2022 Q3 Form 10-Q Financial Statement

#000149315222022135 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $11.17M -$3.714M $152.0K
YoY Change -8501.5% -265.73% -92.73%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.001M $2.269M $1.739M
YoY Change -33.3% 36.77% -14.75%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $5.516M $4.743M $3.975M
YoY Change 29.48% 71.72% 80.68%
Operating Profit
YoY Change
Interest Expense $11.23M -$3.070M -$2.070M
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $10.26M -$5.478M -$3.823M
YoY Change -333.44% -1345.0% 3375.45%
Income Tax
% Of Pretax Income
Net Earnings $10.26M -$5.478M -$3.823M
YoY Change -306.67% 2313.22% -11344.12%
Net Earnings / Revenue 91.78% -2515.13%
Basic Earnings Per Share $1.05 -$0.87 -$0.66
Diluted Earnings Per Share $1.099M -$808.5K -$590.2K
COMMON SHARES
Basic Shares Outstanding 9.350M shares 6.776M shares 6.478M shares
Diluted Shares Outstanding 9.334M shares 6.776M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $9.647M $12.83M $8.501M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $61.00K $65.00M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $22.02M $10.92M $15.70M
YoY Change -18.28% -54.81% -28.96%
Other Assets $7.710M $7.332M $3.773M
YoY Change 129.19% 228.05% 654.6%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $48.92M $37.27M $35.64M
YoY Change 11.57% -12.69% -0.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $361.0K $392.0K $598.0K
YoY Change -49.37% -12.3% 19.6%
Accrued Expenses $61.00K $65.00M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $361.0K $392.0K $598.0K
YoY Change -49.37% -12.3% 19.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $172.0K $117.0K $51.00K
YoY Change -59.62% 143.75%
Total Long-Term Liabilities $172.0K $117.0K $51.00K
YoY Change -59.62% 143.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $361.0K $392.0K $598.0K
Total Long-Term Liabilities $172.0K $117.0K $51.00K
Total Liabilities $11.23M $9.560M $5.842M
YoY Change -2.03% 90.25% 192.1%
SHAREHOLDERS EQUITY
Retained Earnings -$34.79M -$44.59M
YoY Change
Common Stock $9.000K $9.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.69M $27.71M $29.80M
YoY Change
Total Liabilities & Shareholders Equity $48.92M $37.27M $35.64M
YoY Change 11.57% -12.69% -0.99%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $10.26M -$5.478M -$3.823M
YoY Change -306.67% 2313.22% -11344.12%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.927M -$36.00K -$978.0K
YoY Change -35.53% -98.4% -72.83%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$56.00K -$1.000K
YoY Change 400.0% 833.33%
Acquisitions
YoY Change
Other Investing Activities $104.0K $1.086M -$5.615M
YoY Change 790.16% 13937.5%
Cash From Investing Activities $84.00K $1.030M -$5.616M
YoY Change -2200.0% 787.93% 13940.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -342.0K 3.337M -447.0K
YoY Change -111.24% -11.41% -244.19%
NET CHANGE
Cash From Operating Activities -2.927M -36.00K -978.0K
Cash From Investing Activities 84.00K 1.030M -5.616M
Cash From Financing Activities -342.0K 3.337M -447.0K
Net Change In Cash -3.185M 4.331M -7.041M
YoY Change 112.05% 165.87% 111.44%
FREE CASH FLOW
Cash From Operating Activities -$2.927M -$36.00K -$978.0K
Capital Expenditures -$20.00K -$56.00K -$1.000K
Free Cash Flow -$2.907M $20.00K -$977.0K
YoY Change -35.91% -100.89% -72.86%

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CY2021Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1659000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4009000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3698000 usd
CY2022Q2 us-gaap Operating Expenses
OperatingExpenses
4743000 usd
CY2021Q2 us-gaap Operating Expenses
OperatingExpenses
2762000 usd
us-gaap Operating Expenses
OperatingExpenses
8718000 usd
us-gaap Operating Expenses
OperatingExpenses
4964000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5478000 usd
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
440000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-9301000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
328000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-5478000 usd
CY2021Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
440000 usd
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-9301000 usd
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
328000 usd
us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
145000 usd
CY2022Q2 us-gaap Profit Loss
ProfitLoss
-5478000 usd
CY2021Q2 us-gaap Profit Loss
ProfitLoss
440000 usd
us-gaap Profit Loss
ProfitLoss
-9301000 usd
us-gaap Profit Loss
ProfitLoss
473000 usd
CY2021Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
667000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
666000 usd
CY2022Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
447000 usd
CY2021Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
447000 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
894000 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
797000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5925000 usd
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-674000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10195000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-990000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.87
CY2021Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.13
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-1.55
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.23
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.03
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.87
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.55
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6775501 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5010377 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6589296 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5001731 shares
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
34193000 usd
CY2021Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
177000 usd
CY2021Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2021Q1 FGF Dividends Declared On Series A Preferred Shares
DividendsDeclaredOnSeriesAPreferredShares
-350000 usd
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
34000 usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
34054000 usd
CY2021Q2 FGF Stock Issued During Period Value Preferred Share Issuance
StockIssuedDuringPeriodValuePreferredShareIssuance
4217000 usd
CY2021Q2 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
70000 usd
CY2021Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2021Q2 FGF Dividends Declared On Series A Preferred Shares
DividendsDeclaredOnSeriesAPreferredShares
-447000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-227000 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
37667000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
34009000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
63000 usd
CY2022Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2022Q1 FGF Dividends Declared On Series A Preferred Shares
DividendsDeclaredOnSeriesAPreferredShares
-447000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-3823000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
29802000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
29802000 usd
CY2022Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
3784000 usd
CY2022Q2 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
52000 usd
CY2022Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.50
CY2022Q2 FGF Dividends Declared On Series A Preferred Shares
DividendsDeclaredOnSeriesAPreferredShares
-447000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-5478000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
27713000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
27713000 usd
us-gaap Profit Loss
ProfitLoss
-9301000 usd
us-gaap Profit Loss
ProfitLoss
473000 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
8073000 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
4022000 usd
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
-8347000 usd
us-gaap Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
-8791000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
115000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
247000 usd
us-gaap Payments For Purchase Of Securities Operating Activities
PaymentsForPurchaseOfSecuritiesOperatingActivities
2347000 usd
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-253000 usd
us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
3479000 usd
us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
2235000 usd
FGF Increase Decrease Funds Deposited With Re Insured Companies
IncreaseDecreaseFundsDepositedWithReInsuredCompanies
464000 usd
FGF Increase Decrease Funds Deposited With Re Insured Companies
IncreaseDecreaseFundsDepositedWithReInsuredCompanies
-274000 usd
us-gaap Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
469000 usd
us-gaap Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
837000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
150000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
302000 usd
us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
750000 usd
us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
678000 usd
us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
2558000 usd
us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
2529000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-567000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-17000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1014000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5854000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
57000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6000 usd
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
6795000 usd
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
73000 usd
us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
1521000 usd
us-gaap Proceeds From Sale Of Equity Securities Fv Ni
ProceedsFromSaleOfEquitySecuritiesFvNi
593000 usd
us-gaap Proceeds From Sale Maturity And Collection Of Longterm Investments
ProceedsFromSaleMaturityAndCollectionOfLongtermInvestments
152000 usd
us-gaap Proceeds From Sale Maturity And Collection Of Longterm Investments
ProceedsFromSaleMaturityAndCollectionOfLongtermInvestments
155000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4586000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
76000 usd
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
894000 usd
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
797000 usd
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
4217000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3784000 usd
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
657000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2890000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4077000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2710000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1701000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15542000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12132000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12832000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10431000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_809_eus-gaap--NatureOfOperations_zT0BgJ9niAZb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1. <span id="xdx_826_z35PSDVCanjl">Nature of Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FG Financial Group, Inc. (“FGF”, the “Company”, “we”, or “us”) is a reinsurance and asset management holding company. We focus on opportunistic collateralized and loss capped reinsurance, while allocating capital in partnership with Fundamental Global<sup>®</sup>, and from time to time, other strategic investors, to special purpose acquisition companies (“SPAC”) and SPAC sponsor-related businesses. The Company’s principal business operations are conducted through its subsidiaries and affiliates. The Company also provides asset management services. From our inception in October 2012 through December 2019, we operated as an insurance holding company, writing property and casualty insurance throughout the states of Louisiana, Florida, and Texas. On December 2, 2019, we sold our three former insurance subsidiaries, and embarked upon our current strategy focused on reinsurance and asset management.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2022, Fundamental Global GP, LLC, a privately owned asset management company (“FG”), and its affiliated entities, including Ballantyne Strong, Inc. (“BTN”), collectively beneficially owned approximately <span id="xdx_903_eus-gaap--SaleOfStockPercentageOfOwnershipAfterTransaction_pid_dp_uPure_c20220101__20220630__dei--LegalEntityAxis__custom--FundamentalGlobalInvestorMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z2WtOFZSB2hj">58.8</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of our common stock. D. Kyle Cerminara, Chairman of our Board of Directors, serves as Chief Executive Officer, Co-Founder and Partner of FG, and as Chairman of the board of directors of BTN.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sale of the Insurance Business</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 2, 2019, we completed the sale (“Asset Sale”) of our insurance subsidiaries to FedNat Holding Company for a combination of cash and FedNat common stock. The shares of FedNat common stock we received in the Asset Sale were issued to us pursuant to a standstill agreement which provides certain limitations and restrictions with respect to the voting and sale or transfer of the securities until December 2024. As of June 30, 2022, we continue to hold <span id="xdx_903_ecustom--NumberOfSharesHold_pid_c20220101__20220630_z7VlawoUM5wg" title="Number of common stock in hold">355,371</span> shares of FedNat common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Current Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our strategy has evolved to focus on opportunistic collateralized and loss capped reinsurance, with capital allocation to SPAC and SPAC sponsor-related businesses. As part of our refined focus, we have adopted the following capital allocation philosophy:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>“<b>Grow intrinsic value</b></i> per share with a <b><i>long-term focus</i></b> using <b><i>fundamental research</i></b>, allocating capital to <b><i>asymmetric risk/reward</i></b> opportunities.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently, the business operates as a diversified holding company of insurance, reinsurance, asset management and our “SPAC Platform” businesses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Insurance</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are in the process of establishing a Risk Retention Group (“RRG”) for the purpose of providing directors and officers insurance coverage to SPAC vehicles. We intend to provide capital, along with other participants, to facilitate the underwriting of such insurance coverage. The Company will focus on fee income derived from originating, underwriting, and servicing the insurance business, while mitigating our financial risk with external reinsurance partners.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reinsurance</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s wholly owned reinsurance subsidiary, Fundamental Global Reinsurance Ltd. (“FGRe”), a Cayman Islands limited liability company, provides specialty property and casualty reinsurance. FGRe has been granted a Class B (iii) insurer license in accordance with the terms of The Insurance Act (as revised) of the Cayman Islands and underlying regulations thereto and is subject to regulation by the Cayman Islands Monetary Authority (the “Authority”). The terms of the license require advance approval from the Authority should FGRe wish to enter into any reinsurance agreements which are not fully collateralized to their aggregate exposure limit. FGRe participates in a Funds at Lloyds syndicate covering risks written by the syndicate during the 2021 and 2022 calendar years. On April 1, 2021, FGRe entered into its second reinsurance contract with a leading insurtech company that provides automotive insurance utilizing driver monitoring to predictively segment and price drivers. In addition to renewing this contract for a second year, the Company added a second agreement with the automotive insurance provider as of April 1, 2022. Beginning January 1, 2022, FGRe participates in a quota share reinsurance contact with a startup homeowners’ insurance company with minimal activity as of June 30, 2022. On April 1, 2022, FGRe entered into a homeowners’ property catastrophe excess of loss reinsurance contract with a specialty insurance company covering loss occurrences from named tropical storms arising out of the Atlantic. These agreements limit exposure by loss-caps stipulated within the reinsurance contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Asset Management</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Investment Advisory Agreement, FG Strategic Consulting, LLC (“FGSC”) a wholly-owned subsidiary of the Company has agreed to provide investment advisory services to FedNat, including identifying, analyzing and recommending potential investments, advising as to existing investments and investment optimization, recommending investment dispositions, and providing advice regarding macro-economic conditions. In exchange for providing the investment advisory services, FedNat has agreed to pay FGSC an annual fee of $<span id="xdx_90C_eus-gaap--PaymentsToSuppliers_c20220101__20220630__srt--TitleOfIndividualAxis__custom--FGStrategicConsultingLLCMember_zkS0WeIXbDn5" title="Annual fee for advisory services">100,000</span>. The term of the Investment Advisory Agreement is <span id="xdx_900_ecustom--AgreementTerm_dc_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--InvestmentAdvisoryAgreementMember_zvQ5K4dWS8u7" title="Agreement term">five years</span>, expiring on December 2, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FG FINANCIAL GROUP, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>SPAC Platform</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 21, 2020, we formed FG SPAC Solutions LLC (“FGSS”), a Delaware company, to facilitate the launch of our “SPAC Platform”. Under the SPAC Platform, we provide various strategic, administrative, and regulatory support services to newly formed SPACs for a monthly fee. Additionally, the Company co-founded a partnership, FG SPAC Partners, LP (“FGSP”) to participate as a co-sponsor for newly formed SPACs. The Company also participates in the risk capital investments associated with the launch of such SPACs through its Asset Management business, specifically FG Special Situations Fund, LP. (“Fund”). As discussed in Note 4, the Company has consolidated the results of the Fund through November 30, 2021; however, effective December 1, 2021, the Company began accounting for its investment in the Fund under the equity method. The first transaction entered into under the SPAC Platform occurred on January 11, 2021, by and among FGSS and Aldel Investors, LLC, the sponsor of Aldel Financial, Inc. (“Aldel”), a special purpose acquisition company which completed its business combination with Hagerty (NYSE: HGTY) on December 2, 2021. Under the services agreement between FGSS and Aldel Investors, LLC (the “Agreement”), FGSS provided accounting, regulatory, strategic advisory, and other administrative services to Aldel, which included assistance with negotiations with potential merger targets for the SPAC as well as assistance with the de-SPAC process.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March and April 2022, the Company continued to build upon its SPAC Platform strategy. On March 3, 2022, FG Merger Corp. (“FG Merger”) (Nasdaq: FGMCU) announced the closing of an $<span id="xdx_900_eus-gaap--PaymentsForMergerRelatedCosts_pn5n6_c20220302__20220303__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zTk5V9lfbNO6" title="Payments for merger related costs">80.5</span> million IPO in the United States, including the exercise of the over-allotment option granted to the underwriters in the offering. Similarly, on April 5, 2022, FG Acquisition Corp. (“FG Acquisition”) (TSX:FGAA.V), announced the closing of a $<span id="xdx_900_eus-gaap--PaymentsForMergerRelatedCosts_pn6n6_c20220403__20220405__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--RestructuringCostAndReserveAxis__us-gaap--FacilityClosingMember_zOVJSwekM6Kc" title="Payments for merger related costs">115</span> million IPO in Canada, including the exercise of the over-allotment option granted to the underwriters in the offering. The Company participated in the risk capital associated with the launch of the SPACs through its asset management business, specifically FG Special Situations Fund, LP. Mr. Cerminara, our Chairman, Larry G. Swets, Jr., our Director and Chief Executive Officer, and Hassan R. Baqar, our Executive Vice President and Chief Financial Officer, also hold financial interests in the SPACs and/or their sponsor companies. Additionally, Messrs. Cerminara, Swets, and Baqar are managers of the sponsor companies of FG Merger and FG Acquisition. Mr. Swets serves as Chairman of FG Merger, while Messrs. Baqar and Cerminara serve as Director and Senior Advisor of FG Merger, respectively. Mr. Swets serves as Chief Executive Officer and Director of FG Acquisition. Mr. Baqar serves as Chief Financial Officer, Secretary and Director of FG Acquisition. Mr. Cerminara serves as Chairman of FG Acquisition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the aggregate, the Company’s indirect exposure to FG Merger through its subsidiaries represents potential beneficial ownership of approximately <span id="xdx_90D_eus-gaap--InvestmentOwnedBalanceShares_iI_pid_c20220630__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zes2gZXZNI4f" title="Investment owned balance shares">820,000</span> shares of FG Merger’s common stock, approximately <span id="xdx_905_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20220630__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zHd7ftRr4sM" title="Warrants to issue common stock">989,000</span> warrants with an $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20220630__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zJbpaJvUSadd" title="Exercise price of warrants per share">11.50</span> exercise price and <span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20220630__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z6cyU78Os81a" title="Warrants term">5</span>-year expiration, and approximately <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20220630__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zxGjH7HsdyS5" title="Warrants to issue common stock">85,000</span> warrants with a $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220630__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zFz5lLgTRq1g" title="Exercise price of warrants per share">15.00</span> exercise price and <span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20220630__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zAc5YQFxyEY" title="Warrants term">10</span>-year expiration. The Company has invested approximately $<span id="xdx_901_eus-gaap--Investments_iI_pn5n6_c20220630__dei--LegalEntityAxis__custom--FGMergerCorpMember_zmYiXuEbOWPj" title="Investment">2.6</span> million in FG Merger through its subsidiaries. The Company’s indirect exposure in FG Acquisition through its subsidiaries represents potential beneficial ownership of approximately <span id="xdx_903_eus-gaap--InvestmentOwnedBalanceShares_iI_pid_c20220630__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zMuvM87XK464" title="Investment owned balance shares">819,000</span> shares of FG Acquisition’s common stock, approximately <span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20220630__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z746V6aeaTLb" title="Warrants to issue common stock">1,400,000</span> million warrants with an $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20220630__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zNuD8NGi17Qh" title="Exercise price of warrants per share">11.50</span> exercise price and <span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20220630__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zYWTTDTW5xoc" title="Warrants term">5</span>-year expiration (the “FGAC Warrants”), approximately <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20220630__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_z6IqMfVbTbX5" title="Warrants to issue common stock">440,000</span> warrants with a $<span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20220630__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zjS8CprRrRAa" title="Exercise price of warrants per share">15</span> exercise price and <span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20220630__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zQgTm6qztsG">10</span>-year expiration, and either (i) up to approximately an additional <span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20220630__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zohaftQ9nasb" title="Warrants value">1,600,000</span> FGAC Warrants, or (ii) up to approximately $<span id="xdx_90D_eus-gaap--Cash_iI_pn6n6_c20220630__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_ztD24ETqGiv1" title="Cash">2</span> million in cash, or (iii) a pro-rata combination of such FGAC Warrants and cash, based on certain adjustment provisions and the level of redemptions of FG Acquisition’s publicly traded warrants at the time of a business combination. The Company has invested approximately $<span id="xdx_905_eus-gaap--InvestmentOwnedBalanceShares_iI_pn5n6_c20220630__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zmksUcIH5Zk8" title="Investment owned balance shares">3.4</span> million in FG Acquisition through its subsidiaries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
FGF Number Of Shares Hold
NumberOfSharesHold
355371 shares
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
145000 usd
us-gaap Discontinued Operation Tax Expense Benefit From Provision For Gain Loss On Disposal
DiscontinuedOperationTaxExpenseBenefitFromProvisionForGainLossOnDisposal
145000 usd
us-gaap Discontinued Operation Provision For Loss Gain On Disposal Net Of Tax
DiscontinuedOperationProvisionForLossGainOnDisposalNetOfTax
145000 usd
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zwKoH84jckHi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The Use of Estimates in the Preparation of Consolidated Financial Statements</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Changes in estimates are recorded in the accounting period in which they are determined. The critical accounting estimates and assumptions in the accompanying consolidated financial statements include the valuation of our investments, the valuation of net deferred income taxes and deferred policy acquisition costs, premium revenue recognition, reserves for loss and loss adjustment expenses, and stock-based compensation expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Investment Interest Rate
InvestmentInterestRate
0.20 pure
CY2022Q2 us-gaap Cash
Cash
200000 usd
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-145000 usd
FGF Income Tax Expense Benefit From Continuing And Discontinued Operations
IncomeTaxExpenseBenefitFromContinuingAndDiscontinuedOperations
-145000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zZzYSn2ChkSj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentration of Credit Risk</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments which potentially expose the Company to concentrations of credit risk include investments, cash, and deposits with reinsured companies. The Company maintains its cash with a major U.S. domestic banking institution which is insured by the Federal Deposit Insurance Corporation (“FDIC”) for up to $<span id="xdx_90E_eus-gaap--CashFDICInsuredAmount_iI_c20220630_zlDD0CeCbgc6" title="Cash deposit per institution insured by FDIC">250,000</span>. As of June 30, 2022 the Company held funds in excess of these FDIC insured amounts. The terms of these deposits are on demand to mitigate some of the associated risk. The Company has not incurred losses related to these deposits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2020Q4 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
2400000 usd
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
1000000.0 usd
CY2022Q2 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
400000 usd
CY2021 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
1000000.0 usd
CY2022Q2 us-gaap Securities Purchased Under Agreements To Resell Amount Offset Against Collateral
SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral
4000000.0 usd
CY2021Q4 us-gaap Securities Purchased Under Agreements To Resell Amount Offset Against Collateral
SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral
4400000 usd
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1150000 usd
CY2021Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
93000 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1953000 usd
CY2022Q2 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
5111000 usd
us-gaap Debt Securities Trading Unrealized Loss
DebtSecuritiesTradingUnrealizedLoss
5001000 usd
CY2022Q2 us-gaap Trading Securities Debt
TradingSecuritiesDebt
110000 usd
CY2021Q4 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
14495000 usd
CY2021 us-gaap Debt Securities Trading Unrealized Loss
DebtSecuritiesTradingUnrealizedLoss
13074000 usd
CY2021Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
1421000 usd
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
3300000 usd
us-gaap Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
5000000.0 usd
CY2022Q2 us-gaap Investments
Investments
331000 usd
CY2022Q2 us-gaap Net Investment Income
NetInvestmentIncome
-3714000 usd
CY2021Q2 us-gaap Net Investment Income
NetInvestmentIncome
2241000 usd
us-gaap Net Investment Income
NetInvestmentIncome
-6059000 usd
us-gaap Net Investment Income
NetInvestmentIncome
4091000 usd
us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<p id="xdx_891_eus-gaap--ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense_zZ5CXrh6To63" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of changes in outstanding loss and loss adjustment expense reserves for the six months ended June 30, 2022 and 2021, is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_z9IoYgVPPGR6" style="display: none">Summary of Changes in Outstanding Loss and Loss Adjustment Expense Reserves</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td> <td id="xdx_494_20220101__20220630_zQcameEAVC5e" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td> <td id="xdx_499_20210101__20210630_zcHWfBFvPqph" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: left">(in thousands)</td><td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Six months ended June 30,</b></span></p></td><td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--ReinsuranceRecoverablesGross_iS_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Balance, beginning of period, gross of reinsurance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,133</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0906">–</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ReinsuranceRecoverableAllowanceForCreditLossRecovery_pn3n3_zxa8WpJUTqlh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Less: reinsurance recoverable on loss and LAE expense reserves</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0908">–</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0909">–</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ReinsuranceRecoverables_iS_pn3n3_zeg4iuZ4aExg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, beginning of period, net of reinsurance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0912">–</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--IncurredRelatedToAbstract_iB_zDG2oWNArNik" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Incurred related to:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ReinsuranceLossOnUncollectibleAccountsInPeriodAmount_i01_zc3yKfjv8Is9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Current year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,638</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">835</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--ReinsuranceLossOnUncollectibleAccountsInPriorPeriodAmount_i01_zCi84c9Smqzd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Prior year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">753</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0921">–</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--PaidRelatedToAbstract_iB_zvjOTe28u719" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; text-align: left">Paid related to:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ReinsuranceRecoverableCreditLossExpenseReversal_i01_zusvHGbzt7vf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Current year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,590</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(157</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--ReinsuranceRecoverableCreditLossExpenseReversalPriorYear_i01_zTCb4zCEJBv7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Prior years</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,051</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0930">–</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ReinsuranceRecoverables_iE_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Balance, June 30, net of reinsurance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,883</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">678</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ReinsuranceRecoverableAllowanceForCreditLossRecovery_ziEjL1XXeQM5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Plus: reinsurance recoverable related to loss and LAE expense reserves</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0935">–</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0936">–</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ReinsuranceRecoverableAllowanceForCreditLossRecovery_zu5myk6lfYXj" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Reinsurance recoverable related to loss and LAE expense reserves</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0938">–</span></td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0939">–</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ReinsuranceRecoverablesGross_iE_pn3n3_z5x2OQAp9Urb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Balance, June 30, gross of reinsurance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,883</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">678</td><td style="text-align: left"> </td></tr> </table>
CY2021Q4 us-gaap Reinsurance Recoverables Gross
ReinsuranceRecoverablesGross
2133000 usd
CY2021Q4 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
2133000 usd
us-gaap Reinsurance Loss On Uncollectible Accounts In Period Amount
ReinsuranceLossOnUncollectibleAccountsInPeriodAmount
2638000 usd
us-gaap Reinsurance Loss On Uncollectible Accounts In Period Amount
ReinsuranceLossOnUncollectibleAccountsInPeriodAmount
835000 usd
FGF Reinsurance Loss On Uncollectible Accounts In Prior Period Amount
ReinsuranceLossOnUncollectibleAccountsInPriorPeriodAmount
753000 usd
us-gaap Reinsurance Recoverable Credit Loss Expense Reversal
ReinsuranceRecoverableCreditLossExpenseReversal
-1590000 usd
us-gaap Reinsurance Recoverable Credit Loss Expense Reversal
ReinsuranceRecoverableCreditLossExpenseReversal
-157000 usd
FGF Reinsurance Recoverable Credit Loss Expense Reversal Prior Year
ReinsuranceRecoverableCreditLossExpenseReversalPriorYear
-1051000 usd
CY2022Q2 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
2883000 usd
CY2021Q2 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
678000 usd
CY2022Q2 us-gaap Reinsurance Recoverables Gross
ReinsuranceRecoverablesGross
2883000 usd
CY2021Q2 us-gaap Reinsurance Recoverables Gross
ReinsuranceRecoverablesGross
678000 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
69000 usd
CY2022Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1150000 usd
CY2021Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
47000 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1948000 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
40000 usd
us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
-114000 usd
CY2021Q2 FGF Income Tax Reconciliation Net Operating Loss Carryback
IncomeTaxReconciliationNetOperatingLossCarryback
1000 usd
FGF Income Tax Reconciliation Net Operating Loss Carryback
IncomeTaxReconciliationNetOperatingLossCarryback
2000 usd
CY2021Q2 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-140000 usd
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-140000 usd
us-gaap Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
5000 usd
CY2021Q2 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-1000 usd
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-2000 usd
FGF Income Tax Expense Benefit From Continuing And Discontinued Operations
IncomeTaxExpenseBenefitFromContinuingAndDiscontinuedOperations
-145000 usd
CY2022Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
7900000 usd
CY2022Q2 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
200000 usd
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
7700000 usd
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
3678000 usd
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
3010000 usd
CY2022Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Loss Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves
33000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Loss Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves
25000 usd
CY2022Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Unearned Premiums Reserve
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsUnearnedPremiumsReserve
259000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Unearned Premiums Reserve
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsUnearnedPremiumsReserve
152000 usd
CY2022Q2 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
1418000 usd
CY2021Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
1114000 usd
CY2022Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
249000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
253000 usd
CY2022Q2 us-gaap Deferred Tax Assets Investments
DeferredTaxAssetsInvestments
2287000 usd
CY2021Q4 us-gaap Deferred Tax Assets Investments
DeferredTaxAssetsInvestments
1692000 usd
CY2022Q2 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
4000 usd
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
3000 usd
CY2022Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
7928000 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
6249000 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
7663000 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
5715000 usd
CY2022Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
265000 usd
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
534000 usd
CY2021Q4 us-gaap Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
369000 usd
CY2022Q2 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
2000 usd
CY2022Q2 us-gaap Deferred Tax Liabilities Deferred Expense Deferred Policy Acquisition Cost
DeferredTaxLiabilitiesDeferredExpenseDeferredPolicyAcquisitionCost
263000 usd
CY2021Q4 us-gaap Deferred Tax Liabilities Deferred Expense Deferred Policy Acquisition Cost
DeferredTaxLiabilitiesDeferredExpenseDeferredPolicyAcquisitionCost
165000 usd
CY2022Q2 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
265000 usd
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
534000 usd
CY2022Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
17500000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4560 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0115 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
115000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
247000 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
495000 usd
CY2022Q2 FGF Service Agreement Description
ServiceAgreementDescription
Subsequent to June 30, 2022, the Shared Services Agreement has been amended to eliminate termination fees and to increase the termination notice from 120 days to 365 days.
CY2022Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-5478000 usd
CY2021Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
440000 usd
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-9301000 usd
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
328000 usd
CY2021Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
667000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
666000 usd
CY2022Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
447000 usd
CY2021Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
447000 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
894000 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
797000 usd
CY2022Q2 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
-5925000 usd
CY2021Q2 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
-674000 usd
us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
-10195000 usd
us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
-1135000 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6775501 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5010377 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6589296 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5001731 shares
CY2022Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.87
CY2021Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.13
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-1.55
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.23
FGF Gain On Sale Of Business
GainOnSaleOfBusiness
145000 usd
CY2022Q2 FGF Weighted Average Common Shares Outstanding Continuing Operations
WeightedAverageCommonSharesOutstandingContinuingOperations
6775501 shares
CY2021Q2 FGF Weighted Average Common Shares Outstanding Continuing Operations
WeightedAverageCommonSharesOutstandingContinuingOperations
5010377 shares
CY2021Q2 us-gaap Net Investment Income
NetInvestmentIncome
2241000 usd
CY2021Q2 us-gaap Other Income
OtherIncome
24000 usd
CY2021Q2 FGF Revenues From Contract With Customer Excluding Assessed Tax
RevenuesFromContractWithCustomerExcludingAssessedTax
3202000 usd
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
440000 usd
us-gaap Premiums Earned Net
PremiumsEarnedNet
1122000 usd
us-gaap Net Investment Income
NetInvestmentIncome
4091000 usd
us-gaap Other Income
OtherIncome
79000 usd
FGF Weighted Average Common Shares Outstanding Continuing Operations
WeightedAverageCommonSharesOutstandingContinuingOperations
6589296 shares
FGF Weighted Average Common Shares Outstanding Continuing Operations
WeightedAverageCommonSharesOutstandingContinuingOperations
5001731 shares
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.03
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
263859000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1756419000 shares
CY2022Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P44M
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
65000 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
65000 usd
CY2022Q2 us-gaap Payments For Rent
PaymentsForRent
3500 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
10500000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
21000000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
21000000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
15750000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
68250000 usd
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2022Q2 us-gaap Premiums Earned Net
PremiumsEarnedNet
2953000 usd
CY2022Q2 us-gaap Net Investment Income
NetInvestmentIncome
-3714000 usd
CY2022Q2 us-gaap Other Income
OtherIncome
26000 usd
CY2022Q2 FGF Revenues From Contract With Customer Excluding Assessed Tax
RevenuesFromContractWithCustomerExcludingAssessedTax
-735000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5478000 usd
us-gaap Premiums Earned Net
PremiumsEarnedNet
5426000 usd
us-gaap Net Investment Income
NetInvestmentIncome
-6059000 usd
us-gaap Other Income
OtherIncome
50000 usd
FGF Revenues From Contract With Customer Excluding Assessed Tax
RevenuesFromContractWithCustomerExcludingAssessedTax
-583000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-9301000 usd
CY2022Q2 us-gaap Assets
Assets
37273000 usd
CY2021Q2 us-gaap Premiums Earned Net
PremiumsEarnedNet
937000 usd
FGF Revenues From Contract With Customer Excluding Assessed Tax
RevenuesFromContractWithCustomerExcludingAssessedTax
5292000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
328000 usd
CY2021Q2 us-gaap Assets
Assets
42692000 usd

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ex32-2.htm Edgar Link pending
fgf-20220630.xsd Edgar Link pending
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