Note 7 - Segment Information

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 7. SEGMENT INFORMATION

During the three- and six-month periods ended June 30, 2022, the Company operated through four business segments with separate management and reporting infrastructures that offer different products and services. The four business segments are as follows: Asset Management Operations, Real Estate Operations, Internet Operations, and Other Operations.

The asset management operations segment includes revenues and expenses derived from various joint ventures, service offerings, and initiatives undertaken in the asset management industry.

The real estate operations segment includes (i) revenue and expenses related to the management of legacy properties held for investment and held for resale through EDI Real Estate located in Roanoke, Virginia, and (ii) our equity in Mt Melrose, LLC, prior to the sale of the Company’s remaining membership interests on May 17, 2021, which managed properties held for investment and held for resale located in Lexington, Kentucky.

The internet operations segment includes revenue and expenses related to our sale of internet access, hosting, storage, and other ancillary services. Our internet segment includes revenue generated by operations in both the United States and Canada. For the three- and six-month periods ended June 30, 2022 and 2021, the internet operations segment generated revenue of $204,707 and $410,584, and $212,512 and $432,792, in the United States and revenue of $10,815 and $21,618, and $11,407 and $23,393, in Canada, respectively. All assets reported under the internet operations segment for the periods ended June 30, 2022 and December 31, 2021, are located within the United States.

The other operations segment includes revenue and expenses from nonrecurring or one-time strategic funding or similar activity and any revenue or expenses derived from corporate office operations, as well as expenses related to public company reporting, the oversight of subsidiaries, and other items that affect the overall Company.

Summarized financial information concerning the Company’s reportable segments is shown in the following tables for the three- and six-month periods ended June 30, 2022, and 2021.

Three-Month Period Ended June 30, 2022	Asset Management			Real Estate			Internet		Other			Consolidated
Revenues	$	38,195		$	—		$	215,522	$	—		$	253,717
Cost of revenue		—			—			111,821		—			111,821
Operating expenses		156,466			(180	)		63,018		455,125			674,429
Other income (expense)		(1,134	)		—			463		32,860			32,189
Income (loss) from operations		(119,405	)		180			41,146		(422,265	)		(500,344	)
Goodwill		—			—			212,445		—			212,445
Identifiable assets	$	147,805		$	19,738		$	442,465	$	15,796,929		$	16,406,937

Three-Month Period Ended June 30, 2021	Asset Management		Real Estate		Internet		Other			Consolidated
Revenues	$	1,556,005	$	335,724	$	223,919	$	—		$	2,115,648
Cost of revenue		—		236,209		70,029		—			306,238
Operating expenses		112,939		18,249		50,345		241,345			422,878
Other income		—		760,472		360		4,841			765,673
Income (loss) from operations		1,443,066		841,738		103,905		(236,504	)		2,152,205
Goodwill		—		—		212,445		—			212,445
Identifiable assets	$	17,334,335	$	51,579	$	409,194	$	1,007,686		$	18,802,794

Six-Month Period Ended June 30, 2022	Asset Management			Real Estate		Internet		Other			Consolidated
Revenues	$	76,690		$	1,800	$	432,202	$	—		$	510,692
Cost of revenue		—			445		183,015		—			183,460
Operating expenses		276,000			29		112,862		1,269,784			1,658,675
Other income (expense)		(1,307	)		43,390		1,871		54,323			98,277
Income (loss) from operations		(200,617	)		44,716		138,196		(1,215,461	)		(1,233,166	)
Goodwill		—			—		212,445		—			212,445
Identifiable assets	$	147,805		$	19,738	$	442,465	$	15,796,929		$	16,406,937

Six-Month Period Ended June 30, 2021	Asset Management		Real Estate		Internet		Other			Consolidated
Revenues	$	3,749,859	$	345,460	$	456,185	$	—		$	4,551,504
Cost of revenue		—		243,853		141,992		—			385,845
Operating expenses		230,650		24,734		96,886		448,598			800,868
Other income		—		755,677		721		9,665			766,063
Income (loss) from operations		3,519,209		832,550		218,028		(438,933	)		4,130,854
Goodwill		—		—		212,445		—			212,445
Identifiable assets	$	17,334,335	$	51,579	$	409,194	$	1,007,686		$	18,802,794