,431,315 Total liabilities 100,459,787 13,654,233 114,114,020 Redeemable Noncontrolling interest 6,318,389 138,708,760 145,027,149 Accumulated deficit (21,356,164 ) (21,309,452 ) (42,665,616 ) Total Stockholders' Equity (Deficit) $ 402,875,709 $ (21,309,452 ) $ 381,566,257 Statement of Operations Professional fees $ 3,530,278 $ 656,563 $ 4,186,841 General and administrative 6,283,582 312,290 6,595,872 Total Costs and Expenses 49,769,517 968,853 50,738,370 Net Loss from Operations (4,026,054 ) (968,853 ) (4,994,907 ) Equity in income (loss) of unconsolidated affiliates 5,187,159 388,412 5,575,571 Unrealized (loss) gain on securities (8,260,941 ) (2,138,991 ) (10,399,932 ) Gain on disposition of investments 5,701,909 12,298 5,714,207 Remeasurement of warrant liability - (217,582 ) (217,582 ) Income (Loss) Before Income Taxes 496,464 (2,924,716 ) (2,428,252 ) Noncontrolling interest in subsidiary (income) loss (40,681 ) 2,419,844 2,379,163 Net income (loss) Attributable to Common Stockholders 455,783 (504,872 ) (49,089 ) Basic and Diluted Net Loss per Share $ 0.02 $ (0.02 ) $ 0.00 Statement of Cash Flows Net income (loss) $ 496,464 $ (2,924,716 ) $ (2,428,252 ) Equity in earnings of unconsolidated affiliates (5,187,159 ) (388,412 ) (5,575,571 ) Unrealized losses (gains) on securities 8,260,941 2,138,991 10,399,932 Remeasurement of warrant liability - 217,582 217,582 Issuance costs related to warrant liability - 509,899 509,899 Gain on disposition of investments (5,701,909 ) (12,298 ) (5,714,207 ) Prepaid expenses (353,930 ) (403,187 ) (757,117 ) Accounts payable and accrued expenses 276,806 463,306 740,112 Net Cash Provided by Operating Activities 5,573,281 (398,835 ) 5,174,446 Purchase of Yellowstone warrants (7,719,779 ) 7,719,779 - Investment in unconsolidated affiliates (5,715,625 ) (284,375 ) (6,000,000 ) Proceeds from sales of investments 513,815,641 265,999,999 779,815,640 Purchase of investments (488,315,757 ) (404,701,849 ) (893,017,606 ) Net Cash Used in Investing Activities (38,133,518 ) (131,266,446 ) (169,399,964 ) Proceeds from issuance of stock within SPAC - 135,988,980 135,988,980 Receipt of funds held as collateral - 10,006,075 10,006,075 Offering costs within SPAC - (3,201,505 ) (3,201,505 ) Net Cash Provided by Financing Activities 60,012,252 142,793,550 202,805,802 Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash $ 27,452,015 $ 11,128,269 $ 38,580,284 |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (As Restated) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Years Structures 15 Digital displays and electrical 10 Static and tri-vision displays 10 to 15 Fiber, towers, and broadband equipment 5 to 20 Vehicles, equipment, and furniture 4 to 7 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Years Customer relationships 3 to 10 Permits, licenses, and lease acquisition costs 10 to 50 Noncompetition and nonsolicitation agreements 2 to 5 Technology, trade names, and trademarks 2 to 20 Site location 15 |
Note 4 - Restricted Cash (As _2
Note 4 - Restricted Cash (As Restated) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | December 31, 2020 2019 Insurance premium escrow $ 280,269 $ 343,518 December 31, (As Restated) 2020 2019 Cash and cash equivalents $ 44,665,972 $ 16,028,514 Funds held as collateral 10,006,075 - Restricted cash 280,269 343,518 Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statements of Cash Flows $ 54,952,316 $ 16,372,032 |
Note 5 - Accounts Receivable (T
Note 5 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Receivables with Imputed Interest [Table Text Block] | December 31, 2020 2019 Trade accounts $ 3,537,864 $ 3,346,215 Premiums 832,221 971,963 Allowance for doubtful accounts (328,522 ) (127,635 ) Total Accounts Receivable, net $ 4,041,563 $ 4,190,543 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2020 2019 Structures and displays $ 42,858,525 $ 41,320,458 Fiber, towers, and broadband equipment 11,358,650 - Vehicles and equipment 2,522,810 1,245,210 Office furniture and equipment 2,150,729 990,810 Accumulated depreciation (10,382,442 ) (6,731,459 ) Total Property and Equipment, net $ 48,508,272 $ 36,825,019 |
Note 7 - Business Acquisition_2
Note 7 - Business Acquisitions (As Restated) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 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 Year Ended December 31, (As Restated) 2020 2019 Revenue $ 55,925,700 $ 55,824,936 Net Income Attributable to Common Stockholders $ 2,428,915 $ 1,775,851 Basic and Diluted Net Income per Share $ 0.09 $ 0.08 Basic and Diluted Weighted Average Class A and Class B Common Shares Outstanding 25,675,820 22,801,394 |
Note 8 - Intangible Assets (Tab
Note 8 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, 2020 December 31, 2019 Accumulated Accumulated Cost Amortization Balance Cost Amortization Balance Customer relationships $ 46,740,483 $ (20,558,751 ) $ 26,181,732 $ 37,743,900 $ (17,890,487 ) $ 19,853,413 Permits, licenses, and lease acquisition costs 11,053,673 (2,412,313 ) 8,641,360 10,305,521 (1,443,337 ) 8,862,184 Site location 849,347 (193,462 ) 655,885 849,347 (136,839 ) 712,508 Noncompetition agreements 626,000 (386,934 ) 239,066 626,000 (269,318 ) 356,682 Technology 1,128,000 (212,250 ) 915,750 138,000 (138,000 ) - Trade names and trademarks 3,602,202 (369,175 ) 3,233,027 722,200 (267,900 ) 454,300 Nonsolicitation agreement 28,000 (28,000 ) - 28,000 (28,000 ) - Easements 4,507,089 - 4,507,089 2,032,494 - 2,032,494 Total $ 68,534,794 $ (24,160,885 ) $ 44,373,909 $ 52,445,462 $ (20,173,881 ) $ 32,271,581 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | December 31, 2021 2022 2023 2024 2025 Thereafter Total Customer relationships $ 3,132,966 $ 3,132,966 $ 3,132,966 $ 3,132,966 $ 3,132,966 $ 10,516,902 $ 26,181,732 Permits, licenses and lease acquisition costs 1,012,947 1,012,947 1,012,947 1,012,947 999,939 3,589,633 8,641,360 Site location 56,623 56,623 56,623 56,623 56,623 372,770 655,885 Noncompetition agreements 101,200 90,366 46,100 1,400 - - 239,066 Technology 99,000 99,000 99,000 99,000 99,000 420,750 915,750 Trade names and trademarks 208,900 208,900 208,900 208,900 208,900 2,188,527 3,233,027 Total $ 4,611,636 $ 4,600,802 $ 4,556,536 $ 4,511,836 $ 4,497,428 $ 17,088,582 $ 39,866,820 Customer relationships 100 Permits, licenses, and lease acquisition costs 102 Site location 139 Noncompetition agreements 26 Technology 111 Trade names and trademarks 186 |
Note 9 - Investments, Includi_2
Note 9 - Investments, Including Investments Accounted for Using the Equity Method (As Restated) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Investment [Table Text Block] | December 31, 2020 2019 Certificates of deposit $ 1,035,827 $ 987,599 Corporate bonds classified as trading 1,020,000 910,000 U.S. Treasury notes and corporate bond held to maturity 4,994,848 4,649,572 Total $ 7,050,675 $ 6,547,171 December 31, (As Restated) 2020 2019 U.S. Treasury securities, held to maturity $ 286,015 $ 1,094,983 Certificates of deposit - 380,753 Preferred stock 104,019 104,019 Non-voting preferred units of Dream Finders Holdings, LLC - 12,000,000 Non-voting common units of Dream Finders Holdings, LLC - 10,000,000 Voting common stock of CB&T Holding Corporation 19,058,485 19,058,485 Total $ 19,448,519 $ 42,638,240 |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Gross Unrealized Fair Cost Gain (Loss) Value Marketable equity securities, December 31, 2020 $ 68,205,548 $ (4,169,066 ) $ 64,036,482 Marketable equity securities, December 31, 2019 $ 49,554,926 $ 6,353,001 $ 55,907,927 Gross Unrealized Fair Cost Gain Value U.S. Treasury trading securities, December 31, 2020 $ 37,766,133 $ 1,812 $ 37,767,945 U.S. Treasury securities available for sale, December 31, 2019 $ 75,488,863 $ (79,664 ) $ 75,409,199 |
Investments in and Advances to Affiliates [Table Text Block] | December 31, (As Restated) 2020 2019 Beginning of year $ 771,805 $ 568,713 Additional investments in unconsolidated affiliates 16,000,000 264,834 Distributions received (1,433,480 ) (541,108 ) Equity in income of unconsolidated affiliates 5,575,571 479,366 End of year $ 20,913,896 $ 771,805 |
Equity Method Investments [Table Text Block] | December 31, (As Restated) 2020 2019 Revenue $ 1,147,735,494 $ 19,374,109 Gross profit 176,953,564 6,731,623 Income from continuing operations 82,992,830 1,806,620 Net income 86,847,498 1,859,438 |
Note 10 - Fair Value (As Rest_2
Note 10 - Fair Value (As Restated) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Total Changes Total Carrying Quoted Prices in Fair Values Amount in in Active Included in Consolidated Markets for Realized Gains Current Period Balance Sheet Identical and (Losses) Earnings (Loss) Dec. 31, 2020 Assets (As Restated) (As Restated) Marketable equity securities, U.S. Treasury trading securities, and corporate bonds $ 102,824,427 $ 102,824,427 $ 5,701,048 $ (10,399,932 ) |
Note 11 - Income Tax Benefit _2
Note 11 - Income Tax Benefit (As Restated) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | December 31, (As Restated) 2020 2019 Income tax (provision) benefit: Current federal income tax expense (benefit) $ (44,486 ) $ 513,201 Current state income tax expense (benefit) (12,894 ) 161,781 Deferred federal income tax expense (benefit) (1,579,511 ) 1,470,099 Deferred state income tax expense (benefit) 2,224,254 463,432 Total Income Tax Benefit Before Valuation Allowance 587,363 2,608,513 Valuation allowance (587,363 ) (2,608,513 ) Deferred tax assets: Net operating loss carryforward - all as of December 31, 2019 $ - $ 8,576,397 Net operating loss carryforward - federal as of December 31, 2020 5,278,699 - Net operating loss carryforward - state as of December 31, 2020 1,833,257 - 2020 Tax credit carryforwards as of December 31, 2020 366,366 - Intangibles 47,731 - Lease liabilities 14,064,430 - Premium adjustments and IBNR 776,456 - Unrealized loss on securities 1,126,052 - Valuation allowance (7,230,229 ) (6,642,866 ) Net Deferred Tax Assets $ 16,262,762 $ 1,933,531 Deferred tax liabilities: Property and equipment $ (1,754,929 ) $ - Right of use assets (14,311,642 ) - Deferred acquisition costs (187,002 ) - Investment in unconsolidated subsidiaries (9,189 ) - Unrealized loss on securities - (1,732,696 ) Other - (200,835 ) Total Deferred Tax Liabilities (16,262,762 ) (1,933,531 ) Net Deferred Tax Assets/Liabilities $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Year Ended December 31, (As Restated) 2020 2019 Tax at statutory rate $ (280,069 ) $ - Increase (decrease): - Permanent differences 5,422 - State income tax expense (benefit), net of federal income taxes (12,894 ) - Other (299,822 ) - Less: valuation allowance 587,363 - Income tax benefit $ - $ - |
Note 12 - Asset Retirement Ob_2
Note 12 - Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Balance, January 1, 2019 1,824,419 Additions 85,294 Accretion expense 134,992 Liabilities settled - Balance, December 31, 2019 $ 2,044,705 Additions 96,864 Accretion expense 140,704 Liabilities settled - Balance, December 31, 2020 $ 2,282,273 |
Note 13 - Capital Stock (Tables
Note 13 - Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value of Vested Warrants Outstanding as of January 1, 2019 105,556 $ 9.95 6.5 $ 1,419,728 Issued - Exercised - Expired - Outstanding as of December 31, 2019 105,556 $ 9.95 5.5 $ 1,170,616 Issued - Exercised - Expired - Outstanding as of December 31, 2020 105,556 $ 9.95 4.5 $ 1,868,341 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended Year Ended Ended Ended December 31, 2020 December 31, 2019 Statement of Operations Classification Lease cost $ 6,328,994 $ 5,989,314 Cost of billboard revenues and general and administrative Variable and short-term lease cost 467,797 1,019,486 Cost of billboard revenues and general and administrative Total Lease Cost $ 6,796,791 $ 7,008,800 |
Supplemental Cash Flow Information Related to Operating Leases [Table Text Block] | Year Ended Year Ended Ended Ended December 31, 2020 December 31, 2019 Cash payments for operating leases $ 6,211,256 $ 5,776,931 New operating lease assets obtained in exchange for operating lease liabilities $ 881,610 $ 6,551,279 |
Operating Lease Assets and Liabilities [Table Text Block] | December 31, 2020 December 31, 2019 Balance Sheet Classification Lease assets $ 52,849,492 $ 53,249,985 Other Assets: Right of use assets Current lease liabilities $ 4,354,664 $ 3,801,727 Current Liabilities: Lease liabilities Noncurrent lease liabilities 47,581,933 48,199,652 Long-term Liabilities: Lease liabilities Total Lease Liabilities $ 51,936,597 $ 52,001,379 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | December 31, 2020 2021 $ 6,553,589 2022 6,058,577 2023 5,682,235 2024 5,197,230 2025 4,909,502 Thereafter 49,903,069 Total lease payments 78,304,202 Less imputed interest (26,367,605 ) Present Value of Lease Liabilities $ 51,936,597 |
Note 16 - Industry Segments (_2
Note 16 - Industry Segments (As Restated) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Total Year Ended December 31, 2020 (As Restated) GIG LMH FIF Unallocated Consolidated Revenue $ 13,645,962 $ 28,260,964 $ 3,836,537 $ - $ 45,743,463 Segment gross profit 6,955,759 16,988,615 3,290,431 - 27,234,805 Segment (loss) income from operations (197,377 ) 607,542 388,960 (5,794,032 ) (4,994,907 ) Capital expenditures - 4,354,770 43,806,659 734,749 48,896,178 Depreciation and amortization 484,495 6,636,205 571,003 7,691,703 Total Year Ended December 31, 2019 GIG LMH FIF Unallocated Consolidated Revenue $ 12,959,971 $ 28,429,167 $ - $ - $ 41,389,138 Segment gross profit 6,669,753 17,108,018 - - 23,777,771 Segment loss from operations (2,216,421 ) (5,765,105 ) - (4,430,570 ) (12,412,096 ) Capital expenditures 46,868 11,728,650 - - 11,775,518 Depreciation and amortization 1,179,450 12,394,691 - - 13,574,141 Total As of December 31, 2020 (As Restated) 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 Total As of December 31, 2019 GIG LMH FIF Unallocated Consolidated Accounts receivable, net $ 1,213,823 $ 2,976,720 $ - $ - $ 4,190,543 Goodwill 8,719,294 97,553,207 - - 106,272,501 Total assets 45,956,410 224,258,311 - 166,693,489 436,908,210 |
Note 17 - Reserves for Losses_2
Note 17 - Reserves for Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | 2020 2019 Losses and LAE at beginning of year $ 1,203,493 $ 360,514 Provision for losses and LAE claims arising in: Current year 2,221,844 1,590,858 Prior year 694,002 123,044 Total incurred 2,915,846 1,713,902 Losses and LAE payments for claims arising in: Current year 1,182,375 856,778 Prior years 444,630 14,145 Total payments 1,627,005 870,923 Losses and LAE at end of year $ 2,492,334 $ 1,203,493 |
Note 2 - Restatement of Previ_3
Note 2 - Restatement of Previously Issued Financial Statements - Effect of Restatement (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and cash equivalents | $ 44,665,972 | $ 16,028,514 | |
Investments held in trust - special purpose acquisition company | 138,716,226 | 0 | |
Prepaid expenses | 2,197,342 | 1,422,637 | |
Total Current Assets | 329,049,317 | 162,164,497 | |
Investments | 19,448,519 | 42,638,240 | |
Investments in unconsolidated affiliates | 20,913,896 | 771,805 | $ 568,713 |
Total Other Assets | 263,149,837 | 237,918,694 | |
Total Assets | 640,707,426 | 436,908,210 | |
Accounts payable and accrued expenses | 6,825,081 | 5,675,096 | |
Deferred underwriting fee payable | 4,759,615 | ||
Total Current Liabilities | 33,870,249 | 21,681,230 | |
Warrants liability | 8,431,315 | 0 | |
Total liabilities | 114,114,020 | 89,937,167 | |
Redeemable Noncontrolling interest | 145,027,149 | 1,730,058 | |
Accumulated deficit | (42,665,616) | (21,811,947) | |
Total Stockholders' Equity (Deficit) | 381,566,257 | 345,240,985 | $ 315,215,384 |
Professional fees | 4,186,841 | 3,664,370 | |
General and administrative | 6,595,872 | 6,346,698 | |
Total Costs and Expenses | 50,738,370 | 53,801,234 | |
Net Loss from Operations | (4,994,907) | (12,412,096) | |
Equity in income (loss) of unconsolidated affiliates | 5,575,571 | 479,366 | |
Unrealized (loss) gain on securities | (10,399,932) | 6,273,337 | |
Gain (Loss) on Sale of Investments, Total | 5,714,207 | 572,181 | |
Remeasurement of warrant liability | (217,582) | 0 | |
Income (Loss) Before Income Taxes | (2,428,252) | (1,481,265) | |
Noncontrolling interest in subsidiary (income) loss | 2,379,163 | ||
Net income (loss) Attributable to Common Stockholders | $ (49,089) | $ (1,486,923) | |
Basic and Diluted Net Loss per Share (in dollars per share) | $ 0 | $ (0.07) | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ (2,428,252) | $ (1,481,265) | |
Equity in earnings of unconsolidated affiliates | (5,575,571) | (479,366) | |
Unrealized losses (gains) on securities | 10,399,932 | (6,273,337) | |
Remeasurement of warrant liability | 217,582 | 0 | |
Issuance costs related to warrant liability | 509,899 | 0 | |
Gain on disposition of investments | (5,714,207) | (572,181) | |
Prepaid expenses | (757,117) | (593,537) | |
Accounts payable and accrued expenses | 740,112 | 1,988,287 | |
Net Cash Provided by Operating Activities | 5,174,446 | 9,613,549 | |
Purchase of Yellowstone warrants | 0 | ||
Investment in unconsolidated affiliates | (6,000,000) | (264,834) | |
Proceeds from sales of investments | 779,815,640 | ||
Purchase of investments | (893,017,606) | ||
Net Cash Used in Investing Activities | (169,399,964) | (60,626,598) | |
Proceeds from Issuance of Common Stock | 59,549,751 | 32,204,732 | |
Receipt of funds held as collateral | 10,006,075 | 0 | |
Offering costs within SPAC | (3,428,355) | (1,023,490) | |
Net Cash Provided by Financing Activities | 202,805,802 | 49,241,242 | |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 38,580,284 | (1,771,807) | |
Yellowstone Acquisition Company [Member] | |||
Proceeds from Issuance of Common Stock | 135,988,980 | 0 | |
Offering costs within SPAC | (3,201,505) | $ 0 | |
Previously Reported [Member] | |||
Cash and cash equivalents | 43,543,778 | ||
Investments held in trust - special purpose acquisition company | 0 | ||
Prepaid expenses | 1,794,155 | ||
Total Current Assets | 188,807,710 | ||
Investments | 24,234,782 | ||
Investments in unconsolidated affiliates | 25,315,696 | ||
Total Other Assets | 272,337,903 | ||
Total Assets | 509,653,885 | ||
Accounts payable and accrued expenses | 6,361,778 | ||
Deferred underwriting fee payable | 0 | ||
Total Current Liabilities | 28,647,331 | ||
Warrants liability | 0 | ||
Total liabilities | 100,459,787 | ||
Redeemable Noncontrolling interest | 6,318,389 | ||
Accumulated deficit | (21,356,164) | ||
Total Stockholders' Equity (Deficit) | 402,875,709 | ||
Professional fees | 3,530,278 | ||
General and administrative | 6,283,582 | ||
Total Costs and Expenses | 49,769,517 | ||
Net Loss from Operations | (4,026,054) | ||
Equity in income (loss) of unconsolidated affiliates | 5,187,159 | ||
Unrealized (loss) gain on securities | (8,260,941) | ||
Gain (Loss) on Sale of Investments, Total | 5,701,909 | ||
Remeasurement of warrant liability | 0 | ||
Income (Loss) Before Income Taxes | 496,464 | ||
Noncontrolling interest in subsidiary (income) loss | (40,681) | ||
Net income (loss) Attributable to Common Stockholders | $ 455,783 | ||
Basic and Diluted Net Loss per Share (in dollars per share) | $ 0.02 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ 496,464 | ||
Equity in earnings of unconsolidated affiliates | (5,187,159) | ||
Unrealized losses (gains) on securities | 8,260,941 | ||
Remeasurement of warrant liability | 0 | ||
Issuance costs related to warrant liability | 0 | ||
Gain on disposition of investments | (5,701,909) | ||
Prepaid expenses | (353,930) | ||
Accounts payable and accrued expenses | 276,806 | ||
Net Cash Provided by Operating Activities | 5,573,281 | ||
Purchase of Yellowstone warrants | (7,719,779) | ||
Investment in unconsolidated affiliates | (5,715,625) | ||
Proceeds from sales of investments | 513,815,641 | ||
Purchase of investments | (488,315,757) | ||
Net Cash Used in Investing Activities | (38,133,518) | ||
Receipt of funds held as collateral | 0 | ||
Net Cash Provided by Financing Activities | 60,012,252 | ||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 27,452,015 | ||
Previously Reported [Member] | Yellowstone Acquisition Company [Member] | |||
Proceeds from Issuance of Common Stock | 0 | ||
Offering costs within SPAC | 0 | ||
Revision of Prior Period, Adjustment [Member] | |||
Cash and cash equivalents | 1,122,194 | ||
Investments held in trust - special purpose acquisition company | 138,716,226 | ||
Prepaid expenses | 403,187 | ||
Total Current Assets | 140,241,607 | ||
Investments | (4,786,263) | ||
Investments in unconsolidated affiliates | (4,401,800) | ||
Total Other Assets | (9,188,066) | ||
Total Assets | 131,053,541 | ||
Accounts payable and accrued expenses | 463,303 | ||
Deferred underwriting fee payable | 4,759,615 | ||
Total Current Liabilities | 5,222,918 | ||
Warrants liability | 8,431,315 | ||
Total liabilities | 13,654,233 | ||
Redeemable Noncontrolling interest | 138,708,760 | ||
Accumulated deficit | (21,309,452) | ||
Total Stockholders' Equity (Deficit) | (21,309,452) | ||
Professional fees | 656,563 | ||
General and administrative | 312,290 | ||
Total Costs and Expenses | 968,853 | ||
Net Loss from Operations | (968,853) | ||
Equity in income (loss) of unconsolidated affiliates | 388,412 | ||
Unrealized (loss) gain on securities | (2,138,991) | ||
Gain (Loss) on Sale of Investments, Total | 12,298 | ||
Remeasurement of warrant liability | (217,582) | ||
Income (Loss) Before Income Taxes | (2,924,716) | ||
Noncontrolling interest in subsidiary (income) loss | 2,419,844 | ||
Net income (loss) Attributable to Common Stockholders | $ (504,872) | ||
Basic and Diluted Net Loss per Share (in dollars per share) | $ (0.02) | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ (2,924,716) | ||
Equity in earnings of unconsolidated affiliates | (388,412) | ||
Unrealized losses (gains) on securities | 2,138,991 | ||
Remeasurement of warrant liability | 217,582 | ||
Issuance costs related to warrant liability | 509,899 | ||
Gain on disposition of investments | (12,298) | ||
Prepaid expenses | (403,187) | ||
Accounts payable and accrued expenses | 463,306 | ||
Net Cash Provided by Operating Activities | (398,835) | ||
Purchase of Yellowstone warrants | 7,719,779 | ||
Investment in unconsolidated affiliates | (284,375) | ||
Proceeds from sales of investments | 265,999,999 | ||
Purchase of investments | (404,701,849) | ||
Net Cash Used in Investing Activities | (131,266,446) | ||
Receipt of funds held as collateral | 10,006,075 | ||
Net Cash Provided by Financing Activities | 142,793,550 | ||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 11,128,269 | ||
Revision of Prior Period, Adjustment [Member] | Yellowstone Acquisition Company [Member] | |||
Proceeds from Issuance of Common Stock | 135,988,980 | ||
Offering costs within SPAC | $ (3,201,505) |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (As Restated) (Details Textual) | Oct. 26, 2020shares | Oct. 01, 2020USD ($) | Oct. 01, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
Accounts Receivable, Allowance for Credit Loss, Current | $ 328,522 | $ 127,635 | |||||
Number of Reporting Units | 4 | ||||||
Goodwill, Impairment Loss | $ 0 | $ 0 | |||||
Goodwill, Ending Balance | $ 124,446,446 | 106,272,501 | |||||
Ceded Premiums Earned | 595,750 | 726,764 | |||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | 0 | |||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | 0 | |||||
Operating Lease, Liability, Total | 51,936,597 | 52,001,379 | |||||
Finite-Lived Intangible Assets, Net, Ending Balance | 39,866,820 | ||||||
Off-Market Favorable Lease [Member] | |||||||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 811,709 | ||||||
Accounting Standards Update 2016-02 [Member] | |||||||
Operating Lease, Liability, Total | $ 49,066,289 | ||||||
Prepaid Land Lease Assets | (1,945,820) | ||||||
Accrued Rent | $ (1,316,000) | ||||||
Yellowstone Acquisition Company [Member] | Common Class A [Member] | IPO [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 13,598,898 | ||||||
Tammy Lynn Outdoor, LLC, Key Outdoor, Inc and Waitt Outdoor, LLC [Member] | |||||||
Goodwill, Ending Balance | $ 18,150,000 | 3,500,000 | |||||
Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 4 years | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||||||
Lessor, Operating Lease, Term of Contract (Month) | 1 month | ||||||
Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 50 years | ||||||
Lessor, Operating Lease, Term of Contract (Month) | 3 years | ||||||
Billboard Rentals [Member] | |||||||
Accounts Receivable, Allowance for Credit Loss, Current | $ 217,871 | 127,635 | |||||
Revenue from Contract with Customer, Including Assessed Tax | 28,260,964 | 28,429,167 | |||||
Broadband Services [Member] | |||||||
Accounts Receivable, Allowance for Credit Loss, Current | 110,651 | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 3,836,537 | 0 | |||||
Production Services [Member] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,373,339 | $ 1,341,995 |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies (As Restated) - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | |
Property and equipment, useful life (Year) | 4 years |
Maximum [Member] | |
Property and equipment, useful life (Year) | 20 years |
Structures [Member] | |
Property and equipment, useful life (Year) | 15 years |
Digital Displays and Electrical [Member] | |
Property and equipment, useful life (Year) | 10 years |
Static and Tri-vision Displays [Member] | Minimum [Member] | |
Property and equipment, useful life (Year) | 10 years |
Static and Tri-vision Displays [Member] | Maximum [Member] | |
Property and equipment, useful life (Year) | 15 years |
Fiber, Towers, and Broadband Equipment [Member] | Minimum [Member] | |
Property and equipment, useful life (Year) | 5 years |
Fiber, Towers, and Broadband Equipment [Member] | Maximum [Member] | |
Property and equipment, useful life (Year) | 20 years |
Vehicles, Equipment and Furniture [Member] | Minimum [Member] | |
Property and equipment, useful life (Year) | 4 years |
Vehicles, Equipment and Furniture [Member] | Maximum [Member] | |
Property and equipment, useful life (Year) | 7 years |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies (As Restated) - Intangible Assets (Details) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2020 | |
Minimum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 2 years | |
Maximum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 50 years | |
Customer Relationships [Member] | ||
Finite-lived intangible assets, useful life (Year) | 10 years | |
Customer Relationships [Member] | Minimum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 3 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 10 years | |
Permits, Licenses and Lease Acquisition Costs [Member] | Minimum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 10 years | |
Permits, Licenses and Lease Acquisition Costs [Member] | Maximum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 50 years | |
Noncompetition and Nonsolicitation Agreements [Member] | Minimum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 2 years | |
Noncompetition and Nonsolicitation Agreements [Member] | Maximum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 5 years | |
Technology, Trade Names and Trademarks [Member] | Minimum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 2 years | |
Technology, Trade Names and Trademarks [Member] | Maximum [Member] | ||
Finite-lived intangible assets, useful life (Year) | 20 years | |
Site Location [Member] | ||
Finite-lived intangible assets, useful life (Year) | 15 years |
Note 4 - Restricted Cash (As _3
Note 4 - Restricted Cash (As Restated) - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted cash | $ 280,269 | $ 343,518 | |
Cash and cash equivalents | 44,665,972 | 16,028,514 | |
Funds held as collateral | 10,006,075 | 0 | |
Total Cash, Cash Equivalents, and Restricted Cash as Presented in the Consolidated Statements of Cash Flows | 54,952,316 | 16,372,032 | $ 18,143,839 |
Insurance Premium Escrow [Member] | |||
Restricted cash | $ 280,269 | $ 343,518 |
Note 5 - Accounts Receivable -
Note 5 - Accounts Receivable - Schedule of Receivables (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for doubtful accounts | $ (328,522) | $ (127,635) |
Accounts receivable, net | 4,041,563 | 4,190,543 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, gross | 3,537,864 | 3,346,215 |
Premium [Member] | ||
Accounts receivable, gross | $ 832,221 | $ 971,963 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation, Total | $ 3,704,700 | $ 3,102,168 |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (199,555) | $ (223,890) |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated depreciation | $ (10,382,442) | $ (6,731,459) |
Total Property and Equipment, net | 48,508,272 | 36,825,019 |
Structures and Displays [Member] | ||
Property, plant and equipment, gross | 42,858,525 | 41,320,458 |
Fiber, Towers, and Broadband Equipment [Member] | ||
Property, plant and equipment, gross | 11,358,650 | 0 |
Vehicles and Equipment [Member] | ||
Property, plant and equipment, gross | 2,522,810 | 1,245,210 |
Office Furniture and Equipment [Member] | ||
Property, plant and equipment, gross | $ 2,150,729 | $ 990,810 |
Note 7 - Business Acquisition_3
Note 7 - Business Acquisitions (As Restated) (Details Textual) - USD ($) | Dec. 29, 2020 | Mar. 10, 2020 | Oct. 01, 2019 | Aug. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 33,624,202 | $ 7,473,891 | ||||
Goodwill, Ending Balance | $ 124,446,446 | 106,272,501 | ||||
Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 4 years | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |||||
Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 50 years | |||||
Fiber, Towers, and Broadband Equipment [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||
Fiber, Towers, and Broadband Equipment [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |||||
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) | 20 years | |||||
FibAire Communications LLC [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 13,712,491 | |||||
Business Combination, Consideration Transferred, Percent, Cash | 90.00% | |||||
Business Combination, Consideration Transferred, Percent, Equity | 10.00% | |||||
Business Combination, Equity Issued, Percent Issued to Acquired Company | 10.00% | |||||
Payments to Acquire Business, Held in Escrow | $ 1,851,186 | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 3,772,109 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 364,125 | |||||
Business Combination, Acquisition Related Costs | 287,934 | |||||
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, Noncurrent Liabilities, Other | $ 91,095 | |||||
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] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 970,000 | |||||
Utah Broadband, LLC [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 26,603,700 | |||||
Business Combination, Consideration Transferred, Percent, Cash | 80.00% | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 64,428 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 21,340 | |||||
Business Combination, Acquisition Related Costs | $ 352,998 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 6,170,000 | |||||
Goodwill, Ending Balance | 11,030,000 | |||||
Utah Broadband, LLC [Member] | Equity of FIF Utah [Member] | ||||||
Business Combination, Consideration Transferred, Percent, Equity | 20.00% | |||||
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 | |||||
Image Outdoor Advertising, LLC [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 7,625,604 | |||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 6,915,501 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 34,673 | |||||
Business Combination, Amount Held Back and Disbursed | $ 398,750 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 1,544,970 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 3,152,000 | |||||
Goodwill, Ending Balance | 3,058,633 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | $ 129,999 | |||||
Bilboards in Missouri [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 1,337,685 | |||||
Business Combination, Amount Held Back and Disbursed | $ 380,546 |
Note 7 - Business Acquisition_4
Note 7 - Business Acquisitions (As Restated) - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill, Ending Balance | $ 124,446,446 | $ 106,272,501 |
FibAire Communications LLC [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 3,112,459 | |
Goodwill, Ending Balance | 7,124,158 | |
Right of use assets | 337,966 | |
Other | 184,737 | |
Total Assets Acquired | 14,459,320 | |
Accounts payable and deferred revenue | 317,768 | |
Lease liabilities | 337,966 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 91,095 | |
Total Liabilities Assumed | 746,829 | |
Total | 13,712,491 | |
FibAire Communications LLC [Member] | Customer Relationships [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,480,000 | |
FibAire Communications LLC [Member] | Permits [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 260,000 | |
FibAire Communications LLC [Member] | Trademarks and Trade Names [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 970,000 | |
FibAire Communications LLC [Member] | Computer Software, Intangible Asset [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 990,000 | |
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 | |
Other | 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 7 - Business Acquisition_5
Note 7 - Business Acquisitions (As Restated) - Pro Forma Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 55,925,700 | $ 55,824,936 |
Net Income Attributable to Common Stockholders | $ 2,428,915 | $ 1,775,851 |
Basic and Diluted Net Income per Share (in dollars per share) | $ 0.09 | $ 0.08 |
Shares Outstanding (in shares) | 25,675,820 | 22,801,394 |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ (2,428,252) | $ (1,481,265) | |
Earnings Per Share, Basic and Diluted, Total (in dollars per share) | $ 0 | $ (0.07) | |
Amortization, Total | $ 3,987,003 | $ 10,471,973 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||
Customer Relationships [Member] | Intangible Assets, Amortization Period [Member] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ 2,124,125 | ||
Earnings Per Share, Basic and Diluted, Total (in dollars per share) | $ 0.09 |
Note 8 - Intangible Assets - Sc
Note 8 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated amortization | $ (24,160,885) | $ (20,173,881) |
Balance | 39,866,820 | |
Total, cost | 68,534,794 | 52,445,462 |
Intangible assets, net | 44,373,909 | 32,271,581 |
Easements [Member] | ||
Accumulated amortization | 0 | 0 |
Balance | 4,507,089 | 2,032,494 |
Customer Relationships [Member] | ||
Cost | 46,740,483 | 37,743,900 |
Accumulated amortization | (20,558,751) | (17,890,487) |
Balance | 26,181,732 | 19,853,413 |
Permits, Licenses and Lease Acquisition Costs [Member] | ||
Cost | 11,053,673 | 10,305,521 |
Accumulated amortization | (2,412,313) | (1,443,337) |
Balance | 8,641,360 | 8,862,184 |
Site Location [Member] | ||
Cost | 849,347 | 849,347 |
Accumulated amortization | (193,462) | (136,839) |
Balance | 655,885 | 712,508 |
Noncompete Agreements [Member] | ||
Cost | 626,000 | 626,000 |
Accumulated amortization | (386,934) | (269,318) |
Balance | 239,066 | 356,682 |
Technology-Based Intangible Assets [Member] | ||
Cost | 1,128,000 | 138,000 |
Accumulated amortization | (212,250) | (138,000) |
Balance | 915,750 | 0 |
Trademarks and Trade Names [Member] | ||
Cost | 3,602,202 | 722,200 |
Accumulated amortization | (369,175) | (267,900) |
Balance | 3,233,027 | 454,300 |
Nonsolicitation Agreement [Member] | ||
Cost | 28,000 | 28,000 |
Accumulated amortization | (28,000) | (28,000) |
Balance | $ 0 | $ 0 |
Note 8 - Intangible Assets - _2
Note 8 - Intangible Assets - Schedule of Future Amortization, Intangible Assets (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2020 | |
2021 | $ 4,611,636 | |
2022 | 4,600,802 | |
2023 | 4,556,536 | |
2024 | 4,511,836 | |
2025 | 4,497,428 | |
Thereafter | 17,088,582 | |
Total | 39,866,820 | |
Customer Relationships [Member] | ||
2021 | 3,132,966 | |
2022 | 3,132,966 | |
2023 | 3,132,966 | |
2024 | 3,132,966 | |
2025 | 3,132,966 | |
Thereafter | 10,516,902 | |
Total | $ 19,853,413 | $ 26,181,732 |
Finite-lived intangible assets, useful life (Year) | 10 years | |
Customer Relationships [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 100 months | |
Permits, Licenses and Lease Acquisition Costs [Member] | ||
2021 | $ 1,012,947 | |
2022 | 1,012,947 | |
2023 | 1,012,947 | |
2024 | 1,012,947 | |
2025 | 999,939 | |
Thereafter | 3,589,633 | |
Total | $ 8,862,184 | $ 8,641,360 |
Permits, Licenses and Lease Acquisition Costs [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 102 months | |
Site Location [Member] | ||
2021 | $ 56,623 | |
2022 | 56,623 | |
2023 | 56,623 | |
2024 | 56,623 | |
2025 | 56,623 | |
Thereafter | 372,770 | |
Total | 712,508 | $ 655,885 |
Finite-lived intangible assets, useful life (Year) | 15 years | |
Site Location [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 139 months | |
Noncompete Agreements [Member] | ||
2021 | $ 101,200 | |
2022 | 90,366 | |
2023 | 46,100 | |
2024 | 1,400 | |
2025 | 0 | |
Thereafter | 0 | |
Total | 356,682 | $ 239,066 |
Noncompete Agreements [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 26 months | |
Technology-Based Intangible Assets [Member] | ||
2021 | $ 99,000 | |
2022 | 99,000 | |
2023 | 99,000 | |
2024 | 99,000 | |
2025 | 99,000 | |
Thereafter | 420,750 | |
Total | 0 | $ 915,750 |
Technology-Based Intangible Assets [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 111 months | |
Trademarks and Trade Names [Member] | ||
2021 | $ 208,900 | |
2022 | 208,900 | |
2023 | 208,900 | |
2024 | 208,900 | |
2025 | 208,900 | |
Thereafter | 2,188,527 | |
Total | $ 454,300 | $ 3,233,027 |
Trademarks and Trade Names [Member] | Weighted Average [Member] | ||
Finite-lived intangible assets, useful life (Year) | 186 months |
Note 9 - Investments, Includi_3
Note 9 - Investments, Including Investments Accounted for Using the Equity Method (As Restated) (Details Textual) - USD ($) | May 31, 2018 | Dec. 31, 2017 | May 31, 2019 | Jan. 31, 2018 | May 01, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Gain (Loss) on Sale of Investments, Total | $ 5,714,207 | $ 572,181 | ||||||
Proceeds from Redemption of Preferred Units | 12,000,000 | 0 | ||||||
Payments to Acquire Equity Method Investments | 6,000,000 | 264,834 | ||||||
Dream Finders Holdings, LLC [Member] | Term Loan Receivable [Member] | ||||||||
Notes Receivable, Related Parties | $ 20,000,000 | |||||||
Note Receivable, Interest Rate | 14.00% | |||||||
Dream Finders Holdings, LLC [Member] | Term Loan Receivable [Member] | Forecast [Member] | ||||||||
Note Receivable, Monthly Payments | $ 5,000,000 | |||||||
Unconsolidated Affiliates [Member] | ||||||||
Equity Method Investments | $ 687,707 | |||||||
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] | ||||||||
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 | 13,159 | |||||||
Voting Common Stock of Privately Held Company CB&T Holding Corporation [Member] | ||||||||
Payments to Acquire Long-term Investments | $ 19,058,485 | |||||||
Cost Method Investment, Ownership Percentage | 14.99% | |||||||
Non-voting Common Units of 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 | |||||||
Equity Investments [Member] | ||||||||
Other than Temporary Impairment Losses, Investments, Total | $ 0 | $ 0 |
Note 9 - Investments, Includi_4
Note 9 - Investments, Including Investments Accounted for Using the Equity Method (As Restated) - Schedule of Investments (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Short-term Investments | $ 7,050,675 | $ 6,547,171 |
Long-term investments | 19,448,519 | 42,638,240 |
US Treasury Securities [Member] | ||
Long-term investments | 286,015 | 1,094,983 |
Certificates of Deposit [Member] | ||
Short-term Investments | 1,035,827 | 987,599 |
Long-term investments | 0 | 380,753 |
Preferred Stock [Member] | ||
Long-term investments | 104,019 | 104,019 |
Corporate Bond Securities [Member] | ||
Short-term Investments | 1,020,000 | 910,000 |
Non-voting Preferred Units of DFH LLC [Member] | ||
Long-term investments | 0 | 12,000,000 |
U.S. Treasury Notes and Corporate Bonds [Member] | ||
Short-term Investments | 4,994,848 | 4,649,572 |
Non-voting Common Units of Dream Finders Holdings, LLC [Member] | ||
Long-term investments | 0 | 10,000,000 |
Voting Common Stock of Privately Held Company CB&T Holding Corporation [Member] | ||
Long-term investments | $ 19,058,485 | $ 19,058,485 |
Note 9 - Investments, Includi_5
Note 9 - Investments, Including Investments Accounted for Using the Equity Method (As Restated) - Marketable Equity Securities and Trading Securities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Marketable equity securities, Cost | $ 68,205,548 | $ 49,554,926 |
Marketable equity securities, Gross Unrealized Gain (Loss) | (4,169,066) | 6,353,001 |
Marketable equity securities | 64,036,482 | 55,907,927 |
U.S. Treasury trading securities, fair value | 37,767,945 | 75,409,199 |
US Treasury Notes Securities [Member] | ||
U.S. Treasury trading securities, cost | 37,766,133 | 75,488,863 |
U.S. Treasury trading securities, gross unrealized gain (loss) | 1,812 | (79,664) |
U.S. Treasury trading securities, fair value | $ 37,767,945 | $ 75,409,199 |
Note 9 - Investments, Includi_6
Note 9 - Investments, Including Investments Accounted for Using the Equity Method (As Restated) - Reconciliation of the Company's Investments in Equity Affiliates (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning of year | $ 771,805 | $ 568,713 |
Additional investments in unconsolidated affiliates | 16,000,000 | 264,834 |
Distributions received | (1,433,480) | (541,108) |
Equity in income of unconsolidated affiliates | 5,575,571 | 479,366 |
End of year | $ 20,913,896 | $ 771,805 |
Note 9 - Investments, Includi_7
Note 9 - Investments, Including Investments Accounted for Using the Equity Method (As Restated) - Summarized Financial Data (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 45,743,463 | $ 41,389,138 |
Gross profit | 27,234,805 | 23,777,771 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | (2,428,252) | (1,481,265) |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Revenue | 1,147,735,494 | 19,374,109 |
Gross profit | 176,953,564 | 6,731,623 |
Income from continuing operations | 82,992,830 | 1,806,620 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ 86,847,498 | $ 1,859,438 |
Note 10 - Fair Value (As Rest_3
Note 10 - Fair Value (As Restated) (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term Debt, Fair Value | $ 23,839,007 | |
Long-term Debt, Total | 23,057,650 | |
Fair Value Adjustment of Warrants | $ 217,582 | $ 0 |
Note 10 - Fair Value (As Rest_4
Note 10 - Fair Value (As Restated) - Fair Values for Investments (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Realized gains and (losses) | $ 5,701,048 |
Marketable equity securities, U.S. Treasury trading securities, and corporate bonds | (10,399,932) |
Reported Value Measurement [Member] | |
Marketable equity securities, securities available for sale and corporate bonds | 102,824,427 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |
Marketable equity securities, securities available for sale and corporate bonds | $ 102,824,427 |
Note 11 - Income Tax Benefit _3
Note 11 - Income Tax Benefit (As Restated) (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | $ 25 | $ 10.8 |
Reduction of Operating Loss Carryforward, Tax Audit | $ 1.3 | |
Open Tax Year | 2017 2018 2019 2020 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | $ 30 | |
Open Tax Year | 2017 2018 2019 2020 |
Note 11 - Income Tax Benefit _4
Note 11 - Income Tax Benefit (As Restated) - Components of Income Tax (Provision) Benefit (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current federal income tax expense (benefit) | $ (44,486) | $ 513,201 |
Current state income tax expense (benefit) | (12,894) | 161,781 |
Deferred federal income tax expense (benefit) | (1,579,511) | 1,470,099 |
Deferred state income tax expense (benefit) | 2,224,254 | 463,432 |
Total Income Tax Benefit Before Valuation Allowance | 587,363 | 2,608,513 |
Valuation allowance | (587,363) | (2,608,513) |
Net operating loss carryforward - all as of December 31, 2019 | 0 | 8,576,397 |
Net operating loss carryforward - federal as of December 31, 2020 | 5,278,699 | 0 |
Net operating loss carryforward - state as of December 31, 2020 | 1,833,257 | 0 |
2020 Tax credit carryforwards as of December 31, 2020 | 366,366 | 0 |
Intangibles | 47,731 | 0 |
Lease liabilities | 14,064,430 | 0 |
Premium adjustments and IBNR | 776,456 | 0 |
Unrealized loss on securities | 1,126,052 | 0 |
Valuation allowance | (7,230,229) | (6,642,866) |
Net Deferred Tax Assets | 16,262,762 | 1,933,531 |
Property and equipment | (1,754,929) | 0 |
Right of use assets | (14,311,642) | 0 |
Deferred acquisition costs | (187,002) | 0 |
Investment in unconsolidated subsidiaries | (9,189) | 0 |
Unrealized loss on securities | 0 | (1,732,696) |
Other | 0 | (200,835) |
Total Deferred Tax Liabilities | (16,262,762) | (1,933,531) |
Net Deferred Tax Assets/Liabilities | $ 0 | $ 0 |
Note 11 - Income Tax Benefit _5
Note 11 - Income Tax Benefit (As Restated) - Reconciliation of Income Tax Provision (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Tax at statutory rate | $ (280,069) | $ 0 |
Permanent differences | 5,422 | 0 |
State income tax expense (benefit), net of federal income taxes | (12,894) | 0 |
Other | (299,822) | 0 |
Less: valuation allowance | 587,363 | 0 |
Income tax benefit | $ 0 | $ 0 |
Note 12 - Asset Retirement Ob_3
Note 12 - Asset Retirement Obligations - Asset Retirement Obligations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 2,044,705 | $ 1,824,419 |
Additions | 96,864 | 85,294 |
Accretion expense | 140,704 | 134,992 |
Liabilities settled | 0 | 0 |
Balance | $ 2,282,273 | $ 2,044,705 |
Note 13 - Capital Stock (Detail
Note 13 - Capital Stock (Details Textual) | Jun. 02, 2020USD ($)shares | May 28, 2020$ / sharesshares | Dec. 31, 2020shares | Sep. 30, 2020shares | Dec. 31, 2019USD ($)shares | Jun. 30, 2020USD ($)shares | Aug. 20, 2019USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Aug. 20, 2019USD ($)shares | Mar. 18, 2020shares | Aug. 13, 2019USD ($) | Dec. 31, 2018shares | Feb. 28, 2018USD ($) |
Proceeds from Issuance of Common Stock | $ | $ 59,549,751 | $ 32,204,732 | ||||||||||||
Payments of Stock Issuance Costs | $ | $ 3,428,355 | $ 1,023,490 | ||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 105,556 | 105,556 | 105,556 | 105,556 | 105,556 | |||||||||
Warrants for Common Class B Stock [Member] | ||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 104,772 | 104,772 | ||||||||||||
Warrants for Common Class A Stock [Member] | ||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 784 | 784 | ||||||||||||
Common Class A [Member] | ||||||||||||||
Common Stock, Shares Authorized (in shares) | 38,838,884 | 38,838,884 | 38,838,884 | 38,838,884 | ||||||||||
Common Stock, Voting Rights Per Share | 1 | 1 | ||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 20,000,000 | |||||||||||||
Stock Repurchased During Period, Shares (in shares) | 0 | |||||||||||||
Common Class A [Member] | Shelf Registration [Member] | ||||||||||||||
Sale of Stock, Shelf Registration, Value, Available to Issue | $ | $ 200,000,000 | |||||||||||||
Sale of Stock, Shelf Registration, Value, Incremental Amount Available to Issue | $ | $ 50,000,000 | |||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 0 | 448,880 | 40,455 | ||||||||||
Proceeds from Issuance of Common Stock | $ | $ 9,450,789 | $ 669,751 | ||||||||||||
Proceeds from Issuance of Common Stock, Net | $ | 9,122,227 | |||||||||||||
Payments of Stock Issuance Costs | $ | $ 328,562 | |||||||||||||
Common Class A [Member] | Shelf Registration [Member] | Cowen and Company LLC [Member] | ||||||||||||||
Sale of Stock, Shelf Registration, Value, Available to Issue | $ | $ 75,000,000 | |||||||||||||
Compensation, Percentage of Common Stock Sales | 3.00% | 3.00% | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 942,223 | 2,141,452 | ||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 22,753,943 | $ 49,999,625 | ||||||||||||
Proceeds from Issuance of Common Stock, Net | $ | 22,059,015 | |||||||||||||
Payments of Stock Issuance Costs | $ | $ 694,928 | |||||||||||||
Common Class A [Member] | Underwriting Agreement [Member] | ||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,680,000 | |||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 58,900,000 | |||||||||||||
Share Offering, Number of Shares Authorized (in shares) | 3,200,000 | |||||||||||||
Share Price (in dollars per share) | $ / shares | $ 16 | |||||||||||||
Stock Option, Exercisable, Remaining Contractual Term (Day) | 30 days | |||||||||||||
Stock Option, Number of Securities Called by Each Stock Option (in shares) | 480,000 | |||||||||||||
Common Class A [Member] | Underwriting Agreement [Member] | Adam Peterson and Alex Rozek, a Board Member, and Employee [Member] | ||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 39,375 | |||||||||||||
Common Class B [Member] | ||||||||||||||
Common Stock, Shares Authorized (in shares) | 1,161,116 | 1,161,116 | 1,161,116 | 1,161,116 | ||||||||||
Common Stock, Voting Rights Per Share | 10 | 10 |
Note 13 - Capital Stock - Summa
Note 13 - Capital Stock - Summary of Warrant Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding (in shares) | 105,556 | 105,556 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.95 | $ 9.95 | |
Outstanding, weighted average remaining contractual life (Year) | 4 years 6 months | 5 years 6 months | 6 years 6 months |
Outstanding, aggregate intrinsic value of vested warrants | $ 1,868,341 | $ 1,170,616 | $ 1,419,728 |
Issued (in shares) | 0 | 0 | |
Exercised (in shares) | 0 | 0 | |
Expired (in shares) | 0 | 0 | |
Outstanding (in shares) | 105,556 | 105,556 | 105,556 |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.95 | $ 9.95 | $ 9.95 |
Note 14 - Long-term Debt (Detai
Note 14 - Long-term Debt (Details Textual) | Aug. 12, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021 | Dec. 31, 2019USD ($) |
Long-term Debt, Total | $ 23,057,650 | |||
Long-term Debt, Current Maturities, Total | 1,282,504 | $ 504,170 | ||
Long-Term Debt, Maturity, Year One | 1,282,504 | |||
Long-Term Debt, Maturity, Year Two | 1,236,787 | |||
Long-Term Debt, Maturity, Year Three | 1,288,398 | |||
Long-Term Debt, Maturity, Year Four | 1,339,956 | |||
Long-Term Debt, Maturity, Year Five | 1,398,138 | |||
Long-Term Debt, Maturity, after Year Five | 16,511,867 | |||
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 | $ 23,057,650 | |||
Long-term Debt, Current Maturities, Total | 1,282,504 | |||
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 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) | Dec. 31, 2020 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 17 years 7 months 20 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.84% |
Note 15 - Leases - Operating Le
Note 15 - Leases - Operating Lease Cost (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease cost | $ 6,328,994 | $ 5,989,314 |
Variable and short-term lease cost | 467,797 | 1,019,486 |
Total Lease Cost | $ 6,796,791 | $ 7,008,800 |
Note 15 - Leases - Supplemental
Note 15 - Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash payments for operating leases | $ 6,211,256 | $ 5,776,931 |
New operating lease assets obtained in exchange for operating lease liabilities | $ 881,610 | $ 6,551,279 |
Note 15 - Leases - Operating _2
Note 15 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Lease assets | $ 52,849,492 | $ 53,249,985 |
Current lease liabilities | 4,354,664 | 3,801,727 |
Noncurrent lease liabilities | 47,581,933 | 48,199,652 |
Total Lease Liabilities | $ 51,936,597 | $ 52,001,379 |
Note 15 - Leases - Maturity of
Note 15 - Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 6,553,589 | |
2022 | 6,058,577 | |
2023 | 5,682,235 | |
2024 | 5,197,230 | |
2025 | 4,909,502 | |
Thereafter | 49,903,069 | |
Total lease payments | 78,304,202 | |
Less imputed interest | (26,367,605) | |
Present Value of Lease Liabilities | $ 51,936,597 | $ 52,001,379 |
Note 16 - Industry Segments (_3
Note 16 - Industry Segments (As Restated) - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 45,743,463 | $ 41,389,138 |
Segment gross profit | 27,234,805 | 23,777,771 |
Segment (loss) income from operations | (4,994,907) | (12,412,096) |
Capital expenditures | 48,896,178 | 11,775,518 |
Depreciation and amortization | 7,691,703 | 13,574,141 |
Accounts receivable, net | 4,041,563 | 4,190,543 |
Goodwill | 124,446,446 | 106,272,501 |
Total assets | 640,707,426 | 436,908,210 |
Segment Reconciling Items [Member] | ||
Revenue | 0 | 0 |
Segment gross profit | 0 | 0 |
Segment (loss) income from operations | (5,794,032) | (4,430,570) |
Capital expenditures | 734,749 | 0 |
Depreciation and amortization | 0 | |
Accounts receivable, net | 0 | 0 |
Goodwill | 0 | |
Total assets | 318,067,382 | 166,693,489 |
GIG [Member] | Operating Segments [Member] | ||
Revenue | 13,645,962 | 12,959,971 |
Segment gross profit | 6,955,759 | 6,669,753 |
Segment (loss) income from operations | (197,377) | (2,216,421) |
Capital expenditures | 0 | 46,868 |
Depreciation and amortization | 484,495 | 1,179,450 |
Accounts receivable, net | 1,160,424 | 1,213,823 |
Goodwill | 8,719,294 | 8,719,294 |
Total assets | 54,536,523 | 45,956,410 |
LMH [Member] | Operating Segments [Member] | ||
Revenue | 28,260,964 | 28,429,167 |
Segment gross profit | 16,988,615 | 17,108,018 |
Segment (loss) income from operations | 607,542 | (5,765,105) |
Capital expenditures | 4,354,770 | 11,728,650 |
Depreciation and amortization | 6,636,205 | 12,394,691 |
Accounts receivable, net | 2,633,711 | 2,976,720 |
Goodwill | 97,572,994 | 97,553,207 |
Total assets | 219,607,150 | 224,258,311 |
FIF [Member] | Operating Segments [Member] | ||
Revenue | 3,836,537 | 0 |
Segment gross profit | 3,290,431 | 0 |
Segment (loss) income from operations | 388,960 | 0 |
Capital expenditures | 43,806,659 | 0 |
Depreciation and amortization | 571,003 | 0 |
Accounts receivable, net | 247,428 | 0 |
Goodwill | 18,154,158 | 0 |
Total assets | $ 48,496,371 | $ 0 |
Note 17 - Reserves for Losses_3
Note 17 - Reserves for Losses and Loss Adjustment Expenses (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | $ 444,630 | $ 14,145 |
Liability for Unpaid Claims and Claims Adjustment Expense, Favorable Development, Prior Years | 168,846 | 223,137 |
Prior Year Claims and Claims Adjustment Expense | 694,002 | 123,044 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments, Ending Balance | $ 100,620 | $ 120,000 |
Note 17 - Reserves for Losses_4
Note 17 - Reserves for Losses and Loss Adjustment Expenses - Reserves Balance for Losses and Loss Adjustment Expenses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Losses and LAE at beginning of year | $ 1,203,493 | $ 360,514 |
Provision for losses and LAE claims arising in current year | 2,221,844 | 1,590,858 |
Provision for losses and LAE claims arising in prior year | 694,002 | 123,044 |
Provision for losses and LAE claims arising in total incurred | 2,915,846 | 1,713,902 |
Losses and LAE payments for claims arising in current year | 1,182,375 | 856,778 |
Losses and LAE payments for claims arising in prior years | 444,630 | 14,145 |
Losses and LAE payments for claims arising in total payments | 1,627,005 | 870,923 |
Losses and LAE at end of year | $ 2,492,334 | $ 1,203,493 |
Note 18 - Special Purpose Acq_2
Note 18 - Special Purpose Acquisition Company (As Restated) (Details Textual) | Dec. 01, 2020$ / sharesshares | Nov. 16, 2020USD ($)shares | Oct. 26, 2020USD ($)$ / sharesshares | Aug. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018$ / shares |
Stock Issued During Period, Value, New Issues | $ | $ 59,549,751 | $ 32,204,732 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 9.95 | $ 9.95 | $ 9.95 | $ 9.95 | ||||
Assets Held-in-trust, Current | $ | $ 138,716,226 | $ 138,716,226 | $ 0 | |||||
Common Class B [Member] | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 1,055,560 | 1,055,560 | 1,055,560 | |||||
Common Class A [Member] | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 26,175,555 | 26,175,555 | 22,455,100 | |||||
Yellowstone Acquisition Company [Member] | ||||||||
Proceeds from Issuance Initial Public Offering | $ | $ 125,000,000 | |||||||
Yellowstone Acquisition Company [Member] | Private Placement Warrants [Member] | ||||||||
Number of Warrants Called by Each Unit (in shares) | 0.5 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 11.50 | |||||||
Yellowstone Acquisition Company [Member] | IPO [Member] | ||||||||
Number of Units Issued (in shares) | 12,500,000 | |||||||
Sale of Unit, Price Per Unit (in dollars per share) | $ / shares | $ 10 | |||||||
Yellowstone Acquisition Company [Member] | Over-Allotment Option [Member] | ||||||||
Units Issued During Period, Number (in shares) | 1,098,898 | |||||||
Yellowstone Acquisition Company [Member] | BOC Yellowstone LLC [Member] | Private Placement Warrants [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 11.50 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 219,779 | 7,500,000 | ||||||
Price of Warrant (in dollars per share) | $ / shares | $ 1 | $ 1 | ||||||
Proceeds from Issuance of Warrants | $ | $ 7,500,000 | |||||||
Yellowstone Acquisition Company [Member] | Common Class B [Member] | BOC Yellowstone LLC [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,750,000 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | |||||||
Stock Issued During Period, Value, New Issues | $ | $ 25,000 | |||||||
Common stock, Shares Surrendered (in shares) | 2,350,276 | |||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 3,399,724 | 3,399,724 | ||||||
Common Stock, Conversion Rate | 1 | 1 | ||||||
Yellowstone Acquisition Company [Member] | Common Class A [Member] | IPO [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 13,598,898 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | |||||||
Number of Securities Called by Each Unit (in shares) | 1 | |||||||
BOC Yellowstone LLC [Member] | BOC Yellowstone II LLC [Member] | ||||||||
Proceeds from Sale of Equity Method Investments | $ | $ 309,375 | |||||||
BOC Yellowstone LLC [Member] | BOC Yellowstone II LLC [Member] | Class B Common Stock of Yellowstone Acquisition Company [Member] | ||||||||
Number of Investee's Shares Transferred to Related Party for No Consideration (in shares) | 206,250 | |||||||
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 |
Note 19 - Custodial Risk (As _2
Note 19 - Custodial Risk (As Restated) (Details Textual) | Dec. 31, 2020USD ($) |
Cash, Uninsured Amount | $ 50,982,625 |
Note 20 - Subsequent Events (De
Note 20 - Subsequent Events (Details Textual) - USD ($) | Apr. 06, 2021 | Apr. 01, 2021 | Jan. 26, 2021 | Jan. 25, 2021 | Jan. 20, 2021 | Mar. 29, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Equity Securities, FV-NI | $ 64,036,482 | $ 55,907,927 | ||||||
Proceeds from Issuance of Common Stock | $ 59,549,751 | $ 32,204,732 | ||||||
Subsequent Event [Member] | ||||||||
Proceeds from Sale of Debt and Equity Securities, FV-NI, Held-for-investment | $ 34,600,000 | |||||||
Subsequent Event [Member] | Thomas Outdoors, LLC [Member] | ||||||||
Payments to Acquire Productive Assets, Total | $ 6,102,508 | |||||||
Subsequent Event [Member] | Dream Finders Homes, Inc. [Member] | ||||||||
Proceeds from Collection of Notes Receivable | $ 20,567,776 | |||||||
Subsequent Event [Member] | 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 | |||||||
Subsequent Event [Member] | DFH Class A Common Stock [Member] | Minimum [Member] | ||||||||
Equity Securities, FV-NI | $ 111,000,000 | |||||||
Common Class A [Member] | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||||
Public Offering [Member] | Common Class A [Member] | Subsequent Event [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,345,000 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 25 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||||||
Proceeds from Issuance of Common Stock | $ 58,600,000 | |||||||
Public Offering Including Over-allotment Option [Member] | Common Class A [Member] | Subsequent Event [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,645,000 | |||||||
Over-Allotment Option [Member] | Common Class A [Member] | Subsequent Event [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 345,000 | |||||||
Sold by Selling Stockholder [Member] | Common Class A [Member] | Subsequent Event [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 300,000 | |||||||
Dream Finders Homes, Inc. [Member] | IPO [Member] | Common Class A [Member] | Subsequent Event [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 9,600,000 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 13 | |||||||
GIG [Member] | Subsequent Event [Member] | Insurance Brokerage Company [Member] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||
Business Combination, Consideration Transferred, Total | $ 2,225,000 |