Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 14, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000797465 | |
Entity Registrant Name | HG Holdings, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-34964 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 54-1272589 | |
Entity Address, Address Line One | 2115 E. 7th Street, Suite 101 | |
Entity Address, City or Town | Charlotte | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28204 | |
City Area Code | 850 | |
Local Phone Number | 772-0698 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,864,553 | |
Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(g) Security | Preferred Stock Purchase Rights | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(g) Security | Common Stock, par value $.02 per share |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash | $ 8,758 | $ 9,458 |
Restricted cash | 12,278 | 5,547 |
Investments | 5,368 | 5,564 |
Accounts receivables | 249 | 106 |
Interest and dividend receivables | 334 | 335 |
Prepaid expenses and other current assets | 474 | 301 |
Total current assets | 27,461 | 21,311 |
Property, plant and equipment, net | 165 | 156 |
Lease assets | 688 | 698 |
Investment in affiliate | 10,723 | 10,850 |
Goodwill | 6,492 | 6,492 |
Intangible assets, net | 304 | 342 |
Other assets | 893 | 1,254 |
Total assets | 46,726 | 41,103 |
LIABILITIES | ||
Accounts payable | 271 | 167 |
Accrued salaries, wages and benefits | 211 | 169 |
Lease liabilities, current portion | 315 | 292 |
Escrow liabilities | 12,227 | 5,497 |
Other accrued expenses | 413 | 525 |
Total current liabilities | 13,437 | 6,650 |
Long-term liabilities: | ||
Reserve for title claims | 259 | 287 |
Unearned premiums | 0 | 300 |
Lease liabilities | 378 | 411 |
Other long-term liabilities | 25 | 29 |
Total long-term liabilities | 662 | 1,027 |
Total liabilities | 14,099 | 7,677 |
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.02 par value, 35,000,000 shares authorized and 2,865,897 and 2,870,332 shares issued and outstanding, respectively | 54 | 54 |
Capital in excess of par value | 30,491 | 30,491 |
Retained earnings | 2,025 | 2,777 |
Total stockholders’ equity | 32,570 | 33,322 |
Noncontrolling interests | 57 | 104 |
Total equity | 32,627 | 33,426 |
Total liabilities and stockholders’ equity | $ 46,726 | $ 41,103 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Common stock, par value (in dollars per share) | $ 0.02 | $ 0.02 |
Common stock, shares authorized (in shares) | 35,000,000 | 35,000,000 |
Common stock, shares issued (in shares) | 2,865,897 | 2,870,332 |
Common stock, shares outstanding (in shares) | 2,865,897 | 2,870,332 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Net premiums written | $ 2,178 | $ 1,344 | $ 3,506 | $ 2,306 |
Total revenues | 3,705 | 1,922 | 5,645 | 3,403 |
Cost of revenues: | ||||
Underwriting expenses | 76 | 73 | 182 | 109 |
Provision for title claim losses | 66 | 63 | 134 | 76 |
Search and other fees | 33 | 22 | 64 | 53 |
Total operating expenses | 175 | 158 | 380 | 238 |
Gross underwriting profit | 3,530 | 1,764 | 5,265 | 3,165 |
Operating expenses: | ||||
General and administrative expenses | (3,903) | (2,271) | (6,713) | (4,413) |
Other income/expenses: | ||||
Interest income | 117 | 3 | 217 | 13 |
Dividend income | 257 | 257 | 513 | 513 |
Other income | 7 | 3 | 18 | 4 |
Gain on sale of assets | 0 | 123 | 0 | 123 |
Gain (loss) from affiliate | 77 | (96) | (44) | (189) |
Loss on impairment | 0 | (146) | 0 | (146) |
Income (loss) from operations before income taxes | 85 | (363) | (744) | (940) |
Income tax expense | 13 | 0 | 22 | 0 |
Net income (loss) | 72 | (363) | (766) | (940) |
Net loss attributable to noncontrolling interests | (8) | 0 | (47) | 0 |
Net income (loss) after noncontrolling interests | $ 80 | $ (363) | $ (719) | $ (940) |
Basic and diluted loss per share: | ||||
Net income (loss) – basic (in dollars per share) | $ 0.03 | $ (13) | $ (25) | $ (33) |
Net income (loss) – diluted (in dollars per share) | $ 0.03 | $ (13) | $ (25) | $ (33) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 2,868 | 2,847 | 2,868 | 2,843 |
Diluted (in shares) | 2,868 | 2,847 | 2,868 | 2,843 |
Escrow and Other Title Fees [Member] | ||||
Revenues: | ||||
Revenue from contract with customer | $ 774 | $ 578 | $ 1,383 | $ 1,097 |
Management Service [Member] | ||||
Revenues: | ||||
Revenue from contract with customer | $ 753 | $ 0 | $ 756 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Net loss after noncontrolling interests | $ (719) | $ (940) | |||
Net loss attributable to noncontrolling interests | $ (8) | $ 0 | (47) | 0 | |
Net loss from operations | (766) | (940) | |||
Adjustments to reconcile net loss from operations to net cash flows from operating activities: | |||||
Depreciation expense | 41 | 41 | |||
Amortization expense | 38 | 0 | |||
Stock compensation expense | 0 | 41 | |||
Dividends on HC Realty common stock | 83 | 83 | |||
Loss from affiliate | (77) | 96 | 44 | 189 | |
Gain on sale of assets | 0 | (123) | 0 | (123) | |
Impairment loss on subordinated notes receivable | 0 | 146 | |||
Changes in assets and liabilities: | |||||
Prepaid expenses and other current assets | (172) | (138) | |||
Accounts receivable | (143) | (3) | |||
Deferred tax assets and other assets | 356 | (254) | |||
Accounts payable | 104 | 0 | |||
Accrued salaries, wages, and benefits | 42 | (70) | |||
Unearned premium reserve | (300) | 0 | |||
Escrow liabilities | 6,730 | (165) | |||
Reserve for title claims | (28) | 36 | |||
Other accrued expenses | (112) | (15) | |||
Other long-term liabilities | (4) | (85) | |||
Net cash provided by (used in) operations | 5,913 | (1,257) | |||
Cash flows from investing activities: | |||||
Purchase of property, plant, and equipment | (50) | (89) | |||
Purchase of investments | 0 | (2,145) | |||
Proceeds from sale of assets | 0 | 204 | |||
Proceeds from sale of investments | 201 | 0 | |||
Net cash provided by (used in) investing activities | 151 | (2,030) | |||
Cash flows from financing activities: | |||||
Repurchase of shares of common stock | (33) | 0 | |||
Net cash used in financing activities | (33) | 0 | |||
Net increase (decrease) in cash and restricted cash | 6,031 | (3,287) | |||
Cash and restricted cash at beginning of period | 15,005 | 20,093 | $ 20,093 | ||
Cash and restricted cash at end of period | 21,036 | 16,806 | 21,036 | 16,806 | 15,005 |
Cash | 8,758 | 8,867 | 8,758 | 8,867 | $ 9,458 |
Restricted cash | 12,278 | 7,939 | 12,278 | 7,939 | |
Cash and restricted cash | $ 21,036 | $ 16,806 | 21,036 | 16,806 | |
Supplemental Non-Cash Disclosures: | |||||
Dividends on investment in affiliate | $ 513 | $ 513 |
Note 1 - Preparation of Interim
Note 1 - Preparation of Interim Unaudited Financial Statements | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Preparation of Interim Unaudited Financial Statements The consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of the Company (as defined below), these statements include all adjustments necessary for a fair presentation of the results of all interim periods reported herein. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been either condensed or omitted pursuant to SEC rules and regulations. However, the Company believes that the disclosures made are adequate for a fair presentation of results of operations and financial position. Operating results for the interim periods reported herein may not 10 March 30, 2023. HG Holdings, Inc., together with its consolidated subsidiaries (the “Company,” “we,” ‘us” or “our”), operates through its wholly owned subsidiaries, National Consumer Title Insurance Company (“NCTIC”), National Consumer Title Group, LLC (“NCTG”), Title Agency Ventures, LLC (“TAV”), HG Managing Agency, LLC (“HGMA”), and Omega National Title Agency, LLC (“Omega”), and through an affiliated investment in HC Government Realty Trust, Inc., a Maryland corporation (“HC Realty”). Description of the Business Title Insurance The Company engages in issuing title insurance through its subsidiary, NCTIC, and providing title agency services through its subsidiaries, NCTG, TAV, and Omega. Through NCTIC, the Company underwrites land title insurance for owners and mortgagees as the primary insurer. The Company currently only provides title insurance services in the state of Florida. Title insurance protects against loss or damage resulting from title defects that affect real property. When real property is conveyed from one may third two one one not NCTIC issues title insurance policies in Florida through its home office and through a network of affiliated and independent title agents. In the State of Florida, issuing agents are independent agents or subsidiaries of community and regional mortgage lending institutions, depending on local customs and regulations. The ability to attract and retain issuing agents is a key determinant of the Company’s growth in title insurance premiums written. Revenues for the title insurance segment primarily result from purchases of new and existing residential and commercial real estate, refinance activity and certain other types of mortgage lending such as home equity lines of credit. Title insurance premiums vary from state to state and are subject to extensive regulation. Statutes generally provide that rates must not Volume is a factor in the Company’s title insurance operation’s profitability due to fixed operating costs that are incurred regardless of title insurance premium volume. The resulting operating leverage tends to amplify the impact of changes in volume on profitability. The Company’s title insurance profitability also depends, in part, upon its ability to manage its investment portfolio to maximize investment returns and to minimize risks such as interest rate changes, defaults and impairments of assets. The Company’s volume of title insurance premiums is affected by the overall level of residential and commercial real estate activity, which includes property sales, mortgage financing and mortgage refinancing. Real estate activity, home sales and mortgage lending are cyclical in nature. Real estate activity is affected by a number of factors, including the availability of mortgage credit, the cost of real estate, consumer confidence, employment and family income levels, and general United States economic conditions. Interest rate volatility is also an important factor in the level of residential and commercial real estate activity. The Company’s title insurance premiums in future periods are likely to fluctuate due to these and other factors which are beyond management’s control. Historically, the title insurance business tends to be seasonal as well as cyclical. Because home sales are typically strongest in periods of favorable weather, the first Real Estate Related The Company engages in rental real estate through its equity investment in HC Realty. HC Realty is an internally-managed real estate investment trust (“REIT”) focused on acquiring, developing, financing, owning and managing build-to-suit or renovate-to-suit, single-tenant properties leased primarily to the U.S. government and administered by the U.S. General Services Administration or directly by the federal government agencies or sub-agencies occupying such properties (referred to as “Government Properties”). HC Realty invests primarily in Government Properties ranging from 10,000 to 100,000 rentable square feet that are in their initial lease term after original construction or renovation-to-suit. HC Realty further emphasizes Government Properties that perform law enforcement, public service or other functions that support the mission of the agencies or sub-agencies occupying such properties. Leases associated with the Government Properties in which HC Realty invests are full faith and credit obligations of the United States of America. HC Realty intends to grow its portfolio primarily through direct acquisitions and development of Government Properties; although, HC Realty may The Company currently owns 300,000 shares of HC Realty’s Common Stock (the “HC Common Stock”) and 1,025,000 shares of HC Realty’s 10.00% Series B Cumulative Convertible Preferred stock (the “HC Series B Stock”). On March 19, 2019, April 3, April 9, June 29, 2020, As of June 30, 2023, two June 30, 2023, none Reinsurance Related The Company, through the formation of White Rock USA Cell 47, not six June 30, 2023; may Management Advisory Services Related The Company, through its wholly-owned subsidiary HGMA, engages in providing management advisory services including formation, operational, and restructuring services. Effective April 1, 2023, six Effective April 1, 2023, twelve For information about our reportable segments, refer to Note 9 Segment Information Developments Impacting Comparison of the Three- and Six-Month Periods ended June 30, 2023 2022 Effective August 1, 2022, 805, For information about our business combinations, refer to Note 12 Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” 2016 13 2016 13 December 15, 2022. December 15, 2018, not 2016 13 no |
Note 2 - Subordinated Notes Rec
Note 2 - Subordinated Notes Receivable | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 2. Subordinated Notes Receivable The Company received a $7.4 million subordinated secured promissory note (the “Original Note”) from Stanley Furniture Company, LLC, formerly known as Churchill Downs, LLC (the “Buyer”), as partial consideration for the sale of substantially all of our assets to the Buyer during the first 2018 September 6, 2018, S&L Note The S&L Note had a principal amount of $4.4 million as of the assignment date. The S&L Note matured on March 2, 2023, three six June 30, 2023 2022. As a result of the Company’s recording of impairment losses in prior quarters, based on current information and events, including the impact of COVID- 19 December 31, 2022. March 2, 2023, not |
Note 3 - Investment in Affiliat
Note 3 - Investment in Affiliate | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 3. Investment in Affiliate The HC Series B Stock is not no The following table summarizes the Company’s investment in HC Realty as of June 30, 2023, December 31, 2022 ( Ownership % Investment in Affiliate Balance Gain (loss) recorded in the Statements of Operations (b) For the Three Months Ended June 30, For the Six Months Ended June 30, June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 2023 2022 2023 2022 HC Series B Stock (a) 22.49 % 26.8 % $ 10,250 $ 10,250 $ - $ - $ - $ - HC Common Stock 3.56 % 7.1 % 473 600 77 (96 ) (44 ) (189 ) Total 26.05 % 33.9 % $ 10,723 $ 10,850 $ 77 $ (96 ) $ (44 ) $ (189 ) (a) Represents investments in shares of HC Series B Stock with a basis of $10.25 million. Each share of HC Series B Stock can be converted into one (b) Gain (loss) from these investments is included in “Gain (loss) from affiliate” in the Unaudited Consolidated Statements of Operations. Since HC Realty is a REIT and not not The Company’s investment in HC Common Stock is accounted for under the equity method of accounting. |
Note 4 - Investments
Note 4 - Investments | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Investment [Text Block] | 4. Investments The following table details investments by major investment category, at June 30, 2023 ( Cost or Adjusted/ Amortized Costs Gross Unrealized Gains Gross Unrealized Losses Total U.S. government and agency securities, held-to-maturity $ 4,118 $ - $ - $ 4,118 Investments in limited partnership 1,000 - - 1,000 Common stock 250 - - 250 Total investments $ 5,368 $ - $ - $ 5,368 The following table details investments by major investment category, at December 31, 2022 ( Cost or Adjusted/ Amortized Costs Gross Unrealized Gains Gross Unrealized Losses Total U.S. government and agency securities, held-to-maturity $ 4,314 $ - $ - $ 4,314 Investments in limited partnership 1,000 - - 1,000 Common stock 250 - - 250 Total investments $ 5,564 $ - $ - $ 5,564 The table below summarizes our fixed maturities at June 30, 2023 ( may may Cost or Amortized Cost Percent of Total Fair Value Percent of Total Due in one year or less $ - - % $ - - % Due after one year through five years 4,118 100.0 4,118 100.0 Due after five years through ten years - - - - Due after ten years - - - - Total $ 4,118 100.0 % $ 4,118 100.0 % Fair value measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The hierarchy for inputs used in determining fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Assets and liabilities recorded on our Unaudited Consolidated Balance Sheets at fair value are categorized in the fair value hierarchy based on the observability of inputs to the valuation techniques as follows: Level 1: Level 2: a. Quoted prices for similar assets or liabilities in active markets; b. Quoted prices for identical or similar assets or liabilities in markets that are not c. Valuation models whose inputs are observable, directly, or indirectly, for substantially the full term of the asset or liability. Level 3: We estimate the fair value of our investments using the closing prices on the last business day of the reporting period, obtained from active markets such as the New York Stock Exchange, Nasdaq and NYSE American. For securities for which quoted prices in active markets are unavailable, we use a third June 30, 2023. June 30, 2023 may The fair value of our fixed maturities is initially calculated by a third not All fixed-income securities are classified as held-to-maturity and are reported at amortized cost as of June 30, 2023 December 31, 2022. not three six June 30, 2023 2022. The Company’s other investments include investments in limited partnerships whose purpose is to invest capital in various growth-oriented enterprises. The Company does not 5% not The following table presents the fair value of our financial instruments measured on a recurring basis by level at June 30, 2023 ( Total Level 1 Level 2 Level 3 Common stock $ 250 $ - $ - $ 250 Investments in limited partnership 1,000 - - 1,000 Investments, at fair value 1,250 - - 1,250 U.S. government and agency securities, held-to-maturity 4,118 - - - Total investments $ 5,368 $ - $ - $ 1,250 The following table presents the fair value of our financial instruments measured on a recurring basis by level at December 31, 2022 ( Total Level 1 Level 2 Level 3 Common stock $ 250 $ - $ - $ 250 Investments in limited partnership 1,000 - - 1,000 Investments, at fair value 1,250 - - 1,250 U.S. government and agency securities, held-to-maturity 4,314 - - - Total investments $ 5,564 $ - $ - $ 1,250 The following table presents selected information regarding Level 3 six June 30, 2023 ( Investment in Common Stock Investment in Limited Partnership Total Beginning balance $ 250 $ 1,000 $ 1,250 Purchases - - - Total investments $ 250 $ 1,000 $ 1,250 The following table presents selected information regarding Level 3 December 31, 2022 ( Investment in Common Stock Investment in Limited Partnership Total Purchases $ 250 $ 1,000 $ 1,250 Total investments $ 250 $ 1,000 $ 1,250 |
Note 5 - Reserve for Title Clai
Note 5 - Reserve for Title Claims | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Insurance Disclosure [Text Block] | 5. Reserve for Title Claims NCTIC’s reserves for unpaid losses and loss adjustment expenses are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy claims that have been incurred but not June 30, 2023. may not may A reconciliation of the activity in the reserves account for the six June 30, 2023 2022 For the Six Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 Beginning Reserves $ 287 $ 231 Provision for claims related to: Current year 25 36 Prior years - - Total provision for claim losses 25 36 Claims paid related to: Current year (53 ) - Prior years - - Total title claims paid (53 ) - Ending Reserves $ 259 $ 267 At June 30, 2023, For the six June 30, 2023, no A summary of the Company’s loss reserves at June 30, 2023 December 31, 2022 As of June 30, 2023 As of December 31, 2022 Known title claims $ 8 $ - IBNR title claims 251 287 Total title claims 259 287 Non-title claims - - Total title claims reserves $ 259 $ 287 |
Note 6 - Reinsurance
Note 6 - Reinsurance | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Reinsurance [Text Block] | 6. Reinsurance Certain premiums and benefits at NCTIC are ceded to other insurance companies under various reinsurance agreements. The reinsurance agreements provide NCTIC with increased capacity to write more risk and maintain its exposure to loss within its capital resources. For the six June 30, 2023, Effective January 1, 2023, one December 31, 2023. Effective January 1, 2022, December 31, 2022. NCTIC’s reinsured risks are treated, to the extent of reinsurance, as though they are risks for which the Company is not not third June 30, 2023, Note 5 The effects of reinsurance on premiums written and earned at NCTIC are as follows: Three Months Six Months Ended Ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Direct title premiums $ 1,081 $ 751 $ 1,925 $ 1,145 Ceded title premiums (17 ) (14 ) (31 ) (28 ) Net title premiums $ 1,064 $ 737 $ 1,894 $ 1,117 |
Note 7 - Statutory Reporting
Note 7 - Statutory Reporting | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Statutory Accounting Practices [Text Block] | 7. Statutory Reporting NCTIC's assets, liabilities, and results of operations have been reported in accordance with GAAP, which varies from statutory accounting practices (“SAP”) prescribed or permitted by insurance regulatory authorities. Prescribed SAP are found in a variety of publications of the National Association of Insurance Commissioners (“NAIC”), state laws and regulations, as well as through general practices. The principal differences between SAP and GAAP are that under SAP: ( 1 not 2 3 may |
Note 8 - Segment Information
Note 8 - Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 8. Segment Information The Company has four Provided below is selected financial information about the Company’s operations by segment for the six June 30, 2023 ( Title Insurance Real Estate Related Reinsurance Related Management Services Related Corporate and Other Total Insurance and other services revenue $ 4,589 $ - $ 300 $ 756 $ - $ 5,645 Cost of revenues (380 ) - - - - (380 ) Gross profit $ 4,209 $ - $ 300 $ 756 $ - $ 5,265 Operating expenses (5,485 ) - - (419 ) (809 ) (6,713 ) Other income and expenses 105 469 - - 130 704 (Loss) income before income taxes $ (1,171 ) $ 469 $ 300 $ 337 $ (679 ) $ (744 ) Total assets $ 19,033 $ 10,723 $ 7,236 $ 1,293 $ 8,441 $ 46,726 Provided below is selected financial information about the Company’s operations by segment for the six June 30, 2022 ( Title Insurance Real Estate Related Reinsurance Related Management Services Related Corporate and Other Total Insurance and other services revenue $ 3,403 $ - $ - $ - $ - $ 3,403 Cost of revenues (238 ) - - - - (238 ) Gross profit $ 3,165 $ - $ - $ - $ - $ 3,165 Operating expenses (3,847 ) - - - (566 ) (4,413 ) Other income and expenses 6 324 - - (22 ) 308 (Loss) income before income taxes $ (676 ) $ 324 $ - $ - $ (588 ) $ (940 ) Total assets $ 19,771 $ 11,179 $ - $ - $ 6,669 $ 37,619 Provided below is selected financial information about the Company’s operations by segment for the three June 30, 2023 ( Title Insurance Real Estate Related Reinsurance Related Management Services Related Corporate and Other Total Insurance and other services revenue $ 2,652 $ - $ 300 $ 753 $ - $ 3,705 Cost of revenues (175 ) - - - - (175 ) Gross profit $ 2,477 $ - $ 300 $ 753 $ - $ 3,530 Operating expenses (3,057 ) - - (419 ) (427 ) (3,903 ) Other income and expenses 60 334 - - 64 458 (Loss) income before income taxes $ (520 ) $ 334 $ 300 $ 334 $ (363 ) $ 85 Total assets $ 19,033 $ 10,723 $ 7,236 $ 1,293 $ 8,441 $ 46,726 Provided below is selected financial information about the Company’s operations by segment for the three June 30, 2022 ( Title Insurance Real Estate Related Reinsurance Related Management Services Related Corporate and Other Total Insurance and other services revenue $ 1,922 $ - $ - $ - $ - $ 1,922 Cost of revenues (158 ) - - - - (158 ) Gross profit $ 1,764 $ - $ - $ - $ - $ 1,764 Operating expenses (1,990 ) - - - (281 ) (2,271 ) Other income and expenses 5 161 - - (22 ) 144 (Loss) income before income taxes $ (222 ) $ 161 $ - $ - $ (303 ) $ (363 ) Total assets $ 19,771 $ 11,179 $ - $ - $ 6,669 $ 37,619 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Income taxes During the six June 30, 2023, June 30, 2023. June 30, 2023. not six June 30, 2023 2022 The Company maintains a valuation allowance against deferred tax assets that currently exceed our deferred tax liabilities. The primary assets covered by this valuation allowance are net operating loss carry-forwards. The valuation allowance was calculated in accordance with the provisions of ASC 740, Income Taxes four no not As of June 30, 2023, not Our effective tax rate for the three six June 30, 2023 three six June 30, 2022 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 10. Stockholders Equity Basic earnings per common share are based upon the weighted average shares outstanding. Outstanding stock options and restricted stock are treated as potential common stock for purposes of computing diluted earnings per share. Basic and diluted earnings per share are calculated using the following share data (in thousands): Three Months Six Months Ended Ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Weighted average shares outstanding for basic calculation 2,868 2,847 2,868 2,843 Add: Effect of dilutive stock awards - - - - Weighted average shares outstanding, adjusted for diluted calculation 2,868 2,847 2,868 2,843 For the three six June 30, 2023 2022, no On August 5, 2022, not not may may During the six June 30, 2023, six June 30, 2023 During the three June 30, 2023, three June 30, 2023 A reconciliation of the activity in Stockholders’ Equity accounts for the three six June 30, 2023, Common Capital in Excess of Retained Noncontrolling Stock Par Value Earnings Interest Balance at January 1, 2023 $ 54 $ 30,491 $ 2,777 $ 104 Shares repurchased - - (1 ) - Net loss - - (799 ) (39 ) Balance at March 31, 2023 $ 54 $ 30,491 $ 1,977 $ 65 Shares repurchased - (32 ) - Net income (loss) - - 80 (8 ) Balance at June 30, 2023 $ 54 $ 30,491 $ 2,025 $ 57 A reconciliation of the activity in Stockholders’ Equity accounts for the three six June 30, 2022, Common Capital in Excess of Retained Noncontrolling Stock Par Value Deficit Interest Balance at January 1, 2022 $ 54 $ 30,450 $ (942 ) $ - Stock-based compensation expense - 21 - - Net loss - - (577 ) - Balance at March 31, 2022 $ 54 $ 30,471 $ (1,519 ) $ - Stock-based compensation expense - 20 - - Net loss - - (363 ) - Balance at June 30, 2022 $ 54 $ 30,491 (1,882 ) $ - |
Note 11 - Leases
Note 11 - Leases | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 11. Leases Right-of-use assets and lease liabilities related to operating leases under ASC Topic 842, 842” not 842 Our operating leases range in term from one three June 30, 2023, Our lease agreements do not Most of our leases include one not not The lease liability is determined by discounting future lease payments using a discount rate based on our incremental borrowing rate for similar collateralized borrowing. The discount rate is calculated using estimates of capitalization rates and borrowing rates. As of June 30, 2023, Lease expense included in general and administrative expenses on the Unaudited Consolidated Statements of Operations was $177,000 and $172,000 for the three June 30, 2023, 2022, six June 30, 2023, 2022, Future payments under operating lease arrangements accounted for under ASC Topic 842 twelve June 30, 2023 2024 $ 346 2025 229 2026 100 2027 52 2028 21 Total lease payments, undiscounted $ 748 Less: present value discount (55 ) Lease liabilities, at present value $ 693 |
Note 12 - Revenue From Contract
Note 12 - Revenue From Contracts With Customers | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 12. Revenue from Contracts with Customers ASC 606, Revenue from Contracts with Customers not Escrow and other title-related fees Non-title services |
Note 13 - Business Combinations
Note 13 - Business Combinations | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 13. Business Combinations Effective August 1, 2022, 805, Title files in progress $ 60 Property, plant, and equipment 53 Noncompetition agreement 372 Total assets acquired $ 485 The purchase price paid by Omega for the assets of OTF were as follows (in thousands): Cash paid $ 2,300 Noncontrolling interest in Omega 185 Total consideration paid $ 2,485 Title files in progress $ 60 Fixed assets 53 Noncompetition agreement 372 Total assets acquired 485 Goodwill $ 2,000 The fair value of assets acquired and liabilities assumed represent the final allocation. The following table presents the unaudited pro forma financial information as if OTF had been included in the Company’s financial results as of January 1, 2022, Three Months Six Months Ended Ended June 30, June 30, 2022 2022 Revenues $ 2,965 $ 5,488 Net income $ (350 ) $ (820 ) |
Note 14 - Goodwill and Intangib
Note 14 - Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 14. Goodwill and Intangible Assets Goodwill As of June 30, 2023, September 1, 2021, August 1, 2022. 3 350, Intangibles Goodwill and Other, not three six June 30, 2023 2022. Intangible Assets The following is a summary of intangible assets excluding goodwill recorded as intangible assets on our Unaudited Consolidated Balance Sheets (in thousands): June 30, December 31, 2023 2022 Intangible assets subject to amortization $ 304 $ 342 Total $ 304 $ 342 Intangible assets subject to amortization consisted of the following as of June 30, 2023 ( Weighted-average remaining amortization period (in years) Gross carrying amount Accumulated amortization Net carrying amount Noncompetition agreement 4.3 $ 372 $ (68 ) $ 304 Total $ 372 $ (68 ) $ 304 No three six June 30, 2023. Amortization expense of our intangible assets for the three six June 30, 2023, Estimated amortization expense of the intangible assets to be recognized by the Company during the remainder of 2023 five Year ending December 31, Estimated Amortization Expense Remaining in 2023 $ 37 2024 74 2025 74 2026 74 2027 45 Total $ 304 |
Note 15 - Uncertainties
Note 15 - Uncertainties | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Uncertainties [Text Block] | 15. Uncertainties The demand for the Company’s title insurance services is dependent primarily on the volume of residential and commercial real estate transactions. The volume of these transactions historically has been influenced by such factors as mortgage interest rates, inventory, affordability, availability of financing and the overall state of the economy. The Federal Reserve raised the federal funds rate a total of seven 2022, four 2023 10 5.25% 5.50%. may 2023 A shortage in the supply of homes for sale, increasing home prices, rising mortgage interest rates, inflation and disrupted labor markets created some volatility in the residential real estate market in 2021 2022, 2023. 2022. The Company continues to evaluate the impact of these uncertainties on its operational and financial performance, specifically the impact on HC Realty, and NCTIC and Omega’s operations. As of June 30, 2023, not |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. Subsequent Events As disclosed in a Current Report on Form 8 December 12, 2022, December 11, 2022, 11 11 On January 26, 2023, 365 July 1, 2022 ( December 12, 2022. Effective with the rejection of the Advisory Services Agreement, the Company will no February 21, 2023, On July 27, 2023, August 11, 2023, 11 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” 2016 13 2016 13 December 15, 2022. December 15, 2018, not 2016 13 no |
Note 3 - Investment in Affili_2
Note 3 - Investment in Affiliate (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Ownership % Investment in Affiliate Balance Gain (loss) recorded in the Statements of Operations (b) For the Three Months Ended June 30, For the Six Months Ended June 30, June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 2023 2022 2023 2022 HC Series B Stock (a) 22.49 % 26.8 % $ 10,250 $ 10,250 $ - $ - $ - $ - HC Common Stock 3.56 % 7.1 % 473 600 77 (96 ) (44 ) (189 ) Total 26.05 % 33.9 % $ 10,723 $ 10,850 $ 77 $ (96 ) $ (44 ) $ (189 ) |
Note 4 - Investments (Tables)
Note 4 - Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Investment [Table Text Block] | Cost or Adjusted/ Amortized Costs Gross Unrealized Gains Gross Unrealized Losses Total U.S. government and agency securities, held-to-maturity $ 4,118 $ - $ - $ 4,118 Investments in limited partnership 1,000 - - 1,000 Common stock 250 - - 250 Total investments $ 5,368 $ - $ - $ 5,368 Cost or Adjusted/ Amortized Costs Gross Unrealized Gains Gross Unrealized Losses Total U.S. government and agency securities, held-to-maturity $ 4,314 $ - $ - $ 4,314 Investments in limited partnership 1,000 - - 1,000 Common stock 250 - - 250 Total investments $ 5,564 $ - $ - $ 5,564 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Cost or Amortized Cost Percent of Total Fair Value Percent of Total Due in one year or less $ - - % $ - - % Due after one year through five years 4,118 100.0 4,118 100.0 Due after five years through ten years - - - - Due after ten years - - - - Total $ 4,118 100.0 % $ 4,118 100.0 % |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Total Level 1 Level 2 Level 3 Common stock $ 250 $ - $ - $ 250 Investments in limited partnership 1,000 - - 1,000 Investments, at fair value 1,250 - - 1,250 U.S. government and agency securities, held-to-maturity 4,118 - - - Total investments $ 5,368 $ - $ - $ 1,250 Total Level 1 Level 2 Level 3 Common stock $ 250 $ - $ - $ 250 Investments in limited partnership 1,000 - - 1,000 Investments, at fair value 1,250 - - 1,250 U.S. government and agency securities, held-to-maturity 4,314 - - - Total investments $ 5,564 $ - $ - $ 1,250 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Investment in Common Stock Investment in Limited Partnership Total Beginning balance $ 250 $ 1,000 $ 1,250 Purchases - - - Total investments $ 250 $ 1,000 $ 1,250 Investment in Common Stock Investment in Limited Partnership Total Purchases $ 250 $ 1,000 $ 1,250 Total investments $ 250 $ 1,000 $ 1,250 |
Note 5 - Reserve for Title Cl_2
Note 5 - Reserve for Title Claims (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | For the Six Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 Beginning Reserves $ 287 $ 231 Provision for claims related to: Current year 25 36 Prior years - - Total provision for claim losses 25 36 Claims paid related to: Current year (53 ) - Prior years - - Total title claims paid (53 ) - Ending Reserves $ 259 $ 267 As of June 30, 2023 As of December 31, 2022 Known title claims $ 8 $ - IBNR title claims 251 287 Total title claims 259 287 Non-title claims - - Total title claims reserves $ 259 $ 287 |
Note 6 - Reinsurance (Tables)
Note 6 - Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Effects of Reinsurance [Table Text Block] | Three Months Six Months Ended Ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Direct title premiums $ 1,081 $ 751 $ 1,925 $ 1,145 Ceded title premiums (17 ) (14 ) (31 ) (28 ) Net title premiums $ 1,064 $ 737 $ 1,894 $ 1,117 |
Note 8 - Segment Information (T
Note 8 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Title Insurance Real Estate Related Reinsurance Related Management Services Related Corporate and Other Total Insurance and other services revenue $ 4,589 $ - $ 300 $ 756 $ - $ 5,645 Cost of revenues (380 ) - - - - (380 ) Gross profit $ 4,209 $ - $ 300 $ 756 $ - $ 5,265 Operating expenses (5,485 ) - - (419 ) (809 ) (6,713 ) Other income and expenses 105 469 - - 130 704 (Loss) income before income taxes $ (1,171 ) $ 469 $ 300 $ 337 $ (679 ) $ (744 ) Total assets $ 19,033 $ 10,723 $ 7,236 $ 1,293 $ 8,441 $ 46,726 Title Insurance Real Estate Related Reinsurance Related Management Services Related Corporate and Other Total Insurance and other services revenue $ 3,403 $ - $ - $ - $ - $ 3,403 Cost of revenues (238 ) - - - - (238 ) Gross profit $ 3,165 $ - $ - $ - $ - $ 3,165 Operating expenses (3,847 ) - - - (566 ) (4,413 ) Other income and expenses 6 324 - - (22 ) 308 (Loss) income before income taxes $ (676 ) $ 324 $ - $ - $ (588 ) $ (940 ) Total assets $ 19,771 $ 11,179 $ - $ - $ 6,669 $ 37,619 Title Insurance Real Estate Related Reinsurance Related Management Services Related Corporate and Other Total Insurance and other services revenue $ 2,652 $ - $ 300 $ 753 $ - $ 3,705 Cost of revenues (175 ) - - - - (175 ) Gross profit $ 2,477 $ - $ 300 $ 753 $ - $ 3,530 Operating expenses (3,057 ) - - (419 ) (427 ) (3,903 ) Other income and expenses 60 334 - - 64 458 (Loss) income before income taxes $ (520 ) $ 334 $ 300 $ 334 $ (363 ) $ 85 Total assets $ 19,033 $ 10,723 $ 7,236 $ 1,293 $ 8,441 $ 46,726 Title Insurance Real Estate Related Reinsurance Related Management Services Related Corporate and Other Total Insurance and other services revenue $ 1,922 $ - $ - $ - $ - $ 1,922 Cost of revenues (158 ) - - - - (158 ) Gross profit $ 1,764 $ - $ - $ - $ - $ 1,764 Operating expenses (1,990 ) - - - (281 ) (2,271 ) Other income and expenses 5 161 - - (22 ) 144 (Loss) income before income taxes $ (222 ) $ 161 $ - $ - $ (303 ) $ (363 ) Total assets $ 19,771 $ 11,179 $ - $ - $ 6,669 $ 37,619 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Six Months Ended Ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Weighted average shares outstanding for basic calculation 2,868 2,847 2,868 2,843 Add: Effect of dilutive stock awards - - - - Weighted average shares outstanding, adjusted for diluted calculation 2,868 2,847 2,868 2,843 |
Schedule of Stockholders Equity [Table Text Block] | Common Capital in Excess of Retained Noncontrolling Stock Par Value Earnings Interest Balance at January 1, 2023 $ 54 $ 30,491 $ 2,777 $ 104 Shares repurchased - - (1 ) - Net loss - - (799 ) (39 ) Balance at March 31, 2023 $ 54 $ 30,491 $ 1,977 $ 65 Shares repurchased - (32 ) - Net income (loss) - - 80 (8 ) Balance at June 30, 2023 $ 54 $ 30,491 $ 2,025 $ 57 Common Capital in Excess of Retained Noncontrolling Stock Par Value Deficit Interest Balance at January 1, 2022 $ 54 $ 30,450 $ (942 ) $ - Stock-based compensation expense - 21 - - Net loss - - (577 ) - Balance at March 31, 2022 $ 54 $ 30,471 $ (1,519 ) $ - Stock-based compensation expense - 20 - - Net loss - - (363 ) - Balance at June 30, 2022 $ 54 $ 30,491 (1,882 ) $ - |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 $ 346 2025 229 2026 100 2027 52 2028 21 Total lease payments, undiscounted $ 748 Less: present value discount (55 ) Lease liabilities, at present value $ 693 |
Note 13 - Business Combinatio_2
Note 13 - Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Title files in progress $ 60 Property, plant, and equipment 53 Noncompetition agreement 372 Total assets acquired $ 485 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash paid $ 2,300 Noncontrolling interest in Omega 185 Total consideration paid $ 2,485 Title files in progress $ 60 Fixed assets 53 Noncompetition agreement 372 Total assets acquired 485 Goodwill $ 2,000 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Six Months Ended Ended June 30, June 30, 2022 2022 Revenues $ 2,965 $ 5,488 Net income $ (350 ) $ (820 ) |
Note 14 - Goodwill and Intang_2
Note 14 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | June 30, December 31, 2023 2022 Intangible assets subject to amortization $ 304 $ 342 Total $ 304 $ 342 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | Weighted-average remaining amortization period (in years) Gross carrying amount Accumulated amortization Net carrying amount Noncompetition agreement 4.3 $ 372 $ (68 ) $ 304 Total $ 372 $ (68 ) $ 304 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ending December 31, Estimated Amortization Expense Remaining in 2023 $ 37 2024 74 2025 74 2026 74 2027 45 Total $ 304 |
Note 1 - Preparation of Inter_2
Note 1 - Preparation of Interim Unaudited Financial Statements (Details Textual) | 3 Months Ended | 6 Months Ended | |||||
Jun. 29, 2020 shares | Apr. 09, 2020 shares | Apr. 03, 2020 shares | Mar. 19, 2019 USD ($) shares | Jun. 30, 2023 USD ($) ft² a shares | Jun. 29, 2020 USD ($) | Jun. 30, 2023 ft² a shares | |
Management Advisory Services [Member] | Related Captive Managing General Agency [Member] | |||||||
Related Party Transaction, Amounts of Transaction | $ | $ 200,000 | ||||||
Management Advisory Services [Member] | Reinsurance Intermediary [Member] | |||||||
Related Party Transaction, Amounts of Transaction | $ | $ 50,000 | ||||||
HC Government Realty Trust, Inc [Member] | |||||||
Ownership Percentage | 26.05% | 26.05% | |||||
HC Government Realty Trust, Inc [Member] | Common Stock of Investee [Member] | |||||||
Investment Owned, Balance, Shares (in shares) | shares | 300,000 | 300,000 | |||||
Equity Method Investment, Shares Purchased During Period (in shares) | shares | 300,000 | ||||||
Payments to Acquire Equity Method Investments | $ | $ 3,000,000 | ||||||
HC Government Realty Trust, Inc [Member] | Series B Cumulative Convertible Preferred Stock [Member] | |||||||
Investment Owned, Balance, Shares (in shares) | shares | 1,025,000 | 1,025,000 | |||||
Investment Interest Rate | 10% | 10% | |||||
Equity Method Investment, Shares Purchased During Period (in shares) | shares | 475,000 | 250,000 | 100,000 | 200,000 | |||
Payments to Acquire Equity Method Investments | $ | $ 2,000,000 | $ 8,250,000 | |||||
HC Government Realty Trust, Inc [Member] | |||||||
Area of Real Estate Property (Square Foot) | a | 663,000 | 663,000 | |||||
Number of Real Estate Properties | 35 | 35 | |||||
Number of States in which Entity Operates | 22 | 22 | |||||
Percentage of Real Estate Leased to Government | 98% | 98% | |||||
Number of Government Agencies | 12 | 12 | |||||
Weighted Average Lease Term, No Early Termination (Year) | 9 years 2 months 12 days | ||||||
Weighted Average Lease Term, With Early Termination (Year) | 5 years 8 months 12 days | ||||||
HC Government Realty Trust, Inc [Member] | Wholly Owned Properties [Member] | |||||||
Number of Real Estate Properties | 33 | 33 | |||||
HC Government Realty Trust, Inc [Member] | Subject to Ground Lease [Member] | |||||||
Number of Real Estate Properties | 2 | 2 | |||||
HC Government Realty Trust, Inc [Member] | Minimum [Member] | |||||||
Area of Real Estate Property (Square Foot) | ft² | 10,000 | 10,000 | |||||
HC Government Realty Trust, Inc [Member] | Maximum [Member] | |||||||
Area of Real Estate Property (Square Foot) | ft² | 100,000 | 100,000 | |||||
Protected Cell [Member] | Catastrophic Windstorm Reinsurance Protection [Member] | |||||||
Reinsurance, Reinsurance Protection, Number of Insurance Policies In-force | 0 | 0 |
Note 2 - Subordinated Notes R_2
Note 2 - Subordinated Notes Receivable (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 06, 2018 | Mar. 31, 2018 | |
Financing Receivable, after Allowance for Credit Loss, Total | $ 7,400 | |||||
A&R Note [Member] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,300 | |||||
S&L Note [Member] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 4,400 | |||||
Notes Receivable, Interest Rate | 10% | |||||
Proceeds from Interest Received | $ 0 | $ 0 | $ 0 | $ 0 |
Note 3 - Investment in Affili_3
Note 3 - Investment in Affiliate (Details Textual) - HC Government Realty Trust, Inc [Member] - Series B Cumulative Convertible Preferred Stock [Member] $ / shares in Units, $ in Thousands | Jun. 30, 2023 USD ($) $ / shares shares |
Equity Method Investment, Aggregate Cost | $ | $ 10,250 |
Convertible Preferred Stock of Investee, Shares Issued Upon Conversion (in shares) | shares | 1 |
Convertible Preferred Stock, Maximum Conversion Price (in dollars per share) | $ / shares | $ 9.10 |
Note 3 - Investment in Affili_4
Note 3 - Investment in Affiliate - Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Investment in affiliate, balance | $ 10,723 | $ 10,723 | $ 10,850 | |||
Gross unrealized losses | $ 77 | $ (96) | $ (44) | $ (189) | ||
HC Government Realty Trust, Inc [Member] | ||||||
Ownership percentage | 26.05% | 33.90% | 26.05% | 33.90% | ||
Investment in affiliate, balance | $ 10,723 | $ 10,850 | $ 10,723 | $ 10,850 | ||
Gross unrealized losses | [1] | $ 77 | $ (96) | $ (44) | $ (189) | |
HC Government Realty Trust, Inc [Member] | Series B Cumulative Convertible Preferred Stock [Member] | ||||||
Ownership percentage | [2] | 22.49% | 26.80% | 22.49% | 26.80% | |
Investment in affiliate, balance | [2] | $ 10,250 | $ 10,250 | $ 10,250 | $ 10,250 | |
Gross unrealized losses | [1],[2] | $ 0 | $ 0 | $ 0 | $ 0 | |
HC Government Realty Trust, Inc [Member] | Common Stock of Investee [Member] | ||||||
Ownership percentage | 3.56% | 7.10% | 3.56% | 7.10% | ||
Investment in affiliate, balance | $ 473 | $ 600 | $ 473 | $ 600 | ||
Gross unrealized losses | [1] | $ 77 | $ (96) | $ (44) | $ (189) | |
[1]Loss from these investments is included in “Loss from affiliate” in the Unaudited Consolidated Statements of Operations. Since HC Realty is a REIT and not a taxable entity, the loss is not reported net of taxes.[2]Represents investments in shares of HC Series B Stock with a basis of $10.25 million. Each share of HC Series B Stock can be converted into one share of HC Common Stock at a conversion price equal to the lesser of $9.10 per share or the fair market value per share of HC Common Stock, subject to adjustment upon the occurrence of certain events. |
Note 4 - Investments (Details T
Note 4 - Investments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other than Temporary Impairment Loss, Investments, Portion in Other Comprehensive Loss, Net of Tax, Attributable to Parent, Held-to-Maturity Securities | $ 0 | $ 0 | $ 0 | $ 0 |
Note 4 - Investments - Details
Note 4 - Investments - Details Investments by Major Investment Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Gross unrealized losses | $ 77 | $ (96) | $ (44) | $ (189) | |
Amortized costs | 5,368 | 5,368 | $ 5,564 | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Total | 5,368 | 5,368 | 5,564 | ||
US Government Agencies Debt Securities [Member] | |||||
Amortized costs | 4,118 | 4,118 | 4,314 | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Total | 4,118 | 4,118 | 4,314 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||
Amortized costs | 1,000 | 1,000 | 1,000 | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | |||
Total | 1,000 | 1,000 | 1,000 | ||
Common Stock [Member] | |||||
Amortized costs | 250 | 250 | 250 | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | |||
Total | $ 250 | $ 250 | $ 250 |
Note 4 - Investments - Fixed Ma
Note 4 - Investments - Fixed Maturity Securities by Contractual Maturities (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Due in one year or less, amortized cost | $ 0 |
Due in one year or less, amortized cost, percent | 0% |
Due in one year or less, fair value | $ 0 |
Due in one year or less, fair value, percent | 0% |
Due after one year through five years, amortized cost | $ 4,118 |
Due after one year through five years, amortized cost, percent | 100% |
Due after one year through five years, fair value | $ 4,118 |
Due after one year through five years, fair value, percent | 100% |
Due after five years through ten years, amortized cost | $ 0 |
Due after five years through ten years, amortized cost, percent | 0% |
Due after five years through ten years, fair value | $ 0 |
Due after five years through ten years, fair value, percent | 0% |
Due after ten years, amortized cost | $ 0 |
Due after ten years, amortized cost, percent | 0% |
Due after ten years, fair value | $ 0 |
Due after ten years, fair value, percent | 0% |
Total, amortized cost | $ 4,118 |
Total, amortized cost, percent | 100% |
Total, fair value | $ 4,118 |
Total, fair value, percent | 100% |
Note 4 - Investments - Fair Val
Note 4 - Investments - Fair Value of Financial Instruments Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Total Investments | $ 5,368 | $ 5,564 |
Fair Value, Inputs, Level 1 [Member] | ||
Total Investments | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Total Investments | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Total Investments | 1,250 | 1,250 |
Common Stock [Member] | ||
Total Investments | 250 | 250 |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Investments | 0 | 0 |
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Investments | 0 | 0 |
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Investments | 250 | 250 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Total Investments | 1,000 | 1,000 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Investments | 0 | 0 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Investments | 0 | 0 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Investments | 1,000 | 1,000 |
Investments, at Fair Value [Member] | ||
Total Investments | 1,250 | 1,250 |
Investments, at Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Investments | 0 | 0 |
Investments, at Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Investments | 0 | 0 |
Investments, at Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Investments | 1,250 | 1,250 |
US Government Agencies Debt Securities [Member] | ||
Total Investments | 4,118 | 4,314 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Investments | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Investments | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Investments | $ 0 | $ 0 |
Note 4 - Investments - Fair V_2
Note 4 - Investments - Fair Value Measurement on Recurring Basis (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Total investments | $ 1,250 | |
Purchases | 0 | $ 1,250 |
Total investments | 1,250 | 1,250 |
Total investments | 1,250 | 1,250 |
Common Stock [Member] | ||
Total investments | 250 | |
Purchases | 0 | 250 |
Total investments | 250 | 250 |
Total investments | 250 | 250 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Total investments | 1,000 | |
Purchases | 0 | 1,000 |
Total investments | 1,000 | 1,000 |
Total investments | $ 1,000 | $ 1,000 |
Note 5 - Reserve for Title Cl_3
Note 5 - Reserve for Title Claims (Details Textual) $ in Thousands | Jun. 30, 2023 USD ($) |
Reinsurance Recoverables, Including Reinsurance Premium Paid, Total | $ 0 |
Note 5 - Reserve for Title Cl_4
Note 5 - Reserve for Title Claims - Reconciliation of Reserves Account Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Total provision for claim losses | $ 66 | $ 63 | $ 134 | $ 76 | |
Title Insurance Product Line [Member] | |||||
Beginning Reserves | 287 | 231 | |||
Current year | 25 | 36 | |||
Prior years | 0 | 0 | |||
Total provision for claim losses | 25 | 36 | |||
Current year | (53) | 0 | |||
Prior years | 0 | 0 | |||
Total title claims paid | (53) | 0 | |||
Ending Reserves | 259 | 267 | 259 | 267 | |
Claims reserves | 259 | $ 267 | 259 | $ 267 | $ 287 |
Claims reserves, percent | 287% | ||||
Known Title Claims [Member] | |||||
Ending Reserves | 8 | 8 | |||
Claims reserves | 8 | 8 | |||
Claims reserves, percent | 0% | ||||
IBNR Title Claims [Member] | |||||
Ending Reserves | 251 | 251 | |||
Claims reserves | 251 | 251 | |||
Claims reserves, percent | 287% | ||||
Title Claims [Member] | |||||
Ending Reserves | 259 | 259 | |||
Claims reserves | 259 | 259 | |||
Claims reserves, percent | 287% | ||||
Non-title Claims [Member] | |||||
Ending Reserves | 0 | 0 | |||
Claims reserves | $ 0 | $ 0 | |||
Claims reserves, percent | 0% |
Note 6 - Reinsurance (Details T
Note 6 - Reinsurance (Details Textual) | Jan. 01, 2022 USD ($) |
National Consumer Title Insurance Company (NCTIC) [Member] | Reinstatement Premium Protection Reinsurance Agreement [Member] | |
Reinsurance Retention Policy, Reinsured Risk, Percentage | 100% |
National Consumer Title Insurance Company (NCTIC) [Member] | Non-affiliated Companies [Member] | The Loss Reinsurance Agreement [Member] | |
Reinsurance, Excess Retention, Amount Reinsured, Per Event | $ 4,000,000 |
Reinsurance, Amount Retained, Per Event | $ 1,000,000 |
Reinsurance Retention Policy, Reinsured Risk, Percentage | 100% |
Chaucer [Member] | Reinsurance Through Lloyd's Syndicates [Member] | |
Percent of Reinsurance Participation | 50% |
Note 6 - Reinsurance - Reinsura
Note 6 - Reinsurance - Reinsurance Premiums Written and Earned (Details) - National Consumer Title Insurance Company (NCTIC) [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Direct title premiums | $ 1,081 | $ 751 | $ 1,925 | $ 1,145 |
Ceded title premiums | (17) | (14) | (31) | (28) |
Net title premiums | $ 1,064 | $ 737 | $ 1,894 | $ 1,117 |
Note 8 - Segment Information (D
Note 8 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2023 | |
Number of Reportable Segments | 4 |
Note 8 - Segment Information -
Note 8 - Segment Information - Operations By Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Insurance and other services revenue | $ 3,705 | $ 1,922 | $ 5,645 | $ 3,403 | |
Cost of revenues | (175) | (158) | (380) | (238) | |
Gross profit | 3,530 | 1,764 | 5,265 | 3,165 | |
(Loss) income before income taxes | 85 | (363) | (744) | (940) | |
Total assets | 46,726 | 46,726 | $ 41,103 | ||
Operating Segments [Member] | |||||
Insurance and other services revenue | 3,705 | 1,922 | 5,645 | 3,403 | |
Cost of revenues | (175) | (158) | (380) | (238) | |
Gross profit | 3,530 | 1,764 | 5,265 | 3,165 | |
Operating expenses | (3,903) | (2,271) | (6,713) | (4,413) | |
Other income and expenses | 458 | 144 | 704 | 308 | |
(Loss) income before income taxes | 85 | (363) | (744) | (940) | |
Total assets | 46,726 | 37,619 | 46,726 | 37,619 | |
The Title Insurance Segment [Member] | Operating Segments [Member] | |||||
Insurance and other services revenue | 2,652 | 1,922 | 4,589 | 3,403 | |
Cost of revenues | (175) | (158) | (380) | (238) | |
Gross profit | 2,477 | 1,764 | 4,209 | 3,165 | |
Operating expenses | (3,057) | (1,990) | (5,485) | (3,847) | |
Other income and expenses | 60 | 5 | 105 | 6 | |
(Loss) income before income taxes | (520) | (222) | (1,171) | (676) | |
Total assets | 19,033 | 19,771 | 19,033 | 19,771 | |
Real Estate Segment [Member] | Operating Segments [Member] | |||||
Insurance and other services revenue | 0 | 0 | 0 | 0 | |
Cost of revenues | 0 | 0 | 0 | 0 | |
Gross profit | 0 | 0 | 0 | 0 | |
Operating expenses | 0 | 0 | 0 | 0 | |
Other income and expenses | 334 | 161 | 469 | 324 | |
(Loss) income before income taxes | 334 | 161 | 469 | 324 | |
Total assets | 10,723 | 11,179 | 10,723 | 11,179 | |
Reinsurance Related [Member] | Operating Segments [Member] | |||||
Insurance and other services revenue | 300 | 0 | 300 | 0 | |
Cost of revenues | 0 | 0 | 0 | 0 | |
Gross profit | 300 | 0 | 300 | 0 | |
Operating expenses | 0 | 0 | 0 | 0 | |
Other income and expenses | 0 | 0 | 0 | 0 | |
(Loss) income before income taxes | 300 | 0 | 300 | 0 | |
Total assets | 7,236 | 0 | 7,236 | 0 | |
Management Services Related [Member] | Operating Segments [Member] | |||||
Insurance and other services revenue | 753 | 0 | 756 | 0 | |
Cost of revenues | 0 | 0 | 0 | 0 | |
Gross profit | 753 | 0 | 756 | 0 | |
Operating expenses | (419) | 0 | (419) | 0 | |
Other income and expenses | 0 | 0 | 0 | 0 | |
(Loss) income before income taxes | 334 | 0 | 337 | 0 | |
Total assets | 1,293 | 0 | 1,293 | 0 | |
Corporate and Other [Member] | |||||
Insurance and other services revenue | 0 | 0 | 0 | 0 | |
Cost of revenues | 0 | 0 | 0 | 0 | |
Gross profit | 0 | 0 | 0 | 0 | |
Operating expenses | (427) | (281) | (809) | (566) | |
Other income and expenses | 64 | (22) | 130 | (22) | |
(Loss) income before income taxes | (363) | (303) | (679) | (588) | |
Total assets | $ 8,441 | $ 6,669 | $ 8,441 | $ 6,669 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 168,000 | ||||
Deferred Tax Assets, Valuation Allowance | $ 7,900,000 | 7,900,000 | |||
Operating Loss Carryforwards | $ 37,800,000 | 37,800,000 | |||
Income Taxes Paid, Net | $ 0 | $ 0 | |||
Deferred Tax Assets, Net of Valuation Allowance | $ 0 | ||||
Effective Income Tax Rate Reconciliation, Percent | 16.30% | 0% | 3% | 0% |
Note 10 - Stockholders' Equit_2
Note 10 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Aug. 05, 2022 | |
Treasury Stock, Shares, Acquired (in shares) | 4,265 | 4,435 | |
Shares Acquired, Average Cost Per Share (in dollars per share) | $ 7.14 | $ 7.16 | |
Treasury Stock, Value, Acquired, Cost Method | $ 30,451 | $ 31,762 | |
Weighted Average [Member] | |||
Shares Acquired, Average Cost Per Share (in dollars per share) | $ 7.14 | $ 7.14 | |
Common Stock [Member] | |||
Stock Repurchase Program, Authorized Amount | $ 1,500,000 |
Note 10 - Stockholders' Equit_3
Note 10 - Stockholders' Equity - Basic and Diluted Earnings Per Share Calculation (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Weighted average shares outstanding for basic calculation (in shares) | 2,868 | 2,847 | 2,868 | 2,843 |
Add: Effect of dilutive stock awards (in shares) | 0 | 0 | 0 | 0 |
Weighted average shares outstanding, adjusted for diluted calculation (in shares) | 2,868 | 2,847 | 2,868 | 2,843 |
Note 10 - Stockholders' Equit_4
Note 10 - Stockholders' Equity - Reconciliation of Activity in Stockholders' Equity Accounts (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Balance | $ 33,426,000 | $ 33,426,000 | ||||
Shares repurchased | $ (30,451) | (31,762) | ||||
Net income (loss) | 72,000 | $ (363,000) | (766,000) | $ (940,000) | ||
Balance | 32,627,000 | 32,627,000 | ||||
Common Stock [Member] | ||||||
Balance | 54,000 | 54,000 | 54,000 | $ 54,000 | 54,000 | 54,000 |
Shares repurchased | 0 | 0 | ||||
Net income (loss) | 0 | 0 | 0 | 0 | ||
Stock-based compensation expense | 0 | 0 | ||||
Balance | 54,000 | 54,000 | 54,000 | 54,000 | 54,000 | 54,000 |
Additional Paid-in Capital [Member] | ||||||
Balance | 30,491,000 | 30,491,000 | 30,471,000 | 30,450,000 | 30,491,000 | 30,450,000 |
Shares repurchased | 0 | |||||
Net income (loss) | 0 | 0 | 0 | 0 | ||
Stock-based compensation expense | 20,000 | 21,000 | ||||
Balance | 30,491,000 | 30,491,000 | 30,491,000 | 30,471,000 | 30,491,000 | 30,491,000 |
Retained Earnings [Member] | ||||||
Balance | 1,977,000 | 2,777,000 | (1,519,000) | (942,000) | 2,777,000 | (942,000) |
Shares repurchased | (32,000) | (1,000) | ||||
Net income (loss) | 80,000 | (799,000) | (363,000) | (577,000) | ||
Stock-based compensation expense | 0 | 0 | ||||
Balance | 2,025,000 | 1,977,000 | (1,882,000) | (1,519,000) | 2,025,000 | (1,882,000) |
Noncontrolling Interest [Member] | ||||||
Balance | 65,000 | 104,000 | 0 | 0 | 104,000 | 0 |
Shares repurchased | 0 | 0 | ||||
Net income (loss) | (8,000) | (39,000) | 0 | 0 | ||
Stock-based compensation expense | 0 | 0 | ||||
Balance | $ 57,000 | $ 65,000 | $ 0 | $ 0 | $ 57,000 | $ 0 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 7 months 24 days | 2 years 7 months 24 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 6% | 6% | ||
Operating Lease, Expense | $ 177,000 | $ 172,000 | $ 403,000 | $ 326,000 |
Minimum [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | 1 year | ||
Maximum [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 3 years | 3 years |
Note 11 - Leases - Future Payme
Note 11 - Leases - Future Payments Under Operating Lease Arrangements (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
2024 | $ 346 |
2025 | 229 |
2026 | 100 |
2027 | 52 |
2028 | 21 |
Total lease payments, undiscounted | 748 |
Less: present value discount | (55) |
Lease liabilities, at present value | $ 693 |
Note 13 - Business Combinatio_3
Note 13 - Business Combinations - Purchase Price Allocation (Details) - Omega National Title Agency (Omega) [Member] $ in Thousands | Aug. 01, 2022 USD ($) |
Title files in progress | $ 60 |
Property, plant, and equipment | 53 |
Total assets acquired | 485 |
Noncompete Agreements [Member] | |
Noncompetition agreement | $ 372 |
Note 13 - Business Combinatio_4
Note 13 - Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Aug. 01, 2022 | Jun. 30, 2023 | Dec. 31, 2022 |
Goodwill, Ending Balance | $ 6,492 | $ 6,492 | |
Omega Title Florida, LLC [Member] | |||
Cash paid | $ 2,300 | ||
Noncontrolling interest in Omega | 185 | ||
Total consideration paid | 2,485 | ||
Property, plant, and equipment | 53 | ||
Total assets acquired | 485 | ||
Goodwill, Ending Balance | 2,000 | ||
Omega Title Florida, LLC [Member] | Title Files In Progress [Member] | |||
Title files in progress | 60 | ||
Omega Title Florida, LLC [Member] | Noncompete Agreements [Member] | |||
Noncompetition agreement | $ 372 |
Note 13 - Business Combinatio_5
Note 13 - Business Combinations - Pro Forma Information (Details) - Omega Title Florida, LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Revenues | $ 2,965 | $ 5,488 |
Net income | $ (350) | $ (820) |
Note 14 - Goodwill and Intang_3
Note 14 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 01, 2022 | Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 01, 2021 | |
Goodwill, Ending Balance | $ 6,492,000 | $ 6,492,000 | $ 6,492,000 | ||
Amortization of Intangible Assets | 17,000 | 38,000 | |||
Title Agency Ventures, LLC (TAV) [Member] | |||||
Goodwill, Ending Balance | $ 4,500,000 | $ 4,500,000 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 50% | ||||
Omega Title Florida, LLC [Member] | |||||
Goodwill, Ending Balance | $ 2,000,000 | ||||
Goodwill, Acquired During Period | $ 2,000,000 |
Note 14 - Goodwill and Intang_4
Note 14 - Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Intangible assets subject to amortization | $ 304 | |
Total | 304 | $ 342 |
Noncompete Agreements [Member] | ||
Intangible assets subject to amortization | $ 304 | $ 342 |
Note 14 - Goodwill and Intang_5
Note 14 - Goodwill and Intangible Assets - Intangible Assets Subject To Amortization (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Gross carrying amount | $ 372 | |
Accumulated amortization | (68) | |
Net carrying amount | $ 304 | |
Noncompete Agreements [Member] | ||
Weighted-average remaining amortization period (Year) | 4 years 3 months 18 days | |
Gross carrying amount | $ 372 | |
Accumulated amortization | (68) | |
Net carrying amount | $ 304 | $ 342 |
Note 14 - Goodwill and Intang_6
Note 14 - Goodwill and Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Remaining in 2023 | $ 37 |
2024 | 74 |
2025 | 74 |
2026 | 74 |
2027 | 45 |
Total | $ 304 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - USD ($) | Jul. 27, 2023 | Feb. 21, 2023 |
Unsecured Claim for Compensation Earned Pre-petition | $ 609,771 | |
Subsequent Event [Member] | ||
Settlement Agreement, Cumulative Amount for Claims | $ 1,109,771 |