2023 Q1 Form 10-K Financial Statement
#000149315223008861 Filed on March 24, 2023
Income Statement
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
Revenue | $6.527M | $4.906M | $6.777M |
YoY Change | 4194.08% | 101.4% | -10.77% |
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $2.547M | $2.345M | $8.354M |
YoY Change | 46.46% | -5.63% | -9.03% |
% of Gross Profit | |||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $266.0K | ||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $5.177M | $4.773M | $19.01M |
YoY Change | 30.24% | -16.32% | 27.32% |
Operating Profit | -$4.129M | ||
YoY Change | |||
Interest Expense | $2.680M | $1.538M | $7.618M |
YoY Change | -229.47% | -12.59% | |
% of Operating Profit | |||
Other Income/Expense, Net | $32.00K | ||
YoY Change | |||
Pretax Income | $1.350M | $133.0K | $1.088M |
YoY Change | -135.31% | -104.07% | -114.84% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | $1.350M | -$314.0K | $1.088M |
YoY Change | -135.31% | -90.65% | -112.78% |
Net Earnings / Revenue | 20.68% | -6.4% | 16.05% |
Basic Earnings Per Share | $0.10 | -$0.09 | |
Diluted Earnings Per Share | $0.10 | -$0.03 | -$0.09 |
COMMON SHARES | |||
Basic Shares Outstanding | 9.438M shares | 9.394M shares | 8.030M shares |
Diluted Shares Outstanding | 9.422K shares | 8.030M shares |
Balance Sheet
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | |||
YoY Change | |||
Cash & Equivalents | $4.304M | $3.010M | $3.010M |
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 | $52.00K | $56.00K | $56.00K |
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | $27.48M | $25.68M | $25.68M |
YoY Change | 75.0% | 66.1% | 66.1% |
Other Assets | $9.702M | $9.269M | $9.269M |
YoY Change | 157.14% | 140.57% | 140.57% |
Total Long-Term Assets | |||
YoY Change | |||
TOTAL ASSETS | |||
Total Short-Term Assets | |||
Total Long-Term Assets | |||
Total Assets | $50.00M | $49.48M | $49.48M |
YoY Change | 40.29% | 21.18% | 21.18% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $433.0K | $723.0K | $723.0K |
YoY Change | -27.59% | 44.02% | 44.02% |
Accrued Expenses | $52.00K | $56.00K | $56.00K |
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 | $485.0K | $723.0K | $779.0K |
YoY Change | -18.9% | 44.02% | 55.18% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $190.0K | $225.0K | $169.0K |
YoY Change | 272.55% | -60.87% | -70.61% |
Total Long-Term Liabilities | $190.0K | $225.0K | $169.0K |
YoY Change | 272.55% | -60.87% | -70.61% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $485.0K | $723.0K | $779.0K |
Total Long-Term Liabilities | $190.0K | $225.0K | $169.0K |
Total Liabilities | $11.20M | $12.18M | $12.18M |
YoY Change | 91.66% | 78.59% | 78.59% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$34.30M | -$35.10M | |
YoY Change | 2.04% | ||
Common Stock | $9.000K | $9.000K | |
YoY Change | 50.0% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $38.81M | $37.30M | $37.30M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $50.00M | $49.48M | $49.48M |
YoY Change | 40.29% | 21.18% | 21.18% |
Cashflow Statement
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $1.350M | -$314.0K | $1.088M |
YoY Change | -135.31% | -90.65% | -112.78% |
Depreciation, Depletion And Amortization | $266.0K | ||
YoY Change | |||
Cash From Operating Activities | $750.0K | -$7.081M | -$11.02M |
YoY Change | -176.69% | 76.5% | -23.49% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $4.000K | $81.00K | |
YoY Change | -200.0% | -678.57% | |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $917.0K | $1.053M | -$3.372M |
YoY Change | -116.33% | -81.94% | -157.04% |
Cash From Investing Activities | $917.0K | $1.049M | -$3.453M |
YoY Change | -116.33% | -81.99% | -158.55% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $3.732M | ||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | -$373.0K | -605.0K | $1.943M |
YoY Change | -16.55% | -112.61% | -83.7% |
NET CHANGE | |||
Cash From Operating Activities | $750.0K | -7.081M | -$11.02M |
Cash From Investing Activities | $917.0K | 1.049M | -$3.453M |
Cash From Financing Activities | -$373.0K | -605.0K | $1.943M |
Net Change In Cash | $1.294M | -6.637M | -$12.53M |
YoY Change | -118.38% | -200.36% | -467.51% |
FREE CASH FLOW | |||
Cash From Operating Activities | $750.0K | -$7.081M | -$11.02M |
Capital Expenditures | $4.000K | $81.00K | |
Free Cash Flow | $750.0K | -$7.085M | -$11.10M |
YoY Change | -176.77% | 76.77% | -22.85% |
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CY2021 | us-gaap |
Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
|
-7333000 | usd |
CY2021 | us-gaap |
Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
|
145000 | usd |
CY2021 | us-gaap |
Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
|
145000 | usd |
CY2022 | us-gaap |
Profit Loss
ProfitLoss
|
1088000 | usd |
CY2021 | us-gaap |
Profit Loss
ProfitLoss
|
-7188000 | usd |
CY2021 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
1326000 | usd |
CY2022 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
1789000 | usd |
CY2021 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
1692000 | usd |
CY2022 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-701000 | usd |
CY2021 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-10206000 | usd |
CY2022 | us-gaap |
Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
|
2276000 | usd |
CY2022 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-0.09 | |
CY2021 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-1.99 | |
CY2021 | us-gaap |
Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
|
0.03 | |
CY2022 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.09 | |
CY2021 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-1.96 | |
CY2022 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
8030106 | shares |
CY2021 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
5212772 | shares |
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
34193000 | usd |
CY2021 | us-gaap |
Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
|
559000 | usd |
CY2021 | FGF |
Issuance Of Series Preferred Shares
IssuanceOfSeriesPreferredShares
|
4217000 | usd |
CY2021 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
5246000 | usd |
CY2021 | us-gaap |
Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
|
2.00 | |
CY2021 | FGF |
Dividends Declared On Series A Preferred Shares
DividendsDeclaredOnSeriesAPreferredShares
|
-1692000 | usd |
CY2021 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-8514000 | usd |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
34009000 | usd |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
34009000 | usd |
CY2022 | us-gaap |
Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
|
255000 | usd |
CY2022 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
3732000 | usd |
CY2022 | us-gaap |
Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
|
2.00 | |
CY2022 | FGF |
Dividends Declared On Series A Preferred Shares
DividendsDeclaredOnSeriesAPreferredShares
|
-1789000 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1088000 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1088000 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
37295000 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
37295000 | usd |
CY2022 | us-gaap |
Profit Loss
ProfitLoss
|
1088000 | usd |
CY2021 | us-gaap |
Profit Loss
ProfitLoss
|
-7188000 | usd |
CY2022 | us-gaap |
Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
13026000 | usd |
CY2021 | us-gaap |
Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
6783000 | usd |
CY2022 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
7618000 | usd |
CY2021 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
1068000 | usd |
CY2022 | us-gaap |
Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
|
-13797000 | usd |
CY2021 | us-gaap |
Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
|
-5456000 | usd |
CY2022 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
255000 | usd |
CY2021 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
559000 | usd |
CY2021 | us-gaap |
Payments For Purchase Of Securities Operating Activities
PaymentsForPurchaseOfSecuritiesOperatingActivities
|
6479000 | usd |
CY2021 | FGF |
Cash Relinquished Upon Deconsolidation Of Investment Company Subsidiary
CashRelinquishedUponDeconsolidationOfInvestmentCompanySubsidiary
|
-100000 | usd |
CY2022 | FGF |
Increase Decrease In Funds Deposited With Reinsured Companies
IncreaseDecreaseInFundsDepositedWithReinsuredCompanies
|
-4835000 | usd |
CY2021 | FGF |
Increase Decrease In Funds Deposited With Reinsured Companies
IncreaseDecreaseInFundsDepositedWithReinsuredCompanies
|
-1998000 | usd |
CY2022 | us-gaap |
Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
|
5416000 | usd |
CY2021 | us-gaap |
Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
|
3853000 | usd |
CY2022 | us-gaap |
Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
|
741000 | usd |
CY2021 | us-gaap |
Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
|
786000 | usd |
CY2022 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-114000 | usd |
CY2021 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
233000 | usd |
CY2021 | us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
-1724000 | usd |
CY2021 | us-gaap |
Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
|
2133000 | usd |
CY2022 | us-gaap |
Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
|
3213000 | usd |
CY2021 | us-gaap |
Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
|
3610000 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-129000 | usd |
CY2021 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
600000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-11022000 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-14406000 | usd |
CY2022 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
81000 | usd |
CY2021 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
14000 | usd |
CY2022 | us-gaap |
Proceeds From Sale Of Equity Securities Fv Ni
ProceedsFromSaleOfEquitySecuritiesFvNi
|
698000 | usd |
CY2021 | us-gaap |
Proceeds From Sale Of Equity Securities Fv Ni
ProceedsFromSaleOfEquitySecuritiesFvNi
|
803000 | usd |
CY2022 | us-gaap |
Proceeds From Sale Of Other Investments
ProceedsFromSaleOfOtherInvestments
|
4774000 | usd |
CY2021 | us-gaap |
Proceeds From Sale Of Other Investments
ProceedsFromSaleOfOtherInvestments
|
5109000 | usd |
CY2022 | us-gaap |
Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
|
8844000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-3453000 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
5898000 | usd |
CY2022 | us-gaap |
Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
|
1789000 | usd |
CY2021 | us-gaap |
Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
|
1692000 | usd |
CY2021 | us-gaap |
Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
|
4217000 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
3732000 | usd |
CY2021 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
5246000 | usd |
CY2021 | us-gaap |
Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
|
4147000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1943000 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
11918000 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-12532000 | usd |
CY2021 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
3410000 | 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 |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
3010000 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
15542000 | usd |
CY2021 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
1471000 | usd |
CY2022 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_808_eus-gaap--NatureOfOperations_zdIjBCmOJxl5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ed_019"/><b>Note 1. <span id="xdx_824_zZxeaOsLtDO5">Nature of Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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, merchant banking 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 merchant banking activities. 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, merchant banking and asset management.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, Fundamental Global GP, LLC (“FG”), a private partnership focused on long-term strategic holdings, and its affiliated entity, collectively beneficially owned approximately <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20221231__srt--OwnershipAxis__custom--FundamentalGlobalInvestorMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z2uTeQTbw0nj" title="Ownership percentage">60.0</span>% of our common stock. D. Kyle Cerminara, Chairman of our Board of Directors, serves as Chief Executive Officer, Co-Founder and Partner of FG.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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; 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; 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 Company sold its remaining FedNat common stock shares held in October 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reincorporation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective at 5:01 p.m. ET on December 9, 2022, the Company completed its reincorporation from a Delaware corporation to a Nevada corporation (the “Reincorporation”). The Reincorporation was accomplished by means of a merger by and between the Company and its former wholly owned subsidiary FG Financial Group, Inc., a Nevada corporation. As of December 9, 2022, the rights of the Company’s stockholders began to be governed by the Nevada corporation laws, our Amended and Restated Nevada Articles of Incorporation and our Nevada Bylaws. The Reincorporation was approved by the Company’s stockholders at a special meeting held on December 6, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other than the change in the state of incorporation, the Reincorporation did not result in any change in the business, physical location, management, assets, liabilities or net worth of the Company, nor did it result in any change in location of the Company’s employees, including the Company’s management.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Reincorporation did not alter any stockholder’s percentage ownership interest or number of shares owned in the Company and the Company’s common stock continues to be quoted on the Nasdaq Global Market under the same symbol “FGF” and the 8.00% Cumulative Preferred Stock, Series A of the Company continues to be quoted on the Nasdaq Global Market under the same symbol, “FGFPP.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current Business</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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 merchant banking activities with asymmetrical risk/reward opportunities. 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; 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; 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; 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; 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, our Special purpose acquisition corporation “SPAC” Platform businesses, and our merchant banking division.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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: 0pt; 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; 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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsor Protection Coverage and Risk, Inc. is being formed as a special purpose captive in South Carolina to provide reinsurance coverage for Sides A, B, & C Directors and Officers Liability insurance coverage for related and unrelated entities of Fundamental Global Reinsurance Ltd (“FGRe”). These will include SPAC entities engaged in the services or business of taking companies public, as well as small cap businesses performing an initial public offering.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s wholly owned reinsurance subsidiary, 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. FGRe participates in a Funds at Lloyds (“FAL”) syndicate covering risks written by the syndicate during the 2021 and 2022 calendar years, and on December 10, 2022 agreed to cover risks written by the syndicate during the calendar year 2023. On April 1, 2021, FGRe entered its second reinsurance contract with a leading insurtech company that provides automotive insurance utilizing driver monitoring to predictively segment and price drivers. 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 contract with a startup homeowners’ insurance company. On April 1, 2022, FGRe entered 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. On July 1, 2022, FGRe entered a contract with a specialty insurance company that provides hired and non-owned automotive insurance. 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; 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; 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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FG Strategic Consulting, LLC, (“FGSC”) a wholly-owned subsidiary of the Company, looks to provide investment advisory services, 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 21, 2020, we formed FG Management Solutions LLC (“FGMS”), formerly known as FG SPAC Solutions, LLC, 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 Merchant Partners, LP (“FGMP”), formerly known as FG SPAC Partners, LP, 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 had 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 under the SPAC Platform occurred on January 11, 2021, by and among FGMS 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 FGMS and Aldel Investors, LLC (the “Agreement”), FGMS 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; 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; 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_903_eus-gaap--PaymentsForMergerRelatedCosts_pn5n6_c20220302__20220303__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_ztiTieCT3asc" 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_90A_eus-gaap--PaymentsForMergerRelatedCosts_pn6n6_c20220403__20220405__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--RestructuringCostAndReserveAxis__us-gaap--FacilityClosingMember_zqEj96m1gpei" 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; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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_901_eus-gaap--InvestmentOwnedBalanceShares_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zZGOwljg4SZ7" title="Investment owned balance shares">820,000</span> shares of FG Merger’s common stock, approximately <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zinbrEHvJLdk" title="Warrants to issue common stock">989,000</span> warrants with an $<span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zMPomUqucGll" title="Exercise price of warrants per share">11.50</span> exercise price and <span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20221231__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zOF76HQdmUai" title="Warrants term">5</span>-year expiration, and approximately <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_z3vdDqPEABre" title="Warrants to issue common stock">85,000</span> warrants with a $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20221231__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_z1jmCRhqr3Yf" title="Exercise price of warrants per share">15.00</span> exercise price and <span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20221231__dei--LegalEntityAxis__custom--FGMergerCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zLVOOgn0Dpo" title="Warrants term">10</span>-year expiration. The Company has invested approximately $<span id="xdx_90E_eus-gaap--Investments_iI_pn5n6_c20221231__dei--LegalEntityAxis__custom--FGMergerCorpMember_zX7qpKI9DYQa" 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_906_eus-gaap--InvestmentOwnedBalanceShares_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zTfdOWtvAkZ4" title="Investment owned balance shares">819,000</span> shares of FG Acquisition’s common stock, approximately <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z6GhxJQV6S82" title="Warrants to issue common stock">1,400,000</span> warrants with an $<span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zvQW4Suiafd5" title="Exercise price of warrants per share">11.50</span> exercise price and <span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zjvmmCp1GUx" title="Warrants term">5</span>-year expiration (the “FGAC Warrants”), approximately <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zp9pTBLyIhn1" title="Warrants to issue common stock">440,000</span> warrants with a $<span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zaDuWeS2OS6f" title="Exercise price of warrants per share">15</span> exercise price and <span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantOneMember_zi4RrlVaSGRk" title="Warrants term">10</span>-year expiration, and either (i) up to approximately an additional <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zigahQvesTld" title="Warrants value">1,600,000</span> FGAC Warrants, or (ii) up to approximately $<span id="xdx_907_eus-gaap--Cash_iI_pn6n6_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_zU1BeH66kcd7" 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_909_eus-gaap--InvestmentOwnedBalanceShares_iI_pn5n6_c20221231__dei--LegalEntityAxis__custom--FGAcquisitionCorpMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z4ycXdNi3zF5" 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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Merchant Banking</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In Q3 2022, the Company announced the expansion of its growth strategy through the formation of a merchant banking division. The Company invested $<span id="xdx_904_eus-gaap--Investments_iI_pn5n6_c20221231__dei--LegalEntityAxis__custom--FGCommunitiesIncMember_z13MXVB9ikS9" title="Investments">2.0</span> million into its first project launched under the platform, FG Communities, Inc (“FGC”). FGC is a self-managed real estate company focused on a growing portfolio of manufactured housing communities which are owned and operated by FGC. As discussed further in Note 4, the Company will hold this investment at cost, subject to any adjustment from time to time due to impairment or observable price changes in orderly transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2021 | us-gaap |
Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
|
145000 | usd |
CY2021 | us-gaap |
Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
|
145000 | usd |
CY2021 | us-gaap |
Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
|
145000 | usd |
CY2022 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_84F_eus-gaap--UseOfEstimates_zmmDggcYYqR" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zRem8sowaZ8f">The Use of Estimates in the Preparation of Consolidated Financial Statements</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2022Q4 | us-gaap |
Investment Interest Rate
InvestmentInterestRate
|
0.20 | pure |
CY2022Q4 | us-gaap |
Cash
Cash
|
200000 | usd |
CY2022 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zvY2dpcyKeSj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_868_z2CDE9Onsbg8">Concentration of Credit Risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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_909_eus-gaap--CashFDICInsuredAmount_iI_c20221231_zhjJRp36Jnw4" title="Cash deposit per institution insured by FDIC">250,000</span>. As of December 31, 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; 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; 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2022Q4 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
CY2022 | us-gaap |
Reinsurance Recoverable Credit Loss Expense Reversal
ReinsuranceRecoverableCreditLossExpenseReversal
|
-3822000 | usd |
CY2022 | us-gaap |
Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
|
<p id="xdx_896_eus-gaap--ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense_z8mN44LzD30j" style="font: 10pt Times New Roman, Times, Serif; margin: 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 year ended December 31, 2022 and 2021 is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zvaaoKPNI8F9" style="display: none">Schedule of Changes in Outstanding Loss Adjustment Expense Reserves</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="text-align: left">(in thousands)</td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20220101__20221231_zbSs24U1Hefb" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">Year ended</p> <p style="margin-top: 0; margin-bottom: 0">December 31, 2022</p></td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_492_20210101__20211231_zxHM2QjZhkJi" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">Year ended</p> <p style="margin-top: 0; margin-bottom: 0">December 31, 2021</p></td><td style="text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--ReinsuranceRecoverables_iS_pn3n3_zO5LTprL226b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance, January 1</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: xdx2ixbrl0898">–</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr 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_407_eus-gaap--ReinsuranceLossOnUncollectibleAccountsInPeriodAmount_i_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,628</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,338</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--ReinsuranceLossOnUncollectibleAccountsInPriorPeriodAmount_i_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prior years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">856</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: xdx2ixbrl0904">–</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="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_405_eus-gaap--ReinsuranceRecoverableCreditLossExpenseReversal_i_pn3n3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,822</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,205</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--ReinsuranceRecoverableCreditLossExpenseReversalPriorYear_i_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prior years</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,386</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0910">–</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>Balance, December 31</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,409</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,133</td><td style="text-align: left"> </td></tr> </table> | |
CY2022 | us-gaap |
Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
|
1000000.0 | usd |
CY2022Q3 | us-gaap |
Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
|
200000 | usd |
CY2022Q4 | us-gaap |
Securities Purchased Under Agreements To Resell Amount Offset Against Collateral
SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral
|
9300000 | usd |
CY2021Q4 | us-gaap |
Securities Purchased Under Agreements To Resell Amount Offset Against Collateral
SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral
|
4400000 | usd |
CY2022 | us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
6700000 | usd |
CY2022 | FGF |
Equity Method Investment Cash Distribution
EquityMethodInvestmentCashDistribution
|
3200000 | usd |
CY2022Q4 | us-gaap |
Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
|
889000 | usd |
CY2022 | us-gaap |
Debt Securities Trading Unrealized Loss
DebtSecuritiesTradingUnrealizedLoss
|
48000 | usd |
CY2022Q4 | us-gaap |
Trading Securities Debt
TradingSecuritiesDebt
|
841000 | 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 |
CY2022 | us-gaap |
Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
|
3600000 | usd |
CY2021Q4 | FGF |
Proceeds Receive From Liquidation
ProceedsReceiveFromLiquidation
|
5000000.0 | usd |
CY2021Q4 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
4000000.0 | usd |
CY2021 | us-gaap |
Undistributed Earnings
UndistributedEarnings
|
1000000.0 | usd |
CY2022 | us-gaap |
Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
|
230000 | usd |
CY2021 | us-gaap |
Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
|
101000 | usd |
CY2022 | us-gaap |
Net Investment Income
NetInvestmentIncome
|
6777000 | usd |
CY2021 | us-gaap |
Net Investment Income
NetInvestmentIncome
|
2545000 | usd |
CY2021Q4 | us-gaap |
Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
|
4338000 | usd |
CY2022Q4 | us-gaap |
Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
|
7484000 | usd |
CY2022Q4 | us-gaap |
Reinsurance Receivables Incurred But Not Reported Claims
ReinsuranceReceivablesIncurredButNotReportedClaims
|
3541000 | usd |
CY2021Q4 | us-gaap |
Reinsurance Recoverables On Paid Losses
ReinsuranceRecoverablesOnPaidLosses
|
2205000 | usd |
CY2022Q4 | us-gaap |
Reinsurance Recoverables On Paid Losses
ReinsuranceRecoverablesOnPaidLosses
|
5208000 | usd |
CY2022Q4 | us-gaap |
Liability For Unpaid Claims And Claims Adjustment Expense Reported Claims Amount
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReportedClaimsAmount
|
4409000 | usd |
CY2021Q4 | us-gaap |
Liability For Unpaid Claims And Claims Adjustment Expense Reported Claims Amount
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReportedClaimsAmount
|
2133000 | usd |
CY2022Q4 | us-gaap |
Reinsurance Recoverables On Paid And Unpaid Losses
ReinsuranceRecoverablesOnPaidAndUnpaidLosses
|
4409000 | usd |
CY2021Q4 | us-gaap |
Reinsurance Recoverables On Paid And Unpaid Losses
ReinsuranceRecoverablesOnPaidAndUnpaidLosses
|
2133000 | usd |
CY2021Q4 | us-gaap |
Reinsurance Recoverables
ReinsuranceRecoverables
|
2133000 | usd |
CY2022 | us-gaap |
Reinsurance Loss On Uncollectible Accounts In Period Amount
ReinsuranceLossOnUncollectibleAccountsInPeriodAmount
|
6628000 | usd |
CY2021 | us-gaap |
Reinsurance Loss On Uncollectible Accounts In Period Amount
ReinsuranceLossOnUncollectibleAccountsInPeriodAmount
|
4338000 | usd |
CY2022 | FGF |
Reinsurance Loss On Uncollectible Accounts In Prior Period Amount
ReinsuranceLossOnUncollectibleAccountsInPriorPeriodAmount
|
856000 | usd |
CY2021 | us-gaap |
Reinsurance Recoverable Credit Loss Expense Reversal
ReinsuranceRecoverableCreditLossExpenseReversal
|
-2205000 | usd |
CY2022 | FGF |
Reinsurance Recoverable Credit Loss Expense Reversal Prior Year
ReinsuranceRecoverableCreditLossExpenseReversalPriorYear
|
-1386000 | usd |
CY2022Q4 | us-gaap |
Reinsurance Recoverables
ReinsuranceRecoverables
|
4409000 | usd |
CY2021Q4 | us-gaap |
Reinsurance Recoverables
ReinsuranceRecoverables
|
2133000 | usd |
CY2021 | us-gaap |
Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
|
-145000 | usd |
CY2021 | FGF |
Income Tax Expense Benefit From Continuing And Discontinued Operations
IncomeTaxExpenseBenefitFromContinuingAndDiscontinuedOperations
|
-145000 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
229000 | usd |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | pure |
CY2021 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-1540000 | usd |
CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | pure |
CY2022 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-252000 | usd |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.231 | pure |
CY2021 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
1782000 | usd |
CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.243 | pure |
CY2021 | us-gaap |
Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
|
-114000 | usd |
CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0.016 | pure |
CY2021 | us-gaap |
Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
|
-279000 | usd |
CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation Minority Interest Income Expense
EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
|
0.038 | pure |
CY2022 | us-gaap |
Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
|
23000 | usd |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
|
0.021 | pure |
CY2021 | us-gaap |
Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
|
6000 | usd |
CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
|
-0.001 | pure |
CY2021 | FGF |
Income Tax Expense Benefit From Continuing And Discontinued Operations
IncomeTaxExpenseBenefitFromContinuingAndDiscontinuedOperations
|
-145000 | usd |
CY2021 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.020 | pure |
CY2022Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
9100000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Liabilities
DeferredTaxLiabilities
|
3600000 | usd |
CY2022 | us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
5500000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
4171000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
3010000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Loss Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves
|
39000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Loss Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves
|
25000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Unearned Premiums Reserve
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsUnearnedPremiumsReserve
|
287000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Unearned Premiums Reserve
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsUnearnedPremiumsReserve
|
152000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
|
4313000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
|
1114000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
|
242000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
|
253000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Investments
DeferredTaxAssetsInvestments
|
5000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Investments
DeferredTaxAssetsInvestments
|
1692000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Other
DeferredTaxAssetsOther
|
9000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Other
DeferredTaxAssetsOther
|
3000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
9066000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
6249000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
5463000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
5715000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
3603000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
534000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
|
3282000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
|
369000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Liabilities Deferred Expense Deferred Policy Acquisition Cost
DeferredTaxLiabilitiesDeferredExpenseDeferredPolicyAcquisitionCost
|
321000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Liabilities Deferred Expense Deferred Policy Acquisition Cost
DeferredTaxLiabilitiesDeferredExpenseDeferredPolicyAcquisitionCost
|
165000 | usd |
CY2022Q4 | us-gaap |
Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
|
3603000 | usd |
CY2021Q4 | us-gaap |
Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
|
534000 | usd |
CY2022Q4 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
19900000 | usd |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.4560 | pure |
CY2022 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P10Y | |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0115 | pure |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.00 | pure |
CY2022 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
255000 | usd |
CY2021 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
559000 | usd |
CY2022Q4 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
644000 | usd |
CY2021Q4 | FGF |
Service Agreement Description
ServiceAgreementDescription
|
In the third quarter of 2022, the Shared Services Agreement was amended to eliminate termination fees and to increase the termination notice from 120 days to 365 days. | |
CY2022 | us-gaap |
Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
|
1088000 | usd |
CY2021 | us-gaap |
Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
|
-7333000 | usd |
CY2021 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
1326000 | usd |
CY2022 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
1789000 | usd |
CY2021 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
1692000 | usd |
CY2022 | us-gaap |
Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
|
-701000 | usd |
CY2021 | us-gaap |
Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
|
-10351000 | usd |
CY2022 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
8030106 | shares |
CY2021 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
5212772 | shares |
CY2022 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-0.09 | |
CY2021 | us-gaap |
Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
|
-1.99 | |
CY2021 | FGF |
Gain On Sale Of Business
GainOnSaleOfBusiness
|
-145000 | usd |
CY2022 | FGF |
Weighted Average Common Shares Outstanding Continuing Operations
WeightedAverageCommonSharesOutstandingContinuingOperations
|
8030106 | shares |
CY2021 | FGF |
Weighted Average Common Shares Outstanding Continuing Operations
WeightedAverageCommonSharesOutstandingContinuingOperations
|
5212772 | shares |
CY2021 | us-gaap |
Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
|
0.03 | |
CY2022 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.09 | |
CY2021 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-1.96 | |
CY2022 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
411382 | shares |
CY2021 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1794655 | shares |
CY2022 | us-gaap |
Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
|
1 | pure |
CY2022 | us-gaap |
Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
|
0.03 | pure |
CY2022 | FGF |
Percentage Of Additional Contribution Matched By Employer
PercentageOfAdditionalContributionMatchedByEmployer
|
0.50 | pure |
CY2022 | FGF |
Additional Limited Contributions By Employees Employer Match
AdditionalLimitedContributionsByEmployeesEmployerMatch
|
0.02 | pure |
CY2022 | us-gaap |
Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
|
44000 | usd |
CY2021 | us-gaap |
Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
|
42000 | usd |
CY2022Q4 | us-gaap |
Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
|
0.08 | pure |
CY2022Q4 | FGF |
Operating Asset And Lease Liability
OperatingAssetAndLeaseLiability
|
56000 | usd |
CY2022 | us-gaap |
Payments For Rent
PaymentsForRent
|
17000 | usd |
CY2022Q4 | us-gaap |
Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
|
21000000 | usd |
CY2022Q4 | us-gaap |
Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
|
21000000 | usd |
CY2022Q4 | us-gaap |
Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
|
21000000 | usd |
CY2022Q4 | FGF |
Receivable With Imputed Interest Net Amounts
ReceivableWithImputedInterestNetAmounts
|
7000000 | usd |
CY2022Q4 | us-gaap |
Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
|
56000000 | usd |
CY2022 | us-gaap |
Premiums Earned Net
PremiumsEarnedNet
|
12998000 | usd |
CY2022 | us-gaap |
Net Investment Income
NetInvestmentIncome
|
6777000 | usd |
CY2022 | us-gaap |
Other Income
OtherIncome
|
320000 | usd |
CY2022 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
1088000 | usd |
CY2022Q4 | us-gaap |
Assets
Assets
|
49475000 | usd |
CY2021 | us-gaap |
Premiums Earned Net
PremiumsEarnedNet
|
4864000 | usd |
CY2021 | us-gaap |
Net Investment Income
NetInvestmentIncome
|
2545000 | usd |
CY2021 | us-gaap |
Other Income
OtherIncome
|
186000 | usd |
CY2021 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
7595000 | usd |
CY2021 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-7333000 | usd |
CY2021Q4 | us-gaap |
Assets
Assets
|
40829000 | usd |