Note 12 - Business Combinations

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Business Combination Disclosure [Text Block]

12.         Business Combinations

Effective August 1, 2022, Omega acquired substantially all the assets of Omega Title Florida, LLC (“OTF”). In accordance with Topic 805, the Company has determined that the transaction should be accounted for as a business combination. The assets of OTF at the date of acquisition were as follows (in thousands):

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 was as follows (in thousands):

Cash paid	$	2,341
Noncontrolling interest in Omega		185
Total consideration paid	$	2,526
Title files in progress	$	60
Fixed assets		53
Noncompetition agreement		372
Total assets acquired	$	485
Goodwill	$	2,041

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 (in thousands):

	For the Year
	Ended
	December 31, 2022
Revenues	$	2,352
Net loss	$	(85	)